Dublin Core
Title
Box 8, Folder 20, Document 8
Text Item Type Metadata
Text
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LETTER OF CREDIT PROCEDURES
(Recipient Organization )
July 1968
A HUD HANDBOOK
U. §. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, D. C. 20410
1900.4
FOREWORD
This Handbook establishes policies and procedures applicable
to the use of letters of credit for funding purposes. Recipient
organizations may obtain the necessary funds (Federal portion .
only) to carry out a HUD project by submitting a payment voucher
to a local commercial bank. This technique (a) provides funds
to a recipient organization promptly as they are needed, and
(b) precludes the withdrawal of funds from the U. S. Treasury
sooner than absolutely necessary.
HUD-Wash., D. C.
1900.4
TABLE OF CONTENTS
Paragraph Page
CHAPTER 1. INTRODUCTION
1. Purpose 1
2. Method of Operation 1
CHAPTER 2. POLICY AND GENERAL PROVISION
3. Policy 3
4. Limitations and Exceptions 5
5. Accounting Station Symbols 5
6. Location of HUD Offices 6
CHAPTER 3. RECIPIENT ORGANIZATION'S REQUIREMENTS
7. Selection of Commercial Bank 7
8. Signature Specimen (S. F. 1194) 7
9. Execution of Payment Vouchers (Form TUS 5401) 10
10. Distribution of Form TUS 5401 13
11. Reporting to HUD (HUD-267) 13
i 7/68
HUD-Wash., D. C.
1900.4
CHAPTER 1. INTRODUCTION
PURPOSE. Federal grant programs which involve cash advances to
organizations outside the Federal Government constitute a significant
portion of the Federal budget. The timing of advance grant payments
to such organizations has a substantial impact on the United States
Treasury Department, including the level of the public debt and
financing costs. These procedures(a.) provide a system whereby the
recipient organization may promptly obtain the funds necessary to
finance the Federal portion of a project by presenting a payment
voucher to a local commerical bank and (b.) preclude withdrawal of
funds from the U.S. Treasury any sooner than absolutely necessary.
METHOD OF OPERATION, The following is a brief outline of the letter
of Credit Procedures:
a. HUD makes a determination that a project will be funded through
the letter of credit technique and requests certain information
from the recipient organization.
b. The recipient organization selects a commercial bank and
transmits certain information concerning its selection to HUD.
e, The recipient organization designates the employees which are
authorized to drawndown funds against a letter of credit and
certifies their signatures to HUD on a signature card.
d. HUD certifies the signatures appearing on the signature card
to the Treasury Department.
e, HUD prepares a letter of credit. Copies are transmitted to the
Treasury Department and to the recipient organization.
ff, The Treasury Department transmits the letter of credit and the
signature card to the applicable Federal Reserve Bank or branch
which services the commercial bank selected by the recipient
organization.
g. The recipient organization executes payment vouchers against
the letter of credit to meet its immediate cash needs and
presents them to the commercial bank for deposit.
h. The commercial bank credits the recipient organization's bank
account.
. The recipient organization reports drawdewn information to HUD.
j- HUD reports to U.S. Treasury.
Page 1 7/68
HUD-Wash., D. C.
1900.4
CHAPTER 2. POLICY AND GENERAL PROVISION
3. POLICY.
a. Cash advances shall be limited to the minimum amounts possible
and shall be timed to be as close as administratively feasible
to the daily needs of the recipient organization.
In instances where the contract between the U.S. Department
of Housing and Urban Development (HUD) and the recipient
organization provides that the recipient organization shall
pay a part of the project costs in cash, the recipient
organization shall provide its pro-rata share of the cash on a
current basis pursuant to the contract. Generally, for instance,
Federal funds should not be used exclusively until exhausted
and then the non-Federal funds be used to pay the remaining
project costs.
Letters of credit shall be issued either by a HUD regional
office or the central office (Washington) depending on whether
the accounting for the program is performed on a centralized or
a decentralized basis. The central office shall issue all letters
of credit pertaining to all projects under the jurisdiction of
the San Juan, Puerto Rico Regional Office. Hereinafter, all
references to the regional offices shall exclude the San Juan,
Puerto Rico Region and all references to the central office
shall include the San Juan, Puerto Rico Region.
The map (Figure 1) on the following page shows, emung other
things, the locations of each HUD regional office and the
geographical boundaries assigned to each office. The mailing
address and telephone number of the Washington central office
and of each regional office are shown on page 6.
7/68
Page 3
HUD-Wash., D. C.
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e.
All HUD grant programs which are not affected by the
limitations and exceptions listed in 4, below, shall use the letter
of credit technique in providing Federal funds to the recipient
organizations. The letter of credit technique shall also be used
for procurement contracts which exceed the limitations and
exceptions.
In instances where the letter of credit recipient organization
is operating more than one project under the same HUD progran,
the amount of grant for each project shall be added together
and, if the aggregate amount exceeds $250,000, a single Lexvtes
of credit shall be issued covering the aggregate amount
provided all other limitations and exceptions are exceeded.
