oversight

Financial Statement Audits for Fiscal Years 2008 and 2007-U.S. Department of Education Special Purpose

Published by the Department of Education, Office of Inspector General on 2008-11-17.

Below is a raw (and likely hideous) rendition of the original report. (PDF)

                                   UNITED STATES DEPARTMENT OF EDUCATION
                                                        OFFICE OF INSPECTOR GENERAL

                                                                                                       THE INSPECTOR GENERAL


                                                          November 17, 2008




Honorable Margaret Spellings
Secretary of Education
Washington, D.C. 20202

Dear Madam Secretary:

The enclosed report presents the results of the audits of the U.S. Department of Education’s special purpose
financial statements for fiscal years 2008 and 2007. The report should be read in conjunction with the Department’s
special purpose financial statements and notes to fully understand the context of the information contained therein.

We contracted with the independent certified public accounting firm of Ernst & Young, LLP (Ernst & Young) to
audit the special purpose financial statements of the Department as of September 30, 2008 and 2007, and for the
years then ended. The contract required that the audits be performed in accordance with U.S. generally accepted
government auditing standards and OMB's bulletin, Audit Requirements for Federal Financial Statements.

In connection with the contract, we monitored the performance of the audits, reviewed Ernst & Young's reports and
related documentation, and inquired of its representatives. Our review was not intended to enable us to express, and
we do not express, an opinion on the Department's financial statements, or conclusions about the effectiveness of
internal control, or on compliance with laws and regulations.

Ernst & Young is responsible for the attached auditor's report and the conclusions expressed in the related reports on
internal control and compliance with laws and regulations. Our review disclosed no instances where Ernst & Young
did not comply, in all material respects, with U.S. generally accepted government auditing standards.

                                                                           Sincerely,

                                                                               /s/

                                                                           Jerry G. Bridges (Acting)


Enclosure




 The Department of Education's mission is to promote student achievement and preparation for global competitiveness by fostering educational
                                                   excellence and ensuring equal access.
                                                                      Ernst & Young LLP
                                                                      8484 Westpark Drive
                                                                      McLean, VA 22102

                                                                      Tel: 703 747–1000
                                                                      www.ey.com

                                Report of Independent Auditors


To the Inspector General
U.S. Department of Education

We have audited the accompanying reclassified balance sheets as of September 30, 2008 and
2007, the related reclassified statements of net cost and changes in net position for the fiscal
years then ended (hereinafter referred to as the special-purpose financial statements) contained in
the special-purpose closing package of the U.S. Department of Education (the Department).
These special-purpose financial statements are the responsibility of the Department’s
management. Our responsibility is to express an opinion on these financial statements based on
our audits.

We conducted our audits in accordance with auditing standards generally accepted in the United
States and the standards applicable to financial audits contained in Government Auditing
Standards, issued by the Comptroller General of the United States; and, Office of Management
and Budget (OMB) Bulletin No. 07-04, Audit Requirements for Federal Financial Statements, as
amended. Those standards and bulletin require that we plan and perform the audit to obtain
reasonable assurance about whether the special-purpose financial statements are free of material
misstatement. We were not engaged to perform an audit of the Department’s internal control
over financial reporting for the special-purpose financial statements. Our audit included
consideration of internal control over financial reporting as a basis for designing audit
procedures that are appropriate in the circumstances, but not for the purpose of expressing an
opinion on the effectiveness of the Department’s internal control over financial reporting for the
special-purpose financial statements. Accordingly, we express no such opinion. An audit also
includes examining, on a test basis, evidence supporting the amounts and disclosures in the
special-purpose financial statements, assessing the accounting principles used and significant
estimates made by management, and evaluating the overall financial statement presentation. We
believe that our audit provides a reasonable basis for our opinion.

The accompanying special-purpose financial statements and accompanying notes contained in
the special-purpose closing package have been prepared for the purpose of complying with the
requirements of the U.S. Department of the Treasury’s Financial Manual (TFM) Volume I, Part
2, Chapter 4700, solely for the purpose of providing financial information to the U.S.
Department of the Treasury and the U.S. Government Accountability Office to use in preparing
and auditing the Financial Report of the U.S. Government, and are not intended to be a complete
presentation of the Department’s financial statements.

In our opinion, the special-purpose financial statements referred to above present fairly, in all
material respects, the financial position of the Department as of September 30, 2008 and 2007,
and its net costs and changes in net position, for the years then ended, in conformity with
accounting principles generally accepted in the United States and the presentation pursuant to the
requirements of TFM Chapter 4700.
Report of Independent Auditors
Page 2


The information included in the Other Data is presented for the purpose of additional analysis
and is not a required part of the special-purpose financial statements, but is supplementary
information required by TFM Chapter 4700. We have applied certain limited procedures, which
consisted principally of inquiries of management regarding methodology and presentation of this
information. We also reviewed such information for consistency with the related information
presented in the Department’s financial statements. However, we did not audit this information,
and accordingly, we express no opinion on it.

In accordance with Government Auditing Standards and OMB Bulletin No. 07-04, as amended,
we have also issued our reports dated November 13, 2008 on our consideration of the
Department’s internal control over financial reporting and on our tests of its compliance with
certain provisions of laws and regulations and other matters. The purpose of those reports is to
describe the scope of our testing of internal control over financial reporting and compliance and
the results of that testing, and not to provide an opinion on the internal control over financial
reporting or on compliance. Those reports are an integral part of an audit performed in
accordance with Government Auditing Standards and OMB Bulletin No. 07-04, as amended, and
should be considered in assessing the results of our audit.

In planning and performing our audit of the special-purpose financial statements, we also
considered the Department’s internal control over the financial reporting process for the special-
purpose financial statements and compliance with the TFM Chapter 4700. Management is
responsible for establishing and maintaining internal control over financial reporting, including
Other Data, and for complying with laws and regulations, including compliance with the TFM
Chapter 4700 requirements.

Our consideration of internal control over the financial reporting process for the special-purpose
financial statements would not necessarily disclose all matters in the internal control over the
financial reporting process that might be significant deficiencies. Under standards issued by the
American Institute of Certified Public Accountants, significant deficiencies are deficiencies in
internal control, or a combination of control deficiencies, that adversely affects the Department’s
ability to initiate, authorize, record, process, or report financial data reliably in accordance with
accounting principles generally accepted in the United States such that there is more than a
remote likelihood that a misstatement of the special-purpose financial statements being audited
that is more than inconsequential will not be prevented or detected by the Department’s internal
control. Material weaknesses are significant deficiencies, or a combination of significant
deficiencies, that result in more than a remote likelihood that a material misstatement in relation
to the special-purpose financial statements being audited will not be prevented or detected by the
Department’s internal control.
Report of Independent Auditors
Page 3


We noted no matters involving internal control over the financial reporting process for the
special-purpose financial statements that we consider to be material weaknesses, and our tests of
compliance with the TFM Chapter 4700 requirements disclosed no instances of noncompliance
that are required to be reported under Government Auditing Standards or OMB Bulletin No. 07-
04, as amended. However, providing opinions on internal control over the financial reporting
process for the special-purpose financial statements or on compliance with the TFM Chapter
4700 requirements were not objectives of our audit of the special-purpose financial statements
and, accordingly, we do not express such opinions.

This report is intended solely for the information and use of the Department, the U.S.
Department of the Treasury, the Office of Management and Budget and the U.S. Government
Accountability Office in connection with the preparation and audit of the Financial Report of the
U.S. Government and is not intended to be and should not be used by anyone other than these
specified parties.




November 17, 2008
                                                               U.S Department of the Treasury                                           11-15-2008 18:07:25
                                                                Financial Management Service
                                                           Governmentwide Financial Report System

                                                      GF003F-Closing Package Financial Statement Report

Statement: BALANCE SHEET                                    Fiscal Year:     2008                                   Period:   SEPTEMBER

Entity:       9100-Department of Education                  Reported In:     MILLIONS                     Decimal Point:      ZERO

          Amounts presented as debits and credits()
          I = Inactive Line


Closing Line item                         Status        2008-SEPTEMBER                      2007-SEPTEMBER                       Previously Reported
Assets:
Non-Federal
Cash and Other Monetary Assets                                       1,663                                  1,103                              1,103
Accounts and Taxes Receivable                                          100                                     49                                 49
Loans Receivable                                                   134,725                                115,904                            115,904
Inventory and Related Property                                           0                                      0                                  0
Property, Plant and Equipment                                           52                                     46                                 46
Securities and Investments                                               0                                      0                                  0
Other Assets                                                            37                                      0                                  0
Total Non-Federal Assets                                           136,577                                117,102                            117,102

Federal
Fund Balance with Treasury                                          94,899                                 97,532                              97,532
Federal Investments                                                      0                                      0                                   0
Accounts Receivable                                                      2                                      4                                   4
Interest Receivable                                                      0                                      0                                   0
Loans Receivable                                                         0                                      0                                   0
Transfers Receivable                                                     0                                      0                                   0
Benefit Program Contributions                                            0                                      0                                   0
Receivable
Advances to Others and Prepayments                                      95                                      0                                  0
Other Assets (without reciprocals)                                       0                                      0                                  0
Total Federal Assets                                                94,996                                 97,536                             97,536
Total Assets                                                       231,573                                214,638                            214,638

Liabilities
Non-Federal
Accounts Payable                                                    (1,296)                                 (913)                               (913)




                                                                                    -1-
                                                               U.S Department of the Treasury                                            11-15-2008 18:07:25
                                                                Financial Management Service
                                                           Governmentwide Financial Report System

                                                      GF003F-Closing Package Financial Statement Report

Statement: BALANCE SHEET                                    Fiscal Year:       2008                                  Period:   SEPTEMBER

Entity:       9100-Department of Education                  Reported In:       MILLIONS                    Decimal Point:      ZERO

          Amounts presented as debits and credits()
          I = Inactive Line


Closing Line item                         Status        2008-SEPTEMBER                      2007-SEPTEMBER                        Previously Reported
Federal Debt Securities Held by the                                        0                                     0                                      0
Public
Federal Employee and Veteran                                           (16)                                    (16)                                (16)
Benefits Payable
Environmental and Disposal                                                 0                                     0                                      0
Liabilities
Benefits Due and Payable                                                 0                                       0                                   0
Loan Guarantee Liabilities                                         (43,322)                                (50,874)                            (50,874)
Insurance Programs                                                       0                                       0                                   0
Other Liabilities                                                   (2,374)                                 (2,221)                             (2,221)
Total Non-Federal Liabilities                                      (47,008)                                (54,024)                            (54,024)

Federal
Accounts Payable                                                    (1,663)                                 (1,103)                             (1,103)
Federal Debt                                                             0                                       0                                   0
Interest Payable                                                         0                                       0                                   0
Loans Payable                                                     (128,668)                               (104,287)                           (104,287)
Transfers Payable                                                        0                                       0                                   0
Benefit Program Contributions                                           (7)                                     (6)                                 (6)
Payable
Advances from Others and Deferred                                      (91)                                    (87)                                (87)
Credits
Other Liabilities (without reciprocals)                            (10,800)                                 (5,550)                             (5,550)
Total Federal Liabilities                                         (141,229)                               (111,033)                           (111,033)
Total Liabilities                                                 (188,237)                               (165,057)                           (165,057)

Net Position
Net Position-Non-Earmarked Funds                                   (43,319)                                (49,542)                            (49,542)




                                                                                      -2-
                                                               U.S Department of the Treasury                                         11-15-2008 18:07:25
                                                                Financial Management Service
                                                           Governmentwide Financial Report System

                                                      GF003F-Closing Package Financial Statement Report

Statement: BALANCE SHEET                                    Fiscal Year:   2008                                   Period:   SEPTEMBER

Entity:       9100-Department of Education                  Reported In:   MILLIONS                        Decimal Point:   ZERO

          Amounts presented as debits and credits()
          I = Inactive Line


Closing Line item                         Status        2008-SEPTEMBER                      2007-SEPTEMBER                     Previously Reported
Net Position-Earmarked Funds                                           (17)                                    (39)                             (39)
Total Net Position                                                 (43,336)                                (49,581)                         (49,581)
Total Liabilities and Net Position                                (231,573)                               (214,638)                        (214,638)




                                                                                  -3-
                                                               U.S Department of the Treasury                                          11-15-2008 18:07:25
                                                                Financial Management Service
                                                           Governmentwide Financial Report System

                                                      GF003F-Closing Package Financial Statement Report

Statement: STATEMENT OF NET COST                            Fiscal Year:     2008                                  Period:   SEPTEMBER

Entity:       9100-Department of Education                  Reported In:     MILLIONS                     Decimal Point:     ZERO

          Amounts presented as debits and credits()
          I = Inactive Line


Closing Line item                         Status        2008-SEPTEMBER                      2007-SEPTEMBER                      Previously Reported
Gross Cost:
Non-Federal Gross Cost                                              66,776                                66,356                              66,356
Interest on Debt Held by the Public                                      0                                     0                                   0
Total Non-Federal Gross Cost                                        66,776                                66,356                              66,356

Federal Gross Cost
Benefit Program Costs                                                   75                                    71                                  71
Imputed Costs                                                           29                                    32                                  32
Buy/Sell Costs                                                         295                                   167                                 167
Federal Securities Interest Expense                                      0                                     0                                   0
Borrowing and Other Interest                                         6,709                                 5,690                               5,690
Expense
Borrowing Losses                                                       150                                     0                                   0
Other Expenses (without reciprocals)                                     0                                     0                                   0
Total Federal Gross Cost                                             7,258                                 5,960                               5,960
Department Total Gross Cost                                         74,034                                72,316                              72,316

Earned Revenue
Non-Federal Earned Revenue                                          (4,996)                               (4,495)                             (4,495)

Federal Earned Revenue
Benefit Program Revenue (exchange)                                       0                                     0                                  0
Buy/Sell Revenue                                                      (805)                                 (670)                              (670)
Federal Securities Interest Revenue                                      0                                     0                                  0
(exchange)
Borrowing and Other Interest                                        (3,227)                               (2,867)                             (2,867)
Revenue (Exchange)
Borrowings Gains                                                      (189)                                    0                                      0




                                                                                    -4-
                                                               U.S Department of the Treasury                                          11-15-2008 18:07:25
                                                                Financial Management Service
                                                           Governmentwide Financial Report System

                                                      GF003F-Closing Package Financial Statement Report

Statement: STATEMENT OF NET COST                            Fiscal Year:     2008                                  Period:   SEPTEMBER

Entity:       9100-Department of Education                  Reported In:     MILLIONS                     Decimal Point:     ZERO

          Amounts presented as debits and credits()
          I = Inactive Line


Closing Line item                         Status        2008-SEPTEMBER                      2007-SEPTEMBER                      Previously Reported
Other Revenue (without reciprocals)                                      0                                     0                                   0
Total Federal Earned Revenue                                        (4,221)                               (3,537)                             (3,537)

Department Total Earned Revenue                                     (9,217)                               (8,032)                             (8,032)

Net Cost                                                            64,817                                64,284                              64,284




                                                                                    -5-
                                                               U.S Department of the Treasury                                           11-15-2008 18:07:25
                                                                Financial Management Service
                                                           Governmentwide Financial Report System

                                                      GF003F-Closing Package Financial Statement Report

Statement: STATEMENT OF CHANGES IN NET POSITION Fiscal Year:                   2008                                 Period:   SEPTEMBER

Entity:       9100-Department of Education                  Reported In:       MILLIONS                   Decimal Point:      ZERO

          Amounts presented as debits and credits()
          I = Inactive Line


Closing Line item                         Status        2008-SEPTEMBER                      2007-SEPTEMBER                       Previously Reported
Beginning Net Position                                             (49,581)                               (46,810)                            (46,810)
Non-Federal Prior Period                                                 0                                      0                                   0
Adjustments (Not Restated)
Federal Prior Period Adjustments                                           0                                    0                                      0
(Not Restated)
Adjusted Beginning Net Position                                    (49,581)                               (46,810)                            (46,810)
Balance

Non-Federal Nonexchange Revenue
Individual Income Tax and Tax                                              0                                    0                                      0
Witholdings
Corporation Income Taxes                                                   0                                    0                                      0
Unemployment Taxes                                                         0                                    0                                      0
Excise Taxes                                                               0                                    0                                      0
Estate and Gift Taxes                                                      0                                    0                                      0
Custom Duties                                                              0                                    0                                      0
Other Taxes and Receipts                                                   0                                    0                                      0
Miscellaneous Earned Revenue                                               0                                    0                                      0
Total Non-Federal Nonexchange                                              0                                    0                                      0
Revenue

Federal Nonexchange Revenue
Federal Securities Interest Revenue                                        0                                    0                                      0
Borrowing and other interest revenue                                       0                                    0                                      0
Benefit Program Revenue                                                    0                                    0                                      0
(nonexchange)
Other taxes and receipts                                                   0                                    0                                      0
Total Federal Nonexchange Revenue                                          0                                    0                                      0




                                                                                      -6-
                                                               U.S Department of the Treasury                                           11-15-2008 18:07:25
                                                                Financial Management Service
                                                           Governmentwide Financial Report System

                                                      GF003F-Closing Package Financial Statement Report

Statement: STATEMENT OF CHANGES IN NET POSITION Fiscal Year:                   2008                                 Period:   SEPTEMBER

Entity:       9100-Department of Education                  Reported In:       MILLIONS                   Decimal Point:      ZERO

          Amounts presented as debits and credits()
          I = Inactive Line


Closing Line item                         Status        2008-SEPTEMBER                      2007-SEPTEMBER                       Previously Reported

Budgetary Financing Sources:
Appropriations received as adjusted                                (70,783)                               (72,831)                            (72,831)
(rescissions and other adjustments)
Appropriation of unavailable special                                       0                                    0                                      0
or trust fund receipts transfers-in
Appropriation of unavailable special                                       0                                    0                                      0
or trust fund receipts Transfers-out
Appropriation of unavailable special      I                                0                                    0                                      0
or trust fund receipts transfers-out
Nonexpenditure transfers-in of                                             0                                    0                                      0
unexpended appropriations and
financing sources
Nonexpenditure Transfers-out of                                        208                                     27                                      0
unexpended appropriations and
financing sources
Nonexpenditure transfers-out of           I                                0                                    0                                  27
unexpended appropriations and
financing sources
Expenditure transfers-in of financing                                      0                                    0                                      0
sources
Expenditure Transfers-out of                                               0                                    0                                      0
financing sources
Expenditure transfers-out of              I                                0                                    0                                      0
financing sources
Other Financing Sources                   I                              0                                      0                               5,781
Other budgetary financing sources                                     (667)                                 5,781                                   0
Total Budgetary Financing Sources                                  (71,242)                               (67,023)                            (67,023)




