Annual Management Report 

Fiscal Year 2023 
 

 

 

 

 

 

 

 

 

 

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TABLE OF CONTENTS (UNAUDITED) 

Table of Contents (Unaudited)...........................................................................................................1 

About this report..................................................................................................................................2 

Message from the Chief Executive Officer........................................................................................3 

Section I – Management’s Discussion and Analysis (Unaudited) ...................................................7 

Mission and Organizational Structure ........................................................................................ 7 

Performance Goals, Objectives, and Results............................................................................ 11 

Limitations of the Financial Statements ................................................................................... 24 

Analysis of Financial Statements .............................................................................................. 24 

Analysis of Systems, Controls, and Legal Compliance ............................................................. 30 

Section II - Financial Section (Unaudited) ...................................................................................... 37 

Message from the Chief Financial Officer ................................................................................ 37 

Consolidated Financial Statements (Unaudited)...................................................................... 40 

Notes to the Consolidated Financial Statements (Unaudited) ................................................. 45 

Independent Auditors’ Report on the Consolidated Financial Statements (Unaudited) ......... 67 

National Service Trust Funds Financial Statements (Unaudited) ...........................................118 

Notes to the National Service Trust Funds Financial Statements (Unaudited).......................122 

Independent Auditors’ Report on the National Service Trust Funds Financial Statements 

(Unaudited)............................................................................................................................. 132 

Section III - Other Information (Unaudited) ................................................................................. 167 

Management Challenges and Management Responses ........................................................167 

Summary of Financial Statement Audit and Management Assurances..................................193 

Payment Integrity Information Act Reporting........................................................................195 

National Service Trust Fund Status Report (Unaudited).........................................................196 

Civil Monetary Penalty Adjustment for Inflation....................................................................202 

Grants Programs .................................................................................................................203 

Appendicies .................................................................................................................................... 204 

Appendix A: Glossary of Acronyms........................................................................................204 

Appendix B: AmeriCorps Participant Race and Ethnicity Details...........................................205 

Appendix C: Changes from Previous Performance Plan........................................................209 

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ABOUT THIS REPORT 

The Fiscal Year (FY) 2023 Annual Management Report provides an overview of 

AmeriCorps’ financial and performance results for the FY spanning October 1, 2022, 

through September 30, 2023. The information, data, and analyses in this report 

provide an assessment of the agency’s yearly activities toward accomplishing its 

mission. The FY 2023 Annual Management Report includes AmeriCorps’ FY 2023 

Financial Statements Audit Report, including AmeriCorps’ Statement of No Assurance 

regarding its internal controls over reporting, compliance, and operations. 

This report is in the public domain and published on the AmeriCorps website.1 

Authorization to reproduce it in whole or in part is granted with the citation: 

AmeriCorps FY 2023 Annual Management Report. For questions or inquiries related 

to this report, please contact the Office of the Chief Financial Officer at this mailing 

address: AmeriCorps, 250 E Street SW, Washington, DC, 20525. 

1 https://americorps.gov/about/agency-overview/budget-performance-plans 

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MESSAGE FROM THE CHIEF EXECUTIVE OFFICER 

November 15, 2023 

For three decades, AmeriCorps has a proven history of 

leveraging the nation’s greatest resource – the American 

people – to improve lives, strengthen communities, and 

foster civic engagement. AmeriCorps works hand in hand 

with tens of thousands of local partners including nonprofit, 

faith-based, and community organizations; state and local 

agencies; tribal nations; and state service commissions. 

As the federal agency for national service and volunteering, AmeriCorps brings 

leadership, resources, coordination, focus, and scale to America’s voluntary and 

service sector. AmeriCorps members and AmeriCorps Seniors volunteers help 

communities tackle their most pressing challenges, including addressing public 

health needs, preparing students for success in school, responding to natural 

disasters, supporting veterans and military families, preserving public lands, 

addressing climate change, and advancing racial and economic equity. AmeriCorps 

transforms those who serve into lifelong civic leaders, builds the capacity of the 

nation’s service organizations, creates opportunities for skill-building that strengthens 

our workforce, and fosters relationships that bridge differences and promote unity. 

AmeriCorps’ FY 2023 Annual Management Report summarizes the agency’s 

accomplishments and financial information in accordance with federal guidance and 

laws. 

Financial and Operational Reform 

When I began my tenure as Chief Executive Officer, the agency was suffering from 

years of underinvesting in its people, processes, and systems. Since that time, 

AmeriCorps has prioritized financial and operational reform as the agency’s top 

priority. AmeriCorps enhanced governance and decision-making by engaging a 

financial and operational reform oversight team led by the Chief of Staff and 

consisting of agency senior executives. AmeriCorps also onboarded contractors with 

extensive experience in financial transformation, including the senior advisor to the 

Chief Executive Officer on financial reform.2 AmeriCorps has made significant 

progress toward modernizing our grant and member management systems and 

automating our supporting process, enhancing process controls and audit readiness, 

2 https://americorps.gov/leadership/irv-dennis 

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and restoring strong and open communication with oversight leadership including 

our Office of Inspector General. 

In FY 2023, AmeriCorps received its seventh consecutive disclaimer of audit opinion. 

The auditor's report noted material weaknesses in AmeriCorps’ financial systems, 

which are being addressed in the Financial and Operational Reform (FOR) plan. The 

FOR plan focuses on improving operations to more efficiently and effectively interact 

with AmeriCorps grantees and improving financial reporting systems. While much 

work remains and will take time and sustained investment, AmeriCorps is committed 

to making permanent and sustainable change through a comprehensive 

transformation framework to continue to achieve significant mission outcomes. Based 

on the results of the assessment and the other factors stated within this report, the 

agency is unable to provide assurance over the reliability and completeness of 

financial and performance data. Details of the material weaknesses identified in this 

review and the FY 2023 Statement of No Assurance are in the Analysis of Systems, 

Controls, and Legal Compliance section of this document. 

FY 2023 Highlights 

Despite ongoing unprecedented and interlocking challenges such as public health 

crises, major upheavals in the economy, a national reckoning on racial inequity 

centuries in the making, tragedies from hate-fueled violence, more frequent and 

intense extreme weather events, and increased social isolation and divides, 

AmeriCorps showed up for communities most in need by providing people power, 

funding, and resources. AmeriCorps’ FY 2023 accomplishments include: 

• Continued to implement AmeriCorps’ five-year strategic plan,3 which provides 

a framework for meeting the agency’s goals, and the historic $1 billion 

investment made through the American Rescue Plan to expand service 

opportunities, increase living allowances, and support communities. See the 

Performance Goals, Objectives, and Results section below. 

• Furthered AmeriCorps’ equity action plan4 which focuses on the following five 

key areas: (1) advancing civil rights, (2) recruiting and retaining a diverse corps, 

(3) partnering with native communities, (4) addressing limited proficiency and 

ensuring language access, and (5) increasing equity in our procurement 

process. In support of the agency’s recruitment efforts, AmeriCorps remains 

involved in the Interagency Workgroup for the White House Initiative on 

Advancing Educational Equity, Excellence and Economic Opportunity through 

Historically Black Colleges and Universities and participated in its national 

3 https://americorps.gov/about/agency-overview/strategic-plan 

4 https://americorps.gov/about/agency-overview/equity-action-plan 

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conference and expanded agency representation in the workgroup clusters. 

Additionally, AmeriCorps hosted a tribal convening in June 2023 and about 

150 staff participated in Native American Cultural Competency Training. 

• Released AmeriCorps’ 2023 State of the Evidence Report5 in September 2023, 

which summarizes the agency’s impact on participants, partners, communities, 

and society. In addition to other findings, the report reiterated that serving with 

AmeriCorps can benefit volunteers' health, partnering with AmeriCorps helps 

grantees and sponsoring organizations meet their project goals, and investing 

in community-based solutions generates greater value in return. As a thought 

leader, this report finds that evidence AmeriCorps generates provides new 

insights that advance our understanding of national service, volunteering, and 

civic engagement in America. The report will be used to advance AmeriCorps’ 

strategic learning and evidence building agenda.6 

• In response to President Biden’s call upon Americans to unite through service 

during the United We Stand Summit7 to counter the corrosive effects of hatefueled violence, AmeriCorps has led an interagency policy council with more 

than 20 government agencies to bring more national service opportunities to 

underserved communities; partnered with Service Year Alliance to appoint a 

Bridging Fellow to lead a multi-year project to support developing 

AmeriCorps members as lifelong bridge builders;8 and shared resources on 

countering antisemitism, Islamophobia, and other forms of hate with its 

network of grantees and sponsors.9 

• Committed to standing up a new “American Climate Corps hub” to coordinate 

the efforts of the federal agencies involved in launching President Biden’s 

American Climate Corps.10 The American Climate Corps is a skills-based 

workforce training and service initiative that will mobilize a new, diverse 

generation of more than 20,000 Americans to conserve our lands and waters, 

bolster community resilience, deploy clean energy, implement energy efficient 

technologies, and advance environmental justice. 

5 https://americorps.gov/evidence-exchange/2023-state-evidence-report 

6 https://americorps.gov/sites/default/files/document/AmeriCorps-Learning-Agenda-2022-2026.pdf 

7 https://unitedwestand.gov/ 

8 https://americorps.gov/newsroom/press-release/response-president-bidens-call-americorps-serviceyear-alliance-announce 

9 https://americorps.gov/partner/communities-initiatives/united-we-serve 

10 https://www.whitehouse.gov/briefing-room/statements-releases/2023/09/20/fact-sheet-bidenharris-administration-launches-american-climate-corps-to-train-young-people-in-clean-energyconservation-and-climate-resilience-skills-create-good-paying-jobs-and-tackle-the-clima/ 

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• Announced a five-year, $15 million agreement between AmeriCorps and the 

US Forest Service to establish the new AmeriCorps NCCC Forest Corps, the 

first major interagency partnership under the American Climate Corps.11 

AmeriCorps members will deploy across America to conserve national forests 

and grasslands, mitigate risks of wildfires in high-risk regions, and support 

reforestation efforts and wildfire crisis response. 

Looking Ahead 

Looking to the future, we will prioritize investment of time and resources in 

implementing the FOR plan. I am proud of our progress and confident in our 

approach to addressing the historical under-investment in the agency’s operational 

infrastructure. In the year to come, AmeriCorps will also continue to advance its 

overarching strategic plan and work toward reducing barriers to service, recruiting a 

diverse corps, and creating meaningful pathways to education and employment from 

service. 

As we mark 30 years of AmeriCorps and celebrate the agency’s legacy and impact, 

we know AmeriCorps programs, members, and volunteers depend on AmeriCorps to 

provide reliable infrastructure to enable their work in communities. To continue 

tackling AmeriCorps’ operational challenges, prioritizing our people, processes, and 

systems will remain at the forefront as we get things done for communities across 

America. 

In service, 

Michael D. Smith 

Chief Executive Officer 

AmeriCorps 

11 https://americorps.gov/newsroom/press-release/president-biden-launches-american-climate-corpsannounces-new-americorps 

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SECTION I – MANAGEMENT’S DISCUSSION AND 

ANALYSIS (UNAUDITED) 

Mission and Organizational Structure 

Our Mission 

Our mission is to improve lives, strengthen communities, and foster civic 

engagement through service and volunteering. 

Our Purpose 

Our purpose is to bring out the best of America. 

How We Work 

Every day in communities across the country, AmeriCorps members and 

AmeriCorps Seniors volunteers work directly with national, regional, or local 

nonprofit and community organizations to meet critical community needs. 

AmeriCorps engages about 200,000 AmeriCorps members and AmeriCorps Seniors 

volunteers in results driven service in 36,000 locations across the country. 

Uniting America through service, AmeriCorps makes an impact by focusing on the 

following six key areas: 

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Disaster Services Economic 

Opportunity Education 

Environmental 

Stewardship Healthy Futures Veterans & Military Families 
 

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This year marks AmeriCorps’ 30th anniversary.12 From September 2023 through September 2024, AmeriCorps will 

celebrate its 30th anniversary to commemorate the timeline between the signing of the National Community Trust Act 

and the swearing in of the first class of AmeriCorps members. Since then, more than 1.25 million individuals have 

served as AmeriCorps members, and millions more as AmeriCorps Seniors volunteers, helping local communities 

tackle pressing challenges with local solutions. In addition, AmeriCorps members have earned more than $4.8 billion 

in Segal AmeriCorps Education Awards13 to pay for college or repay student loans. 

For three decades, when America calls in times of tragedy and triumph, AmeriCorps answers. Whether it is 

AmeriCorps members stepping forward to help after 9/11, aiding in recovery from disasters like Hurricane Katrina over 

the course of decades, or pivoting to address the urgent needs created by the COVID-19 pandemic, AmeriCorps 

knows how to get things done for America and has been turning moments of impact into a national service movement. 

12 https://americorps.gov/about/americorps30 

13 https://americorps.gov/members-volunteers/segal-americorps-education-award 

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Every AmeriCorps experience tells a story: 

Monica Owens was serving in AmeriCorps 

NCCC when Hurricane Katrina struck in 

2005. After her AmeriCorps service ended, 

she wanted to continue to serve so she 

moved to South Mississippi to work with 

the Red Cross. 

Monica Owens 

AmeriCorps alumna 

"I know that the road to recovery from 

COVID-19 will take longer in communities 

like mine. However, I also know that my 

service is going a long way to minimize the 

gap in education created by the crisis.” 

Candice Smith 

AmeriCorps member 

"I am fortunate to be able to help 

struggling readers. I know I am making a 

difference in the lives of these children." 

Maria A Lopez Rodriguez 

AmeriCorps member 

In September 2022, staff at Elder Care 

Services came together to clean up the 

street that we adopted from the City of 

Tallahassee. It was also a great team 

building exercise, and we committed to 

continue this project once every four 

months. 

Elder Care Services 

AmeriCorps Seniors grantee 

Office Locations 

AmeriCorps is headquartered in Washington, DC and has eight remote regional 

offices that serve all states and territories: West, Mountain, North Central, South 

Central, Midwest, Southeast, Mid Atlantic, and Northeast. AmeriCorps also has four 

regional AmeriCorps NCCC campuses. 

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Organizational Structure 

AmeriCorps fosters a strong, collaborative environment in which people committed to service enjoy rewarding careers 

as they work with communities across the country. A talented and committed leadership team make service a 

cornerstone of our national culture. The chart below shows our organizational structure: 

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Performance Goals, Objectives, and Results 

The Government Performance Results Act of 1993 and the Government Performance 

Results Act Modernization Act of 2010 require each agency to include annually with 

its Budget a plan and report that establishes performance goals, describes related 

progress, and provides a general framework for helping to strengthen public 

investment results.14 

AmeriCorps will produce and transmit to Congress its FY 2025 Congressional Budget 

Justification with the integrated FY 2023 Annual Performance Report to provide an 

overall assessment of agency performance.15 The Congressional Budget Justification 

will be published on AmeriCorps’ website. 

Strategic Plan 

AmeriCorps’ FY 2022-2026 strategic plan provides clarity, direction, and focus on the 

strategic outcomes that AmeriCorps will prioritize over those five years. The strategic 

plan defines the agency’s goals and objectives to meet and exceed the agency’s 

mission to improve lives and strengthen communities. AmeriCorps will support the 

following goals to better position the agency to respond to national and local needs 

and help the communities it serves prosper. 

AmeriCorps has a decades-long commitment to advancing racial and economic 

equity through national service and volunteering. These efforts are designed to 

expand pathways to opportunity for all Americans. Racial and economic equity will be 

central to AmeriCorps’ planning and implementation of all priorities, ensuring 

AmeriCorps members and volunteers reflect the diversity of the American people 

and the communities in which they serve. 

Goals and Objectives 

14 P.L. 111-352; P.L. 103-62 

15 FY 2023 actuals where available will be provided in the agency’s FY 2025 Congressional Budget Justification. 

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Goal 1 Goal 2 Goal 3 Goal 4 Goal 5 

Objective 1.1 Objective 2.1 Objective 3.1 Objective 4.1 Objective 5.1 

Mitigate the impacts Empower Increase awareness Simplify AmeriCorps’ Foster employee wellof the COVID-19 AmeriCorps members of AmeriCorps and application and being and 

pandemic and other to thrive favorability toward administration productivity 

public health crises and complete their national service procedures for grants 

term of service, and among the American and projects Objective 5.2 

Objective 1.2  empower AmeriCorps public Strengthen the 

Reduce greenhouse Seniors volunteers to Objective 4.2 foundation of 

gas emissions, continue their service Objective 3.2 Modernize diversity, equity, 

conserve lands and Increase the number AmeriCorps’ grant inclusion, and 

waters, and adapt to Objective 2.2 of AmeriCorps management accessibility in the 

the changing climate Simplify the applicant member and technology workplace 

journey and update AmeriCorps Seniors 

Objective 1.3 AmeriCorps’ member volunteer service Objective 4.3 Objective 5.3 

Expand educational and volunteer opportunities Ensure responsible Build a workplace 

and economic technology system through partnerships management of culture that enables 

opportunity and philanthropy financial resources all AmeriCorps 

Objective 2.3 employees to thrive 

Objective 1.4 Strengthen pathways Objective 3.3 

Prioritize investment to education, Create a stronger, Objective 5.4 

in the most employment, and universal identity for Invest in leadership 

underserved other opportunities AmeriCorps among development 

individuals and members and 

communities volunteers 

Objective 1.5 Objective 3.4 

Recruit a diverse Grow volunteering in 

corps of members America 

and volunteers who 

reflect those we are 

serving 

Performance Highlights 

Below is a summary of FY 2023 performance highlights.16 Each section includes 

performance measures the agency has determined target levels of achievement, and 

other important indicators of accomplishment.17 The tables in each section show the 

annual performance goals and other contextual indicators, as published in the 

agency’s strategic plan. Results in the tables are rounded in alignment with the 

rounding of the published targets. FY 2023 results marked as to be determined (TBD) 

will be reported in the FY 2025 Congressional Budget Justification. 

16 A complete overview of the FY 2023 performance will be published in the FY 2023 Annual Performance Report 

in February 2024 at https://americorps.gov/about/agency-overview/budget-performance-plans. 

17 https://americorps.gov/about/agency-overview/strategic-plan 

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Goal 1 Performance Goals18 

Goal 1 

Objective 1.1: Help more than 11.2 million people mitigate the impacts of COVID19 and other public health crises. 

2021 2022 2023 2024 2025 2026 

Target - 2.2M 2.3M 2.5M 2.1M 2.1M 

Actual 3.1M 2.1M 2.2M - - -

Objective 1.1: By FY 2026, 66 percent of AmeriCorps program funding in 

mitigating the impacts of COVID-19 and other public health crises will have 

moderate or strong levels of evidence. 

2021 2022 2023 2024 2025 2026 

Target - 51% 55% 59% 62% 66% 

Actual 59% 23% 22% - - -

Objective 1.2: Help more than 3.8 million people directly by reducing greenhouse 

gas emissions, conserving lands and waters, and adapting to the changing climate. 

2021 2022 2023 2024 2025 2026 

Target - 0.8M 0.8M 0.8M 0.7M 0.7M 

Actual 1.1M 0.5M 0.4M - - -

Objective 1.2: Help improve more than 1.8 million locations and structures by 

reducing greenhouse gas emissions, conserving lands and waters, and adapting to 

the changing climate. 

