[Federal Register Volume 63, Number 125 (Tuesday, June 30, 1998)]
[Notices]
[Pages 35566-35567]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 98-17285]
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DEPARTMENT OF COMMERCE
Bureau of the Census
Quarterly Financial Report
ACTION: Proposed collection; comment request.
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SUMMARY: The Department of Commerce, as part of its continuing
[[Page 35567]]
effort to reduce paperwork and respondent burden, invites the general
public and other Federal agencies to take this opportunity to comment
on proposed and/or continuing information collections, as required by
the Paperwork Reduction Act of 1995, Public Law 104-13 (44 U.S.C.
3506(c)(2)(A)).
DATES: Written comments must be submitted on or before August 31, 1998.
ADDRESSES: Direct all written comments to Linda Engelmeier,
Departmental Forms Clearance Officer, Department of Commerce, Room
5327, 14th and Constitution Avenue, NW, Washington, DC 20230.
FOR FURTHER INFORMATION CONTACT: Requests for additional information or
copies of the information collection instrument(s) and instructions
should be directed to Ronald Lee, Bureau of the Census, Room 1282-3,
Washington, DC 20233, Telephone (301) 457-3343.
SUPPLEMENTARY INFORMATION:
I. Abstract
The Quarterly Financial Report (QFR) Program is planning to submit
for approval to the Office of Management and Budget (OMB) its four data
collection forms: Quarterly Financial Report Forms QFR-101(MG)-long
form, QFR-102(TR)-long form, and QFR-101A(MG)-short form, and QFR-
103(NB)-Nature of Business Report. The current expiration for these
forms is December 31, 1998.
The QFR Program has published up-to-date aggregate statistics on
the financial results and position of U.S. corporations since 1947. It
is a principal economic indicator that also provides financial data
essential to calculation of key Government measures of national
economic performance. The importance of this data collection is
reflected by the granting of specific authority to conduct the program
in Title 13 of the United States Code, Section 91, which requires that
financial statistics of business operations be collected and published
quarterly. Public Law 103-105 extended the authority of the Secretary
of Commerce to conduct the QFR Program under Section 91 through
September 30, 1998. Efforts are underway to extend this authority. On
May 13, 1998, Senator Fred Thompson (R-TN) introduced S. 2071, a bill
that would extend the authority to conduct the QFR Program through
September 30, 2005. Senator John Glenn (D-OH) is a co-sponsor of the
legislation. We plan to submit a request for extension of the OMB
approval of the QFR program reporting forms in anticipation of the
enactment of this legislation.
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. An extensive subscription mailing list
attests to the diverse groups using these data including foreign
countries, universities, financial analysts, unions, trade
associations, public libraries, banking institutions, and U.S. and
foreign corporations. The primary users are governmental organizations
charged with economic policy-making responsibilities. These
organizations play a major role in providing guidance, advice, and
support to the QFR Program.
II. Method of Collection
The Census Bureau will use mail out/mail back survey forms to
collect data. Companies will be asked to respond to the survey within
25 days of the end of the quarter for which the data are being
requested. Letters and/or telephone calls encouraging participation
will be directed to respondents who have not responded by the
designated time.
III. Data
OMB Number: 0607-0432.
Form Number: QFR-101 (Sent quarterly to manufacturing, mining, and
wholesale trade corporations with assets of $50 million or more at time
of sampling), QFR-102 (Sent quarterly to retail trade corporations with
assets of $50 million or more at time of sampling), QFR-101A (Sent
quarterly to manufacturing corporations with assets of less than $50
million at time of sampling), and QFR-103 (Sent at the beginning of
sample selection and at 2-year intervals if the corporation is included
in the sample for more than eight quarters)
Type of Review: Regular Review.
Affected Public: Manufacturing corporations with assets of $250
thousand or more and mining and wholesale and retail trade corporations
with assets of $50 million or more.
Estimated Number of Respondents:
Form QFR-101--3,475 per quarter, 13,900 annually
Form QFR-102--575 per quarter, 2,300 annually
Form QFR-101A--4,500 per quarter, 18,000 annually
Form QFR-103--1,225 per quarter 4,900 annually.
Estimated Time Per Response: The average for all respondents is
about 2.1 hours. For companies completing Form QFR-101 or QFR-102, the
range is from less than 1 to 10 hours, averaging 2.9 hours. For
companies completing Form QFR-101A, the range is less than 1 hour to 3
hours, averaging 1.2 hours. For companies completing Form QFR-103, the
range is from 1 to 4 hours, averaging 2.4 hours.
Estimated Total Annual Burden Hours: The total annual burden for
fiscal years 1999 and 2000 is estimated to be 80,340 hours.
Estimated Total Annual Cost: The cost to all respondents for their
time to respond is estimated to be $1,063,742. This cost is calculated
by multiplying the annual burden hours (80,340) by the Bureau of Labor
Statistics' 1996 estimate ($523 for a 39.5 hour work week) for a
private industry entry level accountant.
Respondents' Obligation: Mandatory.
Legal Authority: Title 13 United States Code, Sections 91 and 224.
IV. Request for Comments
Comments are invited on: (a) Whether the proposed collection of
information is necessary for the proper performance of the functions of
the agency, including whether the information shall have practical
utility; (b) the accuracy of the agency's estimate of the burden
(including hours and cost) of the proposed collection of information;
(c) ways to enhance the quality, utility, and clarity of the
information to be collected; and (d) ways to minimize the burden of the
collection of information on respondents, including through the use of
automated collection techniques or other forms of information
technology.
Comments submitted in response to this notice will be summarized
and/or included in the request for OMB approval of this information
collection; they also will become a matter of public record.
Dated: June 24, 1998.
Madeleine Clayton,
Management Analyst, Office of Management and Organization.
[FR Doc. 98-17285 Filed 6-29-98; 8:45 a.m.]
BILLING CODE 3510-07-P
