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									                                             United States Department of Education
                                                  Consolidated Balance Sheet
                                              As of September 30, 2003 and 2002
                                                            (Dollars in Thousands)




                                                                                     Fiscal Year               Fiscal Year
                                                                                        2003                      2002

        Assets:
         Intragovernmental:
1001                  Fund Balance with Treasury (Note 2)                                     $57,907,733             $52,116,459
1003                  Accounts Receivable (Note 5)                                                  3,523                  75,950
1004                  Other Intragovernmental Assets                                               27,379                       0
            Total Intragovernmental                                                            57,938,635              52,192,409

2001        Cash and Other Monetary Assets (Note 3)                                             1,107,533                1,204,575
2003        Accounts Receivable, Net (Note 5)                                                     179,232                  188,207
2004        Credit Program Receivables, Net (Note 4)                                           97,965,279               91,706,146
2006        General Property, Plant and Equipment, Net (Note 6)                                    28,255                   36,915
2007        Other Assets                                                                           38,816                   38,737

        Total Assets                                                                        $157,257,750             $145,366,989


        Liabilities:
         Intragovernmental:
3001                 Accounts Payable                                                             $14,126                  $20,403
3002                 Treasury Debt (Note 7)                                                    92,017,728               89,782,147
                     Guaranty Agency Federal and Restricted Funds Due
3003                 ***to Treasury (Note 3)                                                       1,107,481             1,169,107
3004                 Payable to Treasury (Note 8)                                                  7,022,995             4,713,206
3005                 Other Intragovernmental Liabilities (Note 9)                                    104,870               185,913
            Total Intragovernmental                                                           100,267,200               95,870,776

4001        Accounts Payable                                                                      285,824                  329,839
4002        Accrued Grant Liability (Note 11)                                                   1,366,498                1,721,277
4003        Liabilities for Loan Guarantees (Note 4)                                           15,431,715               11,679,393
4004        Federal Employee and Veterans' Benefits                                                22,265                   21,664
4005        Other Liabilities (Note 9)                                                            449,505                  461,274

        Total Liabilities                                                                   $117,823,007             $110,084,223

            Commitments and Contingencies (Note 19)

        Net Position:
6001       Unexpended Appropriations (Note 12)                                                $43,931,317             $39,121,204
6002       Cumulative Results of Operations (Note 12)                                          (4,496,574)             (3,838,438)

        Total Net Position                                                                    $39,434,743             $35,282,766


        Total Liabilities and Net Position                                                  $157,257,750             $145,366,989




                                                                                                          0                   0.00

The accompanying notes are an integral part of these statements.

106
                                           United States Department of Education
                                             Consolidated Statement of Net Cost
                                     For the Years Ended September 30, 2003 and 2002
                                                         (Dollars in Thousands)

                                                                                  Fiscal Year             Fiscal Year
                                                                                     2003                    2002
Program Costs
   Program A (Enhancement of Postsecondary and Adult Education)
   # Intragovernmental Gross Costs                                                          $6,625,525           $6,325,072
   # Less: Intragovernmental Earned Revenue                                                  1,534,678            1,387,782
      Intragovernmental Net Costs                                                            5,090,847            4,937,290

    # Gross Costs with the Public                                                           26,060,455           22,155,653
    # Less: Earned Revenues from the Public                                                  4,971,611            4,763,806
      Net Costs with the Public                                                             21,088,844           17,391,847

   Program A Total Net Cost                                                               $26,179,691           $22,329,137

   Program B (Creation of Student Achievement, Culture of Achievement and Safe Schools)
   # Intragovernmental Gross Costs                                                           $151,797               $222,063
   # Less: Intragovernmental Earned Revenue                                                     8,406                     (0)
     Intragovernmental Net Costs                                                              143,391                222,063

    # Gross Costs with the Public                                                           20,127,851           16,478,499
    # Less: Earned Revenues from the Public                                                          8                  159
      Net Costs with the Public                                                             20,127,843           16,478,340

   Program B Total Net Cost                                                               $20,271,234           $16,700,403

   Program C (Transformation of Education)
   # Intragovernmental Gross Costs                                                              $31,497              $27,501
   # Less: Intragovernmental Earned Revenue                                                       5,975                   (0)
     Intragovernmental Net Costs                                                                 25,522               27,501

    # Gross Costs with the Public                                                               632,481              674,970
    # Less: Earned Revenues from the Public                                                          21                1,284
      Net Costs with the Public                                                                 632,460              673,686

   Program C Total Net Cost                                                                  $657,982               $701,187

   Program D (Special Education and Program Execution)
   # Intragovernmental Gross Costs                                                              $19,294              $17,667
   # Less: Intragovernmental Earned Revenue                                                       1,974                2,483
     Intragovernmental Net Costs                                                                 17,320               15,184

    # Gross Costs with the Public                                                           11,677,683           10,021,576
    # Less: Earned Revenues from the Public                                                          5                1,810
      Net Costs with the Public                                                             11,677,678           10,019,766