Hereinafter all references to project shall mean the aggregate
of all projects operated under the same HUD program by the
recipient organization.
4, LIMITATIONS AND EXCEPTIONS,
a. Letters of credit shall not be used in the following instances:
(1) When the disbursements are made, or will be made, on a
reimbursable basis.
(2) When the aggregate annual amount required for advance
payment does not equal or exceed $250,000 per recipient.
(3) When the project(s) is not of a continuing nature of at
least one year duration.
(4) When a method other than letter of credit, but meeting the
objectives of Treasury Department Circular No. 1075, has
been approved by the Treasury Department.
(5) When the existing legislation specifies the timing of
payment in a manner which makes the letter of credit
technique impracticable.
b. Payment vouchers on letters of credit shall not be for amounts
less then $10,000 or more than $1,000,000 unless so stated on
the letter of credit.
5. ACCOUNTING STATION SYMBOLS. The following are the eight-digit
accounting station symbols assigned to the HUD regional offices and
the central office. These symbols shall be used exclusively for
letters of credit transactions.
Page 5
7/68
HUD-Wash., D. C.
1900.4
Regional or Central Office
Location
New York, New York
Philadelphia, Pennsylvania
Atlanta, Georgia
Chicago, Illinois
Fort Worth, Texas
San Francisco, California
Washington, D.C,
6. LOCATIONS OF HUD OFFICES,
Region
Number Street, City and State
I 346 Broadway
New York, New York
II Widener Building
1339 Chestnut Street
Philadelphia, Pennsylvania
III Peachtree-Seventh Building
Atlanta, Georgia
IV 360 North Michigan Avenue
Chicago, Illinois
Vv Federal Office Building 819
Taylor Street
Fort Worth, Texas
VI 450 Golden Gate Avenue
P. O. Box 36003
San Francisco, California
VII P. 0, Box 3869 GPO
San Juan, P.R.
Central Office Address
U.S. Department of Housing
and Urban Development
Office of Financial Systems
and Services
451 7th Street, S.W.
Washington, D.C.
Zip
Code
10013
19107
30323
60601
76102
94102
00936
Zip
Code
20410
8-Digit Accounting
Station Symbol
86-00-9701
86-00-9702
86-00-970
86-00-970
Re-b0-9406
86-00-9709
Telephone
212 264-8068
215 597-2560
LOW 526-5585
312 353-5680
817 334-2867
415 554-4752
767-1913 (Dial
ong Distance
Operator )
Telephone
202 755-56314
Page 6
HUD-Wash., D, C.
7/68
1900.4
CHAPTER 3. RECIPIENT ORGANIZATION'S REQUIREMENTS
7. SELECTION OF A COMMERCIAL BANK.
a.
The recipient organization shall select a commercial bank which
agrees to receive payment vouchers drawn on the Treasurer of
the United States and to forward such vouchers to the applicable
Federal Reserve Bank or branch.
The recipient organization shall furnish the applicable HUD
regional office or central office the following information
pertaining to the selection of a commercial bank:
1. Name, address, and telephone number of the commercial bank
selected.
2. Name and title of two principal officers of the bank.
Se Title and account number of the recipient's bank account.
4, Address of the Federal Reserve Bank or branch which
serves the commercial bank selected. (The recipient
organization must obtain this information from the
selected commercial bank.)
8. SIGNATURE SPECIMEN (S.F. 1194).
Be
The recipient organization shall submit to HUD two original
Standard Form 1194, Authorized Signature Card for Payment
Vouchers on Letter of Credit.
On the following page is a facsimile of S.F. 1194 (Figure 2) and
an explanation of what information shall be entered in the
numbered blocks:
Page 7 7/68
HUD-Wash., D. C-
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Treasury F R M 1000
iscal Service
eau of Accounts
Letter of Credit Number
AUTHORIZED SIGNATURE CARD l.
FOR PAYMENT VOUCHERS
1 Bank
ON LETTER OF CREDIT PeereN HEPRIVE
Letter of Credit Issued in Favor of (Recipient)
3
Issued by (Federal Agency)
SIGNATURES OF INDIVIDUALS AUTHORIZED TO?"
DRAW ON THE CITED LETTER OF CREDIT
L] ONLY ONE SIGNATURE REQUIRED ON PAYMENT VOUCHERS
5. or
L] ANY TWO SIGNATURES REQUIRED TO SIGN OR COUNTERSIGN
Typed Name and Signature Typed Name and Signature
ie 7.
Typed Name and Signature Typed Name and Signature
Ts Te
| CERTIFY THAT THE SIGNATURES ABOVE ARE OF THE INDIVIDUALS APPROVED :
AUTHORIZED TO DRAW PAYMENT VOUCHERS FOR THE CITED LETTER OF
CREDIT. 8
ay
DATE AND SIGNATURE OF AUTHORIZING OFFICIAL (RECIPIENT) DATE AND SIGNATURE OF AGENCY CERTIFYING OFFICER
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7°O06T
1900.4
Preparation of Standard Form 1194:
Block
Number
1.
