Notice2024-01596
Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Quarterly Financial Report
Primary source
Metadata and text below are from the Federal Register, a public-domain U.S. government work. Always verify the official published version before relying on it for any legal matter.
Published
January 26, 2024
Issuing agencies
Commerce DepartmentCensus Bureau
Abstract
The Department of Commerce, in accordance with the Paperwork Reduction Act (PRA) of 1995, invites the general public and other Federal agencies to comment on proposed, and continuing information collections, which helps us assess the impact of our information collection requirements and minimize the public's reporting burden. The purpose of this notice is to allow for 60 days of public comment on the proposed extension of the Quarterly Financial Report, prior to the submission of the information collection request (ICR) to OMB for approval.
Full Text
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<title>Federal Register, Volume 89 Issue 18 (Friday, January 26, 2024)</title>
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[Federal Register Volume 89, Number 18 (Friday, January 26, 2024)]
[Notices]
[Pages 5205-5206]
From the Federal Register Online via the Government Publishing Office [<a href="http://www.gpo.gov">www.gpo.gov</a>]
[FR Doc No: 2024-01596]
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DEPARTMENT OF COMMERCE
Census Bureau
Agency Information Collection Activities; Submission to the
Office of Management and Budget (OMB) for Review and Approval; Comment
Request; Quarterly Financial Report
AGENCY: Census Bureau, Commerce.
ACTION: Notice of information collection, request for comment.
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SUMMARY: The Department of Commerce, in accordance with the Paperwork
Reduction Act (PRA) of 1995, invites the general public and other
Federal agencies to comment on proposed, and continuing information
collections, which helps us assess the impact of our information
collection requirements and minimize the public's reporting burden. The
purpose of this notice is to allow for 60 days of public comment on the
proposed extension of the Quarterly Financial Report, prior to the
submission of the information collection request (ICR) to OMB for
approval.
DATES: To ensure consideration, comments regarding this proposed
information collection must be received on or before March 26, 2024.
ADDRESSES: Interested persons are invited to submit written comments by
email to <a href="/cdn-cgi/l/email-protection#dd89b5b2b0bcaef397f38eb0b4a9b59dbeb8b3aea8aef3bab2ab"><span class="__cf_email__" data-cfemail="590d313634382a7713770a34302d31193a3c372a2c2a773e362f">[email protected]</span></a>. Please reference the Quarterly
Financial Report in the subject line of your comments. You may also
submit comments, identified by Docket Number USBC-2024-0002, to the
Federal e-Rulemaking Portal: <a href="http://www.regulations.gov">http://www.regulations.gov</a>. All comments
received are part of the public record. No comments will be posted to
<a href="http://www.regulations.gov">http://www.regulations.gov</a> for public viewing until after the comment
period has closed. Comments will generally be posted without change.
All Personally Identifiable Information (for example, name and address)
voluntarily submitted by the commenter may be publicly accessible. Do
not submit Confidential Business Information or otherwise sensitive or
protected information. You may submit attachments to electronic
comments in Microsoft Word, Excel, or Adobe PDF file formats.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
specific questions related to collection activities should be directed
to Brandi Hanley, Branch Chief, Quarterly Financial Branch, Economic
Indicators Division, (301) 763-7405, and <a href="/cdn-cgi/l/email-protection#503222313e34397e38313e3c35291033353e2325237e373f26"><span class="__cf_email__" data-cfemail="95f7e7f4fbf1fcbbfdf4fbf9f0ecd5f6f0fbe6e0e6bbf2fae3">[email protected]</span></a>.
SUPPLEMENTARY INFORMATION:
I. Abstract
The Census Bureau is planning to resubmit to the Office of
Management and Budget for approval of the Quarterly Financial Report
(QFR) program information collection forms. The QFR forms to be
submitted for approval are: The QFR 200 (MT) long form (manufacturing,
mining, wholesale trade, and retail trade); QFR 201 (MG) short form
(manufacturing); and the QFR 300 (S) long form (information services
and professional and technical services). The Census Bureau is not
requesting any changes to the current forms.
The QFR program collects and publishes up-to-date aggregate
statistics
[[Page 5206]]
on the financial results and position of U.S. corporations. The QFR
target population consists of all corporations engaged primarily in
manufacturing with total assets of $5 million and over, and all
corporations engaged primarily in mining; wholesale trade; retail
trade; information; or professional and technical services (except
legal services) industries with total assets of $50 million and over.