                                                                                      -7-
                                                               U.S Department of the Treasury                                           11-15-2008 18:07:25
                                                                Financial Management Service
                                                           Governmentwide Financial Report System

                                                      GF003F-Closing Package Financial Statement Report

Statement: STATEMENT OF CHANGES IN NET POSITION Fiscal Year:                   2008                                 Period:   SEPTEMBER

Entity:       9100-Department of Education                  Reported In:       MILLIONS                   Decimal Point:      ZERO

          Amounts presented as debits and credits()
          I = Inactive Line


Closing Line item                         Status        2008-SEPTEMBER                      2007-SEPTEMBER                       Previously Reported

Other Financing Sources:
Transfers-in Without Reimbursement                                         0                                    0                                      0
Transfers-out Without                                                      0                                    0                                      0
Reimbursement
Imputed Financing Source                                               (29)                                   (32)                                (32)
Other non-budgetary financing                                       12,699                                      0                                   0
sources
Total Other Financing Sources                                       12,670                                    (32)                                (32)


Net Cost                                                            64,817                                 64,284                              64,284

Ending Net Position Balance                                        (43,336)                               (49,581)                            (49,581)




                                                                                      -8-
                                                             U.S. Department of the Treasury                                     11/15/2008 18:02:23
                                                               Financial Management Service
                                                          Governmentwide Financial Report System

                                             GF003G-Closing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                  Fiscal Year: 2008                                   Period: SEPTEMBER
    Entity: 9100 - Department of Education                                Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 4   Fund Balance with Treasury (Note 3)                                            A      D       B                    94,899                 97,532
                                                                                 Variance:                                   0                      0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Fund Balance with Treasury                           F                94,899                 97,532                     97,532                     0
Total:                                                                94,899                 97,532                     97,532                     0

Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 5   Accounts Receivable (Note 4)                                                   A      D       F                        2                          4
                                                                                 Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Accounts Receivable                                  F                   2                      4                            4                     0
Total:                                                                   2                      4                            4                     0

Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 6   Other Intragovernmental Assets                                                 A      D       B                       95                          0
                                                                                 Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Advances to Others and Prepayments                   F                   95                     0                            0                     0
Total:                                                                   95                     0                            0                     0




                                                                           -1-
                                                               U.S. Department of the Treasury                                     11/15/2008 18:02:23
                                                                 Financial Management Service
                                                            Governmentwide Financial Report System

                                               GF003G-Closing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                    Fiscal Year: 2008                                   Period: SEPTEMBER
    Entity: 9100 - Department of Education                                  Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                    Type
 9   Cash and Other Monetary Assets (Note 5)                                          A      D       B                     1,663                  1,103
                                                                                   Variance:                                   0                      0

Closing Package Line Reclassification
Closing Package Line Description               Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Cash and Other Monetary Assets                         N                 1,663                  1,103                      1,103                     0
Total:                                                                   1,663                  1,103                      1,103                     0

Line Agency Line Description                                                Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                    Type
 10 Accounts Receivable, Net (Note 4)                                                 A      D       B                      100                      49
                                                                                   Variance:                                  0                       0

Closing Package Line Reclassification
Closing Package Line Description               Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Accounts and Taxes Receivable                          N                  100                     49                         49                      0
Total:                                                                    100                     49                         49                      0

Line Agency Line Description                                                Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                    Type
 11 Credit Program Receivables, Net (Note 6)                                          A      D       N                  134,725                 115,904
                                                                                   Variance:                                  0                       0

Closing Package Line Reclassification
Closing Package Line Description               Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Loans Receivable                                       N                134,725                115,904                   115,904                     0
Total:                                                                  134,725                115,904                   115,904                     0




                                                                             -2-
                                                             U.S. Department of the Treasury                                     11/15/2008 18:02:23
                                                               Financial Management Service
                                                          Governmentwide Financial Report System

                                             GF003G-Closing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                  Fiscal Year: 2008                                   Period: SEPTEMBER
    Entity: 9100 - Department of Education                                Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 12 General Property, Plant and Equipment, Net (Note 7)                             A      D       B                       52                      46
                                                                                 Variance:                                  0                       0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Property, Plant and Equipment                        N                   52                     46                         46                      0
Total:                                                                   52                     46                         46                      0

Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 13 Other Assets                                                                    A      D       N                       37                          0
                                                                                 Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Other Assets                                         N                   37                     0                            0                     0
Total:                                                                   37                     0                            0                     0

Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 19 Accounts Payable                                                                L      C       F                        8                          0
                                                                                 Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Other Liabilities (without reciprocals)              F                    8                     0                            0                     0
Total:                                                                   (8)                    0                            0                     0




                                                                           -3-
                                                             U.S. Department of the Treasury                                      11/15/2008 18:02:23
                                                               Financial Management Service
                                                          Governmentwide Financial Report System

                                             GF003G-Closing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                    Fiscal Year: 2008                                  Period: SEPTEMBER
    Entity: 9100 - Department of Education                                  Reported in: MILLIONS                        Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                Status Account NB       F/N    2008-SEPTEMBER           2007-SEPTEMBER
                                                                                    Type
 20 Debt (Note 8)                                                                     L      C      F                  128,668                 104,287
                                                                                   Variance:                                 0                       0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N      2008-SEPTEMBER          2007-SEPTEMBER        Previously Reported       Line Item Changes
Loans Payable                                        F                 128,668                 104,287                 104,287                      0
Total:                                                                (128,668)               (104,287)               (104,287)                     0

Line Agency Line Description                                                Status Account NB       F/N    2008-SEPTEMBER           2007-SEPTEMBER
                                                                                    Type
 21 Guaranty Agency Federal and Restricted Funds Due to Treasury (Note 5)             L      C      F                    1,663                   1,103
                                                                                   Variance:                                 0                       0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N      2008-SEPTEMBER          2007-SEPTEMBER        Previously Reported       Line Item Changes
Accounts Payable                                     F                  1,663                   1,103                    1,103                      0
Total:                                                                 (1,663)                 (1,103)                  (1,103)                     0

Line Agency Line Description                                                Status Account NB       F/N    2008-SEPTEMBER           2007-SEPTEMBER
                                                                                    Type
 22 Payable to Treasury (Note 6)                                                      L      C      F                    3,766                   5,351
                                                                                   Variance:                                 0                       0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N      2008-SEPTEMBER          2007-SEPTEMBER        Previously Reported       Line Item Changes
Other Liabilities (without reciprocals)              F                  3,766                   5,351                    5,351                      0
Total:                                                                 (3,766)                 (5,351)                  (5,351)                     0




                                                                             -4-
                                                              U.S. Department of the Treasury                                      11/15/2008 18:02:23
                                                                Financial Management Service
                                                           Governmentwide Financial Report System

                                              GF003G-Closing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                   Fiscal Year: 2008                                    Period: SEPTEMBER
    Entity: 9100 - Department of Education                                 Reported in: MILLIONS                          Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                               Status Account NB       F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 23 Other Intragovernmental Liabilities (Note 9)                                     L      C       F                     7,124                     292
                                                                                  Variance:                                   0                       0

Closing Package Line Reclassification
Closing Package Line Description              Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported       Line Item Changes
Benefit Program Contributions Payable                 F                     7                     6                           6                      0
Advances from Others and Deferred Credits             F                    91                    87                         87                       0
Other Liabilities (without reciprocals)               F                 7,026                   199                        199                       0
Total:                                                                 (7,124)                 (292)                      (292)                      0
Line Agency Line Description                                               Status Account NB       F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 27 Accounts Payable                                                                 L      C       N                     1,296                     913
                                                                                  Variance:                                   0                       0

Closing Package Line Reclassification
Closing Package Line Description              Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported       Line Item Changes
Accounts Payable                                      N                 1,296                   913                        913                       0
Total:                                                                 (1,296)                 (913)                      (913)                      0

Line Agency Line Description                                               Status Account NB       F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 28 Accrued Grant Liability (Note 10)                                                L      C       N                     2,245                   2,094
                                                                                  Variance:                                   0                       0

Closing Package Line Reclassification
Closing Package Line Description              Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported       Line Item Changes
Other Liabilities                                     N                 2,245                  2,094                      2,094                      0
Total:                                                                 (2,245)                (2,094)                    (2,094)                     0



                                                                            -5-
                                                               U.S. Department of the Treasury                                      11/15/2008 18:02:23
                                                                 Financial Management Service
                                                            Governmentwide Financial Report System

                                               GF003G-Closing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                    Fiscal Year: 2008                                    Period: SEPTEMBER
    Entity: 9100 - Department of Education                                  Reported in: MILLIONS                          Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                 Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                     Type
 29 Liabilities for Loan Guarantees (Note 6)                                           L      C      N                    43,322                  50,874
                                                                                    Variance:                                  0                       0

Closing Package Line Reclassification
Closing Package Line Description               Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported       Line Item Changes
Loan Guarantee Liabilities                             N                 43,322                 50,874                    50,874                      0
Total:                                                                  (43,322)               (50,874)                  (50,874)                     0

Line Agency Line Description                                                 Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                     Type
 30 Other Liabilities (Note 9)                                                         L      C      N                       145                     143
                                                                                    Variance:                                  0                       0

Closing Package Line Reclassification
Closing Package Line Description               Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported       Line Item Changes
Federal Employee and Veteran Benefits                  N                   16                     16                         16                       0
Payable
Other Liabilities                                     N                     129                      127                     127                          0
Total:                                                                     (145)                    (143)                   (143)                         0
Line Agency Line Description                                                 Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                     Type
 37 Unexpended Appropriations - Earmarked Funds (Note 17)                              E      C      B                         0                          0
                                                                                    Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description               Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported       Line Item Changes
Total:                                                                     0                      0                            0                      0




                                                                              -6-
                                                             U.S. Department of the Treasury                                      11/15/2008 18:02:23
                                                               Financial Management Service
                                                          Governmentwide Financial Report System

                                             GF003G-Closing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                   Fiscal Year: 2008                                   Period: SEPTEMBER
    Entity: 9100 - Department of Education                                 Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                Status Account NB      F/N     2008-SEPTEMBER           2007-SEPTEMBER
                                                                                    Type
 38 Unexpended Appropriations -Other Funds                                            E      C     B                    49,506                  52,047
                                                                                   Variance:                                 0                       0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N      2008-SEPTEMBER         2007-SEPTEMBER         Previously Reported       Line Item Changes
Net Position-Non-Earmarked Funds                     B                  49,506                 52,047                   52,047                      0
Total:                                                                 (49,506)               (52,047)                 (52,047)                     0

Line Agency Line Description                                                Status Account NB      F/N     2008-SEPTEMBER           2007-SEPTEMBER
                                                                                    Type
 39 Cumulative Results of Operations - Earmarked Funds (Note 17)                      E      C     B                        17                       39
                                                                                   Variance:                                 0                        0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N      2008-SEPTEMBER         2007-SEPTEMBER         Previously Reported       Line Item Changes
Net Position-Earmarked Funds                         B                    17                     39                        39                       0
Total:                                                                   (17)                   (39)                      (39)                      0

Line Agency Line Description                                                Status Account NB      F/N     2008-SEPTEMBER           2007-SEPTEMBER
                                                                                    Type
 40 Cumulative Results of Operations-Other Funds                                      E      C     B                    (6,187)                  (2,505)
                                                                                   Variance:                                 0                        0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N      2008-SEPTEMBER         2007-SEPTEMBER         Previously Reported       Line Item Changes
Net Position-Non-Earmarked Funds                     B                 (6,187)                (2,505)                   (2,505)                     0
Total:                                                                  6,187                  2,505                     2,505                      0




                                                                             -7-
                                                             U.S. Department of the Treasury                                     11/15/2008 18:02:23
                                                               Financial Management Service
                                                          Governmentwide Financial Report System

                                             GF003G-Closing Package Line Reclassification Summary Report

Statement: STATEMENT OF NET COST                                          Fiscal Year: 2008                                   Period: SEPTEMBER
    Entity: 9100 - Department of Education                                Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 36 Total Gross costs                                                              GC      D       B                    74,034                 72,316
                                                                                 Variance:                                   0                      0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Imputed Costs                                        F                    29                     32                         32                     0
Buy/Sell Costs                                       F                   295                    167                        167                     0
Benefit Program Costs                                F                    75                     71                         71                     0
Borrowing and Other Interest Expense                 F                 6,709                  5,690                      5,690                     0
Borrowing Losses                                     F                   150                      0                          0                     0
Non-Federal Gross Cost                               N                66,776                 66,356                     66,356                     0
Total:                                                                74,034                 72,316                     72,316                     0
Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 37 Total Earned Revenue                                                           ER      C       B                     9,217                  8,032
                                                                                 Variance:                                   0                      0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER         2007-SEPTEMBER          Previously Reported      Line Item Changes
Buy/Sell Revenue                                     F                   805                    670                        670                     0
Borrowings Gains                                     F                   189                      0                          0                     0
Borrowing and Other Interest Revenue                 F                 3,227                  2,867                      2,867                     0
(Exchange)
Non-Federal Earned Revenue                          N                   4,996                   4,495                   4,495                          0
Total:                                                                 (9,217)                 (8,032)                 (8,032)                         0




                                                                           -8-
                                                                U.S. Department of the Treasury                                    11/15/2008 18:02:23
                                                                  Financial Management Service
                                                             Governmentwide Financial Report System

                                              GF003G-Closing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                              Fiscal Year: 2008                                  Period: SEPTEMBER
    Entity: 9100 - Department of Education                                   Reported in: MILLIONS                        Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                 Status Account NB       F/N    2008-SEPTEMBER           2007-SEPTEMBER
                                                                                     Type
 3   Beginning Balances - Earmarked Funds                                             BN      C       B                      39                       61
                                                                                    Variance:                                 0                        0

Closing Package Line Reclassification
Closing Package Line Description              Status F/N       2008-SEPTEMBER         2007-SEPTEMBER        Previously Reported       Line Item Changes
Beginning Net Position                                B                     39                     61                       61                       0
Total:                                                                     (39)                   (61)                     (61)                      0

Line Agency Line Description                                                 Status Account NB       F/N    2008-SEPTEMBER           2007-SEPTEMBER
                                                                                     Type
 4   Beginning Balances - All Other Funds                                             BN      C       B                  (2,505)                  (5,063)
                                                                                    Variance:                                 0                        0

Closing Package Line Reclassification
Closing Package Line Description              Status F/N       2008-SEPTEMBER         2007-SEPTEMBER        Previously Reported       Line Item Changes
Beginning Net Position                                B                  (2,505)                (5,063)                  (5,063)                     0
Total:                                                                    2,505                  5,063                    5,063                      0

Line Agency Line Description                                                 Status Account NB       F/N    2008-SEPTEMBER           2007-SEPTEMBER
                                                                                     Type
 8   Other Adjustments (rescission, etc) - Earmarked Funds                             F      C       B                       0                          0
                                                                                    Variance:                                 0                          0

Closing Package Line Reclassification
Closing Package Line Description              Status F/N       2008-SEPTEMBER         2007-SEPTEMBER        Previously Reported       Line Item Changes
Total:                                                                      0                      0                          0                      0




                                                                              -9-
                                                                 U.S. Department of the Treasury                                     11/15/2008 18:02:23
                                                                   Financial Management Service
                                                              Governmentwide Financial Report System

                                                GF003G-Closing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                               Fiscal Year: 2008                                   Period: SEPTEMBER
    Entity: 9100 - Department of Education                                    Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                  Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                      Type
  9   Other Adjustments (rescission, etc) - All Other Funds                             F      C       B                       (6)                         0
                                                                                     Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description                 Status F/N     2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported      Line Item Changes
Appropriations received as adjusted (rescissions         F                   (6)                     0                           0                     0
and other adjustments)
Total:                                                                          6                          0                    0                          0
Line Agency Line Description                                                  Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                      Type
 11 Appropriations Used-Earmarked Funds                                                 F      C       B                        0                          0
                                                                                     Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description                Status F/N      2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported      Line Item Changes
Total:                                                                       0                       0                           0                     0


Line Agency Line Description                                                  Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                      Type
 12 Appropriations Used-All Other Funds                                                 F      C       B                    73,330                 72,596
                                                                                     Variance:                                   0                      0

Closing Package Line Reclassification
Closing Package Line Description                Status F/N      2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported      Line Item Changes
Nonexpenditure transfers-in of unexpended               F                 73,330                  72,596                    72,596                     0
appropriations and financing sources
Total:                                                                    (73,330)                 (72,596)               (72,596)                         0




                                                                               - 10 -
                                                             U.S. Department of the Treasury                                     11/15/2008 18:02:23
                                                               Financial Management Service
                                                          Governmentwide Financial Report System

                                             GF003G-Closing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                           Fiscal Year: 2008                                   Period: SEPTEMBER
    Entity: 9100 - Department of Education                                Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 14 Nonexpenditure Financing Sources - Transfers-Out - Earmarked Funds              F      C       F                        0                          0
                                                                                 Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N      2008-SEPTEMBER         2007-SEPTEMBER         Previously Reported      Line Item Changes
Total:                                                                    0                      0                           0                     0


Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 15 Nonexpenditure Financing Sources - Transfers-Out - All Other Funds              F      C       F                     (208)                    (27)
                                                                                 Variance:                                  0                       0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N      2008-SEPTEMBER         2007-SEPTEMBER         Previously Reported      Line Item Changes
Nonexpenditure transfers-out of unexpended      I    F                    0                      0                        (27)                    27
appropriations and financing sources
Nonexpenditure Transfers-out of unexpended           F                   208                       27                       0                      27
appropriations and financing sources
Total:                                                                    208                      27                      27                      54
Line Agency Line Description                                              Status Account NB       F/N      2008-SEPTEMBER          2007-SEPTEMBER
                                                                                  Type
 19 Imputed Financing from Costs Absorbed by Others - Earmarked Funds               F      C       F                        0                          0
                                                                                 Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N      2008-SEPTEMBER         2007-SEPTEMBER         Previously Reported      Line Item Changes
Total:                                                                    0                      0                           0                     0




                                                                           - 11 -
                                                             U.S. Department of the Treasury                                      11/15/2008 18:02:23
                                                               Financial Management Service
                                                          Governmentwide Financial Report System