2.
Explanation
Leave blank = to be completed by HUD.
Enter the city address of the Federal Reserve Bank or
branch which services the recipient organization's
selected commercial bank.
Enter the name, address, project(s) number and contract(s)
number of the recipient organization. If additional space
is required, use the reserve side of this form for listing
project(s) and contract(s) numbers.
Enter "U.S. Department of Housing and Urban Development",
plus the appropriate address of the applicable regional
or the central office which is to issue the letter of
credit.
Leave blank.
Enter an "X". (All payment vouchers against a letter of
credit shall be countersigned)
Enter the typed names and signatures of the officials of
the recipient organization which are authorized to execute
Form TUS 5401, Payment Voucher on Letter of Credit.
Enter the date, typed name, title, and signature of the
recipient organization's official who is authorized to
certify the authenticity of the signature of individuals
authorized to execute Form TUS 5401.
The recipient organization shall attach authenticated
documentation, including a specimen signature, establishing
the authority and the delegation of this authority to the
official signing in this block.
Leave blank -- to be completed by HUD.
Page 9 7/68
HUD-Wash., D. C.
1900.4
c. The Federal Reserve Bank or branch will accept only the
Signature of persons named on current signature cards
(S.F, 1194) on file. Recipient organizations shall,
therefore, submit new signature cards (S.F, 1194) whenever
there is a change, including additions or deletions in the
persons authorized to sign payment vouchers. Change in the
title or position of a person so authorized does not require a
superseding signature card if the person's authority to sign
payment vouchers (Form TUS 5401) remains unchanged.
9. EXECUTION OF PAYMENT VOUCHERS (FORM TUS 5401). The recipient
organization shall execute a Form TUS 5401, Payment Voucher on
Letter of Credit, each time it is determined that funds are needed
to meet current expenses. On the following page is a facsimile of
Form TUS 5401 (Figure 3) and an explanation of what information shall
be entered in the numbered blocks.
7/68 Page 10
HUD-Wash., D. C.
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PAYMENT VOUCHER Git LETTER OF CREDIT
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os Treasury Department oie cra aena bank anal be ne agent, of ney cae Gr: for kha collection SERIAL NO.
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7°N06T
1900.4
Preparation of TUS-5401.
Block
Number
1.
De
9.
10. & ll.
12. & 13.
14. & 15.
Explanation
Enter the payment voucher number commencing with number
"1" for each letter of credit and progressing in
consecutive order. Amendments to the letter of credit
will not interrupt the progression.
Enter the letter of credit number exactly as shown on
the applicable S.F, 1193.
Enter the applicable eight-digit accounting station
symbol of the HUD office executing the letter of credit.
Enter the actual date that the payment voucher is
presented to the local commercial bank.
Enter the dollar amount of the drawdown against the letter
of credit. If the drawdown covers funds for more than one
project, each project number and the amount of drawdown
applicable to each project shall be shown on the reverse
side of Form TUS 5401.
Enter the name, address, project number(s), and the contract
number(s) of the recipient organization. The information
shown in this block shall be exactly the same as shown
on S.F. 1193 and on S.F, 1194. If additional space is
required, use the reverse side of this form
for listing project(s) and/or contract(s) numbers.
Enter the name and address of the commercial bank which
handles the recipient organization's bank account.
Enter the city location of the Federal Reserve Bank or
branch which services the local commercial bank, exactly
as it appears on the S.F. 1193.
Enter "U.S. Department of Housing and Urban Development"
and the address of the HUD office executing the applicable
letter of credit.
The name and title of the person authorized to sign payment
vouchers (as evidenced by an executed S.F. 1194) shall be
typed in block 11. and the person so authorized shall
affix his signature in ink in block 10.
The instructions provided in 10. and 11. above shall
apply, with the exception that the countersignature shall
be accomplished by a person other than the person who
Signed in block 10..
Leave blank--to be completed by the Federal Reserve Bank.
7/68
Page 12
HUD-Wash., D. C.
1900.4
10.
DISTRIBUTION OF FORM TUS 5401. The executed Form TUS 5401 shall be
distributed as follows:
Be
Original and Duplicate - The recipient organization shall
present these forms to the commercial bank for transmission
to the Federal Reserve Bank or branch which services the
local commercial bank.
Triplicate - The recipient organization shall transmit
this copy directly to the HUD office which issued the
letter of credit on the same day that the payment voucher
is presented to the commercial bank.
Quardruplicate - The recipient organization shall retain this
copy for its files.
REPORTING TO HUD (HUD-267) -
ae
Each calendar quarter, the recipient organization shall submit,
in duplicate, aStatus of Funds Report Relating to Letters of
Credit, HUD-267, to the HUD office which issued the letter
of credit. The report shall be mailed no later than the tenth
day of the month following the close of the calendar quarter.
On the following page is a facsimile of the Status of Funds Report
Relating to Letters of Credit, HUD-267, (Figure 4) and an
explanation of what information shall be entered in the numbered
blocks and lines.
