NOTES TO THE FINANCIAL STATEMENTS 136 

Note 22. Funds from Dedicated Collections 

Funds from Dedicated Collections as of September 30, 2023 

Federal Federal Federal 

Old-Age and Disability Medicare All Other Total Funds Total Funds 

Survivors Insurance Insurance Funds from from Funds from from 

Insurance Trust Trust Funds Dedicated Dedicated Dedicated Dedicated 

Trust Fund Fund (Part A, B, D) Collections Collections Collections Collections 

(In billions of dollars) (Combined) (Combined) (Combined) (Combined) (Combined)1 Eliminations (Consolidated)2

Assets: 

Cash and other monetary 

assets - - - 180.6 180.6 - 180.6 

Accounts receivable, net 2.3 2.8 24.6 24.7 54.4 - 54.4 

Loans receivable, net - - - 21.4 21.4 - 21.4 

Inventory and related 

property, net - - - 3.5 3.5 - 3.5 

General property, plant and 

equipment, net - - 0.4 40.4 40.8 - 40.8 

Investments - - - 27.3 27.3 - 27.3 

Advances and 

prepayments - - 45.1 11.3 56.4 - 56.4 

Other assets3 - - - 18.5 18.5 - 18.5 

Investments in Treasury 

securities, net of 

unamortized 

premiums/discounts 

2,673.8 142.9 353.9 391.5 3,562.1 - 3,562.1 

Other federal assets 15.8 1.0 400.8 332.0 749.6 (247.6) 502.0 

Total assets 2,691.9 146.7 824.8 1,051.2 4,714.6 (247.6) 4,467.0 

Liabilities and net 

position: 

Accounts payable - - 0.2 6.2 6.4 - 6.4 

Federal employee and 

veteran benefits payable - - - 6.1 6.1 - 6.1 

Environmental and disposal 

liabilities - - - 26.0 26.0 - 26.0 

Benefits due and payable 111.0 29.8 106.3 10.1 257.2 - 257.2 

Insurance and guarantee 

program liabilities - - - 5.2 5.2 - 5.2 

Advances from others and 

deferred revenues - - 1.8 70.7 72.5 - 72.5 

Other liabilities3 - - 10.4 219.7 230.1 - 230.1 

Federal liabilities 6.7 0.8 130.7 212.4 350.6 (247.6) 103.0 

Total liabilities 117.7 30.6 249.4 556.4 954.1 (247.6) 706.5 
137 NOTES TO THE FINANCIAL STATEMENTS 

Funds from Dedicated Collections as of September 30, 2023, continued 

Federal Federal Federal 

Old-Age and Disability Medicare All Other Total Funds Total Funds 

Survivors Insurance Insurance Funds from from Funds from from 

Insurance Trust Trust Funds Dedicated Dedicated Dedicated Dedicated 

Trust Fund Fund (Part A, B, D) Collections Collections Collections Collections 

(In billions of dollars) (Combined) (Combined) (Combined) (Combined) (Combined)1 Eliminations (Consolidated)2

Net position: 

Total net position 2,574.2 116.1 575.4 494.8 3,760.5 - 3,760.5 

Total liabilities and net 

position 2,691.9 146.7 824.8 1,051.2 4,714.6 (247.6) 4,467.0 

Change in net position:4

Net position, beginning of 

period 2,636.2 93.2 499.4 467.6 3,696.4 - 3,696.4 

Adjustments to beginning 

net position 

Changes in accounting 

principles - - - 0.2 0.2 - 0.2 

Beginning net position, 

adjusted 2,636.2 93.2 499.4 467.8 3,696.6 - 3,696.6 

Individual income taxes and 

tax withholdings 1,039.0 176.5 375.1 0.1 1,590.7 - 1,590.7 

Other taxes and 

miscellaneous earned 

revenue 

- - 0.4 134.0 134.4 - 134.4 

Other changes in fund 

balance (e.g., 

appropriations, transfers) 

41.0 (1.7) 564.8 6.9 611.0 - 611.0 

Federal non-exchange 

revenue 62.7 3.5 - 39.8 106.0 - 106.0 

Total financing sources 1,142.7 178.3 940.3 180.8 2,442.1 - 2,442.1 

Program gross costs and 

non-program expenses 1,204.7 155.4 1,006.0 261.0 2,627.1 (0.9) 2,626.2 

Less: program revenue - - (141.7) (107.2) (248.9) 0.9 (248.0) 

Net cost 1,204.7 155.4 864.3 153.8 2,378.2 - 2,378.2 

Ending net position 2,574.2 116.1 575.4 494.8 3,760.5 - 3,760.5 

1

The combined presentation does not eliminate intra-entity balances or transactions between funds from dedicated collections held by the 

entity. 