                                             GF003G-Closing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                           Fiscal Year: 2008                                    Period: SEPTEMBER
    Entity: 9100 - Department of Education                                Reported in: MILLIONS                          Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                               Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 20 Imputed Financing from Costs Absorbed by Others - All Other Funds                F      C      F                        29                       32
                                                                                  Variance:                                  0                        0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported       Line Item Changes
Imputed Financing Source                             F                   29                      32                        32                       0
Total:                                                                  (29)                    (32)                      (32)                      0

Line Agency Line Description                                               Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 22 Others - Earmarked Funds                                                         F      C      B                         0                          0
                                                                                  Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported       Line Item Changes
Total:                                                                   0                       0                           0                      0


Line Agency Line Description                                               Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 23 Others - All Other Funds                                                         F      C      B                   (12,032)                  (5,781)
                                                                                  Variance:                                  0                        0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported       Line Item Changes
Other Financing Sources                         I    F                      0                      0                    (5,781)                  5,781
Other non-budgetary financing sources                F                (12,699)                     0                         0                       0
Other budgetary financing sources                    F                    667                 (5,781)                        0                  (5,781)
Total:                                                                 12,032                  5,781                     5,781                       0



                                                                           - 12 -
                                                             U.S. Department of the Treasury                                      11/15/2008 18:02:23
                                                               Financial Management Service
                                                          Governmentwide Financial Report System

                                             GF003G-Closing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                           Fiscal Year: 2008                                    Period: SEPTEMBER
    Entity: 9100 - Department of Education                                Reported in: MILLIONS                          Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                               Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 43 Beginning Balances - Earmarked Funds                                            BN      C      B                         0                          0
                                                                                  Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported       Line Item Changes
Total:                                                                   0                       0                           0                      0


Line Agency Line Description                                               Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 44 Beginning Balances - All Other Funds                                            BN      C      B                    52,047                  51,812
                                                                                  Variance:                                  0                       0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported       Line Item Changes
Beginning Net Position                               B                 52,047                  51,812                   51,812                      0
Total:                                                                (52,047)                (51,812)                 (51,812)                     0

Line Agency Line Description                                               Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 48 Approprations Received - Earmarked Funds                                         F      C      F                         0                          0
                                                                                  Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported       Line Item Changes
Total:                                                                   0                       0                           0                      0




                                                                           - 13 -
                                                                 U.S. Department of the Treasury                                     11/15/2008 18:02:23
                                                                   Financial Management Service
                                                              Governmentwide Financial Report System

                                               GF003G-Closing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                               Fiscal Year: 2008                                   Period: SEPTEMBER
    Entity: 9100 - Department of Education                                    Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                  Status Account NB       F/N     2008-SEPTEMBER           2007-SEPTEMBER
                                                                                      Type
 49 Appropriations Received - All Other Funds                                           F      C       F                   72,991                  73,921
                                                                                     Variance:                                  0                       0

Closing Package Line Reclassification
Closing Package Line Description                 Status F/N     2008-SEPTEMBER          2007-SEPTEMBER        Previously Reported       Line Item Changes
Appropriations received as adjusted (rescissions         F                72,991                  73,921                   73,921                      0
and other adjustments)
Total:                                                                    (72,991)                 (73,921)               (73,921)                         0
Line Agency Line Description                                                  Status Account NB       F/N     2008-SEPTEMBER           2007-SEPTEMBER
                                                                                      Type
 51 Other Adjustments (rescissions, etc) - Earmarked Funds                              F      C       B                        0                          0
                                                                                     Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description               Status F/N       2008-SEPTEMBER          2007-SEPTEMBER        Previously Reported       Line Item Changes
Total:                                                                       0                       0                          0                      0


Line Agency Line Description                                                  Status Account NB       F/N     2008-SEPTEMBER           2007-SEPTEMBER
                                                                                      Type
 52 Other Adjustments (rescissions, etc) - All Other Funds                              F      C       B                   (2,202)                  (1,090)
                                                                                     Variance:                                  0                        0

Closing Package Line Reclassification
Closing Package Line Description                 Status F/N     2008-SEPTEMBER          2007-SEPTEMBER        Previously Reported       Line Item Changes
Appropriations received as adjusted (rescissions         F                (2,202)                 (1,090)                  (1,090)                     0
and other adjustments)
Total:                                                                      2,202                     1,090                 1,090                          0




                                                                               - 14 -
                                                             U.S. Department of the Treasury                                      11/15/2008 18:02:23
                                                               Financial Management Service
                                                          Governmentwide Financial Report System

                                             GF003G-Closing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                           Fiscal Year: 2008                                    Period: SEPTEMBER
    Entity: 9100 - Department of Education                                Reported in: MILLIONS                          Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                               Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 54 Appropriations Used - Earmarked Funds                                            F      C      B                         0                          0
                                                                                  Variance:                                  0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported       Line Item Changes
Total:                                                                   0                       0                           0                      0


Line Agency Line Description                                               Status Account NB      F/N      2008-SEPTEMBER           2007-SEPTEMBER
                                                                                   Type
 55 Appropriations Used - All Other Funds                                            F      C      B                   (73,330)                (72,596)
                                                                                  Variance:                                  0                       0

Closing Package Line Reclassification
Closing Package Line Description             Status F/N     2008-SEPTEMBER          2007-SEPTEMBER         Previously Reported       Line Item Changes
Nonexpenditure transfers-in of unexpended            F                (73,330)                (72,596)                 (72,596)                     0
appropriations and financing sources
Total:                                                                 73,330                   72,596                  72,596                          0




                                                                           - 15 -
                                                             U.S.Department of the Treasury                             11-15-2008 18:02:32
                                                             Financial Management Service
                                                         Governmentwide Financial Report System

                                                      GF004F - Trading Partner Summary Note Report

Statement: BALANCE SHEET                                          Fiscal Year: 2008                            Period: SEPTEMBER

Entity:    9100 - Department of Education                         Reported in: MILLIONS                 Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type        NB          2008-SEPTEMBER        2007-SEPTEMBER
 BS              Accounts Receivable                              A                   D                        2                     4
                                                                                 Variance:                         0                     0

Trading          Name                           Status 2008-SEPTEMBER      2007-SEPTEMBER         Previously Reported    Line item Changes
Partner
 7500 Department of Health and Human                                 2                       4                     4                     0
        Services
                                   Total                             2                       4                     4                     0

Agency FS Status CP Line Description                              Account Type        NB          2008-SEPTEMBER        2007-SEPTEMBER
 BS              Advances to Others and Prepayments               A                   D                        95                    0
                                                                                 Variance:                         0                     0

Trading       Name                              Status 2008-SEPTEMBER      2007-SEPTEMBER         Previously Reported    Line item Changes
Partner
 1400 Department of the Interior                                    95                       0                     0                     0
                                   Total                            95                       0                     0                     0




                                                                          -1-
                                                             U.S.Department of the Treasury                                   11-15-2008 18:02:32
                                                             Financial Management Service
                                                         Governmentwide Financial Report System

                                                      GF004F - Trading Partner Summary Note Report

Statement: BALANCE SHEET                                          Fiscal Year: 2008                                 Period: SEPTEMBER

Entity:    9100 - Department of Education                         Reported in: MILLIONS                      Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type        NB               2008-SEPTEMBER         2007-SEPTEMBER
 BS              Accounts Payable                                 L                   C                           1,663                  1,103
                                                                                 Variance:                               0                     0

Trading        Name                             Status 2008-SEPTEMBER      2007-SEPTEMBER              Previously Reported     Line item Changes
Partner
 1400 Department of the Interior                                     2                           0                       0                     0
 4700 General Services Administration                                1                           0                       0                     0
 9900 Treasury General Fund                                      1,660                       1,103                   1,103                     0
                                  Total                         (1,663)                      (1,103)                (1,103)                    0

Agency FS Status CP Line Description                              Account Type        NB               2008-SEPTEMBER         2007-SEPTEMBER
 BS              Advances from Others and Deferred Credits        L                   C                             91                     87
                                                                                 Variance:                               0                     0

Trading          Name                           Status 2008-SEPTEMBER      2007-SEPTEMBER              Previously Reported     Line item Changes
Partner
 1200 Department of Agriculture                                      1                            1                      1                     0
 2800 Social Security Administration                                 1                            0                      0                     0
 3600 DEPARTMENT OF VETERANS                                         1                            0                      0                     0
        AFFAIRS
 4900 National Science Foundation                                    1                            0                      0                     0
 7500 Department of Health and Human                                87                           86                     86                     0
        Services
                                  Total                            (91)                         (87)                   (87)                    0




                                                                          -2-
                                                             U.S.Department of the Treasury                                 11-15-2008 18:02:32
                                                             Financial Management Service
                                                         Governmentwide Financial Report System

                                                      GF004F - Trading Partner Summary Note Report

Statement: BALANCE SHEET                                           Fiscal Year: 2008                              Period: SEPTEMBER

Entity:    9100 - Department of Education                          Reported in: MILLIONS                   Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                               Account Type        NB            2008-SEPTEMBER         2007-SEPTEMBER
 BS              Benefit Program Contributions Payable             L                   C                          7                      6
                                                                                  Variance:                            0                     0

Trading         Name                            Status 2008-SEPTEMBER       2007-SEPTEMBER           Previously Reported     Line item Changes
Partner
 1601 Department of Labor                                             3                         3                      3                     0
 2400 Office of Personnel Management                                  4                         3                      3                     0
                                  Total                              (7)                       (6)                    (6)                    0

Agency FS Status CP Line Description                               Account Type        NB            2008-SEPTEMBER         2007-SEPTEMBER
 BS              Loans Payable                                     L                   C                       128,668                104,287
                                                                                  Variance:                            0                     0

Trading       Name                              Status 2008-SEPTEMBER       2007-SEPTEMBER           Previously Reported     Line item Changes
Partner
 2000 Department of the Treasury                               128,668                   104,287                104,287                      0
                                  Total                        (128,668)                 (104,287)              (104,287)                    0




                                                                           -3-
                                                                  U.S.Department of the Treasury                                   11-15-2008 18:02:32
                                                                  Financial Management Service
                                                              Governmentwide Financial Report System

                                                           GF004F - Trading Partner Summary Note Report

Statement: BALANCE SHEET                                               Fiscal Year: 2008                                 Period: SEPTEMBER

Entity:    9100 - Department of Education                              Reported in: MILLIONS                      Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                                   Account Type        NB               2008-SEPTEMBER         2007-SEPTEMBER
 BS              Other Liabilities (without reciprocals)               L                   C                          10,800                  5,550
                                                                                      Variance:                               0                     0

Trading         Name                            Status 2008-SEPTEMBER           2007-SEPTEMBER              Previously Reported     Line item Changes
Partner
 1400 Department of the Interior                                          0                          (1)                     (1)                    0
 2000 Department of the Treasury                                          0                       4,111                   4,111                     0
 2400 Office of Personnel Management                                     (2)                          0                       0                     0
 4700 General Services Administration                                    (2)                         (1)                     (1)                    0
 7000 Department of Homeland Security                                    (1)                         (1)                     (1)                    0
 9900 Treasury General Fund                                          10,801                       1,442                   1,442                     0
 9999 Unidentified                                                        4                           0                       0                     0
                                  Total                             (10,800)                      (5,550)                (5,550)                    0




                                                                               -4-
                                                             U.S.Department of the Treasury                                      11-15-2008 18:02:32
                                                             Financial Management Service
                                                         Governmentwide Financial Report System

                                                      GF004F - Trading Partner Summary Note Report

Statement: STATEMENT OF NET COST                                     Fiscal Year: 2008                                 Period: SEPTEMBER

Entity:    9100 - Department of Education                            Reported in: MILLIONS                      Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                                 Account Type        NB               2008-SEPTEMBER         2007-SEPTEMBER
 NCS             Borrowing and Other Interest Revenue (Exchange)     ER                  C                           3,227                  2,867
                                                                                    Variance:                               0                     0

Trading       Name                              Status 2008-SEPTEMBER         2007-SEPTEMBER              Previously Reported     Line item Changes
Partner
 2000 Department of the Treasury                                   3,227                        2,867                   2,867                     0
                                  Total                            (3,227)                      (2,867)                (2,867)                    0


Agency FS Status CP Line Description                                 Account Type        NB               2008-SEPTEMBER         2007-SEPTEMBER
 NCS             Borrowings Gains                                    ER                  C                            189                     0
                                                                                    Variance:                               0                     0

Trading        Name                             Status 2008-SEPTEMBER         2007-SEPTEMBER              Previously Reported     Line item Changes
Partner
 9900 Treasury General Fund                                          189                             0                      0                     0
                                  Total                             (189)                            0                      0                     0




                                                                             -5-
                                                             U.S.Department of the Treasury                                11-15-2008 18:02:32
                                                             Financial Management Service
                                                         Governmentwide Financial Report System

                                                      GF004F - Trading Partner Summary Note Report

Statement: STATEMENT OF NET COST                                  Fiscal Year: 2008                               Period: SEPTEMBER

Entity:    9100 - Department of Education                         Reported in: MILLIONS                    Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type        NB             2008-SEPTEMBER        2007-SEPTEMBER
 NCS             Buy/Sell Revenue                                 ER                  C                          805                   670
                                                                                 Variance:                            0                     0

Trading          Name                           Status 2008-SEPTEMBER      2007-SEPTEMBER            Previously Reported    Line item Changes
Partner
 1200 Department of Agriculture                                      1                          2                     2                     0
 1601 Department of Labor                                            1                          1                     1                     0
 7000 Department of Homeland Security                                1                          0                     0                     0
 7500 Department of Health and Human                                72                         82                    82                     0
        Services
 9900 Treasury General Fund                                        730                       585                    585                     0
                                  Total                           (805)                      (670)                 (670)                    0

Agency FS Status CP Line Description                              Account Type        NB             2008-SEPTEMBER        2007-SEPTEMBER
 NCS             Benefit Program Costs                            GC                  D                           75                    71
                                                                                 Variance:                            0                     0

Trading         Name                            Status 2008-SEPTEMBER      2007-SEPTEMBER            Previously Reported    Line item Changes
Partner
 2400 Office of Personnel Management                                75                         71                    71                     0
                                  Total                             75                         71                    71                     0




                                                                          -6-
                                                             U.S.Department of the Treasury                                11-15-2008 18:02:32
                                                             Financial Management Service
                                                         Governmentwide Financial Report System

                                                      GF004F - Trading Partner Summary Note Report

Statement: STATEMENT OF NET COST                                  Fiscal Year: 2008                               Period: SEPTEMBER

Entity:    9100 - Department of Education                         Reported in: MILLIONS                    Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type        NB             2008-SEPTEMBER        2007-SEPTEMBER
 NCS             Borrowing Losses                                 GC                  D                          150                    0
                                                                                 Variance:                             0                    0

Trading        Name                             Status 2008-SEPTEMBER      2007-SEPTEMBER            Previously Reported    Line item Changes
Partner
 9900 Treasury General Fund                                        150                           0                     0                    0
                                  Total                            150                           0                     0                    0


Agency FS Status CP Line Description                              Account Type        NB             2008-SEPTEMBER        2007-SEPTEMBER
 NCS             Borrowing and Other Interest Expense             GC                  D                         6,709                 5,690
                                                                                 Variance:                             0                    0

Trading       Name                              Status 2008-SEPTEMBER      2007-SEPTEMBER            Previously Reported    Line item Changes
Partner
 2000 Department of the Treasury                                 6,709                       5,690                 5,690                    0
                                  Total                          6,709                       5,690                 5,690                    0




                                                                          -7-
                                                             U.S.Department of the Treasury                                11-15-2008 18:02:32
                                                             Financial Management Service
                                                         Governmentwide Financial Report System

                                                      GF004F - Trading Partner Summary Note Report

Statement: STATEMENT OF NET COST                                  Fiscal Year: 2008                               Period: SEPTEMBER

Entity:    9100 - Department of Education                         Reported in: MILLIONS                    Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type        NB             2008-SEPTEMBER        2007-SEPTEMBER
 NCS             Buy/Sell Costs                                   GC                  D                          295                   167
                                                                                 Variance:                            0                     0

Trading          Name                           Status 2008-SEPTEMBER      2007-SEPTEMBER            Previously Reported    Line item Changes
Partner
 1300 Department of Commerce                                        21                        25                     25                     0
 1400 Department of the Interior                                   102                       147                    147                     0
 1601 Department of Labor                                           12                        18                     18                     0
 1800 United States Postal Service                                   2                         0                      0                     0
 1900 Department of State                                            2                         3                      3                     0
 2000 Department of the Treasury                                     1                         1                      1                     0
 2400 Office of Personnel Management                                 5                         7                      7                     0
 4700 General Services Administration                              102                       108                    108                     0
 4900 National Science Foundation                                    1                         2                      2                     0
 6900 Department of Transportation                                   3                         5                      5                     0
 7000 Department of Homeland Security                                1                         0                      0                     0
 7500 Department of Health and Human                                 8                         7                      7                     0
        Services
 8900 Department of Energy                                           1                          0                     0                     0
 9500 Independent and Other Agencies                                12                         11                    11                     0
 9900 Treasury General Fund                                          4                       (184)                 (184)                    0
 DE00 Department of Defense                                         18                         17                    17                     0
                                  Total                            295                       167                    167                     0




                                                                          -8-
                                                             U.S.Department of the Treasury                             11-15-2008 18:02:32
                                                             Financial Management Service
                                                         Governmentwide Financial Report System

                                                      GF004F - Trading Partner Summary Note Report

Statement: STATEMENT OF NET COST                                  Fiscal Year: 2008                            Period: SEPTEMBER

Entity:    9100 - Department of Education                         Reported in: MILLIONS                 Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type        NB          2008-SEPTEMBER        2007-SEPTEMBER
 NCS             Imputed Costs                                    GC                  D                        29                    32
                                                                                 Variance:                         0                     0

Trading         Name                            Status 2008-SEPTEMBER      2007-SEPTEMBER         Previously Reported    Line item Changes
Partner
 2400 Office of Personnel Management                                29                       32                   32                     0
                                  Total                             29                       32                   32                     0




                                                                          -9-
                                                                U.S.Department of the Treasury                                 11-15-2008 18:02:32
                                                                Financial Management Service
                                                            Governmentwide Financial Report System

