ARCHIVED INFORMATION -- Fiscal Year 1996 Annual Accountability Report

United States Department of Education

Consolidated Statement of Operations and Changes in Net Position

September 30, 1996 and 1995
(Dollars in Thousands)

REVENUES AND EXPENSES
1996
1995

(unaudited) (for comparative purposes)
Revenues

Interest, Non-Federal $ 506,341 $ 82,931     
Interest, Federal 915,999 847,844     
Other Revenue        4,068       316     
Total Revenues 1,426,408 931,091     
Expenses
Direct Loan Subsidy Expense 495,189 436,132     
Guaranteed Loan Subsidy Expense 4,564,504 2,651,988     
Elementary and Secondary Education Grants 9,421,680 9,324,757     
Postsecondary Education Grants 7,635,721 8,149,761     
Special Education and Rehabilitative Services Grants 5,741,667 5,580,045     
Other Grants 1,485,292 2,035,320     
Interest Expense 1,516,150 1,036,332     
Salaries and Administrative Expenses 452,495 401,932     
Contractual Program Expenses 645,060 667,261     
Bad Debt and Write-offs (26,592) 2,919     
Other Expenses, Net        --                   559      
Total Expenses 31,931,166 30,287,006     
Net Operating Activity $ (30,504,758) $ (29,355,915)     

CHANGES IN NET POSITION
Net Position, Beginning of Year $25,743,645 $22,665,748      
Net Operating Activity (30,504,758) (29,355,915)     
Plus (Minus) Non-Operating Changes
Appropriated Funds Received 29,378,082 33,274,634     
Appropriated Funds Returned (1,295,524) (875,040)     
Appropriations Transferred (To) From Others      (25,113)      34,218     
Net Position, End of Year $ 23,296,332 $ 25,743,645     

The accompanying notes are an integral part of these statements.

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[Consolidated Statement of Financial Position] [Table of Contents] [Consolidated Statement of Cash Flows]