   Program D Total Net Cost                                                               $11,694,998           $10,034,950

Total Program Net Costs                                                                   $58,803,905           $49,765,677


Net Cost of Operations (Note 17)                                                          $58,803,905           $49,765,677




The accompanying notes are an integral part of these statements.
                                                                                                                         107
                                             United States Department of Education
                                       Consolidated Statement of Changes in Net Position
                                       For the Years Ended September 30, 2003 and 2002
                                                            (Dollars in Thousands)



                                                                          Fiscal Year                                Fiscal Year
                                                                             2003                                       2002

                                                                                    Unexpended                                Unexpended
                                                       Cumulative Results          Appropriations      Cumulative Results    Appropriations



Beginning Balance                                                  $(3,838,438)         $39,121,204           $(2,039,931)         $30,691,818
Prior Period Adjustments                                                    (0)              27,569                    (0)                 $(0)
Beginning Balance, As Adjusted                                     $(3,838,438)         $39,148,773           $(2,039,931)         $30,691,818

Budgetary Financing Sources
4 Appropriations Received                                                               $67,792,467                    (0)         $57,087,703
5 Appropriations Transferred - In/Out (+/-)                                                      (1)                   (0)                (500)
6 Other Adjustments (+/-)                                                    (0)         (1,049,180)                   (0)            (198,500)
7 Appropriations Used                                              $61,960,742          (61,960,742)          $48,463,506          (48,459,317)
9 Donations/Forfeitures of Cash                                             155                                       485                   (0)
10 Nonexpenditure Financing Sources - Transfers-Out                     (4,439)                                        (0)                  (0)

Other Financing Sources
13 Transfers - in/out Without Reimbursement                                 (27)                                      (27)                  (0)
14 Imputed Financing (Note 14)                                           29,979                                    23,750                   (0)
15 Adjustments to Financing Sources (+/-)                           (3,840,641)                                 (520,544)                   (0)
Total Financing Sources                                            $58,145,769           $4,782,544           $47,967,170           $8,429,386

Net Cost of Operations (+/-)                                   $(58,803,905)                    $(0)         $(49,765,677)                 $(0)

Ending Balances (Note 12)                                          $(4,496,574)         $43,931,317           $(3,838,438)         $39,121,204




The accompanying notes are an integral part of these statements.

108
                                                                   United States Department of Education
                                                                Combined Statement of Budgetary Resources
                                                              For the Years Ended September 30, 2003 and 2002
                                                                            (Dollars in Thousands)


                                                                                             F iscal Y ear                                           F iscal Y ear
                                                                                                2003                                                    2002

                                                                                                     N o n -B u d g etary C red it                           N o n -B u d g etary C red it
                                                                                                       R efo rm F in an cin g                                  R efo rm F in an cin g
                                                                             B u d g etary                   Acco u n ts             B u d g etary                   Acco u n ts


B u d g etary R esources:
1.    B udget A uthority :
           # A ppropriations R eceived                                            $67,776,620                          $16,002            $57,086,247                            $1,941
           # B orrow ing A uthority                                                             0                   21,766,323                          0                   22,045,839
           # N et T ransfers                                                                   (1)                              0                    (500)                              0
           # O ther                                                                             0                               0                       0                               0
2.   U nobligated B alance:
           # B eginning of P eriod                                                   4,681,941                       7,804,640               2,643,777                       5,094,963
           # B eginning of P eriod A djustm ents (N ote 15)                                     0                               0            2,462,445                                  0
           # N et T ransfers, A ctual (+/-)                                                     0                               0                    887                                0
3.   S pending A uthority From O ffsetting C ollections:                                        0                               0
3.1   E arned
           # C ollected                                                              5,387,537                      32,977,501               2,571,029                      22,634,614
           # R eceivable From Federal S ources                                          (70,376)                             117                 67,491                               (57)
3.2   C hange in U nfilled C ustom er O rders
           # Advance received (Collected)                                                55,386                                 0                       0                               0
           # W ithout advance from Federal sources                                       75,636                                 0                       0                               0
 3.5   S ubtotal                                                                    $5,448,183                    $32,977,618               $2,638,520                    $22,634,557
4.   R ecoveries of P rior Y ear O bligations                                        1,277,066                         268,890                 837,093                           22,042
6. P erm anently N ot A vailable                                                    (6,224,859)                    (17,469,952)             (2,719,035)                     (8,325,714)
T o tal B u dgetary R esources (N ote 15)                                         $72,958,950                     $45,363,521             $62,949,434                     $41,473,628


S tatu s o f B udgetary R esources:
8.   O bligations Incurred: (N ote 15)
           # D irect                                                              $67,548,974                     $35,597,145             $58,196,677                     $33,668,988
           # R eim bursable                                                            82,414                              (0)                 70,814                              (0)
           # S ubtotal                                                            $67,631,388                     $35,597,145             $58,267,491                     $33,668,988
9.   U nobligated B alance:
           # A pportioned                                                           2,981,165                         395,950               3,091,706                       1,119,601
10.U nobligated      B alance N ot A vailable                                       2,346,397                       9,370,426               1,590,237                       6,685,039
T o tal S tatus of B udgetary R esources                                          $72,958,950                     $45,363,521             $62,949,434                     $41,473,628