2021 2022 2023 2024 2025 2026 

Target - 0.4M 0.4M 0.4M 0.3M 0.3M 

Actual 0.6M 0.5M 0.4M - - -

18 The 2022 and 2023 “Actual” values in the table are based on actual results from project completion reports for 

AmeriCorps NCCC. AmeriCorps NCCC’s 2023 values are preliminary; they will be finalized in November 2023. 

For the AmeriCorps State & National and AmeriCorps Seniors programs, the 2022 and 2023 values are estimates 

derived from the performance targets established by individual grantees and subgrantees. Actual results for these 

programs are not available until 18 months after the fiscal year ends. 

Due to award report timing, Goal 1 performance data was not available until after the end of FY, and just prior to 

this report's release. Therefore, AmeriCorps is still assessing performance actuals, to include year-over-year 

variance. Related analysis will be available in the agency's FY 2025 Congressional Budget Justification/Annual 

Performance Report." 

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Objective 1.2: By FY 2026, 70% of AmeriCorps program funding in reducing 

greenhouse gas emissions, conserving lands and waters, and adapting to the 

changing climate will have moderate or strong levels of evidence. 

2021 2022 2023 2024 2025 2026 

Target - 54% 58% 62% 66% 70% 

Actual 50% 31% 35% - - -

Objective 1.3: Help more than 6.2 million people expand their educational and 

economic opportunity. 

2021 2022 2023 2024 2025 2026 

Target - 1.4M 1.4M 1.4M 1.0M 1.0M 

Actual 1.4M 1.6M 1.6M - - -

Objective 1.3: By FY 2026, 89% of AmeriCorps program funding in expanding 

educational and economic opportunity will have moderate or strong levels of 

evidence. 

2021 2022 2023 2024 2025 2026 

Target - 77% 80% 83% 86% 89% 

Actual 74% 77% 74% - - -

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Objective 1.5: Race and ethnicity of members and volunteers progressively reflects 

the demographic diversity of those we serve. (“Over” indicates the racial or ethnic 

group is over-represented in AmeriCorps compared to the general population; 

“Under” indicates the racial or ethnic group is under-represented in AmeriCorps 

compared to the general population; “No Difference” indicates insufficient 

evidence exists to conclude that the racial or ethnic group is under- or overrepresented.)19 

2021 2022 202320 2024 2025 2026 

AmeriCorps Members 

(AmeriCorps State and National, 

AmeriCorps VISTA, AmeriCorps 

NCCC) 

Non-white Over Over TBD - - -

Hispanic/Latino(a) Over Over TBD - - -

AmeriCorps Seniors Volunteers 

(Foster Grandparent Program, 

Senior Companion Program) 

Non-white Over Over TBD - - -

Hispanic/Latino(a) Under Under TBD - - -

AmeriCorps Seniors Volunteers 

(RSVP) 

Non-white Under Under TBD - - -

Hispanic/Latino(a) Under Under TBD - - -

19 AmeriCorps member demographic data were aggregated across all member programs, AmeriCorps Seniors 

volunteer demographic data were aggregated across stipended and non-stipended programs. Observed counts 

for race, ethnicity, and socioeconomic status-related variable levels in each aggregate data set were compared 

against analogous national-level population estimates given by the most-recently published versions of the US 

Census Bureau's American Community Survey five-year, and Public Use Microdata Samples. 

AmeriCorps member race and ethnicity data is collected via the My AmeriCorps Portal. AmeriCorps Seniors data 

is collected via the annual Progress Report Supplement submitted by grantees. Race and ethnicity data for the US 

population is from the 2021 American Community Survey five-year dataset. The “racially diverse (non-White)” 

category in the table represents an assessment of whether non-white participants (regardless of ethnicity) are 

collectively over- or under-represented. See Appendix B for a breakout of results by AmeriCorps program and 

specific racial and ethnic demographic groups. 

20 FY 2023 race and ethnicity data is expected to be available in the spring of FY 2024. 

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Objective 1.5: Socioeconomic status of members and volunteers progressively 

reflects the demographic diversity of those we serve. 21 

2021 2022 2023 2024 2025 2026 

AmeriCorps members with Higher Not Available Over TBD - - - Socioeconomic Status 

AmeriCorps Seniors Volunteers Not Not Available TBD - - - with Higher Socioeconomic Status Available 

Goal 1 Highlights 

Aligned with this goal and to advance related priorities, AmeriCorps: 

• Continued to partner with communities and organizations across the country 

to alleviate poverty and advance racial equity. AmeriCorps programming has 

mitigated the impacts of COVID -19, worked to combat the effects of climate 

change, expanded educational and economic opportunity, and prioritized 

underserved communities. 

• Continued to build on diversity, equity, inclusion, accessibility success. In FY 

2022, AmeriCorps members were as—or more—racially and ethnically diverse 

than the nation. More than 22 percent of AmeriCorps members identify as 

African American, 21 percent identify as Hispanic/Latina/o, and six percent 

identify as Asian or Asian American. Among AmeriCorps Seniors volunteers 

serving in the Foster Grandparent Program and Senior Companion Program 

programs, 48 percent identify as African American. AmeriCorps continues to 

prioritize increasing representation among AmeriCorps programs. An update 

to this analysis will be provided for FY 2023 in the agency’s Congressional 

Budget Justification/Annual Performance Report. 

21 AmeriCorps began collecting member socioeconomic status data in 2022. A literature review and a preliminary 

statistical analysis determined that mother’s highest level of education is an acceptable proxy for members’ 

relative socioeconomic statuses. The greater a member’s mother’s level of education, the more likely that person 

is to have a relatively high socioeconomic status. Data collection is pending for AmeriCorps Seniors volunteer 

socioeconomic status. The agency will provide information no sooner than the FY 2025 Budget in the winter of FY 

2024. 

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Goal 2 Performance Goals 

Goal 2 

Objective 2.1: Percentage of AmeriCorps members who complete their service 

term. 

2021 202222 2023 2024 2025 2026 

Target - 81% 83% 85% 87% 89% 

Actual 85% 84% TBD - - -

Objective 2.1: AmeriCorps Seniors programs will reach pre-COVID-19 enrollment 

levels. 

2021 2022 2023 2024 2025 2026 

Target - 150,600 161,700 172,800 183,900 195,100 

Actual 140,100 142,100 TBD - - -

Goal 2 Highlights 

Aligned with this goal and to advance related priorities, AmeriCorps: 

• Raised the living allowance for members in the AmeriCorps VISTA program 

from a $17,600 minimum in FY 2022 to a $22,880 minimum in FY 2023, raised 

the stipend for volunteers in the AmeriCorps Seniors Foster Grandparent and 

Senior Companion programs from $3.15 in FY 2022 to $4.00 in FY 2023, and 

increased the member compensation package for members in the AmeriCorps 

NCCC program from $19,352 to $21,436 ($11.33 per hour to $12.60 per hour) 

in Q4 of FY 2023 (see more in Appendix C). The living allowance, stipend, and 

member compensation packages are critical to helping volunteers offset the 

ever-growing cost of volunteering for essentials such as food and 

transportation among others. 

• Supported the National Partnership for Student Success in collaboration with 

the White House, US Department of Education, and Everyone Graduates 

Center at Johns Hopkins University.23 This public-private partnership was 

designed to meet President Biden’s call for 250,000 more tutors and mentors 

by 2025 to accelerate student recovery and success and provide the academic, 

mental health, and other support students need to unlock their full potential. In 

September 2023, the US Department of Education shared a fact sheet 

highlighting Johns Hopkins University’s findings that an estimated 187,000 

22 Each fiscal year’s completion rate is based on the exit statuses of members who started service during the 

previous fiscal year. 

23 https://americorps.gov/newsroom/americorps-joins-white-house-department-education-launchnational-effort-support-student 

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caring adults stepped forward in the last year to provide support to students in 

schools – nearly 75 percent of the President’s goal.24 

• Continued to prioritize strengthening pathways to education and employment 

through funding opportunities and other agency initiatives. AmeriCorps’ 

Schools of National Service and Employers of National Service initiatives 

includes 315 schools and 754 employers as of September 2023. The agency 

also prioritized workforce development in Notices of Funding Opportunities 

for both young adults and older Americans. 

Goal 3 Other Indicators 

Other Goal 3 Indicators 

Objective 3.1: Number of media placements made by the agency and associated 

with the AmeriCorps brand. 

2021 2022 2023 2024 2025 2026 

Number 92,900 330,000 TBD - - -

Objective 3.2: Number of ‘pitches’ to other federal agency offices about the role 

AmeriCorps members or AmeriCorps Seniors volunteers could play to advance 

their agency’s mission. 

2021 2022 2023 2024 2025 2026 

Number - 8 19 - - -

Goal 3 Highlights 

Aligned with this goal and to advance related priorities, AmeriCorps: 

In FY 2023, AmeriCorps continued to support and realize results for its newly 

established Centralized Recruitment Unit, the first of its kind in recent history. The 

Unit coordinated recruitment activities across the agency and supported external 

stakeholders, including grantees, state service commissions, and project sponsors in 

their local recruitment efforts. As a result, AmeriCorps received approximately five 

percent more application submissions than it received at a similar point in 2022. 

24 https://www.ed.gov/news/press-releases/fact-sheet-biden-harris-administration-announces-newactions-build-work-accelerate-learning-and-improve-student-achievement 

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Additionally, since the unit’s creation in FY 2022, AmeriCorps: 

• Supported the launch of a national, multifaceted paid advertising campaign to 

raise awareness about national service opportunities, which resulted in over 

67.5 million impressions and over 559,000 clicks to the website. 

• Generated thousands of leads through paid ads, social media content, select 

in-person recruitment events, and the website. 

• Spread awareness of AmeriCorps service opportunities among over 400,000 

college students and recent graduates from over 1,400 colleges and 

universities to date through use of the Handshake early talent recruitment 

platform. 

• Conducted follow-up with over 32,000 leads who had started but not yet 

completed service applications to provide application tips, workshops, and 

information. 

• Provided recruitment training and technical assistance to grantees and state 

service commissions. 

• Developed strategic relationships with federal agencies (such as Peace Corps, 

Department of Defense, and Department of Education) and other external 

organizations (such as American School Counselors Association, National 

Association for Secondary School Principals, Superintendents Association, and 

Boys and Girls Clubs of America) to help AmeriCorps reach its target 

recruitment audiences in high volume. 

• Created mechanisms for displaying and leveraging recruitment data so the 

team can understand the demographic characteristics of who serves with 

AmeriCorps and track return on investment and continue refining its strategies. 

Goal 4 Performance Goals 

Goal 4 

Objective 4.3.3: Achieve a clean audit opinion. 

2021 2022 2023 2024 2025 2026 

Target - Yes Yes Yes Yes Yes 

Actual No No No - - -

Objective 4.3.3: Eliminate repeat findings. 

2021 2022 2023 2024 2025 2026 

Target - - - - - -

Actual 11 14 TBD - - -

19 
 

 

 

 

 

 

 

Unaudited 

Goal 4 Other Indicators 

Other Goal 4 Indicators 

Objective 4.3.3: Number of material weaknesses resolved. 

2021 2022 2023 2024 2025 2026 

Number - - TBD - - -

Objective 4.3.3: Number of significant deficiencies resolved. 

2021 2022 2023 2024 2025 2026 

Number - - TBD - - -

Goal 4 Highlights 

Aligned with this goal and to advance related financial and operational reform 

priorities, AmeriCorps: 

• Implemented an agency-wide governance structure to improve 

communication and coordination of the FOR plan. 

• Launched the Rapid Assessment Team, comprised of AmeriCorps 

staff, financial management staff from the agency’s shared services provider, 

and contractors that helped other agencies achieve success in their financial 

transformations. The agency has detailed 

work plans that identify specific FOR Plan's Immediate Focus recommendations for remediation that lie 

ahead. • Developing flowcharts, 

narratives, and written policy • Increased staff capacity and training to and procedure statement for support improvements in financial key processes operations by recruiting new positions to • Providing training and cross- improve internal controls, training protocols 

strengthen the agency’s financial • Digital and robotic 

management, and increase budget transformation initiatives 

expertise. With the help of the Rapid • Establishing measuring and 

Assessment Team, the agency is also on accountability protocols 

• Developing and track for developing and delivering training to documenting defined roles staff by February of FY 2024. and responsibilities • Awarded a blanket purchase agreement to a 

contractor with direct experience in improving a large government agency’s 

financial infrastructure resulting an unqualified audit opinion after ten years of 

disclaimed audit opinions. 

20 
Unaudited 

Goal 5 Performance Goals 

Goal 5 

Objective 5.2: Diversity, equity, inclusion, and accessibility is integrated into the 

culture and practices of the agency. At least 82 percent of AmeriCorps employees 

agree or strongly agree that diversity, equity, inclusion, and accessibility is 

integrated into the culture and practices of the agency–as reported in the Federal 

Employee Viewpoint Survey. 25 

2021 2022 2023 2024 2025 2026 

 

Target 

Actual 

-

-

-

76% 

-

TBD 

-

-

-

-

82% 

-

Objective 5.3: E

organization. 

mployees are satisfied with their jobs, their pay, and their 

Global Satisfaction Index26: achieve a score of at least 72 (the combined small 

agency average) – from a baseline of 54 in FY 2020 – on the Federal Employee 

Viewpoint Survey. 

2021 2022 2023 2024 2025 2026 

Target - - - - - 72% 

Actual 59% 61% TBD - - -

Objective 5.4: An engaged workforce that pursues leadership development 

opportunities. 

Employee Engagement Index27: achieve a score of at least 75 (the combined small 

agency average) – from a baseline of 71 in FY 2020 – on the Federal Employee 

Viewpoint Survey. 

2021 2022 2023 2024 2025 2026 

Target - - - - - 75% 

Actual 75% 76% TBD - - -

25 Progress on this performance goal is currently tracked using an item from the Federal Employee 

Viewpoint Survey that was added by AmeriCorps in FY 2022: “Diversity, equity, inclusion and 

accessibility (DEIA) is integrated into the culture and practices of my workplace.” Therefore, no results 

are available for FY 2021. 

26 This index combines employees’ satisfaction with their jobs, their pay, and their organization, plus 

their willingness to recommend their organization as a good place to work. 

27 This index concentrates on factors that lead to an engaged workforce (e.g., supporting employee 

development, communicating agency goals). 

21 
Unaudited 

Goal 5 Other Indicators 

Other Goal 5 Indicators 

 

 

 

Objective 5.1 Employee retention. 

2021 2022 2023 2024 2025 2026 

Percent 82% 89% 84%28 - - -

Objective 5.3: Employee Turnover. 

2021 2022 2023 2024 2025 2026 

Percent 18% 15% 19%29 - - -

Goal 5 Highlights 

Aligned with this goal and to advance related priorities, AmeriCorps: 

• Committed to leadership development and succession planning by investing 

in eight positions for employees to participate in a unique senior leadership 

development opportunity at the Federal Executive Institute, the Office of 

Personnel Management’s premiere leadership institute in FY 2023. The 

Federal Executive Institute has a demonstrated track record of shaping 

visionary executive leaders in the federal sector. 

• Provided both supervisors and employees a clear and foundational 

understanding of behavioral expectations and strengthened the agency’s 

workplace culture by creating a set of core values. AmeriCorps’ core values are 

respect, empowerment, accountability, collaboration, and transparency. 

• Finalized an unlimited training contract with Management Concepts through 

March 2028 to offer staff access to online and in-person training. 

• Continued to successfully implement its future of work pilot: 

o Developed new performance management tools (e.g., handbooks). 

o Implemented employee disciplinary policy and code of conduct. 

o Strengthened performance standards. 

o Trained 95 percent of agency staff on practices to thrive in a hybrid work 

environment. 

28 The FY 2023 value is preliminary since staff payroll data is not yet available for the last week of the 

fiscal year. Final results will be published in the FY 2025 Congressional Budget Justification. 

29 The FY 2023 value is preliminary since staff payroll data is not yet available for the last week of the 

fiscal year. Final results will be published in the FY 2025 Congressional Budget Justification. 

22 
 

Unaudited 

• Saw additional benefits such as: 

o Staff attrition has decreased to 10.5 percent from 19 percent in FY 2021 

– with the largest drops seen in those 65+ and 18-24, key age brackets 

for experienced talent and new employees who will form the majority of 

the agency’s workforce in the coming years. 

o Applicants per vacancy have increased to 264 from 83 in FY 2021, 

indicating that AmeriCorps is a competitive employer for target talent. 

Changes from Previous Performance Plan 

AmeriCorps has reassessed and updated the performance measures to provide more 

valuable insight into our operations, better track our progress, and better align with 

23 

current agency priorities. For a list of performance goal additions and removals from 

prior plan, see Appendix C. 
 

 

 

 

 

 

 

 

 

 

 

Unaudited 

Limitations of the Financial Statements 

The principal consolidated and trust financial statements are prepared to report the 

financial position, financial condition, and results of operations, pursuant to the 

requirements of 31 U.S.C. § 3515(b). The statements are prepared from records of 

federal entities in accordance with US generally accepted accounting principles 

(GAAP) and the formats prescribed by the OMB. Reports used to monitor and control 

budgetary resources are prepared from the same records. Users of the statements 

are advised that the statements are for a component of the US Government. 

Analysis of Financial Statements 

The tables and charts within this section are related to the consolidated financial 

statements, which represents all funds to include trust. Information related to the trust 

is presented within the Financial Section below. 

Tables of Key Measures (Unaudited) 

(in thousands) 

Consolidated Balance Sheet: 

Unaudited 

2023 

Unaudited 

2022 

Unaudited 

Percent 

Change 

Assets 

Fund Balance with Treasury $ 2,490,528 $ 2,562,211 -2.8% 

Investments and Related Receivables 1,396,418 1,078,367 29.5% 

Accounts Receivable, Net 2,087 2,383 -12.4% 

Advances to Others 17,733 38,575 -54.0% 

Property and Equipment, Net 5,921 2,688 120.3% 

Total Assets $ 3,912,688 $ 3,684,224 6.2% 

Liabilities 

Intragovernmental Accounts Payable $ 91 $ 1,299 -93.0% 

Advances from Others 162,619 106,156 53.2% 

Trust Service Award Liability 315,389 339,766 -7.2% 

Other than Intragovernment Payable 4,312 118,542 -96.4% 

Federal Employee Benefits Payable 15,191 13,701 10.9% 

All Other Liabilities 22,588 19,149 18.0% 

Total Liabilities $ 520,190 $ 598,613 -13.1% 

Net Position 

Total Unexpended Appropriations $ 2,170,550 $ 2,004,337 8.3% 

Total Cumulative Results of Operations 

Total Net Position 

Total Liabilities and Net Position 

1,221,948 1,081,274 13.0% 

$ 3,392,498 $ 3,085,611 9.9% 

$ 3,912,688 $ 3,684,224 6.2% 

24 
 

 

Unaudited 

Consolidated Statement of Net Cost: 

Unaudited 

2023 

Unaudited 

2022 

Unaudited 

Percent 

Change 

Gross Costs $ 1,000,597 $ 995,833 0.5% 

Less: Earned revenue (84,523) (28,437) 197.2% 

Net Cost of Operations $ 916,074 $ 967,396 -5.3% 

Combined Statement of Budgetary Resources: 

Unaudited 

2023 

Unaudited 

2022 

Unaudited 

Percent 

Change 

Unobligated Balance from prior year budget 

authority, net (discretionary and mandatary) $ 1,548,534 $ 1,691,843 -8.5% 

Appropriations (discretionary and mandatary) 1,498,882 1,537,162 -2.5% 

Spending authority from offsetting collections 

(discretionary and mandatary) 103,670 126,103 -17.8% 

Total Budgetary resources $ 3,151,086 $ 3,355,108 -6.1% 

Balance Sheet (Unaudited) 

The Balance Sheet provides an overview of AmeriCorps’ financial position as of 

September 30, 2023, and 2022. The statement displays the current and future 

economic benefits owed or available for use (assets), amounts owed (liabilities) and 

the residual amount (net position) as of September 30. 

