Department of the Treasury

Office of Financial Stability

Congressional Budget 

Justification and Annual 

Performance Report and Plan

FY 2020
OFS - 2

Table of Contents

Section I – Purpose........................................................................................................................ 3

A – Mission Statement................................................................................................................ 3

1.1 - Program Account Summary ............................................................................................... 3

1.2 – Financing Account Summary ............................................................................................ 3

1.3 – Program Disbursement, Repayments, and Cost/Savings................................................... 4

B – Vision, Priorities and Context.............................................................................................. 4

C - Credit Reform Account Description ..................................................................................... 5

1.4 – Budget Adjustments Table................................................................................................. 7

D – Budget Increases and Decreases Description....................................................................... 7

1.5 – Operating Levels Table...................................................................................................... 8

E – Appropriations Language and Explanation of Changes....................................................... 8

F – Legislative Proposals............................................................................................................ 8

Section II - Annual Performance Plan and Report.................................................................. 10

A – Strategic Alignment ........................................................................................................... 10

B – Budget and Performance by Budget Activity .................................................................... 11

C – Operational Goals............................................................................................................... 12

Section III - Additional Information......................................................................................... 13

A – Summary of Capital Investments....................................................................................... 13
OFS - 3

Section I – Purpose

A – Mission Statement

A central part of the response to the 2008 financial crisis was the implementation of the Troubled 

Asset Relief Program (TARP), which was established in the fall of 2008 under the Emergency 

Economic Stabilization Act of 2008 (EESA) (P.L. 110-343) within the Office of Domestic 

Finance at the U.S. Department of the Treasury (Treasury). TARP was created to restore the 

liquidity and stability of the financial system, and it is administered by the Office of Financial 

Stability (OFS).

Since late 2010, OFS has made significant progress in winding down TARP investment 

programs and in recovering OFS’s outstanding investments. OFS continues to operate a housing 

program under TARP to help struggling families avoid foreclosure, but in 2016 began to winddown the largest TARP housing program. As of November 30, 2018, OFS has recovered more 

than 96 percent of the $440.6 billion in total program funds disbursed under TARP, as well as an 

additional $17.6 billion from Treasury’s equity in AIG. When all of Treasury’s AIG investments 

are included, the amount recovered is greater than the funds disbursed by more than $2.0 billion.

1.1 - Program Account Summary

Dollars in Thousands

FY 2018 FY 2019 FY 2020

Actual Estimated Estimated Change % Change

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT

Obligations

Equity Program Account $0 $1,073 $0 ($1,073) -100.00%

Housing Account $11 $0 $0 $0 0.00%

TARP Account $0 $0 $0 $0 0.00%

TARP Administrative Account $75,057 $61,796 $53,469 ($8,327) -13.48%

TARP Negative Downward Reestimate Receipt Account ($14,586) ($26,982) $0 $26,982 -100.00%

TARP Negative Subsidy Receipt Account $0 $0 $0 $0 0.00%

Total Obligations $60,483 $35,887 $53,469 $17,582 48.99%

Budget Authority

Equity Program Account $0 $1,073 $0 ($1,073) -100.00%

Housing Account $11 $0 $0 $0 0.00%

TARP Account $0 $0 $0 $0 0.00%

TARP Administrative Account $78,465 $61,796 $53,469 ($8,327) -13.48%

TARP Negative Downward Reestimate Receipt Account ($14,586) ($26,982) $0 $26,982 -100.00%

TARP Negative Subsidy Receipt Account $0 $0 $0 $0 0.00%

Total Budget Authority $63,890 $35,887 $53,469 $17,582 48.99%

Outlays

Equity Program Account $0 $1,073 $0 ($1,073) -100.00%

Housing Account $2,225,616 $1,723,863 $1,117,202 ($606,660) -35.19%

TARP Account $0 $0 $0 $0 0.00%

TARP Administrative Account $64,136 $101,130 $54,135 ($46,996) -46.47%

TARP Negative Downward Reestimate Receipt Account ($14,586) ($26,982) $0 $26,982 -100.00%

TARP Negative Subsidy Receipt Account $0 $0 $0 $0 0.00%

Total Outlays $2,275,166 $1,799,084 $1,171,337 ($627,747) -34.89%

FTE 32 24 20 -4 -16.67%

FY 2019 to FY 2020
OFS - 4

1.2 – Financing Account Summary

Dollars in Thousands

1.2 – Program Disbursement, Repayments, and Cost/Savings

Dollars in Billions

Cumulative 

Obligated 

(as of 

11/30/2018)

