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Principal Financial Statements
and
Notes
Principal Financial Statements Included in this Report
The principal financial statements included in this report have been
prepared in accordance with the requirements of the Chief Financial Officers
Act of 1990 (P.L. 101-576), the Government Management Reform Act of 1994 and
the Office of Management and Budget's (OMB) Bulletin 01-09, "Form and Content
of Agency Financial Statements." The responsibility for the integrity of the
financial information included in these statements rests with management of the
U.S. Department of Labor (DOL). The audit of DOL's principal financial
statements was performed by the Office of Inspector General (OIG). The
auditors' report issued by the Assistant Inspector General accompanies the
principal statements.
The Department's principal financial statements for fiscal years (FY)
2002 and 2001 consisted of the following:
- The Consolidated Balance Sheets, which present as of September
30, 2002 and 2001 those resources owned or managed by DOL which are available
to provide future economic benefits (assets); amounts owed by DOL that will
require payments from those resources or future resources (liabilities) and
residual amounts retained by DOL, comprising the difference (net
position).
- The Consolidated Statements of Net Cost, which present the net
cost of DOL operations for the years ended September 30, 2002 and 2001. DOL's
net cost of operations includes the gross costs incurred by DOL less any
exchange revenue earned from DOL activities. Due to the complexity of DOL's
operations, the classification of gross cost and exchange revenues by major
program and suborganization is presented in
Note 14 to the consolidated
financial statements.
- The Consolidated Statements of Changes in Net Position, which
present the change in DOL's net position resulting from the net cost of DOL
operations, budgetary financing sources other than exchange revenues and other
financing sources for the years ended September 30, 2002 and 2001.
- The Combined Statements of Budgetary Resources, which present
the budgetary resources available to DOL during FY 2002 and 2001, the status of
these resources at September 30, 2002 and 2001, and the outlay of budgetary
resources for the years ended September 30, 2002 and 2001.
- The Consolidated Statements of Financing, which reconcile the
net cost of operations with the obligation of budgetary resources for the years
ended September 30, 2002 and 2001.
- The Consolidated Statements of Custodial Activity, which
present the sources and disposition of non-exchange revenues collected or
accrued by DOL on behalf of other recipient entities for the years ended
September 30, 2002 and 2001.
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