R elatio n ship of O bligations to O utlays:
12 .O bligated     B alance, N et, B eginning of P eriod                          $38,961,452                       $6,811,613            $30,468,796                       $5,618,208
14 .O bligated     B alance, N et, E nd of P eriod:
           # A ccounts R eceivable                                                      (3,468)                           (117)                (73,845)                             (0)
           # U nfilled custom er orders from Federal S ources                          (75,636)                             (0)                     (0)                             (0)
           # U ndelivered O rders                                                   40,744,171                       8,382,449              36,689,040                       6,802,243
           # A ccounts P ayable                                                      1,754,967                          16,338               2,346,257                           9,370
15.O utlays:

           # D isbursem ents                                                       62,890,477                       33,741,080             48,870,249                       32,453,597
           # C ollections                                                          (5,442,922)                     (32,977,501)            (2,571,029)                     (22,634,614)
           # S ubtotal                                                            $57,447,555                         $763,579            $46,299,220                       $9,818,983
16.Less:  O ffsetting R eceipts                                                        43,599                               (0)                39,068                               (0)
N et O u tlays (N ote 15)                                                         $57,403,956                         $763,579            $46,260,152                       $9,818,983




The accompanying notes are an integral part of these statements.
                                                                                                                                                                                      109
                                                   United States Department of Education
                                                    Consolidated Statement of Financing
                                             For the Years Ended September 30, 2003 and 2002
                                                               (Dollars in Thousands)


         Archived Information
                                                                                            Fiscal Year              Fiscal Year
                                                                                              2003                     2002

Resources Used to Finance Activities
 Budgetary Resources Obligated
       Obligations Incurred (Note 15)                                                            $(103,228,533)            $(91,936,479)
       Less: Spending Authority from Offsetting Collections & Recoveries                            39,971,757               26,132,212
       Obligations Net of Offsetting Collections and Recoveries                                    (63,256,776)             (65,804,267)
       Less: Offsetting Receipts                                                                       (43,599)                 (39,068)
       Net Obligations                                                                            $(63,300,375)            $(65,843,335)
 Other Resources
       Transfers In/Out Without Reimbursement (+/-)                                                           $27                      $27
       Imputed Financing From Costs Absorbed by Others (Note 14)                                          (29,979)                 (23,750)
       Net Other Resources Used to Finance Activities                                                     (29,952)                 (23,723)

Total Resources Used to Finance Activities                                                        $(63,330,327)            $(65,867,058)

Resources Used to Finance Items Not Part of Net Cost of Operations
        Change in Budgetary Resources Obligated for Goods, Services and
          Benefits Ordered but not Yet Provided (+/-)                                              $(5,250,604)             $(9,937,029)
        Resources that Fund Expenses Recognized in Prior Period                                     (1,257,797)                 (45,245)
        Credit Program Collections Which Increase/Decrease Liabilities for Loan
          Guarantees, or Credit Program Receivables, Net including Allowances for Subsidy            31,786,034               21,247,014
  14.20 Other                                                                                           (72,162)                  72,162
        Resources Used to Finance the Acquisition of Fixed Assets, or Increase/Decrease
           Liabilities for Loan Guarantees or Credit Program
           Receivables, Net in Current or Prior Period                                             (28,064,832)             (26,601,541)

Total Resources Used to Finance Items Not Part of the Net Cost of Operations                       $(2,859,361)            $(15,264,639)

Total Resources Used to Finance the Net Cost of Operations                                        $(60,470,966)            $(50,602,419)
Components of the Net Cost of Operations that Will Not Require or Generate
  Resources in the Current Period
 Components Requiring or Generating Resources in Future Periods
      Increase in Annual Leave Liability                                                               $(25,543)                $(23,973)
      Upward/Downward Reestimates of Credit Subsidy Expense                                          (1,317,771)              (1,796,889)
      Increase in Exchange Revenue Receivable from the Public                                         1,087,940                1,127,116
      Other (+/-)                                                                                       (10,244)                   4,478
        Total Components of the Net Cost of Operations that Will Require or
          Generate Resources in Future Periods                                                        $(265,618)               $(689,268)
 Components Not Requiring or Generating Resources
      Depreciation and Amortization                                                                  $1,932,938               $1,523,208
      Other (+/-)                                                                                          (259)                   2,802
        Total Components of the Net Cost of Operations that Will Not Require or
          Generate Resources                                                                         $1,932,679               $1,526,010
Total Components of the Net Cost of Operations that Will Not Require or
  Generate Resources in the Current Period                                                           $1,667,061                $836,742


Net Cost of Operations (Note 17)                                                                  $(58,803,905)            $(49,765,677)




The accompanying notes are an integral part of these statements.

110

								
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