Cumulative 

Disbursed 

(as of 

11/30/2018)

Cumulative 

Outstanding 

(as of 

11/30/2018)

Total 

Cumulative 

Income (as 

of 

11/30/2017)

Total Cash 

Back (as of 

11/30/2018)

Total

Estimated 

Life Costs 

(as of 

11/30/2018)

Bank Support Programs 250.5 245.1 0.1 35.7 275.5 (24.3)

Credit Market Programs 19.1 19.1 0.0 4.5 23.6 (3.3)

AIG Investment Program (AIG) 67.8 67.8 0.0 1.0 55.3 15.2 *

Automotive Industry Financing 

Program 79.7 79.7 0.0 7.4 70.5 12.1 

Treasury Housing Programs 33.4 28.9 0.0 32.8 

Total 450.5 440.6 0.1 48.6 425.0 32.5 

Additional AIG Common Shares 

Held by Treasury 0.0 0.0 0.0 17.6 17.6 (17.6) *

Total for Programs and Shares 450.5 440.6 0.1 66.2 442.6 14.9 

*If all Treasury AIG Investments are combined, we currently estimate a net gain of nearly $2.4 billion on those share

B – Vision, Priorities and Context

TARP was created by EESA in October 2008 as part of a broad-based federal response to the 

financial crisis. The purposes of EESA were —

(1) to immediately provide authority and facilities that the Secretary of the Treasury could use to 

restore liquidity and stability to the financial system of the United States; and

(2) to ensure that such authority and facilities were provided in a manner that would —

(A) protect home values, college funds, retirement accounts, and life savings;

(B) preserve homeownership and promote jobs and economic growth;

(C) maximize overall returns to the taxpayers of the United States; and

(D) provide public accountability for the exercise of such authority.

FY 2018 FY 2019 FY 2020

Actual Estimated Estimated Change % Change

AMOUNT AMOUNT AMOUNT AMOUNT AMOUNT

TARP Direct Loans

Obligations $5,154 $13,131 $0 ($13,131) -100.00%

Collections $13,131 $0 $0 $0 0.00%

Financing Authority (net) $0 $0 $0 $0 0.00%

Financing Disbursements (net) ($7,977) $13,131 $0 ($13,131) -100.00%

Equity Purchases

Obligations $10,929 $14,693 $408 ($14,285) -97.22%

Collections $54,205 $44,618 $9,093 ($35,525) -79.62%

Financing Authority (net) ($27,700) ($42,166) ($8,653) $33,513 -79.48%

Financing Disbursements (net) ($43,276) ($29,925) ($8,685) $21,240 -70.98%

Housing

Obligations $1,740 $2,430 $1,040 ($1,390) -57.22%

Collections $53 $29 $10 ($19) -63.94%

Financing Authority (net) $0 $0 $0 $0 0.00%

Financing Disbursements (net) $1,687 $2,401 $1,029 ($1,372) -57.13%

FY 2019 to FY 2020
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EESA vested authority in the Secretary of the Treasury to “purchase, and to make and fund 

commitments to purchase, troubled assets from any financial institution, on such terms and 

conditions as are determined by the Secretary.” This program supports the Department’s goal of 

financial stewardship. 

As a result of improved financial conditions and careful stewardship of the program, the ultimate 

cost to taxpayers of TARP investments is estimated to be significantly lower than initially 

expected. In Fiscal Year (FY) 2009, the program was projected to cost $341 billion, but it is 

now estimated to cost only $32.5 billion (of which -$0.3 billion relates to investments and

$32.8 billion relates to housing programs that do not require repayments by recipients) as of 

November 30, 2018, lifetime costs are projected at $14.9 billion with the inclusion of receipts 

from Treasury’s sale of additional AIG common stock.

*Includes $17.6 billion in proceeds from additional Treasury AIG shares

During FY 2019 and FY 2020, OFS’s priority is to continue the responsible wind-down of all 

TARP programs.

OFS Administrative Expenses

The authority for OFS’s administrative funding is provided in section 118 of EESA. In 

FY 2019, OFS plans to obligate no more than $62 million and use no more than 24 Full-Time 

Equivalent (FTE) employees. In FY 2020, OFS plans to obligate no more than $54 million and 

20 FTE employees, a reduction of over 13 percent and 16 percent respectively from the current 

FY 2019 estimates, to fund the management, maintenance and continued wind-down of the 

TARP housing programs and the disposition of OFS’s remaining investments.

