Office of Inspector General Audit Report Closing...2017/11/16 · We performed a QCR of KPMG’s...

Office of Inspector General Audit Report

QUALITY CONTROL REVIEW OF AUDITED CLOSING PACKAGE FINANCIAL STATEMENTS FOR

FISCAL YEAR 2017

Department of Transportation

Report Number: QC2018009 Date Issued: November 16, 2017

Memorandum U.S. Department of Transportation Office of Inspector General

Subject: INFORMATION: Quality Control Review of Audited Closing Package Financial Statements for Fiscal Year 2017 Department of Transportation Report Number: QC2018009

Date: November 16, 2017

From: Louis C. King Assistant Inspector General for Financial and

Information Technology Audits

Reply to Attn. of: JA-20

To: Lana Hurdle Acting Chief Financial Officer and Assistant Secretary for Budget and Programs

We respectfully submit our report on the quality control review (QCR) of the Department of Transportation’s (DOT) audited Closing Package Financial Statements1 for fiscal year 2017.

KPMG LLP completed the audit of DOT’s Closing Package Financial Statements for fiscal year 2017, under contract to the Office of Inspector General (see attachment 1). KPMG concluded that the Closing Package Financial Statements (see attachment 2) present fairly, in all material respects, DOT’s financial position as of September 30, 2017, and its net costs and changes in net position for the year ended in accordance with U.S. generally accepted accounting principles.

KPMG’s tests of compliance with certain provisions of laws, regulations, contracts, and grant agreements disclosed no instances of noncompliance or other matters that are required to be reported under generally accepted Government auditing standards or the Office of Management and Budget (OMB) Bulletin 17-03, Audit Requirements for Federal Financial Statements.

We performed a QCR of KPMG’s report, dated November 15, 2017, and related documentation. Our QCR, as differentiated from an audit performed in accordance with generally accepted Government auditing standards, was not intended for us to express, and we do not express, an opinion on DOT’s Closing Package Financial Statements or conclusions about the effectiveness of internal controls and

1 DOT’s Closing Package Financial Statements are the audited annual financial statement data submitted to the Department of Treasury for inclusion in the Federal Government’s annual Financial Report.

2

compliance or other matters. KPMG is responsible for its report and the conclusions expressed in that report. However, our QCR disclosed no instances in which KPMG did not comply, in all material respects, with generally accepted Government auditing standards.

KPMG did not identify any deficiencies in internal controls over financial reporting for the DOT Closing Package Financial Statements. Its tests of compliance with certain provisions of laws, regulations, contracts, and grant agreements disclosed no instances of noncompliance or other matters that are required to be reported under generally accepted Government auditing standards or OMB Bulletin 17-03.

We have also attached the management representation letter for the DOT Closing Package Financial Statements (see attachment 3).

We appreciate the cooperation and assistance of the Office of Financial Management and KPMG. If we can answer any questions or be of any further assistance, please call me at (202) 366-1407, or George Banks, Program Director, at (202) 420-1116. Attachments

# cc: The Secretary DOT Audit Liaison, M-1

Independent Auditors’ Report

Secretary and Inspector General U.S. Department of Transportation:

Report on the Closing Package Financial Statements

We have audited the accompanying Closing Package Financial Statement Report of the U.S. Department of Transportation (“Department” or “DOT”), which comprises the Governmentwide Treasury Account Symbol Adjusted Trial Balance System (GTAS) Reconciliation Report – Reclassified Balance Sheet as of September 30, 2017, and the related GTAS Reconciliation Reports – Reclassified Statement of Net Cost and Reclassified Statement of Operations and Changes in Net Position for the year then ended, and the related notes to the financial statements (hereinafter referred to as the “closing package financial statements”). The notes to the financial statements comprise the following:

GTAS Closing Package Lines Loaded Report,

Financial Report (FR) Notes Report (except for the information entitled “2016 – September”, “Prior Year”, “PY”, “Previously Reported”, “Line Item Changes”, and “Threshold”, and the information as of and for the year ended September 30, 2016 in the “Text Data”), and

Additional Note No. 30.

Management’s Responsibility for the Closing Package Financial Statements

Management is responsible for the preparation and fair presentation of these closing package financial statements in accordance with U.S. generally accepted accounting principles; this includes the design, implementation, and maintenance of internal control relevant to the preparation and fair presentation of the closing package financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these closing package financial statements based on our audit. We conducted our audit in accordance with auditing standards generally accepted in the United States of America, in accordance with the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and in accordance with Office of Management and Budget (OMB) Bulletin No. 17–03, Audit Requirements for Federal Financial Statements. Those standards and OMB Bulletin No. 17–03 require that we plan and perform the audit to obtain reasonable assurance about whether the closing package financial statements are free from material misstatement.

An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the closing package financial statements. The procedures selected depend on the auditors’ judgment, including the assessment of the risks of material misstatement of the closing package financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’s preparation and fair presentation of the closing package 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 the entity’s internal control. Accordingly, we express no such opinion. An audit also includes

KPMG LLP is a Delaware limited liability partnership and the U.S. member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity.

KPMG LLPSuite 120001801 K Street, NWWashington, DC 20006

ADHSJATypewritten TextAttachment 1 (4 pages)

evaluating the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management, as well as evaluating the overall presentation of the closing package financial statements.

