1

U.S. COMMODITY FUTURES TRADING COMMISSION 

OFFICE OF INSPECTOR GENERAL

Three Lafayette Centre

1155 21st Street, NW, Washington, DC 20581

TO: Rostin Behnam, Chairman

Kristin N. Johnson, Commissioner

Christy Goldsmith Romero, Commissioner 

Summer K. Mersinger, Commissioner 

Caroline D. Pham, Commissioner

FROM: Dr. Brett M. Baker

Acting Inspector General

DATE: November 15, 2023 

SUBJECT: Audit of the CFTC Financial Statements (Fiscal Year 2023) 

We contracted with the independent public accounting firm of Williams Adley & 

Company, LLP (Williams Adley) to audit the financial statements of the Commodity 

Futures Trading Commission (CFTC) as of and for the fiscal years ended September 

30, 2023, and 2022, to provide a report on internal control over financial reporting, and 

to report on compliance with laws and other matters. The contract required that the 

audit be performed in accordance with U.S. Generally Accepted Government Auditing 

Standards (GAGAS). 

In its audit of the CFTC financial statements, Williams Adley found:

• The financial statements present fairly, in all material respects, CFTC’s financial 

position as of September 30, 2023, and 2022, and its net cost of operations,

changes in net position, and budgetary resources for the fiscal years then ended 

in accordance with U.S. generally accepted accounting principles.

• The CFTC maintained, in all material respects, effective internal control over 

financial reporting; and

• No reportable noncompliance with provisions of laws tested or other matters.

Williams Adley is responsible for the attached auditor’s report dated November 7, 

2023 and the conclusions expressed therein. We do not express opinions on CFTC’s 

financial statements or internal control over financial reporting or conclusions on 

compliance and other matters.
2

Attached is a copy of Williams Adley’s unmodified (clean) opinion. Please call me with

any questions at (202) 557-6466. 

Cc:

David Gillers, Chief of Staff 

Tamika Bent, Chief Counsel

Yevgeny Sharago, Senior Counsel and Policy Advisor

Scott Lee, Senior Counsel and Policy Advisor

Chris Lucas, Chief of Staff Counsel

Meghan Tente, Chief of Staff

Jeffery Sutton, Executive Director

Janaka Perera, Chief Information Officer 

David Frederickson, Strategic Planning Officer

Joel Mattingley, Chief Financial Officer 

Keith A. Ingram, Accounting Officer 

Mark Bullard, Financial Management Specialist

John Rogers, Acting Chief, Business Operations

Robert Schwartz, General Counsel

Judith A. Ringle, Deputy Inspector General and Chief Counsel

Miguel A. Castillo, Assistant Inspector General for Auditing
WILLIAMS, ADLEY & COMPANY-DC, LLP 

Certified Public Accountants/ Management Consultants 

1030 15th Street, NW, Suite 350 West • Washington, DC 20005 • (202) 371-1397 • Fax: (202) 371-9161 

www.williamsadley.com

Independent Auditor’s Report 

Chairman 

U.S. Commodity Futures Trading Commission 

Inspector General 

U.S. Commodity Futures Trading Commission 

In our audits of the fiscal years 2023 and 2022 financial statements of the U.S. Commodity Futures 

Trading Commission (CFTC), we found: 

• CFTC’s financial statements as of and for the fiscal years ended September 30, 2023, and 

2022, are presented fairly, in all material respects, in accordance with U.S. generally accepted 

accounting principles; 

• no material weaknesses in internal control over financial reporting based on the limited 

procedures we performed1; and 

• no reportable noncompliance for fiscal year 2023 with provisions of applicable laws, 

regulations, contracts, and grant agreements we tested. 

The following sections discuss in more detail (1) our report on the financial statements, required 

supplementary information (RSI)2, and other information included with the financial statements3; 

(2) our report on internal control over financial reporting; and (3) our report on compliance with 

laws, regulations, contracts, and grant agreements. 

Report on the Financial Statements 

Opinion 

In accordance with Government Auditing Standards issued by the Comptroller General of the 

United States; and OMB Bulletin No. 24-01, Audit Requirements for Federal Financial 

Statements, we have audited CFTC’s financial statements. CFTC’s financial statements comprise 

the balance sheets as of September 30, 2023, and 2022; the related statements of net cost, changes 

1 A material weakness is a deficiency, or combination of deficiencies, in internal control over financial reporting, such that there 

is a reasonable possibility that a material misstatement of the entity’s financial statements will not be prevented, or detected and 

corrected, on a timely basis. A deficiency in internal control exists when the design or operation of a control does not allow 

management or employees, in the normal course of performing their assigned functions, to prevent, or detect and correct, 

misstatements on a timely basis.

2 The RSI consists of the “Management’s Discussion and Analysis” and the “Combined Statement of Budgetary Resources”, 

which are included with the financial statements.

3 Other information consists of information included with the financial statements, other than the RSI and the auditor’s report. 
in net position, budgetary resources, and custodial activity for the fiscal years then ended; and the 

related notes to the financial statements. In our opinion, CFTC’s financial statements present fairly, 

in all material respects, CFTC’s financial position as of September 30, 2023, and 2022, and its net 

cost of operations, changes in net position, budgetary resources, and custodial activity for the fiscal 

years then ended in accordance with U.S. generally accepted accounting principles. 

Basis for Opinion 

We conducted our audits in accordance with auditing standards generally accepted in the U.S. and 

the U.S. generally accepted government auditing standards. Our responsibilities under those 

standards are further described in the Auditor’s Responsibilities for the Audit of the Financial 

Statements section of our report. We are required to be independent of CFTC and to meet our other 

ethical responsibilities, in accordance with the relevant ethical requirements relating to our audit. 

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis 

for our audit opinion. 

Responsibilities of Management for the Financial Statements 

CFTC management is responsible for: 

• the preparation and fair presentation of these financial statements in accordance with U.S. 

generally accepted accounting principles; 

• preparing, measuring, and presenting the RSI in accordance with U.S. generally accepted 

accounting principles; 

• preparing and presenting other information included in CFTC’s Agency Financial Report, and 

ensuring the consistency of that information with the audited financial statements and the RSI; 

and 

• designing, implementing, and maintaining effective internal control relevant to the preparation 

and fair presentation of financial statements that are free from material misstatement, whether 

due to fraud or error. 

Auditor’s Responsibilities for the Audit of the Financial Statements 

Our objectives are to (1) obtain reasonable assurance about whether the financial statements as a 

whole are free from material misstatement, whether due to fraud or error, and (2) issue an auditor’s 

report that includes our opinion. Reasonable assurance is a high level of assurance but is not 

absolute assurance and therefore is not a guarantee that an audit of the financial statements 

conducted in accordance with U.S. generally accepted government auditing standards will always 

detect a material misstatement or a material weakness when it exists. The risk of not detecting a 

material misstatement resulting from fraud is higher than for one resulting from error, as fraud 

may involve collusion, forgery, intentional omissions, misrepresentations, or the override of 

internal control. Misstatements, including omissions, are considered to be material if there is a 

substantial likelihood that, individually or in aggregate, they would influence the judgment made 

by a reasonable user based on the financial statements. 

In performing an audit in accordance with U.S. generally accepted government auditing standards, 

we: 

• Exercise professional judgment and maintain professional skepticism throughout the audit. 
• Identify and assess the risks of material misstatement of the financial statements, whether due 

to fraud or error, and design and perform audit procedures responsive to those risks. Such 

procedures include examining, on a test basis, evidence regarding the amounts and disclosures 

in the financial statements. 

• Obtain an understanding of internal control relevant to our audit of the financial statements in 

order to design audit procedures that are appropriate in the circumstances, but not for the 

purpose of expressing an opinion on the effectiveness of CFTC’s internal control over financial 

reporting. Accordingly, no such opinion is expressed. 

• Evaluate the appropriateness of accounting policies used and the reasonableness of significant 

accounting estimates made by management, as well as evaluate the overall presentation of the 

financial statements. 

• Perform other procedures we consider necessary in the circumstances. 

We are required to communicate with those charged with governance regarding, among other 

matters, the planned scope and timing of the audit, significant audit findings, and certain internal 

control–related matters that we identified during the financial statement audit. 

Required Supplementary Information 

U.S. generally accepted accounting principles issued by the Federal Accounting Standards 

Advisory Board (FASAB) require that the RSI be presented to supplement the financial statements. 

Such information is the responsibility of management and, although not a part of the financial 

statements, is required by FASAB, which considers it to be an essential part of financial reporting 

for placing the financial statements in appropriate operational, economic, or historical context. 

We have applied certain limited procedures to the RSI in accordance with U.S. generally accepted 

government auditing standards. These procedures consisted of (1) inquiring of management about 

the methods used to prepare the RSI and (2) comparing the RSI for consistency with management’s 

responses to our inquiries, the financial statements, and other knowledge we obtained during the 

audit of the financial statements, in order to report omissions or material departures from FASAB 

guidelines, if any, identified by these limited procedures. We did not audit and we do not express 

an opinion or provide any assurance on the RSI because the limited procedures we applied do not 

provide sufficient evidence to express an opinion or provide any assurance. 

Other Information 

CFTC’s other information contains a wide range of information, some of which is not directly 

related to the financial statements. This information is presented for purposes of additional analysis 

and is not a required part of the financial statements or the RSI. Management is responsible for the 

other information included in CFTC’s Agency Financial Report. The other information comprises 

the Inspector General’s Assessment, Summary of Audit and Management Assurances, and Civil 

Monetary Penalty Adjustment for Inflation but does not include the financial statements and our 

auditor’s report thereon. Our opinion on the financial statements does not cover the other 

information, and we do not express an opinion or any form of assurance thereon. 

In connection with our audit of the financial statements, our responsibility is to read the other 

information and consider whether a material inconsistency exists between the other information 

and the financial statements, or the other information otherwise appears to be materially misstated. 
If, based on the work performed, we conclude that an uncorrected material misstatement of the 

other information exists, we are required to describe it in our report. 

