FY 2023 AGENCY FINANCIAL REPORT 119 U.S. DEPARTMENT OF EDUCATION

Other Information (Unaudited)

U.S. Department of Education

Consolidated Statement of Net Cost

For the Year Ended September 30, 2023

(Dollars in Millions)

FY 2023 (Unaudited)

PROMOTE EQUITY FOR PREKINDERGARTEN THROUGH GRADE 12 STUDENTS WITH ACCESS TO EDUCATIONAL RESOURCES, 

OPPORTUNITES, AND INCLUSIVE ENVIRONMENTS 

Gross Costs $ 100,093 

Earned Revenue (104)

Net Program Cost $ 99,989 

INCREASE POSTSECONDARY VALUE BY FOCUSING ON EQUITY STRATEGIES TO ADDRESS ACCESS TO AFFORDABILITY, COMPLETION, AND 

POST-ENROLLMENT SUCCESS 

Direct Loan Program

Gross Costs $ (78,781)

Earned Revenue (35,917)

Net Cost (Surplus) of Direct Loan Program $ (114,698)

FFEL Program

Gross Costs $ 11,848 

Earned Revenue (3,994)

Net Cost of FFEL Program $ 7,854 

Other Credit Programs for Higher Education

Gross Costs $ 84 

Earned Revenue (907)

Net Cost (Surplus) of Other Credit Programs for Higher Education $ (823)

Non-Credit Programs

Gross Costs $ 49,084 

Earned Revenue (10)

Net Cost of Non-Credit Programs $ 49,074 

Net Program Costs (Surplus) $ (58,593)

Total Program Gross Costs $ 82,328 

Total Program Earned Revenue $ (40,932)

Net Cost of Operations (Notes 15 & 18) $ 41,396 

The accompanying notes are an integral part of these statements.

The Consolidated Statement of Net Cost, Consolidated 

Statement of Changes in Net Position, and Combined 

Statement of Budgetary Resources (Unaudited)
FY 2023 AGENCY FINANCIAL REPORT 120 U.S. DEPARTMENT OF EDUCATION

Other Information (Unaudited)

U.S. Department of Education

Consolidated Statement of Changes in Net Position

For the Year Ended September 30, 2023 

(Dollars in Millions)

FY 2023 (Unaudited)

 Unexpended 

Appropriations

Cumulative 

Results of 

Operations

Beginning Balances $ 231,216 $ (9,487)

Appropriations Received 255,795 - 

Appropriations Transferred – In/Out 4 - 

Other Adjustments (Rescissions, etc.) (1,629) - 

Appropriations Used (313,824) 313,824 

Nonexchange Revenue - 3 

Imputed Financing from Costs Absorbed by Others - 64 

Negative Subsidy Transfers, Downward Subsidy Re-estimates, and Other - (330,204)

Net Cost of Operations - (41,396)

Net Change $ (59,654) $ (57,709)

Net Position $ 171,562 $ (67,196)

The accompanying notes are an integral part of these statements.
FY 2023 AGENCY FINANCIAL REPORT 121 U.S. DEPARTMENT OF EDUCATION

Other Information (Unaudited)

U.S. Department of Education

Combined Statement of Budgetary Resources 

For the Year Ended September 30, 2023 

(Dollars in Millions)

FY 2023 (Unaudited)

Budgetary

Non-Budgetary 

Credit Reform 

Financing Accounts

BUDGETARY RESOURCES

 Unobligated Balance from Prior Year Budget Authority (Net) (Note 17) $ 24,544 $ 27,776 

Appropriations (Discretionary and Mandatory) 247,334 7,355 

 Borrowing Authority (Discretionary and Mandatory) (Note 17) - 472,659 

 Spending Authority from Offsetting Collections (Discretionary and Mandatory) 495 70,022 

Total Budgetary Resources $ 272,373 $ 577,812 

 STATUS OF BUDGETARY RESOURCES 

New Obligations and Upward Adjustments (Total) $253,467 $523,386 

 Unobligated Balance, End of Year: 

Apportioned, Unexpired Accounts 13,459 - 

Unapportioned, Unexpired Accounts 526 54,426 

Unexpired Unobligated Balance, End of Year $ 13,985 $ 54,426 

Expired Unobligated Balance, End of Year 4,921 - 

Unobligated Balance, End of Year (Total) $ 18,906 $ 54,426 

Total Budgetary Resources $ 272,373 $ 577,812 

OUTLAYS, NET, AND DISBURSEMENTS, NET

 Outlays, Net (Discretionary and Mandatory) $ 306,504 

 Distributed Offsetting Receipts (-) (Note 17) (347,613)

Agency Outlays, Net (Discretionary and Mandatory) (Notes 17 & 18) $ (41,109)

 Disbursements, Net (Total) (Mandatory) $ 296,668 

The accompanying notes are an integral part of these statements.