C - Credit Reform Account Description

Section 123 of EESA requires the cost of TARP programs to be calculated using the methods 

required by the Federal Credit Reform Act of 1990 (“credit reform”). In addition to the OFS 

Administrative Account, the organization manages six accounts to comply with the credit reform 

accounting requirements: (1) the TARP Equity Purchase Program Account; (2) the TARP 

Equity Purchase Financing Account (EPFA); (3) the TARP Housing Programs Account; (4) the 

$341.0

$124.1

$77.7 $57.3 $42.1 $22.7* $19.9* $19.7* $16.9* $14.7* $14.9* 0

50

100

150

200

250

300

350

400

May-2009 Sep-2010 Sep-2012 Sep-2014 Sep-2016 Nov-2018

Cost (in billions)

Date

OFS TARP Cost Estimates
OFS - 6

TARP Housing Programs, Letter of Credit (LOC) Financing Account; (5) the TARP Program 

Account; and (6) the TARP Direct Loan Financing Account (DLFA). 

Account Descriptions

TARP Equity Purchase Program Account: The TARP Equity Purchase Program Account 

records the subsidy costs (cost to the government) associated with federal equity injections into 

qualifying financial institutions. Subsidy costs are calculated on a net present value basis. 

TARP Equity Purchase Financing Account (EPFA): The TARP EPFA is a non-budgetary 

account that records all financial transactions to and from the government resulting from equity 

purchases. The EPFA primarily tracks each cohort year’s purchase activity (dividend payments, 

the exercise of warrants, Treasury borrowings, interest paid to or received from Treasury, etc.) 

and is not included in the budget totals when calculating total government spending.

TARP Housing Programs Account: The TARP Housing Programs Account records the subsidy 

costs and cash outlays associated with Treasury’s housing programs under TARP. The Making 

Home Affordable (MHA) and Hardest Hit Fund (HHF) housing programs are recorded on a cash 

basis, and the Federal Housing Administration (FHA) Short-Refinance Program is subject to 

credit reform accounting requirements, whereby its subsidy cost is calculated on a net present 

value basis. 

TARP Housing Programs, LOC Financing Account: The TARP Housing Programs, LOC

Financing Account is a non-budgetary account that records all financial transactions to and from 

the government resulting from OFS’s FHA Short-Refinance Program. Like other financing 

accounts, its primary purpose is the financial tracking of each cohort year’s loan activity. It is 

not included in the budget totals.

TARP Program Account: The TARP Program Account records the subsidy costs associated with 

direct loans obligated to qualifying institutions. Subsidy costs are calculated on a net present

value basis. 

TARP DLFA: The TARP DLFA is a non-budgetary account that records all financial 

transactions to and from the government resulting from direct loans. Like EPFA, its primary 

purpose is the financial tracking of each cohort year’s loan activity. It is not included in the 

budget totals.

OFS Administrative Account: This account provides for the administrative costs of OFS.
OFS - 7

1.4 – Budget Adjustments Table

Dollars in Thousands

Office of Financial Stability FTE Amount

FY 2019 Estimated 24 $61,796 

Changes to Base:

Maintaining Current Levels (MCLs): - $1,155 

Non-Pay - $1,155 

Subtotal Changes to Base 0 $1,155 

Total FY 2020 Base 24 $62,951 

Program Changes:

Program Decreases: (4) ($9,482)

Housing Program Support 0 ($4,032)

Maintenance and Disposition of 

Assets: 0 ($230)

OFS Salaries and Benefits (4) ($646)

Organizational Support 0 ($4,574)

Total FY 2020 Estimated 20 $53,469 

D – Budget Increases and Decreases Description

Maintaining Current Levels (MCLs) ......................................................+$1,155,000 / +0 FTE

Non-Pay +$1,155,000 / +0 FTE 

Funds are required for non-labor costs such as travel, contracts, rent, supplies, and equipment.

Program Decreases .....................................................................................-$9,482,000 / -4 FTE

Housing Program Support -$4,032,000 / -0 FTE 

Administrative and compliance functions will continue to wind-down during FY 2019 and over 

time as programs close and no new assistance actions are provided and commitments are paid.

