Financial Results by Major Fund - Acquisition Services Fund
The Acquisition Services Fund (ASF) is a revolving fund, which operates on the revenue generated from its business lines rather than an appropriation received from Congress. It is the primary fund of the Federal Acquisition Service (FAS). FAS business operations are organized into four business portfolios based on the product or service provided to customer agencies: Integrated Technology Services (ITS); Assisted Acquisition Services (AAS); General Supplies and Services (GSS); Travel, Motor Vehicle, and Card Services (TMVCS). FAS consolidates common requirements from multiple federal agencies and uses its negotiating expertise to acquire products and services at better prices and terms than agencies could obtain individually.
|Revenues ($ in Millions)||Percentage of Total Revenues|
|ASF Top 5 Customers|
|Dept. of Defense||$2,565||27%|
|Dept. of Homeland Security||$1,516||16%|
|Dept. of Agriculture||$903||9%|
|Dept. of Justice||$653||7%|
|Dept. of Health||$484||5%|
In FY 2012, ASF realized $9.8 billion in revenues. The majority of revenues were from the five agencies shown in the ASF Top 5 Customers table.
ASF Net Revenues from Operations
ASF Net Revenues from Operations represent the amounts remaining after the costs of goods and services sold and FAS operating expenses are subtracted from revenues earned during the year. Net Revenues from Operations are used to invest in the GSA Fleet, information technology systems, other investments to improve FAS service levels, and to comply with regulatory and statutory requirements. ASF reported net revenues of $74 million during FY 2012, which is $83 million less than FY 2011 results of $157 million. The largest decrease in net revenues occurred in the ITS portfolio where results were $66 million lower than the prior year. This is primarily attributed to ITS recovering $60 million during FY 2011 in settlement with a vendor related to unallowable surcharges billed to the government. This settlement was recorded as an offset to expense in the ITS portfolio in FY 2011. Without this credit, the difference between FY 2012 and FY 2011 results in the ITS portfolio would have been a $6 million decrease.
ASF Obligations, Outlays and Collections
ASF obligations and outlays are primarily driven by contracts awarded to commercial vendors, who provide goods and services to federal agencies. Obligations Incurred decreased by more than $450 million between FY 2011 and FY 2012. The decrease is primarily attributable to lower business volume in the General Supplies and Services (GSS) portfolio. Outlays and Offsetting Collections both increased.
|FY 2012||FY 2011||Change ($)||Change (%)|
|ASF Obligations & Outlays ($ in Millions)|
Limitations of Financial Statements
The principal financial statements report the financial position and results of GSA operations, pursuant to the requirements of 31 U.S.C. 3515 (b). While the statements have been prepared from GSA books and records in accordance with generally accepted accounting principles (GAAP) for federal entities and the format prescribe by OMB, the statements are in addition to the financial reports used to monitor and control budgetary resources, which are prepared from the same books and records. The statements should be read with the realization that they are for a component of the U.S. Government.