NOTES TO THE FINANCIAL STATEMENTS 144 

Note 23. Fiduciary Activities 

Fiduciary activities are the collection or receipt, and the management, protection, accounting, investment and 

disposition by the government of cash or other assets in which non-federal individuals or entities have an ownership interest 

that the government must uphold. Fiduciary cash and other assets are not assets of the government and are not recognized on 

the consolidated Balance Sheet. The government’s fiduciary activities include the TSP, which is administered by the FRTIB, 

and the Indian Tribal and individual Indian Trust Funds, which are administered by the DOI. 

Schedule of Fiduciary Net Assets as of September 30, 2022, and 2021 

(In billions of dollars) 2022 2021 

Thrift Savings Plan ................................................................................................. 726.0 784.2 

Department of the Interior ....................................................................................... 8.5 6.4 

All other ................................................................................................................. 5.4 6.0 

Total fiduciary net assets ...................................................................................... 739.9 796.6 

In accordance with the requirements of SFFAS No. 31, Accounting for Fiduciary Activities, fiduciary investments in 

Treasury securities and fund balance with Treasury held by fiduciary funds are to be recognized on the Balance Sheet as 

federal debt and interest payable and a liability for fiduciary fund balance with Treasury, respectively. 

As of September 30, 2022, total fiduciary investments in Treasury securities and in non-Treasury securities are $318.4 

billion and $406.3 billion, respectively. As of September 30, 2021, total fiduciary investments in Treasury securities and in 

non-Treasury securities were $119.8 billion and $507.8 billion, respectively. The increase in Treasury securities from FY 

2021 to FY 2022 relates to the restoration of uninvested principal and related interest to the TSP’s G Fund after the statutory

debt limit was raised on December 16, 2021. See the Thrift Savings Plan section below. Refer to Note 12—Federal Debt and 

Interest Payable for more information on Treasury securities. 

As of September 30, 2022, and 2021, the total fiduciary fund balance with Treasury is $1.7 billion and $3.4 billion, 

respectively. A liability for this fiduciary fund balance with Treasury is reflected as other miscellaneous liabilities in Note

18—Other Liabilities. 

As of September 30, 2022, and 2021, collectively, the fiduciary investments in Treasury securities and fiduciary fund 

balance with Treasury held by all government entities represent $4.8 billion and $164.2 billion, respectively, of unrestricted 

cash included within cash held by Treasury for government-wide operations shown in Note 2—Cash and Other Monetary 

Assets. This increase relates to the delay in raising the statutory debt limit that was ongoing as of September 30, 2021. See 

the Thrift Savings Plan section below. 

Thrift Savings Plan 

The TSF maintains and holds in trust the assets of the TSP. The TSP is administered by an independent government 

entity, the FRTIB, which is charged with operating the TSP prudently and solely in the interest of the participants and their 

beneficiaries. 

The TSP is a retirement savings and investment plan for federal employees and members of the uniformed services. It 

was authorized by the U.S. Congress in the Federal Employees’ Retirement System Act of 1986. The plan provides federal 

employees and members of the uniformed services with a savings and tax benefit similar to what many private sector 

employers offer their employees under 401(k) plans. This includes two fixed income funds, three stock funds and ten 

lifecycle funds. Effective June 1, 2022, Accenture Federal Services, as part of its recordkeeping services contract, provides a

Mutual Fund Window that offers participants who meet certain eligibility criteria access to mutual funds. The plan was 

primarily designed to be a key part of the retirement package (along with a basic annuity benefit and Social Security) for 

employees who are covered by FERS. 
145 NOTES TO THE FINANCIAL STATEMENTS 

As of September 30, 2022, and 2021, the TSP held $726.0 billion and $784.2 billion, respectively, in net assets, which 

included $315.4 billion and $116.1 billion, respectively, of nonmarketable Treasury securities. The TSF combines the net 

assets of the TSP and the FRTIB in its financial statements. Only the TSP net assets of the TSF financial statements are 

disclosed in this note. The most recent audited financial statements for the TSF are as of December 31, 2021, and 2020. For 

additional information about FRTIB, the TSP and the investment options of the TSP, please refer to the FRTIB website at 

https://www.frtib.gov. 