                                                         GF004F - Trading Partner Summary Note Report

Statement: STATEMENT OF CHANGES IN NET POSITION                      Fiscal Year: 2008                                Period: SEPTEMBER

Entity:    9100 - Department of Education                            Reported in: MILLIONS                     Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                                 Account Type          NB            2008-SEPTEMBER        2007-SEPTEMBER
 SCNP            Nonexpenditure Transfers-out of unexpended          CF                    D                         208                    27
                 appropriations and financing sources
                                                                                      Variance:                           0                     0

Trading                                                  2008-SEPTEMBER       2007-SEPTEMBER             Previously Reported    Line item Changes
Partner        Name                             Status
 9900 Treasury General Fund                                           208                         27                      0                    27
                                  Total                               208                         27                      0                    27


Agency FS Status CP Line Description                                 Account Type          NB            2008-SEPTEMBER        2007-SEPTEMBER
 SCNP            Imputed Financing Source                            F                     C                          29                    32
                                                                                      Variance:                           0                     0

Trading         Name                            Status 2008-SEPTEMBER         2007-SEPTEMBER             Previously Reported    Line item Changes
Partner
 2400 Office of Personnel Management                                   29                         32                     32                     0
                                  Total                               (29)                        (32)                  (32)                    0




                                                                             - 10 -
                                                                U.S.Department of the Treasury                              11-15-2008 18:02:32
                                                                Financial Management Service
                                                            Governmentwide Financial Report System

                                                         GF004F - Trading Partner Summary Note Report

Statement: STATEMENT OF CHANGES IN NET POSITION                      Fiscal Year: 2008                            Period: SEPTEMBER

Entity:    9100 - Department of Education                            Reported in: MILLIONS                 Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                                 Account Type         NB         2008-SEPTEMBER         2007-SEPTEMBER
 SCNP      I     Nonexpenditure transfers-out of unexpended          F                    C                       0                      0
                 appropriations and financing sources
                                                                                     Variance:                         0                     0

Trading                                                  2008-SEPTEMBER       2007-SEPTEMBER         Previously Reported     Line item Changes
Partner        Name                             Status
 9900 Treasury General Fund                                            0                         0                   (27)                   27
                                  Total                                0                         0                    27                    27


Agency FS Status CP Line Description                                 Account Type         NB         2008-SEPTEMBER         2007-SEPTEMBER
 SCNP      I     Other Financing Sources                             F                    C                       0                      0
                                                                                     Variance:                         0                     0

Trading        Name                             Status 2008-SEPTEMBER         2007-SEPTEMBER         Previously Reported     Line item Changes
Partner
 9900 Treasury General Fund                                            0                         0                (5,781)                5,781
                                  Total                                0                         0                 5,781                 5,781




                                                                            - 11 -
                                                             U.S.Department of the Treasury                                    11-15-2008 18:02:32
                                                             Financial Management Service
                                                         Governmentwide Financial Report System

                                                      GF004F - Trading Partner Summary Note Report

Statement: STATEMENT OF CHANGES IN NET POSITION                   Fiscal Year: 2008                                   Period: SEPTEMBER

Entity:    9100 - Department of Education                         Reported in: MILLIONS                        Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type          NB               2008-SEPTEMBER        2007-SEPTEMBER
 SCNP            Other budgetary financing sources                F                     C                            667                 (5,781)
                                                                                   Variance:                              0                     0

Trading        Name                             Status 2008-SEPTEMBER      2007-SEPTEMBER                Previously Reported    Line item Changes
Partner
 9900 Treasury General Fund                                        667                         (5,781)                    0                (5,781)
                                  Total                           (667)                        5,781                      0                (5,781)


Agency FS Status CP Line Description                              Account Type          NB               2008-SEPTEMBER        2007-SEPTEMBER
 SCNP            Other non-budgetary financing sources            F                     C                          (12,699)                 0
                                                                                   Variance:                              0                     0

Trading        Name                             Status 2008-SEPTEMBER      2007-SEPTEMBER                Previously Reported    Line item Changes
Partner
 9900 Treasury General Fund                                    (12,699)                             0                     0                     0
                                  Total                         12,699                              0                     0                     0




                                                                          - 12 -
                                                                                                                                                            11/15/2008 18:02:43

                                                                             U.S. Department of the Treasury
                                                                              Financial Management Service
                                                                         Governmentwide Financial Report System
                                                                                 GF006 - FR Notes Report

 Note: 01          Federal Reserve Earnings, Subsequent Events, and Other Pertinent Information                   Fiscal Year: 2008         Period: SEPTEMBER
Entity: 9100       Department of Education                                                                        Agency Notes:   Note 01

Status: Complete                                                                             I = Inactive Line




                                                                                                  -1-
                                                                                                                                                                                                      11/15/2008 18:02:43

                                                                                         U.S. Department of the Treasury
                                                                                          Financial Management Service
                                                                                     Governmentwide Financial Report System
                                                                                             GF006 - FR Notes Report

    Note: 01          Federal Reserve Earnings, Subsequent Events, and Other Pertinent Information                                           Fiscal Year: 2008                 Period: SEPTEMBER
    Entity: 9100       Department of Education                                                                                               Agency Notes:      Note 01

 Status: Complete                                                                                      I = Inactive Line

Tab: Text Data
Line               Question                                                                                                Answer
1                  Describe any significant events that occured after the date of the balance sheet but prior to           On October 7, 2008, President Bush signed P.L. 110-350, which extended the
                   the agency's audited financial statements being issued.                                                 Secretary of Education's authority to purchase FFEL loans. This authority, originally
                                                                                                                           enacted in the ECASLA, would have otherwise expired on September 30, 2009; P.L.
                                                                                                                           110-350 extended the authority through September 30, 2010. The Administration
                                                                                                                           recently announced plans to replicate the 2008-2009 loan purchase and participation
                                                                                                                           options for the 2009-2010 award year. Other approaches to purchase outstanding
                                                                                                                           FFEL loans are also under consideration, but specific terms and conditions have yet to
                                                                                                                           be determined.
2                  Describe any departures from U.S. Generally Accepted Accounting Procedures (GAAP).
3                  Describe any change in accounting if a collecting entity adopts accounting standards that
                   embody a fuller application of accrual accounting concepts that differs from that prescribed
                   by the standard-SFFAS no. 7, par.64.
4                  List all of the agency's components whose balances and activities are not combined into the
                   agency's financial statements and therefore, are not represented in the GFRS data.
5                  List all of the agency's components whose balances and activities are combined into the                 The components whose balances and activities are combined into the financial
                   agency's financial statements, and, therefore, are represented in the GFRS data.                        statements and presented in the GFRS data are Federal Student Aid (FSA), Office of
                                                                                                                           Elementary and Secondary Education (OESE), Office of Special Education and
                                                                                                                           Rehabilitative Services (OSERS), Office of Vocational and Adult Education (OVAE),
                                                                                                                           Office of Postsecondary Education (OPE), Institute of Education Sciences (IES), Office
                                                                                                                           of English Language Acquisition (OELA), Office of Safe and Drug-Free Schools
                                                                                                                           (OSDFS), Office of Innovation and Improvement (OII), and Office of Management (OM).
6                  Provide any other relevant information pertaining to this note.                                         The Budget and Accounting Procedures Act of 1950 allows the Secretary of the
                                                                                                                           Treasury to stipulate the format and requirements of executive agencies to furnish
                                                                                                                           financial and operational information to the President and the Congress to comply with
                                                                                                                           the Government Management Reform Act of 1994 (GMRA) (Pub. L. No. 103-356),
                                                                                                                           which requires the Secretary of the Treasury to prepare and submit annual audited
                                                                                                                           financial statements of the executive branch. The Secretary of the Treasury developed
                                                                                                                           guidance in the U.S. Department of the Treasury's Financial Manual (TFM) Volume I,
                                                                                                                           Part 2, Chapter 4700 to provide agencies with instructions to meet the requirements of
                                                                                                                           GMRA. The TFM Chapter 4700 requires agencies to:

                                                                                                                           1. Reclassify all items and amounts on the audited consolidated, department-level
                                                                                                                           balance sheet, statements of net cost, changes in net position/income statement and
                                                                                                                           custodial activity, if applicable, to the special-purpose financial statements;

                                                                                                                           2. Disclose special-purpose financial statement line item amounts identified as Federal
                                                                                                                           by trading partner and amount (amounts should be net of intra-agency and intra-
                                                                                                                           departmental eliminations);

                                                                                                                           3. Disclose notes required by Balance Sheet line items and other notes required in the
                                                                                                                           Financial Report of the U.S. Government (FR); and

                                                                                                                           4. Disclose other data not contained in the primary FR financial statements and notes
                                                                                                                           required to meet GAAP requirements.


                                                                                                            -2-
                                                                                                                                                                     11/15/2008 18:02:43

                                                                              U.S. Department of the Treasury
                                                                               Financial Management Service
                                                                          Governmentwide Financial Report System
                                                                                  GF006 - FR Notes Report

   Note: 01         Federal Reserve Earnings, Subsequent Events, and Other Pertinent Information                           Fiscal Year: 2008         Period: SEPTEMBER
  Entity: 9100      Department of Education                                                                                Agency Notes:   Note 01

 Status: Complete                                                                             I = Inactive Line

Tab: Text Data
Line             Question                                                                                         Answer




                                                                                                   -3-
                                                                                                                                                                                                          11/15/2008 18:02:43

                                                                                         U.S. Department of the Treasury
                                                                                          Financial Management Service
                                                                                     Governmentwide Financial Report System
                                                                                             GF006 - FR Notes Report

     Note: 02           Cash and Other Monetary Assets                                                                                            Fiscal Year: 2008                 Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                                                   Agency Notes:      Note 02

  Status: Complete                                                                                         I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                                NB    Account       2008 - SEPTEMBER           2007 - SEPTEMBER
                                                                                        Type
Cash and Other Monetary Assets                                                   D        A                          1,663                   1,103
                                                                                     Variance:                           0                       0           Rounding Method: Millions               Decimal: Zero
Line Status Line Description             2008 - SEPTEMBER                2007 - SEPTEMBER                    Previously Rptd             Line Item Changes
 2            Other cash - not
              restricted
 3            Other cash - restricted                           1,663                           1,103                          1,103                             0
 4            International monetary
              assets
 6            Domestic monetary
              assets
 7            Foreign currency
              Total                                             1,663                           1,103                           1,103                            0

Tab: Text Data
 Line               Question                                                                                                    Answer
 1                  Describe the nature of the amount in the line item "other cash - not restricted."
 2                  Describe the restrictions on the cash reported in the line item "Other cash - restricted" and               Cash and Other Monetary Assets consist of guaranty agency reserves that represent
                    any statutory authority (law, regulation, or agreement).                                                    the federal government's interest in the net assets of state and nonprofit FFEL Program
                                                                                                                                guaranty agencies. Guaranty agency reserves include initial federal start-up funds,
                                                                                                                                receipts of federal reinsurance payments, insurance premiums, guaranty agency share
                                                                                                                                of collections on defaulted loans, investment income, administrative cost allowances,
                                                                                                                                and other assets.
 3                   If the cash is restricted because it is non-entity, state the entity for which the cash is being
                     held.
 4                   Is the reported restricted cash being held in a financial institution? If yes, is it a Treasury
                     designated bank?
 5                   If you have restricted cash, is the restricted cash invested? If yes, is it invested in the Bureau         Cash and Other Monetary Assets consist of reserves held in the FFEL Guaranty
                     of the Public Debt security, agency security, and/or non-Federal security?                                 Agency Federal Funds.
 6                   Describe the nature of the amount in the line item "Foreign currency."
 7                   Disclose any restrictions on the use (for example, by law, regulation, or agreement) of the
                     amount in the line item "Foreign Currency."
 8                   Disclose the method of exchange rate used on the financial statement date (Treasury
                     exchange rate or prevailing market rate).
 9                   Provide any other relevant information pertaining to this note.




                                                                                                                 -4-
                                                                                                                                                                                                       11/15/2008 18:02:43

                                                                                     U.S. Department of the Treasury
                                                                                      Financial Management Service
                                                                                 Governmentwide Financial Report System
                                                                                         GF006 - FR Notes Report

     Note: 03           Accounts and Taxes Receivable                                                                                         Fiscal Year: 2008                 Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                                               Agency Notes:      Note 03

  Status: Complete                                                                                    I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                            NB    Account     2008 - SEPTEMBER            2007 - SEPTEMBER
                                                                                    Type
Accounts and Taxes Receivable                                               D         A                           100                       49
                                                                                 Variance:                          0                        0          Rounding Method: Millions                Decimal: Zero
Line Status Line Description            2008 - SEPTEMBER             2007 - SEPTEMBER                     Previously Rptd           Line Item Changes
 1            Accounts receivable,                             278                           215                             215                             0
              gross
 2            Related interest
              receivable - accounts
              receivable
 3            Penalties, fines, and
              administrative fees
              receivable
 4            Less: allowance for                            -178                          -166                             -166                             0
              loss on accounts
              receivable
 5            Less: allowance for
              loss on interest
              receivable
 6            Less: allowance for
              loss on penalties,
              fines, and admin. fees
              rec.
              Total                                            100                            49                              49                             0
Threshold

 Line Description                                               Question                                                                   Answer
 Line Item Notes - Accounts receivable, gross (2008 -           Please provide explanations for any amounts that have                      This increase is due to the excess interest recapture (negative special
 SEPTEMBER)                                                     changed by 10% or more and or greater than 500,000 between                 allowance payments) origination fees and lender loan fees.
                                                                the current fiscal year and prior fiscal year. (Unaudited)
Tab: Text Data
 Line               Question                                                                                                Answer
 1                  Describe the method(s) used to calculate the allowances on accounts receivable.                         The estimate of the allowance for loss on uncollectible accounts is based on
                                                                                                                            Department experience in the collection of receivables and an analysis of the
                                                                                                                            outstanding balances.
 3                   Explain any material difference between the balance of accounts receivable and the
                     amounts reported on the Treasury Report on Receivables.
 4                   Provide any other relevant information pertaining to this note.




                                                                                                            -5-
                                                                                                                                                                                                    11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

      Note: 04A         Direct Loans Receivable                                                                                           Fiscal Year: 2008                  Period: SEPTEMBER
   Entity: 9100         Department of Education                                                                                           Agency Notes:       Note 04A

  Status: Complete                                                                                 I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                           NB    Account     2008 - SEPTEMBER          2007 - SEPTEMBER
                                                                                   Type
Loans Receivable                                                            D        A                   134,725                    115,904
                                                                                Variance:                      0                          0          Rounding Method: Millions                 Decimal: Zero
Line Status Line Description            CY: Face Value of Loans        CY: Long-Term Cost of           CY Net Loans              PY: Face Value of Loans       PY: Long-Term Cost of                PY Net Loans
                                               Oustanding                         Loans                                                 Oustanding                        Loans
 1           Federal Direct Student                     123,593                       13,743                       109,850                        107,247                      8,245                             99,002
             Loans
 4           Federal Family                                  32,659                      8,150                         24,509                       23,713                          7,151                        16,562
             Education Loan
 13          Perkins Loan Program                               310                         124                           186                          313                            125                           188
 14          Facilities Loan                                    559                         380                           179                          559                            407                           152
             Program
 15
 16
 17
 18          All other loans                                      2                           1                             1                             0                             0                               0
             receivable
             Total                                           157,123                    22,398                         134,725                     131,832                         15,928                       115,904
Threshold

 Line Description                                                Question                                                               Answer
 Line Item Notes - Federal Direct Student Loans (CY: Face        Please provide explanations for any amounts that have                  New loan originations and consolidations, net of reduced collections from
 Value of Loans Oustanding)                                      changed by 10% or more and or greater than 500,000 between             borrowers
                                                                 the current fiscal year and prior fiscal year. (Unaudited)
 Line Item Notes - Federal Direct Student Loans (CY: Long-       Please provide explanations for any amounts that have                  Primarily subsidy modifications and re-estimates that increase allowance for
 Term Cost of Loans)                                             changed by 10% or more and or greater than 500,000 between             subsidy
                                                                 the current fiscal year and prior fiscal year. (Unaudited)
 Line Item Notes - Federal Family Education Loan (CY: Long-      Please provide explanations for any amounts that have                  The increase is primarily the result of increased default claim payments, net
 Term Cost of Loans)                                             changed by 10% or more and or greater than 500,000 between             of collections on defaulted loans
                                                                 the current fiscal year and prior fiscal year. (Unaudited)
 Line Item Notes - Federal Family Education Loan (CY: Face       Please provide explanations for any amounts that have                  The increase is the result of the addition of two new loan purchase programs
 Value of Loans Oustanding)                                      changed by 10% or more and or greater than 500,000 between             and an increase in default claim payments
                                                                 the current fiscal year and prior fiscal year. (Unaudited)
 Line Item Notes - All other loans receivable (CY: Long-Term     Please provide explanations for any amounts that have                  New program implemented in FY 2008
 Cost of Loans)                                                  changed by 10% or more and or greater than 500,000 between
                                                                 the current fiscal year and prior fiscal year. (Unaudited)
 Line Item Notes - All other loans receivable (CY: Face Value    Please provide explanations for any amounts that have                  New program implemented in FY 2008
 of Loans Oustanding)                                            changed by 10% or more and or greater than 500,000 between
                                                                 the current fiscal year and prior fiscal year. (Unaudited)



                                                                                                        -6-
                                                                                                                                                                                                11/15/2008 18:02:43

                                                                                     U.S. Department of the Treasury
                                                                                      Financial Management Service
                                                                                 Governmentwide Financial Report System
                                                                                         GF006 - FR Notes Report

     Note: 04A           Direct Loans Receivable                                                                                       Fiscal Year: 2008                 Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                       Agency Notes:        Note 04A

  Status: Complete                                                                                    I = Inactive Line

Tab: Other Notes Info.