Report on Internal Control over Financial Reporting 

In connection with our audits of CFTC’s financial statements, we considered CFTC’s internal 

control over financial reporting, consistent with our auditor’s responsibilities discussed below. 

Results of Our Consideration of Internal Control over Financial Reporting 

Our consideration of internal control was for the limited purpose described below and was not 

designed to identify all deficiencies in internal control that might be material weaknesses or 

significant deficiencies4 or to express an opinion on the effectiveness of CFTC’s internal control 

over financial reporting. Given these limitations, during our audit, we did not identify any 

deficiencies in internal control over financial reporting that we consider to be material weaknesses. 

However, material weaknesses or significant deficiencies may exist that have not been identified. 

Basis for Results of Our Consideration of Internal Control over Financial Reporting 

We performed our procedures related to CFTC’s internal control over financial reporting in 

accordance with U.S. generally accepted government auditing standards and Office of 

Management and Budget audit guidance5. 

Responsibilities of Management for Internal Control over Financial Reporting 

CFTC management is responsible for designing, implementing, and maintaining effective internal 

control over financial reporting relevant to the preparation and fair presentation of financial 

statements that are free from material misstatement, whether due to fraud or error. 

Auditor’s Responsibilities for Internal Control over Financial Reporting 

In planning and performing our audit of CFTC’s financial statements as of and for the fiscal year 

ended September 30, 2023, in accordance with U.S. generally accepted government auditing 

standards, we considered CFTC’s internal control relevant to the financial statement audit in order 

to design audit procedures that are appropriate in the circumstances, but not for the purpose of 

expressing an opinion on the effectiveness of CFTC’s internal control over financial reporting. 

Accordingly, we do not express an opinion on CFTC’s internal control over financial reporting. 

We are required to report all deficiencies that are considered to be significant deficiencies or 

material weaknesses. We did not consider all internal controls relevant to operating objectives, 

such as those controls relevant to preparing performance information and ensuring efficient 

operations. 

Definition and Inherent Limitations of Internal Control over Financial Reporting 

An entity’s internal control over financial reporting is a process effected by those charged with 

governance, management, and other personnel. The objectives of internal control over financial 

reporting are to provide reasonable assurance that: 

4 A significant deficiency is a deficiency, or a combination of deficiencies, in internal control over financial reporting that is less 

severe than a material weakness, yet important enough to merit attention by those charged with governance. 

5 Office of Management and Budget (OMB) Bulletin No. 24-01, Audit Requirements for Federal Financial Statements, issued on 

October 19, 2023. According to the guidance, for those controls that have been suitably designed and implemented, the auditor 

should perform sufficient tests of such controls to conclude on whether the controls are operating effectively (i.e., sufficient tests 

of controls to support a low level of assessed control risk). OMB audit guidance does not require the auditor to express an opinion 

on the effectiveness of internal control.
• transactions are properly recorded, processed, and summarized to permit the preparation of 

financial statements in accordance with U.S. generally accepted accounting principles, and 

assets are safeguarded against loss from unauthorized acquisition, use, or disposition, and 

• transactions are executed in accordance with provisions of applicable laws, including those 

governing the use of budget authority, regulations, contracts, and grant agreements, 

noncompliance with which could have a material effect on the financial statements. 

Because of its inherent limitations, internal control over financial reporting may not prevent, or 

detect and correct, misstatements due to fraud or error. 

Intended Purpose of Report on Internal Control over Financial Reporting 

The purpose of this report is solely to describe the scope of our consideration of CFTC’s internal 

control over financial reporting and the results of our procedures, and not to provide an opinion on 

the effectiveness of CFTC’s internal control over financial reporting. This report is an integral part 

of an audit performed in accordance with U.S. generally accepted government auditing standards 

in considering internal control over financial reporting. Accordingly, this report on internal control 

over financial reporting is not suitable for any other purpose. 

Report on Compliance with Laws, Regulations, Contracts, and Grant Agreements 

In connection with our audits of CFTC’s financial statements, we tested compliance with selected 

provisions of applicable laws, regulations, contracts, and grant agreements consistent with our 

auditor’s responsibilities discussed below. 

Results of Our Tests for Compliance with Laws, Regulations, Contracts, and Grant Agreements 

Our tests for compliance with selected provisions of applicable laws, regulations, contracts, and 

grant agreements disclosed no instances of noncompliance for fiscal year 2023 that would be 

reportable under U.S. generally accepted government auditing standards. However, the objective 

of our tests was not to provide an opinion on compliance with laws, regulations, contracts, and 

grant agreements applicable to CFTC. Accordingly, we do not express such an opinion. 

Basis for Results of Our Tests for Compliance with Laws, Regulations, Contracts, and Grant 

Agreements 

We performed our tests of compliance in accordance with U.S. generally accepted government 

auditing standards. 

Responsibilities of Management for Compliance with Laws, Regulations, Contracts, and Grant 

Agreements 

CFTC management is responsible for complying with laws, regulations, contracts, and grant 

agreements applicable to CFTC. 

Auditor’s Responsibilities for Tests of Compliance with Laws, Regulations, Contracts, and Grant 

Agreements 

Our responsibility is to test compliance with selected provisions of applicable laws, regulations, 

contracts, and grant agreements applicable to CFTC that have a direct effect on the determination 

of material amounts and disclosures in CFTC’s financial statements, and to perform certain other 

limited procedures. Accordingly, we did not test compliance with all laws, regulations, contracts, 

and grant agreements applicable to CFTC. We caution that noncompliance may occur and not be 

detected by these tests. 
Intended Purpose of Report on Compliance with Laws, Regulations, Contracts, and Grant 

Agreements 

The purpose of this report is solely to describe the scope of our testing of compliance with selected 

provisions of applicable laws, regulations, contracts, and grant agreements, and the results of that 

testing, and not to provide an opinion on compliance. This report is an integral part of an audit 

performed in accordance with U.S. generally accepted government auditing standards in 

considering compliance. Accordingly, this report on compliance with laws, regulations, contracts, 

and grant agreements is not suitable for any other purpose. 

Washington, District of Columbia 

November 7, 2023 
Prepared by:

CFTC Accounting Office

Version - 01

Statement Run Date: 10/16/2023 11:16:04 AM

September 30, 2023 and 2022

FY 2023

as of and for the Years Ended 

Financial Statements and Notes

Compilation Date: 10/23/2023 10:40 AM
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

Financial Highlights

The following chart is an overview of the Commission’s financial position, preceding a discussion of 

the agency’s financial highlights for fiscal year 2023: 

2023 2022

 CONDENSED BALANCE SHEETS

Fund Balance with Treasury $ 210,945,449 $ 174,854,209

Investments 279,441,910 286,000,000

Accounts Receivable, Net 50,312 27,175

Custodial Fines and Interest Receivable, Net 123,954,833 659,190,181

General Property, Plant, and Equipment, Net 34,683,576 39,477,653

Advances and Prepayments 13,309,672 6,640,433

 TOTAL ASSETS $ 662,385,752 $ 1,166,189,651

Accounts Payable $ 26,227,638 $ 16,602,824

Accrued Payroll and Unfunded Annual Leave 28,685,262 29,167,978

FECA and Unemployment Liabilities 533,322 582,869

Liability to the General Fund of the U.S. Government for Custodial Assets 123,954,833 659,190,181

Liability for Non-Fiduciary Deposit Funds 205,143 73,353

Deferred Lease Liabilities 11,248,874 15,703,225

Liability for Whistleblower Awards 31,464,775 45,000

 Total Liabilities $ 222,319,847 $ 721,365,430

Unexpended Appropriations - Funds from Other than Dedicated Collections $ 170,059,674 $ 137,086,524

Cumulative Results of Operations - Funds from Dedicated Collections 263,291,994 301,921,114

Cumulative Results of Operations - Funds from Other than Dedicated Collections 6,714,237 5,816,583

 Total Net Position $ 440,065,905 $ 444,824,221

 TOTAL LIABILITIES AND NET POSITION $ 662,385,752 $ 1,166,189,651

 CONDENSED STATEMENTS OF NET COST

Gross Costs $ 391,880,359 $ 328,486,481

Earned Revenue (166,018) (49,179)

 TOTAL NET COST OF OPERATIONS $ 391,714,341 $ 328,437,302

 NET COST BY STRATEGIC GOAL

Strategic Goal 1: Strengthen Derivatives Markets & Foster their Vibrancy $ 58,000,047 56,519,959

Strategic Goal 2: Regulate Derivatives Markets in Interest of All Americans 57,552,037 55,239,147

Strategic Goal 3: Encourage Innovation & Enhance Regulatory Experience of All 46,661,951 44,368,661

Strategic Goal 4: Be Tough on Those Who Break the Rules 139,657,096 84,360,406

Strategic Goal 5: Focus on Unique Mission & Improve Operational Effectiveness 89,843,210 87,949,129

 TOTAL NET COST OF OPERATIONS $ 391,714,341 $ 328,437,302

 CONDENSED STATEMENTS OF BUDGETARY RESOURCES

Prior Year Budget Authority $ 304,772,904 $ 52,805,900

New Budget Authority 377,576,086 759,106,348

TOTAL BUDGETARY RESOURCES $ 682,348,990 $ 811,912,248

New Obligations and Upward Adjustments $ 356,004,047 $ 511,348,819

Apportioned, Unexpired Accounts 349,995,605 350,040,567

Unapportioned, Unexpired Accounts (35,103,079) (57,983,358)

Expired Unobligated Balances 11,452,417 8,506,220

TOTAL BUDGETARY RESOURCES $ 682,348,990 $ 811,912,248

Agency Outlays, Net $ 333,039,255 $ 126,645,815

Figure 1: Financial Summary
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 1 

PRINCIPAL FINANCIAL STATEMENTS

Commodity Futures Trading Commission

BALANCE SHEETS

As of September 30, 2023 and 2022 

ASSETS

Intragovernmental:

