Credit and Liquidity Programs and the Balance Sheet
Federal Reserve System financial statements
The Board of Governors and the Federal Reserve Banks annually prepare financial statements reflecting balances (as of December 31) and income and expenses for the year then ended. The Federal Reserve Bank financial statements also include the accounts and results of operations of several limited liability companies (LLCs) that have been consolidated with the Federal Reserve Bank of New York (the "consolidated LLCs").
The Board of Governors, the Federal Reserve Banks, and the consolidated LLCs are all subject to several levels of audit and review. The Reserve Banks' financial statements and those of the consolidated LLC entities are audited annually by an independent audit firm retained by the Board of Governors. To ensure auditor independence, the Board requires that the external auditor be independent in all matters relating to the audit. Specifically, the external auditor may not perform services for the Reserve Banks or others that would place it in a position of auditing its own work, making management decisions on behalf of the Reserve Banks, or in any other way impairing its audit independence. In addition, the Reserve Banks, including the consolidated LLCs, are subject to oversight by the Board.
The Board of Governors' financial statements are audited annually by an independent audit firm retained by the Board's Office of Inspector General. The audit firm also provides a report on compliance and on internal control over financial reporting in accordance with government auditing standards. The Office of Inspector General also conducts audits, reviews, and investigations relating to the Board's programs and operations as well as of Board functions delegated to the Reserve Banks.
Financial statements of the Federal Reserve System
(as of and for the years ended December 31, 2008, and 2007)
- Combined Federal Reserve Banks (573 KB PDF)
- Federal Reserve Bank of Atlanta (524 KB PDF)
- Federal Reserve Bank of Boston (584 KB PDF)
- Federal Reserve Bank of Chicago (1.2 MB PDF)
- Federal Reserve Bank of Cleveland (3.0 MB PDF)
- Federal Reserve Bank of Dallas (258 KB PDF)
- Federal Reserve Bank of Kansas City (1.5 MB PDF)
- Federal Reserve Bank of Minneapolis (252 KB PDF)
- Federal Reserve Bank of New York (444 KB PDF)
- LLCs Consolidated by the Federal Reserve Bank of New York
- Federal Reserve Bank of Philadelphia (511 KB PDF)
- Federal Reserve Bank of Richmond (544 KB PDF)
- Federal Reserve Bank of San Francisco (1.1 MB PDF)
- Federal Reserve Bank of St. Louis (665 KB PDF)
- Board of Governors (612 KB PDF)