2The consolidated dedicated collections presentation eliminates balances and transactions between funds from dedicated collections 

held by the entity, but does not eliminate balances or transactions between funds from dedicated collections and funds from other than 

dedicated collections. 

3Other assets and other liabilities include multiple line items on the Balance Sheet. 

4By law, certain expenses (costs), revenues, and other financing sources related to the administration of the above funds are not charged 

to the funds and are therefore financed and/or credited to other sources. 
 NOTES TO THE FINANCIAL STATEMENTS 138 

Funds from Dedicated Collections as of September 30, 2022 

Federal Federal Federal 

Old-Age and Disability Medicare All Other Total Funds Total Funds 

Survivors Insurance Insurance Funds from from Funds from from 

Insurance Trust Trust Funds Dedicated Dedicated Dedicated Dedicated 

Trust Fund Fund (Part A, B, D) Collections Collections Collections Collections 

(In billions of dollars) (Combined) (Combined) (Combined) (Combined) (Combined)1 Eliminations (Consolidated)2

Assets: 

Cash and other monetary 

assets - - - 167.8 167.8 - 167.8 

Accounts receivable, net 2.1 2.9 25.6 26.0 56.6 - 56.6 

Loans receivable, net - - - 2.0 2.0 - 2.0 

Inventory and related 

property, net - - - 2.4 2.4 - 2.4 

General property, plant and 

equipment, net - - 0.5 37.8 38.3 - 38.3 

Investments - - - 26.2 26.2 - 26.2 

Advances and 

prepayments - - 39.0 10.3 49.3 - 49.3 

Other assets3 - - - 18.9 18.9 - 18.9 

Investments in Treasury 

securities, net of 

unamortized 

premiums/discounts 

2,723.6 114.7 345.4 379.9 3,563.6 - 3,563.6 

Other federal assets 15.6 0.7 284.0 323.7 624.0 (205.2) 418.8 

Total assets 2,741.3 118.3 694.5 995.0 4,549.1 (205.2) 4,343.9 

Liabilities and net 

position: 

Accounts payable - - 0.1 4.8 4.9 - 4.9 

Federal employee and 

veteran benefits payable - - - 6.5 6.5 - 6.5 

Environmental and disposal 

liabilities - - - 26.1 26.1 - 26.1 

Benefits due and payable 98.7 24.2 85.1 10.2 218.2 - 218.2 

Insurance and guarantee 

program liabilities - - - 9.6 9.6 - 9.6 

Advances from others and 

deferred revenues - - 1.3 66.4 67.7 - 67.7 

Other liabilities3 - - - 190.1 190.1 - 190.1 

Federal liabilities 6.4 0.9 108.6 213.7 329.6 (205.2) 124.4 

Total liabilities 105.1 25.1 195.1 527.4 852.7 (205.2) 647.5 
139 NOTES TO THE FINANCIAL STATEMENTS 

Funds from Dedicated Collections as of September 30, 2022, continued 

Federal Federal Federal 

Old-Age and Disability Medicare All Other Total Funds Total Funds 

Survivors Insurance Insurance Funds from from Funds from from 

Insurance Trust Trust Funds Dedicated Dedicated Dedicated Dedicated 

Trust Fund Fund (Part A, B, D) Collections Collections Collections Collections 

(In billions of dollars) (Combined) (Combined) (Combined) (Combined) (Combined)1 Eliminations (Consolidated)2

Net position: 

Total net position 2,636.2 93.2 499.4 467.6 3,696.4 - 3,696.4 

Total liabilities and net 

position 2,741.3 118.3 694.5 995.0 4,549.1 (205.2) 4,343.9 

Change in net position:4

Net position, beginning of 

period 2,681.0 80.5 409.9 311.6 3,483.0 - 3,483.0 

Adjustments to beginning 

net position 

Beginning net position, 

adjusted 2,681.0 80.5 409.9 311.6 3,483.0 - 3,483.0 

Individual income taxes and 

tax withholdings 929.0 157.8 354.7 - 1,441.5 - 1,441.5 

Other taxes and 

miscellaneous earned 

revenue 

- - (0.8) 132.2 131.4 - 131.4 

Other changes in fund 

balance (e.g., 

appropriations, transfers)