Fund Balance With Treasury (Note 2) $ 210,945,449 $ 174,854,209

I Investments, Net:

 Federal Investments (Note 3) 279,400,000 286,000,000

 Interest Receivable - Investments 41,910 -

Accounts Receivable, Net (Note 4) 31,599 -

Advances and Prepayments (Note 1H) 10,642,790 3,383,000

Total Intragovernmental $ 501,061,748 $ 464,237,209

With the Public:

Accounts Receivable, Net:

 Custodial Fines and Interest Receivable, Net (Note 4) $ 123,954,833 $ 659,190,181

 Accounts Receivable, Net (Note 4) 18,713 27,175

General Property, Plant, and Equipment, Net (Note 5) 34,683,576 39,477,653

Advances and Prepayments (Note 1H) 2,666,882 3,257,433

Total With the Public $ 161,324,004 $ 701,952,442

TOTAL ASSETS $ 662,385,752 $ 1,166,189,651

LIABILITIES

Intragovernmental:

Accounts Payable $ 665,783 $ 5,512,199

Other Liabilities:

 Employer Contributions and Payroll Taxes Payable 2,253,469 2,099,711

 Unfunded FECA and Unemployment Liability (Note 1N) 80,539 83,864

 Other Liabilities (Without Reciprocals) 339,860 307,247

 Deferred Lease Liabilities (Note 7) 3,349,387 4,394,626

 Liability to the General Fund of the U.S. Government for Custodial Assets 123,954,833 659,190,181

Total Intragovernmental $ 130,643,871 $ 671,587,828

With the Public:

Accounts Payable $ 25,561,855 $ 11,090,625

Federal Employee Benefits Payable:

 Actuarial FECA Liabilities (Note 1N) 452,783 499,005

 Unfunded Annual Leave 16,423,448 17,747,317

 Funded Employee Benefits 435,958 403,232

Other Liabilities:

 Accrued Funded Payroll 9,232,527 8,610,471

 Liability for Non-Fiduciary Deposit Funds 205,143 73,353

 Deferred Lease Liabilities (Note 7) 7,899,487 11,308,599

 Liability for Whistleblower Awards (Note 8) 31,464,775 45,000

Total With the Public $ 91,675,976 $ 49,777,602

Total Liabilities $ 222,319,847 $ 721,365,430

Contingent Liabilities (Note 9)

NET POSITION

Unexpended Appropriations - Funds from Other than Dedicated Collections $ 170,059,674 $ 137,086,524

 Total Unexpended Appropriations $ 170,059,674 $ 137,086,524

Cumulative Results of Operations - Funds from Dedicated Collections $ 263,291,994 $ 301,921,114

Cumulative Results of Operations - Funds from Other than Dedicated Collections 6,714,237 5,816,583

 Total Cumulative Results of Operations $ 270,006,231 $ 307,737,697

Total Net Position $ 440,065,905 $ 444,824,221

TOTAL LIABILITIES AND NET POSITION $ 662,385,752 $ 1,166,189,651

The accompanying notes are an integral part of these financial statements.

2023 2022
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 2 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

STATEMENTS OF NET COST

For the Years Ended September 30, 2023 and 2022

2023 2022

NET COST BY STRATEGIC GOAL

STRATEGIC GOAL 1: STRENGTHEN DERIVATIVES MARKETS & FOSTER THEIR VIBRANCY

Gross Costs $ 58,027,988 $ 56,528,423

Less: Earned Revenue (27,941) (8,464)

NET COST OF OPERATIONS -- STRATEGIC GOAL 1 $ 58,000,047 $ 56,519,959

STRATEGIC GOAL 2: REGULATE DERIVATIVES MARKETS IN INTEREST OF ALL AMERICANS

Gross Costs $ 57,579,762 $ 55,247,419

Less: Earned Revenue (27,725) (8,272)

NET COST OF OPERATIONS -- STRATEGIC GOAL 2 $ 57,552,037 $ 55,239,147

STRATEGIC GOAL 3: ENCOURAGE INNOVATION & ENHANCE REGULATORY EXPERIENCE OF ALL

Gross Costs $ 46,684,430 $ 44,375,305

Less: Earned Revenue (22,479) (6,644)

NET COST OF OPERATIONS -- STRATEGIC GOAL 3 $ 46,661,951 $ 44,368,661

STRATEGIC GOAL 4: BE TOUGH ON THOSE WHO BREAK THE RULES

Gross Costs $ 139,701,688 $ 84,373,035

Less: Earned Revenue (44,592) (12,629)

NET COST OF OPERATIONS -- STRATEGIC GOAL 4 $ 139,657,096 $ 84,360,406

STRATEGIC GOAL 5: FOCUS ON UNIQUE MISSION & IMPROVE OPERATIONAL EFFECTIVENESS

Gross Costs $ 89,886,491 $ 87,962,299

Less: Earned Revenue (43,281) (13,170)

NET COST OF OPERATIONS -- STRATEGIC GOAL 5 $ 89,843,210 $ 87,949,129

GRAND TOTAL

Gross Costs $ 391,880,359 $ 328,486,481

Less: Earned Revenue (166,018) (49,179)

TOTAL NET COST OF OPERATIONS $ 391,714,341 $ 328,437,302

The accompanying notes are an integral part of these financial statements.
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 3 

STATEMENTS OF CHANGES IN NET POSITION 

For the Years Ended September 30, 2023 and 2022 

2023

UNEXPENDED APPROPRIATIONS:

BEGINNING BALANCES $ - $ 137,086,524 $ 137,086,524

Appropriations Received - 365,000,000 365,000,000

Other Adjustments (+/-) - (2,595,302) (2,595,302)

Appropriations Used - (329,431,548) (329,431,548)

Net Change in Unexpended Appropriations - 32,973,150 32,973,150

TOTAL UNEXPENDED APPROPRIATIONS, ENDING $ - $ 170,059,674 $ 170,059,674

CUMULATIVE RESULTS OF OPERATIONS:

BEGINNING BALANCES $ 301,921,114 $ 5,816,583 $ 307,737,697

Appropriations Used - 329,431,548 329,431,548

Nonexchange Interest Revenue (Note 3) 13,202,110 - 13,202,110

Financing Sources Transferred in from Custodial Statement Collections (Note 12) - - -

Imputed Financing Sources (Note 1M) - 11,349,217 11,349,217

Net Cost of Operations (51,831,230) (339,883,111) (391,714,341)

Net Change in Cumulative Results of Operations (38,629,120) 897,654 (37,731,466)

TOTAL CUMULATIVE RESULTS OF OPERATIONS, ENDING $ 263,291,994 $ 6,714,237 $ 270,006,231

NET POSITION $ 263,291,994 $ 176,773,911 $ 440,065,905

UNEXPENDED APPROPRIATIONS:

BEGINNING BALANCES $ - $ 87,459,663 $ 87,459,663

Appropriations Received - 382,000,000 382,000,000

Other Adjustments (+/-) - (1,750,242) (1,750,242)

Appropriations Used - (330,622,897) (330,622,897)

Net Change in Unexpended Appropriations - 49,626,861 49,626,861

TOTAL UNEXPENDED APPROPRIATIONS, ENDING $ - $ 137,086,524 $ 137,086,524

CUMULATIVE RESULTS OF OPERATIONS:

BEGINNING BALANCES $ (92,073,033) $ (9,078,983) $ (101,152,016)

Appropriations Used - 330,622,897 330,622,897

Nonexchange Interest Revenue (Note 3) 1,350,097 - 1,350,097

Financing Sources Transferred in from Custodial Statement Collections (Note 12) 398,498,439 - 398,498,439

Imputed Financing Sources (Note 1M) - 6,855,582 6,855,582

Net Cost of Operations (5,854,389) (322,582,913) (328,437,302)

Net Change in Cumulative Results of Operations 393,994,147 14,895,566 408,889,713

TOTAL CUMULATIVE RESULTS OF OPERATIONS, ENDING $ 301,921,114 $ 5,816,583 $ 307,737,697

NET POSITION $ 301,921,114 $ 142,903,107 $ 444,824,221

The accompanying notes are an integral part of these financial statements.

2022

Dedicated 

Collections

All Other

Funds

Consolidated 

Total

Dedicated 

Collections

All Other

Funds

Consolidated 

Total
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 4 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

STATEMENTS OF BUDGETARY RESOURCES

For the Years Ended September 30, 2023 and 2022 

BUDGETARY RESOURCES

 Unobligated Balance from Prior Year Budget Authority, Net (Note 10A) $ 304,772,904 $ 52,805,900

 Appropriations 365,000,000 382,000,000

 Spending Authority from Offsetting Collections 12,576,086 377,106,348

TOTAL BUDGETARY RESOURCES $ 682,348,990 $ 811,912,248

STATUS OF BUDGETARY RESOURCES

 New Obligations and Upward Adjustments $ 356,004,047 $ 511,348,819

 Unobligated Balance, End of Year

Apportioned, Unexpired Accounts 349,995,605 350,040,567

Unapportioned, Unexpired Accounts (35,103,079) (57,983,358)

Unexpired Unobligated Balance, End of Year 314,892,526 292,057,209

Expired Unobligated Balance, End of Year 11,452,417 8,506,220

 Unobligated Balance, End of Year (Total) 326,344,943 300,563,429

TOTAL BUDGETARY RESOURCES $ 682,348,990 $ 811,912,248

OUTLAYS, NET

Outlays, Net $ 333,045,249 $ 126,661,665

Distributed Offsetting Receipts (5,994) (15,850)

AGENCY OUTLAYS, NET $ 333,039,255 $ 126,645,815

The accompanying notes are an integral part of these financial statements.