       Section: A                Section Name: Subsidy Expense                                                                      Line Attributes: Dollars
                                                                                                                                  Rounding Method: Millions                           Decimal: Zero
Line Status Line Description            NB     2008 - SEPTEMBER             2007 - SEPTEMBER                  Previously Rptd      Line Item Changes
 1             Federal Direct          Debit                     5,236                        -499                         -499                         0
               Students Loans
 4             Federal Family          Debit                      -170                            0                                                     0
               Education Loan
13                                     Debit
14                                     Debit
15                                     Debit
16                                     Debit
17                                     Debit
18             All other loans         Debit                         1                            0                                                     0
               receivable
19             Total                 N/A                         5,067                        -499                         -499                         0
Threshold
 Line Description                                                Question                                                            Answer
 Other Notes Info - Federal Direct Students Loans (2008 -        Please provide explanations for any amounts that have               The change is primarily the result of the subsidy re-estimates and loan
 SEPTEMBER)                                                      changed by 10% or more and or greater than 500,000                  modifications
                                                                 between the current fiscal year and prior fiscal year.
                                                                 (Unaudited)
 Other Notes Info - All other loans receivable (2008 -           Please provide explanations for any amounts that have               New program implemented in FY 2008
 SEPTEMBER)                                                      changed by 10% or more and or greater than 500,000
                                                                 between the current fiscal year and prior fiscal year.
                                                                 (Unaudited)
       Section: B                Section Name: Foreclosed Assets - Balances (SFFAS No. 3, par.         No Data Flag: YES            Line Attributes: Dollars
                                               91)                                                                                Rounding Method: Millions                           Decimal: Zero
Line Status Line Description            NB     2008 - SEPTEMBER             2007 - SEPTEMBER                  Previously Rptd      Line Item Changes
 1             Balances for            Debit
               property held Pre-
               1992
 2             Balances for            Debit
               property held Post-
               1991




                                                                                                           -7-
                                                                                                                                                                                                   11/15/2008 18:02:43

                                                                                       U.S. Department of the Treasury
                                                                                        Financial Management Service
                                                                                   Governmentwide Financial Report System
                                                                                           GF006 - FR Notes Report

   Note: 04A        Direct Loans Receivable                                                                                            Fiscal Year: 2008                   Period: SEPTEMBER
  Entity: 9100       Department of Education                                                                                           Agency Notes:       Note 04A

 Status: Complete                                                                               I = Inactive Line

Tab: Text Data
Line             Question                                                                                           Answer
1                Provide a broad description of foreclosed property.
2                Provide any other relevant information pertaining to this note.                                    The Department administers the William D. Ford Federal Direct Student Loan (Direct
                                                                                                                    Loan) Program, to help students finance the costs of higher education. The Direct Loan
                                                                                                                    Program, authorized by the Student Loan Reform Act of 1993, enables the Department
                                                                                                                    to make loans directly to eligible undergraduate and graduate students and their
                                                                                                                    parents through participating schools. Under this program, loans are made to
                                                                                                                    individuals who meet statutorily set eligibility criteria and attend eligible institutions of
                                                                                                                    higher education-public or private two- and four-year institutions, graduate schools,
                                                                                                                    and vocational training schools.

                                                                                                                    The Federal Credit Reform Act of 1990 (Credit Reform Act) underlies the proprietary
                                                                                                                    and budgetary accounting treatment of direct loans. The long-term cost to the
                                                                                                                    government for direct loans, other than for general administration of the programs, is
                                                                                                                    referred to as "subsidy cost." Under the Credit Reform Act, subsidy costs for loans
                                                                                                                    obligated beginning in fiscal year 1992 are estimated at the net present value of
                                                                                                                    projected lifetime costs in the year the loan is obligated. Subsidy costs are then
                                                                                                                    revalued annually through the re-estimate process.

                                                                                                                    The Ensuring Continued Access to Student Loans Act of 2008 (ECASLA) amended the
                                                                                                                    FFEL Program to authorize the Secretary to buy FFEL loans for the 2008-2009
                                                                                                                    academic year. Within the existing FFEL Program, the Department has implemented
                                                                                                                    two activities under this temporary loan purchase authority to purchase FFEL loans
                                                                                                                    generally originated between July 1, 2008 and June 30, 2009. These two activities
                                                                                                                    include: loan purchase commitments where the Department purchases loans directly
                                                                                                                    from FFEL lenders, and loan participation purchases where the Department purchases
                                                                                                                    participation interests in FFEL loans.

                                                                                                                    Beginning July 1, 2008, the TEACH Grant Program awards annual grants up to $4,000
                                                                                                                    to eligible undergraduate and graduate students agreeing to serve as full-time
                                                                                                                    mathematics, science, foreign language, bilingual education, special education, or
                                                                                                                    reading teachers at high-need schools for four years within eight years of graduation.
                                                                                                                    For students failing to fulfill the service requirement, grants are converted to Direct
                                                                                                                    Unsubsidized Stafford Loans. Because grants could be converted to loans, for budget
                                                                                                                    and accounting purposes the program is operated under the requirements of the Credit
                                                                                                                    Reform Act.




                                                                                                     -8-
                                                                                                                                                                                              11/15/2008 18:02:43

                                                                                   U.S. Department of the Treasury
                                                                                    Financial Management Service
                                                                               Governmentwide Financial Report System
                                                                                       GF006 - FR Notes Report

      Note: 04B         Loan Guarantees                                                                                                Fiscal Year: 2008                Period: SEPTEMBER
   Entity: 9100         Department of Education                                                                                        Agency Notes:       Note 04B

  Status: Complete                                                                                I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                          NB    Account    2008 - SEPTEMBER           2007 - SEPTEMBER
                                                                                  Type
Loan Guarantee Liabilities                                                 C        L                    43,322                   50,874
                                                                               Variance:                      0                        0           Rounding Method: Millions             Decimal: Zero
Line Status Line Description          2008 - SEPTEMBER               2007 - SEPTEMBER               Previously Rptd            Line Item Changes
 1           Federal Family
             Education Loans
 13          Federal Family                                 43,322                     50,874                         50,874                          0
             Education Loans
 14
 15
 16
 17
 18          All other loan
             guarantee liabilities
             Total                                          43,322                     50,874                         50,874                           0
Threshold

 Line Description                                               Question                                                            Answer
 Line Item Notes - Federal Family Education Loans (2008 -       Please provide explanations for any amounts that have               This change is mostly due to subsidy re-estimates and loan modifications,
 SEPTEMBER)                                                     changed by 10% or more and or greater than 500,000 between          decreases in payments for special allowance, and increases in default claim
                                                                the current fiscal year and prior fiscal year. (Unaudited)          payments and excess interest recapture




                                                                                                       -9-
                                                                                                                                                                                               11/15/2008 18:02:43

                                                                                  U.S. Department of the Treasury
                                                                                   Financial Management Service
                                                                              Governmentwide Financial Report System
                                                                                      GF006 - FR Notes Report

     Note: 04B           Loan Guarantees                                                                                              Fiscal Year: 2008                  Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                      Agency Notes:       Note 04B

  Status: Complete                                                                                I = Inactive Line

Tab: Other Notes Info.

       Section: A              Section Name: Other Related Information                                                             Line Attributes: Dollars
                                                                                                                                 Rounding Method: Millions                           Decimal: Zero
Line Status Line Description           NB        CY Face Value of        CY Amount Guaranteed       CY Subsidy Expense D        PY Face Value of Loans PY Amount Guaranteed by            PY Subsidy Expense D
                                             Loans Outstanding D          by the Government D                                          Outstanding D        the Government D
 1             Federal Family          N/A                  414,603                     405,139                        -2,682                   363,285                       359,200                           4,884
               Education Loans
13                                     N/A
14                                     N/A
15                                     N/A
16                                     N/A
17                                     N/A
18             All other loans         N/A
               guarantee liabilities
19             Total:               N/A                    414,603                      405,139                        -2,682                   363,285                       359,200                           4,884
Threshold
 Line Description                                            Question                                                               Answer
 Other Notes Info - Federal Family Education Loans (CY Face Please provide explanations for any amounts that have                   This is a normal increase attributed to an increase in loans disbursed by
 Value of Loans Outstanding)                                 changed by 10% or more and or greater than 500,000                     private lenders
                                                             between the current fiscal year and prior fiscal year.
                                                             (Unaudited)
 Other Notes Info - Federal Family Education Loans (CY        Please provide explanations for any amounts that have                 This is a normal increase attributed to an increase in loans disbursed by
 Amount Guaranteed by the Government)                         changed by 10% or more and or greater than 500,000                    private lenders
                                                              between the current fiscal year and prior fiscal year.
                                                              (Unaudited)




                                                                                                       - 10 -
                                                                                                                                                                                                    11/15/2008 18:02:43

                                                                                       U.S. Department of the Treasury
                                                                                        Financial Management Service
                                                                                   Governmentwide Financial Report System
                                                                                           GF006 - FR Notes Report

   Note: 04B        Loan Guarantees                                                                                                    Fiscal Year: 2008                   Period: SEPTEMBER
  Entity: 9100       Department of Education                                                                                           Agency Notes:        Note 04B

 Status: Complete                                                                               I = Inactive Line

Tab: Text Data
Line             Question                                                                                           Answer
1                Provide any other relevant information pertaining to this note.                                    The Department administers the Federal Family Education Loan (FFEL) Program, to
                                                                                                                    help students finance the costs of higher education. The FFEL Program, initially
                                                                                                                    authorized by the Higher Education Act of 1965 (HEA), as amended, cooperates with
                                                                                                                    state and private nonprofit Guaranty Agencies to provide loan guarantees and interest
                                                                                                                    subsidies on loans made by private lenders to eligible students. Under this program,
                                                                                                                    loans are made to individuals who meet statutorily set eligibility criteria and attend
                                                                                                                    eligible institutions of higher education-public or private two- and four-year institutions,
                                                                                                                    graduate schools, and vocational training schools.

                                                                                                                    The Federal Credit Reform Act of 1990 (Credit Reform Act) underlies the proprietary
                                                                                                                    and budgetary accounting treatment of guaranteed loans. The long-term cost to the
                                                                                                                    government for loan guarantees, other than for general administration of the programs,
                                                                                                                    is referred to as "subsidy cost." Under the Credit Reform Act, subsidy costs for loans
                                                                                                                    obligated beginning in fiscal year 1992 are estimated at the net present value of
                                                                                                                    projected lifetime costs in the year the loan is obligated. Subsidy costs are then
                                                                                                                    revalued annually through the re-estimate process.




                                                                                                    - 11 -
                                                                                                                                                                         11/15/2008 18:02:43

                                                                        U.S. Department of the Treasury
                                                                         Financial Management Service
                                                                    Governmentwide Financial Report System
                                                                            GF006 - FR Notes Report

     Note: 05          Inventories and Related Property                                                                  Fiscal Year: 2008               Period: SEPTEMBER
   Entity: 9100        Department of Education                                                                           Agency Notes:      N/A

  Status: Complete                                                                   I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                               NB    Account    2008 - SEPTEMBER         2007 - SEPTEMBER
                                                                       Type
Inventory and Related Property                                 D         A                        0                     0
                                                                    Variance:                     0                     0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description          2008 - SEPTEMBER    2007 - SEPTEMBER             Previously Rptd           Line Item Changes
 1          Gross Inventory -
            balance beginning of
            year
 2          Prior-period
            adjustment (not
            restated)
 3          Capitalized
            acquisitions from the
            public
 4          Capitalized
            acquisitions from
            Government agencies
 5          Inventory sold or used
 6          Total allowance for
            inventories and related
            property
            Total




                                                                                         - 12 -
                                                                                                                                                                     11/15/2008 18:02:43

                                                                                  U.S. Department of the Treasury
                                                                                   Financial Management Service
                                                                              Governmentwide Financial Report System
                                                                                      GF006 - FR Notes Report

     Note: 05             Inventories and Related Property                                                                  Fiscal Year: 2008       Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                           Agency Notes:     N/A

  Status: Complete                                                                           I = Inactive Line

Tab: Other Notes Info.

       Section: A               Section Name: Inventory Yearend Balances by Category Type     No Data Flag: YES          Line Attributes: Dollars
                                                                                                                       Rounding Method: Millions             Decimal: Zero
Line Status Line Description             NB      2008 - SEPTEMBER         2007 - SEPTEMBER           Previously Rptd    Line Item Changes
 1              Inventory               Debit
                purchased for sale
 2              Inventory held in       Debit
                reserve for future
                sale to the public
 3              Inventory and           Debit
                operating material
                and supplies held
                for repair
 4              Inventory - excess,     Debit
                obsolete, and
                unserviceable
 5              Operating materials     Debit
                and supplies held
                for use
 6              Operating materials     Debit
                and supplies held
                in reserve for future
                use
 7              Operating materials     Debit
                and supplies
                excess, obsolete,
                and unserviceable
 8              Stockpile materials     Debit
 9              Stockpile materials     Debit
                held for sale
10              Forfeited property      Debit
11              Other related           Debit
                property
12              Total allowance for     Credit
                inventories and
                related property
13              Total inventories        N/A
                and related
                property, net




                                                                                                 - 13 -
                                                                                                                                                                           11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

     Note: 05            Inventories and Related Property                                                                     Fiscal Year: 2008          Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                              Agency Notes:     N/A

  Status: Complete                                                                             I = Inactive Line


       Section: B              Section Name: Capitalized Acquitions From Government Agencies    No Data Flag: YES          Line Attributes: Dollars
                                             by Trading Patrner                                                          Rounding Method: Millions                Decimal: Zero
Line Status Line Description          NB     2008 - SEPTEMBER              2007 - SEPTEMBER            Previously Rptd    Line Item Changes
 1              General Services     Debit
                Administration
 2              Department of        Debit
                Defense
 3        I     Department of        Debit
                Interior
 4              Department of        Debit
                Justice
 5              National             Debit
                Aeronautics and
                Space
                Administration
 6              All other            Debit
                departments
 7              Total Capitalized     N/A
                Assets from
                Federal Agencies
       Section: C              Section Name: Other Information - Dollar Value                   No Data Flag: YES          Line Attributes: Dollars
                                                                                                                         Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description          NB     2008 - SEPTEMBER              2007 - SEPTEMBER            Previously Rptd    Line Item Changes
 1              Seized property      Debit
 2              Forfeited property   Debit
 3              Goods held under     Debit
                price support and
                stabilization
                programs




                                                                                                   - 14 -
                                                                                                                                                                           11/15/2008 18:02:43

                                                                                      U.S. Department of the Treasury
                                                                                       Financial Management Service
                                                                                  Governmentwide Financial Report System
                                                                                          GF006 - FR Notes Report

     Note: 05            Inventories and Related Property                                                                          Fiscal Year: 2008       Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                  Agency Notes:     N/A

  Status: Complete                                                                                 I = Inactive Line


       Section: D              Section Name: Other Information - Number of Items/Volume             No Data Flag: YES           Line Attributes: Units


Line Status Line Description          NB      2008 - SEPTEMBER                2007 - SEPTEMBER             Previously Rptd      Line Item Changes
 1              Seized property      N/A
 2              Forfeited property   N/A
 3              Goods held under     N/A
                price support and
                stabilization
                programs



Tab: Text Data                         No Data Flag: YES
 Line                Question                                                                                          Answer
 1                   Method used to calculate allowance for each category of inventory.
 2                   Significant accounting principles and methods of applying those principles.
 3                   Provide any other relevant information pertaining to this note.




                                                                                                       - 15 -
                                                                                                                                                                                11/15/2008 18:02:43

                                                                            U.S. Department of the Treasury
                                                                             Financial Management Service
                                                                        Governmentwide Financial Report System
                                                                                GF006 - FR Notes Report

     Note: 06          Property, Plant, and Equipment                                                                        Fiscal Year: 2008                 Period: SEPTEMBER
   Entity: 9100        Department of Education                                                                               Agency Notes:         Note 06

  Status: Complete                                                                        I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                   NB    Account     2008 - SEPTEMBER         2007 - SEPTEMBER
                                                                           Type
Property, Plant and Equipment                                       D        A                         52                   46
                                                                        Variance:                       0                    0             Rounding Method: Millions        Decimal: Zero
Line Status Line Description                     CY PP&E         CY Accum. Depr.              CY Net PP& E                       PY PP&E             PY Accum. Depr.               PY Net PP&E
 1          PP&E - balance                                 132                      86                           46                         105                        76                         29
            beginning of year
 2          Prior-period
            adjustments (not
            restated)
 3          Capitalized                                     23                       0                           23                          27                         0                         27
            acquisitions from the
            public
 4          Capitalized
            acquisitions from
            Government agencies
 5          Deletions from the
            Balance Sheet
 6          Revaluations
 7          Stewardship
            reclassifications
 8          Depreciation/amortizati                          0                      17                          -17                           0                        10                        -10
            on
            Total                                          155                      103                          52                          132                       86                         46




                                                                                              - 16 -
                                                                                                                                                                                         11/15/2008 18:02:43

                                                                                     U.S. Department of the Treasury
                                                                                      Financial Management Service
                                                                                 Governmentwide Financial Report System
                                                                                         GF006 - FR Notes Report

     Note: 06              Property, Plant, and Equipment                                                                            Fiscal Year: 2008               Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                   Agency Notes:       Note 06

  Status: Complete                                                                                    I = Inactive Line

Tab: Other Notes Info.