Page 13 7/68
HUD-Wash., D. C.
1900.4
Figure 4.
Form Approved
Bodqet Boreas No. 63-1199
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
STATUS OF FUNDS'REPORT RELATING TO LETTERS OF CREDIT
1, NAME OF RECIPIENT ORGANIZATION 2. COMPLETE MAILING ADDRESS AND ZIP CODE
3. CONTRACT AND PROJECT NUMBERS 4. LETTER OF CREDIT NUMBER |5. REPORT FOR CALENDAR
CONTRACT NUMBER PROJECT NUMBER SV ARTERENOED
RECAPITULATION OF ACTIONS EFFECTING THE CASH POSITION OF THE PROJECT
EXPLANATION FIRST MONTH SECOND MONTH THIRD MONTH
6. TOTAL CASH ON HAND BEGINNING OF MONTH $ 5 $
ADD CASH RECEIPTS:
7. FEDERAL
6. NON-FEDERAL
%. LESS: TOTAL CASH DISBURSEMENTS
10. TOTAL CASH ON HAND END OF MONTH $ $ $ *
11, NUMBER OF PAYMENT VOUCHERS EXECUTED
* This amount represents the cash requirements for the ensuing days.
AVAILABILITY OF FUNDS FROM LETTERS OF CREDIT
EXPLANATION SUES TES
TO DATE
12, AMOUNT OF ORIGINAL LETTER OF CREDIT $
13. apo: INCREASES (Per Amendment to Letter of Credit)
14. Less: Decreases (Per Amendments to Letter of Credit)
1S, LESS: TOTAL DRAWDOWN
16, TOTAL AvalLasiLity (Ending) $
CERTIFICATION
| certify that the above information is true and correct.
17, DATE REVIEWED 18. SIGNATURE 19. TYPED NAME AND TITLE
FOR HUD USE ONLY
DATE SIGNATURE OF REVIEWING OFFICIAL TYPED NAME AND TITLE OF REVIEWING OFFICIAL
HUD-267 (4-68) HUD-Wash., D.C, 228254-P
221524-P HUD-Wosh., D. C. HUD-21D (10-67)
7/68 Page 14
Preparation of HUD-267.
Block
Number
9.
10.
ll,
12,
13.
14,
Explanation
Enter the name of the recipient organization which is
submitting the report.
Enter the mailing address of the recipient organization.
Enter the project and contract number. In instances where
a letter of credit has been issued to cover more than one
project, a separate report shall be submitted covering each
project.
Enter the letter of credit number to which this report
applies,
Enter the last month, day and year of the calendar quarter
covered by this report.
Enter the total amount of cash on hand at the beginning of
the month, This shall include all funds on deposit, in
transit, imprest funds, undeposited collections, etc.
Enter the total of all Federal funds received during the
month.
Enter the total of all non-Federal funds received during
the month.
Enter the total cash disbursements made during the month.
Enter the total amount of cash on hand at the end of the
month. This shall include all funds on deposit, in transit,
imprest funds, undeposited collections, etc. Complete the
footnote indicated by an asterisk (*) as of the end of the
calender quarter.
Enter the total number of Forms TUS 5401 issued during the
month,
Enter the amount of authorization as shown on the first
letter of credit. This amount shall remain constant.
Enter the cumulative amount of increases resulting from all
amendments to the letter of credit issued through the
reporting date.
Enter the cumulative amount of descreases resulting from
all amendments to the letter of credit issued through the
reporting date.
Page 15 7/68
HUD-Wash., D. C.
1900.4
Block
Number Explanation
15. Enter the cumulative amount of drawdowns through the
reporting date.
16. Enter the amount computed by adding the amounts in
blocks 12, and 13, and subtracting the amounts in
blocks 14. and 15,,
Lg Enter the actual date that the report is submitted to the
appropriate HUD office.
18. The authorized official of the recipient organization
shall affix his signature in ink after he is satisfied
that the report is correct.
19, The name and the title of the official signing the
report on line 18. shall be typed herein.
7/68 Page 16
HUD-Wash., D. C.
tl
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o75A50 ie
LETTER OF CREDIT PROCEDURES
(Recipient Organization )
July 1968
A HUD HANDBOOK
U. §. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
WASHINGTON, D. C. 20410
1900.4
FOREWORD
This Handbook establishes policies and procedures applicable
to the use of letters of credit for funding purposes. Recipient
organizations may obtain the necessary funds (Federal portion .
only) to carry out a HUD project by submitting a payment voucher
to a local commercial bank. This technique (a) provides funds
to a recipient organization promptly as they are needed, and
(b) precludes the withdrawal of funds from the U. S. Treasury
sooner than absolutely necessary.
HUD-Wash., D. C.