The QFR program is a principal federal economic indicator that has
published up-to-date aggregate statistics on the financial results and
position of U.S. corporations since 1947. The QFR provides critical
source data to the Bureau of Economic Analysis' (BEA) quarterly
estimates of Gross Domestic Product (GDP) and Gross Domestic Income
(GDI), key components of the National Income and Product Accounts
(NIPA). The QFR data are also vital to the Federal Reserve Board's
(FRB) Financial Accounts. Title 13 of the United States Code, Section
91 requires that financial statistics of business operations be
collected and published quarterly. Public Law 114-72 extended the
authority of the Secretary of Commerce to conduct the QFR Program under
Section 91 through September 30, 2030.
The main purpose of the QFR is to provide timely, accurate data on
business financial conditions for use by government and private-sector
organizations and individuals. Primary public users include U.S.
governmental organizations with economic measurement and policymaking
responsibilities such as the Bureau of Economic Analysis, the Bureau of
Labor Statistic, and the Federal Reserve Board. In turn, these
organizations provide guidance, advice, and support to the QFR program.
The primary non-governmental data users are a diverse group including
universities, financial analysts, unions, trade associations, public
libraries, banking institutions, and U.S. and foreign corporations.
II. Method of Collection
The Census Bureau uses two forms of data collection: mail out/mail
back paper survey forms and a secure encrypted internet data collection
system called Centurion. Centurion has automatic data checks and is
context-sensitive to assist respondents in identifying potential
reporting problems before submission, thus reducing the need for
follow-up from Census Bureau staff. Data collection through Centurion
is completed via the internet, eliminating the need for downloading
software and ensuring the integrity and confidentiality of the data.
Companies are asked to respond to the survey within 25 days of the
end of the quarter for which the data is being requested. Census Bureau
staff contact companies that have not responded by the designated time
through letters, telephone calls, and/or email to encourage
participation.
III. Data
OMB Control Number: 0607-0432.
Form Number(s): QFR 200 (MT), QFR 201 (MG), and QFR 300 (S).
Type of Review: Regular submission, Request for an Extension,
without Change, of a Currently Approved Collection.
Affected Public: Business or other for-profit organizations;
Manufacturing corporations with assets of $5 million or more and
Mining, Wholesale Trade, Retail Trade, Information, Professional,
Scientific, and Technical Services (excluding legal) with assets of $50
million or more.
Estimated Number of Respondents:
Form QFR 200 (MT)--4,300 per quarter = 17,200 annually
Form QFR 201 (MG)--2,750 per quarter = 11,000 annually
Form QFR 300 (S)--1,500 per quarter = 6,000 annually
Total 34,200 annually
Estimated Time per Response:
Form QFR 200 (MT)--Average hours 3.0
Form QFR 201 (MG)--Average hours 1.2
Form QFR 300 (S)--Average hours 3.0
Estimated Total Annual Burden Hours: 82,800 hours.
Estimated Total Annual Cost to Public: $0. (This is not the cost of
respondents' time, but the indirect costs respondents may incur for
such things as purchases of specialized software or hardware needed to
report, or expenditures for accounting or records maintenance services
required specifically by the collection.)
Respondent's Obligation: Mandatory.
Legal Authority: Title 13 U.S.C. 91 and 224.
IV. Request for Comments
We are soliciting public comments to permit the Department/Bureau
to: (a) Evaluate whether the proposed information collection is
necessary for the proper functions of the Department, including whether
the information will have practical utility; (b) Evaluate the accuracy
of our estimate of the time and cost burden for this proposed
collection, including the validity of the methodology and assumptions
used; (c) Evaluate ways to enhance the quality, utility, and clarity of
the information to be collected; and (d) Minimize the reporting burden
on those who are to respond, including the use of automated collection
techniques or other forms of information technology.
Comments that you submit in response to this notice are a matter of
public record. We will include, or summarize, each comment in our
request to OMB to approve this ICR. Before including your address,
phone number, email address, or other personal identifying information
in your comment, you should be aware that your entire comment--
including your personal identifying information--may be made publicly
available at any time. While you may ask us in your comment to withhold
your personal identifying information from public review, we cannot
guarantee that we will be able to do so.
Sheleen Dumas,
Department PRA Clearance Officer, Office of the Under Secretary for
Economic Affairs, Commerce Department.
[FR Doc. 2024-01596 Filed 1-25-24; 8:45 am]
BILLING CODE 3510-07-P
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