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- Financial Statements

# Financial Statements of the United States Government for the Fiscal Years Ended September 30,  2020,  and  2019

## Statements of Social Insurance and Changes in Social Insurance Amounts

SOSI provides estimates of the status of the most  significant social insurance programs: Social Security, Medicare, Railroad  Retirement, and Black Lung.2 They are administered by SSA, HHS, RRB, and DOL, respectively. The SSA and HHS  projections are based on the intermediate economic  and demographic assumptions representing the Trustees’ reasonable estimates of  likely future economic and demographic conditions, as set forth in the  applicable Social Security and Medicare Trustees’ Reports as well as in the  financial  statements of HHS and SSA. RRB’s projections are based on  assumptions from the *27th  Valuation on the Assets and Liabilities Under the Railroad Retirement Acts of  December 31, 2016, the 2020 Annual  Report on the Railroad Retirement System required by Section 502 of the Railroad Retirement Solvency Act of 1983*,  as well as in RRB’s  financial  statements and DOL’s  projections  are based on assumptions disclosed in its   financial  statements. 

Note   23—Social  Insurance describes the social insurance programs, reports long-range estimates  that can be used to assess the financial condition of the programs, and  explains some of the factors that impact the various programs.  The SOSI  reports the General Fund transfers for the estimated future revenue of Medicare  Part B and D which are consistent with the entities’ financial statements and,  by accounting convention, such General Fund transfers are eliminated in the  consolidation of the SOSI at the government-wide level.

 The SCSIA  show two reconciliations: 1) change from the period beginning on January 1,  2019 to the period beginning on January 1, 2020; and 2) change from the period  beginning on January 1, 2018 to the period beginning on January 1, 2019. It  reconciles the changes (between the current valuation and the prior valuation)  in the PV of estimated future revenue less estimated future expenditures for  current and future participants (the open group measure) over the next 75 years  (except Black Lung which has a rolling 25-year projection period through  September 20, 2045). The reconciliation identifies several components of the  changes that are significant and provides reasons for the changes in Note 23. 

2In relation to the amounts presented in the SOSI and SCSIA,  because the combined Railroad Retirement and Black Lung programs account for  less than one-quarter of 1 percent of the statement totals, they are not  material from the government-wide perspective. 

### United States Government Statements of Social Insurance

United States Government            Statements of Social Insurance (Note 23)            Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections

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United States Government            Statements of Social Insurance (Note 23), continued            Present Value of Long-Range (75 Years, except Black Lung) Actuarial Projections

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            Table of Contents
            Current Report: Fiscal Year 2020
 - 
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            By Section
            A Message from the Secretary of the Treasury - 
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Table of Contents - 
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Results in Brief
 - 
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The Nation By The Numbers
Executive Summary
 - 
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Where We Are Now
An Unsustainable Fiscal Path
Find Out More

Management's Discussion & Analysis
 - 
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The Government's Financial Position and Condition
An Unsustainable Fiscal Path
Financial Management
Additional Information

Statement of the Comptroller General of the United States - 
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Financial Statements
 - 
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Statements of Net Cost
Statements of Operations and Changes in Net Position
Reconciliations of Net Operating Cost and Budget Deficit
Statements of Changes in Cash Balance from Budget and Other Activities
Balance Sheets
Statements of Long-Term Fiscal Projections
Statements of Social Insurance and Changes in Social Insurance Amounts
Statement of Changes in Social Insurance Amounts

Notes to the Financial Statements - 
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Note 1. Summary of Significant Accounting Policies - 
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Note 2. Cash and Other Monetary Assets - 
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Note 3. Accounts  Receivable, Net - 
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Note 4. Direct Loans and Loan Guarantees Receivable, Net and Loan Guarantees Liability - 
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Note 5. Inventory and Related Property, Net - 
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Note 6. General Property, Plant, and Equipment, Net - 
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Note 7. Securities and Investments - 
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Note 8. Investments in Special Purpose Vehicles - 
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Note 9. Investments in Government-Sponsored Enterprises - 
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Note 10. Other Assets - 
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Note 11. Accounts Payable - 
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Note 12. Federal Debt and Interest Payable - 
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Note 13. Federal Employee and Veteran Benefits Payable - 
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Note 14. Environmental and Disposal Liabilities - 
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Note 15. Benefits Due and Payable - 
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Note 16. Insurance and Guarantee Program Liabilities - 
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Note 17. Other Liabilities - 
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Note 18. Collections and Refunds of Federal Revenue - 
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Note 19. Commitments - 
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Note 20. Contingencies - 
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Note 21. Funds from Dedicated Collections - 
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Note 22. Fiduciary  Activities - 
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Note 23. Social Insurance - 
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Note 24. Long-Term  Fiscal  Projections - 
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Note 25. Stewardship Property, Plant, and Equipment  - 
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Note 26. Disclosure Entities and Related Parties - 
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Note 27. Public-Private Partnerships - 
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Note 28. COVID-19 Activity - 
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Note 29. Subsequent Events - 
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Required Supplementary Information (Unaudited) - 
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The Sustainability of Fiscal Policy - 
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Social Insurance - 
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Deferred Maintenance and Repairs - 
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Other Claims for Refunds - 
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Tax Assessments - 
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Federal Oil and Gas Resources - 
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Federal Natural Resources Other than Oil and Gas - 
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Other Information (Unaudited) - 
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Tax Burden - 
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Tax Gap - 
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Tax Expenditures - 
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Unmatched Transactions and Balances - 
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Appendices              
Appendix A: Reporting Entity - 
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Appendix B: Glossary of Acronyms - 
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U.S. Government Accountability Office Independent Auditor's Report - 
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Related Resources

            Certain material weaknesses, limitations, and uncertainties prevented the Government Accountability Office from expressing an opinion on the U.S. Government's consolidated financial statements included in the *Financial Report* and, therefore, GAO disclaimed an opinion on such statements. Certain information included on or referenced in this website, such as individual agency financial reports that were audited by other auditors, is separate from and not specifically reported in the *Financial Report* and therefore not covered by GAO's disclaimer. 
            
Last modified 04/01/22

            
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