Collections mean money collected by the Government that the budget records as a governmental receipt, an offsetting collection, or an offsetting receipt.
Amounts received by the federal government during the fiscal year. Collections are classified into three major categories: (1) governmental receipts (also called budget receipts or federal receipts), (2) offsetting collections, and (3) offsetting receipts.
Governmental receipts result from the exercise of the government’s sovereign powers. Offsetting collections and receipts result from businesslike transactions with the public or transactions between appropriated activities. Offsetting collections and offsetting receipts are recorded as offsets to spending. They are offsetting collections when the collections are authorized by law to be credited to expenditure accounts. Otherwise, they are deposited in receipt accounts and called offsetting receipts.
Referral of a past due account to an intermediary that specializes in enlisting a delinquent borrower’s cooperation in bringing a debt current. In the mortgage industry, a successful intervention averts foreclosure of the collateral backing the loan while keeping to a minimum the lender’s resulting expenses caused by the delay or foreclosure proceedings. Common collections practices include increasingly frequent phone and written contact with the borrower until a resolution is reached.
Amounts received during the fiscal year. Collections are classified into two major categories: budget receipts and offsetting collections. Offsetting collections are classified into two major categories: offsetting receipts and collections credited to appropriation or fund accounts.
Collections has been defined 5 different ways in documents like Analytical Perspectives, Budget of the U.S. Government, Fiscal Year 2014, A Glossary of Terms Used in the Federal Budget Process, Glossary of Finance and Economic Terms, and 2 more.