Skip Report Navigation LinksGSA Agency Financial Report for Fiscal Year 2011

Financial Statements Analysis and Summary

KPMG LLP issued an unqualified “clean” opinion on GSA’s FY 2011 financial statements. Agency management is accountable for the integrity of the financial information presented in the financial statements. The financial statements and financial data presented in this report have been prepared from GSA accounting records in conformity with generally accepted accounting principles (GAAP) as prescribed by the Federal Accounting Standards Advisory Board. The Consolidating Statements of Net Cost presents by major program and activity the revenues and expenses incurred to provide goods and services to our customers. This presentation does not directly align with the strategic and agency priority goals which focus on qualitative aspects such as Innovation, Customer Intimacy, and Operational Excellence.


Bar chart of GSA assets.

GSA Assets

GSA assets include federal buildings, motor vehicles, and office equipment (Property and Equipment); cash balances held in the U.S. Treasury (Fund Balance with Treasury); and debts owed to GSA (Accounts Receivable) from other federal agencies, primarily for sales transactions or rent that was not collected at the end of FY 2011. Property and Equipment, represent 65 percent of total assets of over $39.5 billion. Overall, Property and Equipment increased by $2 billion. Buildings account for the largest increase of $386 million (net of depreciation), driven by building modernization and alteration projects funded by the Recovery Act. In addition, Construction in Process and Software in Development increased by 56 percent or $1.6 billion. These line items are expected to increase in the coming years as work continues on over $2.7 billion in remaining contracts for Recovery Act projects.

Bar chart of GSA liabilities.

GSA Liabilities

GSA liabilities are primarily amounts owed to commercial vendors but not yet paid (Accounts Payable) and amounts GSA owes to other federal entities (Intragovernmental Debt). From FY 2010 to FY 2011, Accounts Payable and Accrued Expenses increased by $303 million primarily because of a $297 million increase in amounts owed to vendors. Additionally, the “All Other Liabilities” category decreased by $15 million.

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2011 AFR PDF