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Financial Details | Financial Summary

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Financial Summary Tables

Total AssetsThis is the first of three bar graphs that show the Department's balance sheet. This set of bars shows total assets for FY 2005, FY 2004, FY 2003, and FY 2002. Total assets in billions are: 2005 - $186,567; 2004 - $172,609; 2003 - $157,258; 2002 - $145,367. Total LiabilitiesThis is the second of three bar graphs that show the Department's balance sheet. This set of bars shows total liabilities for FY 2005 through FY 2002. Total liabilities in billions are: 2005 - $143,725; 2004 - $128,275; 2003 - $117,824; 2002 - $110,084. Net PositionThis is the third of three bar graphs that show the Department's balance sheet. This set of bars shows net position for FY 2005 through FY 2002. Total net position in billions: 2005 - $42,842; FY 2004 - $44,334; FY 2003 - $39,434; 2002 - $35,283. Net Cost by
Strategic Goals
FY 2005 This pie chart shows the FY 2005 net operating cost by percentages for each strategic goal. The FY 2005 net cost percentages by goal were: Goal 2 - 48.40 percent; Goal 3 - 1.17 percent; Goal 4 - 0.59 percent; Goal 5 - 49.09 percent; and Goal 6 - 0.75 percent. FY 2004This pie chart shows the FY 2004 net operating cost by percentages for each strategic goal. The FY 2004 net cost percentages by goal were: Goal 2 - 51.38 percent; Goal 3 - 1.19 percent; Goal 4 - 0.73 percent; and Goal 5 - 46.70 percent. Goal 6 was not included in the summary in FY 2004.

Limitations of Financial Statements

Management has prepared the accompanying financial statements to report the financial position and operational results for the U.S. Department of Education for fiscal years 2005 and 2004 pursuant to the requirements of Title 31 of the United States Code, section 3515(b).

While these statements have been prepared from the books and records of the Department in accordance with generally accepted accounting principles (GAAP) for federal entities and the formats prescribed by OMB, these statements are in addition to the financial reports used to monitor and control budgetary resources, which are prepared from the same books and records.

The statements should be read with the realization that they are a component of the U.S. Government, a sovereign entity. One implication of this is that the liabilities presented herein cannot be liquidated without the enactment of appropriations, and ongoing operations are subject to the enactment of future appropriations.