Proposed Information Collection; Comment Request; Institutional Remittances to Foreign Countries, 44489 [E7-15400]

Agencies

• DEPARTMENT OF COMMERCE
• Bureau of Economic Analysis
• Economic Analysis Bureau

[Federal Register Volume 72, Number 152 (Wednesday, August 8, 2007)]
[Notices]
[Page 44489]
From the Federal Register Online via the Government Printing Office [www.gpo.gov]
[FR Doc No: E7-15400]



[[Page 44489]]

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DEPARTMENT OF COMMERCE

Bureau of Economic Analysis


Proposed Information Collection; Comment Request; Institutional 
Remittances to Foreign Countries

ACTION: Notice.

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SUMMARY: The Department of Commerce, as part of its continuing effort 
to reduce paperwork and respondent burden, invites the general public 
and other Federal agencies 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 5 p.m. October 
9, 2007.

ADDRESSES: Direct all written comments to Diana Hynek, Departmental 
Paperwork Clearance Officer, Department of Commerce, Room 6625, 14th 
and Constitution Avenue, NW., Washington, DC 20230, or via e-mail at 
dHynek@doc.gov.

FOR FURTHER INFORMATION CONTACT: Michael Mann, Chief, Current Account 
Services Branch, Balance of Payments Division (BE-58), Bureau of 
Economic Analysis, U.S. Department of Commerce, Washington, DC 20230; 
phone: (202) 606-9573; fax: (202) 606-5314; or via e-mail at 
michael.mann@bea.gov.

SUPPLEMENTARY INFORMATION:

I. Abstract

    The Bureau of Economic Analysis (BEA) is responsible for the 
compilation of the U.S. international transactions accounts (ITA's), 
which it publishes quarterly in news releases, on its Web site, and in 
its monthly journal, the Survey of Current Business. These accounts 
provide a statistical summary of all U.S. international transactions 
and, as such, are one of the major statistical products of BEA. They 
are used extensively by both government and private organizations for 
national and international economic policy formulation and for 
analytical purposes. The information collected in this survey is used 
to develop the ``private remittances'' portion of the ITA's. Without 
this information, an integral component of the ITA's would be omitted. 
No other Government agency collects comprehensive data on private 
institutional remittances of funds to foreign countries.
    The survey requests information from U.S. religious, charitable, 
educational, scientific, and similar organizations on transfers to 
foreign residents and organizations and their expenditures in foreign 
countries. The information is collected on a quarterly basis from 
organizations remitting $1 million or more each year and annually for 
organizations remitting at least $100,000 but less than $1 million each 
year. Organizations with remittances of less than $100,000 in the year 
covered by the report are exempt from reporting. The survey is 
voluntary.
    BEA proposes the following changes to the form and instructions: 
(1) Increase the reporting threshold from $25,000 to $100,000; (2) 
request that organizations only report by country if amounts remitted 
to a particular country exceed $10,000; and
    (3) update the list of pre-printed countries on the form and add 
space for respondents to enter information on remittances to countries 
that do not appear on the pre-printed list. The overall respondent 
burden will not change.

II. Method of Collection

    Survey forms are mailed to potential respondents in January of each 
year; respondents expected to file on a quarterly basis are sent 
multiple copies. Quarterly reports are due 30 days after the close of 
each calendar or fiscal quarter and annual reports are due 90 days 
after the close of the calendar or fiscal year. Potential respondents 
are U.S. religious, charitable, educational, scientific, and similar 
organizations that voluntarily agree to provide data regarding 
transfers to foreign residents and organizations and their expenditures 
in foreign countries.

III. Data

    OMB Number: 0608-0002.
    Form Number: BE-40.
    Type of Review: Regular submission.
    Affected Public: Not-for-profit institutions.
    Estimated Number of Respondents: 790.
    Estimated Time per Response: 1.5 hours annually for respondents 
filing annually; and 6 hours annually for respondents filing quarterly.
    Estimated Total Annual Burden Hours: 2,100.
    Estimated Total Annual Cost: $84,000.
    Respondent's Obligation: Voluntary.
    Legal Authority: Bretton Woods Agreement Act, Section 8, and E.O. 
10033, as amended.

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 will have practical 
utility; (b) the accuracy of the agency's estimate of 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: August 2, 2007.
Gwellnar Banks,
Management Analyst, Office of the Chief Information Officer.
 [FR Doc. E7-15400 Filed 8-7-07; 8:45 am]
BILLING CODE 3510-EA-P