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Report of Independent Auditors To the Inspector General U.S. Department of Education We have audited the accompanying reclassified consolidated balance sheets as of September 30, 2012 and 2011, and the related reclassified consolidated statements of net cost and changes in net position for the fiscal years then ended (hereinafter referred to as the special-purpose financial statements) contained in the special-purpose closing package of the U.S. Department of Education (the Department). These special-purpose financial statements are the responsibility of the Department’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America; the standards applicable to financial audits contained in Government Auditing Standards, issued by the Comptroller General of the United States; and Office of Management and Budget (OMB) Bulletin No. 07-04, Audit Requirements for Federal Financial Statements, as amended. Those standards and bulletin require that we plan and perform the audit to obtain reasonable assurance about whether the special-purpose financial statements are free of material misstatement. We were not engaged to perform an audit of the Department’s internal control over financial reporting for the special-purpose financial statements. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Department’s internal control over financial reporting for the special-purpose financial statements. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the special-purpose financial statements, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. The accompanying special-purpose financial statements and accompanying notes contained in the special-purpose closing package have been prepared for the purpose of complying with the requirements of the U.S. Department of the Treasury’s Financial Manual (TFM) Volume I, Part 2, Chapter 4700, as described in Note 1, solely for the purpose of providing financial information to the U.S. Department of the Treasury and the U.S. Government Accountability Office 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 Department’s financial statements. In our opinion, the special-purpose financial statements referred to above present fairly, in all material respects, the financial position of the Department as of September 30, 2012 and 2011,

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Report of Independent Auditors


and its net cost and changes in net position, for the years then ended, in conformity with accounting principles generally accepted in the United States of America and the presentation pursuant to the requirements of the TFM Chapter 4700. U.S. generally accepted accounting principles require that the information in the Other Data Report Nos. 1 through 16 (except for the information entitled “Threshold” in Other Data Report No. 8, which are discussed in the next paragraph) be presented to supplement the basic general-purpose financial statements. Such information, although not a part of the basic general-purpose financial statements, is required by the Federal Accounting Standards Advisory Board who considers it to be an essential part of financial reporting for placing the basic general-purpose financial statements in an appropriate operational, economic, or historical context. This information is presented to supplement the basic special-purpose financial statements in accordance with TFM Chapter 4700. 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 special-purpose financial statements, and other knowledge we obtained during our audits of the basic special-purpose 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. The information entitled “Threshold” in Other Data Report No. 8 and the information in the sections entitled “Threshold” in FR Notes Report Nos. 2, 4A, 4B, 8, 11 and 15; the information in the Closing Package Line Reclassification Summary Report – Balance Sheet; the information in the Closing Package Line Reclassification Summary Reports – Statement of Net Cost and Statement of Changes in Net Position; and the information in the Closing Package Line Reclassification Summary Report – Custodial Activity are presented for purposes of additional analysis and are not a required part of the special-purpose financial statements. This information has not been subjected to the auditing procedures applied in the audits of the special-purpose financial statements and, accordingly, we express no opinion on it. In accordance with Government Auditing Standards and OMB Bulletin No. 07-04, as amended, we have also issued our reports dated November 16, 2012 on our consideration of the Department’s internal control over financial reporting and on our tests of its compliance with certain provisions of laws and regulations and other matters. The purpose of those reports is to describe the scope of our testing of internal control over financial reporting and compliance, and the results of that testing, and not to provide an opinion on the internal control over financial reporting or on compliance. Those reports are an integral part of an audit performed in accordance with Government Auditing Standards and OMB Bulletin No. 07-04, as amended, and should be considered in assessing the results of our audit.