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

Opinion on the Closing Package Financial Statements

In our opinion, the closing package financial statements referred to above present fairly, in all material respects, the financial position of the U.S Department of Transportation as of September 30, 2017, and its net cost and changes in net position for the year then ended in accordance with U.S. generally accepted accounting principles.

Emphasis of Matter

We draw attention to Additional Note No. 30 to the closing package financial statements, which describes that the accompanying closing package financial statements were prepared to comply with requirements of the U.S. Department of the Treasury’s Treasury Financial Manual (TFM) Volume I, Part 2, Chapter 4700 (TFM Chapter 4700) for the purpose of providing financial information to the U.S. Department of the Treasury and the U.S. Government Accountability Office (GAO) to use in preparing and auditing the Financial Report of the U.S. Government, and are not intended to be a complete presentation of the consolidated balance sheet of the Department as of September 30, 2017, and the related consolidated statements of net cost, changes in net position, and combined statement of budgetary resources (hereinafter referred to as the “general-purpose financial statements”) for the year then ended. The notes to the closing package financial statements are those that the U.S. Department of the Treasury deemed relevant to the Financial Report of the U.S. Government. Our opinion is not modified with respect to this matter.

Other Matters

Opinion on the General-Purpose Financial Statements

We have audited, in accordance with auditing standards generally accepted in the United States of America, in accordance with the standards applicable to financial audits contained in Government Auditing Standards issued by the Comptroller General of the United States, and in accordance with OMB Bulletin No. 17–03, the general-purpose financial statements of the U.S. Department of Transportation as of and for the years ended September 30, 2017 and 2016, and our report thereon, dated November 13, 2017, expressed an unmodified opinion on those financial statements.

Required Supplementary Information

U.S. generally accepted accounting principles require that the information, except for such information entitled “2016 – September”, “Prior Year”, “PY”, “Previously Reported”, “Line Item Changes”, and “Threshold”, and the information as of and for the year ended September 30, 2016 in the “Other Text Data”, included in Other Data Report No. 8 and 9 be presented to supplement the basic closing package financial statements.

Such information, although not a part of the basic closing package financial statements, is required by the Federal Accounting Standards Advisory Board (FASAB) who considers it to be an essential part of financial reporting for placing the basic closing package financial statements in an appropriate operational, economic, or historical context. We have applied certain limited procedures to the required supplementary information in accordance with auditing standards generally accepted in the United States of America, which consisted of inquiries of management about the methods of preparing the information and comparing the information for consistency with management’s responses to our inquiries, the basic closing package financial statements, and other knowledge we obtained during our audit of the basic closing package financial statements. Although our opinion on the basic closing package financial statements is not affected, Other Data Report No. 9 contain

material departures from the prescribed guidelines because the information included in these Other Data Reports presents the required information for the Financial Report of the U.S. Government and not the required information for the Department’s financial statements. We do not express an opinion or provide any assurance on the information because the limited procedures do not provide us with sufficient evidence to express an opinion or provide any assurance.

Management has omitted the Combining Statement of Budgetary Resources and Management’s Discussion and Analysis and the annual investment for each of the prior four years of nonfederal physical property, human capital, and research and development that U.S. generally accepted accounting principles require to be presented to supplement the basic closing package financial statements. Such missing information, although not a part of the basic closing package financial statements, is required by the FASAB who considers it to be an essential part of financial reporting for placing the basic closing package financial statements in an appropriate operational, economic, or historical context. Our opinion on the basic closing package financial statements is not affected by this missing information.

Other Information

Our audit was conducted for the purpose of forming an opinion on the closing package financial statements as a whole. The information other than that described in the first paragraph and the first paragraph of the subsection labeled Required Supplementary Information are presented for purposes of additional analysis in accordance with TFM Chapter 4700 and are not a required part of the closing package financial statements. Such information has not been subjected to the auditing procedures applied in the audit of the closing package financial statements as of and for the year ended September 30, 2017, and accordingly, we do not express an opinion or provide any assurance on it.

Restriction on Use of the Report on the Closing Package Financial Statements

This report is intended solely for the information and use of the management of the Department, Department’s Office of the Inspector General, U.S. Department of the Treasury, OMB, and GAO in connection with the preparation and audit of the Financial Report of the U.S. Government and is not intended to be and should not be used by anyone other than these specified parties.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards and OMB Bulletin No. 17–03, we have also issued our combined auditors’ report dated November 13, 2017 on our consideration of the Department’s internal control over financial reporting (internal control); and the results of our tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, and other matters that are required to be reported under Government Auditing Standards. Those reports are an integral part of an audit performed in accordance with Government Auditing Standards and OMB Bulletin No. 17–03, in considering the Department‘s internal control and compliance, and should be read in conjunction with this report in considering the results of our audit of the closing package financial statements. Our audit of the general-purpose financial statements as of and for the year ended September 30, 2017 disclosed the following significant deficiencies, and compliance and other matters:

Significant Deficiencies

A. Lack of Sufficient Controls Over Management’s Calculation of the Environmental Clean-up and Decommissioning (EC&D) Liability Assumptions and Methodology and Management’s Approval of Journal Entries (JEs)

B. Lack of Sufficient Controls over Subsidy Estimates for the Transportation Infrastructure Finance and Innovation Act Direct Loan Program

Compliance and Other Matters

C. Potential Noncompliance with the Anti-Deficiency Act

Internal Control Over Financial Reporting Specific to the Closing Package Financial Statements

In planning and performing our audit of the closing package financial statements, we also considered the Department’s internal control to determine the audit procedures that are appropriate in the circumstances for the purpose of expressing our opinion on the closing package financial statements, but not for the purpose of expressing an opinion on the effectiveness of the Department’s internal control. Accordingly, we do not express an opinion on the effectiveness of the Department’s internal control.