When delays in raising the statutory debt limit occur, as they did during both FYs 2021 and 2022, Treasury often must 

deviate from its normal debt management operations and take a number of extraordinary measures consistent with relevant 

laws and regulations to meet the government’s obligations as they come due without exceeding the debt limit. Many 

extraordinary measures taken by Treasury during the period August 2, 2021, through December 15, 2021, resulted in federal 

debt securities not being issued to certain federal government accounts. As reported in Note 18—Other Liabilities, as a result 

of Treasury securities not being issued to the TSP’s G Fund as of September 30, 2021, Treasury reported other liabilities in 

the amount of $157.0 billion that represent uninvested principal and related interest for TSP’s G Fund that would have been 

reported as federal debt securities had there not been a delay in raising the statutory debt limit as of September 30, 2021, and 

had the securities been issued. 

On October 14, 2021, P.L. 117-50 was enacted which raised the statutory debt limit by $480.0 billion, from $28,401.5 

billion to $28,881.5 billion. Even with this increase, extraordinary measures continued in order for Treasury to manage below 

the debt limit. 

On December 16, 2021, P.L. 117-73 was enacted, which increased the statutory debt limit by $2.5 trillion from 

$28,881.5 billion to $31,381.5 billion. On this date, Treasury discontinued its use of extraordinary measures and resumed 

normal debt management operations. Treasury subsequently restored the uninvested principal and related interest to the 

TSP’s G Fund, resulting in an increase of federal debt securities held by the public from FY 2021 to FY 2022. 

Department of Interior–Indian Trust Funds 

As stated above, DOI has responsibility for the assets held in trust on behalf of American Indian Tribes and individuals. 

DOI maintains accounts for Tribal and Other Trust Funds (including the Alaska Native Escrow Fund) and IIM Trust Funds in 

accordance with the American Indian Trust Fund Management Reform Act of 1994. The fiduciary balances that have 

accumulated in these funds have resulted from land use agreements, royalties on natural resource depletion, other proceeds 

derived directly from trust resources, judgment awards, settlements of claims, and investment income. Indian trust assets, 

including Tribal and Other Trust Funds and IIM Trust Funds, are primarily managed under the delegated authority of BTFA 

and BIA. Management of Indian trust assets on behalf of the trust beneficiaries is dependent upon the processing of trustrelated transactions within certain information systems of the department, including but not limited to BTFA, BIA, ONRR, 

and other departmental bureaus and offices. BIA and other departmental bureaus and offices are responsible for managing the 

natural resources located within the boundaries of Indian reservations and trust lands, as well as the processing of data 

regarding the ownership and leasing of Indian lands. The allocation of receipts and disbursements by BTFA to trust 

beneficiaries are significantly dependent and reliant upon the receipt of timely and accurate information derived from records 

maintained by BIA, ONRR, and other departmental bureaus and offices. DOI maintains separate financial statements for 

these trust funds, which are prepared using a cash or modified cash basis of accounting, a comprehensive basis of accounting 

other than GAAP. The independent auditors’ reports on the Tribal and Other Trust Funds were qualified as it was not 

practical to extend audit procedures sufficiently to satisfy themselves as to the fairness of the trust fund balances. The IIM 

Trust Funds received an unmodified opinion from the auditors. As of September 30, 2022, and 2021, the DOI held $8.5 

billion and $6.4 billion, respectively, in net assets. For additional information related to these assets, please refer to the DOI 

website at https://www.doi.gov. 

All Other Entities with Fiduciary Activities 

The government is responsible for the management of other fiduciary net assets on behalf of various non-federal 

entities. The entities presented individually in the table on the previous page represent the vast majority of the government’s

fiduciary net assets. All other component entities with fiduciary net assets are aggregated in accordance with SFFAS No. 31. 

As of September 30, 2022, and 2021, including TSP and DOI, there are a total of 21 and 20 federal entities, respectively, with 

fiduciary activities at a grand total of 68 and 67 fiduciary funds, respectively. SBA and DOD are the largest entities relating
 NOTES TO THE FINANCIAL STATEMENTS 146 

to the fiduciary activities of the remaining entities within the “all other” aggregate balance. As of September 30, 2022, “all 

other” fiduciary net assets were $5.4 billion, compared to $6.0 billion as of September 30, 2021.