Management of the Department is responsible for establishing and maintaining effective internal control over financial reporting. In planning and performing our audits of the special-purpose financial statements, we also considered the Department’s internal control over the financial reporting process for the special-purpose financial statements and compliance with the TFM Chapter 4700. Management is responsible for establishing and maintaining internal control over financial reporting, including Other Data, and for complying with laws and regulations, including compliance with the TFM Chapter 4700 requirements. Our consideration of internal control over financial reporting was for the limited purpose described in the preceding paragraph and was not designed to identify all deficiencies in internal control that might be significant deficiencies or material weaknesses and therefore, there can be no assurance that all deficiencies, significant deficiencies, or material weaknesses have been identified. However, as discussed below, we identified a certain deficiency in internal control that we consider to be a material weakness and two other deficiencies that we consider to be significant deficiencies. As noted in our report dated November 16, 2012, our Report on Internal Control identified one material weakness related to controls surrounding the Department’s Debt Management Collection System and ACS, Inc. Education Servicing System and two significant deficiencies related to credit reform estimation process and controls surrounding information systems. 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 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 on a timely basis. We consider the deficiencies related to controls surrounding the Department’s Debt Management Collection System and ACS, Inc. Education Servicing System to be a material weakness. A significant deficiency is a deficiency or a combination of deficiencies in internal control that in our professional judgment is less severe than a material weakness, yet is of sufficient importance to merit the attention by those charged with governance. We consider the deficiencies related to the credit reform estimation process and controls surrounding information systems to be significant deficiencies. Our tests of compliance with the TFM Chapter 4700 requirements disclosed no instances of noncompliance or other matters that are required to be reported under Government Auditing Standards and OMB Bulletin No. 07-04, as amended. However, our testing of the closing package revealed errors in the reclassified financial statements and in the intra-governmental balances reported. The Department’s review procedures failed to capture these matters which we consider to be a significant deficiency in internal control as defined above. We recommend that



the Department strengthen its formal written policies and procedures, provide effective training and perform a through detailed review of the closing package, with special attention to the reclassification entries. Providing opinions on internal control over the financial reporting process for the special-purpose financial statements or on compliance with the TFM Chapter 4700 requirements, were not objectives of our audits of the special-purpose financial statements and, accordingly, we do not express such opinions. This report is intended solely for the information and use of the Department, the U.S. Department of the Treasury, the Office of Management and Budget and the U.S. Government Accountability Office 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.

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Am

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11-1

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12 1

3:38

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9100

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11-1

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3:38

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9100

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activ

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2012

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2012

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2012

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2011

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Dep

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2012

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1500

2000

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Dep

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2012

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2012

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2012

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Dep

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Tot

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Stat

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Ent

ity:

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Age

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2012

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Liab

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Tra

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2012

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2012

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9900

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Trea

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Gen

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Acc

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Stat

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Ent

ity:

Rep

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Oth

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Var

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Tra

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Part

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EPTE

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- 7 -

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emen

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CP

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2012

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2012

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2011

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Tra

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2012

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2012

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2011

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2012

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2012

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2011

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2011

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9100

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Dep

artm

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f Edu

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51

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(34)

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- 9 -

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2012

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2012

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2011

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9900

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Trea

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Gen

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T

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Acc

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- 1 -

11/1

6/20

12 1

3:42

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Stat

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t:En

tity:

Fisc

al Y

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ALA

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EET

9100

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t of E

duca

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2012

MIL

LIO

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Age

ncy

Line

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Age

ncy

Line

Des

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Age

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2012

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PTE

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2012

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PTE

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2012

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Fund

Bal

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ote

3)

Acc

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Oth

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ote

8)

2011

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2011

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2011

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121

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114

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18

114

,085

0

50

114

,085

0

50

0

0

0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

4 5 6

Lin

e

Lin

e

Lin

e

A A A

D D D

B F B

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

F F F

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

121

,993

1

18

114

,085

0

50

114

,085

0

50

0

0

0

- 2 -

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:B

ALA

NC

E SH

EET

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Cash

and

Oth

er M

onet

ary

Ass

ets (

Not

e 5)

