Skip Report Navigation LinksGSA Agency Financial Report for Fiscal Year 2009

Financial Analysis and Summary

Consolidated Financial Results

GSA realized $18.7 billion in revenues in FY 2009. If GSA were a public company, its revenues would place it at 135 on the Fortune 500, ahead of Xerox and Nike, among others. The majority of GSA’s resources come from reimbursements from other federal agencies for goods and services it provides.

GSA Assets

Assets are things of value that are owned by an organization. GSA’s assets are presented on the Consolidating Balance Sheets, and summarized in the chart to the right. Generally, GSA’s assets include federal buildings, motor vehicles, and office equipment (Property and Equipment), cash balances which are held in the U.S. Treasury (Fund Balance with Treasury), or debts owed to GSA from other federal agencies, primarily for sales transactions or rent that was not collected at the end of FY 2009 (Accounts Receivable).

The largest percentage change in assets occurred in the Fund Balance with Treasury, which increased by 88 percent. The American Recovery and Reinvestment Act (Recovery Act) of 2009 provided GSA with appropriations of $5.9 billion, primarily for construction and acquisition of federal property, long-term construction projects. The large end-of-year Fund Balance with Treasury reflects projects that were fully funded up front, but will take several years for GSA to fully pay out. Also due to the Recovery Act, around 20 percent of GSA’s resources came from appropriations in FY 2009, compared to a normal year, where only about 2.5 percent of GSA’s total resources would come from annual appropriations.

Property and Equipment, Net, the largest category of GSA’s assets, increased by $916 million, or 4.3 percent. This category of assets is presented as a “net” amount, meaning that the value of the asset is shown with its costs (expenses like depreciation) already subtracted out. The $916 million increase in Property and Equipment, Net is caused by acquisitions of $2,814 million, minus depreciation of $1,618 million and $280 million in property disposals and write-offs. Of the $2,814 million in acquisitions, $1,875 million were from construction, modernization and alterations to buildings, with another $806 million from vehicle acquisitions.

GSA Liabilities

Liabilities are amounts owed by GSA. GSA’s liabilities are shown on the Consolidating Balance Sheets and summarized in the chart to the right. GSA’s 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 2008 to FY 2009, GSA’s accounts payable balance increased by $211 million, primarily due to increases in accounts payable in the Federal Buildings Fund (FBF) of approximately $187 million. Primarily, this increase comes from accounts payable in FBF’s rental of space program which increased by $68 million due to general increases in rental rates charged to GSA. Additionally, the Reimbursable Work Authorization (RWA) program accounts payable increased by $65 million due to growth in the RWA program.

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