Form FAQs

 FI-52205 - Nondepository Credit Intermediation, Except Credit Card Issuing and Sales Financing

 Categories

• Sector Questions
• Form Questions

 Questions

• Sector Questions

1.  Which finance or insurance form should I use?
2.  If I don't have information should I leave it blank?
3.  What should I report for revenue (Item 5)?
4.  What if I don't have any revenue (Item 5)?
5.  How should I report detail of sales, shipments, receipts, or revenue (Item 22)?
6.  How are holding companies classified?



• Form Questions

7.  What are secondary markets (Item 19)?
8.  What is a Morris Plan Bank (Item 19)?
9.  What is an Agreement or Edge Act corporation (Item 19)?
10.  What is a forfaitor vs. a factor (Item 19)?
11.  What is an industrial bank (Item 19)?
12.  What are factoring fees (Item 22)?
13.  Where should I report interest earned from bank-held investments (Item 22)?
14.  What are document payment products (Item 22)?

 Answers

• Sector Questions




1.  Which finance or insurance form should I use?

Please use the census form(s) that you received. Completing and submitting the form you received will expedite your response, and any FI-52xxx form should be effective to provide information for any finance or insurance establishment. Please use the "Other..." category if necessary (for example, for Item 19 or 22), and include any needed explanation of your responses in the "Remarks" section available on most forms (after Item 29). If you need forms, please contact us.

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2.  If I don't have information should I leave it blank?

No. Please provide your best estimate of any item that is not available in your business records. We find that your best estimate is much better than no information at all. If you do provide estimates, use the "Remarks" section available on most forms (after Item 29) to identify and explain them.

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3.  What should I report for revenue (Item 5)?

Please report revenue on a gross (not net) basis. However, revenue for some establishments, such as brokers and dealers in products, should be reported on a net basis. Review your Information Sheet for examples of how to report revenue(s) in Items 5 and 22.

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4.  What if I don't have any revenue (Item 5)?

Please review your Information Sheet and census form, for both Items 5 and 22. If your establishment did not generate any revenue during 2007, please report zero in Items 5 and 22 and use the "Remarks" section, available on most forms (after Item 29), to identify and explain your report.

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5.  How should I report detail of sales, shipments, receipts, or revenue (Item 22)?

Please report for each listed service product that accounted for at least 1 percent of the establishment's total sales or revenue reported in Item 5, and provide the subtotals requested for selected sub-items. Report figures in either whole dollars or whole percentages, and assure that the total for all sub-items reported equals the dollar amount reported in Item 5 or 100 percent. Also, review your Information Sheet and census form information for Item 22 to find more complete instructions on how to report specific sub-items.

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6.  How are holding companies classified?

Holding companies, including finance and insurance holding companies, are classified in NAICS sector 55, Management of Companies and Enterprises. Bank, non-bank, and active management companies are included in sector 55 and will receive a census form numbered MN-55xxx.

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• Form Questions




7.  What are secondary markets (Item 19)?

Secondary markets are institutional arrangements for trading, reselling or repackaging existing (already issued) assets. Examples include exchanges for trading commodity contracts, over-the-counter markets for buying and selling securities, and markets for institutional trading of money-market instruments.

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8.  What is a Morris Plan Bank (Item 19)?

See "What is an industrial bank?", Question 11.

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9.  What is an Agreement or Edge Act corporation (Item 19)?

Agreement or Edge Act corporations are Federal or state chartered organizations that primarily engage in financing foreign trade. They include domestically owned institutions that operate exclusively outside the United States.

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10.  What is a forfaitor vs. a factor (Item 19)?

A forfaitor purchases long-term receivables for exporters. Similarly, a factor purchases short-term receivables for exporters.

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11.  What is an industrial bank (Item 19)?

Industrial banks (also known as Morris Plan Banks) are state chartered banks that make loans and raise funds by selling investment certificates or investment shares to the public. They may also be called industrial loan companies.

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12.  What are factoring fees (Item 22)?

Factoring fees are fees from financing provided to a business from the sale of its accounts receivable to a third party, who assumes the full risk of collection.

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13.  Where should I report interest earned from bank-held investments (Item 22)?

All revenue earned from bank-held debt investments, including interest, would be reported on Line 13 - Trading debt instruments on own account - net gains (losses).

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14.  What are document payment products (Item 22)?

Document payment products are services that provide documents that can be used as payment instruments, such as money orders, traveler's checks, and letters of credit.

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