2023 2022
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 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 5 

STATEMENTS OF CUSTODIAL ACTIVITY

For the Years Ended September 30, 2023 and 2022 

2023 2022

TOTAL CUSTODIAL REVENUE

SOURCES OF CASH COLLECTIONS:

 Registration and Filing Fees $ 1,650 $ 1,141,644

 Fines, Penalties, and Forfeitures 1,053,077,383 603,561,798

 General Proprietary Receipts 5,994 15,850

Total Cash Collections 1,053,085,027 604,719,292

Change in Custodial Receivables (535,235,348) 624,812,458

TOTAL CUSTODIAL REVENUE $ 517,849,679 $ 1,229,531,750

DISPOSITION OF COLLECTIONS

AMOUNTS TRANSFERRED TO:

 Department of the Treasury $ (1,053,085,027) $ (206,220,853)

 CFTC Customer Protection Fund - (398,498,439)

Total Disposition of Collections (1,053,085,027) (604,719,292)

Change in Custodial Liabilities 535,235,348 (624,812,458)

CUSTODIAL REVENUE LESS DISPOSITION OF COLLECTIONS $ - $ -

The accompanying notes are an integral part of these financial statements.
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 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 6 

NOTES TO THE FINANCIAL STATEMENTS 

As of and for the Years Ended September 30, 2023 and 2022

Note 1 Summary of Significant Accounting Policies

A. Reporting Entity

The Commodity Futures Trading Commission (CFTC or Commission) is an independent agency of 

the executive branch of the Federal government. Congress created the CFTC in 1974 under the 

authorization of the Commodity Exchange Act (CEA) with the mandate to regulate commodity 

futures and option markets in the United States. The agency’s mandate was renewed and 

expanded under the Futures Trading Acts of 1978, 1982, and 1986; the Futures Trading Practices 

Act of 1992; the CFTC Reauthorization Act of 1995; the Commodity Futures Modernization Act of 

2000; and the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 (Dodd-Frank 

Act, or the Act). Congress passed the Food, Conservation, and Energy Act of 2008, which 

reauthorized the Commission through FY 2013. In the absence of formal reauthorization, the 

CFTC has continued to operate through annual appropriations. 

The CFTC is responsible for ensuring the economic utility of futures markets by encouraging their 

competitiveness and efficiency, ensuring their integrity, and protecting market participants against 

manipulation, abusive trade practices, and fraud.

The Dodd-Frank Act significantly expanded the powers and responsibilities of the CFTC. 

According to Section 748 of the Act, there is established in the U.S. Department of the Treasury 

(Treasury) a revolving fund known as the CFTC Customer Protection Fund. The Customer 

Protection Fund shall be available to the Commission, without further appropriation or fiscal year 

limitation, for the payment of awards to whistleblowers; and the funding of customer education 

initiatives designed to help customers protect themselves against fraud or other violations of this 

Act or the rules and regulations thereunder.

B. Basis of Presentation 

 

The financial statements have been prepared to report the financial position and results of 

operations for the CFTC, as required by the Accountability of Tax Dollars Act of 2002. They are 

presented in accordance with the form and content requirements contained in OMB Circular A136, Financial Reporting Requirements. 

The financial statements have been prepared in all material respects in conformity with U.S. 

generally accepted accounting principles (GAAP), as prescribed for the Federal government by the 

Federal Accounting Standards Advisory Board (FASAB). The application and methods for 

applying these principles are appropriate for fairly presenting the entity’s assets, liabilities, 
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 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 7 

financial position, net cost of operations, changes in net position, budgetary resources, and 

custodial activities. Accounting standards require all reporting entities to disclose that accounting 

standards allow certain presentations and disclosures to be modified, if needed, to prevent the 

disclosure of classified information.

The books and records of the agency served as the source of information for preparing the financial 

statements in the prescribed formats. All agency financial statements and reports used to monitor 

and control budgetary resources are prepared from the same books and records. The statements 

should be read with the understanding that they are for a component of the U.S. Government.

The Balance Sheets present the financial position of the agency. The Statements of Net Cost 

present the agency’s operating results and the Statements of Changes in Net Position display the 

changes in the agency’s net position. The Statements of Budgetary Resources present the sources, 

status, and uses of the agency’s resources and follow the rules for the Budget of the U.S.

Government. The Statements of Custodial Activity present the sources and disposition of 

collections for which the CFTC is the fiscal agent, or custodian, for the Treasury General Fund 

Miscellaneous Receipt accounts.

Throughout these financial statements, assets, liabilities, revenues and costs have been classified 

according to the type of entity with whom the transactions were made. Intragovernmental assets 

and liabilities are those from or to other federal entities. Intragovernmental earned revenues are 

collections or accruals of revenue from other federal entities, and intragovernmental costs are 

payments or accruals to other federal entities for goods and/or services provided. The CFTC does 

not transact business among its own operating units, and therefore, intra-entity eliminations were 

not needed. 

C. Budgetary Resources and Status 

The CFTC is funded through congressionally approved appropriations. The CFTC is responsible 

for administering the salaries and expenses of the agency through the execution of these 

appropriations. 

Congress annually enacts appropriations that provide the CFTC with the authority to obligate 

funds within the respective fiscal year for necessary expenses to carry out program activities. All 

appropriations are subject to quarterly apportionment as well as Congressional restrictions. 

The CFTC’s budgetary resources for FY 2023 consist of: 

 Unobligated balances of resources brought forward from the prior year, 

 Recoveries of obligations made in prior years, and 

 New resources in the form of appropriations and spending authority from offsetting 

collections. 
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 8 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

Unobligated balances associated with resources expiring at the end of the fiscal year remain 

available for five years after expiration only for upward adjustments of prior year obligations, after 

which they are canceled and may not be used. All unused monies related to canceled 

appropriations are returned to Treasury and the canceled authority is reported on the Statements 

of Budgetary Resources and the Statements of Changes in Net Position.

D. Entity and Non-Entity Assets 

Assets consist of entity and non-entity assets. Entity assets are those assets that the CFTC has 

authority to use for its operations. Non-entity assets are those held by the CFTC that are not 

available for use in its operations, such as deposit fund balances and custodial fines, interest, 

penalties, and administrative fees receivable. 

E. Fund Balance with Treasury 

Fund Balance with Treasury is the aggregate amount of the CFTC’s funds with Treasury in general, 

receipt, revolving, and deposit fund accounts. Appropriated funds recorded in general fund 

expenditure accounts are available to pay current liabilities and finance authorized purchases. 

Custodial collections recorded in the deposit fund and miscellaneous receipts accounts of the 

Treasury are not available for agency use. At fiscal year-end, receipt account balances that have 

not been transferred to the Customer Protection Fund are returned to Treasury.

The CFTC does not maintain bank accounts of its own, has no disbursing authority, and does not 

maintain cash held outside of Treasury. Treasury disburses funds for the agency on demand. 

Spending authority from offsetting collections is recorded in the agency’s expenditure account and 

is available for agency use subject to certain limitations. Additional information regarding the 

CFTC’s Fund Balance with Treasury is provided in Note 2, Fund Balance with Treasury.

F. Investments

The CFTC is authorized to invest the portion of the Customer Protection Fund that is not, in the 

Commission’s judgment, required to meet the current needs of the Fund. The Commission 

invests available funds through the U.S. Department of the Treasury’s Bureau of the Fiscal Service. 

Investments are carried at their historical cost basis which approximates fair value due to their 

short-term nature.

Interest earned on the investments is a component of the Fund and is available to be used for 

expenses of the Customer Protection Fund. Additional information regarding Customer Protection 

Fund investments are provided in Note 3, Investments. 
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 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 9 

G. Accounts Receivable, Net 

The CFTC’s accounts receivable generally consists of amounts due from the public. The bulk of the 

CFTC’s accounts receivable arise from the Civil Monetary Sanctions program and are reported on 

the Balance Sheet as “Custodial Fines and Interest Receivable, Net.” The CFTC is responsible for 

collection, and recognizes a receivable, when an order of the Commission or a federal court directs 

payment to the CFTC. See Note 1T for additional information on the CFTC’s custodial activity.

The remainder of the CFTC’s accounts receivable, reported on the Balance Sheet as “Accounts 

Receivable, Net,” consists of amounts owed to the CFTC by other federal agencies and employees. 

The CFTC’s accounts receivable is valued net of an allowance for uncollectible amounts that is 

based on past experience in the collection of receivables and analysis of the outstanding balances. 

Additional information is provided in Note 4, Accounts Receivable, Net.

H. Advances and Prepayments

Advances and Prepayments consist of payments to federal and non-federal sources in advance of 

the receipt of goods and services. These payments are recorded as prepayments and recognized as 

expenses when the related goods and services are received. Intragovernmental prepayments 

reported on the Balance Sheet were made primarily to the U.S. Department of Interior for contract

support. Prepayments to the public were primarily for software maintenance and subscription 

services.

I. General Property, Plant, and Equipment, Net

Furniture, fixtures, equipment, information technology hardware and software, and leasehold 

improvements are capitalized and depreciated or amortized over their useful lives. The CFTC 

capitalizes assets annually if they have useful lives of at least two years and an individual value of 

$25,000 or more. Bulk or aggregate purchases are capitalized when the individual useful lives are 

at least two years and the purchase is a value of $25,000 or more. Property, plant, and equipment 

that do not meet the capitalization criteria are expensed when acquired. Depreciation for 

equipment and amortization for software is computed on a straight-line basis using a 5-year life. 

Leasehold improvements are amortized over the remaining life of the lease. The Commission’s 

assets are valued net of accumulated depreciation or amortization. Additional information is 

provided in Note 5, General Property, Plant, and Equipment, Net.

J. Liabilities

The CFTC’s liabilities include actual and estimated amounts that are likely to be paid as a result of 

transactions covered by budgetary resources for which Congress has appropriated funds or are 

otherwise available from reimbursable transactions to pay amounts due. 
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10 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

In addition to those liabilities covered by budgetary resources in existing legislation, the CFTC’s 

liabilities also include those not requiring budgetary resources, and those not yet covered by 

budgetary resources. The CFTC liabilities not requiring budgetary resources include deferred lease 

liabilities, deposit funds, and custodial revenue deemed collectible but not yet collected at fiscal 

year-end. Liabilities that are not yet covered by budgetary resources but will require budgetary 

resources in the future include: 

 Intragovernmental Federal Employees’ Compensation Act (FECA) liabilities, 

 Annual leave benefits that will be funded by annual appropriations as leave is taken,

 Actuarial FECA liabilities,

 Liability for whistleblower awards,

 Contingent liabilities, and

 Advances received for reimbursable services yet to be provided.