25 
 

 

 

Unaudited 

Assets (Unaudited) 

At the end of FY 2023 and 2022, AmeriCorps had $3.9 billion and $3.7 billion in 

assets, respectively. Fund Balance with Treasury and Investments in Securities formed 

majority of the assets. The Balance Sheet also identities governmental and nongovernmental activities. 

Fund Balance with Treasury is the largest asset class, representing 64 percent of total 

assets. In FY 2023 there was a three percent decrease in Fund Balance with Treasury 

from FY 2022. Investments represents 36 percent of total assets which makes it the 

second largest class. Funding for the Trust investments comes from appropriations, 

interest earned, sponsorships and proceeds from the sale or redemptions of 

investments. In FY 2023, there was a four percent increase in investment activity due 

to a net increase in the recognition of discounts and related amortization and interest. 

Liabilities (Unaudited) 

AmeriCorps liabilities, or amounts owed, were $520 million and $599 million for the 

fiscal years ended 2023 and 2022, respectively. The majority of the liabilities in FY 

2023 are $315 million in Trust Service award and $163 million in Advances from 

Others. The Trust Service Award Liability represents estimates of unpaid and earned 

education award and interest forbearance costs that are likely to be paid. 

The Advances from Others reflects amounts received for goods or services to be 

delivered or performed in the future. This amount increased in FY 2023 due to a 

change in how AmeriCorps establishes reimbursable agreements. In FY 2022 the 

26 
Unaudited 

agreements were initially established as a Customer Order Without Advance and was 

modified to allow AmeriCorps to begin collecting advance funding. 

All other liabilities represent deferred lease liability, technology modernization 

liability, employer payroll taxes, Federal Employees’ Compensation (FECA) liability, 

and other unfunded employment related liabilities. 

Net Position (Unaudited) 

AmeriCorps’ Net Position is the difference between assets and liabilities as of 

September 30, 2023, and 2022. Changes in Net Position result from changes in the 

cumulative results of operations. 

27 
 

 

 

Unaudited 

Statement of Net Cost (Unaudited) 

The AmeriCorps Statement of Net Cost measures the use of appropriated funds by 

programs (AmeriCorps VISTA, AmeriCorps NCCC, AmeriCorps State and National, 

AmeriCorps Seniors, AmeriCorps Seniors Foster Grandparents, AmeriCorps Seniors 

Companion) authorized by Congress. The AmeriCorps net cost for the years ending 

September 30, 2023, and 2022 were $916 million and $967 million, respectively. The 

five percent decrease in operating cost in FY 2023 is mostly due to decreases in grant 

activity and member payroll. AmeriCorps State and National is the largest contributor 

to the agency’s overall cost of operations. The program cost includes grant expenses, 

direct and allocated personnel, and administrative cost. 

Comparative Net Cost (in thousands) 

$1,000,597 

$84,523 

$995,833 $916,074 

$28,437 

$967,396 

Gross Costs Earned Revenue Net Cost of Operations 

2023 2022 

28 
 

Unaudited 

Statement of Budgetary Resources (Unaudited) 

The statement of budgetary resources represents AmeriCorps’ budgetary resources, 

which comes from unobligated balances from prior-year appropriations, new 

appropriations, spending authority from offsetting collections, and receipts from 

other sources such as collections of disallowed costs from grantees at the end of the 

reporting fiscal year. 

29 
 

 

Unaudited 

Analysis of Systems, Controls, and Legal Compliance 

In FY 2023 AmeriCorps has continued implementation of an agency-wide Enterprise 

Risk Management (ERM) program. The requirements for implementing Enterprise 

Risk Management are outlined in the Office of Management and Budget Circular No. 

A-123. It requires agencies to implement ERM processes and to establish, assess, and 

report annually on internal controls and correct control deficiencies. To that end, the 

AmeriCorps ERM program seeks to identify, measure, and assess risks related to 

mission delivery and maintains a risk profile. The program also assesses which agency 

risks will be mitigated and outlines mitigation strategies. The ERM program will 

continue to mature in FY 2024 with the goal being that Enterprise Risk information 

will be more fully integrated into agency culture to facilitate and improve decisionmaking at every level. 

The following are highlights of some achievements related to our systems, controls, 

and legal compliance in FY 2023: 

• Implemented new audit management practices; standardized a root cause 

analysis process for corrective action plan development; and established an 

Office of Reporting, Compliance, and Audit, which developed and 

implemented procedures for audit document review and quality assurance. 

• Completed work on 32 of 79 prior audit recommendations as of September 

30, 2023, with the new central coordination efforts for audit remediation and 

the implementation of the corrective action plans. 

Corrective Action Plan Status 

43 

32 

4 

Not Started In Progress Agency Closeout 

in Progress or 

Completed by 

Agency 

• Continued to use a shared services platform to receive expert technical 

support related to the financial managements. We have worked with our 

shared service provider to standardize our financial statements and notes; and 

improving the alignment of our financial reporting processes. 

• Initiated a position management program to better integrate financial and 

human capital planning and improve talent optimization. Infrastructure 

investments to support institutionalizing the program will enable workforce 

planning to inform and prioritize current and future talent needs, while also 

30 
 

 

 

 

Unaudited 

strengthening the agency’s succession planning and knowledge management 

capabilities. 

• Prioritized a modernization initiative that will replace legacy systems that 

support grantmaking, member and volunteer management business 

processes, and related financial management operations with modern 

technology systems. AmeriCorps plans to leverage the new systems to derive 

insight into our programs, grants, members, and volunteers. In addition, this 

modernization initiative will help us reduce our dependency on applicationdependent reporting and improve our ability to make data-driven decisions 

based on information coming from multiple sources. 

• Acquired a Commercial Off the Shelf grants management system and are 

preparing to award a vendor for the in-house development of the member and 

volunteer management system. We are set to enter Stage 4 of the project in FY 

2024, which includes the soft systems launch, interoperability testing across 

grants and member and volunteer management systems, user training and 

resource development, and planning to decommission of the legacy systems. 

• Made substantial efforts to enhance the overall maturity of its enterprise-wide 

cybersecurity program by prioritizing cybersecurity initiatives, implementing 

mobile device protection measures, and implementing tools and strategic 

changes throughout FY 2023, which improved the agency’s overall Federal 

Information Security Modernization Act rating. 

While we accomplished a lot, we note that much work remains to improve the 

agency’s internal controls. As in prior years, the agency cannot provide reasonable 

assurance as to the effectiveness of internal controls over operations, reporting, and 

compliance, as such, we are issuing a Statement of No Assurance. 

31 
Unaudited 

32 
Unaudited 

33 
Unaudited 

34 
Unaudited 

35 
Unaudited 

36 
Financial Section (Unaudited) 

SECTION II - FINANCIAL SECTION (UNAUDITED) 

Message from the Chief Financial Officer 

November 15, 2023 

It is my privilege to join AmeriCorps’ Chief Executive Officer 

in presenting the agency’s FY 2023 Annual Management 

Report. As stewards of taxpayer dollars, AmeriCorps has a 

responsibility to the American people to be transparent and 

accountable for our federal spending. The unaudited 

consolidated and trust financial statements and 

accompanying notes presented in this report provide an indepth account of the activities and challenges to effectively 

steward taxpayer dollars. 

AmeriCorps recognizes the need for a multi-year financial and operational reform 

effort and implemented a financial and operational reform (FOR) plan in January 

2023. The agency’s FOR plan is our number one priority and will strategically 

strengthen the agency’s financial and resources management through: 

• continuous process improvement, 

• remediation of internal controls, and 

• enhancement of governance and cross-agency communication to support a 

more efficient and higher performing agency. 

We are confident this multi-year plan will have a dramatic positive impact on the 

agency. As part of the FOR plan, we are prioritizing our people, processes, and 

systems. In addition, we are identifying the root causes of the issues, priorities, and 

critical path improvements to strengthen our agency’s financial management 

practices. 

We have already made significant progress to increase efficiency and minimize risk 

around the agency’s financial management and operations. The following highlights 

are just a few of the many achievements in FY 2023: 

Prioritizing Our People 

• Established the first-ever Office of Chief Financial Officer organizational 

strategy. The strategy will present actionable efforts to sustain the FOR plan 

framework and operational improvements by aligning staff capabilities within 

the agency and goals, identifying and addressing organization and staffing 

gaps, and providing measures of progress toward agency financial and 

37 
 

 

 

 

 

 

Financial Section (Unaudited) 

operational maturity. The strategy will be used to govern decisions that 

support continuous improvement of staff skills, system modernization, and 

process improvements. 

• Enhanced talent management under the leadership of the Chief Human 

Capital Officer and designing new training for specific financial processes with 

the support of the rapid assessment team contractors. 

• Adopted a detailed project plan for developing and delivering training to staff 

by February 2024 on the five material weakness areas identified for 

accelerated remediation to ensure our staff are well-equipped to sustain the 

agency’s progress. 

Prioritizing Our Processes 

• Launched the FOR plan in January 2023, which includes a documented vision 

for the future, detailed work steps, accountability and dashboard monitoring, 

and communication protocols with stakeholders. AmeriCorps secured funding 

for contractor support for the first year of the FOR plan and executed a blanket 

purchase agreement to efficiently engage services as needed. 

• Engaged a senior advisor and other contractors to help with the financial and 

operational transformation and to carry out key remediation efforts. 

• Awarded a Comprehensive and Targeted Reform Blanket Purchase Agreement 

to efficiently engage contractor services as needed, a first for the agency. 

Under the Blanket Purchase Agreement, AmeriCorps will be able to engage 

and receive the expertise of the contractors for a large array of FOR activities 

such as project management, systems accounting, internal controls design, 

report writing, and more. 

• Re-established the agency’s Board of Directors Oversight and Governance 

Committee, which regularly meets with management to ensure adherence to 

the FOR plan and recommend course corrections if required. 

• Transitioned the Office of Procurement Services to become a part of the Office 

of Chief Financial Officer, helping to streamline AmeriCorps’ resource 

management. 

• Reduced improper payment rates dramatically as a result of changes made to 

National Service Criminal History Check requirements and agency-wide 

corrective actions. The improper payment estimates published for RSVP in FY 

2022 and audited in FY 2023 demonstrated a significant improper payment 

rate reduction due to improvements in National Service Criminal History Check 

compliance. As a result, the program is no longer required to undergo Phase 

Two level testing and report a statistically valid improper payment rate under 

the Payment Integrity Information Act of 2019. This program had been 

required to undergo Phase Two-level testing since 2014. 

38 
 

 

 

 

 

Financial Section (Unaudited) 

Prioritizing Our Systems 

• Focused our efforts on developing our data migration plan and a thoughtful 

strategy for decommissioning legacy systems. We are pleased to be at the 

stage of our modernization initiative where we can begin preparing for critical 

system integrations, like those between the grants management system and 

Administrative Resource Center Oracle financials. 

• Standardized our consolidated and trust financial statements procedures and 

worked toward automating financial reporting processes by leveraging a 

cloud-based solution for producing consolidated and trust financial 

statements, footnotes, and supporting reconciliations. This effort will provide a 

more standard, controlled, automated process for preparing and producing 

the consolidated and trust financial statements and footnotes helping to 

mitigate audit concerns related to the use of non-standardized Excel templates 

and manual edits. 

• Completed over 1,100 user stories representing the business requirements our 

vendor will use to build the functionality of our new grants management 

system. This summer, the agency began user acceptance testing (UAT) for the 

first of three “system releases” that will move us toward system launch next 

year. User acceptance testing for Release 1 was completed in October and 

AmeriCorps is beginning user acceptance testing for Release 2 currently. 

While the agency had many successes in FY 2023, we know much work remains to 

improve and strengthen AmeriCorps’ ability to maintain the highest financial 

management and operational standards. 

This year, AmeriCorps received a disclaimer of opinion on the consolidated and trust 

financial statements and has multiple material weaknesses. AmeriCorps is committed 

to addressing and remediating the material weaknesses and significant deficiencies 

identified in the FY 2023 Financial Statement Audit Report. We will continue to make 

progress towards improving our agency’s financial management and operations 

through the FOR plan, with a continued focus on investing in our people, improving 

our processes, and modernizing our systems and technology. As AmeriCorps’ Chief 

Financial Officer, I remain committed to improving the agency’s financial operations 

while also fulfilling the agency’s mission. 

In service, 

Malena Brookshire 

Chief Financial Officer 

AmeriCorps 

39 
Financial Section (Unaudited) 

Consolidated Financial Statements (Unaudited) 

40 

This page intentionally left blank. 
Financial Section (Unaudited) 

AMERICORPS 

CONSOLIDATED BALANCE SHEETS 

AS OF SEPTEMBER 30, 2023 AND 2022 

(In Thousands) 

Unaudited Unaudited 

2023 2022 

Assets: 

Intragovernmental Assets: 

Fund Balance with Treasury (Note 2) $ 2,490,528 $ 2,562,211 

Investments, Net (Note 3) 1,396,418 1,078,367 

Accounts Receivable, Net (Note 4) 802 1,319 

Advances and Prepayments (Note 6) 1,109 68 

Total Intragovernmental Assets $ 3,888,857 $ 3,641,965 

Other than Intragovernmental Assets: 

Accounts Receivable, Net (Note 4) 1,286 1,064 

General Property, Plant, and Equipment, Net (Note 5) 5,921 2,688 

Advances and Prepayments (Note 6) 16,624 38,507 

Total Other than Intragovernmental Assets $ 23,831 $ 42,259 

Total Assets $ 3,912,688 $ 3,684,224 

Liabilities (Note 7): 

Intragovernmental Liabilities: 

Accounts Payable (Note 8) $ 91 $ 1,299 

Advances from Others and Deferred Revenue (Note 9) 162,538 105,992 

Other Liabilities (Note 10):

 Other Liabilities (Without Reciprocals) 335 -

 Other Liabilities - 360

 Liability to the General Fund of the U.S. Government for Custodial and

 Other Non-Entity Assets 86 -

 Other Current Liabilities - Benefit Contributions Payable 2,860 3,371

 Deferred Lease Liability 5,860 2,170

 Technology Modernization Liability 5,000 5,250 

Total Intragovernmental Liabilities $ 176,770 $ 118,442 

Other than Intragovernmental Liabilities: 

Accounts Payable (Note 8) 4,312 118,542 

Federal Employee and Veteran Benefits Payable 15,191 13,701 

Advances from Others and Deferred Revenue (Note 9) 81 165 

Other Liabilities (Note 10):

 Trust Service Award Liability (Note 11) 315,389 339,761

 Accrued Funded Payroll and Leave 6,225 5,974

 Liability for Non-Fiduciary Deposit Funds and Undeposited Collections 2,222 2,028 

Total Other than Intragovernmental Liabilities $ 343,420 $ 480,171 

Total Liabilities $ 520,190 $ 598,613 

Commitments and Contingencies (Note 13) 

Net Position: 

Total Unexpended Appropriations - Funds from Other than Dedicated 

Collections $ 2,170,550 $ 2,004,337 

Total Cumulative Results of Operations - Funds from Other than Dedicated 

Collections 1,221,948 1,081,274 

Total Net Position $ 3,392,498 $ 3,085,611 

Total Liabilities and Net Position $ 3,912,688 $ 3,684,224 

The accompanying notes are an integral part of these principal financial statements. 

41 
Financial Section (Unaudited) 

AMERICORPS 

CONSOLIDATED STATEMENTS OF NET COST 

FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022 

(In Thousands) 

Unaudited Unaudited 

2023 2022 

Gross Program Costs: 

VISTA: 

Gross Costs $ 135,132 $ 129,606 

Less: Earned Revenue (4,329) (5,132) 

Net Program Costs $ 130,803 $ 124,474 

NCCC: 

Gross Costs $ 87,618 $ 55,534 

Less: Earned Revenue (6,267) (6,723) 

Net Program Costs $ 81,351 $ 48,811 

STATE AND NATIONAL: 

Gross Costs $ 516,830 $ 580,198 

Less: Earned Revenue (73,898) (16,578) 

Net Program Costs $ 442,932 $ 563,620 

STATE COMISSION: 

Gross Costs $ 30,408 $ 26,569 

Net Program Costs $ 30,408 $ 26,569 

SENIOR CORPS: 

Gross Costs $ 216,168 $ 194,237 

Less: Earned Revenue - (5) 

Net Program Costs $ 216,168 $ 194,232 

Other Programs: 

Gross Costs $ 14,440 $ 9,690 

Less: Earned Revenue (28) -

Net Program Costs $ 14,412 $ 9,690 

Net Cost of Operations $ 916,074 $ 967,396 

The accompanying notes are an integral part of these principal financial statements. 

42 
Financial Section (Unaudited) 

AMERICORPS 

CONSOLIDATED STATEMENTS OF CHANGES IN NET POSITION 

FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022 

(In Thousands) 

Unaudited Unaudited 

2023 2022 

Unexpended Appropriations: 

Beginning Balance $ 2,004,337 $ 2,132,423 

Adjustments: 

Corrections of Errors - 495 

Beginning Balance, as Adjusted $ 2,004,337 $ 2,132,918 

Appropriations Received 1,312,806 1,150,636 

Appropriations Transferred In/Out 1,251 1,750 

Other Adjustments (28,761) (28,649) 

Appropriations Used (1,119,083) (1,252,318) 

Net Change in Unexpended Appropriations $ 166,213 $ (128,581) 

Total Unexpended Appropriations $ 2,170,550 $ 2,004,337 

Cumulative Results of Operations: 

Beginning Balance $ 1,081,273 $ 792,417 

Adjustments: 

Corrections of Errors - (494) 

Beginning Balance, as Adjusted $ 1,081,273 $ 791,923 

Other Adjustments (755) (2,635) 

Appropriations Used 1,119,083 1,252,318 

Non-Exchange Revenue 832 2,841 

Donations and Forfeitures of Cash and Cash Equivalents (12) 43 

Transfers In/Out Without Reimbursement (70,139) -

Imputed Financing (Note 14) 7,905 4,427 

Other (165) (247) 

Net Cost of Operations (916,074) (967,396) 

Net Change in Cumulative Results of Operations $ 140,675 $ 289,351 

Total Cumulative Results of Operations $ 1,221,948 $ 1,081,274 

Net Position $ 3,392,498 $ 3,085,611 

The accompanying notes are an integral part of these principal financial statements. 