37.9 (1.2) 504.4 126.3 667.4 - 667.4 

Federal non-exchange 

revenue 64.1 2.7 - 33.0 99.8 - 99.8 

Total financing sources 1,031.0 159.3 858.3 291.5 2,340.1 - 2,340.1 

Program gross costs and 

non-program expenses 1,075.8 146.6 905.7 227.3 2,355.4 (0.8) 2,354.6 

Less: program revenue - - (136.9) (91.8) (228.7) 0.8 (227.9) 

Net cost 1,075.8 146.6 768.8 135.5 2,126.7 - 2,126.7 

Ending net position 2,636.2 93.2 499.4 467.6 3,696.4 - 3,696.4 

1The combined presentation does not eliminate intra-entity balances or transactions between funds from dedicated collections held by the 

entity. 

2

The consolidated dedicated collections presentation eliminates balances and transactions between funds from dedicated collections 

held by the entity, but does not eliminate balances or transactions between funds from dedicated collections and funds from other than 

dedicated collections. 

3Other assets and other liabilities include multiple line items on the Balance Sheet. 

4By law, certain expenses (costs), revenues, and other financing sources related to the administration of the above funds are not charged 

to the funds and are therefore financed and/or credited to other sources. 
 NOTES TO THE FINANCIAL STATEMENTS 140 

Generally, funds from dedicated collections are financed by specifically identified revenues, often supplemented by 

other financing sources, provided to the government by non-federal sources, which remain available over time. These 

specifically identified revenues and other financing sources are required by statute to be used for designated activities, 

benefits, or purposes and must be accounted for separately from the government’s general revenues. Funds from dedicated 

collections generally include trust funds, public enterprise revolving funds (not including credit reform financing funds), and

special funds. Funds from dedicated collections specifically exclude any fund established to account for pensions, ORB, 

OPEB, or other benefits provided for federal employees (civilian and military). In the Budget, the term “trust fund” means 

only that the law requires a particular fund to be accounted for separately, used only for a specified purpose, and designated 

as a trust fund. A change in law may change the future receipts and the terms under which the fund’s resources are spent. In 

the private sector, trust fund refers to funds of one party held and managed by a second party (the trustee) in a fiduciary 

capacity. The activity of funds from dedicated collections differs from fiduciary activities primarily in that assets within 

funds from dedicated collections are government-owned. For additional information related to fiduciary activities, see Note 

23—Fiduciary Activities. 

Public enterprise revolving funds include expenditure accounts authorized by law to be credited with offsetting 

collections, mostly from the public, that are generated by and dedicated to finance a continuing cycle of business-type 

operations. Some of the financing for these funds may be from appropriations. 

Special funds are federal funds dedicated by law for a specific purpose. Special funds include the special fund receipt 

account and the special fund expenditure account. 

Total assets represent the unexpended balance from all sources of receipts and amounts due to the funds from dedicated 

collections, regardless of source, including related governmental transactions. These are transactions between two different 

entities within the government or intradepartmental (for example, monies received by one entity of the government from 

another entity of the government). 

The federal assets are comprised of fund balances with Treasury, investments in Treasury securities—including 

unamortized amounts, and other assets that include the related accrued interest receivable on federal investments. These 

amounts were excluded in preparing the principal financial statements. The non-federal assets include activity with 

individuals and organizations outside of the government. 

Most of the assets within funds from dedicated collections are invested in intra-governmental debt holdings. The 

government does not set aside assets to pay future benefits or other expenditures associated with funds from dedicated 

collections. The cash receipts collected from the public for funds from dedicated collections are deposited in the General 

Fund, which uses the cash for general government purposes. Treasury securities are issued to federal entities as evidence of 

its receipts. Treasury securities are an asset to the federal entities and a liability to Treasury and, therefore, they do not 

represent an asset or a liability in the Financial Report. These securities require redemption if a fund’s disbursements exceeds 

its receipts. Redeeming these securities will increase the government’s financing needs and require more borrowing from the 

public (or less repayment of debt), or will result in higher taxes than otherwise would have been needed, or less spending on 

other programs than otherwise would have occurred, or some combination thereof. See Note 12—Federal Debt and Interest 

Payable for additional information related to the investments in federal debt securities. 

