Financial Statements Analysis and Summary

2012 Agency Financial Report Management Discussion and Analysis

Financial Statements Analysis and Summary

KPMG LLP issued an unqualified “clean” opinion on GSA’s FY 2012 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 (FASAB). The Consolidated Statements of Net Cost present, 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.

CONSOLIDATED FINANCIAL RESULTS

GSA Assets

FY 2012 assets totaled $39,428 (in millions). FY 2011 assets totaled $39,502 (in millions). In FY 2012, GSA assets (in millions) were divided as follows: $27,524 in Net Property & Equipment; $9,512 in Funds with U.S. Treasury; $2,050 in Net Accounts Receivable; $342 in Other Assets. In FY 2011, GSA assets (in millions) were divided as follows: $25,687 in Net Property & Equipment; $11,282 in Funds with U.S. Treasury; $2,162 in Net Accounts Receivable; $371 in Other 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 from other federal agencies, primarily for sales transactions or rent that was not collected (Accounts Receivable). In FY 2012, GSA reported Total Assets of $39.4 billion compared to FY 2011 Total Assets of $39.5 billion, a net decrease of $74 million. As a result of GSA beginning to complete American Recovery and Reinvestment Act (ARRA) construction projects, Total Property and Equipment increased by $1.8 billion and the Fund Balance with Treasury decreased by $1.7 billion.

GSA Liabilities

FY 2012 liabilities totaled $5,788 (in millions). FY 2011 liabilities totaled $6,371 (in millions). In FY 2012, GSA liabilities (in millions) were divided as follows: $2,086 in Accounts Payable; $1,819 in Intragovernmental Debt; $1,883 in All Other Liabilities. In FY 2011, GSA liabilities (in millions) were divided as follows: $2,751 in Accounts Payable; $1,898 in Intragovernmental Debt; $1,722 in All Other 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). In FY 2012, Total Liabilities were $5.8 billion; a net decrease of $583 million compared to FY 2011 Total Liabilities of $6.3 billion. This was the result of Accounts Payable and Accrued Expenses decreasing by $659 million, caused by decreases in business volume for some FAS programs as well as PBS completing ARRA projects.

GSA Revenue

GSA reported $21 billion in revenue during FY 2012 compared to $20 billion reported in FY 2011, an increase of $817 million. Net Revenues from Operations were $136 million, a $103 million increase compared to FY 2011 Net Revenues from Operations of $33 million.

Last Reviewed: 2018-01-24