43 
Financial Section (Unaudited) 

AMERICORPS 

COMBINED STATEMENTS OF BUDGETARY RESOURCES 

FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022 

(In Thousands) 

Unaudited Unaudited 

2023 2022 

Budgetary Resources: 

Unobligated Balance from Prior Year Budget Authority, Net (Discretionary and 

Mandatory) (Note 15) $ 1,548,534 $ 1,691,843 

Appropriations (Discretionary and Mandatory) 1,498,882 1,537,162 

Spending Authority from Offsetting Collections (Discretionary and Mandatory) 103,670 126,103 

Total Budgetary Resources $ 3,151,086 $ 3,355,108 

Status of Budgetary Resources: 

New Obligations and Upward Adjustments (total) $ 2,023,554 $ 2,092,898 

Unobligated Balance, End of Year:

 Apportioned, Unexpired Accounts 776,687 849,980

 Unapportioned, Unexpired Accounts 113,527 252,628 

Unexpired Unobligated Balance, End of Year $ 890,214 $ 1,102,608 

Expired Unobligated Balance, End of Year 237,318 159,602 

Unobligated Balance, End of Year (total) $ 1,127,532 $ 1,262,210 

Total Budgetary Resources $ 3,151,086 $ 3,355,108 

Outlays, Net and Disbursements, Net: 

Outlays, Net (total) (Discretionary and Mandatory) $ 1,267,866 $ 1,255,709 

Distributed Offsetting Receipts (230,675) (2,649) 

Agency Outlays, Net $ 1,037,191 $ 1,253,060 

The accompanying notes are an integral part of these principal financial statements. 

44 
 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

Notes to the Consolidated Financial Statements (Unaudited) 

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (UNAUDITED) 

A. Reporting Entity 

AmeriCorps30 provides opportunities for Americans to make an ongoing, intensive 

commitment to service through the following programs: 

• AmeriCorps State and National31 

• AmeriCorps VISTA32 

• AmeriCorps NCCC33 

• AmeriCorps State Service Commission Support Grants (State Commission 

Support)34 

• AmeriCorps Seniors35 

AmeriCorps was created by the National and Community Service Trust Act of 1993 

(Public Law [P.L.] 103-8236). To meet its mission, AmeriCorps provides grants and 

other assistance to states, local communities, and nonprofit organizations to help 

communities meet critical challenges in the areas of education, healthy futures, 

environmental stewardship, economic opportunity, disaster services, and veterans 

and military families through service. 

30 https://americorps.gov/ 

31 https://americorps.gov/serve/americorps/americorps-state-national 

32 https://americorps.gov/serve/americorps/americorps-vista 

33 https://americorps.gov/serve/americorps/americorps-nccc 

34 https://www.americorps.gov/grantees-sponsors/state-commissions 

35 https://americorps.gov/serve/americorps-seniors 

36 https://www.govinfo.gov/content/pkg/STATUTE-107/pdf/STATUTE-107-Pg785.pdf 

45 
 

 

 

Financial Section (Unaudited) 

B. Basis of Accounting and Presentations 

The accompanying consolidated financial statements have been prepared in 

accordance with US GAAP and accounting standards issued by the Federal 

Accounting Standards Advisory Board and in the format prescribed by the OMB 

Circular No. A-136, Financial Reporting Requirements, as amended. The Federal 

Accounting Standards Advisory Board is recognized by the American Institute of 

Certified Public Accountants as the official accounting standards-setting body for US 

government entities. The consolidated financial statements present the financial 

position, net cost of operations, changes in net position, and budgetary resources of 

AmeriCorps, as required by the Chief Financial Officers Act of 1990, the Government 

Management Reform Act of 1994, and the Government Corporation Control Act (31 

U.S.C. §9106). 

Throughout the consolidated financial statements and notes, certain assets, liabilities, 

earned revenues, and costs have been classified as intragovernmental, which is 

defined as transactions made between two reporting entities within the Federal 

Government. Transactions are recorded on both an accrual and budgetary basis. 

Under the accrual method of accounting, revenues are recognized when earned and 

expenses are recognized when incurred without regard to receipt or payment of 

cash. Budgetary accounting principles, on the other hand, are designed to facilitate 

compliance with the legal requirements, controls, monitoring, and reporting on the 

use of federal funds. 

AmeriCorps presents the Balance Sheets, Statements of Net Cost, and Statements of 

Changes in Net Position on a consolidated basis, which is a summation of the 

AmeriCorps programs. The Statement of Budgetary Resources is presented on a 

combined basis, which is the summation of Budgetary Resources, Status of Budgetary 

Resources, and Outlays, Net. The balances and activity of budgetary accounts are 

used to prepare the Statements of Budgetary Resources. 

C. Accounting for Intragovernmental and Other than Intragovernmental 

The Treasury Financial Manual, Volume I, Part 2, Chapter 4700, provides guidance for 

reporting and reconciling intragovernmental balances. The Statement of Federal 

Financial Accounting Standards No. 1, Accounting for Selected Assets and Liabilities, 

defines recognition, measurement, and disclosure requirements for 

intragovernmental assets and liabilities. 

Intragovernmental assets and liabilities represent transactions that are made between 

federal reporting entities. Intragovernmental assets are claims that other federal 

reporting entities owe to AmeriCorps. Intragovernmental liabilities are claims that 

AmeriCorps owes to other federal reporting entities. Other than intragovernmental 

assets and liabilities represent transactions with public entities, such as state and local 

46 
 

 

 

 

Financial Section (Unaudited) 

government or any agency, office, or department run by a state and local 

government. Other than intragovernmental assets are claims that public entities owe 

to AmeriCorps. Other than intragovernmental liabilities are claims that AmeriCorps 

owes to public entities. 

Intragovernmental asset and liability transactions are reported separately from other 

than intragovernmental asset and liability transactions. 

D. Fund Balance with Treasury 

Fund Balance with Treasury is an asset of a reporting entity and a liability of the 

General Fund. Fund Balance with Treasury represents the aggregate amount of the 

agency’s accounts with the Department of Treasury (Treasury) available to pay current 

liabilities and finance authorized purchases, except as restricted by law. AmeriCorps’ 

Fund Balance with Treasury balances are primarily appropriated expenditure, receipt, 

revolving, trust, and deposit fund accounts remaining as of the end of the fiscal year. 

Appropriated funds recorded in expenditure accounts are available to pay current 

liabilities and finance authorized purchases. 

AmeriCorps does not maintain commercial bank accounts of its own, has no 

disbursing authority, and does not maintain cash held outside of Treasury. Funds are 

disbursed for the agency on demand. 

For additional information, see Note 2, Fund Balance with Treasury (Unaudited). 

E. Revenues and Other Financing Sources 

AmeriCorps recognizes revenue as exchange or non-exchange revenue in 

accordance with Statement of Federal Financial Accounting Standards No. 7, 

Accounting for Revenue and Other Financing Sources and Concepts for Reconciling 

Budgetary and Financial Accounting. AmeriCorps recognizes exchange revenue at 

the time that goods or services are provided to an other than intragovernmental or 

intragovernmental entity. Non-exchange revenues are recognized primarily from 

interest penalties and administrative fees, but also includes donations. These are 

reported in the Consolidated Statements of Changes in Net Position. 

Other financing sources, other than exchange and non-exchange revenue, include 

additional inflows of resources that increase results of operations during the 

reporting period. AmeriCorps’ other financing sources come from unexpended 

appropriation transfers in/out and non-expenditure transfers in/out and are 

recognized as financing sources when used. Other financing sources also include: (1) 

transfers in/out without reimbursement; (2) imputed financing with respect to costs 

subsidized by another federal entity; and (3) donations. 

47 
 

 

Financial Section (Unaudited) 

AmeriCorps recognizes imputed financing when it receives goods and services from 

other federal entities at no cost or at a cost less than the full cost to the providing 

entity. AmeriCorps recognizes imputed costs when certain costs of the providing 

entity are not fully reimbursed. These are reported in the Consolidated Statements of 

Changes in Net Position. 

F. Investments, Net 

AmeriCorps has the authority in accordance with the standards and requirements 

provided in the Treasury Financial Manual, Volume I, Part 2, Chapter 470037 to invest 

in US government securities. The securities include marketable Treasury securities 

issued by the Bureau of the Fiscal Service. Market-based securities are Treasury 

securities that are not traded on any securities exchange but mirror the prices of 

marketable securities with similar terms. It is expected that investments will be held 

until maturity; therefore, they are classified as investment securities held to maturity 

and are carried at historical cost, adjusted for amortization of premiums and 

discounts. The amortization of premiums and discounts are recognized as 

adjustments to interest income using the level-yield, scientific method of effective 

interest amortization over the term of the respective issues. Interest on investments is 

accrued as it is earned. 

For additional information, see Note 3, Investments, Net (Unaudited). 

G. Accounts Receivable, Net 

Intragovernmental Accounts Receivable. Intragovernmental receivables are primarily 

from the sale of products and services to other federal agencies. These reimbursable 

arrangements generally reduce the duplication of effort within the federal 

government, resulting in a lower cost of Federal programs and services. 

Intragovernmental receivables are generally considered to be fully collectible as 

there is no credit risk. 

Other than intragovernmental accounts receivable are receivables that are due from 

the public. 

For additional information, see Note 4, Accounts Receivable, Net (Unaudited). 

H. Advances and Prepayments 

Payments made in advance of the receipt of goods and services are recorded as 

advances or prepayments and recognized as expenses when the related goods and 

37 https://tfm.fiscal.treasury.gov/v1/p2/c470 

48 
 

 

Financial Section (Unaudited) 

services are received. Financing payments (such as progress payments, performancebased payments, etc.) on work in process are generally recognized as a cost for work 

performed and not included in advances and prepayments. 

For additional information, see Note 6, Other Assets (Unaudited). 

I. Liabilities 

Liabilities represent a financial or service obligation that hasn’t been fulfilled or paid 

in full. 

AmeriCorps reports its liabilities under two categories, intragovernmental and other 

than intragovernmental. Each of these categories may include liabilities that are 

covered by budgetary resources and liabilities not covered by budgetary resources. 

Liabilities covered by budgetary resources are liabilities funded by a current 

appropriation or other funding source. These consist of accounts payable and 

accrued payroll and benefits. Accounts payable represent amounts owed to another 

entity for goods ordered and received and for services rendered except for 

employees. Accrued payroll and benefits represent payroll costs earned by 

employees during the fiscal year which are not paid until the next fiscal year. 

Liabilities not covered by budgetary resources are liabilities that are not funded by 

any current appropriation or other funding source. These liabilities consist of accrued 

annual leave, Actuarial Federal Employees’ Compensation Act (FECA), and the 

amounts due to Treasury for collection. 

For additional information, see Note 7, Liabilities (Unaudited). 

J. Annual, Sick, and Other Leave 

Annual leave is accrued as it is earned, and the accrual is reduced as leave is taken. 

The balance in the accrued leave account is adjusted to reflect current pay rates. 

Liabilities associated with other types of vested leave, including compensatory, 

restored leave, and sick leave in certain circumstances, are accrued at year-end, 

based on latest pay rates and unused hours of leave. Funding will be obtained from 

future financing sources to the extent that current or prior year appropriations are not 

available to fund annual and other types of vested leave earned but not taken. 

Nonvested leave is expensed when used. Any liability for sick leave that is accrued 

but not taken by a Civil Service Retirement System (CSRS) covered employee is 

transferred to the Office of Personnel Management (OPM) upon the retirement of that 

individual. Credit is given for sick leave balances in the computation of annuities 

upon the retirement of Federal Employees Retirement System (FERS) covered 

employees. 

49 
 

 

 

Financial Section (Unaudited) 

For additional information, see Note 7, Liabilities (Unaudited). 

K. Accrued and Actuarial Workers’ Compensation 

The FECA administered by the US Department of Labor addresses all claims brought 

by AmeriCorps employees for on-the-job injuries. The Department of Labor bills each 

agency annually as its claims are paid, but payment of these bills is deferred for two 

years to allow for funding through the budget process. Similarly, employees that 

AmeriCorps Service terminates without cause may receive unemployment 

compensation benefits under the unemployment insurance program also 

administered by the Department of Labor, which bills each agency quarterly for paid 

claims. Future appropriations will be used for the reimbursement to the Department 

of Labor. The liability consists of (1) the net present value of estimated future 

payments calculated by the Department of Labor, and (2) the unreimbursed cost paid 

by the Department of Labor for compensation to recipients under the FECA. 

For additional information, see Note 7, Liabilities (Unaudited). 

L. Retirement Plans 

AmeriCorps employees participate in either the CSRS or the FERS. The employees 

who participate in CSRS are beneficiaries of AmeriCorps matching contributions, 

equal to seven percent of pay, distributed to their annuity accounts in the Civil Service 

Retirement and Disability Fund. 

Prior to December 31, 1983, all employees were covered under the CSRS program. 

From January 1, 1984, through December 31, 1986, employees had the option of 

remaining under CSRS or joining FERS and Social Security. Employees hired as of 

January 1, 1987, are automatically covered by the FERS program. Both CSRS and 

FERS employees may participate in the Federal Thrift Savings Plan (TSP). FERS 

employees receive an automatic agency contribution equal to one percent of pay 

and AmeriCorps matches any employee contribution up to an additional four percent 

of pay. For FERS participants, AmeriCorps also contributes the employer’s matching 

share of Social Security. 

FERS employees and certain CSRS reinstatement employees are eligible to 

participate in the Social Security program after retirement. In these instances, 

AmeriCorps remits the employer’s share of the required contribution. 

AmeriCorps recognizes the imputed cost of pension and other retirement benefits 

during the employees’ active years of service. OPM actuaries determine pension cost 

factors by calculating the value of pension benefits expected to be paid in the future 

and communicate these factors to AmeriCorps for current period expense reporting. 

OPM also provides information regarding the full cost of health and life insurance 

50 
 

 

Financial Section (Unaudited) 

benefits. AmeriCorps recognized the offsetting revenue as imputed financing sources 

to the extent these expenses will be paid by OPM. 

AmeriCorps does not report on its consolidated financial statement information 

pertaining to the retirement plans covering its employees. Reporting amounts such as 

plan assets, accumulated plan benefits, and related unfunded liabilities, if any, is the 

responsibility of the OPM, as the administrator. 

For additional information, see Note 12, Inter-Entity Cost (Unaudited). 

M. Other Post-Employment Benefits 

AmeriCorps employees eligible to participate in the Federal Employees’ Health 

Benefits Plan (FEHBP) and the Federal Employees’ Group Life Insurance Program 

(FEGLIP) may continue to participate in these programs after their retirement. The 

OPM has provided AmeriCorps with certain cost factors that estimate the true cost of 

providing the post-retirement benefit to current employees. AmeriCorps recognizes 

a current cost for these and Other Retirement Benefits (ORB) at the time the 

employee’s services are rendered. The ORB expense is financed by OPM and offset 

by AmeriCorps through the recognition of an imputed financing source. 

For additional information, see Note 12, Inter-Entity Cost (Unaudited). 

N. Use of Estimates 

The preparation of the consolidated financial statements in conformity with GAAP 

requires management to make estimates and assumptions, and exercise judgment 

that affects the reported amounts of assets, liabilities as of the date of the 

consolidated financial statements, and the reported amounts of revenues and 

expenses incurred during the reporting period. These estimates are based on 

management’s best knowledge of current events, historical performance, actions that 

AmeriCorps may take in the future, and various other assumptions that are believed 

to be reasonable under the circumstances. Due to the size and complexity of many of 

the AmeriCorps programs, the estimates are subject to a wide range of variables, 

including assumptions on future economic and financial events. Accordingly, actual 

results could differ from those estimates. 

O. Reclassification 

Due to the Migration to Treasury’s Administrative Resource Center, AmeriCorps is 

continuing to analyze certain FY 2023 balances to determine if they should be 

reclassified, retitled, or combined with other financial statement line items for 

consistency with the current year presentation. Until the research and analysis of the 

51 
Financial Section (Unaudited) 

balances is completed, AmeriCorps will not be able to determine if reclassifications 

are needed. 

P. Classified Activities 

Accounting standards require all reporting entities to disclose that accounting 

standards allow certain presentations and disclosures to be modified, if needed, to 

prevent the disclosure of classified information. 

Q. Federal Employee and Veteran Benefits Payable 

Federal Employee and Veteran Benefits Payable – AmeriCorps calculates and reports 

liabilities and related expenses for pensions, other retirement benefits (ORB), and 

other post-employment benefits (OPEB) in accordance with Statement of Federal 

Financial Accounting Standards 5, Accounting for Liabilities of the Federal 

Government. Liabilities for Federal employee and veteran benefits include the 

actuarial portion of these benefits and unfunded accrued annual leave, but not the 

liabilities related to employee funded accrued salary or annual leave, which are 

reported in Other Liabilities. 

R. Trust Service Award Liability 

The Trust Service Award Liability represents unpaid education awards and eligible 

student loan interest forbearance costs, which are expected to be used upon 

certification. These amounts relate to participants who have completed service based 

on AmeriCorps’ historical experience. 

For additional information, see Note 11, Trust Service Award (Unaudited). 

S. Expenses 

In accordance with SFFAC 5, Definitions of Elements and Basic Recognition Criteria 

for Accrual-Basis Financial Statements, expenses are recognized in the same period 

when there are outflows, usage of assets, or incurrences of liabilities (or a 

combination) from carrying out functions related to AmeriCorps’s activity and related 

programs. 

T. Cumulative Results of Operations 

The Cumulative Results of Operations, presented on the Balance Sheet and on the 

Statement of Changes in Net Position, represents the cumulative results of 

operations. This is the accumulated difference between expenses and financing 

sources since the inception of the agency. AmeriCorps’ Net Position is the difference 

between assets and liabilities. 

52 
 

 

Financial Section (Unaudited) 

U. Other Matters 

AmeriCorps updated some of the FY 2022 rounded amounts in the FY 2023 Annual 

Management Report for the consolidated financial statements and notes tables to 

reflect a more accurate rounding presentation. The cumulative dollar amounts for the 

FY 2022 rounding updates are immaterial. 

NOTE 2. FUND BALANCE WITH TREASURY (UNAUDITED) 

The Fund Balance with Treasury is an asset account that shows the available budget 

spending authority for AmeriCorps. Collections and disbursements increase or 

decrease the balance in the Fund Balance with Treasury account. Funds are available 

only for the purposes for which they are appropriated, and AmeriCorps reports 

changes to this account to the Treasury through monthly reporting. 

Fund Balance with Treasury account balances as of September 30, 2023, and 2022 

were as follows (in thousands, unaudited): 

Unaudited 2023 2022 

Status of Fund Balance with Treasury: 

Unobligated Balance

 Available $ 776,687 $ 849,980

 Unavailable 605,132 646,187 

Obligated Balance Not Yet Disbursed 2,479,302 2,137,373 

Net of Unamortized Discount (1,372,815) (1,073,357) 

Non-Budgetary FBWT 2,222 2,028 

Total $ 2,490,528 $ 2,562,211 

No discrepancies exist between the Fund Balance reflected on the Balance Sheet and 

the balances in the Treasury accounts. 

The available unobligated fund balances represent the current period amount 

available for obligation or commitment. At the start of the next fiscal year, this amount 

will become part of the unavailable balance as described in the following paragraph. 

The unavailable unobligated fund balances represent the amounts of appropriations 

for which the period of availability for obligation has expired. These balances are 

available for upward adjustments of obligations incurred only during the period for 

which the appropriation was available for obligation or for paying claims attributable 

to the appropriations. The FY 2023 unavailable unobligated balance reflects $150 

million for temporary rescission, $104 million for investment interest revenue 

(accrued since 2009), $114 million for trust reserves, and $237 million for unobligated 

appropriation authority from prior years-unavailable for new obligations. 

53 
Financial Section (Unaudited) 

The obligated balance not yet disbursed includes accounts payable, accrued 

expenses, and undelivered orders that have reduced unexpended appropriations but 

have not yet decreased the fund balance on hand. 

The net of unamortized discount represents the amount of investments purchased 

offset by the applied discounts and reflects the portion of the investment that remains 

to be amortized over the life of the investment. The discount is the amount by which 

the investment purchase price is lower than net asset value, which is dependent on 

market trends. 