1900.4
TABLE OF CONTENTS
Paragraph Page
CHAPTER 1. INTRODUCTION
1. Purpose 1
2. Method of Operation 1
CHAPTER 2. POLICY AND GENERAL PROVISION
3. Policy 3
4. Limitations and Exceptions 5
5. Accounting Station Symbols 5
6. Location of HUD Offices 6
CHAPTER 3. RECIPIENT ORGANIZATION'S REQUIREMENTS
7. Selection of Commercial Bank 7
8. Signature Specimen (S. F. 1194) 7
9. Execution of Payment Vouchers (Form TUS 5401) 10
10. Distribution of Form TUS 5401 13
11. Reporting to HUD (HUD-267) 13
i 7/68
HUD-Wash., D. C.
1900.4
CHAPTER 1. INTRODUCTION
PURPOSE. Federal grant programs which involve cash advances to
organizations outside the Federal Government constitute a significant
portion of the Federal budget. The timing of advance grant payments
to such organizations has a substantial impact on the United States
Treasury Department, including the level of the public debt and
financing costs. These procedures(a.) provide a system whereby the
recipient organization may promptly obtain the funds necessary to
finance the Federal portion of a project by presenting a payment
voucher to a local commerical bank and (b.) preclude withdrawal of
funds from the U.S. Treasury any sooner than absolutely necessary.
METHOD OF OPERATION, The following is a brief outline of the letter
of Credit Procedures:
a. HUD makes a determination that a project will be funded through
the letter of credit technique and requests certain information
from the recipient organization.
b. The recipient organization selects a commercial bank and
transmits certain information concerning its selection to HUD.
e, The recipient organization designates the employees which are
authorized to drawndown funds against a letter of credit and
certifies their signatures to HUD on a signature card.
d. HUD certifies the signatures appearing on the signature card
to the Treasury Department.
e, HUD prepares a letter of credit. Copies are transmitted to the
Treasury Department and to the recipient organization.
ff, The Treasury Department transmits the letter of credit and the
signature card to the applicable Federal Reserve Bank or branch
which services the commercial bank selected by the recipient
organization.
g. The recipient organization executes payment vouchers against
the letter of credit to meet its immediate cash needs and
presents them to the commercial bank for deposit.
h. The commercial bank credits the recipient organization's bank
account.
. The recipient organization reports drawdewn information to HUD.
j- HUD reports to U.S. Treasury.
Page 1 7/68
HUD-Wash., D. C.
1900.4
CHAPTER 2. POLICY AND GENERAL PROVISION
3. POLICY.
a. Cash advances shall be limited to the minimum amounts possible
and shall be timed to be as close as administratively feasible
to the daily needs of the recipient organization.
In instances where the contract between the U.S. Department
of Housing and Urban Development (HUD) and the recipient
organization provides that the recipient organization shall
pay a part of the project costs in cash, the recipient
organization shall provide its pro-rata share of the cash on a
current basis pursuant to the contract. Generally, for instance,
Federal funds should not be used exclusively until exhausted
and then the non-Federal funds be used to pay the remaining
project costs.
Letters of credit shall be issued either by a HUD regional
office or the central office (Washington) depending on whether
the accounting for the program is performed on a centralized or
a decentralized basis. The central office shall issue all letters
of credit pertaining to all projects under the jurisdiction of
the San Juan, Puerto Rico Regional Office. Hereinafter, all
references to the regional offices shall exclude the San Juan,
Puerto Rico Region and all references to the central office
shall include the San Juan, Puerto Rico Region.
The map (Figure 1) on the following page shows, emung other
things, the locations of each HUD regional office and the
geographical boundaries assigned to each office. The mailing
address and telephone number of the Washington central office
and of each regional office are shown on page 6.
7/68
Page 3
HUD-Wash., D. C.
7 a3eg
"D "do "4y8M-0NH
(29-01) Qlz-aNH
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
Pate
BEET, a Stary
Leg z oe
i 0 race “s
Varies
3 Eve
POLAND
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WOMGLUL, RAMAN a
DEFANTMMEAUT AL FIELD O#PICES
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7° O06T
1900.4
e.
All HUD grant programs which are not affected by the
limitations and exceptions listed in 4, below, shall use the letter
of credit technique in providing Federal funds to the recipient
organizations. The letter of credit technique shall also be used
for procurement contracts which exceed the limitations and
exceptions.
In instances where the letter of credit recipient organization
is operating more than one project under the same HUD progran,
the amount of grant for each project shall be added together
and, if the aggregate amount exceeds $250,000, a single Lexvtes
of credit shall be issued covering the aggregate amount
provided all other limitations and exceptions are exceeded.
Hereinafter all references to project shall mean the aggregate
of all projects operated under the same HUD program by the
recipient organization.
4, LIMITATIONS AND EXCEPTIONS,
a. Letters of credit shall not be used in the following instances:
(1) When the disbursements are made, or will be made, on a
reimbursable basis.
(2) When the aggregate annual amount required for advance
payment does not equal or exceed $250,000 per recipient.
(3) When the project(s) is not of a continuing nature of at
least one year duration.
(4) When a method other than letter of credit, but meeting the
objectives of Treasury Department Circular No. 1075, has
been approved by the Treasury Department.