Below is a description of the major funds from dedicated collections, which also identifies the government entities that 

administer each particular fund. For additional information regarding funds from dedicated collections, please refer to the 

financial statements of the corresponding administering entities. For additional information on the benefits due and payable 

liability associated with certain funds from dedicated collections, see Note 15—Benefits Due and Payable. 

Federal Old-Age and Survivors Insurance Trust Fund 

The OASI Trust Fund, administered by SSA, provides retirement and survivors benefits to qualified workers and their 

families. 

Payroll and self-employment taxes primarily fund the OASI Trust Fund. Interest earnings on Treasury securities, federal 

entities’ payments for the Social Security benefits earned by military and federal civilian employees, and Treasury payments for 

a portion of income taxes collected on Social Security benefits provide the fund with additional income. The law establishing the 

OASI Trust Fund and authorizing the depositing of amounts to the credit of the fund is set forth in 42 U.S.C. § 401. 
141 NOTES TO THE FINANCIAL STATEMENTS 

Federal Disability Insurance Trust Fund 

The DI Trust Fund, administered by SSA, provides assistance and protection against the loss of earnings due to a wage 

earner’s disability in form of monetary payments. 

Like the OASI Trust Fund, payroll taxes primarily fund the DI Trust Fund. The fund also receives income from interest 

earnings on Treasury securities, federal entities’ payments for the Social Security benefits earned by military and federal 

civilian employees, and Treasury payments for a portion of income taxes collected on Social Security benefits. The law 

establishing the DI Trust Fund and authorizing the depositing of amounts to the credit of the fund is set forth in 42 U.S.C. § 

401. 

Federal Medicare Insurance Trust Funds 

(Medicare Parts A, B and D) 

The HI Trust Fund, administered by HHS, finances Medicare Part A. This program funds the cost of inpatient hospital 

and related care for individuals age 65 or older who meet certain insured status requirements and individuals younger than 

age 65 with certain disabilities. 

The HI Trust Fund is financed primarily by payroll taxes, including those paid by federal entities. It also receives 

income from interest earnings on Treasury securities, a portion of income taxes collected on Social Security benefits, 

premiums paid by, or on behalf of, aged uninsured beneficiaries, and receipts from fraud and abuse control activities. Section 

1817 of the Social Security Act established the Medicare Hospital Trust Fund. 

The SMI Trust Fund, administered by HHS, finances the Medicare Part B and the Medicare Prescription Drug Benefit 

Program (Medicare Part D). These programs provide SMI benefits for enrolled eligible participants to cover physician and 

outpatient services not covered by Medicare Part A and to obtain qualified prescription drug coverage, respectively. Medicare 

Part B financing is not based on payroll taxes; it is primarily based on monthly premiums, income from the General Fund, 

and interest earnings on Treasury securities. The Medicare SMI Trust Fund was established by Section 1841 of the Social 

Security Act. 

Medicare Part D was created by the Medicare Modernization Act of 2003 (P.L. 108-173). Medicare Part D financing is 

similar to Part B; it is primarily based on monthly premiums and income from the General Fund, not on payroll taxes. The 

fund also receives transfers from states. 

All Other Funds from Dedicated Collections 

The government is responsible for the management of numerous funds from dedicated collections that serve a wide 

variety of purposes. The funds from dedicated collections presented on an individual basis in the above tables represent the 

majority of the government’s net position attributable to funds from dedicated collections. All other activity attributable to 

funds from dedicated collections is aggregated in accordance with SFFAS No. 27, Identifying and Reporting Funds from 

Dedicated Collections, as amended by SFFAS No. 43, Funds from Dedicated Collections: Amending Statement of Federal 

Financial Accounting Standards 27, Identifying and Reporting Earmarked Funds. The majority entities with funds from 

dedicated collections within the “all other” aggregate, include the following: 

x DOT x DOD x DOJ 

x DOC x RRB x EPA 

x DOI x DOE 

x Treasury x HUD 

 

In accordance with SFFAS No. 43, any funds established to account for pension, other retirement, or OPEB to civilian 

or military personnel are excluded from the reporting requirements related to funds from dedicated collections.