NOTE 3. INVESTMENTS, NET (UNAUDITED) 

Investments, Net as of September 30, 2023, consist of the following (in thousands, 

unaudited): 

Unaudited 

Cost/ 

Aquisition 

Value 

Amortization

 Method 

Amortized

 (Premium) 

Discount 

Interest 

Receivable 

Investments 

Net 

Market 

Value 

Disclosure

Intragovernmental Investments: 

 Market-based

 Bills $ 416,460 Interest $ 7,003 $ - $ 423,463 $ 423,103 

 Notes 956,355 Interest 14,629 1,971 972,955 967,355 

Total Intragovernmental 

Investments $ 1,372,815 $ 21,632 $ 1,971 $ 1,396,418 $ 1,390,458 

Note: There are no unrealized gains/(losses) to report for FY 2023 Investments. 

Investments, Net as of September 30, 2022, consist of the following (in thousands, 

unaudited): 

Unaudited 

Cost/ 

Aquisition 

Value 

Amortization

 Method 

Amortized

 (Premium) 

Discount 

Interest 

Receivable 

Investments 

Net 

Market 

Value 

Disclosure

Intragovernmental Investments: 

 Market-based

 Bills $ 545,381 Interest $ 3,370 $ - $ 548,751 $ 546,166 

 Notes 527,977 Interest 1,456 183 529,616 518,589 

Total Intragovernmental 

Investments $ 1,073,358 $ 4,826 $ 183 $ 1,078,367 $ 1,064,755 

Note: There are no unrealized gains/(losses) to report for FY 2022 Investments. 

54 
Financial Section (Unaudited) 

NOTE 4. ACCOUNTS RECEIVABLE, NET (UNAUDITED) 

Accounts Receivable balances as of September 30, 2023, and 2022 were as follows 

(in thousands, unaudited): 

Unaudited 2023 2022 

 

Intragovernmental 

Accounts Receivable 

Total Intragovernmental Accounts Receivable 

$ 

$ 

802 

802 

$ 

$ 

1,319 

1,319 

Other than Intergovernmental 

Accounts Receivable 

Allowance 

$ 1,614 

(328) 

$ 1,383 

(319) 

Total Other than Intragovernmental Accounts Receivable $ 1,286 $ 1,064 

Total Accounts Receivable $ 2,088 $ 2,383 

Accounts Receivable represents amounts due to AmeriCorps primarily under federal 

and nonfederal reimbursable agreements, grantee audit resolution determinations, 

outstanding travel advances due from employees and Criminal History Check 

requirements. An allowance for doubtful accounts is established for reporting 

purposes based on an estimate of receivables that may ultimately be uncollectable. 

Historical activity has indicated that the majority of the receivables are collectible. 

There are no material uncollectible accounts as of September 30, 2023, and 2022. 

NOTE 5. GENERAL PROPERTY, PLANT, AND EQUIPMENT, NET (UNAUDITED) 

General property, plant, and equipment represents furniture, fixtures, equipment, 

and information technology hardware and software which are recorded at original 

acquisition cost and are depreciated or amortized using the straight-line method over 

their estimated useful lives. Major alterations and renovations are capitalized, while 

maintenance and repair costs are expensed as incurred. AmeriCorps’ capitalization 

threshold is $50,000 for individual purchases and $250,000 for bulk purchases. 

Property, equipment, and software acquisitions that do not meet the capitalization 

criteria are expensed upon receipt. Applicable standard governmental guidelines 

regulate the disposal and convertibility of agency property, equipment, and software. 

The useful life classifications for capitalized assets are as follows: 

Description Useful Life (Years) 

Equipment 10 

Telecommunication Equipment 6 

Automated Data Processing Equipment 3 

Software 2 

55 
Financial Section (Unaudited) 

For additional information about the right-to-use lease assets beginning in FY 2024, 

see Note 12. Leases (Unaudited). 

Schedule of General Property, Plant, and Equipment, Net as of September 30, 2023 

(in thousands, unaudited): 

Schedule of General Property, Plant, and Equipment, Net as of September 30, 2022 

(in thousands, unaudited): 

Major Class 

Acquisition 

Cost 

Accumulated 

Amortization/ 

Depreciation 

Net Book 

Value 

Leasehold Improvements $ 5,125 $ 2,980 $ 2,145 

Furniture & Equipment 756 168 588 

Software 3,861 673 3,188 

Total $ 9,742 $ 3,821 $ 5,921 

Major Class 

Acquisition 

Cost 

Accumulated 

Amortization/ 

Depreciation 

Net Book 

Value 

Leasehold Improvements $ 5,125 $ 2,528 $ 2,597 

Furniture & Equipment 1,533 1,442 91 

Software - - -

Total $ 6,658 $ 3,970 $ 2,688 

NOTE 6. OTHER ASSETS (UNAUDITED) 

Advances and Prepayments are made in contemplation of the future performance of 

services, receipt of goods, incurrence of expenditures, or receipt of other assets, 

excluding those made as Outstanding Contract Financing Payments (in thousands, 

unaudited). 

Unaudited 2023 2022 

Intragovernmental 

Advances and Prepayments $ 1,109 $ 68 

Total Intragovernmental $ 1,109 $ 68 

Other than Intragovernmental 

Advances and Prepayments 16,624 38,507 

Total Other than Intragovernmental $ 16,624 $ 38,507 

Total Other Assets $ 17,733 $ 38,575 

56 
Financial Section (Unaudited) 

NOTE 7. LIABILITIES NOT COVERED BY BUDGETARY RESOURCES (UNAUDITED) 

The liabilities for AmeriCorps as of September 30, 2023, and 2022 include liabilities 

not covered by budgetary resources. Congressional action is needed before 

budgetary resources can be provided. Although future appropriations to fund these 

liabilities are likely and anticipated, it is not certain that appropriations will be enacted 

to fund these liabilities (in thousands, unaudited): 

Unaudited 2023 2022 

Intragovernmental:

 Other

 Intragovernmental – FECA $ 1,238 $ 1,296

 Intragovernmental – Unemployment Insurance 496 687

 Deferred Lease Liabilities 10,860 7,420 

Total Intragovernmental: $ 12,594 $ 9,403 

Other than Intragovernmental:

 Other

 Other than Intragovernmental – Unemployment Insurance 708 -

 Unfunded Leave 5,905 5,136

 Actuarial FECA 8,368 8,384 

Total Other than Intragovernmental: $ 14,981 $ 13,520 

Total Liabilities Not Covered by Budgetary Resources $ 27,575 $ 22,923 

Total Liabilities Covered by Budgetary Resources 492,529 575,690 

Total Liabilities Not Requiring Budgetary Resources 86 -

Total Liabilities $ 520,190 $ 598,613 

FECA and the Unemployment Insurance liabilities represent the unfunded liability for 

actual workers compensation claims and unemployment benefits paid on 

AmeriCorps’ behalf and payable to the Department of Labor. AmeriCorps also 

records an actuarial liability for future workers compensation claims based on the 

liability to benefits paid ratio provided by the Department of Labor and multiplied by 

the average of benefits paid over three years. 

Unfunded leave represents a liability for earned leave and is reduced when leave is 

taken. The balance in the accrued annual leave account is reviewed quarterly and 

adjusted as needed to accurately reflect the liability at current pay rates and leave 

balances. Accrued annual leave is paid from future funding sources and, accordingly, 

is reflected as a liability not covered by budgetary resources. Sick and other leave is 

expensed as taken. 

57 
 

Financial Section (Unaudited) 

NOTE 8. ACCOUNTS PAYABLE (UNAUDITED) 

AmeriCorps awards grants to nonprofit organizations, educational institutions, states, 

municipalities, and other external organizations. Grants become budgetary 

obligations, but not liabilities, at the time they are awarded. 

In FY 2023, management decided to end using the Compound Method of grants 

accrual estimation, designed around estimating an incurred but not reported to 

interface as a payable in the agency’s consolidated financial statements. The 

methodology did not result in a tangible benefit to overcome the previously 

identified material weaknesses, and its further use in fiscal year 2023 and beyond is 

unlikely to remediate past issues. In addition, structural changes occurring with the 

Department of Health and Human Services’ Payment Management System’s Federal 

Cash Transaction Report in June 2023 simplified how the agency recognizes 

advances/prepayments when grantees draw funds. As a result, replacing The 

Compound Method is an immediate desirable action for the agency. AmeriCorps is 

examining new accrual methodologies to implement in fiscal year 2024 that will align 

with the structural changes with the Department of Health and Human Services’ 

Payment Management System retirement of the Federal Cash Transaction Report. 

AmeriCorps’ management will continue to pursue a final state grants advances and 

incurred but not reported approach using best practice functionality and will develop 

new policies to ensure that a formal accrual process is identified and implemented. 

NOTE 9. ADVANCES FROM OTHERS AND DEFERRED REVENUE (UNAUDITED) 

Advances from others and deferred revenue are amounts received for goods or 

services to be delivered or performed in the future, and reflect amounts that have yet 

to be earned, and are not otherwise classified as advances or repayments. 

In FY 2023, advances were received from the Federal Emergency Management 

Agency ($5.9 million), and the Centers for Disease Control and Prevention ($88 

million) to leverage national service resources in support of improving disaster 

response, recovery, readiness, preparedness, and mitigation efforts to tackle 

problems in communities and make a positive public health impact. 

NOTE 10. OTHER LIABILITIES (UNAUDITED) 

Other Liabilities includes amounts recognized in accordance with Statement of 

Federal Financial Accounting Standards 5, Accounting for Liabilities of the Federal 

Government, and consists primarily of Benefits Program Contributions Payable, 

Accrued Funded Payroll and Leave, and Trust Service Award Liability. 

58 
 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

Unaudited 2023 2022 

Intragovernmental

 Other Liabilities (Without Reciprocals) 

 Other Liabilities 

 Liability to the General Fund of the U.S. Government for Custodial

 and Other Non-Entity Assets 

 Other Current Liabilities - Benefit Contributions Payable 

 Deferred Lease Liability 

 Technology Modernization Liability 

Total Intragovernmental Other Liabilities 

$ 

$ 

335 

-

86 

2,860 

5,860 

5,000 

14,141 

$ 

$ 

-

360

-

3,371

2,170

5,250 

11,151 

Other than Intragovernmental

 Trust Service Award Liability 

 Accrued Funded Payroll and Leave 

 Liability for Non-Fiduciary Deposit Funds and Undeposited

 Collections 

315,389 

6,225 

2,222 

339,761

5,974

2,028 

Total Other than Intragovernmental Other Liabilities $ 323,836 $ 347,763 

Total Other Liabilities $ 337,977 $ 358,914 

NOTE 11. TRUST SERVICE AWARD (UNAUDITED) 

A. Service Award Liability 

Individuals who successfully complete terms of service in AmeriCorps programs earn 

education awards, which can be used to make payments on qualified student loans or 

for educational expenses at qualified educational institutions. The education award 

generally must be used within seven years of completion date of an approved term of 

national service. If the education award is transferred to an eligible individual or is a 

Summer of Service award (which was available to youth enrolled in grades six 

through nine), the use period is ten years. These awards, as well as interest 

forbearance payments on qualified student loans during the period members 

perform their service, are paid from the National Service Trust Fund. The Service 

Award Liability as of September 30, 2023, and 2022 is as follows (in thousands, 

unaudited): 

Unaudited 2023 2022 

Cumulative Education Awards Earned $ 4,637,455 $ 4,490,202 

Cumulative Interest Forbearance Earned 132,941 132,749 

Total Cumulative Awards Earned $ 4,770,396 $ 4,622,951 

Less: Discount for Usage and Statistics (997,263) (931,129) 

Less: Cumulative Awards paid (3,505,333) (3,399,052) 

Total Liability for Awards Earned $ 267,800 $ 292,770 

Total Liability for Awards not yet Earned 47,589 46,991 

Total $ 315,389 $ 339,761 

59 
 

 

 

 

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Under the provisions included in its annual appropriations and under 42 U.S.C. 

12601a, AmeriCorps is also authorized to transfer additional amounts from subtitle C 

program funds to the National Service Trust to support the activities of national 

service participants. 

B. Service Award Expense 

Members serving in approved national service positions are eligible to earn a service 

award to pay for qualified education expenses. The National Service Trust also pays 

interest forbearance costs on qualified student loans during the period members 

perform community service. 

AmeriCorps estimates the expense for national service awards based on the increase 

in its cumulative service award liability during the year. The total service award liability 

as of September 30, 2023, and 2022, has been adjusted to reflect the fact that earned 

awards are not always used. (in thousands, unaudited) 

Unaudited 2023 2022 

Estimated Education Awards $ 77,744 $ 94,909 

Estimated Interest Forbearance 4,144 5,068 

National Service Award Expense $ 81,888 $ 99,977 

Trust American Recovery Plan Act Administrative Expense 4,778 785 

Total National Service Award Expense $ 86,666 $ 100,762 

The amount reported above for National Service Award Expense is the expense 

related directly to Education Awards and Interest Forbearance Awards. The Trust 

American Recovery Plan Act Administrative Expenses are related to the indirect cost 

of administering the Awards and are included in our trust financial statements but are 

not part of Education Award and Interest Forbearance Award Expense. 

NOTE 12. LEASES (UNAUDITED) 

AmeriCorps leases office space through the General Services Administration. 

AmeriCorps follows the guidance that is prescribed in the General Services 

Administration Leasing Policy and Desk Guide which contains authorities, policies, 

technical and procedural guides, and administrative limitations governing the 

acquisition of real property. The General Services Administration charges 

AmeriCorps a Standard Level Users Charge that approximates commercial rental 

rates for similar properties. AmeriCorps NCCC also leases housing facilities for its 

campuses. Additionally, AmeriCorps leases motor vehicles on an annual basis 

through the General Services Administration under an Interagency Fleet 

Management Service agreement for AmeriCorps NCCC. The leases are renewable 

with no purchase or escalation clause. AmeriCorps is currently researching their lease 

portfolio to determine which reporting categories are applicable to AmeriCorps, as 

60 
 

 

 

 

 

-

Financial Section (Unaudited) 

defined by the new lease guidance in Statement of Federal Financial Accounting 

Standards 54, Leases, which is effective for FY 2024 reporting. The following 

schedule presents future minimum rental commitments under operating leases as of 

September 30 of each year. 

Unaudited Asset Category Totals 

Building, 

Facilities and Equipment 

Fiscal Year Space Vehicles (Other) Federal Non Federal 

2024 $ 11,975 $ 864 $ 174 $ 5,486 $ 7,527 

2025 12,599 874 174 5,633 8,014 

2026 13,265 884 174 5,786 8,537 

2027 13,976 894 174 5,942 9,102 

2028 14,735 905 174 6,104 9,710 

*After 5 Years 87,062 4,692 870 37,319 55,305 

Total Future Lease Payments $ 153,612 $ 9,113 $ 1,740 $ 66,270 $ 98,195 

* The “After 5 Years” calculation is based on assumptions for the next five years, FY 

2029 to 2033. 

The operating lease amount does not include estimated payments for leases with 

annual renewal options. 

NOTE 13. COMMITMENTS AND CONTINGENCIES (UNAUDITED) 

Liabilities are deemed contingent when the existence or amount of the liability cannot 

be determined with certainty pending the outcome of future events. AmeriCorps 

recognizes contingent liabilities in the balance sheet and statement of net cost when 

it is both probable and can be reasonably estimated. AmeriCorps discloses 

contingent liabilities in the notes to the financial statements when the conditions for 

liability recognition are not met or when a loss from the outcome of future events is 

more than remote. 

AmeriCorps does not have any commitments or contingencies as of September 30, 

2023, and 2022. 

NOTE 14. INTER-ENTITY COSTS (UNAUDITED) 

AmeriCorps recognizes certain imputed costs for goods and services that are 

received from other federal entities at no cost or at a cost less than the full cost. 

Certain costs of the providing entity that are not fully reimbursed are recognized as 

imputed cost and are offset by imputed revenue. Such imputed costs and revenues 

relate to employee benefits and claims to be settled by the Treasury Judgement 

Fund. AmeriCorps recognizes imputed costs as the amount of accrued pension and 

post-retirement benefit expenses for current employees. The assets and liabilities 

61 
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associated with such benefits are the responsibility of the administering agency, 

OPM. 

For the periods ended September 30, 2023, and 2022, inter-entity costs were as 

follows (in thousands, unaudited): 

Unaudited 2023 2022 

Office of Personnel Management $ 7,905 $ 4,427 

Total Imputed Financing Sources $ 7,905 $ 4,427 

NOTE 15. STATEMENT OF BUDGETARY RESOURCES (UNAUDITED) 

A. Unobligated Balances 

Unobligated balances as of September 30, 2023, and 2022, were as follows (in 

thousands, unaudited): 

Unaudited 2023 2022 

Unobligated Balance Brought Forward From Prior Year, October 1 $ 1,262,210 $ 1,535,063 

Recoveries of Prior Year Obligations 310,089 412,386 

Other Changes in Unobligated Balances (23,765) (255,606) 

Unobligated Balance From Prior Year Budget Authority, Net 

(Discretionary and Mandatory) $ 1,548,534 $ 1,691,843 

B. Undelivered Orders at the End of the Period 

Budgetary resources obligated for undelivered orders as of September 30, 2023, 

were as follows (in thousands, unaudited): 

Unaudited Intragovernmental 

Other than 

Intragovernmental Total 

Paid Undelivered Orders $ 1,110 $ 16,624 $ 17,734 

Unpaid Undelivered Orders 13,161 2,144,917 2,158,078 

Total Undelivered Orders $ 14,271 $ 2,161,541 $ 2,175,812 

Budgetary resources obligated for undelivered orders as of September 30, 2022, 

were as follows (in thousands, unaudited): 

Unaudited Intragovernmental 

Other than 

Intragovernmental Total 

Paid Undelivered Orders $ 68 $ 38,507 $ 38,575 

Unpaid Undelivered Orders 10,634 1,664,478 1,675,112 

Total Undelivered Orders $ 10,702 $ 1,702,985 $ 1,713,687 

62 
 

 

 

 

 

 

 

 

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C. Explanation of differences between the Statement of Budgetary Resources 

and the Budget of the U.S. Government 

Statement of Federal Financial Accounting Standards No. 7, Accounting for Revenue 

and Other Financing Sources and Concepts for Reconciling Budgetary and Financial 

Accounting, calls for explanation of material differences between amounts reported 

in the Combined Statement of Budgetary Resources and the actual balances 

published in the Budget of the U.S. Government (the President’s Budget). 

There was no material difference between the FY 2022 Statement of Budgetary 

Resources and the President’s FY 2024 budget submission. The President’s FY 2025 

Budget with actual numbers for FY 2023 has not yet been published and will be 

available at a later date at the White House website.38 AmeriCorps expects no 

material differences between the President’s Budget actual amounts and the FY 2023 

reported results when the budget becomes available in February 2024. 

The “Other” line represents rounding, timing, and other immaterial differences 

between AmeriCorps’ Combined Statement of Budgetary Resources and the Budget 

of the United States. 

The President’s Budget is reported in millions (unaudited). 