Additional information is provided in Note 6, Liabilities not Covered by Budgetary Resources.

K. Accounts Payable 

Accounts payable consists primarily of liabilities for amounts due for goods and services received 

as of the end of the reporting period but not yet paid and whistleblower awards finalized by the 

Commission but not yet paid. 

L. Accrued Payroll and Benefits and Annual Leave Liability

 

The accrued payroll liability represents amounts for salaries and benefits owed for the time since 

the payroll was last paid through the end of the reporting period. Total accrued payroll is 

composed of amounts to be paid to CFTC employees as well as the related intragovernmental 

payable for employer contributions and payroll taxes. The annual leave liability is the amount 

owed to employees for unused annual leave as of the end of the reporting period. At the end of 

each quarter, the balance in the accrued annual leave account is adjusted to reflect current 

balances and pay rates. Sick leave and other types of non-vested leave are expensed as taken.

The agency’s employees participate in the Civil Service Retirement System (CSRS) or the Federal 

Employees’ Retirement System (FERS). On January 1, 1987, FERS went into effect pursuant to 

Public Law 99-335. Most employees hired after December 31, 1983, are automatically covered by 

FERS and Social Security. Employees hired prior to January 1, 1984, could elect to either join 

FERS and Social Security or remain in CSRS.

For employees under FERS, the CFTC contributes an amount equal to one percent of the 

employee’s basic pay to the tax-deferred Thrift Savings Plan and matches employee contributions 

up to an additional four percent of pay. FERS and CSRS employees can contribute a portion of 
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 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 11

their gross earnings to the plan up to Internal Revenue Service limits; however, CSRS employees 

receive no matching agency contribution.

M. Retirement Plans and Other Employee Benefits

The CFTC imputes costs and the related financing sources for its share of retirement benefits 

accruing to its employees that are in excess of the amount of contributions and withholdings from 

the CFTC and its employees, which are mandated by law. The Office of Personnel Management 

(OPM), which administers federal civilian retirement programs, provides the cost information to 

the CFTC. The CFTC recognizes the government’s portion of the full cost of providing future 

pension and Other Retirement Benefits (ORB) for current employees as required by Statement of 

Federal Financial Accounting Standards (SFFAS) 5, Accounting for Liabilities of the Federal 

Government. 

Full costs include pension and ORB contributions paid out of the CFTC’s appropriations as well as

costs financed by OPM. The amount financed by OPM is recognized as an imputed financing 

source. Reporting amounts such as plan assets, accumulated plan benefits, or unfunded liabilities, 

if any, is the responsibility of OPM.

Liabilities for future pension payments and other future payments for retired employees who 

participate in the Federal Employees Health Benefits Program and the Federal Employees Group 

Life Insurance Program are reported by OPM rather than CFTC.

N. FECA and Unemployment Liabilities

FECA provides income and medical cost protections to covered federal civilian employees injured 

on the job, to employees who have incurred work-related occupational diseases and to 

beneficiaries of employees whose deaths are attributable to job-related injuries or occupational 

diseases. The FECA program is administered by the U.S. Department of Labor (DOL), which pays 

valid claims against the CFTC and subsequently seeks reimbursement from the CFTC for these 

paid claims. DOL’s Unemployment Compensation For Federal Employees (UCFE) program 

provides unemployment compensation for Federal employees who lost their employment through 

no fault of their own. Accrued FECA and unemployment liabilities represent amounts due to DOL 

for claims paid on behalf of the agency. 

In addition, the Commission’s actuarial FECA liability represents the liability for future workers 

compensation benefits, which includes the expected liability for death, disability, medical, and 

miscellaneous costs for approved cases. The Commission records an estimate for the FECA 

actuarial liability using the DOL’s FECA model. The model considers the average amount of 

benefit payments incurred by the Commission for the past three fiscal years, multiplied by the 

medical and compensation liability to benefits paid ratio for the whole FECA program. 
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12 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

O. Leases 

The CFTC does not have any capital lease liabilities. The CFTC’s operating leases consist of 

commercial property for the CFTC’s headquarters and occupancy agreements with the General 

Services Administration for CFTC’s regional offices. Lease expenses are recognized on a straightline basis. Additional information is provided in Note 7, Leases.

P. Deposit Funds 

Deposit funds are expenditure accounts used to record monies that do not belong to the Federal 

government. They are held awaiting distribution based on a legal determination or investigation. 

The CFTC Deposit Fund is used to collect and later distribute collections of monetary awards to the 

appropriate victims as restitution. The cash collections recorded in this fund are offset by a Deposit 

Fund liability. Activities in this fund are not fiduciary in nature because they are not legally 

enforceable against the government. 

Q. Net Position 

 

Net position consists of unexpended appropriations and cumulative results of operations. 

Unexpended appropriations are appropriations that have not yet been used to acquire goods and 

services or provide benefits. Appropriations are considered expended, or used, when goods and 

services have been acquired by the CFTC or benefits have been provided using the appropriation 

authority, regardless of whether monies have been paid or payables for the goods, services, or 

benefits have been established. 

Cumulative results of operations represent the excess of financing sources over expenses since 

inception. Cumulative results of operations are derived from the net effect of capitalized assets, 

expenses, and revenue and the balance can be negative when unfunded expenses exceed 

appropriations and other financing sources received as of the end of the reporting period. 

R. Revenues

 

The CFTC receives reimbursement and earns revenue for the following activities:

 Reimbursement for travel, subsistence, and related expenses from non-federal sources for 

attendance at meetings or similar functions that an employee has been authorized to 

attend in an official capacity on behalf of the Commission; 

 Reimbursement for Intergovernmental Personnel Act Mobility Program assignments from 

state and local governments, institutions of higher education, and other eligible 

organizations for basic pay, supplemental pay, fringe benefits, and travel and relocation 

expenses; and
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 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 13

 Reimbursement from non-federal sources for registration fees to cover the cost of 

expenses related to the CFTC's annual International Regulators Conference.

S. Net Cost of Operations 

 

Net cost of operations is the difference between the CFTC’s expenses and its earned revenue. The 

presentation of program results by strategic goal is based on the CFTC’s current Strategic Plan 

established pursuant to the Government Performance and Results Act of 1993 (GPRA). 

The mission of the CFTC is to promote the integrity, resilience, and vibrancy of the U.S. derivatives 

markets through sound regulation. For FY 2023, this mission was accomplished through the 

following five strategic goals, each focusing on a vital area of regulatory responsibility:

 Strategic Goal 1: Strengthen Derivatives Markets & Foster Their Vibrancy 

 Strategic Goal 2: Regulate Derivatives Markets in Interest of All Americans

 Strategic Goal 3: Encourage Innovation and Enhance Regulatory Experience of All 

 Strategic Goal 4: Be Tough on Those Who Break the Rules 

 Strategic Goal 5: Focus on Unique Mission and Improve Operational Effectiveness 

T. Custodial Activity 

 

The CFTC collects penalties and fines levied against firms for violation of laws as described in the 

CEA as codified at 7 U.S.C. § 1, et seq, and the Commodities Futures Modernization Act of 2000, 

Appendix E of Public Law 106-554, 114 Stat. 2763. Unpaid fines, penalties and accrued interest are 

reported as custodial receivables, with an offsetting custodial liability, and therefore do not affect 

CFTC’s net cost or net position. The receivables and the liability are reduced by amounts 

determined to be uncollectible. Revenues earned and the losses from uncollectible accounts are 

reported to Treasury. 

Collections made by the CFTC during the year are deposited and reported into designated Treasury 

miscellaneous receipt accounts for: 

 Registration and filing fees, 

 Fines, penalties and forfeitures, and 

 General proprietary receipts. 

At fiscal year-end, custodial collections made by the CFTC that were not transferred to the 

Customer Protection Fund are returned to Treasury. The CFTC does not retain any portion of

custodial collections including reimbursement of the cost of collection. 
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14 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

U. Use of Management Estimates 

 

The preparation of the accompanying financial statements in accordance with accounting 

principles generally accepted in the United States of America requires management to make 

certain estimates and assumptions that directly affect the results of reported assets, liabilities, 

revenues, expenses, and custodial activities. Actual results could differ from these estimates.

V. Reconciliation of Net Outlays and Net Cost of Operations 

In accordance with OMB Circular A-136, the Commission reconciles its budgetary outlays with its 

net cost of operations (see Note 11). 

W. Funds from Dedicated Collections

The Customer Protection Fund was established to operate a whistleblower program and support 

customer education initiatives. See Note 1A for a description of the purpose of the Customer 

Protection Fund and its authority to use applicable financing sources. Deposits into the Customer 

Protection Fund are credited from monetary sanctions collected by the Commission in a covered 

judicial or administrative action where the full judgment is in excess of $1,000,000 and the 

collection is not otherwise distributed to victims of a violation of the Dodd-Frank Act or the 

underlying rules and regulations, unless the balance of the Customer Protection Fund at the time 

the monetary judgment is collected exceeds $100,000,000. 

No new legislation was enacted as of September 30, 2023, that significantly changed the purpose 

of the Customer Protection Fund or redirected a material portion of the accumulated balance. On 

July 6, 2021, Public Law (P.L.) 117-25 set aside $10,000,000 from the Customer Protection Fund 

in a separate account to fund non-whistleblower costs when the unobligated balance of the 

Customer Protection Fund is insufficient. This account is available for eligible costs until it expires, 

at which time all unobligated amounts will be returned to the Customer Protection Fund. On 

December 29, 2022, P.L. 117-328 extended the availability of the separate account to October 1, 

2024, and provided the Commission with discretionary authority to transfer an additional 

$10,000,000 from the Customer Protection Fund to the separate account, if needed.