Acc

ount

s Rec

eiva

ble,

Net

(Not

e 4)

Cred

it Pr

ogra

m R

ecei

vabl

es, N

et (N

ote

6)

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

1,3

07

92

673

,488

1,6

64

138

530

,491

Var

ianc

e:

Var

ianc

e:

Var

ianc

e:

0

0

0

Cas

h an

d O

ther

Mon

etar

y A

sset

s

Acc

ount

s and

Tax

es R

ecei

vabl

e

Loan

s Rec

eiva

ble

and

mor

tgag

e ba

cked

secu

ritie

s

1,3

07

92

673

,488

1,6

64

138

530

,491

1,6

64

138

530

,491

0

0

0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

9 10 11Lin

e

Lin

e

Lin

e

A A A

D D D

B B N

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

N N N

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

1,3

07

92

673

,488

1,6

64

138

530

,491

1,6

64

138

530

,491

0

0

0

- 3 -

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:B

ALA

NC

E SH

EET

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Gen

eral

Pro

perty

, Pla

nt a

nd E

quip

men

t, N

et (N

ote

7)

Oth

er A

sset

s (N

ote

8)

Acc

ount

s Pay

able

(Not

e 9)

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

7

21

31

16

98

34

Var

ianc

e:

Var

ianc

e:

Var

ianc

e:

0

0

0

Prop

erty

, Pla

nt a

nd E

quip

men

t

Oth

er A

sset

s

Acc

ount

s Pay

able

Oth

er L

iabi

litie

s (w

ithou

t rec

ipro

cals)

7

21 0

3

1

16

98 0

3

4

16

98

34 0

0

0

(34)

34

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

12 13 19Lin

e

Lin

e

Lin

e

A A L

D D C

B N F

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

N N F F

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

7

21

(31)

16

98

(34)

16

98

(34)

0

0

0

- 4 -

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:B

ALA

NC

E SH

EET

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Deb

t (N

ote

10)

Gua

rant

y A

genc

y Fe

dera

l and

Res

trict

ed F

unds

Due

to T

reas

ury

(Not

e 5)

Paya

ble

to T

reas

ury

(Not

e 6)

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

715

,303

1,3

07

2,9

14

547

,108

1,6

64

3,8

90

Var

ianc

e:

Var

ianc

e:

Var

ianc

e:

0

0

0

Inte

rest

Paya

ble

Loan

s Pay

able

Acc

ount

s Pay

able

Oth

er L

iabi

litie

s (w

ithou

t rec

ipro

cals)

Acc

ount

s Pay

able

, cap

ital t

rans

fers

4

715

,299

0

1,3

07

2,9

14

5

547

,103

0

1,6

64

3,8

90

0

547

,108

1,6

64

0

3,8

90

5

(5)

(1,6

64)

1,6

64

0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

20 21 22Lin

e

Lin

e

Lin

e

L L L

C C C

F F F

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

F F F F F

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

(715

,303

)

(1,3

07)

(2,9

14)

(547

,108

)

(1,6

64)

(3,8

90)

(547

,108

)

(1,6

64)

(3,8

90)

0

0

0

- 5 -

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:B

ALA

NC

E SH

EET

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Oth

er In

trago

vern

men

tal L

iabi

litie

s (N

ote

11)

Acc

ount

s Pay

able

(Not

e 9)

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

4,0

30

4,0

98

6,8

43

4,2

48

Var

ianc

e:

Var

ianc

e:

0

0

Ben

efit

Prog

ram

Con

tribu

tions

Pay

able

Adv

ance

s fro

m O

ther

s and

Def

erre

d Cr

edits

Oth

er L

iabi

litie

s (w

ithou

t rec

ipro

cals)

Liab

ility

to th

e G

ener

al F

und

for c

usto

dial

and

othe

r non

-ent

ity a

sset

s

Acc

ount

s Pay

able

10

35 3

3

,982

4,0

98

10

89 0

6

,744

4,2

48

10

89

6,7

44

0

4,2

48

0

0

(6,7

44)