New Obligations Distributed 

Budgetary & Upward Offsetting Net 

Unaudited Resources Adjustments (Total) Receipts Outlays 

Combined Statement of Budgetary Resources $ 3,355 $ 2,093 $ 3 $ 1,253 

Distributed Offsetting Receipts - - (3) 3 

Spending Authority from Offsetting Collections (231) - - -

Other (3) (75) - 1 

Budget of the U.S. Government $ 3,121 $ 2,018 $ - $ 1,257 

NOTE 16. RECONCILIATION OF NET COST TO NET OUTLAYS (UNAUDITED) 

The reconciliation of net outlays, presented on a budgetary basis, and the net cost, 

presented on an accrual basis, provides an explanation of the relationship between 

budgetary and financial accounting information (in thousands, unaudited). 

38 https://www.whitehouse.gov/omb/budget/ 

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RECONCILIATION OF NET COST TO NET OUTLAYS 

BUDGET TO ACCRUAL RECONCILIATION 

FOR THE YEARS ENDED SEPTEMBER 30, 2023 

(In Thousands) 

Unaudited Intragovernmental

 Other than 

Intragovernmental Total 

Net Operating Cost (SNC) $ (18,412) $ 934,486 $ 916,074 

Components of Net Cost Not Part of the Budgetary 

Outlays 

Property, Plant, and Equipment Depreciation Expense $ - $ (1,376) $ (1,376) 

Property, Plant, and Equipment Disposals & Revaluations - (7) (7) 

Increase/(Decrease) in Assets:

 Accounts Receivable, Net (517) 222 (295)

 Securities and Investments 18,593 - 18,593

 Other Assets 1,041 (18,021) (16,980) 

(Increase)/Decrease in Liabilities:

 Accounts Payable 2,804 114,235 117,039

 Federal Employee and Veteran Benefits Payable - (641) (641)

 Other Liabilities (61,873) 24,163 (37,710) 

Financing Sources:

 Imputed Cost (7,905) - (7,905) 

$ (47,857) $ 118,575 $ 70,718 

Total Components of Net Operating Cost Not Part of the 

Budgetary Outlays 

Components of the Budget Outlays That Are Not Part of 

Net Operating Cost 

Acquisition of Capital Assets $ - $ 4,616 $ 4,616 

Financing Sources:

 Donated Revenue - (12) (12) 

$ - $ 4,604 $ 4,604 

Total Components of the Budget Outlays That Are Not Part 

of Net Operating Cost 

Misc Items: 

Distributed Offsetting Receipts $ - $ (230,675) $ (230,675) 

Custodial/Non-Exchange Revenue - (832) (832) 

Non-Entity Activity 755 - 755 

Other Temporary Timing Differences (1) 2 1 

Appropriated Receipts for Trust/Special Funds 276,536 10 276,546 

Total Other Reconciling Items $ 277,290 $ (231,495) $ 45,795 

Total Net Outlays (Calculated Total) $ 211,021 $ 826,170 $ 1,037,191 

NOTE 17. COVID-19 ACTIVITY (UNAUDITED) 

The American Rescue Plan Act of 2021, also called the COVID-19 Stimulus Package 

or American Rescue Plan, is a US$1.9 trillion economic stimulus bill passed by the 

117th United States Congress and signed into law by President Joe Biden on March 

11, 2021, to speed up the country's recovery from the economic and health effects of 

the COVID-19 pandemic and the ongoing recession. 

64 
 

 

 

 

 

 

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The American Rescue Plan contained $1 billion for AmeriCorps and many of its 

programs. This funding positioned the agency to make significant, targeted 

investments needed to further support the Administration’s top priority to provide 

immediate relief related to the pandemic, with a specific focus on support for 

underserved and disproportionately impacted communities. 

The funding will continue to make service more accessible and inclusive, increase the 

diversity, cultural experiences, and number of AmeriCorps members and AmeriCorps 

Seniors volunteers serving in communities across the country, and to help stabilize 

existing national service programs and expand into new communities. 

COVID-19 activity as of September 30, 2023, were as follows (in thousands, 

unaudited): 

Public 

American Health Public 

Rescue Plan AmeriCorps American Health 

Technology Operating Operating Rescue Plan AmeriCorps 

Modernization and Program and Program Salaries and Salaries and 

Unaudited Fund Expenses Expenses Expenses Expenses 

COVID-19 Activity 

Budgetary Resources: Unobligated (and 

unexpired) Balance Carried Forward from PY $ 7,000 $ 303,948 $ 30,189 $ 55,462 $ 5,714 

New Budgtary Resources (+) 5,000 - 84,107 - 9 

Rescissions (-)/Other Changes (+/-) to Budgtary 

Resources - 51,459 6,960 72 4,385 

Budgetary Resources Obligated (-) 8,660 332,962 97,776 24,301 5,015 

Budgetary Resources: Ending Unobligated (and 

unexpired) Balance to be Carried Forward $ 3,340 $ 22,445 $ 23,480 $ 31,233 $ 5,093 

Outlays, Net (Total) $ 4,688 $ 201,313 $ (54,153) $ 23,419 $ 1,403 

65 
 

 

 

 

 

 

Financial Section (Unaudited) 

COVID-19 activity as of September 30, 2022, were as follows (in thousands, 

unaudited): 

Public 

American Health Public 

Rescue Plan AmeriCorps American Health 

Technology Operating Operating Rescue Plan AmeriCorps 

Modernization and Program and Program Salaries and Salaries and 

Unaudited Fund Expenses Expenses Expenses Expenses 

COVID-19 Activity 

Budgetary Resources: Unobligated (and 

unexpired) Balance Carried Forward from PY $ - $ 519,401 $ - $ 70,503 $ -

New Budgtary Resources (+) 7,000 - 102,270 - 8,182 

Rescissions (-)/Other Changes (+/-) to Budgtary 

Resources - 157,249 - - -

Budgetary Resources Obligated (-) - 372,702 72,081 15,041 2,468 

Budgetary Resources: Ending Unobligated (and 

unexpired) Balance to be Carried Forward $ 7,000 $ 303,948 $ 30,189 $ 55,462 $ 5,714 

Outlays, Net (Total) $ - $ 49,586 $ (99,858) $ 12,210 $ (6,864) 

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Independent Auditors’ Report on the Consolidated Financial 

Statements (Unaudited) 

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National Service Trust Funds Financial Statements (Unaudited) 

AMERICORPS 

TRUST BALANCE SHEETS 

AS OF SEPTEMBER 30, 2023 AND 2022 

(In Thousands) 

Unaudited Unaudited 

2023 2022 

Assets: 

Intragovernmental Assets: 

Fund Balance with Treasury (Note 2) $ 219,508 $ 353,063 

Investments, Net (Note 3) 1,396,418 1,078,367 

Total Intragovernmental Assets $ 1,615,926 $ 1,431,430 

Other than Intragovernmental Assets: 

Accounts Receivable, Net 20 -

Total Other than Intragovernmental Assets $ 20 $ -

Total Assets $ 1,615,946 $ 1,431,430 

Liabilities (Note 4): 

Intragovernmental Liabilities: 

Other Liabilities (Note 5):

 Other Current Liabilities - Benefit Contributions Payable $ 28 $ -

Total Intragovernmental Liabilities $ 28 $ -

Other than Intragovernmental Liabilities: 

Accounts Payable 205 -

Federal Employee and Veteran Benefits Payable 141 -

Other Liabilities (Note 5):

 Trust Service Award Liability (Note 6) 315,389 339,761

 Other Liabilities 74 -

Total Other than Intragovernmental Liabilities $ 315,809 $ 339,761 

Total Liabilities $ 315,837 $ 339,761 

Commitments and Contingencies (Note 7) 

Net Position: 

Total Cumulative Results of Operations - Funds from Other than Dedicated 

Collections $ 1,300,109 $ 1,091,669 

Total Net Position $ 1,300,109 $ 1,091,669 

Total Liabilities and Net Position $ 1,615,946 $ 1,431,430 

The accompanying notes are an integral part of these principal financial statements. 

118 
Financial Section (Unaudited) 

AMERICORPS 

TRUST STATEMENTS OF NET COST 

FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022 

(In Thousands) 

Unaudited Unaudited 

2023 2022 

Gross Program Costs: 

VISTA: 

Gross Costs $ 10,328 $ 11,989 

Net Program Costs $ 10,328 $ 11,989 

NCCC: 

Gross Costs $ 488 $ 729 

Net Program Costs $ 488 $ 729 

STATE AND NATIONAL: 

Gross Costs $ 75,850 $ 88,044 

Less: Earned Revenue (39,408) (6,112) 

Net Program Costs $ 36,442 $ 81,932 

Net Cost of Operations $ 47,258 $ 94,650 

The accompanying notes are an integral part of these principal financial statements. 

119 
Financial Section (Unaudited) 

AMERICORPS 

TRUST STATEMENTS OF CHANGES IN NET POSITION 

FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022 

(In Thousands) 

Unaudited Unaudited 

2023 2022 

Cumulative Results of Operations: 

Beginning Balance $ 1,091,669 $ 801,247 

Beginning Balance, as Adjusted $ 1,091,669 $ 801,247 

Donations and Forfeitures of Cash and Cash Equivalents (23) 23 

Transfers In/Out Without Reimbursement 255,721 385,049 

Net Cost of Operations (47,258) (94,650) 

Net Change in Cumulative Results of Operations $ 208,440 $ 290,422 

Total Cumulative Results of Operations $ 1,300,109 $ 1,091,669 

120 

Net Position $ 1,300,109 $ 1,091,669 

The accompanying notes are an integral part of these principal financial statements. 
Financial Section (Unaudited) 

AMERICORPS 

TRUST STATEMENTS OF BUDGETARY RESOURCES 

FOR THE YEARS ENDED SEPTEMBER 30, 2023 AND 2022 

(In Thousands) 

Unaudited Unaudited 

2023 2022 

Budgetary Resources: 

Unobligated Balance from Prior Year Budget Authority, Net (Discretionary and 

Mandatory) (Note 9) 

Appropriations (Discretionary and Mandatory) 

Total Budgetary Resources 

$ 730,435 

256,205 

$ 986,640 

$ 

$ 

538,713 

386,504 

925,217 

Status of Budgetary Resources: 

New Obligations and Upward Adjustments (total) 

Unobligated Balance, End of Year:

 Apportioned, Unexpired Accounts 

 Unapportioned, Unexpired Accounts 

Unexpired Unobligated Balance, End of Year 

Unobligated Balance, End of Year (total) 

Total Budgetary Resources 

$ 209,407 

679,938 

97,295 

$ 777,233 

$ 777,233 

$ 986,640 

$ 

$ 

$ 

$ 

272,946 

452,353

199,918 

652,271 

652,271 

925,217 

Outlays, Net and Disbursements, Net: 

Outlays, Net (total) (Discretionary and Mandatory) 

Distributed Offsetting Receipts 

Agency Outlays, Net 

$ 110,633 

(230,000) 

$ (119,367) 

$ 

$ 

116,802 

-

116,802 

The accompanying notes are an integral part of these principal financial statements. 

121 
 

 

 

 

 

 

 

 

 

 

 

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Notes to the National Service Trust Funds Financial 

Statements (Unaudited) 

NOTE 1. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (UNAUDITED) 

A. Reporting Entity 

AmeriCorps39 provides opportunities for Americans to make an ongoing, intensive 

commitment to service through the following programs: 

• AmeriCorps State and National40 

• AmeriCorps VISTA41 

• AmeriCorps NCCC42 

• AmeriCorps State Service Commission Support Grants (State Commission 

Support)43 

• AmeriCorps Seniors44 

AmeriCorps was created by the National and Community Service Trust Act of 1993 

(Public Law 103-82). To meet its mission, AmeriCorps provides grants and other 

assistance to states, local communities, and nonprofit organizations to help 

communities meet critical challenges in the areas of education, healthy futures, 

environmental stewardship, economic opportunity, disaster services, and veterans 

and military families through service. 

39 https://americorps.gov/ 

40 https://americorps.gov/serve/fit-finder/americorps-state-national 

41 https://americorps.gov/serve/fit-finder/americorps-vista 

42 https://americorps.gov/serve/fit-finder/americorps-nccc 

43https://www.americorps.gov/grantees-sponsors/state-commissions 

44 https://americorps.gov/serve/americorps-seniors 

122 
 

 

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B. Basis of Accounting and Presentation 

The accompanying trust financial statements have been prepared in accordance with 

U.S. GAAP and accounting standards issued by the Federal Accounting Standards 

Advisory Board and in the format prescribed by the OMB Circular No. A-136, 

Financial Reporting Requirements, as amended. The Federal Accounting Standards 

Advisory Board is recognized by the American Institute of Certified Public 

Accountants as the official accounting standards-setting body for US government 

entities. The trust financial statements present the financial position, net cost of 

operations, changes in net position, and budgetary resources of AmeriCorps, as 

required by the CFO Act of 1990, the Government Management Reform Act of 1994, 

and the Government Corporation Control Act (31 U.S.C. §9106). 

Throughout the trust financial statements and notes, certain assets, liabilities, earned 

revenue, and costs have been classified as intragovernmental, which is defined as 

transactions made between two reporting entities within the federal government. 

Transactions are recorded on both an accrual and budgetary basis. Under the accrual 

method of accounting, revenues are recognized when earned and expenses are 

recognized when incurred without regard to receipt or payment of cash. Budgetary 

accounting principles, on the other hand, are designed to facilitate compliance with 

the legal requirements, controls, monitoring, and reporting on the use of federal 

funds. 

AmeriCorps presents the Balance Sheet, Statement of Net Cost, and Statement of 

Changes in Net Position on a consolidated basis, which is a summation of the 

AmeriCorps programs. The Statement of Budgetary Resources is presented on a 

combined basis, which is the summation of Budgetary Resources, Status of Budgetary 

Resources, and Outlays, Net. The balances and activity of budgetary accounts are 

used to prepare the Statements of Budgetary Resources. 

C. Accounting for Intragovernmental and Other than Intragovernmental 

The Treasury Financial Manual, Volume I, Part 2, Chapter 4700, provides guidance for 

reporting and reconciling intragovernmental balances. The Statement of Federal 

Financial Accounting Standards No. 1, Accounting for Selected Assets and Liabilities, 

defines recognition, measurement, and disclosure requirements for 

intragovernmental assets and liabilities. 

Intragovernmental assets and liabilities represent transactions that are made between 

Federal reporting entities. Intragovernmental assets are claims that other federal 

reporting entities owe to AmeriCorps. Intragovernmental liabilities are claims that 

AmeriCorps owes to other federal reporting entities. Other than intragovernmental 

assets and liabilities represent transactions with public entities, such as state and local 

government or any agency, office or department run by a state and local 

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government. Other than intragovernmental assets are claims that public entities owe 

to AmeriCorps. Other than intragovernmental liabilities are claims that AmeriCorps 

owes to public entities. 

Intragovernmental asset and liability transactions are reported separately from other 

than intragovernmental asset and liability transactions. 

D. Fund Balance with Treasury 

Fund Balance with Treasury is an asset of a reporting entity and a liability of the General 

Fund. Fund Balance with Treasury represents the aggregate amount of the agency’s 

accounts with the Department of Treasury (Treasury) available to pay current liabilities 

and finance authorized purchases, except as restricted by law. AmeriCorps’ Fund 

Balance with Treasury balances are primarily appropriated expenditure, receipt, 

revolving, trust, and deposit fund accounts remaining as of the end of the fiscal year. 

Appropriated funds recorded in expenditure accounts are available to pay current 

liabilities and finance authorized purchases. 

AmeriCorps does not maintain commercial bank accounts of its own, has no 

disbursing authority, and does not maintain cash held outside of Treasury. Funds are 

disbursed for the agency on demand. 

For additional information, see Note 2, Fund Balance with Treasury (Unaudited). 

E. Investment, Net 

AmeriCorps has the authority to invest in US government securities. The securities 

include marketable Treasury securities issued by the Bureau of the Fiscal Service. It is 

expected that investments will be held until maturity; therefore, they are classified as 

investment securities held to maturity and are carried at historical cost, adjusted for 

amortization of premiums and discounts. The amortization of premiums and 

discounts are recognized as adjustments to interest income using the level-yield, 

scientific method of effective interest amortization over the term of the respective 

issues. Interest on investments is accrued as it is earned. 

For additional information, see Note 3, Investments, Net (Unaudited). 

F. Use of Estimates 

The preparation of the trust financial statements in conformity with GAAP requires 

management to make estimates and assumptions, and exercise judgment that affects 

the reported amounts of assets, liabilities as of the date of the trust financial 

statements, and the reported amounts of revenues and expenses incurred during the 

reporting period. These estimates are based on management’s best knowledge of 

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current events, historical experience, actions that AmeriCorps may take in the future, 

and various other assumptions that are believed to be reasonable under the 

circumstances. Due to the size and complexity of many of the AmeriCorps programs, 

the estimates are subject to a wide range of variables, including assumptions on 

future economic and financial events. Accordingly, actual results could differ from 

those estimates. 

G. Reclassification 

Due to the Migration to Treasury’s Administrative Resource Center, AmeriCorps is 

continuing to analyze certain FY 2023 balances to determine if they should be 

reclassified, retitled, or combined with other financial statement line items for 

consistency with the current year presentation. Until the research and analysis of the 

balances is completed, AmeriCorps will not be able to determine if reclassifications 

are needed. 

H. Trust Service Award Liability 

The Trust Service Award Liability represents unpaid education awards and eligible 

student loan interest forbearance costs, which are expected to be used upon 

certification. These amounts relate to participants who have completed service based 

on AmeriCorps’ historical experience. 

For additional information, see Note 5, Trust Service Award Liability (Unaudited). 

I. National Service Award Expense 

Members serving in approved national service positions are eligible to earn a service 

award to pay for qualified education expenses. The National Service Trust also pays 

interest forbearance costs on qualified student loans during the period members 

perform community service. 

For additional information, see Note 6, National Service Award Expense (Unaudited). 

NOTE 2. FUND BALANCE WITH TREASURY (UNAUDITED) 

The Fund Balance with Treasury is an asset account that shows the available budget 

spending authority for AmeriCorps. Collections and disbursements increase or 

decrease the balance in the Fund Balance with Treasury account. Funds are available 

only for the purposes for which they are appropriated, and AmeriCorps reports 

changes to this account to the Treasury through monthly reporting. 

Fund Balance with Treasury account balances as of September 30, 2023, and 2022 

were as follows (in thousands, unaudited): 

125 
 

Financial Section (Unaudited) 

Unaudited 2023 2022 

Status of Fund Balance with Treasury: 

Unobligated Balance

 Available $ 679,938 $ 452,352

 Unavailable 351,582 433,875 

Obligated Balance Not Yet Disbursed 560,804 540,193 

Net of Unamortized Discount (1,372,816) (1,073,357) 

Total $ 219,508 $ 353,063 

No discrepancies exist between the Fund Balance reflected on the Balance Sheet and 

the balances in the Treasury accounts. 

The available unobligated fund balances represent the current period amount 

available for obligation or commitment. At the start of the next fiscal year, this amount 

will become part of the unavailable balance as described in the following paragraph. 

The unavailable unobligated fund balances consist primarily of funds that are 

precluded from obligation by law. These balances are available for upward 

adjustments of obligations incurred only during the period for which the 

appropriation was available for obligation or for paying claims attributable to the 

appropriations. 

The obligated balance not yet disbursed includes accounts payable, accrued 

expenses, and undelivered orders that have reduced unexpended appropriations but 

have not yet decreased the fund balance on hand. 

The net of unamortized discount represents the amount of investments purchased 

offset by the applied discounts and premiums and reflects the portion of the 

investment that remains to be amortized to interest income over the life of the 

investment. The discount is the amount by which the investment purchase price is 

lower than net asset value, which is dependent on market trends. 