In October 2021, the Commission issued a final whistleblower award of nearly $200,000,000, 

resulting in an obligation that exceeded the available balance of the Fund. The Commission has 

the authority to make obligations for whistleblower awards without taking into consideration the 

available balance of the Fund under the provisions of the Dodd-Frank Act. As a result, the 

Commission obligated non-whistleblower costs from this separate account in FY 2022 until the 

negative balance in the Customer Protection Fund was offset by eligible collections.

Additional information is provided in Note 2, Fund Balance with Treasury, and Note 12, Funds 

from Dedicated Collections.
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 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 15

X. Reclassification

Available and unavailable amounts reported in the FY 2022 Note 2 have been reclassified to apply 

invested amounts against budgetary authority that is available for investment but unavailable for 

obligation before applying against budgetary authority that is available for obligations.

Note 2 Fund Balance with Treasury 

A. Reconciliation to Treasury

There are no differences between the fund balances reflected in the CFTC Balance Sheets and the 

balances in the Treasury accounts.

B. Fund Balance with Treasury

Fund Balance with Treasury as of September 30, 2023, and 2022, consisted of the following:

2023 2022

Unobligated Fund Balance

 Available $ 97,359,270 $ 87,139,500

 Unavailable 12,831,921 8,905,085

Obligated Balance Not Yet Disbursed 100,549,115 78,736,271

Non-Budgetary Fund Balance with Treasury 205,143 73,353

TOTAL FUND BALANCE WITH TREASURY $ 210,945,449 $ 174,854,209

Obligated and unobligated balances reported for the status of Fund Balance with Treasury differ 

from the amounts reported in the Statement of Budgetary Resources due to the fact that budgetary 

balances are supported by amounts other than Fund Balance with Treasury. These amounts

include Customer Protection Fund investments, uncollected payments from Federal sources, and 

unfunded lease obligations. 

Available unobligated balances as of September 30, 2023, and 2022, include amounts available for 

new obligations of $85,906,853 and $78,633,281, respectively, as well as amounts in expired funds 

that are available only for upward adjustments to prior year obligations of $11,452,417 and 

$8,506,219, respectively. 

Unavailable unobligated balances as of September 30, 2023, and 2022, include amounts in excess 

of what has been apportioned for use of $3,949,944 and $23,108, respectively, as well as funds

that have been set aside in a separate account to fund non-whistleblower costs only when the 

unobligated balance of the Customer Protection Fund is insufficient of $8,881,977. 
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16 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

Note 3 Investments 

The CFTC invests amounts deposited in the Customer Protection Fund in Treasury one-day

certificates of indebtedness that are issued with a stated rate of interest to be applied to their par

amount, mature on the business day immediately following their issue date, are redeemed at their 

par amount at maturity, and have interest payable at maturity. 

The interest rates or prices of the one-day certificates of indebtedness are calculated based on 

market yields of Treasury financial instruments issued and trading in the Secondary Market 

(exchanges and over-the-counter markets where securities are bought and sold subsequent to 

original issuance). The Commission may invest in other short-term or long-term Treasury 

securities at management’s discretion.

During FY 2021, the Commission redeemed $117,000,000 in investments to make funds readily 

available for the needs of the Fund. Such redemptions resulted in the liquidation of investments 

owned at September 30, 2020. In the fourth quarter of FY 2022, the Commission began investing 

again once there were sufficient funds to satisfy all outstanding whistleblower obligations. The 

Commission’s investments as of September 30, 2023, and 2022, were $279,400,000 and 

$286,000,000, respectively. Related nonexchange interest revenue for the years ended September

30, 2023, and 2022, was $13,202,110 and $1,350,097, respectively. The significant increase in 

interest revenue was due to a full twelve months of interest earned in FY 2023 versus two and a 

half months of interest earned in FY 2022 plus a two-fold increase in the average interest rate 

earned (4.6 percent in FY 2023 versus 2.3 percent in FY 2022).

Intragovernmental Investments in Treasury Securities

The Federal Government does not set aside assets to pay future claims or other expenditures 

associated with funds from dedicated collections deposited into the Customer Protection Fund. 

The dedicated cash receipts collected by the Commission as a result of monetary sanctions are 

deposited in the Treasury, which uses the cash for general Government purposes. As discussed 

above and in Note 1F, the Commission invests the majority of funds not needed for current 

operations of the Customer Protection Fund in Treasury securities. These Treasury securities are 

an asset of the Commission and a liability of the Treasury. Because the Commission and the 

Treasury are both components of the Government, these assets and liabilities offset each other 

from the standpoint of the Government as a whole. For this reason, the investments presented by 

the Commission do not represent an asset or a liability in the U.S. Government-wide financial 

statements.
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 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 17

Treasury securities provide the Commission with authority to draw upon the Treasury to pay 

future claims or other expenditures. When the Commission requires redemption of these securities 

to make expenditures, the Government finances those expenditures out of accumulated cash 

balances, by raising taxes or other receipts, by borrowing from the public or repaying less debt, or 

by curtailing other expenditures. This is the same manner in which the Government finances all 

expenditures.

Note 4 Accounts Receivable, Net 

Accounts receivable consist of amounts owed the CFTC by other Federal agencies and the public. 

Accounts receivable are valued at their net collectible values. Non-custodial accounts receivable 

(entity assets) primarily arise from unused advances to other agencies and repayment of employee 

benefits. Historical experience has indicated that most of the non-custodial receivables are 

collectible and that there are no material uncollectible amounts.

Custodial receivables (non-entity assets) are those for which fines and penalties have been 

assessed and levied against businesses or individuals for violations of the CEA or Commission 

regulations. Violators may be subject to a variety of sanctions including fines, injunctive orders, 

bars or suspensions, rescissions of illegal contracts, and disgorgements.

An allowance for uncollectible accounts has been established and included in accounts receivable 

on the balance sheets. Although historical experience has indicated that a high percentage of 

custodial receivables prove uncollectible, the Commission determines the collectability of each 

individual judgment based on knowledge of the financial profile of the debtor obtained through the 

course of the investigation and litigation of each case, including efforts to identify and freeze assets 

at the beginning of cases, when any remaining assets are most likely to be recoverable. Accounts 

are re-estimated quarterly based on account reviews and the agency’s determination that changes 

to the net realizable value are needed.

Accounts receivable, net consisted of the following as of September 30, 2023, and 2022: 

2023 2022

Civil Monetary Penalties, Fines, and Administrative Fees $ 2,907,318,278 $ 1,674,333,533

Civil Monetary Penalty Interest 45,422,858 6,397,718

Registration and Filing Fees 2,514,359 1,367,648

Less: Allowance for Loss on Penalties, Fines, and Administrative Fees (2,786,412,564) (1,016,734,491)

Less: Allowance for Loss on Interest (44,888,098) (6,174,227)

Less: Allowance for Loss on Registration and Filing Fees - - 

TOTAL CUSTODIAL RECEIVABLES, NET $ 123,954,833 $ 659,190,181

Other Accounts Receivable 50,312 27,175

TOTAL ACCOUNTS RECEIVABLE, NET $ 124,005,145 $ 659,217,356

Custodial Receivables, Net:
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

18 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

Note 5 General Property, Plant, and Equipment, Net 

Property, Plant, and Equipment as of September 30, 2023, and 2022, consisted of the following:

2023

Major Class Service Life and Method Cost Net Book Value

Equipment 5 Years/Straight Line $ 35,549,052 $ (27,235,040) $ 8,314,012

IT Software 5 Years/Straight Line 30,058,287 (27,346,175) 2,712,112

Software in Development Not Applicable 7,105,061 - 7,105,061

Leasehold Improvements Remaining Life of Lease/Straight Line 35,475,140 (19,754,710) 15,720,430

Construction in Progress Not Applicable 831,961 - 831,961

TOTAL GENERAL PROPERTY, PLANT, AND EQUIPMENT, NET $ 109,019,501 $ (74,335,925) $ 34,683,576

2022

Major Class Service Life and Method Cost Net Book Value

Equipment 5 Years/Straight Line $ 38,367,021 $ (28,818,135) $ 9,548,886

IT Software 5 Years/Straight Line 29,944,820 (26,988,898) 2,955,922

Software in Development Not Applicable 5,946,778 - 5,946,778

Leasehold Improvements Remaining Life of Lease/Straight Line 38,057,517 (17,033,641) 21,023,876

Construction in Progress Not Applicable 2,191 - 2,191

TOTAL GENERAL PROPERTY, PLANT, AND EQUIPMENT, NET $ 112,318,327 $ (72,840,674) $ 39,477,653

Accumulated 

Amortization/ 

Depreciation

Accumulated 

Amortization/ 

Depreciation

Note 6 Liabilities not Covered by Budgetary Resources 

As of September 30, 2023, and 2022, the following liabilities were not covered by budgetary 

resources:

2023 2022

Liabilities Not Requiring Budgetary Resources:

 Intragovernmental - Liability to the General Fund of the U.S. Government for Custodial Assets $ 123,954,833 $ 659,190,181

 Intragovernmental - Deferred Lease Liabilities 3,349,387 4,394,626

 Deferred Lease Liabilities 7,899,487 11,308,599

 Liability for Non-Fiduciary Deposit Funds 205,143 73,353

Total Liabilities Not Requiring Budgetary Resources $ 135,408,850 $ 674,966,759

Other Liabilities Not Covered by Budgetary Resources:

 Intragovernmental - Unfunded FECA and Unemployment Liability $ 80,539 $ 83,864

 Unfunded Annual Leave 16,423,448 17,747,317

 Actuarial FECA Liabilities 452,783 499,005

 Liability for Whistleblower Awards 31,464,775 45,000

TOTAL LIABILITIES NOT COVERED BY BUDGETARY RESOURCES $ 183,830,395 $ 693,341,945

Liabilities not covered by budgetary resources of $183,830,395 and $693,341,945 represent 82.69 

and 96.12 percent of the Commission’s total liabilities of $222,319,847 and $721,365,430 as of 

September 30, 2023, and 2022, respectively. 
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 19

Note 7 Leases 

The CFTC has operating leases for its locations in Washington D.C., Chicago, New York, and 

Kansas City. The CFTC has no real property. Future estimated minimum lease payments are not 

accrued as liabilities and are expensed on a straight-line basis.

