Annual and Other Leave
Annual leave is recognized as an expense and a liability as it is earned. The liability is reduced as leave is taken. The accrued leave liability is principally long-term in nature. Other types of leave are expensed when taken and no future liability is recognized for these amounts (see Note 11).
N. Contingencies and Environmental Liabilities
AOC accounts for contingencies in accordance with SFFAS No. 5, Accounting for Liabilities of the Federal Government. This standard defines a contingency as an existing condition, situation, or set of circumstances involving uncertainty as to the possible gain or loss to an entity that will ultimately be resolved when one or more future events occur or fail to occur. Management recognizes a contingent liability for liabilities equal to or greater than $100 thousand when a past transaction or event has occurred, a future outflow or other sacrifice of resources is probable, and the related future outflow is measurable. AOC has recorded no loss provisions for contingent liabilities (See Note 13).
SFFAS No. 5 also provides criteria for recognizing a contingent liability for material amounts of environmental cleanup costs that are related to general and stewardship PP&E used in Federal operations. In accordance with Technical Bulletin 2006-1, Recognition and Measurement of Asbestos-Related Cleanup Costs, AOC recognizes a liability and related expense for friable and non-friable asbestos cleanup costs when it is both probable and reasonably estimable—consistent with SFFAS No. 5, SFFAS No. 6, and Technical Release No. 2 (see Note 13).
O. Statement of Net Cost
The Statement of Net Cost (SNC) is presented by responsi- bility segment, (which are AOC jurisdictions), in accordance with SFFAS No. 4, Managerial Cost Accounting Concepts and Standards for the Federal Government. Costs not assigned to any of AOC’s ten major jurisdictions are presented as General Administration. AOC has a number of initiatives (e.g., cost accounting and strategic vision) in place to gather program data in order to provide more information to its stakeholders, such as costs per strategic goal. While these initiatives are in various stages of progress, AOC believes the responsibility segment approach currently provides information to its stakeholders in a direct, informative, and succinct manner.
The 11 responsibility segments reported on the SNC are identified below.
• AOC Capitol Building
• AOC Capitol Grounds
• AOC Capitol Police Buildings, Grounds, and Security
• AOC General Administration
• AOC House Office Buildings
• AOC Library Buildings and Grounds
• AOC Senate Office Buildings
• AOC Utilities and Capitol Power Plant
• U.S. Botanic Garden
• U.S. Capitol Visitor Center, and
• U.S. Supreme Court Buildings and Grounds
Revenues reported on the SNC are principally recorded on a direct cost recovery basis.
P. Use of Estimates
The preparation of financial statements in conformity with GAAP requires management to make certain estimates and assumptions. These estimates and assumptions affect the reported amounts of assets, liabilities (including contingent liabilities), revenues, financing sources, expenses and obligations incurred during the reporting period. These estimates are based on management’s best knowledge of current events, historical experience and other assumptions that are believed to be reasonable under the circumstances. Estimates are subject to a wide range of variables, including assumptions on future economic and financial events. Accordingly, actual results may differ from those estimates.
Note 2: Fund Balance with Treasury
Funds with Treasury primarily consist of appropriated funds. As of September 30, 2014, AOC also has stewardship responsibility for six revolving funds and administrative responsibility for two trust funds (one of them is currently inactive).
A. Fund Balances
The balance of these funds as of September 30, 2014 and 2013 is as follows:
Table: See Full Report, Page 119
B. Status of Fund Balance with Treasury
FBWT is classified as unobligated available, unobligated unavailable, obligated and not yet disbursed, or Non Budgetary FBWT. Unobligated available balances represent
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