NOTE 3. INVESTMENTS, NET (UNAUDITED) 

Investments, Net as of September 30, 2023, consist of the following (in thousands, 

unaudited): 

Unaudited 

Cost/ 

Aquisition 

Value 

Amortization

 Method 

Amortized

 (Premium) 

Discount 

Interest 

Receivable 

Investments 

Net 

Market 

Value 

Disclosure

Intragovernmental Investments: 

 Market-based

 Bills $ 416,460 Interest $ 7,003 $ - $ 423,463 $ 423,103 

 Notes 956,355 Interest 14,629 1,971 972,955 967,355 

Total Intragovernmental 

Investments $ 1,372,815 $ 21,632 $ 1,971 $ 1,396,418 $ 1,390,458 

126 
Financial Section (Unaudited) 

Note: There are no unrealized gains/(losses) to report for FY 2023 Investments. 

Investments, Net as of September 30, 2022, consist of the following (in thousands, 

unaudited): 

Unaudited 

Cost/ 

Aquisition 

Value 

Amortization

 Method 

Amortized

 (Premium) 

Discount 

Interest 

Receivable 

Investments 

Net 

Market 

Value 

Disclosure

Intragovernmental Investments: 

 Market-based

 Bills $ 545,381 Interest $ 3,370 $ - $ 548,751 $ 546,166 

 Notes 527,977 Interest 1,456 183 529,616 518,589 

Total Intragovernmental 

Investments $ 1,073,358 $ 4,826 $ 183 $ 1,078,367 $ 1,064,755 

Note: There are no unrealized gains/(losses) to report for FY 2023 Investments. 

NOTE 4. LIABILITIES NOT COVERED BY BUDGETARY RESOURCES 

The liabilities for AmeriCorps as of September 30, 2023, and 2022 include liabilities 

not covered by budgetary resources. Congressional action is needed before 

budgetary resources can be provided. Although future appropriations to fund these 

liabilities are likely and anticipated, it is not certain that appropriations will be enacted 

to fund these liabilities (in thousands, unaudited): 

Unaudited 2023 2022 

Other than Intragovernmental:

 Other

 Unfunded Leave $ 141 $ -

Total Other than Intragovernmental: $ 141 $ -

Total Liabilities Not Covered by Budgetary Resources $ 141 $ -

Total Liabilities Covered by Budgetary Resources 315,696 339,761 

Total Liabilities Not Requiring Budgetary Resources - -

Total Liabilities $ 315,837 $ 339,761 

FECA and the Unemployment Insurance liabilities represent the unfunded liability for 

actual workers compensation claims and unemployment benefits paid on 

AmeriCorps’ behalf and payable to the Department of Labor. AmeriCorps also 

records an actuarial liability for future workers compensation claims based on the 

liability to benefits paid ratio provided by the Department of Labor and multiplied by 

the average of benefits paid over three years. 

Unfunded leave represents a liability for earned leave and is reduced when leave is 

taken. The balance in the accrued annual leave account is reviewed quarterly and 

adjusted as needed to accurately reflect the liability at current pay rates and leave 

balances. Accrued annual leave is paid from future funding sources and, accordingly, 

127 
Financial Section (Unaudited) 

is reflected as a liability not covered by budgetary resources. Sick and other leave is 

expensed as taken. 

NOTE 5. OTHER LIABILITIES (UNAUDITED) 

Other Liabilities includes amounts recognized in accordance with Statement of 

Federal Financial Accounting Standards 5, Accounting for Liabilities of the Federal 

Government, and consists primarily of Benefits Program Contributions Payable, 

Accrued Funded Payroll and Leave, and Trust Service Award Liability. 

Unaudited 2023 2022 

Intragovernmental

 Other Current Liabilities - Benefit Contributions Payable $ 28 $ -

Total Intragovernmental Other Liabilities $ 28 $ -

Other than Intragovernmental

 Trust Service Award Liability 315,389 339,761

 Accrued Funded Payroll and Leave 74 -

Total Other than Intragovernmental Other Liabilities $ 315,463 $ 339,761 

Total Other Liabilities $ 315,491 $ 339,761 

NOTE 6. TRUST SERVICE AWARD LIABILITY (UNAUDITED) 

Individuals who successfully complete terms of service in AmeriCorps programs earn 

education awards, which can be used to make payments on qualified student loans or 

for educational expenses at qualified educational institutions. The education award 

generally must be used within seven years of completion date of an approved term of 

national service. If the education award is transferred to an eligible individual or is a 

Summer of Service award (which was available to youth enrolled in grades six 

through nine), the use period is ten years. These awards, as well as interest 

forbearance payments on qualified student loans during the period members 

perform their service, are paid from the National Service Trust Fund. The Service 

Award Liability as of September 30, 2023, and 2022, is as follows (in thousands, 

unaudited): 

128 
Financial Section (Unaudited) 

Unaudited 2023 2022 

 

 

 

 

 

 

 

 

Cumulative Education Awards Earned $ 4,637,455 $ 4,490,202 

Cumulative Interest Forbearance Earned 132,941 132,749 

Total Cumulative Awards Earned $ 4,770,396 $ 4,622,951 

Less: Discount for Usage and Statistics (997,263) (931,129) 

Less: Cumulative Awards paid (3,505,333) (3,399,052) 

Total Liability for Awards Earned $ 267,800 $ 292,770 

Total Liability for Awards not yet Earned 47,589 46,991 

Total $ 315,389 $ 339,761 

Under the provisions included in its annual appropriations and under 42 U.S.C. 

12601a, AmeriCorps is also authorized to transfer additional amounts from subtitle C 

program funds to the National Service Trust to support the activities of national 

service participants. 

NOTE 7. COMMITMENTS AND CONTINGENCIES (UNAUDITED) 

Liabilities are deemed contingent when the existence or amount of the liability cannot 

be determined with certainty pending the outcome of future events. AmeriCorps 

recognizes contingent liabilities in the balance sheet and statement of net cost when 

it is both probable and can be reasonably estimated. AmeriCorps discloses 

contingent liabilities in the notes to the financial statements when the conditions for 

liability recognition are not met or when a loss from the outcome of future events is 

more than remote. 

AmeriCorps does not have any commitments or contingencies as of September 30, 

2023, and 2022. 

NOTE 8. NATIONAL SERVICE AWARD EXPENSE (UNAUDITED) 

Members serving in approved national service positions are eligible to earn a service 

award to pay for qualified education expenses. The National Service Trust also pays 

interest forbearance costs on qualified student loans during the period members 

perform community service. 

AmeriCorps estimates the expense for national service awards based on the increase 

in its cumulative service award liability during the year. The total service award liability 

as of September 30, 2023, and 2022 has been adjusted to reflect the fact that earned 

awards are not always used (in thousands, unaudited): 

129 
 

 

 

Financial Section (Unaudited) 

Unaudited 2023 2022 

Estimated Education Awards $ 77,744 $ 94,909 

Estimated Interest Forbearance 4,144 5,068 

National Service Award Expense $ 81,888 $ 99,977 

Trust American Recovery Plan Act Administrative Expense 4,778 785 

Total National Service Award Expense $ 86,666 $ 100,762 

NOTE 9. STATEMENT OF BUDGETARY RESORUCES (UNAUDITED) 

A. Unobligated Balances 

Unobligated balances as of September 30, 2023, and 2022, were as follows (in 

thousands, unaudited): 

Unaudited 2023 2022 

Unobligated Balance Brought Forward From Prior Year, October 1 $ 652,271 $ 620,574 

Recoveries of Prior Year Obligations 78,164 152,096 

Other Changes in Unobligated Balances - (233,957) 

Unobligated Balance From Prior Year Budget Authority, Net 

(Discretionary and Mandatory) $ 730,435 $ 538,713 

B. Agency Outlays, Net 

Agency Outlays, Net as of September 30, 2023, was a negative balance due to 

incoming receipts exceeding total expenditures. 

NOTE 10. RECONCILIATION OF NET COST TO NET OUTLAYS (UNAUDITED) 

The reconciliation of net outlays, presented on a budgetary basis, and the net cost, 

presented on an accrual basis, provides an explanation of the relationship between 

budgetary and financial accounting information (in thousands, unaudited). 

130 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

Financial Section (Unaudited) 

RECONCILIATION OF NET COST TO NET OUTLAYS 

BUDGET TO ACCRUAL RECONCILIATION 

FOR THE YEAR ENDED SEPTEMBER 30, 2023 

(In Thousands) 

Unaudited Intragovernmental

 Other than 

Intragovernment Total 

Net Operating Cost (SNC) $ (39,036) $ 86,294 $ 47,258 

Components of Net Cost Not Part of the Budgetary 

Outlays 

Increase/(Decrease) in Assets: 

Accounts Receivable, Net $ - $ 20 $ 20 

Securities and Investments 18,593 - 18,593 

(Increase)/Decrease in Liabilities: 

Accounts Payable 11 (200) (189) 

Federal Employee and Veteran Benefits Payable - (141) (141) 

Other Liabilities (28) 24,283 24,255 

Total Components of Net Operating Cost Not Part of the $ Budgetary Outlays 18,576 $ 23,962 $ 42,538 

Components of the Budget Outlays That Are Not Part of 

Net Operating Cost 

Financing Sources: 

Donated Revenue $ - $ 23 $ 23 

Transfers Out (In) Without Reimbursements (255,721) - (255,721) 

$ 23 $ (255,698) 

Total Components of the Budget Outlays That Are Not Part 

of Net Operating Cost $ (255,721) 

Misc Items 

Distributed Offsetting Receipts 

Other Temporary Timing Differences 

Appropriated Receipts for Trust/Special Funds 

Total Other Reconciling Items 

Total Net Outlays (Calculated Total) 

$ 

$ 

$ 

-

1 

276,536 

276,537 

356 

$ 

$ 

$ 

(230,000) 

(2) 

-

(230,002) 

(119,723) 

$ 

$ 

$ 

(230,000) 

(1) 

276,536 

46,535 

(119,367) 

131 
Financial Section (Unaudited) 

Independent Auditors’ Report on the National Service Trust 

Funds Financial Statements (Unaudited) 

132 
Financial Section (Unaudited) 

133 
Financial Section (Unaudited) 

134 
Financial Section (Unaudited) 

135 
Financial Section (Unaudited) 

136 
Financial Section (Unaudited) 

137 
Financial Section (Unaudited) 

138 
Financial Section (Unaudited) 

139 
Financial Section (Unaudited) 

140 
Financial Section (Unaudited) 

141 
Financial Section (Unaudited) 

142 
Financial Section (Unaudited) 

143 
Financial Section (Unaudited) 

144 
Financial Section (Unaudited) 

145 
Financial Section (Unaudited) 

146 
Financial Section (Unaudited) 

147 
Financial Section (Unaudited) 

148 
Financial Section (Unaudited) 

149 
Financial Section (Unaudited) 

150 
Financial Section (Unaudited) 

151 
Financial Section (Unaudited) 

152 
Financial Section (Unaudited) 

153 
Financial Section (Unaudited) 

154 
Financial Section (Unaudited) 

155 
Financial Section (Unaudited) 

156 
Financial Section (Unaudited) 

157 
Financial Section (Unaudited) 

158 
Financial Section (Unaudited) 

159 
Financial Section (Unaudited) 

160 
Financial Section (Unaudited) 

161 
Financial Section (Unaudited) 

162 
Financial Section (Unaudited) 

163 
Financial Section (Unaudited) 

164 
Financial Section (Unaudited) 

165 
Financial Section (Unaudited) 

166 
Unaudited 

SECTION III - OTHER INFORMATION (UNAUDITED) 

Management Challenges and Management Responses 

167 
Unaudited 

168 
Unaudited 

169 
Unaudited 

170 
Unaudited 

171 
Unaudited 

172 
Unaudited 

173 
Unaudited 

174 
Unaudited 

175 
Unaudited 

176 
Unaudited 

177 
Unaudited 

178 
Unaudited 

179 
Unaudited 

180 
Unaudited 

181 
Unaudited 

182 
Unaudited 

183 
Unaudited 

184 
Unaudited 

185 
Unaudited 

186 
Unaudited 

187 
Unaudited 

188 
Unaudited 

189 
Unaudited 

190 
Unaudited 

191 
Unaudited 

192 
 

 

 

 

 

 

 

Unaudited 

Summary of Financial Statement Audit and Management 

Assurances 

Table 1. Summary of Financial Statement Audit 

Audit Opinion Disclaimer 

Restatement No 

Material Weaknesses Beginning 

Balance 

New Resolved Consolidated Ending 

Balance 

Advances from Others 1 1 

Financial Reporting 1 1 

General Ledger 

Adjustments 1 1 

Grant Processes (including 

Grant Accrual, Advances, 

and Undelivered Orders) 

1 1 

Undelivered OrdersGrants and Grant Activity 1 1 

Internal Controls 

Environment 1 1 

Knowledge Gap 

throughout Financial 

Management Operations 

1 1 0 

Migration to Shared 

Services 1 1 

Undelivered Orders- Procurement and 

Accounts Payable 

1 1 

Other Liabilities 1 1 

Recoveries of Prior Year 

Obligations 1 1 

Trust Obligations and 

Liability Model (TOLM) 1 1 

Other Disbursements 0 1 1 

Total Material Weaknesses 12 1 12 

193 
 

 

 

 

 

 

 

 

 

Unaudited 

Table 2. Summary of Management Assurances 

Effectiveness of Internal Control over Financial 

Reporting (FMFIA § 2) 

Statement of Assurance No Assurance 

Material Weaknesses Beginning 

Balance 

New Resolved Consolidated Reassessed Ending 

Balance 

Accounts Payable 1 1 

Accounts Receivable 1 1 0 

Fund Balance with 

Treasury 1 1 

Financial Reporting 1 1 

Property Management 1 1 0 

Complementary User 

Entity ControlsMigration to Shared 

Services 

1 1 

Total Material 

Weaknesses 6 0 2 4 

Effectiveness of Internal Control over Operations (FMFIA § 2) 

Statement of Assurance No Assurance 

Material Weaknesses Beginning 

Balance 

New Resolved Consolidated Reassessed Ending 

Balance 

Grants Financial 

Management 

1 1 

Total Material 

Weaknesses 

1 1 

Conformance with Federal Financial Management System Requirements (FMFIA § 4) 

Statement of Assurance Federal Systems conform 

Non-Conformances Beginning 

Balance 

New Resolved Consolidated Reassessed Ending 

Balance 

Total non-conformances 0 0 0 0 0 0 

Beginning Balance: The beginning balance must agree with the ending balance from the prior year. 

New: The total number of material weaknesses/non-conformances identified during the current 

year. 

Resolved: The total number of material weaknesses/non-conformances that dropped below the level 

of materiality in the current year. 

Consolidated: The combining of two or more findings. 

Reassessed: The removal of any finding not attributable to corrective actions (e.g., management has reevaluated and determined that a finding does not meet the criteria for materiality or is 

redefined as more correctly classified under another heading). 

Ending Balance: The year-end balance that will be the beginning balance next year. 

194 
 

Unaudited 

Payment Integrity Information Act Reporting 

AmeriCorps reports its payment integrity information to OMB through the Annual 

Data Call and that information can be found on paymentaccuracy.gov.45 

A recovery audit program is not cost effective for AmeriCorps; therefore, it does not 

have actions around recovery auditor recommendations to report. 

AmeriCorps does not have any High-Priority programs and is not required to provide 

additional reporting. 

195 

45 https://paymentaccuracy.gov/ 
 

 

Unaudited 

National Service Trust Fund Status Report (Unaudited) 

AmeriCorps 

National Service Trust Fund Status Report 

September 30, 2023 

The National Service Trust Fund (the Trust) was established by the National and 

Community Service Trust Act of 1993 (the Act), 42 U.S.C. 12601, et seq. to provide 

funds for Segal AmeriCorps Education Awards for eligible participants who complete 

AmeriCorps service. The NST/the Trust is funded by appropriations, interest earned, 

transfer of program dollars, proceeds from the sale or redemption of Trust 

investments, partnerships with other agencies, and funds collected from disallowed 

or improperly awarded Education Awards. The Trust is also authorized to accept gifts 

or bequests, sponsorships, and funds from federal partners. Under the Act, funds are 

available to repay qualified student loans, pay educational expenses at qualified 

educational institutions, and repay eligible interest expenses on student loans. 

The value of an educational award depends on the term of service performed by an 

AmeriCorps member. For Program Year 2023, completion of a full-time term of 

service, requiring a minimum of 1,700 hours of service, entitles an AmeriCorps 

member to an educational award of $6,895. Completion of a part-time term, 

requiring a minimum of 900 hours of service, entitles an AmeriCorps member to an 

educational award of $3,447.50. Reduced part-time terms, which provide awards of 

$388.03 to $2,626.67, are also offered. The educational award is indexed to the 

maximum Federal Pell Grant; therefore, these amounts may change each year. 

Educational awards earned by AmeriCorps members are generally available to be 

used for seven years from the completion of the service. Payments are made directly 

to the educational institutions and the loan holders as directed by the members and 

by the institutions. Beginning in Program Year 2010, AmeriCorps State and National 

and Silver Scholar members who are age 55 or older when they begin service may 

also transfer the education award to a qualified child, grandchild, or foster child. Trust 

funds are not used to pay member stipends or other grant costs. 

Table 1a shows the planned activity for the current Program Year and actual 

enrollments to date against the plan. Table 1b includes similar data on the prior 

Program Year for comparative purposes. Member positions (slots) classified as 

“Certified Not Awarded” have been approved by AmeriCorps' Chief Executive Officer 

for award to grantees, but for which the final grant award has not been executed. For 

budgetary purposes these positions are considered commitments in the Trust Fund. 

Positions classified as “Planned not Certified” have not yet been approved by the 

Chief Executive Officer. 

196 
 

 

 

Unaudited 

Table 1a. AmeriCorps Member Position Award Activity for Program Year 2023 

Program 

Awarded 

Enrolled 

Awarded Not 

Enrolled

 25,355 44,283 4,625 - 74,263 

VISTA 3,827 - 173 1,027 5,027 

NCCC 591 - 715 134 1,440 

Total 29,773 44,283 5,513 1,161 80,730 

State & National 

Cerified Not 

Awarded 

Planned Not 

Certified 

Total 

Planned 

Table 1b. AmeriCorps Member Position Award Activity for Program Year 202246 

Program 

Awarded 

Enrolled 

Awarded Not 

Enrolled 

State & National 50,062 19,708 (7,900) (811) 61,059 

VISTA 3,888 - 2,126 237 6,251 

NCCC 711 - 63 666 1,440 

Total 54,661 19,708 (5,711) 92 68,750 

Cerified Not 

Awarded 

Planned Not 

Certified 

Total 

Planned 

The 80,730 Trust positions planned for Program Year 2023 do not include 

approximately 2,250 AmeriCorps members in the VISTA program (1,790 full-time and 

460 Summer Associates) who elected an end-of-service stipend instead of an 

education award. Total member positions for Program Year 2023, including 

AmeriCorps members in the VISTA program electing a stipend, is approximately 

82,030. Member enrollment and slot data are periodically adjusted to reflect 

corrections and slot reconfigurations by grantees; therefore, they may change slightly 

from month to month. 

The 68,750 Trust positions for Program Year 2022 do not include approximately 

1,500 AmeriCorps members in the VISTA program (1,300 full-time and 200 Summer 

Associates) who elected an end-of-service stipend instead of an educational award. 