(5) When the existing legislation specifies the timing of
payment in a manner which makes the letter of credit
technique impracticable.
b. Payment vouchers on letters of credit shall not be for amounts
less then $10,000 or more than $1,000,000 unless so stated on
the letter of credit.
5. ACCOUNTING STATION SYMBOLS. The following are the eight-digit
accounting station symbols assigned to the HUD regional offices and
the central office. These symbols shall be used exclusively for
letters of credit transactions.
Page 5
7/68
HUD-Wash., D. C.
1900.4
Regional or Central Office
Location
New York, New York
Philadelphia, Pennsylvania
Atlanta, Georgia
Chicago, Illinois
Fort Worth, Texas
San Francisco, California
Washington, D.C,
6. LOCATIONS OF HUD OFFICES,
Region
Number Street, City and State
I 346 Broadway
New York, New York
II Widener Building
1339 Chestnut Street
Philadelphia, Pennsylvania
III Peachtree-Seventh Building
Atlanta, Georgia
IV 360 North Michigan Avenue
Chicago, Illinois
Vv Federal Office Building 819
Taylor Street
Fort Worth, Texas
VI 450 Golden Gate Avenue
P. O. Box 36003
San Francisco, California
VII P. 0, Box 3869 GPO
San Juan, P.R.
Central Office Address
U.S. Department of Housing
and Urban Development
Office of Financial Systems
and Services
451 7th Street, S.W.
Washington, D.C.
Zip
Code
10013
19107
30323
60601
76102
94102
00936
Zip
Code
20410
8-Digit Accounting
Station Symbol
86-00-9701
86-00-9702
86-00-970
86-00-970
Re-b0-9406
86-00-9709
Telephone
212 264-8068
215 597-2560
LOW 526-5585
312 353-5680
817 334-2867
415 554-4752
767-1913 (Dial
ong Distance
Operator )
Telephone
202 755-56314
Page 6
HUD-Wash., D, C.
7/68
1900.4
CHAPTER 3. RECIPIENT ORGANIZATION'S REQUIREMENTS
7. SELECTION OF A COMMERCIAL BANK.
a.
The recipient organization shall select a commercial bank which
agrees to receive payment vouchers drawn on the Treasurer of
the United States and to forward such vouchers to the applicable
Federal Reserve Bank or branch.
The recipient organization shall furnish the applicable HUD
regional office or central office the following information
pertaining to the selection of a commercial bank:
1. Name, address, and telephone number of the commercial bank
selected.
2. Name and title of two principal officers of the bank.
Se Title and account number of the recipient's bank account.
4, Address of the Federal Reserve Bank or branch which
serves the commercial bank selected. (The recipient
organization must obtain this information from the
selected commercial bank.)
8. SIGNATURE SPECIMEN (S.F. 1194).
Be
The recipient organization shall submit to HUD two original
Standard Form 1194, Authorized Signature Card for Payment
Vouchers on Letter of Credit.
On the following page is a facsimile of S.F. 1194 (Figure 2) and
an explanation of what information shall be entered in the
numbered blocks:
Page 7 7/68
HUD-Wash., D. C-
“Oo 'd "4sPM-cdNH
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dard Form 1194
Treasury F R M 1000
iscal Service
eau of Accounts
Letter of Credit Number
AUTHORIZED SIGNATURE CARD l.
FOR PAYMENT VOUCHERS
1 Bank
ON LETTER OF CREDIT PeereN HEPRIVE
Letter of Credit Issued in Favor of (Recipient)
3
Issued by (Federal Agency)
SIGNATURES OF INDIVIDUALS AUTHORIZED TO?"
DRAW ON THE CITED LETTER OF CREDIT
L] ONLY ONE SIGNATURE REQUIRED ON PAYMENT VOUCHERS
5. or
L] ANY TWO SIGNATURES REQUIRED TO SIGN OR COUNTERSIGN
Typed Name and Signature Typed Name and Signature
ie 7.
Typed Name and Signature Typed Name and Signature
Ts Te
| CERTIFY THAT THE SIGNATURES ABOVE ARE OF THE INDIVIDUALS APPROVED :
AUTHORIZED TO DRAW PAYMENT VOUCHERS FOR THE CITED LETTER OF
CREDIT. 8
ay
DATE AND SIGNATURE OF AUTHORIZING OFFICIAL (RECIPIENT) DATE AND SIGNATURE OF AGENCY CERTIFYING OFFICER
‘2 aan3sty
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7°O06T
1900.4
Preparation of Standard Form 1194:
Block
Number
1.
2.
Explanation
Leave blank = to be completed by HUD.
Enter the city address of the Federal Reserve Bank or
branch which services the recipient organization's
selected commercial bank.
Enter the name, address, project(s) number and contract(s)
number of the recipient organization. If additional space
is required, use the reserve side of this form for listing
project(s) and contract(s) numbers.
Enter "U.S. Department of Housing and Urban Development",
plus the appropriate address of the applicable regional
or the central office which is to issue the letter of
credit.
Leave blank.