6,7

44

0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

23 27Lin

e

Lin

e

L L

C C

F N

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

F/N

F/N

F F F F N

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

Stat

us

Stat

us

Tot

al:

Tot

al:

(4,0

30)

(4,0

98)

(6,8

43)

(4,2

48)

(6,8

43)

(4,2

48)

0

0

- 6 -

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:B

ALA

NC

E SH

EET

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Acc

rued

Gra

nt L

iabi

lity

(Not

e 12

)

Liab

ilitie

s for

Loa

n G

uara

ntee

s (N

ote

6)

Oth

er L

iabi

litie

s (N

ote

11)

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2,9

01

1,0

37

151

3,9

28

10,

025

217

Var

ianc

e:

Var

ianc

e:

Var

ianc

e:

0

0

0

Oth

er L

iabi

litie

s

Loan

Gua

rant

ee L

iabi

litie

s

Fede

ral E

mpl

oyee

and

Vet

eran

Ben

efits

Paya

ble

Oth

er L

iabi

litie

s

2,9

01

1,0

37

16

135

3,9

28

10,

025

18

199

3,9

28

10,

025

18

199

0

0

0

0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

28 29 30Lin

e

Lin

e

Lin

e

L L L

C C C

N N N

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

N N N N

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

(2,9

01)

(1,0

37)

(151

)

(3,9

28)

(10,

025)

(217

)

(3,9

28)

(10,

025)

(217

)

0

0

0

- 7 -

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:B

ALA

NC

E SH

EET

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Une

xpen

ded

App

ropr

iatio

ns

Cum

ulat

ive

Res

ults

of O

pera

tions

- Ea

rmar

ked

Fund

s (N

ote

20)

Cum

ulat

ive

Res

ults

of O

pera

tions

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

72,

686

(7,5

31)

71,

729 0

(3,1

44)

Var

ianc

e:

Var

ianc

e:

Var

ianc

e:

0

0

0

Net

Pos

ition

-Non

-Ear

mar

ked

Fund

s

Net

Pos

ition

-Ear

mar

ked

Fund

s

Net

Pos

ition

-Non

-Ear

mar

ked

Fund

s

72,

686 0

(7,5

31)

71,

729 0

(3,1

44)

71,

729 4

(3,1

48)

0

(4) 4

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

37 38 39Lin

e

Lin

e

Lin

e

E E E

C C C

B B B

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

B B B

I

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

(72,

686) 0

7,5

31

(71,

729) 0

3,1

44

(71,

729) (4)

3,1

48

0

(4) 4

- 8 -

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:ST

ATE

MEN

T O

F C

HA

NG

ES IN

NET

PO

SITI

ON

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Begi

nnin

g Ba

lanc

es -

Earm

arke

d Fu

nds

Begi

nnin

g Ba

lanc

es

Oth

er A

djus

tmen

ts (re

scis

sion,

etc

) - E

arm

arke

d Fu

nds

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

(3,1

44)

(6,7

69)

Var

ianc

e:

Var

ianc

e:

Var

ianc

e:

0

0

0

Beg

inni

ng N

et P

ositi

on

Beg

inni

ng N

et P

ositi

on

App

ropr

iatio

ns re

ceiv

ed a

s adj

uste

d (re

sciss

ions

and

othe

r adj

ustm

ents)

0

(3,1

44) 0

0

(6,7

69) 0

4

(6,7

73) 1

(4) 4

(1)

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

3 4 8

Lin

e

Lin

e

Lin

e

BN BN F

C C C

B B B

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

B B F

I I

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

0

3,1

44

0

0

6,7

69

0

(4)

6,7

73

(1)

(4) 4

(1)

