Veterans Affairs banner with U.S. FlagVeterans Affairs banner with U.S. Flag

Office of Budget

Fiscal Year 2004 Performance and Accountability Report
Published November 15, 2004

Back to Table of Contents

13. Other Liabilities

Funded liabilities are generally considered to be current liabilities. Unfunded liabilities are generally considered to be non-current liabilities.

Other Intragovernmental Funded Liabilities as of September 30,
2004 2003
* The Custodial Liabilities Accounts include subsidy reestimates for loans made after September 30, 1991, which are subject to the provisions of the Credit Reform Act of 1990. The liability provision for future losses on credit reform guaranteed loans is comprised of a funded subsidy for each loan guaranteed at the rate equal to the amount of the present value of estimated loss to the Government for the cohorts of loans. The subsidy amount for each cohort is reestimated annually to ensure amounts reflect the actual losses on guaranteed loans. Based on the reestimated amounts, additional subsidy funds are provided for or excess funds are returned.
Deposit and Clearing Account Liabilities $ (61) $ (73)
Accrued Expenses - Federal 149 99
Deferred Revenue 283 446
Resources Payable to Treasury 350 404
Custodial Liabilities* 1,022 2,260
General Fund Receipts Liability 29 12
Accrued VA Contributions for Employee Benefits 3 2
Total Other Intragovernmental Funded Liabilities $ 1,775 $ 3,150
Other Intragovernmental Unfunded Liabilities as of September 30,
2004 2003
Accrued FECA Liability $ 359 $ 356
Total Other Intragovernmental Unfunded Liabilities $ 359 $ 356
Other Public Funded Liabilities as of September 30,
2004 2003
* Interest earned on dividends left on deposit is paid annually to insurance policyholders on the policy anniversary dates.
Accrued Funded Annual Leave $ 11 $ 10
Accrued Expenses 2,482 2,135
Accrued Salaries and Benefits 583 420
Contract Holdbacks 12 16
Deferred Revenue 1 1
Unredeemed Coupons 1 1
Deposit and Clearing Account Liability 46 17
Unearned Premiums 111 118
Insurance Dividends Left on Deposit and Related Interest Payable* 1,677 1,673
Dividend Payable to Policyholders 225 254
Amounts due to non-federal trusts 1 0
Capital Lease Liability 30 33
Total Other Public Funded Liabilities $ 5,180 $ 4,678
Other Public Unfunded Liabilities as of September 30,
2004 2003

* Annual leave is accrued when earned and is adjusted at the end of the fiscal year to reflect current pay rates of cumulative leave earned but not taken. Sick and other types of leave are expensed as taken.

** The Judgment Fund liability amount represents the estimate for future payments on legal cases that will be paid by the Treasury Judgment Fund on behalf of VA.

Annual Leave* $ 1,172 $ 1,097
Accounts Payable from Cancelled Appropriation 6 6
Amounts due to non-federal trust 188 0
Judgment Fund-Unfunded** 501 528
Total Other Public Unfunded Liabilities $ 1,867 $ 1,631