United States Department of Education
Office of the Chief Financial Officer
Dear Customers and Colleagues:
Fiscal Year 1995 marks the first year an independent audit was conducted of our Department-wide financial statements. We prepared these statements a year earlier than required under the Government Management Reform Act of 1994. Prior to this year, we had audits performed only on programs required to be audited by the Chief Financial Officers Act of 1990. These audits primarily covered our two principal student loan programs, the Federal Family Education Loan Program and the William D. Ford Federal Direct Loan Program. The Department-wide financial statements illustrate the Department's belief that we have the same financial management and stewardship responsibilities as private sector industries and we are accountable to our stockholders - the taxpaying public.
This first annual accountability report tells the Education story--our history, current mission, priorities and progress. More importantly, this report highlights our program and financial accomplishments and describes our future efforts to constantly improve how we serve our customers. Finally, this report includes other reporting requirements on financial management: the overall condition of management controls, a progress report on audit follow-up, and a status report on the timeliness of the Department's vendor payments.
I am pleased to present this report to the taxpayers in the spirit of public disclosure and accountability that is important to us at the Department of Education.
Mitchell L. Laine
Acting Chief Financial Officer