As of September 30, 2023, future estimated minimum lease payments are as follows:

Fiscal Year

2024 $ 18,239,105 $ 2,501,481 $ 20,740,586 

2025 18,603,371 2,501,481 21,104,852 

2026 - 2,501,481 2,501,481 

2027 - 2,501,481 2,501,481 

2028 - 2,501,481 2,501,481 

Thereafter - 9,105,208 9,105,208 

$ 36,842,476 $ 21,612,613 $ 58,455,089 

Future Lease-Related Operating Costs (Estimated) 2,210,548 8,485,493 10,696,041 

$ 39,053,024 $ 30,098,106 $ 69,151,130 

Total Future Scheduled Rent Payments

Non-Federal

(Non-Cancellable)

TOTAL FUTURE MINIMUM LEASE PAYMENTS

Federal

(Cancellable) Total

The amounts in the table above include the future minimum lease payments for the Commission’s 

existing lease arrangements described by location on the following page. In 2016, the Commission 

executed a memorandum of understanding with the General Services Administration (GSA) to 

address all of its future space needs. In its FY 2020 and 2022 appropriations, the Commission 

received an additional $31,000,000 and $62,000,000, respectively, for move, replication, and 

related costs associated with replacement leases for the Commission’s facilities. As of September 

30, 2023, the Commission has entered into occupancy agreements with GSA for space in Kansas 

City, Chicago, and New York. These agreements may be cancelled with 120 days’ notice. The last 

remaining location to transition from a non-cancellable non-federal lease to a cancellable federal 

occupancy agreement (Washington, DC) is planned for FY 2025.

CFTC recognizes lease expenses on a straight-line basis because the Commission’s lease payment 

amounts vary at negotiated times and reflect increases in rental costs, allowances or credits from 

landlords, and financed tenant improvements. Consistent with the utility of its office space, the 

Commission records deferred lease liabilities representing expense amounts in excess of payments 

to date. Federal deferred lease liabilities as of September 30, 2023, and 2022, were $3,349,387 

and $4,394,626, respectively. Non-federal deferred lease liabilities as of September 30, 2023, and 

2022, were $7,899,487 and $11,308,599, respectively. 
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

20 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

The following table describes the Commission’s existing lease arrangements for buildings and 

multifunction devices, including major asset categories by location and associated lease terms.

BUILDINGS (FEDERAL, CANCELLABLE) 

Location Lease Terms

Kansas City Occupancy Agreement with GSA for office space from February 1, 2021, 

through January 31, 2036.

New York Occupancy Agreement with GSA for office space from February 28, 2022, 

through February 27, 2032. 

Chicago Occupancy Agreement with GSA for office space from March 1, 2022, through 

February 28, 2032. 

BUILDINGS (NON-FEDERAL, NON-CANCELLABLE)

Location Lease Terms

Washington, D.C.

Lease of office space from October 5, 1995, through September 30, 2025, 

subject to annual escalation amounts1 and including allowances for leasehold 

improvements and rent offsets.

MULTIFUNCTION DEVICES (FEDERAL)

Location Lease Terms

Washington, D.C., New 

York, Chicago, and Kansas 

City 

One-year rental of multifunction printers through the U.S. Government 

Publishing Office with four one-year options to renew.

1 If market rent were $100 per square foot with a 10 percent annual escalation and a $10 operating expense base, 

then 98 percent of the applicable market rent would be $98 per square foot with a 10 percent escalation and a $10 

operating base.

Note 8 Liability for Whistleblower Awards

As mentioned in Note 1A, the Customer Protection Fund will be used to pay awards to 

whistleblowers if they voluntarily provide original information to the CFTC that leads to the 

successful enforcement by the CFTC of a covered judicial or administrative action in which 

monetary sanctions exceeding $1,000,000 are imposed. Whistleblowers are entitled to appeal any 

decisions by the Commission in regards to claims made against the Fund. 

At the time the whistleblower voluntarily provides information to CFTC, they have no guarantee or 

promise that the Commission will exchange funds in return for that information. In accordance 

with federal accounting standards, the Commission records liabilities for these nonexchange 

transactions when they are due and payable. The Commission therefore records a liability for 

pending whistleblower payment after the whistleblower has been formally notified of an award and 

the related sanction, or some portion thereof, has been collected. The liability will be paid when the 

appeal period has ended, the whistleblower has provided necessary banking information, and, in 
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 21

cases where the related sanction was collected in a prior year and subsequently swept by Treasury,

or collected by a third party, the award will be paid as future collections become available. 

As of September 30, 2023, and 2022, the Commission recorded liabilities for pending payments to 

whistleblowers of approximately $31,464,775 and $45,000, respectively. Of the $31,464,775 

pending payments as of September 30, 2023, a whistleblower award of approximately 

$18,000,000 was issued as final on October 12, 2023.

During FY 2023, the Commission disbursed $670,000 in whistleblower awards, which consisted of 

$45,000 from pending payments and $625,000 from accounts payable at the end of FY 2022. 

Accounts payable as of September 30, 2023, and 2022, includes $15,628,065 and $626,476, 

respectively, for awards that have been finalized as of the end of the reporting period. 

As of September 30, 2023, the Commission has 16 awards in pending or paid status for which the 

full collections have not been received, including five final $0 awards for which no collections have 

been received to date. While additional collections on these matters are considered remote, the 

Commission would be required to pay whistleblowers an additional $28,281,924 if all collections 

were received on these matters. In addition to the pending and potential payments to 

whistleblowers, the Commission had 29 additional whistleblower claims currently under review as 

of September 30, 2023. These additional claims, depending on whether the whistleblowers are 

determined to be eligible for an award and the related sanctions have been collected, could result 

in total future payments ranging from $0 to $1,020,561,061. 

Note 9 Contingent Liabilities

The CFTC records contingent liabilities for legal cases in which payment has been deemed 

probable and for which the amount of potential liability has been estimated, including judgments 

that have been issued against the agency and which have been appealed. Additionally, the 

Commission discloses legal matters in which an unfavorable outcome is reasonably possible. 

There were no legal matters deemed probable or reasonably possible as of September 30, 2023. 
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

22 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

Note 10 Statements of Budgetary Resources 

The Commission corrected a violation of the recording statute in FY 2016 by recording its 

obligations for all future building lease payments in accordance with OMB Circular A-11. The 

recording of these previously unrecorded obligations resulted in negative unobligated balances in 

its salaries and expenses general expenditure funds because budgetary resources have not been 

made available to the Commission to fund these multi-year leases (see the Combining Statements 

of Budgetary Resources in the Required Supplementary Information section immediately following 

the notes). The effect on the status of the Commission’s budgetary resources and reconciliation to 

the U.S. Budget is detailed in the note disclosures below. 

A. Net Adjustments to Unobligated Balance Brought Forward, October 1

The Unobligated Balance Brought Forward from the prior fiscal year has been adjusted for 

recoveries of prior year paid and unpaid obligations and other changes such as canceled authority. 

The Adjustments to Unobligated Balance Brought Forward, October 1, as of September 30, 2023, 

and 2022, consisted of the following:

Unobligated Balance Brought Forward, October 1 $ 300,563,429 $ 51,601,852

Recoveries of Prior Year Obligations 6,804,777 2,954,290

Other Changes in Unobligated Balance (2,595,302) (1,750,242)

UNOBLIGATED BALANCE FROM PRIOR YEAR BUDGET AUTHORITY, NET $ 304,772,904 $ 52,805,900

2023 2022

B. Undelivered Orders

The amount of budgetary resources obligated for undelivered orders as of September 30, 2023, 

and 2022, consisted of the following:

2023 2022

Undelivered Orders - Federal

 Paid $ 10,642,790 $ 3,383,000

 Unpaid 10,063,602 5,896,535

 Total Undelivered Orders - Federal $ 20,706,392 $ 9,279,535

Undelivered Orders - Non-Federal

 Paid $ 2,666,882 $ 3,257,433

 Unpaid 91,049,085 102,822,715

 Total Undelivered Orders - Non-Federal $ 93,715,967 $ 106,080,148

TOTAL UNDELIVERED ORDERS $ 114,422,359 $ 115,359,683

The amount of undelivered orders represents the value of unpaid and paid obligations recorded 

during the fiscal year, and upward and downward adjustments of obligations that were originally 
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 23

recorded in a prior fiscal year. Non-federal unpaid undelivered orders include the Commission’s 

unfunded future lease payments as of September 30, 2023, and 2022, as follows:

2023 2022

Unfunded Lease Obligations Brought Forward, October 1 $ 58,006,466 $ 80,060,414

Change in Unfunded Lease Obligations (18,953,442) (22,053,948)

TOTAL REMAINING UNFUNDED LEASE OBLIGATIONS $ 39,053,024 $ 58,006,466

C. Explanations of Differences between the Statement of Budgetary Resources and 

Budget of the United States Government

The CFTC had material differences between the amounts reported in the Statement of Budgetary 

Resources dated September 30, 2022, and the actual amounts reported in the Budget of the U.S. 

Government for FY 2022. These differences are related to unfunded lease obligations that are 

being funded each fiscal year through annual appropriations (see table below). These unfunded 

obligations will cease to be a reconciling difference when the last unfunded lease ends in FY 2025. 