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. A material weakness is a deficiency, or a combination of deficiencies, in internal control 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 significant deficiency is a deficiency, or a combination of deficiencies, in internal control that is less severe than a material weakness, yet important enough to merit attention by those charged with governance.

Our consideration of internal control specific to the closing package financial statements was for the limited purpose described in the first paragraph of this section and was not designed to identify all deficiencies in internal control that might be material weaknesses or significant deficiencies. Given these limitations, during our audit we did not identify any deficiencies in internal control that we consider to be material weaknesses. However, material weaknesses may exist that have not been identified.

Compliance and Other Matters Specific to the Closing Package Financial Statements

As part of obtaining reasonable assurance about whether the Department’s closing package financial statements are free from material misstatement, we also performed tests of its compliance with certain provisions of laws, regulations, contracts, and grant agreements, noncompliance with which could have a direct and material effect on the determination of the closing package financial statement amounts. However, providing an opinion on compliance with those provisions was not an objective of our audit of the closing package financial statements, and accordingly, we do not express such an opinion. The results of our tests of compliance disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards or OMB Bulletin No. 17–03.

Purpose of the Other Reporting Required by Government Auditing Standards

The purpose of the communication described in the Other Reporting Required by Government Auditing Standards section is solely to describe the scope of our testing of internal control and compliance and the result of that testing, and not to provide an opinion on the effectiveness of the Department’s internal control or compliance. Accordingly, this communication is not suitable for any other purpose.

Washington, DC November 15, 2017

Fiscal Period: 2017, 12 - September

Manual

Adjustment Status: Certified

Amount in: Thousands

Adjusted Amount

1 Assets

2 Non-federal

2.2 Accounts and taxes receivable, net $ 124,424

2.3 Loans receivable, net 14,693,297

2.4 Inventories and related property, net 947,285

2.5 Property, plant, and equipment, net 13,151,814

2.8 Other assets 380,027

2.9 Total non-federal assets 29,296,847

3 Federal

3.1 Fund balance with Treasury (RC 40)/1 29,729,631

3.2 Federal investments (RC 01)/1 67,987,250

3.3 Accounts receivable (RC 22)/1 94,819

3.5 Interest receivable - investments (RC 02)/1 65,621

3.8 Transfers receivable (RC 27)/1 10,449

3.10 Advances to others and prepayments (RC 23)/1 58,676

3.14 Total federal assets 97,946,446 4 Total assets $ 127,243,293

5 Liabilities:

6 Non-federal

6.1 Accounts payable 651,661

6.3 Federal employee and veteran benefits payable 967,084

6.4 Environmental and disposal liabilities 1,203,762

6.6 Loan guarantee liabilities 75,858

6.9 Other liabilities 8,743,356

6.10 Total non-federal liabilities 11,641,721

7 Federal

7.1 Accounts payable (RC 22)/1 22,073

7.6 Loans payable (RC 17)/1 14,298,084

7.8 Benefit program contributions payable (RC 21)/1 247,658

7.9 Advances from others and deferred credits (RC 23)/1 545,826

7.10 Liability to the General Fund of the U.S. Government for custodial and other non-entity assets (RC 46)/1 988,155

7.11 Other liabilities (without reciprocals) (RC 29)/1 19,609

7.14 Total federal liabilities 16,121,405 8 Total liabilities $ 27,763,126

9 Net position:

9.1 Net Position - funds from dedicated collections $ 68,254,280

9.2 Net Position - funds other than those from dedicated collections 31,225,887

10 Total net position 99,480,167 11 Total liabilities and net position $ 127,243,293

11/08/2017 03:48:01 PM

U.S. Department of Treasury Bureau of the Fiscal Service

GTAS

Reconciliation Report

Reclassified Balance Sheet

FR ENTITY: 6900 - Department of Transportation

ADHSJATypewritten Text



ADHSJATypewritten TextAttachment 2 (168 pages)


