Acquisition Services Fund
Financial Results By Major Fund — Acquisition Services Fund
The ASF is a revolving fund that operates from the reimbursable revenue generated by its business portfolios rather than from an appropriation received from Congress. The operations of the ASF are organized into seven business portfolios: General Supplies and Services (GSS); Travel, Transportation, and Logistics (TTL); Information Technology Category (ITC); Assisted Acquisition Services (AAS); Professional Services and Human Capital (PSHC); Office of Systems Management (OSM); and Technology Transformation Services (TTS). By leveraging the buying power of the Federal Government, the Federal Acquisition Service (FAS) consolidates requirements across multiple agencies and uses its acquisition expertise to acquire goods and services at the best available prices. Net Revenues from Operations are invested in the GSA Fleet, IT systems, other programs to improve FAS service levels, and to comply with regulatory and statutory requirements.
In FY 2021, the ASF realized $20.0 billion in revenues with 83 percent of the revenue generated from five Federal customer agencies as shown in the table below:
|Customers||Revenue||% of Total Revenue|
|U.S. Department of Defense||$13,797||69.1%|
|U.S. Department of Homeland Security||$1,306||6.5%|
|U.S. Department of Health and Human Services||$636||3.2%|
|U.S. Department of Housing and Urban Development||$426||2.1%|
|U.S. Department of Justice||$371||1.9%|
ASF Net Revenues from Operations
ASF Net Revenue from Operations represents the revenue remaining after deducting the costs of goods and services sold and the cost of operations. In FY 2021, the ASF reported improved financial results across business portfolios, producing net results of $465 million compared to net results of $252 million in FY 2020. AAS programs have continued to experience increased revenue of 27 percent in the past fiscal year, with revenues of $14 billion in FY 2021, as both the volume and dollar magnitude of individual customer orders continues to increase from year-to-year, up from 11 billion in FY 2020. This increased business volume outpaced the costs necessary to support that business volume and resulted in an increase of $43 million in net operating results compared to FY 2020. Both the AAS Federal Systems Integration and Management Center (FEDSIM) and regional AAS programs experienced substantial growth in business volume during the fiscal year. In the TTL business portfolio, changes in net results were mostly impacted by a higher level of profits from the sales of used vehicles. Both a higher volume of vehicles were sold, and the very high resale values in the current used-car market, produced significantly higher proceeds. The TTL programs provided a solid $331 million in the bottom line net results for the fund in FY 2021.
ASF Obligations and Outlays
ASF obligations and outlays are primarily driven by contracts awarded to commercial vendors providing goods and services in support of the ASF portfolios. New Obligations and Upward Adjustments increased by $821 million between FY 2021 and FY 2020, due to the large increase in ASF business volumes. The total amount of collections continued to exceed disbursements as reflected in the decrease in Net Outlays of $383 million.
|Customers||2021||2020||Change ($)||Change (%)|
|New Obligations and Upward Adjustments||$21,337||$20,516||$821||4.0%|
|Net Outlays (Receipts) from Operating Activities||$(517)||$(134)||$(383)||285.8%|
Limitations of Financial Statements
The principal financial statements are prepared to report the financial position and results of operations, pursuant to the requirements of 31 U.S.C. 3515 (b). The statements are prepared from the books and records of GSA in accordance with Federal GAAP and the formats prescribed by OMB. Reports used to monitor and control budgetary resources are prepared from the same books and records. The financial statements should be read with the realization that they are for a component of the U.S. Government.