       Section: A                Section Name: Gross cost for PP&E for each category                                              Line Attributes: Dollars
                                                                                                                                Rounding Method: Millions                        Decimal: Zero
Line Status Line Description             NB     2008 - SEPTEMBER            2007 - SEPTEMBER                  Previously Rptd    Line Item Changes
 1              Buildings,              Debit
                structures, and
                facilities (including
                improvement to
                land)
 2              Furniture, fixtures,    Debit                        3                            3                         3                        0
                and equipment
 3              Construction in         Debit
                progress
 4              Land and Land           Debit
                Rights
 5              Internal use            Debit                      152                         129                        129                        0
                software
 6              Assets under            Debit
                capital lease
 7              Leasehold               Debit
                improvements
 8              Other property,         Debit
                plant and
                equipment
 9              Total property,         N/A                        155                         132                        132                        0
                plant and
                equipment
Threshold
 Line Description                                                Question                                                          Answer
 Other Notes Info - Internal use software (2008 -                Please provide explanations for any amounts that have             Internal financial and program system enhancements.
 SEPTEMBER)                                                      changed by 10% or more and or greater than 500,000
                                                                 between the current fiscal year and prior fiscal year.
                                                                 (Unaudited)




                                                                                                          - 17 -
                                                                                                                                                                                      11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

     Note: 06             Property, Plant, and Equipment                                                                               Fiscal Year: 2008             Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                      Agency Notes:       Note 06

  Status: Complete                                                                                     I = Inactive Line


       Section: B               Section Name: Accumulated Depreciation/Amortization                                                 Line Attributes: Dollars
                                                                                                                                  Rounding Method: Millions                   Decimal: Zero
Line Status Line Description             NB      2008 - SEPTEMBER           2007 - SEPTEMBER                   Previously Rptd     Line Item Changes
 1              Buildings,              Credit
                structures, and
                facilities (including
                improvements to
                land)
 2              Furniture, fixtures,    Credit                        3                            2                          2                        0
                and equipment
 3              Internal use            Credit                      100                           84                         84                        0
                software
 4              Assets under            Credit
                capital lease
 5              Leasehold               Credit
                improvements
 6              Other property,         Credit
                plant, and
                equipment
 7              Total accumulated        N/A                     -103                        -86                            -86                        0
                depreciation/amorti
                zation
       Section: C               Section Name: Intragovernmental Capitalized acquisition amounts         No Data Flag: YES           Line Attributes: Dollars
                                                                                                                                  Rounding Method: Millions                   Decimal: Zero
Line Status Line Description             NB      2008 - SEPTEMBER           2007 - SEPTEMBER                   Previously Rptd     Line Item Changes
 1              General Services        Debit
                Administration
 2              Department of           Debit
                Defense
 3              Department of the       Debit
                Interior
 4              Department of           Debit
                Justice
 5              National                Debit
                Aeronautics and
                Space
                Administration
 6              All other               Debit
                departments
 7              Total capitalized        N/A
                assets from


                                                                                                           - 18 -
                                                                                                                                                                                      11/15/2008 18:02:43

                                                                                      U.S. Department of the Treasury
                                                                                       Financial Management Service
                                                                                  Governmentwide Financial Report System
                                                                                          GF006 - FR Notes Report

     Note: 06            Property, Plant, and Equipment                                                                                 Fiscal Year: 2008           Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                        Agency Notes:    Note 06

  Status: Complete                                                                                    I = Inactive Line


       Section: C              Section Name: Intragovernmental Capitalized acquisition amounts          No Data Flag: YES            Line Attributes: Dollars
                                                                                                                                   Rounding Method: Millions                 Decimal: Zero
Line Status Line Description           NB      2008 - SEPTEMBER              2007 - SEPTEMBER                  Previously Rptd      Line Item Changes
                Federal agencies




       Section: D              Section Name: Gain/Loss on Sale/Disposition                              No Data Flag: YES            Line Attributes: Dollars
                                                                                                                                   Rounding Method: User-Defined             Decimal: User-Defined
Line Status Line Description           NB      2008 - SEPTEMBER              2007 - SEPTEMBER                  Previously Rptd      Line Item Changes
 1              Gain/loss on          Credit
                sale/disposition of
                property, plant and
                equipment




Tab: Text Data                           No Data Flag: YES
 Line                Question                                                                                             Answer
 1                   Provide the physical quantity information by category for multiuse heritage assets that are
                     included in the "Line Item Notes" tab of this note (SFFAS No. 16, par 9).
 2                   Disclose any transfer of land where the book value is not known by the receiving entity, if
                     material (SFFAS No. 6, par.72).
 3                   Provide any other relevant information pertaining to this note and any material changes from
                     the prior years' depreciation methods and capitalization thresholds.




                                                                                                           - 19 -
                                                                                                                                                                                    11/15/2008 18:02:43

                                                                                 U.S. Department of the Treasury
                                                                                  Financial Management Service
                                                                             Governmentwide Financial Report System
                                                                                     GF006 - FR Notes Report

     Note: 07          Securities and Investments (Financial Accounting Standards Board (FASB) Statement No 115)                    Fiscal Year: 2008               Period: SEPTEMBER
   Entity: 9100        Department of Education                                                                                      Agency Notes:      N/A

  Status: Complete                                                                              I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                        NB    Account     2008 - SEPTEMBER          2007 - SEPTEMBER
                                                                                Type
Securities and Investments                                               D        A                           0                    0
                                                                             Variance:                        0                    0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description          2008 - SEPTEMBER            2007 - SEPTEMBER            Previously Reported           Line Item Changes
 1          Fixed/Debt Securities
            (FASB 115 par 6 and
            19): Non-U.S.
            Government Securities
 2          Fixed/Debt Securities
            (FASB 115 par 6 and
            19): Commercial
            Securities
 3          Fixed/Debt Securities
            (FASB 115 par 6 and
            19): Mortgage/asset
            backed Securities
 4          Fixed/Debt Securities
            (FASB 115 par 6 and
            19):Corporate and
            other bonds
 5          Fixed/Debt Securities
            (FASB 115 par 6 and
            19):Other fixed/debt
            securities
 6          Equity Securities
            (FASB 115 par 6 and
            19): Common Stocks
 7          Equity Securities
            (FASB 115 par 6 and
            19): Unit Trusts
 8          Equity Securities
            (FASB 115 par 6 and
            19): Other Equity
            Securities
 9          Other
            Total




                                                                                                     - 20 -
                                                                                                                                                                                  11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

     Note: 07             Securities and Investments (Financial Accounting Standards Board (FASB) Statement No 115)               Fiscal Year: 2008              Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                 Agency Notes:     N/A

  Status: Complete                                                                                 I = Inactive Line

Tab: Other Notes Info.

       Section: A              Section Name: Investment Category - Held-to-Maturity Securities       No Data Flag: YES         Line Attributes: Dollars
                                                                                                                             Rounding Method: Millions                    Decimal: Zero
Line Status Line Description            NB     CY Basis (Costs) D               CY Unamortized           CY Net Investment      PY Basis (Cost) D             PY Unamortized     PY Net Investment
                                                                            Premium/Discount D                                                            Premium/Discount D
 1              Fixed/Debt              N/A
                Securities: Non-
                U.S. Government
                securities
 2              Fixed/Debt              N/A
                Securities: Non-
                U.S. Commercial
                securities
 3              Fixed/Debt              N/A
                Securities:
                Mortgage/asset
                backed securities
 4              Fixed/Debt              N/A
                Securities:
                Corporate and
                other bonds
 5              Fixed/Debt              N/A
                Securities: Other
                fixed/debt securities
 6              Equity Securities:      N/A
                Common stocks
 7              Equity Securities:      N/A
                Unit trusts
 8              Equity Securities:      N/A
                Other equity
                securities
 9              Other                   N/A
10              Total Held-to-          N/A
                Maturity Securities




                                                                                                        - 21 -
                                                                                                                                                                                    11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

     Note: 07             Securities and Investments (Financial Accounting Standards Board (FASB) Statement No 115)                Fiscal Year: 2008             Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                  Agency Notes:     N/A

  Status: Complete                                                                                 I = Inactive Line


       Section: B              Section Name: Investment Category - Available-for-Sale Securities     No Data Flag: YES          Line Attributes: Dollars
                                                                                                                              Rounding Method: Millions                     Decimal: Zero
Line Status Line Description            NB       CY Basis (Cost) D       CY Unrealized Gain/Loss            CY Market Value      PY Basis (Cost) D     PY Unrealized Gain/Loss       PY Market Value
                                                                                              D                                                                             D
 1              Fixed/Debt              N/A
                Securities: Non-US
                Government
                securities
 2              Fixed/Debt              N/A
                Securities:
                Commercial
                securities
 3              Fixed/Debt              N/A
                Securities:
                Mortgage/asset
                backed securities
 4              Fixed/Debt              N/A
                Securities:
                Corporate and
                other bonds
 5              Fixed/Debt              N/A
                Securities: Other
                fixed/debt securities
 6              Equity Securities:      N/A
                Common stocks
 7              Equity Securities:      N/A
                Common stocks
 8              Equity Securities:      N/A
                Other equity
                securities
 9              Other                   N/A
10              Total Available-        N/A
                for-Sale Securities




                                                                                                        - 22 -
                                                                                                                                                                                    11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

     Note: 07             Securities and Investments (Financial Accounting Standards Board (FASB) Statement No 115)                Fiscal Year: 2008             Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                  Agency Notes:     N/A

  Status: Complete                                                                                 I = Inactive Line


       Section: C               Section Name: Investment Category - Trading Securities               No Data Flag: YES          Line Attributes: Dollars
                                                                                                                              Rounding Method: Millions                     Decimal: Zero
Line Status Line Description            NB       CY Basis (Cost) D       CY Unrealized Gain/Loss            CY Market Value      PY Basis (Cost) D     PY Unrealized Gain/Loss       PY Market Value
                                                                                              D                                                                             D
 1              Fixed/Debt              N/A
                Securities: Non-US
                Government
                securities
 2              Fixed/Debt              N/A
                Securities:
                Commercial
                securities
 3              Fixed/Debt              N/A
                Securities:
                Mortgage/asset
                backed securities
 4              Fixed/Debt              N/A
                Securities:
                Corporate and
                other bonds
 5              Fixed/Debt              N/A
                Securities: Other
                fixed/debt securities
 6              Equity Securities:      N/A
                Common stocks
 7              Equity Securities:      N/A
                Unit trusts
 8              Equity Securities:      N/A
                Other equity
                securities
 9              Other                   N/A
10              Total Trading           N/A
                Securities




                                                                                                        - 23 -
                                                                                                                                                                            11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

     Note: 07             Securities and Investments (Financial Accounting Standards Board (FASB) Statement No 115)                Fiscal Year: 2008       Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                  Agency Notes:     N/A

  Status: Complete                                                                                 I = Inactive Line


       Section: D              Section Name: Other Information (FASB 115, pars. 21a, 21c, 21d,       No Data Flag: YES          Line Attributes: Dollars
                                             21e, and 22)                                                                     Rounding Method: Millions             Decimal: Zero
Line Status Line Description           NB      2008 - SEPTEMBER             2007 - SEPTEMBER                Previously Rptd      Line Item Change
 1              Proceeds from         Debit
                sales of available-
                for-sale securities
 2              Gross realized        Debit
                gains (included in
                earnings) from
                sales of available-
                for-sale securities
 3              Gross realized        Credit
                losses (included in
                earnings) from
                sales of available-
                for-sale securities
 4              Gross gains           Debit
                included in
                earnings from s
                from transfers of
                securities from
                available-for-sale
                into trading
 5              Gross losses          Credit
                included in
                earnings from s
                from transfers of
                securities from
                available-for-sale
                into trading
 6              Net unrealized        Debit
                holding gain on
                available-for-sale
                securities included
                in accumulated
                other
                comprehensive
                income
 7              Net unrealized        Credit
                holding loss on
                available-for-sale
                securities included
                in accumulated
                other
                comprehensive


                                                                                                        - 24 -
                                                                                                                                                                                   11/15/2008 18:02:43

                                                                                      U.S. Department of the Treasury
                                                                                       Financial Management Service
                                                                                  Governmentwide Financial Report System
                                                                                          GF006 - FR Notes Report

     Note: 07            Securities and Investments (Financial Accounting Standards Board (FASB) Statement No 115)                        Fiscal Year: 2008       Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                           Agency Notes:    N/A

  Status: Complete                                                                                      I = Inactive Line


       Section: D            Section Name: Other Information (FASB 115, pars. 21a, 21c, 21d,             No Data Flag: YES             Line Attributes: Dollars
                                           21e, and 22)                                                                              Rounding Method: Millions             Decimal: Zero
Line Status Line Description         NB      2008 - SEPTEMBER                 2007 - SEPTEMBER                   Previously Rptd        Line Item Change
                income
 8          Amount of               Debit
            gains/losses
            reclassified out of
            accumulated other
            comprehensive
            income into
            earnings for the
            period
 9          Portion of trading      Debit
            gains/losses that
            relates to trading
            securities still held
            at the reporting
            date
10          Net carrying            Debit
            amount of
            sold/transferred
            held-to-maturity
            securities
11          Net gain/loss in        Debit
            accum. other
            comp. income for
            any derivative that
            hedged the
            forecasted
            acquisition of HTM
            security
Tab: Text Data                         No Data Flag: YES
 Line               Question                                                                                                Answer
 1                  Provide a description of the amounts reported on the "Line Item Notes" tab for lines 5 and 8.
 2                  Provide a description of the amounts reported on the "Other Notes Infor" tab for lines 5 and 8
                    in Sections A through C.
 3                  Provide the basis on which the cost of a security sold or the amount reclassified out of
                    accumulated other comprehensive income into earnings was determined (FASB 115 par
                    21b).
 4                  Provide the circumstances leading to the decision to sell or transfer the security for held-to-
                    maturity securities (FASB 115 par 22).
 5                  Provide any other relevant information pertaining to this note.




                                                                                                            - 25 -
                                                                                                                                                                                                      11/15/2008 18:02:43

                                                                                       U.S. Department of the Treasury
                                                                                        Financial Management Service
                                                                                   Governmentwide Financial Report System
                                                                                           GF006 - FR Notes Report

     Note: 08           Other Assets                                                                                                          Fiscal Year: 2008                Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                                               Agency Notes:      Note 08

  Status: Complete                                                                                      I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                              NB    Account      2008 - SEPTEMBER           2007 - SEPTEMBER
                                                                                      Type
Other Assets                                                                  D         A                              37                    0
                                                                                   Variance:                            0                    0            Rounding Method: Millions              Decimal: Zero
Line Status Line Description            2008 - SEPTEMBER               2007 - SEPTEMBER                   Previously Rptd             Line Item Changes
 1             Advances and
               prepayments
 2             Other Assets                                      37                               0                                                          0
               Total                                             37                               0                                                          0
Threshold

 Line Description                                                 Question                                                                 Answer
 Line Item Notes - Other Assets (2008 - SEPTEMBER)                Please provide explanations for any amounts that have                    Primarily an increase in FFEL Program Other Assets, which include in-
                                                                  changed by 10% or more and or greater than 500,000 between               process invoices for interest benefits and special allowance to lenders
                                                                  the current fiscal year and prior fiscal year. (Unaudited)
Tab: Text Data                         No Data Flag: YES
 Line               Question                                                                                                 Answer
 1                  Provide a description of advances and prepayments on the "Line Item Notes" tab for line 1.
 2                  Provide a description and related amounts for balances that exceed $1 billion in the line titled
                    "Other Assets" on the "Line Item Notes" tab.
 3                  Provide any other relevant information pertaining to this note.




                                                                                                             - 26 -
                                                                                                                                                                                        11/15/2008 18:02:43

                                                                               U.S. Department of the Treasury
                                                                                Financial Management Service
                                                                           Governmentwide Financial Report System
                                                                                   GF006 - FR Notes Report

     Note: 09          Accounts Payable                                                                                          Fiscal Year: 2008                Period: SEPTEMBER
   Entity: 9100        Department of Education                                                                                   Agency Notes:      Note 09

  Status: Complete                                                                           I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                      NB    Account     2008 - SEPTEMBER         2007 - SEPTEMBER
                                                                              Type
Accounts Payable                                                      C         L                    1,296                    913
                                                                           Variance:                     0                      0            Rounding Method: Millions             Decimal: Zero
Line Status Line Description         2008 - SEPTEMBER            2007 - SEPTEMBER              Previously Rptd           Line Item Changes
 1          Accounts Payable                             1,296                         913                         913                          0
            Total                                        1,296                         913                         913                          0
Threshold

 Line Description                                          Question                                                           Answer
 Line Item Notes - Accounts Payable (2008 - SEPTEMBER)     Please provide explanations for any amounts that have              The change is primarily due to an increase in FFEL interest benefits payable
                                                           changed by 10% or more and or greater than 500,000 between         and Driect Loan disbursements in-transit
                                                           the current fiscal year and prior fiscal year. (Unaudited)




                                                                                                 - 27 -
                                                                                                                                                                                 11/15/2008 18:02:43

                                                                                   U.S. Department of the Treasury
                                                                                    Financial Management Service
                                                                               Governmentwide Financial Report System
                                                                                       GF006 - FR Notes Report

     Note: 10B        Treasury securities held by the Government trust, revolving, and special funds                             Fiscal Year: 2008            Period: SEPTEMBER
  Entity: 9100        Department of Education                                                                                    Agency Notes:   N/A

  Status: Complete                                                                                     I = Inactive Line

Tab: Other Notes Info.

      Section: A           Section Name: Investments in Federal Debt securities                         No Data Flag: YES     Line Attributes: Dollars
                                                                                                                            Rounding Method: User-Defined               Decimal: User-Defined
Line Status Line Description       NB        CY Par value of the                 CY Unamortized CY Unamortized premium       CY Net Investment              PY Par Value D PY Unamortized discount
                                                 investment D                       Discount C                       D                                                                          C
23                                N/A
24                                N/A
25                                N/A
26           All other programs   N/A
             and funds
27           Total                N/A

Line Status Line Description       NB            PY Unamortized             PY Net Investment
                                                    premium D
23                                 N/A
24                                 N/A
25                                 N/A
26           All other programs    N/A
             and funds
27           Total                 N/A




                                                                                                           - 28 -
                                                                                                                                                                                 11/15/2008 18:02:43

                                                                                U.S. Department of the Treasury
                                                                                 Financial Management Service
                                                                            Governmentwide Financial Report System
                                                                                    GF006 - FR Notes Report

     Note: 11          Federal Employee and Veteran Benefits Payable                                                             Fiscal Year: 2008               Period: SEPTEMBER
   Entity: 9100        Department of Education                                                                                   Agency Notes:       N/A

  Status: Complete                                                                           I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                       NB    Account    2008 - SEPTEMBER         2007 - SEPTEMBER
                                                                               Type
Federal Employee and Veteran Benefits Payable                          C         L                        16                   16
                                                                            Variance:                      0                    0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description         2008 - SEPTEMBER            2007 - SEPTEMBER              Previously Rptd           Line Item Changes
 1          Pension and accrued
            benefits
 2          Post-retirement health
            and accrued benefits
 3          Veteran's
            compensation and
            burial benefits
 4          Life Insurance and
            accrued benefits
 5          FECA Benefits                                   16                          16                          16                          0
 6          Liability for other
            retirement and
            postemployment
            benefits
            Total                                           16                          16                          16                           0




                                                                                                 - 29 -
                                                                                                                                                                         11/15/2008 18:02:43

                                                                                   U.S. Department of the Treasury
                                                                                    Financial Management Service
                                                                               Governmentwide Financial Report System
                                                                                       GF006 - FR Notes Report

     Note: 11             Federal Employee and Veteran Benefits Payable                                                         Fiscal Year: 2008       Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                               Agency Notes:     N/A

  Status: Complete                                                                               I = Inactive Line

Tab: Other Notes Info.