Manual



Adjusted Amount

1 Gross cost

2 Non-federal gross cost $ 78,033,745

6 Total non-federal gross cost 78,033,745

7 Federal gross cost

7.1 Benefit program costs (RC 26) /2 1,748,485

7.2 Imputed costs (RC 25) /2 381,404

7.3 Buy/sell cost (RC24) /2 562,404

7.4 Purchase of assets (RC 24) /2 11,866

7.6 Borrowing and other interest expense (RC05) /2 509,265

7.8 Other expenses (without reciprocals) (RC 29) 421,256

8 Total federal gross cost 3,634,680 9 Department total gross cost $ 81,668,425

10 Earned revenue

11 Non-federal earned revenue $ 935,933

12 Federal earned revenue

12.2 Buy/sell revenue (exchange) (RC 24) /2 1,076,465

12.3 Purchase of assets offset (RC 24) / 2 11,866

12.4 Federal securities interest revenue including associated gains and losses (exchange) (RC 03) /2 582

12.5 Borrowing and other interest revenue (exchange) (RC 05) /2 48,104

13 Total federal earned revenue 1,137,017

14 Department total earned revenue 2,072,950 15 Net cost of operations $ 79,595,475

11/08/2017 03:48:01 PM


GTAS


Reclassified Statement of Net Cost



Manual



Adjusted Amount

1 Net position, beginning of period $ 114,453,298

2 Non-federal prior-period adjustments:

3 Federal prior-period adjustments

4 Net position, beginning of period - adjusted 114,453,298

5 Non-federal non-exchange revenue:

5.7 Other taxes and receipts 190,944

5.9 Total non-federal non-exchange revenue 190,944

6 Federal non-exchange revenue:

6.1 Federal securities interest revenue including associated gains and losses (non-exchange) (RC 03) /1 689,910

6.2 Borrowings and other interest revenue (non-exchange) (RC 05) /1 19,123

6.4 Other taxes and receipts (RC 45) /1 56,038,957

6.5 Total federal non-exchange revenue 56,747,990

7 Budgetary financing sources:

7.1 Appropriations received as adjusted (rescissions and other adjustments) (RC 41) /1 8,117,641

7.2 Appropriations used (RC 39) 9,582,625

7.3 Appropriations expended (RC 38) / 1 9,582,625

7.6 Non-expenditure transfers-in of unexpended appropriations and financing sources (RC 08) /1 33,501

7.8 Expenditure transfers-in of financing sources (RC 09) /1 121,373

7.12 Revenue and Other Financing Sources - Cancellations (RC 36) 36

7.20 Total budgetary financing sources 8,272,479

8 Other financing sources:

8.1 Transfers-in without reimbursement (RC 18) /1 32,132

8.2 Transfers-out without reimbursement (RC 18) /1 19,700

8.3 Imputed financing sources (RC 25) /1 381,404

8.4 Non-entity collections transferred to the General Fund of the U.S. Government (RC 44) 254,123

8.5

Accrual for non-entity amounts to be collected and transferred to the General Fund of the U.S. Government

(RC 48) 728,782

8.11 Total other financing sources (589,069)

9 Net cost of operations (+/-) 79,595,475 10 Net position, end of period $ 99,480,167

11/08/2017 03:48:01 PM


GTAS


Reclassified Stmt. of Operations and Changes in Net Position


U.S. Department of the TreasuryBureau of the Fiscal Service

Governmentwide Financial Report System

GF005G - GTAS Closing Package Lines Loaded Report

- 1 -

6900 - Department of Transportation

Reported In: DOLLARS Decimal:

Entity: Fiscal Year: 2017 SEPTEMBER

TWO

Period:

11/15/2017 12:11 PMGTAS CPL Last Loaded:

GFRS Line Description Trading Partner FR Entity AmountFed/Non Fed Indicator

Accounts and taxes receivable, net

Accounts payable

Accounts payable (RC 22)




















0300

0400

1000

1100

1200

1300

1400

1500

1601

1800

1900

2000

2400

3600

4700

4900

6800

7000

7500

8000

124,423,939.56

(651,660,694.12)

(1,916.78)

(807,887.91)

85,000.00

(4,445.00)

(2,435.00)

(4,436,032.38)

(822,401.76)

(149,831.35)

217,417.98

48,372.95

(34,980.00)

(68,789.07)

(466,139.01)

0.00

(6,925,944.19)

96,419.35

(5,685.66)

(134,759.14)

(569,441.07)

(76,869.19)

N

N

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F




- 2 -




TWO

Period:







Accounts receivable (RC 22)


















8800

8900

9100

DE00

0200

0500

0900

1133

1137

1200

1300

1400

1500

1601

1800

1900

2000

2900

3100

3300

3301

3600

560,679.15

(24,328.54)

(105,000.00)

(8,443,915.10)

3,357.95

384.35

3,115.01

12,588.20

186,497.32

203,971.54

870,380.35

395,865.59

356,143.92

2,099.64

0.01

(939,723.32)

(96,982.82)

(516.95)

92.32

2,227.52

(2,735.97)

(36.75)

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F




- 3 -




TWO

Period:
























Accrual for non-entity amounts to be collected and transferred to the General Fund (RC 48)

4700

4814

4845

4900

5600

6800

6903

7000

7100

7200

7500

8000

8900

9000

9503

9512

9532

9563

9566

9999

DE00

9900

1,627,905.27

46,620.31

(45,392.24)

(542,287.85)

197.20

298,952.41

5,225.00

6,711,772.11

25,390.35

252,360.87

0.00

1,907,652.30

719,861.41

14,516.22

153,273.64

41,844.52

(20,000.00)

1,119.11

(10,761.52)

18,975,012.71

63,657,940.10

728,781,772.89

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

G




- 4 -




TWO

Period:



Advances from others and deferred credits (RC 23)






















0000

0200

0400

0500

0900

1000

1100

1133

1137

1200

1300

1400

1500

1601

1800

1900

2000

2400

2500

2800

2900

3100

(547,291.34)

187,519.42

(17,629.51)

(261,871.47)

478,046.01

(43,088.75)

(199,122.62)

(23,253.50)

(438,818.35)

(484,121.19)

(7,211,784.58)

(6,947,613.34)

(8,066,905.63)

