7. Establish performance agreements on each major loan and debt collection program. (2) The key element in the new approach to federal credit management and debt collection should be the negotiation, between each agency and OMB, of performance agreements for each major loan and debt collection program. Basic agreements should be established and then updated annually. Agreements should include a description of the agency's strategies for using debt collection tools for each of its major programs. The negotiated performance agreements should identify quantifiable program results and financial management performance indicators to which program managers would be held accountable. Goals established in the performance agreements should be specific to each loan and debt collection program, in recognition of the differences in risk for each program. The accuracy of the reported results should be attested to by auditors as part of the audits of financial statements of these programs.
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