Enter an "X". (All payment vouchers against a letter of
credit shall be countersigned)
Enter the typed names and signatures of the officials of
the recipient organization which are authorized to execute
Form TUS 5401, Payment Voucher on Letter of Credit.
Enter the date, typed name, title, and signature of the
recipient organization's official who is authorized to
certify the authenticity of the signature of individuals
authorized to execute Form TUS 5401.
The recipient organization shall attach authenticated
documentation, including a specimen signature, establishing
the authority and the delegation of this authority to the
official signing in this block.
Leave blank -- to be completed by HUD.
Page 9 7/68
HUD-Wash., D. C.
1900.4
c. The Federal Reserve Bank or branch will accept only the
Signature of persons named on current signature cards
(S.F, 1194) on file. Recipient organizations shall,
therefore, submit new signature cards (S.F, 1194) whenever
there is a change, including additions or deletions in the
persons authorized to sign payment vouchers. Change in the
title or position of a person so authorized does not require a
superseding signature card if the person's authority to sign
payment vouchers (Form TUS 5401) remains unchanged.
9. EXECUTION OF PAYMENT VOUCHERS (FORM TUS 5401). The recipient
organization shall execute a Form TUS 5401, Payment Voucher on
Letter of Credit, each time it is determined that funds are needed
to meet current expenses. On the following page is a facsimile of
Form TUS 5401 (Figure 3) and an explanation of what information shall
be entered in the numbered blocks.
7/68 Page 10
HUD-Wash., D. C.
Tl e38¢
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PAYMENT VOUCHER Git LETTER OF CREDIT
1165503 \
- FORM TUS 5401
2 (Rev, 12-67) (TO BE COLLECTED AS A NON-CASH ITEM)
os Treasury Department oie cra aena bank anal be ne agent, of ney cae Gr: for kha collection SERIAL NO.
c of this instrument and cach subsequent collecting commercial AnK sh . g
5. Bad 5 ee be the subagent of the drawer, SYMBOL 17-865
z S “VOUCHER NO. —) LETTER OF CREDIT NO. AGENCY STATION SYMBOL DATE VOUCHER DRAWN | AMOUNT
# ;
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g 2 E a NAME AND ADDRESS OF DRAWER NAME AND ADDRESS OF DRAWER’S BANK FEDERAL RESERVE BANK OR BRANCH
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e 7 é o NAME AND ADDRESS OF U. S. AGENCY I certify that this payment voucher has been drawn in accordance with
w 5 2+ the terms and conditions of the Jelter of credit cited and that the amount
= e for which drawn is properly for credit to tho account of the drawer at the
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5 7 = Per authorization of Fiscal Assistant Secretary, Treasury Depart- FOR FEDERAL RESERVE mii ONLY
= lu a ment, debit the general account of the Treasurer of the U. 5, and pay lhe a
£ . = .to the presenting bank the amount shown above, (BLUE) (Date Dobited) (Authorized Signature)
rs >
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E 2 7 TO LNG pPrescuuig weun we eeu ee eer. (Date Debited) (Authorized Signature) *
S (GREEN)
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= to tho presenting bank the amount shown above. (Date Debited) (Authorized Signature)
(WHITE)
to” the” presentmy Dank tne BNOWI above: (Date Debifedy (Authorized Signature) ~
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7°N06T
1900.4
Preparation of TUS-5401.
Block
Number
1.
De
9.
10. & ll.
12. & 13.
14. & 15.
Explanation
Enter the payment voucher number commencing with number
"1" for each letter of credit and progressing in
consecutive order. Amendments to the letter of credit
will not interrupt the progression.
Enter the letter of credit number exactly as shown on
the applicable S.F, 1193.
Enter the applicable eight-digit accounting station
symbol of the HUD office executing the letter of credit.
Enter the actual date that the payment voucher is
presented to the local commercial bank.
Enter the dollar amount of the drawdown against the letter
of credit. If the drawdown covers funds for more than one
project, each project number and the amount of drawdown
applicable to each project shall be shown on the reverse
side of Form TUS 5401.
Enter the name, address, project number(s), and the contract
number(s) of the recipient organization. The information
shown in this block shall be exactly the same as shown
on S.F. 1193 and on S.F, 1194. If additional space is
required, use the reverse side of this form
for listing project(s) and/or contract(s) numbers.
Enter the name and address of the commercial bank which
handles the recipient organization's bank account.
Enter the city location of the Federal Reserve Bank or
branch which services the local commercial bank, exactly
as it appears on the S.F. 1193.
Enter "U.S. Department of Housing and Urban Development"
and the address of the HUD office executing the applicable
letter of credit.
The name and title of the person authorized to sign payment
vouchers (as evidenced by an executed S.F. 1194) shall be
typed in block 11. and the person so authorized shall
affix his signature in ink in block 10.
The instructions provided in 10. and 11. above shall
apply, with the exception that the countersignature shall
be accomplished by a person other than the person who
Signed in block 10..
Leave blank--to be completed by the Federal Reserve Bank.
7/68
Page 12
HUD-Wash., D. C.
1900.4
10.
