Agency Information Collection Activities; Submission to the Office of Management and Budget (OMB) for Review and Approval; Comment Request; Quarterly Financial Report, 5205-5206 [2024-01596]

Agencies

• Census Bureau
• DEPARTMENT OF COMMERCE

[Federal Register Volume 89, Number 18 (Friday, January 26, 2024)]
[Notices]
[Pages 5205-5206]
From the Federal Register Online via the Government Publishing Office [www.gpo.gov]
[FR Doc No: 2024-01596]


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DEPARTMENT OF COMMERCE

Census Bureau


Agency Information Collection Activities; Submission to the 
Office of Management and Budget (OMB) for Review and Approval; Comment 
Request; Quarterly Financial Report

AGENCY: Census Bureau, Commerce.

ACTION: Notice of information collection, request for comment.

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SUMMARY: The Department of Commerce, in accordance with the Paperwork 
Reduction Act (PRA) of 1995, invites the general public and other 
Federal agencies to comment on proposed, and continuing information 
collections, which helps us assess the impact of our information 
collection requirements and minimize the public's reporting burden. The 
purpose of this notice is to allow for 60 days of public comment on the 
proposed extension of the Quarterly Financial Report, prior to the 
submission of the information collection request (ICR) to OMB for 
approval.

DATES: To ensure consideration, comments regarding this proposed 
information collection must be received on or before March 26, 2024.

ADDRESSES: Interested persons are invited to submit written comments by 
email to [email protected]. Please reference the Quarterly 
Financial Report in the subject line of your comments. You may also 
submit comments, identified by Docket Number USBC-2024-0002, to the 
Federal e-Rulemaking Portal: https://www.regulations.gov. All comments 
received are part of the public record. No comments will be posted to 
https://www.regulations.gov for public viewing until after the comment 
period has closed. Comments will generally be posted without change. 
All Personally Identifiable Information (for example, name and address) 
voluntarily submitted by the commenter may be publicly accessible. Do 
not submit Confidential Business Information or otherwise sensitive or 
protected information. You may submit attachments to electronic 
comments in Microsoft Word, Excel, or Adobe PDF file formats.

FOR FURTHER INFORMATION CONTACT: Requests for additional information or 
specific questions related to collection activities should be directed 
to Brandi Hanley, Branch Chief, Quarterly Financial Branch, Economic 
Indicators Division, (301) 763-7405, and [email protected].

SUPPLEMENTARY INFORMATION:

I. Abstract

    The Census Bureau is planning to resubmit to the Office of 
Management and Budget for approval of the Quarterly Financial Report 
(QFR) program information collection forms. The QFR forms to be 
submitted for approval are: The QFR 200 (MT) long form (manufacturing, 
mining, wholesale trade, and retail trade); QFR 201 (MG) short form 
(manufacturing); and the QFR 300 (S) long form (information services 
and professional and technical services). The Census Bureau is not 
requesting any changes to the current forms.
    The QFR program collects and publishes up-to-date aggregate 
statistics

[[Page 5206]]

on the financial results and position of U.S. corporations. The QFR 
target population consists of all corporations engaged primarily in 
manufacturing with total assets of $5 million and over, and all 
corporations engaged primarily in mining; wholesale trade; retail 
trade; information; or professional and technical services (except 
legal services) industries with total assets of $50 million and over.
    The QFR program is a principal federal economic indicator that has 
published up-to-date aggregate statistics on the financial results and 
position of U.S. corporations since 1947. The QFR provides critical 
source data to the Bureau of Economic Analysis' (BEA) quarterly 
estimates of Gross Domestic Product (GDP) and Gross Domestic Income 
(GDI), key components of the National Income and Product Accounts 
(NIPA). The QFR data are also vital to the Federal Reserve Board's 
(FRB) Financial Accounts. Title 13 of the United States Code, Section 
91 requires that financial statistics of business operations be 
collected and published quarterly. Public Law 114-72 extended the 
authority of the Secretary of Commerce to conduct the QFR Program under 
Section 91 through September 30, 2030.
    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. Primary public users include U.S. 
governmental organizations with economic measurement and policymaking 
responsibilities such as the Bureau of Economic Analysis, the Bureau of 
Labor Statistic, and the Federal Reserve Board. In turn, these 
organizations provide guidance, advice, and support to the QFR program. 
The primary non-governmental data users are a diverse group including 
universities, financial analysts, unions, trade associations, public 
libraries, banking institutions, and U.S. and foreign corporations.