23,528.74

16,796.22

(3,404,399.84)

(1,873,599.20)

(3,189,753.92)

(596,701.21)

(116,303.48)

(219,016.20)

(771,059.01)

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F




- 5 -




TWO

Period:

























3300

3600

4500

4600

4700

4833

5000

5100

5400

5901

6100

6300

6500

6800

6903

7000

7200

7300

7500

8000

8600

8800

(76.24)

(1,159,710.33)

(287,083.81)

(500,000.00)

(138,650,772.25)

(5,172.59)

(1,302,222.65)

(1,293,155.03)

(8,978.12)

(129,717.35)

(22,777.45)

(35,458.95)

(8,587.79)

(434,284.46)

671,971.83

(181,830,591.45)

(34,911.41)

(109,765.40)

(1,285,456.78)

(818,656.99)

(153,437.62)

(65,872.40)

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F




- 6 -




TWO

Period:
























Advances to others and prepayments (RC 23)

8900

9000

9100

9501

9503

9508

9512

9515

9518

9527

9532

9550

9554

9563

9566

9567

9569

9571

9578

9999

DE00

1300

(1,829,032.23)

(14,516.22)

159,177.52

(487,159.48)

(36,899.48)

(12,733.59)

(1,064,976.88)

(190,562.80)

(36,270.00)

(6,060.24)

(105,478.60)

(12,347.77)

(362,637.71)

(4,537,171.17)

(34,234.56)

4,050.39

(10,774.19)

(110,171.74)

10,577.95

(671,971.83)

(175,306,086.29)

2,984,127.88

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F




- 7 -




TWO

Period:









Appropriations Used (RC 39)

Appropriations expended (RC 38)

Appropriations received as adjusted (rescissions and other adjustments) (RC 41)

Benefit program contributions payable (RC 21)



Benefit program costs (RC 26)


Borrowing and other interest expense (RC 05)

Borrowing and other interest revenue (exchange) (RC 05)

Borrowings and other interest revenue (non-exchange) (RC 05)

Buy/sell costs (RC 24)





1800

1900

2400

6800

9513

9999

9900

9900

9900

1601

2000

2400

1601

2400

2000

2000

2000

0300

0400

0500

1000

1100

95,875.51

4,164.55

394,667.72

768,746.41

38,811.00

54,388,868.78

9,582,624,627.17

(9,582,624,627.17)

(8,117,641,414.87)

(181,095,632.07)

(4,425.58)

(66,557,510.77)

80,816,140.42

1,667,668,714.89

509,265,451.30

(48,103,840.59)

(19,123,101.40)

69,514.68

14,129,064.05

4,000.00

180.20

137,886.32

F

F

F

F

F

F

G

G

G

F

F

F

F

F

F

F

F

F

F

F

F

F




- 8 -




TWO

Period:

























1200

1300

1400

1500

1601

1800

1900

2000

2400

3100

3300

3600

4700

4814

4900

6100

6800

6903

7000

7500

8000

8300

8,785,297.05

43,160,951.86

29,173,365.14

2,812,280.77

342,533.08

986,700.12

8,625,301.45

665,646.10

35,654,432.20

34,684.21

178,784.48

1,000.00

314,885,752.38

4,000.00

180,295.78

114,660.00

1,460,794.80

(267,561.75)

20,086,801.96

6,142,818.90

8,414,029.61

103,856.00

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F




- 9 -




TWO

Period:
















Buy/sell revenue (Exchange) (RC 24)









8600

8800

8900

9100

9502

9503

9513

9532

9542

9566

9567

9999

DE00

0000

0100

0200

0400

0500

1000

1100

1133

1137

121,143.46

609,303.57

13,110,806.67

135,000.00

192,539.70

1,319.26

257.06

126,474.00

59,918.22

(4,000.00)

312,095.74

(35,612,482.01)

87,465,030.88

(2,264,800.32)

(1,449,738.58)

(138,903.34)

(130,712.82)

(3,190,924.23)

(12,561.48)

(189,952.54)

(355,403.65)

(610,753.96)

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F




- 10 -




TWO

Period:

























1200

1300

1400

1500

1601

1900

2000

2400

2500

2800

2900

3100

3600

4500

4700

4833

4900

5000

5100

5400

5901

5903

(10,727,170.61)

(12,001,117.22)

(48,136,216.36)

(33,247,991.01)

(92,593.86)

(9,621,055.13)

(24,324,434.70)

(11,110,964.49)

(2,291,770.36)

(7,338,057.89)

(1,204,366.47)

(1,771,831.65)

41,178.59

(1,080,908.32)

(9,343,828.51)

(10,485.28)

(434,736.74)

(14,525,080.02)

(2,102,526.43)

(132,245.67)

(375,781.84)

(730,965.59)

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F




- 11 -




TWO

Period:

























6100

6300

6500

6800

6903

7000

7200

7300

7500

8000

8600

8800

8900

9100

9501

9503

9508

9512

9515

9527

9532

9534

(1,668,783.08)

(1,003,933.56)

(155,777.62)

(6,046,856.46)

(1,269,402.08)

(248,073,020.88)

(600,658.03)

(1,498,165.41)

(701,420.12)

(2,031,858.70)

(721,587.92)

(631,743.01)

(4,040,041.91)

(2,876,615.43)

(1,184,990.53)

(3,980.96)