Total member positions for Program Year 2022, including AmeriCorps members in 

the VISTA program electing a stipend, is approximately 70,250. Of the 6,251 

AmeriCorps member VISTA program positions in the Trust for 2022, 1,835 positions 

are for Summer Associates who receive a Trust award of $1,311. 

46 The Program Year 2022 values in Table 1b do not match Table 1a presented in the FY 2022 Annual 

Management Report because the values were incorrectly reported in the FY 2022 Annual 

Management Report. 

In addition, the values within Table 1b presented in the FY 2022 Annual Management Report were 

values for FY 2021, not FY 2022. The Table 1a and Table 1b narratives presented in the FY 2022 

Annual Management Report; however, do reflect the correct information. 

197 
 

 

 

 

 

Unaudited 

Trust Awards 

Since AmeriCorps' inception in 1993, AmeriCorps members have earned more than 

$4.8 billion in Segal AmeriCorps Educational Awards and used over $3.37 billion of 

that amount to fund their education and repay student loans. In addition, AmeriCorps 

has made $132.94 million in interest forbearance payments. Approximately $679.76 

million in educational awards earned have expired without being used. The 

remainder of approximately $590.24 million remains available. The Trust obligation 

formula has been adjusted to reflect these expired awards. Table 2 depicts the Segal 

AmeriCorps Educational Awards earned and used since inception. 

Table 2. Segal AmeriCorps Education Awards Earned and Used 

$0 

$50,000,000 

$100,000,000 

$150,000,000 

$200,000,000 

$250,000,000 

Segal AmeriCorps Education Awards Earned and 

Used 

Earned Used 

Refilled Positions 

AmeriCorps’ policy allows grantees limited flexibility to refill positions vacated by a 

member who has served less than 30 percent of his or her service term, provided that 

the departing member had not earned a pro-rated educational award. To prevent 

over-enrollment, the policy includes “fail-safe” triggers that restrict the overall number 

of refills to no more than five percent of awarded positions and suspends refilling 

altogether if total AmeriCorps enrollment reaches 97 percent of awarded positions. 

Table 3 provides information on the number of positions refilled. Positions in 

Program Years 2010 and earlier can no longer be refilled. 

198 
 

 

 

 

 

-

Unaudited 

Table 3. Number of Refilled Positions 

Program Years 

Fail safe 2018 2019 2020 2021 2022 2023 Trigger 

Number of Refilled Positions 998 714 624 359 467 32 N/A 

Refills as a Percent of Awarded State 

& National Positions 1.50% 1.12% 0.99% 0.48% 0.67% 0.05% 5.00% 

State & National Enrollment as a 

Percentage of Awarded Positions 86.90% 81.46% 80.42% 62.87% 71.75% 36.41% 97.00% 

Table 4 shows the most significant factors used to calculate Trust obligations on a 

historical basis. It is important to note that Program Year refers to positions awarded 

with a particular FY’s grant funds. Positions are often filled in time periods after the 

year in which they are awarded. For example, a grantee may receive a grant in FY 

2022 but not fill all positions until FY 2023. All positions related to this grant would be 

considered Program Year 2022 positions, irrespective of the FY in which they are 

filled. The Reduced Part-time category below includes Reduced Halftime, Quarter 

time, Minimum time, and AmeriCorps Affiliates. 

Table 4. Factors Affecting the National Service Trust Fund 

Program Year 

2019 2020 2021 2022 2023 

Member enrollments in the Trust 59,479 57,989 53,679 54,840 29,901 

Percent of members who earned an 84.36% 83.88% 79.72% 77.26% 64.52% education award 

Percent of earned education awards 56.83% 50.51% 38.69% 21.35% 14.60% used 

Breakout of enrollment by term type:

 Full-time 48.68% 47.06% 44.45% 34.22% 53.26%

 Part-time 11.96% 11.73% 11.40% 12.13% 8.29%

 Reduced Part-time 39.34% 41.07% 43.78% 52.74% 38.04% 

The Program Year data used throughout these tables reflect all enrollments recorded 

through the reporting period. Prior year enrollment numbers may change slightly due 

to corrections or late reporting by grantees. The percentage of members who earned 

an award in Table 4 is calculated by taking the number of members who earned an 

award divided by the total number of members who have ended service. For 

example, for Program Year 2022: 

Enrolled: 54,840 

Still Earning: 7,959 

Completed: 46,881 (Enrolled less Still Earning) 

Awards Earned: 36,220 

% Earned: 77.26% (Awards Earned divided by Completed) 

199 
 

 

 

 

 

 

 

Unaudited 

The trust financial statement present information on the budgetary resources and 

obligations of the Trust, including the Trust Reserve. The schedules present 

information on a budgetary basis, which represents the accounting used to 

determine compliance with the Anti-Deficiency Act. AmeriCorps records Trust 

obligations at the time it awards AmeriCorps State and National grants or at the time 

it enters into an enforceable agreement with AmeriCorps members in the VISTA and 

NCCC programs. 

The amounts obligated in the Trust are based on the estimated value of the 

educational benefit discounted for the estimated enrollment, earning, usage rate, 

and the time value of money. For FY 2023, the calculated ratios are as follows: a ratio 

of 54.84 percent between authorized awards and ultimate payments, a ratio of 61.86 

percent between awards expected for members currently earning and ultimate 

payments, and a ratio of 78.53 percent between earned awards and ultimate 

payments. Under the National and Community Service Act, as amended, awards 

earned by members over age 55 can be transferred to an eligible beneficiary. For 

budgetary purposes, we project that all transferable awards will eventually be used. 

Obligations are periodically adjusted to reflect current earning and usage 

projections. 

FEMA Corps is a program of AmeriCorps' NCCC whose members are devoted solely 

to FEMA disaster response, and recovery efforts. The Interagency Agreement with 

FEMA provides for a service corps which compliments and supports FEMA's current 

disaster workforce. While FEMA provides funding for the Education Awards for the 

FEMA Corps members, they are included in AmeriCorps’ trust financial statement as 

part of our budgetary and obligation activity. 

Enrollment Activity 

Table 5 presents cumulative data to date on Trust enrollments, educational awards 

earned and used for Program Years 1994 through 2023 as well as Recovery Act 

positions. 

200 
Unaudited 

201 
 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Unaudited 

Civil Monetary Penalty Adjustment for Inflation 

The Federal Civil Penalties Inflation Adjustment Act Improvements Act of 2015 (P.L. 

114-74)47, which amended the Federal Civil Penalties Inflation Adjustment Act of 

1990 (28 U.S.C. §2461,48 note), requires federal agencies to annually adjust the level 

of civil monetary penalties for inflation to improve their effectiveness and maintain 

their deterrent effect. The implementation of this law helps deter violations of law; 

encourages corrective actions for existing violations; and helps prevent fraud, waste, 

and abuse within AmeriCorps. The civil monetary penalty adjustments for 

AmeriCorps are published as final rules in the Federal Register.

49 Additional 

supporting details about these penalties are available at Federal Register Volume 88, 

pages 3928-3930.50 

Statutory 

Authority 

Penalty (Name 

and Description) 

Year 

Enacted 

Latest Year of 

adjustment 

(via statute or 

regulation) 

Current 

Penalty (Dollar 

Amount or 

Range) 

Bureau 

Name/Agency 

Location of 

Penalty 

Update Details 

P.L. 101-121, 

Sec. 319 (31 

U.S.C. 1352); 

P.L. 93-113; 42 

U.S.C. 4951, et 

seq.; 42 U.S.C. 

5060 

The penalty 

associated to 

Restrictions 

on Lobbying 

(45 CFR 

1230.400) 

1990 2023 Penalties 

range from 

$23,728 to 

$237,267 

AmeriCorps* 88 FR 3928 

(Jan. 23, 

2023)51 

P. L. 99-509, The penalty 2006 2023 Penalties have AmeriCorps* 88 FR 3928 

Secs. 6101- associated to the an upper limit (Jan. 23, 

6104, 100 Stat. Program Fraud of $13,508 2023)52 

1874 (31 U.S.C. Civil Remedies 

3801-3812); 42 Act of 1986 

U.S.C. 12651c- (45 CFR 2554.1) 

12651d 

*The Federal Register changes were posted under the Corporation for National and 

Community Service, which is the legal name of the AmeriCorps agency. 

47 https://www.congress.gov/114/plaws/publ74/PLAW-114publ74.pdf#page=17 

48 http://uscode.house.gov/view.xhtml?req=(title:28%20section:2461%20edition:prelim)%20 

49 https://www.federalregister.gov/ 

50 https://www.federalregister.gov/documents/2023/01/23/2023-01227/annual-civil-monetarypenalties-inflation-adjustment 

51 https://www.federalregister.gov/documents/2023/01/23/2023-01227/annual-civil-monetarypenalties-inflation-adjustment 

52 https://www.federalregister.gov/documents/2023/01/23/2023-01227/annual-civil-monetarypenalties-inflation-adjustment 

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Grants Programs 

This past year, AmeriCorps has made significant progress to ensure timely grant 

closeout. AmeriCorps has reduced overdue awards still pending closeout 

considerably. Eighty-two awards were overdue for closeout in FY 2022 and 22 are 

overdue for closeout in FY 2023. This progress was made possible through dedicated 

full-time employees that work predominately with closeouts, a new Grant Closeout 

Standard Operating Procedures to resolve unique and challenging closeout issues, 

and regular closeout meetings to address closeout compliance. In addition, the 

transition in Payment Management System to eliminate the disbursement report has 

made a significant impact on reconciliation thus making awards easier to close. 

Closing the much older grants (expired five years or more) has proved challenging as 

these awards have unique system issues that have made it difficult to resolve. Despite 

these challenges, the Office of Grant Administration has been able to make 

significant progress in closing these older awards by: 

• creating and submitting Disbursement Adjustment Forms to reconcile funds 

with Payment Management System; 

• leading cross-program meetings concerning awards that need to re-obligate 

funds to close out; and 

• working with AmeriCorps’ Office of Accounting and Financial Management 

Services contractors on how to reconcile cancelled funds. 

The table below shows the total number of awards for which close out has not yet 

occurred: 

CATEGORY 2-3 YEARS 3-5 YEARS MORE THAN 5 YEARS 

Number of Grants / Cooperative 

Agreements with Zero Dollar Balances 

1 4 11 

Number of Grants / Cooperative 

Agreements with Undisbursed Balances 

0 0 0 

Total Amount of Undisbursed Balances 0 0 0 

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APPENDICIES 

Appendix A: Glossary of Acronyms 

Acronym Description 

CSRS Civil Service Retirement System 

ERM Enterprise Risk Management 

FERS Federal Employees Retirement System 

FOR Financial and Operational Reform 

FY Fiscal Year 

GAAP General Accepted Accounting Principles 

GPRA Government Performance Results Act 

OMB Office of Management and Budget 

OPM Office of Personnel Management 

TBD To Be Determined 

U.S.C. United States Code 

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Appendix B: AmeriCorps Participant Race and Ethnicity 

Details 

Comparison of AmeriCorps Participant Race and Ethnicity to the U.S. Population at 

the National Level 

“Over” indicates the racial or ethnic group is over-represented in AmeriCorps compared to the general 

population; “Under” indicates the racial or ethnic group is under-represented in AmeriCorps compared 

to the general population; “No Difference” indicates insufficient evidence exists to conclude that the 

racial or ethnic group is under- or over-represented. 

AmeriCorps State & National (ASN) 2021 202253 

Asian or Asian American Over No Difference* 

American Indian or Alaska Native Over Over 

Black or African American Over Over 

Two or More Races No Difference No Difference* 

Native Hawaiian or Other Pacific Islander Over Over 

Other Over Over 

White Under Under 

Hispanic or Latino(a) Over Over 

Public Health AmeriCorps (PHA) 2021 2022 

Asian or Asian American Not Available No Difference 

American Indian or Alaska Native Not Available No Difference 

Black or African American Not Available Over 

Two or More Races Not Available No Difference 

Native Hawaiian or Other Pacific Islander Not Available Insufficient Data* 

Other Not Available No Difference 

White Not Available Under 

Hispanic or Latino(a) Not Available Under 

AmeriCorps NCCC 2021 2022 

Asian or Asian American No Difference No Difference* 

American Indian or Alaska Native No Difference No Difference* 

Black or African American Under Under 

Two or More Races No Difference No Difference* 

Native Hawaiian or Other Pacific Islander Over Over 

Other No Difference Under 

White Over Over 

Hispanic or Latino(a) Under Under 

53 Demographic results marked with an asterisk in the table were reported incorrectly in the 2024 congressional 

budget justification. Results have been updated following methodological adjustments. 

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AmeriCorps VISTA 

Asian or Asian American 

American Indian or Alaska Native 

Black or African American 

Two or More Races 

Native Hawaiian or Other Pacific Islander 

Other 

White 

Hispanic or Latino(a) 

2021 

No Difference 

Over 

Over 

No Difference 

Over 

No Difference 

Under 

Under 

2022 

No Difference* 

Over 

Over 

No Difference* 

Over 

Over 

Under 

No Difference* 

AmeriCorps Seniors (FGP and SCP) 

Asian or Asian American 

American Indian or Alaska Native 

Black or African American 

Two or More Races 

Native Hawaiian or Other Pacific Islander 

White 

Hispanic or Latino(a) 

2021 

Under* 

Over 

Over 

Under 

Over 

Under 

Under 

2022 

Under 

Over 

Over 

Under 

Over 

Under 

Under 

AmeriCorps Seniors Volunteers (RSVP) 

Asian or Asian American 

American Indian or Alaska Native 

Black or African American 

Two or More Races 

Native Hawaiian or Other Pacific Islander 

White 

Hispanic or Latino(a) 

2021 

Under 

Under 

Under 

Under 

Over 

Over 

Under 

2022 

Under 

Under 

Under 

Under 

Over 

Over 

Under 

AmeriCorps Participant Race and Ethnicity Distributions Compared to Census 

Estimates 

AmeriCorps race and ethnicity data in Table 1 and 2 below is for the most recent 

fiscal year available, which varies by program. The charts display FY 2022 data for the 

AmeriCorps member programs and FY 2021 data for the AmeriCorps Seniors 

programs. Race and ethnicity estimates for the US population are from the 2021 

American Community Survey five-year dataset54. 

54 U.S. Census Bureau. 2022. Demographic and housing estimates [DP05], 2017-2021 American Community 

Survey 5-year estimates. Available at: https://data.census.gov/cedsci/. Last accessed: Jan. 28, 2023. 

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Table 1 

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Table 2 

208 
 

 

 

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Appendix C: Changes from Previous Performance Plan 

Objectives and Notes 

Additions/Modifications 

Objective Performance Goal Description Notes 

1.1 

Help more than 11.2 million people mitigate 

the impacts of COVID-19 and other public 

health crises. 

The target was changed from 18.3M to 

11.2M to improve and standardize the 

methodology across programs 

1.1 

By FY 2026, 66% of AmeriCorps program 

funding in mitigating the impacts of COVID19 and other public health crises will have 

moderate or strong levels of evidence. 

Agency has identified this measure as a 

priority for reporting. 

1.1 

Percentage of the AmeriCorps portfolio 

dedicated to mitigating the impacts of 

COVID-19 for those hardest hit by the 

pandemic. 

Agency has identified this measure as a 

priority for reporting. 

1.2 

Help more than 3.8M people directly by 

reducing greenhouse gas emissions, 

conserving lands and waters, and adapting 

to the changing climate. 

The target was changed from 1.9M to 

3.8M to improve and standardize the 

methodology across programs. 

1.2 

Help improve more than 1.8M locations and 

structures by reducing greenhouse gas 

emissions, conserving lands and waters, and 

adapting to the changing climate. 

The target was changed from 2.3M to 

1.8M to improve and standardize the 

methodology across programs. 

1.2 

By FY 2026, 70% of AmeriCorps program 

funding in reducing greenhouse gas 

emissions, conserving lands and waters, and 

adapting to the changing climate will have 

moderate or strong levels of evidence. 

Agency has identified this measure as a 

priority for reporting. 

1.2 

Percentage of the AmeriCorps portfolio 

dedicated to reducing greenhouse gas 

emissions, conserving lands and waters and 

adapting to the changing climate. 

Agency has identified this measure as a 

priority for reporting. 

1.3 Help more than 6.2M people expand their 

educational and economic opportunity. 

The target was changed from 7.2M to 

6.2M to improve and standardize the 

methodology across programs. 

1.3 

By FY 2026, 89% of AmeriCorps program 

funding in expanding educational and 

economic opportunity will have moderate or 

strong levels of evidence. 

Agency has identified this measure as a 

priority for reporting. 

2.1 AmeriCorps Seniors programs will reach 

pre-COVID-19 enrollment levels. 

Agency has identified this measure as a 

priority for reporting. 

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Objective Performance Goal Description Notes 

3.2 

Number of ‘pitches’ to other federal agency 

offices about the role AmeriCorps members 

or AmeriCorps Seniors volunteers could play 

to advance their agency’s mission. 

Changed “federal agencies” to “federal 

agency offices” because the strategic 

partnership team typically conducts 

outreach to offices within federal 

agencies rather than entire agencies. 

Changed the 2022 pitch count to 8 to 

reflect the de-duplicated count of 

agency offices pitched in 2022. 

4.3 Eliminate repeat findings. Agency has identified this measure as a 

priority for reporting. 

4.3.3 # of material weaknesses resolved 

This metric was previously listed as a 

performance goal in the 2024 

Congressional Budget Justification. It 

was transitioned to the “Other 

Indicator” section to align with the 

approved strategic plan. 

4.3.3 # of significant deficiencies resolved 

This metric was previously listed as a 

performance goal in the 2024 

Congressional Budget Justification. It 

was transitioned to the “Other 

Indicator” section to align with the 

approved strategic plan. 

5.1 

At least 70% of AmeriCorps employees will 

agree or strongly agree that their workload 

is reasonable – from a baseline of 40% in FY 

2021 – as reported in the Federal Employee 

Viewpoint Survey. 

Agency has identified this measure as a 

priority for reporting. 

5.1 Employee Retention Rate Agency has identified this measure as a 

priority for reporting. 

5.2 

Percentage of diversity, equity, inclusion, 

and accessibility training attendees who 

believe the training enhanced their 

understanding of diversity, equity, inclusion, 

and accessibility issues 

Agency has identified this measure as a 

priority for reporting. 

5.3 Percent of staff satisfied with the recognition 

they receive 

Agency has identified this measure as a 

priority for reporting. 

5.3 Employee Turnover Rate Agency has identified this measure as a 

priority for reporting. 

5.4 

An engaged workforce that pursues 

leadership development opportunities. 

Employee Engagement Index*: achieve a 

score of at least 75 (the combined small 

agency average) – from a baseline of 71 in 

FY 2020 – on the Federal Employee 

Viewpoint Survey. 

Agency has identified this measure as a 

priority for reporting. 

210 
 

 

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Exclusions56 

Objective Performance Goal Description Notes 

3.4 In every state, 1-in-3 adults will volunteer at 

least once a year. 

This performance goal is being replaced 

by a performance goal over which the 

agency has more direct influence. 

56 AmeriCorps has removed these measures from its Annual Performance Report to allow the agency to reassess 

whether related data can be captured, and if these measures best fit with current agency high priorities. 

211 
 

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AmeriCorps 

250 E Street SW 

Washington DC 20525 

202-606-5000 / 800-942-2677 

AmeriCorps.gov