- 9 -

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:ST

ATE

MEN

T O

F C

HA

NG

ES IN

NET

PO

SITI

ON

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Oth

er A

djus

tmen

ts (re

scis

sion,

etc

)

App

ropr

iatio

ns U

sed

Non

exch

ange

Rev

enue

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

1

96,

922 1

(1)

115

,989

3

Var

ianc

e:

Var

ianc

e:

Var

ianc

e:

0

0

0

App

ropr

iatio

ns re

ceiv

ed a

s adj

uste

d (re

sciss

ions

and

othe

r adj

ustm

ents)

Non

expe

nditu

re tr

ansf

ers-

in o

f une

xpen

ded

appr

opria

tions

and

fina

ncin

g so

urce

s

Oth

er T

axes

and

Rec

eipt

s

1

96,

922 1

(1)

115

,989

3

(2)

115

,989

3

1

0

0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

9 11 13Lin

e

Lin

e

Lin

e

F F F

C C C

B B B

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

F F N

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

(1)

(96,

922) (1

)

1

(115

,989

)

(3)

2

(115

,989

)

(3)

1

0

0

- 10

-

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:ST

ATE

MEN

T O

F C

HA

NG

ES IN

NET

PO

SITI

ON

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Don

atio

ns a

nd F

orfe

iture

s of C

ash

and

Cash

Equ

ival

ents

Non

expe

nditu

re F

inan

cing

Sou

rces

- Tr

ansf

ers-

Out

Impu

ted

Fina

ncin

g fro

m C

osts

Abs

orbe

d by

Oth

ers

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

1

(51) 34

1

(24) 38

Var

ianc

e:

Var

ianc

e:

Var

ianc

e:

0

0

0

Oth

er T

axes

and

Rec

eipt

s

Non

expe

nditu

re T

rans

fers

-out

of F

inan

cing

Sour

ces -

Cap

ital T

rans

fers

Impu

ted

Fina

ncin

g So

urce

1

51

34

1

24

38

1

24

38

0

0

0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

15 17 21Lin

e

Lin

e

Lin

e

F F F

C C C

B F F

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

N F F

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

(1)

51

(34)

(1)

24

(38)

(1)

24

(38)

0

0

0

- 11

-

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:ST

ATE

MEN

T O

F C

HA

NG

ES IN

NET

PO

SITI

ON

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Oth

ers

Begi

nnin

g Ba

lanc

es

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

(37,

522)

71,

729

(42,

868)

94,

371

Var

ianc

e:

Var

ianc

e:

0

0

Oth

er n

on-b

udge

tary

fina

ncin

g so

urce

sO

ther

bud

geta

ry fi

nanc

ing

sour

ces

Acc

rual

for N

on-e

ntity

Am

ount

s to

beC

olle

cted

and

Tra

nsfe

rred

to th

e G

ener

al F

und

Non

-Ent

ity C

olle

ctio

ns T

rans

ferr

ed to

the

Gen

eral

Fun

d

Beg

inni

ng N

et P

ositi

on

0

393

(2

,815

)

40,

730

71,

729

0

1,3

00

(6,1

43)

50,

311

94,

371

(44,

168)

1,3

00

0

0

94,

371

44,

168 0

(6,1

43)

50,

311 0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

23 39Lin

e

Lin

e

F BN

C C

B B

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

F/N

F/N

F F F F B

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

Stat

us

Stat

us

Tot

al:

Tot

al:

37,

522

(71,

729)

42,

868

(94,

371)

42,

868

(94,

371)

88,

336 0

- 12

-

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:ST

ATE

MEN

T O

F C

HA

NG

ES IN

NET

PO

SITI

ON

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

App

ropr

iatio

ns R

ecei

ved

Oth

er A

djus

tmen

ts (re

scis

sions

, etc

)

App

ropr

iatio

ns U

sed

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

98,

372

(493

)

(96,

922)

94,

398

(1,0

51)

(115

,989

)

Var

ianc

e:

Var

ianc

e:

