FINANCIAL SECTION | FINANCIAL STATEMENTS

34 FY 2019 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION

United States Department of Education 

Consolidated Balance Sheets 

As of September 30, 2019 and September 30, 2018 

(Dollars in Millions)

 FY 2019 FY 2018

ASSETS

Intragovernmental:

Fund Balance with Treasury (Note 3) $ 104,918 $ 114,605 

Other Intragovernmental Assets (Note 4) 66 151 

Total Intragovernmental 104,984 114,756 

Public:

Credit Program Receivables, Net (Note 5)

Direct Loan Program 1,123,707 1,115,053 

FFEL Program 76,767 92,947 

Other Credit Programs for Higher Education 2,982 2,849 

Other Assets (Note 4) 2,256 2,377 

Total Public 1,205,712 1,213,226 

Total Assets (Note 2) $ 1,310,696 $ 1,327,982 

LIABILITIES

Intragovernmental:

Debt (Note 7)

Direct Loan Program $ 1,192,138 $ 1,150,610 

FFEL Program 94,671 107,261 

Other Credit Programs for Higher Education 2,196 2,094 

Subsidy Due to Treasury General Fund (Note 8) 10,302 7,536 

Other Intragovernmental Liabilities (Note 9) 2,686 2,765 

Total Intragovernmental 1,301,993 1,270,266 

Public:

Other Liabilities (Note 9) 12,213 8,910 

Total Liabilities (Note 6) $ 1,314,206 $ 1,279,176 

Commitments and Contingencies (Note 13)

NET POSITION

Unexpended Appropriations $ 72,757 $ 72,166 

Cumulative Results of Operations (76,267) (23,360)

Total Net Position $ (3,510) $ 48,806 

Total Liabilities and Net Position $ 1,310,696 $ 1,327,982 

The accompanying notes are an integral part of these statements.
FINANCIAL STATEMENTS | FINANCIAL SECTION

FY 2019 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION 35

United States Department of Education 

Consolidated Statements of Net Cost 

For the Years Ended September 30, 2019 and September 30, 2018

(Dollars in Millions)

FY 2019 FY 2018

IMPROVE LEARNING OUTCOMES FOR ALL P–12 STUDENTS

Gross Costs $ 38,732 $ 37,277 

Earned Revenue (42) (82)

Net Program Costs $ 38,690 $ 37,195 

EXPAND POSTSECONDARY OPPORTUNITIES, IMPROVE OUTCOMES TO FOSTER 

ECONOMIC OPPORTUNITY, AND PROMOTE PRODUCTIVE CITIZENRY

Direct Loan Program

Gross Costs $ 96,696 $ 37,965 

Earned Revenue (33,817) (32,329)

Net Cost of Direct Loan Program $ 62,879 $ 5,636 

FFEL Program

Gross Costs $ 15,759 $ 4,599 

Earned Revenue (2,870) (3,336)

Net Cost of FFEL Program $ 12,889 $ 1,263 

Other Credit Programs for Higher Education

Gross Costs $ 121 $ 298 

Earned Revenue (171) (621)

Net Cost of Other Credit Programs for Higher Education $ (50) $ (323)

Non-Credit Programs

Gross Costs $ 40,331 $ 35,764 

Earned Revenue (10) (10)

Net Cost for Non-Credit Programs $ 40,321 $ 35,754 

Net Program Costs $ 116,039 $ 42,330 

Total Program Gross Costs $ 191,639 $ 115,903 

Total Program Earned Revenue $ (36,910) $ (36,378)

Net Cost of Operations (Notes 10 & 12) $ 154,729 $ 79,525 

The accompanying notes are an integral part of these statements.
FINANCIAL SECTION | FINANCIAL STATEMENTS

36 FY 2019 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION

United States Department of Education 

Consolidated Statements of Changes in Net Position 

For the Years Ended September 30, 2019 and September 30, 2018

(Dollars in Millions)

FY 2019 FY 2018

 Unexpended 

Appropriations 

 Cumulative 

Results of 

Operations 

 Unexpended 

Appropriations 

 Cumulative 

Results of 

Operations 

Beginning Balances $ 72,166 $ (23,360) $ 62,399 $ (5,239)

Budgetary Financing Sources

Appropriations Received $ 122,058 $ - $ 100,743 $ - 

Other Adjustments (Rescissions, etc.) (4,007) - (1,824) - 

Appropriations Used (117,460) 117,460 (89,152) 89,152 

Nonexchange Revenue - 15 - (3)

Other Financing Sources

Imputed Financing from Costs Absorbed by Others - 37 - 39 

Negative Subsidy Transfers, Downward Subsidy

Re-estimates, and Other - (15,690) - (27,784)

Total Financing Sources $ 591 $ 101,822 $ 9,767 $ 61,404 

Net Cost of Operations $ - $ (154,729) $ - $ (79,525)

Net Change $ 591 $ (52,907) $ 9,767 $ (18,121)

Net Position $ 72,757 $ (76,267) $ 72,166 $ (23,360)

The accompanying notes are an integral part of these statements.
FINANCIAL STATEMENTS | FINANCIAL SECTION

FY 2019 AGENCY FINANCIAL REPORT | U.S. DEPARTMENT OF EDUCATION 37

The accompanying notes are an integral part of these statements.

United States Department of Education 

Combined Statements of Budgetary Resources 

For the Years Ended September 30, 2019 and September 30, 2018

(Dollars in Millions)

FY 2019 FY 2018

Budgetary 

 Non-Budgetary 

Credit Reform 

Financing Accounts 

Budgetary 

 Non-Budgetary 

Credit Reform 

Financing Accounts 

BUDGETARY RESOURCES

Unobligated Balance from Prior Year Budget Authority (Net) (Note 11) $ 18,231 $ 15,027 $ 13,286 $ 15,863 

Appropriations (Discretionary and Mandatory) 118,519 - 99,341 - 

Borrowing Authority (Discretionary and Mandatory) (Note 11) - 148,493 - 167,897 

Spending Authority from Offsetting Collections (Discretionary and Mandatory) 424 57,521 451 61,666 

Total Budgetary Resources $ 137,174 $ 221,041 $ 113,078 $ 245,426 

STATUS OF BUDGETARY RESOURCES

New Obligations and Upward Adjustments (Total) $ 120,400 $ 202,717 $ 95,228 $ 221,698 

Unobligated Balance, End of Year:

Apportioned, Unexpired Accounts 13,581 - 14,495 - 

Unapportioned, Unexpired Accounts 1,883 18,324 2,174 23,728 

Unexpired Unobligated Balance, End of Year $ 15,464 $ 18,324 $ 16,669 $ 23,728 

Expired Unobligated Balance, End of Year 1,310 - 1,181 - 

Unobligated Balance, End of Year (Total) $ 16,774 $ 18,324 $ 17,850 $ 23,728 

Total Status of Budgetary Resources $ 137,174 $ 221,041 $ 113,078 $ 245,426 

OUTLAYS, NET

Outlays, Net (Discretionary and Mandatory) $ 116,636 $ 40,102 $ 91,080 $ 83,100 

Distributed Offsetting Receipts (-) (Note 11) (12,273) - (27,370) - 

Agency Outlays, Net (Discretionary and Mandatory) (Notes 11 & 12) $ 104,363 $ 40,102 $ 63,710 $ 83,100