       Section: A               Section Name: Pension and Accrued Benefits Liability-To be        No Data Flag: YES          Line Attributes: Dollars
                                              completed for the amount entered for pension and                             Rounding Method: Millions             Decimal: Zero
                                              accrued benefits in the "Line Item Notes" tab
Line Status Line Description             NB      2008 - SEPTEMBER          2007 - SEPTEMBER              Previously Rptd    Line Item Changes
 1              Pension and             Credit
                accrued benefits
                liability- beginning
                of period
 2              Prior-period            Credit
                adjustments(not
                restated)
 3              Prior (and past)        Credit
                service costs from
                plan amendments
                (or the initiation of
                a new plan) during
                the period
 4              Assumption              Credit
                Change Liability
 5              Normal Costs            Credit
                (SFFAS No. 5, par.
                72)
 6              Interest on pension     Credit
                liability during the
                period
 7              Prior (and past)        Credit
                service cost (from
                the initiation of a
                new plan)
 8              Actuarial               Credit
                (gains)/losses
 9              Total pension            N/A
                expense (SFFAS
                No. 5, par.72)
10              Less Benefits Paid      Debit
11              Pension and              N/A
                Accrued Benefits
                Liability-end of
                period




                                                                                                     - 30 -
                                                                                                                                                                             11/15/2008 18:02:43

                                                                                     U.S. Department of the Treasury
                                                                                      Financial Management Service
                                                                                 Governmentwide Financial Report System
                                                                                         GF006 - FR Notes Report

     Note: 11              Federal Employee and Veteran Benefits Payable                                                            Fiscal Year: 2008       Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                  Agency Notes:     N/A

  Status: Complete                                                                                   I = Inactive Line


       Section: B                Section Name: Pension Liability Long-Term Significant Assumptions    No Data Flag: YES          Line Attributes: Percent
                                               Used in 2008 and 2007 Valuation (SFFAS No. 5,
                                               par.67)
Line Status Line Description             NB      2008 - SEPTEMBER            2007 - SEPTEMBER                Previously Rptd    Line Item Changes
 1              Rate of Interest         N/A
 2              Rate of inflation        N/A
 3              Projected salary         N/A
                increases




       Section: C                Section Name: Postretirement Health and Accrued Benefits             No Data Flag: YES          Line Attributes: Dollars
                                                                                                                               Rounding Method: Millions             Decimal: Zero
Line Status Line Description             NB      2008 - SEPTEMBER            2007 - SEPTEMBER                Previously Rptd    Line Item Changes
 1              Postretirement          Credit
                health and accrued
                benefits liability-
                beginning of period
                (SFFAS No. 5,
                par.88)
 2              Prior-period            Credit
                adjustments (not
                restated)
 3              Prior (and past)        Credit
                service costs from
                plan amendments
                (or the initiation of
                a new plan) during
                the period
 4              Normal costs            Credit
 5              Interest on liability   Credit
 6              Change in medical       Credit
                inflation rate
                assumption
                (gains)/losses
 7              Other actuarial         Credit
                (gains)/losses
 8              Total                    N/A
                postretirement
                health benefits



                                                                                                         - 31 -
                                                                                                                                                                             11/15/2008 18:02:43

                                                                                  U.S. Department of the Treasury
                                                                                   Financial Management Service
                                                                              Governmentwide Financial Report System
                                                                                      GF006 - FR Notes Report

     Note: 11             Federal Employee and Veteran Benefits Payable                                                         Fiscal Year: 2008          Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                               Agency Notes:     N/A

  Status: Complete                                                                               I = Inactive Line


       Section: C              Section Name: Postretirement Health and Accrued Benefits           No Data Flag: YES          Line Attributes: Dollars
                                                                                                                           Rounding Method: Millions                Decimal: Zero
Line Status Line Description           NB     2008 - SEPTEMBER            2007 - SEPTEMBER               Previously Rptd    Line Item Changes
                expense
 9              Less claims paid      Debit
10              Postretirement        N/A
                health and accrued
                benefits liability-
                end of period




       Section: D              Section Name: Postretirement Health Liability Significant          No Data Flag: YES          Line Attributes: Percent
                                             Assumptions Used in Determining the 2008 and 2007
                                             Valuation
Line Status Line Description           NB     2008 - SEPTEMBER            2007 - SEPTEMBER               Previously Rptd    Line Item Changes
 1              Rate of Interest      N/A
 2              Rate of health care   N/A
                cost inflation
 3              Estimate of single    N/A
                equivalent rate of
                health care cost
                inflation


       Section: G              Section Name: Other                                                No Data Flag: YES          Line Attributes: Dollars
                                                                                                                           Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description           NB     2008 - SEPTEMBER            2007 - SEPTEMBER               Previously Rptd    Line Item Changes
 1              Non-marketable        Debit
                Treasury securities
                held by Thrift
                Savings Plan (TSP)
                Fund
 2        I     Total assets of       Debit
                pension and other
                retirment and
                benefit plans
 3              Total assets of       Debit
                pension (SFFAS
                No.5, par. 68)
 4              Market value of       Debit


                                                                                                     - 32 -
                                                                                                                                                                         11/15/2008 18:02:43

                                                                                  U.S. Department of the Treasury
                                                                                   Financial Management Service
                                                                              Governmentwide Financial Report System
                                                                                      GF006 - FR Notes Report

     Note: 11            Federal Employee and Veteran Benefits Payable                                                      Fiscal Year: 2008          Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                            Agency Notes:     N/A

  Status: Complete                                                                           I = Inactive Line


       Section: G               Section Name: Other                                           No Data Flag: YES          Line Attributes: Dollars
                                                                                                                       Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description           NB     2008 - SEPTEMBER            2007 - SEPTEMBER           Previously Rptd    Line Item Changes
                investments in
                market-based and
                marketable
                securities included
                in line 2
 5              Total assets of       Debit
                other retirement
                benefit plans
                (SFFAS No. 5, par.
                85)
 6              Market value of       Debit
                investments in
                market-based and
                marketable
                securities included
                in line 4 (SFFAS
                no. 5, par.85)
       Section: O               Section Name: Number of Pension Plans Administrated           No Data Flag: YES          Line Attributes: Units


Line Status Line Description           NB     2008 - SEPTEMBER            2007 - SEPTEMBER           Previously Rptd    Line Item Changes
 1              Pension plans         N/A
                administrated




                                                                                                 - 33 -
                                                                                                                                                                            11/15/2008 18:02:43

                                                                                       U.S. Department of the Treasury
                                                                                        Financial Management Service
                                                                                   Governmentwide Financial Report System
                                                                                           GF006 - FR Notes Report

     Note: 11          Federal Employee and Veteran Benefits Payable                                                                  Fiscal Year: 2008     Period: SEPTEMBER
    Entity: 9100       Department of Education                                                                                        Agency Notes:   N/A

 Status: Complete                                                                                        I = Inactive Line

Tab: Text Data                        No Data Flag: YES
Line               Question                                                                                                  Answer
1                  Provide the following information as it relates to the future policy benefits for noncancelable
                   and renewable life insurance (other than whole life) (SFFAS No. 5, par. 110, table 9): a
                   description of each component of the liability for future policy benefits, an explanation of its
                   projected use, and any other potential uses.
2                  For pension plans that differ from the Civil Service Retirement System (CSRS), the Federal
                   Employee Retirement System (FERS), and the Military Retirement System (MRS), describe
                   how and why the assumptions differ from one of those plans (SFFAS No. 5, par. 67).
3                  Provide the long-term projection of the significant assumptions used in determining pension
                   liability and the related expense.
4                  Provide the long-term projection of the significant assumptions used in determining the
                   postretirement health benefits liability and the related expense.
7                  Provide any other relevant information pertaining to this note.
8                  Provide the sources(s) of the information entered for "Line Item Notes" tab numbers 4, 5,
                   and 6.
9                  Provide the source(s) for the components of pension expense entered in Section A.
10                 Provide the source(s) for the interest rate entered in Section B.
11                 Provide the source(s) for the components of postretirement expense entered in Section C.
12                 Provide the source(s) for the interest rate entered in Section D.




                                                                                                             - 34 -
                                                                                                                                                                                11/15/2008 18:02:43

                                                                               U.S. Department of the Treasury
                                                                                Financial Management Service
                                                                           Governmentwide Financial Report System
                                                                                   GF006 - FR Notes Report

      Note: 12          Environmental and Disposal Liabilities                                                                  Fiscal Year: 2008               Period: SEPTEMBER
   Entity: 9100         Department of Education                                                                                 Agency Notes:      N/A

  Status: Complete                                                                          I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                      NB    Account    2008 - SEPTEMBER         2007 - SEPTEMBER
                                                                              Type
Environmental and Disposal Liabilities                                C         L                        0                     0
                                                                           Variance:                     0                     0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description             2008 - SEPTEMBER        2007 - SEPTEMBER             Previously Rptd           Line Item Changes
  9
 10
 11
 12
 13
 14          Other Environmental
             and Disposal Liabilities
             Total




                                                                                                - 35 -
                                                                                                                                                                                             11/15/2008 18:02:43

                                                                                         U.S. Department of the Treasury
                                                                                          Financial Management Service
                                                                                     Governmentwide Financial Report System
                                                                                             GF006 - FR Notes Report

     Note: 12            Environmental and Disposal Liabilities                                                                                 Fiscal Year: 2008          Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                                Agency Notes:   N/A

  Status: Complete                                                                                            I = Inactive Line

Tab: Other Notes Info.

       Section: A              Section Name: Other Related Information                                         No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                           Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description          NB       2008 - SEPTEMBER                 2007 - SEPTEMBER                      Previously Rptd       Line Item Changes
 1              Unrecognized         Debit
                portion of
                estimated total
                cleanup costs
                associated with
                general property,
                plant, and
                equipment


Tab: Text Data                          No Data Flag: YES
 Line                Question                                                                                                     Answer
 1                   List the applicable laws and regulations covering cleanup requirements
 2                   Provide a description of the type of environmental and disposal liabilties identified.
 3                   Provide any other relevant information pertaining to this note.




                                                                                                                  - 36 -
                                                                                                                                                                       11/15/2008 18:02:43

                                                                      U.S. Department of the Treasury
                                                                       Financial Management Service
                                                                  Governmentwide Financial Report System
                                                                          GF006 - FR Notes Report

     Note: 13          Benefits Due and Payable                                                                        Fiscal Year: 2008               Period: SEPTEMBER
   Entity: 9100        Department of Education                                                                         Agency Notes:      N/A

  Status: Complete                                                                 I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                             NB    Account    2008 - SEPTEMBER         2007 - SEPTEMBER
                                                                     Type
Benefits Due and Payable                                     C         L                        0                     0
                                                                  Variance:                     0                     0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description         2008 - SEPTEMBER   2007 - SEPTEMBER             Previously Rptd           Line Item Changes
 9          Other Entitlement
            BenefitsDue and
            Payable
            Total




                                                                                       - 37 -
                                                                                                                                                                                             11/15/2008 18:02:43

                                                                                      U.S. Department of the Treasury
                                                                                       Financial Management Service
                                                                                  Governmentwide Financial Report System
                                                                                          GF006 - FR Notes Report

     Note: 14          Insurance Programs Other Than Veterans Affairs                                                                        Fiscal Year: 2008               Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                                              Agency Notes:      N/A

  Status: Complete                                                                                     I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                             NB    Account     2008 - SEPTEMBER            2007 - SEPTEMBER
                                                                                     Type
Insurance Programs                                                           C         L                            0                       0
                                                                                  Variance:                         0                       0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description            2008 - SEPTEMBER              2007 - SEPTEMBER                   Previously Rptd             Line Item Changes
 4            Other Insurance
              Programs
              Total

Tab: Text Data                         No Data Flag: YES
 Line               Question                                                                                                Answer
 1                  Provide a description for the type of insurance programs identified in the "Line Item Notes"
                    tab.
 2                  Provide the name, description, and the related amounts of the insurance programs entered
                    on the line titled, "Other insurance programs" in the "Line Item Notes" tab.
 3                  Provide any other relevant information pertaining to this note.




                                                                                                           - 38 -
                                                                                                                                                                                          11/15/2008 18:02:43

                                                                                         U.S. Department of the Treasury
                                                                                          Financial Management Service
                                                                                     Governmentwide Financial Report System
                                                                                             GF006 - FR Notes Report

      Note: 15              Other Liabilities                                                                                             Fiscal Year: 2008               Period: SEPTEMBER
   Entity: 9100             Department of Education                                                                                       Agency Notes:       Note 15

  Status: Complete                                                                                    I = Inactive Line

Tab: Line Item Notes
Closing Package Line Description                                                NB    Account    2008 - SEPTEMBER         2007 - SEPTEMBER
                                                                                        Type
Other Liabilities                                                               C         L                   2,374                   2,221
                                                                                     Variance:                    0                       0           Rounding Method: Millions       Decimal: Zero
Line Status Line Description                    2008 - SEPTEMBER           2007 - SEPTEMBER             Previously Rptd           Line Item Changes
 1               Deferred revenue                                    42                           0                                                      0
 2               Accrued wages and                                   19                          15                          15                          0
                 benefits
 4               Other debt
 6               Legal and other
                 contingencies
 7               Grant payments due to                             2,245                      2,094                                                   2,094
                 State and local
                 governments and
                 others
  8      I       Capital lease liabilities
  9      I       Contingent liabilities
 10      I       Accrued grant                                                                                            2,094
                 liabilities
 11              Other employee and
                 actuarial liabilities
 13              D.C. pension liability
 14              Custodial liabilities
 15              Accrued annual leave                                33                          31                          31                          0
 17              Advances and
                 prepayments
 18              Farm and other
                 subsidies
 19              Deposit funds                                       35                          35                                                     35
 20              Bonneville Power
                 Administration Non-
                 Federal power projects
                 and capital lease
                 liabilities and disposal
                 liabilities
 21      I       Accrued subsidies
 22              Contractual Services                                 0                          46                          46                          0
 23
 24              Deposited funds and                                                              0                          35                        -35
                 undeposited


                                                                                                          - 39 -
                                                                                                                                                                                                               11/15/2008 18:02:43

                                                                                        U.S. Department of the Treasury
                                                                                         Financial Management Service
                                                                                    Governmentwide Financial Report System
                                                                                            GF006 - FR Notes Report

      Note: 15           Other Liabilities                                                                                                       Fiscal Year: 2008                    Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                                  Agency Notes:        Note 15

  Status: Complete                                                                                        I = Inactive Line


Line Status Line Description                 2008 - SEPTEMBER           2007 - SEPTEMBER                    Previously Rptd            Line Item Changes
              collections
 25           Other Liabilities
              Total                                             2,374                          2,221                          2,221                           2,094
Threshold

 Line Description                                                  Question                                                                   Answer
 Line Item Notes - Deferred revenue (2008 - SEPTEMBER)             Please provide explanations for any amounts that have                      The variance represents offset to receivables due from the Lenders for
                                                                   changed by 10% or more and or greater than 500,000 between                 Special Allowance, Origination Fees and Lender Loan Fees.
                                                                   the current fiscal year and prior fiscal year. (Unaudited)
 Line Item Notes - Accrued wages and benefits (2008 -              Please provide explanations for any amounts that have                      The change is due to a change in the number of days included in the accrual
 SEPTEMBER)                                                        changed by 10% or more and or greater than 500,000 between
                                                                   the current fiscal year and prior fiscal year. (Unaudited)
Tab: Text Data
 Line                Question                                                                                                 Answer
 1                   Provide more details on the liabilities reported on the "Line Item Notes" tab for each line 1            Other liabilities consists of liabilities not recognized in specific categories, including (but
                     through 21 by including a description of the significant related amounts and providing the               is not limited to) liabilities related to grants payable, advances and prepayments, and
                     page number of the agency's financial report where the amount is identified.                             accrued liabilities related to ongoing continuous expenses such as Federal employee
                                                                                                                              salaries and accrued employee annual leave.

                                                                                                                              Accrued Grant Liability:
                                                                                                                              Disbursements of grant funds are recognized as expenses at the time of disbursement.
                                                                                                                              However, some grant recipients incur expenditures prior to initiating a request for
                                                                                                                              disbursement based on the nature of the expenditures. A liability is accrued by the
                                                                                                                              Department for expenditures incurred by grantees prior to their receiving grant funds to
                                                                                                                              cover the expenditures. The amount is estimated using statistical sampling techniques.
                                                                                                                               (See Note 10)


 2                   Provide a description and related amounts for balances that exceed $50 million on the line
                     titled, "Other liabilities," and provide the page number of the agency's financial report where
                     the amount is identified.
 3                   Provide any other relevant information pertaining to this note.




                                                                                                               - 40 -
                                                                                                                                                                                      11/15/2008 18:02:43

                                                                                      U.S. Department of the Treasury
                                                                                       Financial Management Service
                                                                                  Governmentwide Financial Report System
                                                                                          GF006 - FR Notes Report

     Note: 17             Prior-Period Adjustments                                                                                       Fiscal Year: 2008          Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                        Agency Notes:   N/A

  Status: Complete                                                                                     I = Inactive Line

Tab: Other Notes Info.

       Section: A              Section Name: Prior Period Adjustments                                   No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                    Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description            NB      2008 - SEPTEMBER
 1              Amounts that           Credit
                adjusted CY
                beginning net
                position - for
                change in
                accounting
                principles
 2              Amounts that           Credit
                adjusted CY
                beginning net
                position - for
                correction of errors
                in PP not restated
       Section: B              Section Name: Prior-Period Adjustments - Restatements                    No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                    Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description            NB           Credit Amount C               Debit Amount D
 1                                      N/A
 2                                      N/A
 3                                      N/A
 4                                      N/A
 5                                      N/A
 6                                      N/A
 7                                      N/A
 8                                      N/A
 9                                      N/A
10                                      N/A
Tab: Text Data                            No Data Flag: YES
 Line                 Question                                                                                             Answer
 1                    Describe the adjustments to beginning net position that resulted from changes in accounting
                      principles and all corrections of errors that were not restated.
 2                    Describe the corrections of error that were restated.
 3                    Describe any Federal prior-period adjustments.
 4                    Provide any other relevant information pertaining to this note.




                                                                                                           - 41 -
                                                                                                                                                                                 11/15/2008 18:02:43

                                                                                   U.S. Department of the Treasury
                                                                                    Financial Management Service
                                                                               Governmentwide Financial Report System
                                                                                       GF006 - FR Notes Report

     Note: 18              Contingencies (SFFAS Nos. 5 and 12)                                                                   Fiscal Year: 2008            Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                               Agency Notes:     Note 18

  Status: Complete                                                                                I = Inactive Line

Tab: Other Notes Info.

