U.S. Department of Education FY 2016 Agency Financial Report
Author: Department of Education (ED), Office of the Chief Financial Officer (OCFO)
Date: 2016-11-14
Type: Reports - Descriptive
Subjects: Educational Finance,State Departments of Education,Educational Legislation,Elementary Secondary Education,Federal Legislation,Higher Education,Grants,Equal Education,Educational Change,Student Financial Aid,Federal Aid,Federal Programs,Federal Government,Strategic Planning,Performance,Early Childhood Education,Adult Education,Vocational Education,Postsecondary Education,Educational Improvement,Teacher Effectiveness,School Turnaround,Data Use,College Readiness,Career Readiness,Paying for College,Job Training,Academic Achievement,Student Loan Programs,Incentives,Intervention,Child Development,Civil Rights,Data Collection,Human Capital,Integrity,Income,Budgets,Expenditures,Fringe Benefits,Employees,Operating Expenses,Debt (Financial),Legal Responsibility

The purpose of the United States Department of Education's (the Department) Fiscal Year (FY) 2016 &quot;Agency Financial Report&quot; (AFR) is to inform Congress, the President, and the American people on how the Department has used the federal resources entrusted to it to promote achievement and preparedness of students entering a global environment by fostering excellence and ensuring equal access. The Department demonstrated its commitment to education by, among other things: improving access to early learning programs, reforming elementary and secondary education, making higher education more accessible and affordable, and working to attract talented people to the teaching profession. The Department also demonstrated that it is a good steward of financial resources by putting in place well-controlled and well-managed business and financial management systems and processes. The AFR also provides high-level financial and performance highlights, assessments of controls, a summary of challenges, and a demonstration of the Department's stewardship. This report is required by legislation and complies with the requirements of the Office of Management and Budget's Circulars A-11, &quot;Preparation, Submission, and Execution of the Budget&quot;; A-123, &quot;Management's Responsibility for Enterprise Risk Management and Internal Control&quot;; and A-136, &quot;Financial Reporting Requirements.&quot; The AFR is designed to focus on use of federal resources provided to or distributed by the Department to support its mission, with a particular emphasis on the challenges ahead. This report is organized into the following sections: (1) Management's Discussion and Analysis: This section provides information about the Department's mission and organizational structure as well as its high-level performance results, financial highlights, and management assurances regarding internal controls; (2) Financial Section: This section provides a message from the Chief Financial Officer, the financial statements and notes, required supplementary information and supplementary stewardship information, and the report from the independent auditors; (3) Other Information: This section provides improper payments reporting details, the schedule of spending, a summary of financial statement audit and management assurances, and the Office of Inspector General's Management and Performance Challenges for FY 2017 Executive Summary; and (4) Appendices: This section provides a listing of selected Department web links, education resources, and a glossary of acronyms and abbreviations. [For the 2015 Agency Financial Report, see ED607149.]