(40,471.54)

(2,370,462.27)

(444,406.11)

(93,939.76)

(386,636.01)

(70,312.50)

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F




- 12 -




TWO

Period:










Environmental and disposal liabilities

Expenditure transfers-in of financing sources (RC 09)



Federal employee and veteran benefits payable

Federal investments (RC 01)

Federal securities interest revenue including associated gains and losses (exchange) (RC 03)

Federal securities interest revenue including associated gains and losses (non-exchange) (RC 03)

Fund balance with Treasury (RC 40)

Imputed costs (RC 25)



Imputed financing source (RC 25)


9554

9563

9567

9569

9571

9999

DE00

1100

1300

6800

2000

2000

2000

9900

2000

2400

7000

2000

2400

(1,513,533.42)

(1,404,038.29)

(12,579.49)

(10,387.46)

68,302.76

1,269,402.08

(600,040,053.76)

(1,203,761,603.58)

(20,453,000.00)

(7,820,000.00)

(93,100,000.00)

(967,084,006.81)

67,987,250,176.44

(582,303.86)

(689,909,900.59)

29,729,630,812.65

21,893,031.38

356,781,906.46

2,729,339.82

(21,893,031.38)

(356,781,906.46)

F

F

F

F

F

F

F

N

F

F

F

N

F

F

F

G

F

F

F

F

F




- 13 -




TWO

Period:




Interest receivable-investments (RC 02)

Inventories and related property, net

Liability to the General Fund for custodial and other non-entity assets (RC 46)

Loan guarantee liabilities

Loans payable (RC 17)

Loans receivable, net

Net position - funds from dedicated collections

Net position - funds other than those from dedicated collections

Net position, beginning of period

Non-Federal Earned Revenue

Non-Federal gross cost

Non-entity collections transferred to the General Fund (RC 44)

Non-expenditure transfers-in of unexpended appropriations and financing sources (RC 08)




Other assets

Other expenses (without reciprocals) (RC 29) "Z"

Other liabilities

Other liabilities (without reciprocals) (RC 29)

Other taxes and receipts

7000

2000

9900

2000

9900

4700

7000

7200

8900

(2,729,339.82)

65,621,165.58

947,284,709.43

(988,154,793.58)

(75,857,922.25)

(14,298,083,800.66)

14,693,296,923.47

(68,254,280,557.15)

(31,225,887,064.13)

(114,453,297,762.80)

(935,932,641.74)

78,033,745,368.37

254,121,057.97

(363,000.00)

(30,189,947.43)

(2,956,000.00)

7,636.56

380,026,855.96

421,256,418.28

(8,743,356,305.01)

(19,608,084.75)

(190,944,341.01)

F

F

N

G

N

F

N

B

B

N

N

N

G

F

F

F

F

N

Z

N

Z

N




- 14 -




TWO

Period:



Other taxes and receipts (RC 45)

Property, plant and equipment, net

Purchase of Assets Offset (RC24)









Purchase of assets (RC 24)









Revenue and Other Financing Sources - Cancellations (RC36)

Transfers receivable (RC 27)

9900

0400

1300

1500

1900

2400

4700

4900

8000

DE00

0400

1300

1500

1900

2400

4700

4900

8000

DE00

9900

7000

(56,038,957,153.92)

13,151,814,079.80

(27.70)

(2,100,559.55)

(1,989,865.63)

(53,614.07)

(447,365.01)

(1,134,831.51)

4,759.81

(57,816.29)

(6,087,111.38)

27.70

2,100,559.55

1,989,865.63

53,614.07

447,365.01

1,134,831.51

(4,759.81)

57,816.29

6,087,111.38

36,292.26

10,448,810.00

G

N

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

F

G

F




- 15 -




TWO

Period:



Transfers-in without reimbursement (RC 18)




Transfers-out without reimbursement (RC 18)




1400

2000

7000

DE00

1400

2000

4700

DE00

(28,584,656.47)

(628,476.90)

(1,459,487.19)

(1,459,487.19)

4,540.00

628,476.90

18,647,283.85

419,917.00

F

F

F

F

F

F

F

F

Agency Financial Report to Closing Package Reconciliation

Reclassified Balance Sheet Reconciliation to Agency AFR

as of September 30,2017GTAS Submission Agency's Audited Financial Statements Line

No Line Title Line Type Adjusted Balance (Calculated Amount) * Line Description (Please Fill out)** Amount (Please enter)

Difference (Calculated

Amount) Agency Comments

1 Assets

2 Non-Federal

To be filled out by Agency 0.00

To be filled out by Agency


To be filled out by AgencyTo be filled out by Agency

2.1

Cash and Other Monetary

Assets -$ Total -$

Total Must Tie to Adjusted Balance OK 0.00

Accounts Receivable, Net 124,424.00




2.2

Accounts and Taxes

Receivable, Net 124,424.00$ Total 124,424.00$


Direct Loan and Loan Guarantees, Net 14,693,297.00




2.3 Loans Receivable, Net 14,693,297.00$ Total 14,693,297.00$


Inventory and Related Property, Net 947,285.00




2.4

Inventories and Related

Property, Net 947,285.00$ Total 947,285.00$


General Property, Plant and Equipment 13,151,814.00




2.5

Property, Plant, and

Equipment, Net 13,151,814.00$ Total 13,151,814.00$






2.6 Debt and Equity Securities -$ Total -$






as of September 30,2017To be filled out by AgencyTo be filled out by AgencyTo be filled out by Agency

2.7

Investments in GSEs (for use

by Treasury only) -$ Total -$


Other 380,027.00




2.8 Other Assets 380,027.00$ Total 380,027.00$


2.9 Total Non-Federal Assets CALC 29,296,847.00$ Total Non-Federal Assets 29,296,847.00$

This line is calculated. Equals sum of line 2.1 through 2.8.

