Fiscal Year 2004 Performance and Accountability Report Published November 15, 2004
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In the Federal Government, dedicated collections are accounted for in trust funds and special funds. The term "trust funds" as used in this report and in Federal budget accounting is frequently misunderstood. In the private sector, "trust" refers to funds of one party held by a second party (the trustee) in a fiduciary capacity. In the Federal budget, the term "trust fund" means only that the law requires that funds be accounted for separately and used only for specified purposes and that the account be designated as a "trust fund."
A change in law may change the future receipts and the terms under which the fund's resources are spent. The "trust fund assets" represent all sources of receipts and amounts due the trust fund regardless of source. This includes "related governmental transactions," which are transactions between two different entities within the Federal Government. The "Investments with Treasury" assets are comprised of investments in Federal debt securities and related accrued interest. These securities will require redemption if a fund's disbursements exceed its receipts. Unless specifically provided for by law, trust funds may only place excess funds in Federally backed investments (e.g., Federal debt securities).
The table below summarizes the name, type, and purpose of the funds within VA that receive dedicated collections. All of the funds listed use the accrual basis of accounting. However, collections are reported as actually received in accordance with OMB Circular A-34. The insurance funds listed also adhere to the requirements of FASB No. 120, "Accounting and Reporting by Mutual Life Insurance Enterprise," and issue a separate annual report. All of the funds generally receive authority to use current year contributions as well as a portion of previously contributed amounts.
Fund Name |
Fund Type |
Treasury Symbol |
Authority |
Purpose of Fund |
Financing Sources |
Medical Care Collections Fund |
Special |
36x5287 |
P.L. 105-33 111 Stat 665 |
Accumulates recoveries from third parties and patient copayments. |
Public, primarily insurance carriers. |
Health Service Improvement Fund |
Special |
36x5358 |
P.L. 106-117 113 Stat 1561 |
Accumulates recoveries from enhanced use leases and patient copayments. |
Public. |
Escrowed Funds for Shared Medical Equipment Purchases |
Deposit |
36x6019 |
106 Stat 1974 |
Receives payments from public companies involved in joint purchases of medical equipment. |
Public, universities, pharmaceuticals & other medical organizations. |
Personal Funds of Patients |
Deposit |
36x6020 |
38 U.S.C. 3204 |
Temporarily holds funds. |
Public, patients. |
Employee Allotments for Savings Bonds |
Deposit |
36x6050 |
31 U.S.C. 3105 |
Temporarily holds funds. |
Employees. |
Cemetery Gift Fund |
Trust |
36x8129 |
38 U.S.C. 1007 |
Receives donations for veteran cemeteries. |
Public donors. |
National Service Life Insurance Fund |
Trust |
36x8132 |
38 U.S.C. 720 |
Accumulates premiums to insure veterans of WWII. |
Public, veterans. |
Post-Vietnam Era Education Assistance Program |
Trust |
36x8133 |
38 U.S.C. 1622 |
Subsidizes the cost of education to veterans. |
Veterans, DoD. |
U.S. Government Life Insurance |
Trust |
36x8150 |
38 U.S.C. 755 |
Premiums insure WWI veterans. |
Public, veterans. |
Veterans Special Life Insurance Fund |
Trust |
36x8455 |
38 U.S.C. 723 101-228 |
Premiums insure Korean conflict veterans without Service-related disabilities. |
Public, veterans. |
General Post Fund, National Homes |
Trust |
36x8180 |
38 U.S.C. 101-228 |
Receives restricted and unrestricted use donations. |
Public, mostly veterans. |
The following tables provide condensed information on assets, liabilities, fund balances, net costs, and changes in fund balances:
For the year ended September 30, 2004
Fund Symbol |
5287 |
5358 |
6020 |
8132 |
8133 |
8150 |
8455 |
8180 |
Total |
Assets: |
Fund balance with Treasury |
$ 155 |
$ - |
$ 45 |
$ 10 |
$ 75 |
$ - |
$ 1 |
$ - |
$ 286 |
Investments with Treasury |
- |
- |
- |
11,121 |
- |
51 |
1,923 |
68 |
13,163 |
Other Assets |
555 |
5 |
- |
545 |
1 |
2 |
109 |
18 |
1,235 |
Total Assets |
710 |
5 |
45 |
11,676 |
76 |
53 |
2,033 |
86 |
14,684 |
Liabilities: |
Payables to Beneficiaries |
- |
- |
- |
142 |
1 |
1 |
10 |
- |
154 |
Other Liabilities |
- |
- |
45 |
11,251 |
- |
50 |
1,955 |
2 |
13,303 |
Total Liabilities |
- |
- |
45 |
11,393 |
1 |
51 |
1,965 |
2 |
13,457 |
Net Position: |
Cumulative Results |
710 |
5 |
- |
283 |
75 |
2 |
68 |
84 |
1,227 |
Total Liabilities & Net Position |
$ 710 |
$ 5 |
$ 45 |
$ 11,676 |
$ 76 |
$ 53 |
$ 2,033 |
$ 86 |
$ 14,684 |
For the year ended September 30, 2004
Fund Symbol |
5287 |
5358 |
8132 |
8133 |
8150 |
8455 |
8180 |
Total |
Revenues: |
Exchange - Federal |
$ (24) |
$ - |
$ 718 |
$ - |
$ 3 |
$ 141 |
$ - |
$ 838 |
Exchange - Public |
2,006 |
(114) |
466 |
1 |
- |
72 |
2 |
2,433 |
Non-Exchange - Federal |
- |
- |
- |
- |
- |
- |
- |
- |
Non-Exchange - Public |
- |
- |
- |
- |
- |
- |
- |
- |
Total Revenues |
1,982 |
(114) |
1,184 |
1 |
3 |
213 |
2 |
3,271 |
Expenses: |
Program Expenses |
212 |
(19) |
1,211 |
4 |
4 |
215 |
40 |
1,667 |
Total Expenses |
212 |
(19) |
1,211 |
4 |
4 |
215 |
40 |
1,667 |
Net Change from Operations |
Beginning Net Position |
568 |
132 |
309 |
77 |
2 |
69 |
80 |
1,237 |
Total Financing Sources |
(1,628) |
(31) |
1 |
- |
- |
- |
42 |
(1,616) |
Change in Accounting Policy |
- |
- |
- |
- |
- |
- |
- |
- |
Net Cost of Operations |
1,770 |
(96) |
(27) |
(2) |
- |
(1) |
(38) |
1,606 |
Ending Equity |
$ 710 |
$ 5 |
$ 283 |
$ 75 |
$ 2 |
$ 68 |
$ 84 |
$ 1,227 |
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