DISTRIBUTION OF FORM TUS 5401. The executed Form TUS 5401 shall be
distributed as follows:
Be
Original and Duplicate - The recipient organization shall
present these forms to the commercial bank for transmission
to the Federal Reserve Bank or branch which services the
local commercial bank.
Triplicate - The recipient organization shall transmit
this copy directly to the HUD office which issued the
letter of credit on the same day that the payment voucher
is presented to the commercial bank.
Quardruplicate - The recipient organization shall retain this
copy for its files.
REPORTING TO HUD (HUD-267) -
ae
Each calendar quarter, the recipient organization shall submit,
in duplicate, aStatus of Funds Report Relating to Letters of
Credit, HUD-267, to the HUD office which issued the letter
of credit. The report shall be mailed no later than the tenth
day of the month following the close of the calendar quarter.
On the following page is a facsimile of the Status of Funds Report
Relating to Letters of Credit, HUD-267, (Figure 4) and an
explanation of what information shall be entered in the numbered
blocks and lines.
Page 13 7/68
HUD-Wash., D. C.
1900.4
Figure 4.
Form Approved
Bodqet Boreas No. 63-1199
U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
STATUS OF FUNDS'REPORT RELATING TO LETTERS OF CREDIT
1, NAME OF RECIPIENT ORGANIZATION 2. COMPLETE MAILING ADDRESS AND ZIP CODE
3. CONTRACT AND PROJECT NUMBERS 4. LETTER OF CREDIT NUMBER |5. REPORT FOR CALENDAR
CONTRACT NUMBER PROJECT NUMBER SV ARTERENOED
RECAPITULATION OF ACTIONS EFFECTING THE CASH POSITION OF THE PROJECT
EXPLANATION FIRST MONTH SECOND MONTH THIRD MONTH
6. TOTAL CASH ON HAND BEGINNING OF MONTH $ 5 $
ADD CASH RECEIPTS:
7. FEDERAL
6. NON-FEDERAL
%. LESS: TOTAL CASH DISBURSEMENTS
10. TOTAL CASH ON HAND END OF MONTH $ $ $ *
11, NUMBER OF PAYMENT VOUCHERS EXECUTED
* This amount represents the cash requirements for the ensuing days.
AVAILABILITY OF FUNDS FROM LETTERS OF CREDIT
EXPLANATION SUES TES
TO DATE
12, AMOUNT OF ORIGINAL LETTER OF CREDIT $
13. apo: INCREASES (Per Amendment to Letter of Credit)
14. Less: Decreases (Per Amendments to Letter of Credit)
1S, LESS: TOTAL DRAWDOWN
16, TOTAL AvalLasiLity (Ending) $
CERTIFICATION
| certify that the above information is true and correct.
17, DATE REVIEWED 18. SIGNATURE 19. TYPED NAME AND TITLE
FOR HUD USE ONLY
DATE SIGNATURE OF REVIEWING OFFICIAL TYPED NAME AND TITLE OF REVIEWING OFFICIAL
HUD-267 (4-68) HUD-Wash., D.C, 228254-P
221524-P HUD-Wosh., D. C. HUD-21D (10-67)
7/68 Page 14
Preparation of HUD-267.
Block
Number
9.
10.
ll,
12,
13.
14,
Explanation
Enter the name of the recipient organization which is
submitting the report.
Enter the mailing address of the recipient organization.
Enter the project and contract number. In instances where
a letter of credit has been issued to cover more than one
project, a separate report shall be submitted covering each
project.
Enter the letter of credit number to which this report
applies,
Enter the last month, day and year of the calendar quarter
covered by this report.
Enter the total amount of cash on hand at the beginning of
the month, This shall include all funds on deposit, in
transit, imprest funds, undeposited collections, etc.
Enter the total of all Federal funds received during the
month.
Enter the total of all non-Federal funds received during
the month.
Enter the total cash disbursements made during the month.
Enter the total amount of cash on hand at the end of the
month. This shall include all funds on deposit, in transit,
imprest funds, undeposited collections, etc. Complete the
footnote indicated by an asterisk (*) as of the end of the
calender quarter.
Enter the total number of Forms TUS 5401 issued during the
month,
Enter the amount of authorization as shown on the first
letter of credit. This amount shall remain constant.
Enter the cumulative amount of increases resulting from all
amendments to the letter of credit issued through the
reporting date.
Enter the cumulative amount of descreases resulting from
all amendments to the letter of credit issued through the
reporting date.
Page 15 7/68
HUD-Wash., D. C.
1900.4
Block
Number Explanation
15. Enter the cumulative amount of drawdowns through the
reporting date.
16. Enter the amount computed by adding the amounts in
blocks 12, and 13, and subtracting the amounts in
blocks 14. and 15,,
Lg Enter the actual date that the report is submitted to the
appropriate HUD office.
18. The authorized official of the recipient organization
shall affix his signature in ink after he is satisfied
that the report is correct.
19, The name and the title of the official signing the
report on line 18. shall be typed herein.
7/68 Page 16
HUD-Wash., D. C.
Comments