Financial Details | Financial Summary
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.