department of defense agency financial report fiscal year 2012

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Department of Defense Agency Financial Report for FY 2012 The Department invests primarily in non-marketable, market-based securities. The value of these securities fluctuates in tandem with the selling price of the equivalent marketable security. The securities are purchased with the intent to hold until maturity, thus balances are not adjusted to market value. The U.S. Treasury securities are issued to the earmarked funds as evidence of its receipts and are an asset to the Department and a liability to the U.S. Treasury. The Federal Government does not set aside assets to pay future benefits or other expenditures associated with earmarked funds. The cash generated from earmarked funds is deposited in the U.S. Treasury and used for general government purposes. Since the Department and the U.S. Treasury are both part of the Federal Government, these assets and liabilities offset each other from the standpoint of the Federal Government as a whole. For this reason, they do not represent an asset or a liability in the U.S. Government wide financial statements. The U.S. Treasury securities provide the Department with authority to draw upon the U.S. Treasury to make future benefit payments or other expenditures. When the Department requires redemption of these securities to make expenditures, the Government will finance them from accumulated cash balances, by raising taxes or other receipts, borrowing from the public or repaying less debt, or curtailing other expenditures. The Federal Government uses the same method to finance all other expenditures. Other Funds primarily consists of $2.0 billion in investments of the DoD Education Benefits Trust Fund, $817.9 million in investments of the Host Nation Support for U.S. Relocation Activities Trust Fund, and $316.7 million in investments of the Voluntary Separation Incentive Trust Fund. Other Investments consist of Military Housing Privatization Initiative limited partnerships. The limited partnerships support military housing at Army, Air Force, Navy and Marine Corps installations. This investment relates to limited partnerships that do not require Market Value Disclosure. NOTE 5. ACCOUNTS RECEIVABLE Accounts Receivable 2012 Dollars in Millions As of September 30 Gross Amount Due Allowance for Estimated Uncollectibles Accounts Receivable, Net Intragovernmental Receivables $ 1,439.6 N/A $ 1,439.6 Non-Federal Receivables (From the Public) 12,420.5 (898.1) 11,522.4 Total Accounts Receivable $ 13,860.1 $ (898.1) $ 12,962.0 88 Financial Information
Department of Defense Agency Financial Report for FY 2012 Accounts Receivable 2011 Dollars in Millions As of September 30 Gross Amount Due Allowance for Estimated Uncollectibles Accounts Receivable, Net Intragovernmental Receivables $ 1,726.9 N/A $ 1,726.9 Non-Federal Receivables (From the Public) 10,644.6 (683.2) 9,961.4 Total Accounts Receivable $ 12,371.5 $ (683.2) $ 11,688.3 Accounts receivable represent the Department's claim for payment from other entities. The Department only recognizes an allowance for uncollectible amounts from the public. Claims with other Federal agencies are resolved in accordance with the Intragovernmental Business Rules. NOTE 6. OTHER ASSETS Other Assets Dollars in Millions As of September 30 Intragovernmental Other Assets 2012 Restated 2011 Advances and Prepayments $ 1,447.3 $ 1,634.2 Other Assets 135.9 126.1 Total Intragovernmental Other Assets Non-Federal Other Assets $ 1,583.2 $ 1,760.3 Outstanding Contract Financing Payments $ 65,342.9 $ 66,713.5 Advances and Prepayments 1,063.6 801.3 Other Assets (With the Public) 194.7 199.6 Total Non-Federal Other Assets $ 66,601.2 $ 67,714.4 Total Other Assets $ 68,184.4 $ 69,474.7 Restatements The Department corrected a $955.1 million prior-year overstatement of Other Assets (With the Public). Refer to Note 26, Restatements, for further information. Other Disclosures Intragovernmental Other Assets represents the Department’s right to approximately 6.4 million barrels of crude oil held by the Department of Energy. Other Assets (With the Public) consist of Advance Payment Pool Agreements (APPAs) for research and development projects. AAPAs are utilized when multiple contracts with a nonprofit educational institution require advance payments. Contract terms and conditions for certain types of contract financing payments convey rights to the Government that protect the contract work from state or local taxation, liens or attachment by contractor’s creditors, transfer of property, or disposition in bankruptcy. However, these rights should not be misconstrued to mean that ownership of contractor’s work has transferred to the Federal Government. The Federal Government does not have 89 Financial Information
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department of defense agency financial report fiscal year 2012

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