Introduction to Principal Financial Statements
El Salvador cuts the ribbon on Phoenix Go-Live with the CFO. Photo: USAID/Bob Bonnaffon
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The Principal Financial Statements (Statements) have been prepared to report the financial position and results of operations of the U.S. Agency for International Development (USAID or Agency). The Statements have been prepared from the books and records of the Agency in accordance with formats prescribed by the Office of Management and Budget (OMB) in OMB Circular A-136, Financial Reporting Requirements, which updates and incorporates, OMB Bulletin 01-09, Form and Content of Agency Financial Statements. The Statements are in addition to financial reports prepared by the Agency in accordance with OMB and U.S. Department of the Treasury (Treasury) directives to monitor and control the status and use of budgetary resources, which 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, a sovereign entity. The Agency has no authority to pay liabilities not covered by budgetary resources. Liquidation of such liabilities requires enactment of an appropriation.
USAID's principal financial statements and additional information for FY 2005 and 2004 consist of the following:
The Consolidated Balance Sheet provides information on amounts available for use by USAID (assets); the amounts owed (liabilities); and amounts that comprise the difference between assets and liabilities, which is the Agency's net financial position or equity, similar to the balance sheets reported in the private sector. Comparative data for 2004 (Restated, as discussed in Note 22) are included and intra-Agency balances have been eliminated from the amounts presented.
The Consolidated Statement of Net Cost reports the components of the net costs of the Agency's operations for the period. The net cost operations consist of the gross cost incurred by the Agency less any exchange (i.e., earned) revenue from our activities. Comparative data for 2004 (Restated, as discussed in Note 22) are included and intra-Agency balances have been eliminated from the amounts presented.
The Consolidated Statement of Changes in Net Position reports the beginning net position, the transactions that affect net position for the period, and the ending net position. The components of net position are separately displayed in two columns: Cumulative Results of Operations and Unexpended Appropriations to more clearly identify the components of and changes to Net Position. For FY 2005, a new line item, Net Change, has been added. Comparative data for 2004 (Restated, as discussed in Note 22) are included and intra-Agency balances have been eliminated from the amounts presented.
The Combined Statement of Budgetary Resources provides information on how budgetary resources were made available for the year and what the status of budgetary resources was at year-end. Information in this statement is reported on the budgetary basis of accounting. Comparative data for 2004 are included and intra-Agency balances have been eliminated from the amounts presented.
The Consolidated Statement of Financing reconciles net obligations reported on the Statement of Budgetary Resources to net costs reported on the Statement of Net Costs. Comparative data for 2004 (Restated, as discussed in Note 22) are included and intra-Agency balances have been eliminated from the amounts presented.
The Notes to Principal Financial Statements are an integral part of the financial statements. They provide explanatory information to help financial statement users to understand, interpret, and use the data presented. Comparative FY 2004 Note data may have been restated (as discussed in Note 22) or recast to enable comparability with the FY 2005 presentation.
Required Supplementary Information provides information on intragovernmental asset and liability amounts along with details on USAID's budgetary resources at year-end.
Other Accompanying Information presents Consolidating Financial Statements that provide detailed program and fund data supporting the financial statements.
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