3 Federal

Fund Balance with Treasury 29,729,631.00




3.1

Fund Balance With Treasury

(RC 40)/1 29,729,631.00$ Total 29,729,631.00$


Investments, Net 67,987,250.00




3.2

Federal Investments (RC

01)/1 67,987,250.00$ Total 67,987,250.00$


Accounts Receivable 94,819.00




3.3

Accounts Receivable (RC

22)/1 94,819.00$ Total 94,819.00$






3.4

Accounts Receivable, Capital

Transfers (RC 12)/1 -$ Total -$


Investments, Net 65,621.00




3.5

Interest Receivable -

Investments (RC 02)/1 65,621.00$ Total 65,621.00$




as of September 30,2017To be filled out by Agency




3.6

Interest Receivable - Loans

and not otherwise classified

(RC 04)/1 -$ Total -$






3.7 Loans Receivable (RC 17)/1 -$ Total -$


Accounts Receivable, Net 10,449.00




3.8

Transfers Receivable (RC

27)/1 10,449.00$ Total 10,449.00$






3.9

Benefit Program

Contributions Receivable (RC

21)/1 -$ Total -$


Advances and Prepayments 58,676.00




3.10

Advances to Others and

Prepayments (RC 23)/1 58,676.00$ Total 58,676.00$






3.11

Other Assets (Without

Reciprocals) (RC 29)/1 -$ Total -$




as of September 30,2017To be filled out by AgencyTo be filled out by Agency



3.12

Asset for Agency's Custodial

and Non-Entity Liabilities (RC

46)/1 -$ Total -$






3.13 Other Assets (RC 30)/1 -$ Total -$


3.14 Total Federal Assets CALC 97,946,446.00$ Total Federal Assets 97,946,446.00$

4 Total Assets CALC 127,243,293.00$ Total Assets 127,243,293.00$

5 Liabilities: TITLE

6 Non-Federal TITLE

Accounts Payable 651,661.00




6.1 Accounts Payable 651,661.00$ Total 651,661.00$






6.2

Federal Debt Securities Held

by the Public and Accrued

Interest -$ Total -$


Federal Employee Benefits Payable 881,188.00

Other 85,896.00



6.3

Federal Employee and

Veteran Benefits Payable 967,084.00$ Total 967,084.00$


Environmental and Disposal Liabilities 1,203,762.00




6.4

Environmental and Disposal

Liabilities 1,203,762.00$ Total 1,203,762.00$


This line is calculated. Equals sum of lines 3.1 through 3.13.

This line is calculated. Equals sum of lines 2.9 and 3.14.



