Form 7001 PDF Details

In the realm of agricultural and livestock businesses, the Form 7001, issued by the U.S. Department of Agriculture Grain Inspection, Packers and Stockyards Administration, plays a crucial role in ensuring the integrity and transparency of financial transactions. This form, specifically titled "Status of Custodial Bank Account for Shippers' Proceeds Special Report," requires detailed reporting from businesses about their custodial bank accounts, which are pivotal for holding funds temporarily on behalf of others. It includes sections for general information about the business, detailed custodial account information, the designation of these accounts, and a thorough analysis of the account's activity relating to shippers' proceeds. Completing this form involves reporting on bank statement balances, deposits, and other financial movements within a specific timeframe, as well as certifying the accuracy of this information under penalty of law. It serves not just as a financial statement but as a compliance document, ensuring businesses adhere to the Packers and Stockyards Act's regulations. This mandatory reporting underscores the USDA's commitment to safeguarding participants in the livestock, meat, and poultry industries from unfair, deceptive, and fraudulent practices, contributing to a fair and competitive market environment. Failures in timely and correct reporting can lead to significant penalties, emphasizing the form's importance in the regulatory framework.

QuestionAnswer
Form NameForm 7001
Form Length2 pages
Fillable?No
Fillable fields0
Avg. time to fill out30 sec
Other namesform 7001 status special, form 7001 status form, form 7001 report printable, usda 7001 status bank form

Form Preview Example

Business Entity ID Only

For P&SP Use Only

P&SP Bar Code Only

U.S. Department of Agriculture Grain Inspection,

Packers and Stockyards Administration

STATUS OF CUSTODIAL BANK ACCOUNT FOR SHIPPERS' PROCEEDS SPECIAL REPORT

Packers and

Instructions: If an item's value is zero, enter "0". If an item does not apply, enter "NA". Upon completion please verify that all items have been

Stockyards

answered. Return completed form to the appropriate P&SP regional office. See separate instructions for complete information about this report.

Program

 

 

 

 

 

 

 

 

 

GENERAL INFORMATION - SECTION 1

 

 

 

 

 

101Date of Report (mm/dd/yy)

102Legal Business Name

103Business Name (dba)

104Mailing Address

105City, State, Zip

106Physical Address

107City, State, Zip

108Contact Name

109Telephone Number

110Fax Number

CUSTODIAL ACCOUNT INFORMATION - SECTION 2

201

202

203

204

205

Name of Bank

Mailing Address

City, State, Zip

Telephone Number

Bank Contact Name

CUSTODIAL ACCOUNT DESIGNATION - SECTION 3

301

302

Designation or Title of Custodial Account on Bank Statement

Designation or Title of Custodial Account on Checks Issued

ANALYSIS OF CUSTODIAL BANK ACCOUNT FOR SHIPPERS' PROCEEDS - SECTION 4

Bank statement balance:

Deposits in transit (in mail or bank, but not on statement) CD's and savings accounts designated as custodial funds Proceeds on hand

Proceeds receivables (show details in Section 5 of this report) Total debits

Outstanding checks and drafts that have not cleared bank

Proceeds due consignors of livestock for which no checks were issued Expense items related to sales remaining in account

Total credits

Overage in account (debits exceed credits) Shortage in account (credits exceed debits)

401$

402$

403$

404$

405$

406 $

407$

408$

409$

410 $

411 $

412 $

OMB No. 0580-0015

Form 7001

Expires 11-30-2017

Page 1 of 2

PROCEEDS RECEIVABLE - SECTION 5

“Proceeds Receivables” vary based on the livestock buyer. For most buyers when conducting the custodial analysis any uncollected funds during the time period including the analysis date and the 6 days before the analysis are proceeds receivables. For livestock purchases made by the market, its owner, officers, employers, and credit buyers the time period is limited to include only the analysis date and the previous business day.

 

Date of Sale

Name of Buyer

Amount of Proceeds Receivable

501

 

 

 

 

 

$

 

 

 

502

 

 

$

 

 

 

503

 

 

$

 

 

 

504

 

 

$

 

 

 

505

 

 

$

 

 

 

506

 

 

$

 

 

 

507

 

 

$

 

 

 

508

 

 

$

 

 

 

509

 

 

$

 

 

 

510

 

 

$

 

 

 

511

 

 

$

 

 

 

512

 

 

$

 

 

 

513

 

 

$

 

 

 

514

 

 

$

 

 

 

515

 

 

$

 

 

 

516

 

 

$

 

 

 

517

 

 

$

 

 

 

518

 

 

$

 

 

 

519

 

 

$

 

 

 

520

 

 

$

 

 

 

521

 

 

$

 

 

 

522

 

 

$

 

 

 

523

 

 

$

 

 

 

524

 

 

$

 

 

 

525

 

 

$

 

 

 

526

 

 

$

 

 

 

527

 

 

$

 

 

 

528

 

 

$

 

 

 

529

 

 

$

 

 

 

530

 

 

$

 

 

 

531

 

 

$

 

 

 

532

 

 

$

 

 

 

533

 

Total from Additional Pages (enter 0 if no other pages used)

$

 

 

534

 

Total Proceeds Receivable (enter on line 405)

$

CERTIFICATION - SECTION 6

Under the Packers and Stockyards Act any person who willfully makes, or causes any false entry or statement of fact in this report shall be deemed guilty of offense against

the United States, and be subject to a fine of $1,000 to $5,000, or to imprisonment for a term of not more than 3 years, or to both fine and imprisonment.

I certify that this report has been prepared by me or under my direction, and to the best of my knowledge and belief correctly reflects reporting entity operations.

701 Print Name

702 Signature (Must be signed by a person listed on 201-205)

703 Phone Number

704 Date

705 Title

Submitted information is confidential (9 CFR 201.96). Failure to report will result in forfeiture to the United States $110 per day until report receipt 7 (U.S.C. 222). Response is required in order to determine establishment, maintenance and status of custodial account (9 CFR 201.97). According to the Paperwork Reduction Act of 1995, an agency may not conduct or sponsor, and a person is not required to respond to, a collection of information unless it displays a valid OMB control number. The valid OMB control number for this information is 0580-0015. The time required to complete this information collection is estimated to average 3 hour per response, including the time for reviewing instructions, searching existing data sources, gathering and maintaining the data needed, and completing and reviewing the collection of information.

The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or part of an individual’s income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination, write to USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410, or call (800) 795-3272 (voice) or (202) 720-6382 (TDD). USDA is an equal opportunity provider and employer.

Form 7001

Expires 11-30-2017

Page 2 of 2