United States DEPARTMENT of Commerce

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N O T E S T O T H E F I N A N C I A L S T A T E M E N T S Total Direct Loan Subsidy Expense: Direct Loan Program FY 2007 FY 2006 Bering Sea and Aleutian Islands Non- Pollock Buyback Loans $ 8,470 $ - Bering Sea Pollock Fishery Buyback (968) 228 Crab Buyback Loans (15,974) (6,437) Fisheries Finance IFQ Loans 340 (492) Fisheries Finance Traditional Loans 5,353 (13,786) Fisheries Finance Tuna Fleet Loans (343) (28) Pacific Groundfish Buyback Loans 9,304 (1,683) Total $ 6,182 $ (22,198) Subsidy Rates for Direct Loans by Program and Component: Budget Subsidy Rates for Direct Loans for the Current Fiscal-year’s Cohorts: Direct Loan Program Interest Rate Differential FY 2007 Defaults Fees and Other Collections Other Total Fisheries Finance IFQ Loans (18.88) % 0.37 % (0.71) % 11.14 % (8.08) % Fisheries Finance Traditional Loans (13.56) % 0.23 % (0.70) % 6.02 % (8.01) % Direct Loan Program Interest Rate Differential FY 2006 Defaults Fees and Other Collections Other Total Bering Sea and Aleutian Islands Non-Pollock Buyback Loans - % - % - % 1.00 % 1.00 % Fisheries Finance IFQ Loans (18.88) % 0.37 % (0.71) % 7.34 % (11.88) % Fisheries Finance Traditional Loans (12.10) % 0.23 % (0.70) % 4.50 % (8.07) % The budget subsidy rates disclosed pertain only to the reporting period’s cohorts. These rates cannot be applied to the new disbursements of direct loans during the reporting period to yield the subsidy expense. The subsidy expense for new disbursements of direct loans for the reporting period could result from disbursements of loans from both the reporting period’s cohorts and prior fiscal-year(s) cohorts. The subsidy expense for the reporting period may also include modifications and reestimates. 214 F Y 2 0 0 7 P E R F O R M A N C E A N D A C C O U N T A B I L I T Y R E P O R T
N O T E S T O T H E F I N A N C I A L S T A T E M E N T S Schedule for Reconciling Allowance for Subsidy Cost (Post-FY 1991 Direct Loans): FY 2007 FY 2006 Beginning Balance of the Allowance for Subsidy Cost $ 59,403 $ 37,589 Add Subsidy Expense for Direct Loans Disbursed During the Reporting Years by Component: Interest Rate Differential Costs 6,505 10,402 Default Costs (Net of Recoveries) (123) (634) Fees and Other Collections 340 488 Other Subsidy Costs (2,688) (3,793) Total of the above Subsidy Expense Components 4,034 6,463 Adjustments: Fees Received (358) (359) Subsidy Allowance Amortization 4 (3,075) Other (1,271) 3,050 Ending Balance of the Allowance for Subsidy Cost Before Reestimates 61,812 43,668 Add or Subtract Subsidy Reestimates by Component: Interest Rate Reestimates - 460 Technical/Default Reestimates 10,216 15,275 Total of the above Reestimate Components 10,216 15,735 Ending Balance of the Allowance for Subsidy Cost $ 72,028 $ 59,403 Defaulted Guaranteed Loans from Pre-FY 1992 Guarantees: Loan Guarantee Program Defaulted Guaranteed Loans Receivable, Gross FY 2007 Interest Receivable Allowance for Loan Losses Value of Assets Related to Defaulted Guaranteed Loans Receivable, Net FVOG Program $ 12,209 $ 5 $ (12,210) $ 4 Loan Guarantee Program Defaulted Guaranteed Loans Receivable, Gross FY 2006 Interest Receivable Allowance for Loan Losses Value of Assets Related to Defaulted Guaranteed Loans Receivable, Net FVOG Program $ 12,537 $ 5 $ (12,538) $ 4 F Y 2 0 0 7 P E R F O R M A N C E A N D A C C O U N T A B I L I T Y R E P O R T 215
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United States DEPARTMENT of Commerc
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U.S. Department of Commerce FY 2007
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A P P E N D I X A : P E R F O R M A
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M a n ag e m e n t D i s c u s s i
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Number of Targets Number of Targets
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1,653 892 A P P E N D I X A : P E R
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P e r f o r m a n c e S e c t i o n
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S t r at e g i c G oa l 1
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s t r a t e g i c g o a l 1 * P e r
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Page 173 and 174: M a n ag e m e n t I n t e g r at i
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Page 207 and 208: Notes to the Financial Statements (
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Page 261: Consolidating Balance Sheet
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R E Q U I R E D S U P P L E M E N T
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I n d e p e n d e n t A u d i t o r
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A p p e n d i c e s
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APPENDIX B: Discontinued or Changed
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A P P E N D I x C : P e r f o r m a
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A P P E N D I x D : I m p r o p e r
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A P P E N D I x E : S u m m a r y o
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A P P E N D I X F : G L O S S A R Y
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A P P E N D I X F : G L O S S A R Y
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D E PA R T M E N T O F C O M M E R
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United States DEPARTMENT of Commerce

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