Skip Report Navigation LinksGSA Agency Financial Report for Fiscal Year 2009

Financial Analysis and Summary

The following analysis and summary is designed to help readers understand GSA’s FY 2009 financial results, position and condition. This presents management’s understanding of the amounts shown in the financial statements, particularly those items that were especially relevant to important management issues during the year. Every effort has been made to present this information in a user friendly format and language. The independent accounting firm KPMG LLP expressed an unqualified “clean” opinion on GSA’s FY 2009 financial statements. Agency management is accountable for the integrity of the financial information presented in the financial statements.

Key Financial Terms Simplified
Assets Things of value
Property and Equipment Category of assets, that for GSA generally includes land and buildings, motor vehicles, furniture, office equipment, computers, etc.
Fund Balance with Treasury Category of assets, representing the balance of funds held by the U.S. Department of the Treasury for GSA's use. In most sentences a reader can consider this like GSA’s "Checking Account Balance."
Accounts Receivable Category of assets, representing amounts owed to GSA. Generally, Accounts Receivable at GSA are owed to the Agency from other federal agencies (GSA's customers).
Liabilities Amounts owed by GSA
Accounts Payable Category of liabilities, representing amounts GSA owes to vendors but has not yet paid. These are generally due to be paid quickly.
Intragovernmental Debt Category of liabilities, representing amounts GSA owes to other federal entities. The term Debt indicates that these are borrowings made by GSA, generally these represent amounts GSA borrowed to finance the construction or purchase of a facility.
Net Revenue (Cost) Amount remaining when expenses (costs) are subtracted from revenues.
Revenues Amounts GSA has earned. Revenues increase the equity (or value) of GSA. Revenue is recorded as soon as GSA has performed the work for its customer (regardless of whether the customer has paid GSA or not).
Expenses Amounts GSA used. Expenses decrease the equity (or value) of GSA. Expenses are recorded as soon as GSA incurs them (regardless of whether GSA has paid its customer or not).
Obligations Budgetary term for the amounts that GSA has contractually assigned to a vendor.
Outlays Budgetary term for the amounts GSA has actually spent.
Offsetting Collections Budgetary term for the amounts GSA has collected from customers. They are considered "offsetting" collections because in GSA's budget, these collections "offset" the amounts GSA has spent with vendors (outlays).
Fiscal Year For federal agencies like GSA, the fiscal year begins October 1st and ends September 30th.
For example, FY 2009 covers October 1, 2008 to September 30, 2009.


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