FINANCIAL SECTION

FINANCIAL STATEMENTS

46 FY 2016 Agency Financial Report—U.S. Department of Education 

United States Department of Education 

Consolidated Balance Sheet 

As of September 30, 2016 and 2015 

(Dollars in Millions)

FY 2016 FY 2015 

Assets:

Intragovernmental: 

Fund Balance with Treasury (Note 3) $ 96,763 $ 103,619 

Other Intragovernmental Assets (Note 4) 102 78 

 Total Intragovernmental 96,865 103,697 

Credit Program Receivables, Net (Note 5) 

Direct Loan Program 958,881 880,557 

FFEL Program 114,870 134,704 

Other Credit Programs for Higher Education 2,828 2,472 

Other Assets (Note 4) 1,363 1,689 

Total Assets (Note 2) $ 1,174,807 $ 1,123,119

Liabilities:

Intragovernmental:

Debt (Note 7) 

Direct Loan Program $ 994,285 $ 909,927 

FFEL Program 131,347 139,771 

Other Credit Programs for Higher Education 2,191 2,078 

Subsidy Due to Treasury General Fund (Note 8) 2,642 8,237 

Other Intragovernmental Liabilities (Note 9) 1,822 2,060 

Total Intragovernmental 1,132,287 1,062,073 

Other Liabilities (Note 9) 9,683 6,243 

Total Liabilities (Note 6) $ 1,141,970 $ 1,068,316

Commitments and Contingencies (Note 14) 

Net Position:

Unexpended Appropriations $ 61,052 $ 62,740 

Cumulative Results of Operations (28,215) (7,937) 

Total Net Position $ 32,837 $ 54,803 

Total Liabilities and Net Position $ 1,174,807 $ 1,123,119 

The accompanying notes are an integral part of these statements. 

 
FINANCIAL SECTION

FINANCIAL STATEMENTS

FY 2016 Agency Financial Report—U.S. Department of Education 47

United States Department of Education 

Consolidated Statement of Net Cost 

For the Years Ended September 30, 2016 and 2015 

(Dollars in Millions)

FY 2016 FY 2015

Program Costs:

Increase College Access, Quality, and Completion 

Gross Costs $ 97,314 $ 63,697 

Earned Revenue (34,316) (31,600) 

Net Program Costs $ 62,998 $ 32,097 

Improve Preparation for College and Career from Birth 

Through 12th Grade, Especially for Children with High Needs 

Gross Costs $ 22,363 $ 22,350 

Earned Revenue (16) (20) 

Net Program Costs $ 22,347 $ 22,330 

Ensure Effective Educational Opportunities for All Students 

Gross Costs $ 16,925 $ 16,656 

Earned Revenue (11) (11) 

Net Program Costs $ 16,914 $ 16,645 

Enhance the Education System’s Ability to Continuously Improve

Gross Costs $ 2,121 $ 2,412 

Earned Revenue (58) (59) 

Net Program Costs $ 2,063 $ 2,353 

Net Cost of Operations (Notes 10 & 13) $ 104,322 $ 73,425 

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

FINANCIAL STATEMENTS

48 FY 2016 Agency Financial Report—U.S. Department of Education 

United States Department of Education 

Consolidated Statement of Changes in Net Position 

For the Years Ended September 30, 2016 and 2015 

(Dollars in Millions)

FY 2016 FY 2015 

Cumulative 

Results of 

Operations 

Unexpended 

Appropriations 

Cumulative 

Results of 

Operations 

Unexpended 

Appropriations 

Beginning Balances:

Beginning Balances $ (7,937) $ 62,740 $ (23,741) $ 66,447 

 Budgetary Financing Sources: 

Appropriations Received $ - $ 88,210 $ - $ 100,955 

Appropriations Transferred – In/Out - - - (397) 

Other Adjustments (Rescissions, etc.) - (821) - (783) 

Appropriations Used 89,077 (89,077) 103,482 (103,482) 

Nonexchange Revenue 9 - 8 - 

Donations and Forfeitures of Cash and 

Cash Equivalents 1 - 2 - 

 Other Financing Sources:

Imputed Financing from Costs Absorbed by Others 81 - 30 - 

Negative Subsidy Transfers, Downward Subsidy 

Re-Estimates, and Other (5,124) - (14,293) - 

Total Financing Sources $ 84,044 $ (1,688) $ 89,229 $ (3,707) 

Net Cost of Operations: $ (104,322) $ - $ (73,425) $ - 

Net Change: $ (20,278) $ (1,688) $ 15,804 $ (3,707) 

Net Position $ (28,215) $ 61,052 $ (7,937) $ 62,740 

 