II. Method of Collection

    The Census Bureau uses two forms of data collection: mail out/mail 
back paper survey forms and a secure encrypted internet data collection 
system called Centurion. Centurion has automatic data checks and is 
context-sensitive to assist respondents in identifying potential 
reporting problems before submission, thus reducing the need for 
follow-up from Census Bureau staff. Data collection through Centurion 
is completed via the internet, eliminating the need for downloading 
software and ensuring the integrity and confidentiality of the data.
    Companies are asked to respond to the survey within 25 days of the 
end of the quarter for which the data is being requested. Census Bureau 
staff contact companies that have not responded by the designated time 
through letters, telephone calls, and/or email to encourage 
participation.

III. Data

    OMB Control Number: 0607-0432.
    Form Number(s): QFR 200 (MT), QFR 201 (MG), and QFR 300 (S).
    Type of Review: Regular submission, Request for an Extension, 
without Change, of a Currently Approved Collection.
    Affected Public: Business or other for-profit organizations; 
Manufacturing corporations with assets of $5 million or more and 
Mining, Wholesale Trade, Retail Trade, Information, Professional, 
Scientific, and Technical Services (excluding legal) with assets of $50 
million or more.
    Estimated Number of Respondents:

Form QFR 200 (MT)--4,300 per quarter = 17,200 annually
Form QFR 201 (MG)--2,750 per quarter = 11,000 annually
Form QFR 300 (S)--1,500 per quarter = 6,000 annually
Total 34,200 annually

    Estimated Time per Response:

Form QFR 200 (MT)--Average hours 3.0
Form QFR 201 (MG)--Average hours 1.2
Form QFR 300 (S)--Average hours 3.0

    Estimated Total Annual Burden Hours: 82,800 hours.
    Estimated Total Annual Cost to Public: $0. (This is not the cost of 
respondents' time, but the indirect costs respondents may incur for 
such things as purchases of specialized software or hardware needed to 
report, or expenditures for accounting or records maintenance services 
required specifically by the collection.)
    Respondent's Obligation: Mandatory.
    Legal Authority: Title 13 U.S.C. 91 and 224.

IV. Request for Comments

    We are soliciting public comments to permit the Department/Bureau 
to: (a) Evaluate whether the proposed information collection is 
necessary for the proper functions of the Department, including whether 
the information will have practical utility; (b) Evaluate the accuracy 
of our estimate of the time and cost burden for this proposed 
collection, including the validity of the methodology and assumptions 
used; (c) Evaluate ways to enhance the quality, utility, and clarity of 
the information to be collected; and (d) Minimize the reporting burden 
on those who are to respond, including the use of automated collection 
techniques or other forms of information technology.
    Comments that you submit in response to this notice are a matter of 
public record. We will include, or summarize, each comment in our 
request to OMB to approve this ICR. Before including your address, 
phone number, email address, or other personal identifying information 
in your comment, you should be aware that your entire comment--
including your personal identifying information--may be made publicly 
available at any time. While you may ask us in your comment to withhold 
your personal identifying information from public review, we cannot 
guarantee that we will be able to do so.

Sheleen Dumas,
Department PRA Clearance Officer, Office of the Under Secretary for 
Economic Affairs, Commerce Department.
[FR Doc. 2024-01596 Filed 1-25-24; 8:45 am]
BILLING CODE 3510-07-P