Data Dictionary
Item Number J919
INCOME, EXPENSES, AND DIVIDENDS: BOARD EXPENDITURESCall confidentiality applies to FFIEC 031/041.
| Series | Start Date | End Date | Confidential? | Reporting Forms |
|---|---|---|---|---|
| FRBSJ919 | 1989-12-31 | 9999-12-31 | Yes | FR 34 |
Data Description:
Section 10 of the Federal Reserve Act authorizes the Board to levy semiannually upon the Reserve Banks, in proportion to their capital stock and surplus, an assessment sufficient to pay its estimated expenses for the half of the year succeeding the levying of such assessment, together with any deficit carried forward from the preceding half year. The Board is also authorized to leave on deposit in the Reserve Banks the proceeds of such assessments. Pursuant to this authority, the Board maintains accounts with the Federal Reserve Bank of Richmond and at the time of each assessment requests credit for one-half of the amount to its General Fund account at Richmond. The remaining half is called at the beginning of the second following
month; i.e., the first business day in March and September.
Banks other than Richmond remit through the Interdistrict Settlement Account. Each Bank debits prepaid expenses for its own payment and thereafter prorates one-third of the amount monthly to the FR 34 account.