US Postal Service 2008 Annual Report Download - page 21

2008 Annual Report United States Postal Service | 21
Additionally, P.L.109-435 requires us to file with the PRC a
number of financial reports. These include quarterly reports
containing information required by the SEC to be filed on
Form 10-Q within 40 days after the end of each fiscal quar-
ter, an annual report containing information required by the
SEC on Form 10-K within 60 days after the end of each fis-
cal year, and current reports containing information required
by the SEC on Form 8-K within the prescribed time frame.
Our first filings were completed in 2008. Further, P.L.109-
435 requires the Postal Service to comply with the rules
prescribed by the SEC implementing Section 404 of the
Sarbanes-Oxley Act of 2002, which pertain to reporting on
the effectiveness of our financial internal controls. The re-
quirement to comply with Section 404 is effective beginning
with the 2010 annual report.
Since the law’s enactment, we have been meeting its re-
quirements by the applicable deadlines. We have success-
fully worked with the mailing community, the PRC, and our
unions and management associations to make the transi-
tion as smooth as possible for all stakeholders.
Strategy
The Government Performance and Results Act (GPRA)
requires federal agencies to develop and publish a five-
year strategic plan. The Postal Service updates its plan
annually to accommodate ongoing business environment
changes. This annual planning process incorporates an
assessment of recent performance, refinement of strate-
gies, and prioritization of objectives, programs, and bud-
gets to optimize results.
In October 2008, we published Vision 2013, our five-year
strategic plan, covering the period 2009-2013. Vision 2013
was designed to build upon the successes of the Postal
Service’s Strategic Transformation Plan, which helped
guide multiple improvements in service, efficiency, and
workplace conditions. With Vision 2013, the Postal Service
commits to continuing this progress. It acknowledges that
postal customers and the entire mailing industry are hard-
pressed by current economic conditions, and notes that
continued service improvements and cost reductions are
crucial. The Postal Service will continue to strengthen its
core operations and services, balancing an immediate and
urgent need to reduce costs with a continued commitment
to strategies such as Intelligent Mail, that are essential to
our future. However, in the long term, the Postal Service
cannot survive on cost cutting alone; and service improve-
ments will not, by themselves, halt revenue diversion or
attract new customers. Growth is crucial to the future of
affordable universal mail service. Vision 2013 also offers a
broad perspective of what it will take to continue to provide
affordable, universal service and sustain a strong, viable
Postal Service for future generations. It describes strategies
to grow the business by adapting to changing customer
needs; to create new customer value by the Postal Service
leveraging its strengths; and to embrace change — incor-
porating new technology and new approaches to respond
more quickly to a rapidly evolving business environment.
Vision 2013 is available online at:
www.usps.com/strategicplanning/vision2013.htm.
Segments
We operate in one segment throughout the United States,
its possessions, territories, and internationally.
Services
The Postal Service is the centerpiece of the U.S. mailing
industry, providing a wide variety of services to meet almost
any mailing need. Services include the Mailing Services and
Shipping Services described below.
Mailing Services
First-Class Mail — Includes domestic and international
postcards, letters, or any other advertisement or merchan-
dise up to 13 ounces. This service (or Express Mail or Priority
Mail) is required for personal correspondence, handwritten
or typewritten letters, and bills or statements of account.
Standard Mail — Is offered for any item, including adver-
tisements and merchandise weighing less than 16 ounces,
that is not required to be sent using First-Class Mail. Stan-
dard Mail is typically used for bulk advertising to multiple
delivery addresses. Content restrictions apply for autho-
rized nonprofit mailers.
Periodicals — Are offered for newspaper, magazine, and
newsletter distribution and require prior authorization by the
Postal Service.
Package Services — Are offered for any merchandise or
printed matter weighing up to 70 pounds. These services
include Single Piece Parcel Post, Bound Printed Matter, Li-
brary Mail, and Media Mail.
Special Services — Offer a variety of enhancements that
add value to mail services. Many provide added security,
proof of delivery, or loss recovery. Examples of these services
include: Certified Mail, Registered Mail, Delivery Confirma-
tion, Signature Confirmation, and insurance up to $1,000.