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

FINANCIAL STATEMENTS

FY 2016 Agency Financial Report—U.S. Department of Education 49

United States Department of Education 

Combined Statement of Budgetary Resources 

For the Years Ended September 30, 2016 and 2015 

(Dollars in Millions)

FY 2016 FY 2015 

Budgetary 

NonBudgetary 

Credit Reform 

Financing 

Accounts Budgetary

NonBudgetary 

Credit Reform 

Financing 

Accounts 

Budgetary Resources: 

Unobligated Balance, Brought Forward, October 1 $ 14,774 $ 14,437 $ 14,837 $ 10,109 

Recoveries of Prior Year Unpaid Obligations 746 21,047 1,978 20,727 

Other Changes in Unobligated Balance (+ or -) (772) (24,695) (679) (23,984) 

Unobligated Balance from Prior Year Budget Authority, Net $ 14,748 $ 10,789 $ 16,136 $ 6,852 

Appropriations (Discretionary and Mandatory) 87,924 24 100,701 904 

Borrowing Authority (Discretionary and Mandatory) (Note 12) - 167,400 - 171,807 

Spending Authority from Offsetting Collections 

(Discretionary and Mandatory) 522 53,608 381 52,897 

Total Budgetary Resources $ 103,194 $ 231,821 $ 117,218 $ 232,460

Status of Budgetary Resources:

New Obligations Incurred and Upward Adjustments (Total) (Note 12) $ 90,802 $ 216,342 $ 102,444 $ 218,023 

Unobligated Balance, End of Year: 

 Apportioned, Unexpired Accounts 10,280 - 11,806 550

 Unapportioned, Unexpired Accounts 1,212 15,479 1,771 13,887 

Unexpired Unobligated Balance, End of year $ 11,492 $ 15,479 $ 13,577 $ 14,437 

 Expired Unobligated Balance, End of Year 900 - 1,197 -

 Unobligated Balance, End of Year (Total) $ 12,392 $ 15,479 $ 14,774 $ 14,437 

Total Status of Budgetary Resources $ 103,194 $ 231,821 $ 117,218 $ 232,460 

Change in Obligated Balance:

Unpaid Obligations 

Unpaid Obligations, Brought Forward, October 1 $ 52,645 $ 78,116 $ 56,219 $ 80,316 

New Obligations and Upward Adjustments 90,802 216,342 102,444 218,023 

Outlays (Gross) (-) (88,452) (196,787) (103,847) (199,496) 

Actual Transfers, Unpaid Obligations (Net) (+ or -) - - (193) - 

Recoveries of Prior Year Unpaid Obligations (-) (746) (21,047) (1,978) (20,727)

Unpaid Obligations, End of Year $ 54,249 $ 76,624 $ 52,645 $ 78,116 

Uncollected Payments 

Uncollected Payments, Federal Sources, Brought Forward, 

October 1 (-) $ (3) $ (26) $ (1) $ (26)

Change in Uncollected Payments, Federal Sources (+ or -) 1 22 (2) -

Uncollected Payments, Federal Sources, End of Year (-) $ (2) $ (4) $ (3) $ (26)

Memorandum (Non-add) Entries 

Obligated Balance, Start of Year (+ or -) $ 52,642 $ 78,090 $ 56,218 $ 80,290 

Obligated Balance, End of Year (+ or -) $ 54,247 $ 76,620 $ 52,642 $ 78,090 

Budget Authority and Outlays, Net:

Budget Authority, Gross (Discretionary and Mandatory) $ 88,446 $ 221,032 $ 101,082 $ 225,608 

Actual Offsetting Collections (Discretionary and Mandatory) (-) (721) (114,123) (713) (122,387) 

Change in Uncollected Customer Payments from Federal Sources 

(Discretionary and Mandatory) (+ or -) 1 22 

 

(2) - 

Recoveries of Prior Year Paid Obligations (Discretionary and 

Mandatory) (1) (516) (2) (542)

Budget Authority, Net (Discretionary and Mandatory) $ 87,725 $ 106,415 $ 100,365 $ 102,679

Outlays, Gross (Discretionary and Mandatory) $ 88,452 $ 196,787 $ 103,847 $ 199,496 

Actual Offsetting Collections (Discretionary and Mandatory) (-) (721) (114,123) (713) (122,387) 

Outlays, Net (Discretionary and Mandatory) 87,731 82,664 103,134 77,109 

Distributed Offsetting Receipts (-) (Note 12) (10,766) - (13,105) - 

Agency Outlays, Net (Discretionary and Mandatory) (Note 12) $ 76,965 $ 82,664 $ 90,029 $ 77,109 

The accompanying notes are an integral part of these statements.