as of September 30,2017To be filled out by AgencyTo be filled out by Agency



6.5 Benefits Due and Payable -$ Total -$


Loan Guarantee Liability 75,858.00




6.6 Loan Guarantee Liabilities 75,858.00$ Total 75,858.00$







6.7

Liabilities to GSEs (for use by

Treasury only) -$ Total -$






6.8

Insurance and Guarantee

Program Liabilities -$ Total -$


Grant Accrual 7,513,159.00

Other 1,230,197.00



6.9 Other Liabilities 8,743,356.00$ Total 8,743,356.00$


6.10 Total Non-Federal Liabilities CALC 11,641,721.00$ Total Non-Federal Liabilities 11,641,721.00$




as of September 30,20177 Federal TITLE

Accounts Payable 16,043.00

Other 6,030.00



7.1 Accounts Payable (RC 22)/1 22,073.00$ Total 22,073.00$






7.2

Accounts Payable, Capital

Transfers (RC 12)/1 -$ Total -$






7.3 Federal Debt (RC 01)/1 -$ Total -$






7.4

Interest Payable - Debt (RC

02)/1 -$ Total -$






7.5

Interest Payable - Loans and

Not Otherwise Classified (RC

04)/1 -$ Total -$


Debt 14,298,084.00




7.6 Loans Payable (RC 17)/1 14,298,084.00$ Total 14,298,084.00$






7.7 Transfers Payable (RC 27)/1 -$ Total -$




as of September 30,2017Other 247,658.00To be filled out by Agency



7.8

Benefit Program

Contributions Payable (RC

21)/1 247,658.00$ Total 247,658.00$


Other 545,826.00




7.9

Advances from Others and

Deferred Credits (RC 23)/1 545,826.00$ Total 545,826.00$


Other 988,155.00




7.10

Liability to the General Fund

for Custodial and Other Non-

Entity Assets (RC 46)/1 988,155.00$ Total 988,155.00$


Other 19,609.00




7.11

Other Liabilities (Without

Reciprocals) (RC 29)/1 19,609.00$ Total 19,609.00$






7.12

Liability for Fund Balance

with Treasury (RC 40)/1 -$ Total -$






7.13 Other Liabilities (RC 30)/1 -$ Total -$


7.14 Total Federal Liabilities CALC $ 16,121,405.00 Total Federal Liabilities 16,121,405.00$

8 Total Liabilities CALC $ 27,763,126.00 Total Liabilities 27,763,126.00$





as of September 30,20179 Net Position: TITLE

Unexpended Appropriations - Funds From Dedicated Collections1,002,687.00

Cumulative Results of Operations - Funds From Dedicated Collections67,251,593.00



9.1

Net Position - Funds From

Dedicated Collections 68,254,280.00$ Total 68,254,280.00$


Unexpended Appropriations - Other Funds 20,264,564.00

Cumulative Results of Operations - Other Funds 10,961,323.00



9.2

Net Position - Funds Other

Than Those From Dedicated

Collections 31,225,887.00$ Total 31,225,887.00$


10 Total Net Position CALC 99,480,167.00$ Total Net Position 99,480,167.00$

11

Total Liabilities and Net

Position CALC 127,243,293.00$ Total Liabilities and Net Position 127,243,293.00$

*

Adjusted Balance consists of

Certified GTAS ATB data plus

any applicable Agency entered

manual adjustments.

The Numbers that should be

entered for the Adjusted

Balance can be found by

running the Reconciliation

Report out of GTAS.

**

Line Description - Please enter

the exact Line Description from

your Audited Financial Report.

If there is a need to reclass a

line from GTAS to more than 5

lines in the AFR please contact

the GTAS Team to have a

custom report sent to your

Agency.

[email protected]

v

CALC Lines are set as formulas

and will not need to be entered,

please use these to double

check the data entry.


This line is calculated. Equals sum of lines 8 and 10.

Agency Financial Report to Closing Package Reconciliation Template

Reclassified Statement of Net Cost Reconciliation to Agency AFR

as of September 30, 2017

GTAS Submission Agency's Audited Financial StatementsLine

No Line Title Line Type Adjusted Balance (Calculated Amount) * Line Description (Please Fill out)**

Amount (Please

enter)

Difference (Calculated

Amount) Agency Comments

1 Gross Costs TITLE

Gross Costs 78,033,745.00




2 Non-Federal Gross Cost 78,033,745.00$ Total $ 78,033,745.00






3

Interest on Debt Held by the

Public -$ Total -$






4

Gains/Losses from Changes in

Actuarial Assumptions -$ Total $ -






5

General PP&E Partial

Impairment Loss -$ Total -$


6 Total Non-Federal Gross Cost Calc 78,033,745.00$ Total Non-Federal Gross Cost 78,033,745.00$ This line is the sum of lines 2

through 5.

7 Federal Gross Cost Title

Gross Costs 1,748,485.00




7.1


/ 2 1,748,485.00$ Total $ 1,748,485.00


Gross Costs 381,404.00




7.2 Imputed Costs (RC25)/2 381,404.00$ Total 381,404.00$









7.3 Buy/Sell Cost (RC24)/2 562,404.00$ Total $ 562,404.00






7.4 Purchase of assets (RC 24) /2 11,866.00$ Total 11,866.00$






7.5

Federal securities interest

expense (RC 03) / 2 -$ Total $ -






7.6

Borrowing and other interest

expense (RC05) / 2 509,265.00$ Total 509,265.00$







7.7 Borrowing losses (RC 06) / 2 -$ Total $ -






7.8

Other expenses (without

reciprocals) (RC 29) 421,256.00$ Total 421,256.00$


8 Total Federal Gross Cost Calc 3,634,680.00$ Total Federal Gross Cost 3,634,680.00$

9 Department Total Gross Cost Calc 81,668,425.00$ Department Total Gross Cost 81,668,425.00$ This line is the sum of lines 6 and

8.

10 Earned Revenue Title

Earned Revenue 932,591.00

Incidental Custodial Collections Note 21 3,342.00



11 Non-federal earned revenue 935,933.00$ Total 935,933.00$

This line is the sum of lines 7.1 through 7.8.





12 Federal Earned Revenue Title





12.1

Benefit Program Revenue

(exchange) (RC26) /2 -$ Total -$


Earned Revenue 1,076,183.00

Incidental Custodial Collections Note 21 282.00



12.2

Buy/Sell Revenue (exchange)

(RC24) /2 1,076,465.00$ Total 1,076,465.00$






12.3

Purchase of assets offset (RC

24) / 2 11,866.00$ Total 11,866.00$


Earned Revenue 582.00




12.4

Federal securities interest

revenue including associated

gains and losses (exchange)

(RC 03) / 2 582.00$ Total 582.00$






12.5

Borrowing and other interest

revenue (exchange) (RC 05) / 2 48,104.00$ Total 48,104.00$






12.6 Borrowing gains (RC 06) / 2 -$ Total -$









12.7

Other revenue (without

reciprocal) (RC 29) /2 -$ Total -$


13 Total Federal Earned Revenue Calc 1,137,017.00$ Total Federal Earned Revenue 1,137,017.00$

14

Department Total Earned

Revenue Calc 2,072,950.00$ Department Total Earned Revenue 2,072,950.00$

15 Net Cost of Operations Calc 79,

Date post:	05-Jul-2020
Category:	Documents
Upload:	others
View:	1 times
Download:	0 times

Office of Inspector General Audit Report Closing...2017/11/16 · We performed a QCR of KPMG’s...

Documents