Var

ianc

e:

0

0

0

App

ropr

iatio

ns re

ceiv

ed a

s adj

uste

d (re

sciss

ions

and

othe

r adj

ustm

ents)

App

ropr

iatio

ns re

ceiv

ed a

s adj

uste

d (re

sciss

ions

and

othe

r adj

ustm

ents)

Non

expe

nditu

re tr

ansf

ers-

in o

f une

xpen

ded

appr

opria

tions

and

fina

ncin

g so

urce

s

98,

372

(493

)

(96,

922)

94,

398

(1,0

51)

(115

,989

)

94,

398

(1,0

51)

(115

,989

)

0

0

0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

43 45 47Lin

e

Lin

e

Lin

e

F F F

C C C

F B B

Acc

ount

Typ

e

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

NB

F/N

F/N

F/N

F F F

0

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Prev

ious

ly R

epor

ted

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

Lin

e It

em C

hang

es

F/N

F/N

F/N

Stat

us

Stat

us

Stat

us

Tot

al:

Tot

al:

Tot

al:

(98,

372)

493

96,

922

(94,

398)

1,0

51

115

,989

(94,

398)

1,0

51

115

,989

0

0

0

- 13

-

11/1

6/20

12 1

3:42

:47

Stat

emen

t:En

tity:

Fisc

al Y

ear:

Rep

orte

d in

:Pe

riod

:D

ecim

al P

oint

:ST

ATE

MEN

T O

F N

ET C

OST

9100

- D

epar

tmen

t of E

duca

tion

2012

MIL

LIO

NS

SEPT

EMB

ERZE

RO

Age

ncy

Line

Des

crip

tion

Age

ncy

Line

Des

crip

tion

2012

-SE

PTE

MBE

R

2012

-SE

PTE

MBE

R

Tota

l Gro

ss c

osts

Tota

l Ear

ned

Rev

enue

2011

-SEP

TEM

BER

2011

-SEP

TEM

BER

89,

263

25,

490

89,

910

20,

397

Var

ianc

e:

Var

ianc

e:

0

0

Impu

ted

Costs

Buy

/Sel

l Cos

tsB

enef

it Pr

ogra

m C

osts

Bor

row

ing

and

Oth

er In

tere

st Ex

pens

eB

orro

win

g Lo

sses

Non

-Fed

eral

Gro

ss C

ost

Bor

row

ings

Gai

nsB

orro

win

g an

d O

ther

Inte

rest

Rev

enue

(Exc

hang

e)N

on-F

eder

al E

arne

d R

even

ueO

ther

Rev

enue

(with

out r

ecip

roca

ls)

34

360

1

26

26,

643

35

62,

065

29

5,2

72

20,

031

158

38

379

1

23

20,

197 0

6

9,17

3 0

4,4

57

15,

008

932

38

379

1

23

20,

197 0

69,

173 0

4,4

57

15,

008

932

0

0

0

0

0

0

0

0

0

0

Am

ount

s rep

orte

d as

nor

mal

/(abn

orm

al) b

alan

ces.

42 43Lin

e

Lin

e

GC ER

D C

B B

Acc

ount

Typ

e

Acc

ount

Typ

e

NB

NB

F/N

F/N

F F F F F N F F N F

0

0

I = In

activ

e Li

ne

Stat

us

Stat

us

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Rec

lass

ifica

tion

Clo

sing

Pack

age

Line

Des

crip

tion

Clo

sing

Pack

age

Line

Des

crip

tion

2012

-SE

PTE

MB

ER

2012

-SE

PTE

MB

ER

2011

-SEP

TEM

BER

2011

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TEM

BER

Prev

ious

ly R

epor

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Prev

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Lin

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F/N

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Stat

us

Stat

us

Tot

al:

Tot

al:

89,

263

(25,

490)

89,

910

(20,

397)

89,

910

(20,

397)

0

0

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