Maintenance and Disposition of Assets -$230,000 / -0 FTE 

During FY 2019, OFS will continue the disposition of its position in the remaining Capital 

Purchase Program (CPP) and Community Development Capital Initiative institutions (CDCI). 

In FY 2020, OFS expects its portfolio to be composed of no more than a handful of institutions, 

primarily CDCI institutions.

OFS Salaries and Benefits -$646,000 / -4 FTE 

Savings resulted from natural attrition and expiration of term appointments due to the winddown of various TARP programs.

Organizational Support -$4,574,000/ -0 FTE 

Administrative costs associated with managing OFS’s portfolio will decline over time as TARP 

winds down. However, many duties and responsibilities will remain and are not directly 

correlated to the volume of assets held by OFS. Many of these organizational support functions 

will be run in-house and relate to legislative and oversight-mandated reporting functions, as well 

as the management and maintenance of TARP’s housing programs.
OFS - 8

1.5 – Operating Levels Table

Dollars in Thousands

Office of Financial Stability FY 2018 FY 2019 FY 2020

Object Classification Actual Estimated Estimated

11.1 - Full-time permanent $4,181 $3,039 $2,533 

11.7 - Other Personnel Compensation $1,228 $996 $862 

11.9 - Personnel Compensation (Total) $5,410 $4,035 $3,394 

12.0 - Personnel benefits $72 $30 $25 

Total Personnel and Compensation Benefits $5,482 $4,066 $3,419 

21.0 - Travel and transportation of persons $25 $36 $30 

23.0 - Rent, Communications and Utilities $3 $4 $4 

25.1 - Advisory and assistance services $11,287 $10,333 $7,826 

25.2 - Other services $45,961 $36,864 $33,615 

25.3 - Other purchases of goods & serv frm Govt accounts $12,300 $10,480 $8,560 

26.0 - Supplies and materials $0 $6 $6 

31.0 - Equipment $0 $8 $8 

Total Non-Personnel $69,575 $57,731 $50,050 

Subtotal New Budgetary Resources $75,057 $61,796 $53,469 

FTE 32 24 20 

Table includes direct FTEs

Totals may not foot due to rounding

E – Appropriations Language and Explanation of Changes

OFS does not receive discretionary appropriations from Congress. Therefore, no appropriations 

language is proposed.

F – Legislative Proposals

Treasury is seeking certain legislative changes related to OFS and TARP to reduce the frequency 

and necessity of several statutory reporting requirements that were established when TARP was 

created. Although these reporting requirements corresponded to the level of risk associated with 

a start-up entity in 2009, risk has dramatically decreased as programs have closed. OFS estimates 

that enacting the following legislative proposals would result in more than $2 million in annual 

savings in contracting cost and Government Accountability Office (GAO) reimbursements and 

would reduce OFS’s workload by four FTE employees per year. The remaining statutory 

requirements will continue to provide sufficient transparency during the wind-down of TARP.

Replace OFS’s stand-alone financial audit performed by GAO: Since inception, OFS has been 

required to undertake a stand-alone financial audit requiring significant resources. As the 

majority of programs have closed, the need for a stand-alone audit has diminished. As such, a 

stand-alone financial audit could be replaced with an agreed-upon procedure (AUP) performed 

by GAO, or Treasury's Office of the Inspector General could audit OFS's financial operations 

under the Treasury-wide audit, similar to most other Treasury programs.

Sunset the Financial Stability Oversight Board (FinSOB): This interagency group meets 

monthly and reports quarterly. The group reviewed OFS’s program formulation and monitored
OFS - 9

program performance. The need for the board’s oversight and reporting has diminished as no 

new OFS programs can be implemented, all major investments have been disposed of, and the 

housing programs are in wind-down.

Change the frequency of the Section 105(a) report (“Congressional Monthly”): This 

performance report remains generally static from month-to-month. With most programs having 

closed, less frequent (quarterly) reporting is warranted.

Eliminate the Administrative Activity Report (“Obligation Report”): This quarterly report 

provides data on administrative obligations by OFS office and is required under the annual 

Treasury appropriations bill. OFS has been prudent in the use of administrative funds and has 

been reducing obligations by approximately 20 percent per year over the last five years. 
OFS - 10

Section II - Annual Performance Plan and Report

A – Strategic Alignment

OFS’s continued wind-down efforts align with Treasury’s strategic goal of transforming 

government-wide financial stewardship.