Budgetary 

Resources

CFTC FY 2022 Statement of Budgetary Resources $ 811,912,248

 Less Amounts in Customer Protection Fund (488,200,480)

 Less Amounts in Expired Accounts (9,499,949)

 Less New Budget Authority Used to Liquidate Deficiencies (22,053,948)

 Plus Unfunded Lease Obligations Brought Forward, October 1 80,060,414

 Plus Rounding to Nearest Million (+/-) (218,285)

BUDGET OF THE U.S. GOVERNMENT $ 372,000,000

The Budget of the U.S. Government with actual numbers for FY 2023 has not yet been published. 

The expected publish date is February 2024. A copy of the Budget may be obtained from OMB’s 

website. 

D. Distributed Offsetting Receipts 

Distributed offsetting receipts are amounts that an agency collects from the public or from other 

Government agencies that are used to offset or reduce an agency’s budget outlays. The 

Commission’s distributed offsetting receipts generally consist of miscellaneous collections for such 

items as Freedom of Information Act requests, vendor refunds, and lost or damaged property that 

cannot be applied to other funds.
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

24 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT

Note 11 Reconciliation of Total Net Cost of Operations to Net Outlays

Budgetary and financial accounting information differ. Budgetary accounting is used for planning 

and control purposes and relates to both the receipt and use of cash, as well as reporting the 

federal deficit. Financial accounting is intended to provide a picture of the government's financial 

operations and financial position so it presents information on an accrual basis. The accrual basis 

includes information about costs arising from the consumption of assets and the incurrence of 

liabilities. The reconciliation of net outlays, presented on a budgetary basis, and the net cost, 

presented on an accrual basis, provides an explanation of the relationship between budgetary and 

financial accounting information. This reconciliation serves not only to identify costs paid for in 

the past and those that will be paid in the future, but also to assure integrity between budgetary 

and financial accounting.

The schedule presented in this note reconciles the Total Net Cost of Operations reported in the 

Statements of Net Cost (accrual basis) with Net Outlays reported in the Statements of Budgetary 

Resources (budgetary basis). Differences between net costs and net outlays are primarily the result 

of timing differences and paying for assets that are used over more than one reporting period. 

TOTAL NET COST OF OPERATIONS $ 391,714,341 $ 328,437,302

$ (5,915,953) $ (6,365,293)

Amortization of Deferred Lease Liabilities 3,736,118 4,068,055

Gain/(Loss) on Disposal (109,261) (771,131)

 Accounts Receivable 23,137 192

 Decrease in Advances and Prepayments - (7,055,139)

 (9,624,814) (5,394,175)

 (841,153) (1,454,061)

 (31,419,775) 203,925,000

 1,373,416 825,043

Other Financing Sources:

 Federal Employee Retirement Benefit Costs Paid by OPM and Imputed to CFTC (11,349,217) (6,855,582)

$ (54,127,502) $ 180,922,909

$ 1,949,371 $ 17,149,990

 6,669,239 - 

Nonexchange Interest Revenue (Excluding Interest Receivable) (13,160,200) (1,350,097)

Financing Sources Transferred in from Custodial Statement Collections - (398,498,439)

$ (4,541,590) $ (382,698,546)

$ 333,045,249 $ 126,661,665

Distributed Offsetting Receipts (5,994) (15,850)

AGENCY OUTLAYS, NET $ 333,039,255 $ 126,645,815

Outlays, Net

 Salaries and Benefits

Components of Net Outlays That Are Not Part of Net Cost:

Increase in Advances and Prepayments

Acquisition of Capital Assets

Total Components of Net Outlays That Are Not Part of Net Cost

 Other Liabilities (Unfunded Leave, Unfunded FECA, Actuarial FECA)

 Liability for Whistleblower Awards

(Increase)/Decrease in Liabilities:

 Accounts Payable

Depreciation and Amortization of Property, Plant, and Equipment

Total Components of Net Cost That Are Not Part of Net Outlays

2023

Increase/(Decrease) in Assets:

2022

Components of Net Cost That Are Not Part of Net Outlays:
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 25

Note 12 Funds from Dedicated Collections 

Funds from dedicated collections arise from disgorgement and penalty collections and are 

transferred to the Customer Protection Fund, established by the Dodd-Frank Act. The collections 

are transferred from the custodial receipt account if they are found to be eligible before the end of 

each fiscal year. In cases where the collection has been returned to Treasury in error, the 

Commission can recover the funds. The collections will fund the Commission’s whistleblower 

awards program and customer education initiatives. 

The Dodd-Frank Act provides that whistleblower awards shall be paid under regulations 

prescribed by the Commission. The Commission most recently issued revised regulations effective 

July 31, 2017. 

No eligible collections were transferred into the Fund during FY 2023 because the available 

balance of the Fund did not fall below $100,000,000. Eligible collections of $398,498,439 were 

transferred into the Fund during FY 2022. The following table presents the Fund’s balance sheets, 

statements of net costs, and statements of changes in net position as of and for the years ended

September 30, 2023, and 2022: 

2023 2022

BALANCE SHEETS

Fund Balance with Treasury $ 32,185,446 $ 18,162,873

Investments, Net 279,441,910 286,000,000

Advances and Prepayments 9,379 7,396

TOTAL ASSETS $ 311,636,735 $ 304,170,269

Accounts Payable $ 16,474,354 $ 1,647,537

Accrued Funded Payroll 188,020 211,452

Unfunded Annual Leave 217,592 345,166

Liability for Whistleblower Awards 31,464,775 45,000

Total Liabilities $ 48,344,741 $ 2,249,155

Cumulative Results of Operations - Funds from Dedicated Collections 263,291,994 301,921,114

Total Net Position $ 263,291,994 $ 301,921,114

TOTAL LIABILITIES AND NET POSITION $ 311,636,735 $ 304,170,269

STATEMENTS OF NET COST

Gross Costs $ 51,831,230 $ 5,854,389

TOTAL NET COST OF OPERATIONS $ 51,831,230 $ 5,854,389

STATEMENTS OF CHANGES IN NET POSITION

Beginning Cumulative Results of Operations $ 301,921,114 $ (92,073,033)

Nonexchange Interest Revenue 13,202,110 1,350,097

Transfers In/(Out) Without Reimbursement - 398,498,439

Net Cost of Operations (51,831,230) (5,854,389)

 Net Change in Cumulative Results of Operations $ (38,629,120) $ 393,994,147

TOTAL NET POSITION, ENDING $ 263,291,994 $ 301,921,114
Commitment ⋆ Forward-Thinking ⋆ Teamwork ⋆ Clarity 

 COMMODITY FUTURES TRADING COMMISSION FY 2023 AGENCY FINANCIAL REPORT 26

REQUIRED SUPPLEMENTARY INFORMATION (UNAUDITED) 

COMBINING STATEMENTS OF BUDGETARY RESOURCES BY MAJOR ACCOUNT

For the Years Ended September 30, 2023 and 2022 

2023

BUDGETARY RESOURCES

 Unobligated Balance from Prior Year Budget Authority, Net (Note 10A) $ 278,676,220 $ 25,030,899 $ 1,065,785 $ 304,772,904

 Appropriations - 365,000,000 - 365,000,000

 Spending Authority from Offsetting Collections 12,410,069 166,017 - 12,576,086

TOTAL BUDGETARY RESOURCES $ 291,086,289 $ 390,196,916 $ 1,065,785 $ 682,348,990

STATUS OF BUDGETARY RESOURCES

 New Obligations and Upward Adjustments $ 20,845,014 $ 335,159,033 $ - $ 356,004,047

 Unobligated Balance, End of Year

Apportioned, Unexpired Accounts 266,318,206 83,677,399 - 349,995,605

Unapportioned, Unexpired Accounts 3,923,069 (39,026,148) - (35,103,079)

Unexpired Unobligated Balance, End of Year 270,241,275 44,651,251 - 314,892,526

Expired Unobligated Balance, End of Year - 10,386,632 1,065,785 11,452,417

 Unobligated Balance, End of Year (Total) 270,241,275 55,037,883 1,065,785 326,344,943

TOTAL BUDGETARY RESOURCES $ 291,086,289 $ 390,196,916 $ 1,065,785 $ 682,348,990

OUTLAYS, NET

Outlays, Net $ (7,422,573) $ 340,479,810 $ (11,988) $ 333,045,249

Distributed Offsetting Receipts - (5,994) - (5,994)

AGENCY OUTLAYS, NET $ (7,422,573) $ 340,473,816 $ (11,988) $ 333,039,255

Expense Combined

Salaries and

Technology

Customer Information

Protection Fund

2022

BUDGETARY RESOURCES

 Unobligated Balance from Prior Year Budget Authority, Net (Note 10A) $ 111,143,311 $ (59,919,104) $ 1,581,693 $ 52,805,900

 Appropriations - 382,000,000 - 382,000,000

 Spending Authority from Offsetting Collections 377,057,169 49,179 - 377,106,348

TOTAL BUDGETARY RESOURCES $ 488,200,480 $ 322,130,075 $ 1,581,693 $ 811,912,248

STATUS OF BUDGETARY RESOURCES

 New Obligations and Upward Adjustments $ 209,525,546 $ 301,791,260 $ 32,013 $ 511,348,819

 Unobligated Balance, End of Year

Apportioned, Unexpired Accounts 278,674,934 71,365,633 - 350,040,567

Unapportioned, Unexpired Accounts - (57,983,358) - (57,983,358)

Unexpired Unobligated Balance, End of Year 278,674,934 13,382,275 - 292,057,209

Expired Unobligated Balance, End of Year - 6,956,540 1,549,680 8,506,220

 Unobligated Balance, End of Year (Total) 278,674,934 20,338,815 1,549,680 300,563,429

TOTAL BUDGETARY RESOURCES $ 488,200,480 $ 322,130,075 $ 1,581,693 $ 811,912,248

OUTLAYS, NET

Outlays, Net $ (190,818,027) $ 317,476,350 $ 3,342 $ 126,661,665

Distributed Offsetting Receipts - (15,850) - (15,850)

AGENCY OUTLAYS, NET $ (190,818,027) $ 317,460,500 $ 3,342 $ 126,645,815

Salaries and

Protection Fund Expense Technology Combined

Customer Information