155 NOTES TO THE FINANCIAL STATEMENTS 

Note 24. Stewardship Land and Heritage Assets

Stewardship land is federally-owned land set aside for the use and enjoyment of present and future generations, and land 

on which military bases are located. Except for military bases, this land is not used or held for use in general government 

operations. Stewardship land is land that the government does not expect to use to meet its obligations, unlike the assets listed 

in the Balance Sheets. Stewardship land is measured in non-financial units such as acres of land and lakes, and the number of 

National Parks and National Marine Sanctuaries. Examples of stewardship land include national parks, national forests, 

wilderness areas, and land used to enhance ecosystems for the encouragement of animal and plant species, and nature 

conservation. This category excludes lands administered by the Bureau of Indian Affairs and held in trust.

The majority of public lands that are under the management of DOI were acquired by the government during the first 

century of the Nation’s existence between 1781 and 1867.

Stewardship land is used and managed in accordance with the statutes authorizing acquisition or directing use and 

management. Additional detailed information concerning stewardship land, such as agency stewardship policies, physical 

units by major categories, and the condition of stewardship land, can be obtained from the financial statements of DOI, DOD, 

TVA, and USDA.

Heritage assets are government-owned assets that have one or more of the following characteristics:

• Historical or natural significance;

• Cultural, educational, or artistic importance; and/or

• Significant architectural characteristics

The cost of heritage assets often is not determinable or relevant to their significance. Like stewardship land, the 

government does not expect to use these assets to meet its obligations. The most relevant information about heritage assets is 

non-financial. The public entrusts the government with these assets and holds it accountable for their preservation. Examples 

of heritage assets include the Mount Rushmore National Memorial and Yosemite National Park. Other examples of heritage 

assets include the Declaration of Independence, the U.S. Constitution, and the Bill of Rights preserved by the National 

Archives. Also included are national monuments/structures such as the Vietnam Veterans Memorial, the Jefferson Memorial, 

and the Washington Monument, as well as the Library of Congress. Many other sites such as battlefields, historic structures, 

and national historic landmarks are placed in this category, as well.

Many laws and regulations govern the preservation and management of heritage assets. Established policies by 

individual federal agencies for heritage assets ensure the proper care and handling of the assets under their control and 

preserve these assets for the benefit of the American public.

Some heritage assets are used both to remind us of our heritage and for day-to-day operations. These assets are referred 

to as multi-use heritage assets. One typical example is the White House. The cost of acquisition, betterment, or reconstruction

of all multi-use heritage assets is capitalized as general Property, Plant, and Equipment (PP&E) and is depreciated.

The government classifies heritage assets into two broad categories: collection type and non-collection type. Collection 

type heritage assets include objects gathered and maintained for museum and library collections. Non-collection type heritage 

assets include national wilderness areas, wild and scenic rivers, natural landmarks, forests, grasslands, historic places and

structures, memorials and monuments, buildings, national cemeteries, and archeological sites.

This discussion of the government’s heritage assets is not exhaustive. Rather, it highlights significant heritage assets 

reported by federal agencies. Please refer to the individual financial statements of the DOC, VA, DOT, State, DOD, as well 

as websites for the Library of Congress (https://loc.gov), the Smithsonian Institution (https://si.edu), and the Architect of the 

Capitol (https://aoc.gov) for additional information on multi-use heritage assets, agency stewardship policies, and physical 

units by major categories.