Bank Support Programs

CPP: OFS created CPP, its largest program, in October 2008. OFS provided a total of $204.9 

billion in capital to 707 institutions in 48 states. During FY 2018, OFS continued to wind-down 

remaining CPP investments through repayments by those institutions that were able to do so and 

restructuring investments in limited cases. As of November 30, 2018, CPP has generated $226.8 

billion in recoveries for taxpayers with three institutions remaining in the program, for a total of 

$23 million in investments outstanding.

CDCI: OFS created CDCI on February 3, 2010, to provide investments of capital to certified 

Community Development Financial Institutions (CDFI) banks, thrifts, and credit unions. OFS 

invested $570 million in 84 CDFIs, of which 28 institutions converted $363 million (including 

warrants) from CPP to CDCI. The initial dividend or interest rate was two percent. To 

encourage repayment, the dividend rate increased to nine percent after eight years, which 

occurred in August and September, 2018. As of November 30, 2018, CDCI has generated $579 

million in recoveries for taxpayers with eight institutions remaining in the program, for a total of 

$29 million in investments outstanding. 

Housing Programs

OFS established several TARP housing programs, assisting millions of homeowners and 

introducing reforms for the mortgage servicing industry to facilitate mortgage modifications.

MHA: In 2009, OFS launched MHA to help homeowners prevent avoidable foreclosures and 

strengthen the housing market. The cornerstone of MHA is the Home Affordable Modification 

Program (HAMP), which provides eligible homeowners the opportunity to reduce their monthly 

mortgage payments. In accordance with provisions of the Act, MHA terminated on December 

31, 2016, except with respect to certain applications made before such date. MHA servicers 

were required to design policies and procedures to reasonably ensure that all MHA transactions 

were completed by December 1, 2017. As of November 30, 2018, OFS had disbursed $19.8 

billion out of a possible $23.8 billion under MHA.

HHF: Established in 2010 to provide aid to homeowners in states hit hardest by the economic 

and housing market downturn. The $7.6 billion initiative encompassed 18 states and the District 

of Columbia (D.C.). In December 2015, the Consolidated Appropriations Act, 2016 (the Act)

granted Treasury authority to make an additional $2.0 billion in commitments through the HHF. 

As of November 30, 2018, OFS had disbursed $9.1 billion out of a possible $9.6 billion under 

HHF.

FHA Short Refinance Program: OFS continues to support the FHA Short Refinance Program, 

which was intended to assist borrowers with negative equity. The program has seen limited 

participation. As such, OFS has incrementally reduced the LOC Facility supporting this program 
OFS - 11

from an initial $8.0 billion to $27 million in FY 2017, which matches OFS’s maximum liability 

for loans covered by the program as of December 31, 2016, when the program ended for new 

refinances. As of November 30, 2018, the revised lifetime cost estimate for the program was 

$15 million for outstanding refinanced loans.

Other Programs

Automotive Industry Financing Program (AIFP): OFS fully wound down AIFP during FY 2015, 

selling its remaining stake in Ally Financial. OFS disbursed $79.7 billion in loans and equity 

investments to the automotive industry through the AIFP. As of November 30, 2018, OFS had 

collected $70.5 billion through sales, repayments, dividends, interest, recoveries, and other 

income. Recoveries from the bankruptcy liquidation of Old Chrysler and Old GM remain 

possible. 

All other TARP programs closed prior to FY 2016, including the Targeted Investment Program, 

Asset Guarantee Program, Public-Private Investment Program, Term Asset-Backed Securities 

Loan Facility, Small Business Administration 7(a) Securities Purchase Program, and American 

International Group, Inc. Investment Program.

B – Office of Financial Stablity Performance

Performance Measure FY 2014 FY 2015 FY 2016 FY 2017 FY 2018 FY 2018 FY 2019 FY 2020

Actual Actual Actual Actual Actual Target Target Target

Clean Audit Opinion on TARP 

Financial Statements (ensure 

transparency of operations to the 

public)

1 1 1 1 1 1 1 1

Percentage of Congressional 

Constituent Correspondence 

Responses Completed within 10 

Business Days of Receipt

92 50 66.75 87.5 100 100 100 100

Percentage of Customers Satisfied 

with FinancialStability.gov (Self 

Selected Respondents) (ensure 

transparency of operations to the 

public)

69 66.5 73 69.25 69.25 75 75 75

Percentage of FOIA Assignments 

On-Time or Less Than 30-Days 

Overdue (ensure transparency 

within the government)

