FIGURE 23: Trend in Total Assets, See Full Report, page 48
FIGURE 24: Summary of Total Liabilities, See Full Report, page 48
slightly from FY 2013. The second largest asset class is FBWT, at $751 million as of September 30, 2014, or 28.8 percent of AOC’s total assets. When grouped together, FBWT and PP&E comprise 98.4 percent of AOC’s total assets for both FY 2014 and FY 2013.
The remainder of AOC’s assets is comprised of investments, accounts receivable, inventory held for sale in the CVC gift shops and other asset categories. Investments are composed of two primary instruments: the Capitol Visitor Center Revolving Fund held with the U.S. Treasury ($10 million) and an escrow balance held with the public related to the Thurgood Marshall Federal Judiciary Building ($27 million). Total investments equaled $37 million, representing little change from FY 2013.
The annual trend in AOC’s total assets for FY 2009 through FY 2014 is presented in Figure 23. AOC’s total assets have increased by 7.2 percent, or $175 million, since FY 2009. This increase is principally the result of a $248 million increase (49.5 percent) in the Fund Balance with Treasury. This increase corresponds to the establishment of the House Historic Buildings Revitalization Trust Fund in FY 2010 to help fund expensive construction projects for historic buildings of “icon” status, such as the Cannon House Office Building.
In accordance with the Statement of Federal Financial Accounting Standard (SFFAS) No. 29, Heritage Assets and Stewardship Land, the Balance Sheet does not include heritage assets. Heritage assets are unique PP&E that are generally expected to be preserved indefinitely. As such, they are required to be carried at a zero dollar amount. Heritage assets and stewardship land have either historic or natural significance, are of cultural, educational or artistic importance or have significant architectural characteristics. AOC maintains a large number of heritage assets, including artwork, architectural features, reference and library materials, historic records and living assets such as plant inventories at the U.S. Botanic Garden. An exception to this reporting standard is for multi-use heritage assets (i.e., those heritage assets which are primarily used for general government operations). The U.S. Capitol, House and Senate office buildings, the Supreme Court and Thomas Jefferson Building of the Library of Congress are all examples of multi-use heritage assets and included in AOC’s PP&E. See the Required Supplementary Information for further detail.
Liabilities
As of September 30, 2014, AOC’s total liabilities amounted to $352 million, a $5 million or 1.4 percent increase from the previous fiscal year ($347 million). This increase is primarily the result of a $16.9 million accrual in FY 2014 to recognize the estimated value of work performed by GSA for the refurbishment of the Thomas P. O’Neill, Jr. Federal Building. Figure 24 provides the FY 2014 total liabilities by component. Debt Held by the Public continues to be the largest component of total liabilities (32.5 percent). It is the result of 30-year Certificates of Participation sold to finance the construction of the Thurgood Marshall Federal Judiciary Building and equaled $114 million at the end of FY 2014. Liabilities for Federal Employee Benefits amounted to $84 million. This includes the liabilities associated with the Federal Employees’ Compensation Act (FECA) ($67 million) and Accrued Payroll and Annual Leave ($17 million), which includes salaries and wages earned by employees but not yet disbursed.
The annual trend in total liabilities for FY 2009 through FY 2014 is presented in Figure 25. Since FY 2009, AOC’s total liabilities have increased by 6.5 percent, or $22 million, an increase which roughly corresponds to the percentage increase in annual appropriations for operations over this same time period.
Results of Operations: Statement of Net Cost
The Statement of Net Cost presents AOC’s net cost of operations by reporting segment (jurisdiction) for fiscal years 2014 and 2013. Net cost includes total costs less all revenues attributed to and permitted to be offset against those costs. AOC’s main revenue sources are from providing
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