15.0 13.03 56.56 85 85 80 85 85

Percentage of SIGTARP and GAO 

Oversight Recommendations 

Responded to On-Time (ensure 

transparency of operations to the 

public)

100 100 100 100 100 100 100 100

Percentage of Statutorily-Mandated 

Reports Submitted On-Time 

(ensure transparency of operations 

to the public)

99 100 94.7 96.25 100 100 100 100
OFS - 12

The authority for OFS’s administrative funding is provided in section 118 of EESA. The 

administrative budget consists primarily of contracting and financial agent support costs 

associated with OFS’s ongoing implementation and management of the TARP housing programs 

and the management and disposition of OFS’s remaining investments. In addition, continuing 

organizational support, including information technology, facilities, legal, compliance, 

accounting, and human resources, will be needed to manage and wind-down these ongoing 

initiatives. OFS’s senior management is responsible for performance on its operational goals.

C – Operational Goals

OFS’s strategic goal is to transform government-wide financial stewardship and the request will 

support the underlying operational goals to help OFS achieve this strategic goal. These 

operational goals include: 

1. Completing the wind-down of remaining TARP investment programs;

2. Continuing to help struggling homeowners avoid foreclosure;

3. Minimizing the cost of the TARP programs to the taxpayer; and

4. Operating with the highest standards of transparency, accountability, and integrity.

Completing the wind-down of remaining TARP investment programs

The first Operational Goal is to complete the wind-down of the remaining TARP investment 

programs, the CPP and CDCI. OFS continues to exit CPP and CDCI by either: (i) allowing 

banks that are able to repurchase in full in the near future to do so; or (ii) restructuring and 

selling OFS’s investments in limited cases. The dividend rate step-ups for CDCI banks took 

effect in 2018, which increased the rate of bank repayments. OFS continues to work with CPP 

institutions to restructure certain investments that will allow them to exit TARP. As of 

November 30, 2018, OFS had $23 million in outstanding CPP investments and $29 million in 

outstanding CDCI investments.

Continuing to help struggling homeowners avoid foreclosure

OFS’s second Operational Goal is to continue helping struggling homeowners avoid foreclosure. 

The Act, signed into law on December 18, 2015, provided that the MHA program would 

terminate on December 31, 2016, except with respect to certain loan modification applications 

made before such date. As set forth in program guidelines, MHA servicers were required to 

evaluate applications submitted before the deadline and offer trial modifications to eligible 

applicants. All MHA transactions, including first and second lien permanent modifications, 

short sales or deeds-in-lieu of foreclosure, and unemployment forbearance plans, were required 

to be completed per program guidelines by December 1, 2017. Under this program, as of 

November 30, 2018, more than 1.7 million homeowners have secured permanent mortgage 

modifications. In addition, the HHF Program provides funding to 18 states and D.C. to assist 

struggling homeowners. At this late stage of the HHF program, many of the states have closed 

or expect to close their largest programs.

Minimizing the cost of the TARP programs to the taxpayer 

The third Operational Goal of OFS is to minimize the cost of the TARP programs to the 

taxpayer. OFS pursues this goal by carefully managing the timely exit of these investments to 

reduce taxpayers’ exposure, returning TARP funds to reduce the federal debt, and continuing to 

replace government assistance with private capital in the financial system. OFS also takes steps 
OFS - 13

to confirm that TARP recipients comply with any TARP-related statutory or contractual 

obligations such as executive compensation requirements and restrictions on dividend payments.

Operating with the highest standards of transparency, accountability, and integrity 

OFS’s final Operational Goal is to continue to operate with the highest standards of 

transparency, accountability, and integrity. OFS posts a variety of reports online that provide 

taxpayers with regular and comprehensive information about how TARP funds are spent, who 

received them and on what terms, and how much has been recovered to date. OFS also publishes 

the annual audited Agency Financial Report and continues to maintain productive working 

relationships with the three oversight bodies charged with auditing and reviewing TARP 

activities.

Section III - Additional Information

A – Summary of Capital Investments

OFS uses Departmental Offices’ (DO) system and is part of DO’s capital investment strategy.

A summary of capital investment resources, including major information technology and nontechnology investments, can be viewed and downloaded at 

http://www.treasury.gov/about/budget-performance/Pages/summary-of-capital-investments.aspx

This website also contains a digital copy of this document.