       Section: A              Section Name: Insurance Contingencies (Reasonably Possible Only)    No Data Flag: YES          Line Attributes: Dollars
                                                                                                                            Rounding Method: User-Defined               Decimal: User-Defined
Line Status Line Description           NB     2008 - SEPTEMBER             2007 - SEPTEMBER               Previously Rptd     Line Item Changes
 4                                   Credit
 5                                   Credit
 6                                   Credit
 7                                   Credit
 8                                   Credit
 9              Other insurance      Credit
                contingencies
10              Total                 N/A
       Section: B              Section Name: Insurance in force (Sum of Policy Face Value and      No Data Flag: YES          Line Attributes: Dollars
                                             Dividends Paid)                                                                Rounding Method: User-Defined               Decimal: User-Defined
Line Status Line Description           NB     2008 - SEPTEMBER             2007 - SEPTEMBER               Previously Rptd     Line Item Changes
 3                                   Credit
 4                                   Credit
 5                                   Credit
 6                                   Credit
 7                                   Credit
 8              Other insurance in   Credit
                force
 9              Total                 N/A
       Section: C              Section Name: Civil Litigation, Claims and Assessments              No Data Flag: YES          Line Attributes: Dollars
                                                                                                                            Rounding Method: User-Defined               Decimal: User-Defined
Line Status Line Description           NB     CYAccrued/Estimated      CY Estimated Range(Low          CY Estimated Range CY Claim amount(Unable       PYAccrued/Estimated PY Estimated Range(Low
                                                        amount                          end)                  (High end)      to determine loss)      amount rued/Estimated                 end)
                                                                                                                                                                  amount
 1              Probable             Credit
 2              Reasonably           Credit
                Possible
Line Status Line Description           NB       PY Estimated Range       PY Claim amunt (unable
                                                        (High end)               to determine)
 1              Probable             Credit
 2              Reasonably           Credit
                Possible


                                                                                                      - 42 -
                                                                                                                                                                                                         11/15/2008 18:02:43

                                                                                        U.S. Department of the Treasury
                                                                                         Financial Management Service
                                                                                    Governmentwide Financial Report System
                                                                                            GF006 - FR Notes Report

     Note: 18              Contingencies (SFFAS Nos. 5 and 12)                                                                                   Fiscal Year: 2008                 Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                               Agency Notes:      Note 18

  Status: Complete                                                                                       I = Inactive Line


       Section: D              Section Name: Environmental Litigation, Claims, and Assessments             No Data Flag: YES                Line Attributes: Dollars
                                                                                                                                          Rounding Method: User-Defined                        Decimal: User-Defined
Line Status Line Description          NB       CYAccrued/Estimated               CY Estimated Range            CY Estimated Range        CY Claim amunt(unable           PY Accrued/Estimated           PY Estimated Range
                                                         amount                          (Low end)                    (High end)                 to determine)                      amount                      (Low end)
 1              Probable             Credit
 2              Reasonably           Credit
                Possible
Line Status Line Description           NB       PY Estimated Range         PY Claim amount (unable
                                                     (High Range)                    to determine)
 1              Probable             Credit
 2              Reasonably           Credit
                Possible
       Section: E              Section Name: Other Contingencies                                           No Data Flag: YES                Line Attributes: Dollars
                                                                                                                                          Rounding Method: User-Defined                        Decimal: User-Defined
Line Status Line Description          NB       2008 - SEPTEMBER                2007 - SEPTEMBER                      Previously Rptd        Line Item Changes
 3                                   Credit
 4                                   Credit
 5                                   Credit
 6        I                          Credit
 7        I                          Credit



Tab: Text Data
 Line                Question                                                                                                  Answer
 1                   Describe the risk insurance programs that are in force.
 2                   Provide the nature of the isurance contingencies.
 3                   Provide the nature of the litigation contingencies, including the range of loss for probable
                     liabilities.
 4                   Provide the nature of the litigation contingencies including the range of loss for reasonably             The Department is involved in various lawsuits incidental to its operations. The
                     possible contingencies.                                                                                   Treasury Judgment Fund pays judgments resulting from litigation against the
                                                                                                                               Department. In the opinion of management, the ultimate resolution of pending litigation
                                                                                                                               will not have a material effect on the Department's financial position.
 5                   Provide the total claim amount for cases assessed as "unable to determine" if significant.
                     Also, provide a statement on whether this materiality affects the financial statements.
 6                   Provide any other relevant information pertaining to this note.




                                                                                                              - 43 -
                                                                                                                                                                         11/15/2008 18:02:43

                                                                               U.S. Department of the Treasury
                                                                                Financial Management Service
                                                                           Governmentwide Financial Report System
                                                                                   GF006 - FR Notes Report

     Note: 19              Commitments                                                                                      Fiscal Year: 2008          Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                          Agency Notes:   Note 19

  Status: Complete                                                                          I = Inactive Line

Tab: Other Notes Info.

       Section: A               Section Name: Capital leases-Asset                           No Data Flag: YES           Line Attributes: Dollars
                                                                                                                       Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description            NB              CY Federal         CY Non-Federal                 PY Federal       PY Non-Federal
 1              Building               Debit
 2              Land                   Debit
 3              Equipment              Debit
 4              Software license       Debit
 5              Other                  Debit
 6        I                            Debit
 7        I                            Debit
 8        I                            Debit
 9        I                            Debit
10        I                            Debit
11              Accumulated            Credit
                depreciation/amorti
                zation
12              Net assets under        N/A
                capital leases
       Section: B               Section Name: Capital leases - Liability                     No Data Flag: YES           Line Attributes: Dollars
                                                                                                                       Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description            NB              CY Federal         CY Non-Federal                PY Federal        PY Non-Federal
 1              Future minimum         Credit
                lease programs
 2              Imputed interest       Debit
 3              Executory costs        Debit
                including any profit
 4              Total capital lease     N/A
                liability




                                                                                                - 44 -
                                                                                                                                                                                                        11/15/2008 18:02:43

                                                                                         U.S. Department of the Treasury
                                                                                          Financial Management Service
                                                                                     Governmentwide Financial Report System
                                                                                             GF006 - FR Notes Report

     Note: 19              Commitments                                                                                                          Fiscal Year: 2008                 Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                              Agency Notes:       Note 19

  Status: Complete                                                                                        I = Inactive Line


       Section: C                Section Name: Commitments: Operating leases and undelivered                                               Line Attributes: Dollars
                                               orders                                                                                    Rounding Method: Millions                            Decimal: Zero
Line Status Line Description            NB                CY Federal                CY Non-Federal                     PY Federal            PY Non-Federal
 1              Operating leases       Credit                           66                            0                           65                            0
 2              Undelivered orders     Credit                            0                      47,211                             0                       48,235




       Section: D                Section Name: Other Commitments                                           No Data Flag: YES               Line Attributes: Dollars
                                                                                                                                         Rounding Method: User-Defined                        Decimal: User-Defined
Line Status Line Description            NB                CY Federal                CY Non-Federal                     PY Federal            PY Non-Federal
 9                                     Credit
10                                     Credit
11                                     Credit
12                                     Credit
13                                     Credit
14        I                            Debit
15              Total                   N/A
Tab: Text Data
 Line                   Question                                                                                              Answer
 1                      Describe the lessee's leasing arrangements including the basis on which contingent rental             The Department leases office space from the General Services Administration (GSA).
                        payments are determined, the existence and terms of renewal or purchase options,                      The lease contracts with GSA for privately and publicly owned buildings are operating
                        escalation clauses and restrictions imposed by lease agreement.                                       leases. Future lease payments are not accrued as liabilities, but expensed as incurred.
 2                      Provide any other relevant information pertaining to this note. (Reference the Note in the
                        agency's Performance and Accountability Report.)




                                                                                                              - 45 -
                                                                                                                                                                                         11/15/2008 18:02:43

                                                                                U.S. Department of the Treasury
                                                                                 Financial Management Service
                                                                            Governmentwide Financial Report System
                                                                                    GF006 - FR Notes Report

     Note: 20        Dedicated Collections (Excluding Funds Identified as Earmarked and Reported in Note 22 - Earmarked                 Fiscal Year: 2008            Period: SEPTEMBER
                     Funds)
                                                                                                                                         Agency Notes:     N/A
     Entity: 9100    Department of Education

  Status: Complete                                                                               I = Inactive Line

Tab: Other Notes Info.

       Section: A         Section Name: Assets - Current Year                                     No Data Flag: YES                  Line Attributes: Dollars
                                                                                                                                   Rounding Method: User-Defined                Decimal: User-Defined
Line Status Line Description     NB            Inv. in Fed debt            Fund balance with         Interest receivable D           Other Fed assets D      Non-Federal assets D             Total assets
                                            securities - net D                  Treasury D
 1                               N/A
 2                               N/A
 3                               N/A
 4                               N/A
 5                               N/A



       Section: B         Section Name: Assets - Prior year                                       No Data Flag: YES                  Line Attributes: Dollars
                                                                                                                                   Rounding Method: User-Defined                Decimal: User-Defined
Line Status Line Description     NB     Inv. in Fed Debt Sec. -            Fund balance with         Interest receivable D        Other Federal assets D     Non-Federal assets D             Total assets
                                                         net D                  Treasury D
 1                               N/A
 2                               N/A
 3                               N/A
 4                               N/A
 5                               N/A



       Section: C         Section Name: Liabilities - Current Year                                No Data Flag: YES                  Line Attributes: Dollars
                                                                                                                                   Rounding Method: User-Defined                Decimal: User-Defined
Line Status Line Description     NB            Liability due and           Other liabilities C                Total liabilities
                                                      payable to
                                               beneficiaries C
 1                               N/A
 2                               N/A
 3                               N/A
 4                               N/A
 5                               N/A




                                                                                                     - 46 -
                                                                                                                                                                                          11/15/2008 18:02:43

                                                                                U.S. Department of the Treasury
                                                                                 Financial Management Service
                                                                            Governmentwide Financial Report System
                                                                                    GF006 - FR Notes Report

     Note: 20        Dedicated Collections (Excluding Funds Identified as Earmarked and Reported in Note 22 - Earmarked                  Fiscal Year: 2008             Period: SEPTEMBER
                     Funds)
                                                                                                                                         Agency Notes:    N/A
     Entity: 9100    Department of Education

  Status: Complete                                                                               I = Inactive Line


       Section: D         Section Name: Liabilities - Prior Year                                  No Data Flag: YES                  Line Attributes: Dollars
                                                                                                                                   Rounding Method: User-Defined                 Decimal: User-Defined
Line Status Line Description     NB            Liability due and           Other liabilities C                Total liabilities
                                                      payable to
                                               beneficiaries C
 1                               N/A
 2                               N/A
 3                               N/A
 4                               N/A
 5                               N/A


       Section: E         Section Name: Current Year - Revenue, financing, expenses, and          No Data Flag: YES                  Line Attributes: Dollars
                                        other                                                                                      Rounding Method: User-Defined                 Decimal: User-Defined
Line Status Line Description     NB     Beginning net position           Exchange revenue -      Exchange revenue - with          Nonexchange revenue -      Nonexchange revenue -    Other financing sources
                                                             C                   Federal C                  the public C                     Federal C            with the public C                         C
 1                               N/A
 2                               N/A
 3                               N/A
 4                               N/A
 5                               N/A

Line Status Line Description     NB      Other changes in fund         Program expenses D               Other expenses D            Ending Net Position
                                                   balance C
 1                               N/A
 2                               N/A
 3                               N/A
 4                               N/A
 5                               N/A




                                                                                                     - 47 -
                                                                                                                                                                                                   11/15/2008 18:02:43

                                                                                        U.S. Department of the Treasury
                                                                                         Financial Management Service
                                                                                    Governmentwide Financial Report System
                                                                                            GF006 - FR Notes Report

     Note: 20           Dedicated Collections (Excluding Funds Identified as Earmarked and Reported in Note 22 - Earmarked                      Fiscal Year: 2008              Period: SEPTEMBER
                        Funds)
                                                                                                                                                Agency Notes:     N/A
     Entity: 9100       Department of Education

  Status: Complete                                                                                        I = Inactive Line


       Section: F            Section Name: Prior Year - Revenue, financing, expenses, and                   No Data Flag: YES                Line Attributes: Dollars
                                           other                                                                                           Rounding Method: User-Defined                  Decimal: User-Defined
Line Status Line Description         NB      Beginning net position              Exchange revenue -        Exchange revenue - with        Nonexchange revenue -     Nonexchange revenue -      Other financing sources
                                                                  C                      Federal C                    the public C                   Federal C           with the public C                           C
 1                                   N/A
 2                                   N/A
 3                                   N/A
 4                                   N/A
 5                                   N/A

Line Status Line Description         NB       Other changes in fund            Program expenses D                    Other expenses D       Ending net position
                                                        balance C
 1                                   N/A
 2                                   N/A
 3                                   N/A
 4                                   N/A
 5                                   N/A
       Section: G            Section Name: Other                                                            No Data Flag: YES                Line Attributes: Dollars
                                                                                                                                           Rounding Method: User-Defined                  Decimal: User-Defined
Line Status Line Description         NB           CY - Revenues C                CY - Other financing                      CY - Costs D        PY - Revenues C          PY - Other financing            PY - Costs D
                                                                                          sources C                                                                              sources C
 1                                   N/A
 2                                   N/A
 3                                   N/A
 4                                   N/A
 5                                   N/A


Tab: Text Data                         No Data Flag: YES
 Line               Question                                                                                                     Answer
 1                  State the legal authority for the administrative entity of each fund to use the collections
                    based on SFFAS No. 7, par. 85.
 2                  Provide any other relevant information pertaining to this note.




                                                                                                                  - 48 -
                                                                                                                                                                           11/15/2008 18:02:43

                                                                        U.S. Department of the Treasury
                                                                         Financial Management Service
                                                                    Governmentwide Financial Report System
                                                                            GF006 - FR Notes Report

     Note: 22            Earmarked Funds                                                                                  Fiscal Year: 2008             Period: SEPTEMBER
  Entity: 9100           Department of Education                                                                          Agency Notes:     Note 22

  Status: Complete                                                                      I = Inactive Line

Tab: Other Notes Info.

      Section: A              Section Name: Assets - Current Year                                                      Line Attributes: Dollars
                                                                                                                     Rounding Method: Millions                     Decimal: Zero
Line Status Line Description          NB         Cash and other     Fund balance with          Inv in U. S. Treas.   Interest Receivable D Other Federal assets (with     Other Federal assets
                                              monetary assets D          Treasury D      Sec.(net of prem. & disc)                              earmarked funds) D       (with non-earmarked
                                                                                                                D                                                                   funds) D
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                                          17
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                                          17

Line Status Line Description          NB       Other non-Federal        Total assets
                                                       assets D
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                                          17
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                                          17




                                                                                            - 49 -
                                                                                                                                                                           11/15/2008 18:02:43

                                                                       U.S. Department of the Treasury
                                                                        Financial Management Service
                                                                   Governmentwide Financial Report System
                                                                           GF006 - FR Notes Report

     Note: 22            Earmarked Funds                                                                                  Fiscal Year: 2008             Period: SEPTEMBER
  Entity: 9100           Department of Education                                                                          Agency Notes:     Note 22

  Status: Complete                                                                     I = Inactive Line


      Section: B              Section Name: Assets - Prior Year                                                        Line Attributes: Dollars
                                                                                                                     Rounding Method: Millions                     Decimal: Zero
Line Status Line Description          NB         Cash and other    Fund balance with      Inv. in U.S. Treas. Sec.   Interest Receivable D Other Federal assets (with     Other Federal assets
                                              monetary assets D         Treasury D      (net of prem. & disc.) D                                earmarked funds) D       (with non-earmarked
                                                                                                                                                                                    funds) D
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                                         39
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                                         39

Line Status Line Description          NB       Other non-Federal       Total assets
                                                       assets D
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                                         39
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                                         39




                                                                                           - 50 -
                                                                                                                                                                                                  11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

     Note: 22            Earmarked Funds                                                                                                Fiscal Year: 2008                Period: SEPTEMBER
  Entity: 9100           Department of Education                                                                                        Agency Notes:       Note 22

  Status: Complete                                                                                  I = Inactive Line


      Section: C              Section Name: Liabilities and Net Position - Current Year                                              Line Attributes: Dollars
                                                                                                                                   Rounding Method: Millions                              Decimal: Zero
Line Status Line Description          NB           Benefits due and       Other Federal liabilities Other Fed. liabilities (with      Other non-Federal               Total liabilities        Ending net position C
                                                        payable C         (with earmarked funds) non-earmarked funds) C                     liabilities C
                                                                                                  C
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                                                                                                                                                                         17
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                                                                                                                                                                        -17

Line Status Line Description          NB    Total liabilities and net
                                                           position
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                          -17
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                          -17




                                                                                                         - 51 -
                                                                                                                                                                                                   11/15/2008 18:02:43

                                                                                     U.S. Department of the Treasury
                                                                                      Financial Management Service
                                                                                 Governmentwide Financial Report System
                                                                                         GF006 - FR Notes Report

     Note: 22            Earmarked Funds                                                                                                 Fiscal Year: 2008                Period: SEPTEMBER
  Entity: 9100           Department of Education                                                                                         Agency Notes:       Note 22

  Status: Complete                                                                                   I = Inactive Line


      Section: D              Section Name: Liabilities and Net Position - Priort Year                                                Line Attributes: Dollars
                                                                                                                                    Rounding Method: Millions                              Decimal: Zero
Line Status Line Description          NB           Benefits due and        Other Federal liabilities Other Fed. liabilities (with      Other non-Federal               Total liabilities        Ending net position C
                                                        payable C          (with earmarked funds) non-earmarked funds) C                     liabilities C
                                                                                                   C
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                                                                                                                                                                          39
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                                                                                                                                                                         -39

Line Status Line Description          NB     Total liabilities and net
                                                            position
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                           -39
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                           -39




                                                                                                          - 52 -
                                                                                                                                                                                    11/15/2008 18:02:43

                                                                                 U.S. Department of the Treasury
                                                                                  Financial Management Service
                                                                             Governmentwide Financial Report System
                                                                                     GF006 - FR Notes Report

     Note: 22            Earmarked Funds                                                                                         Fiscal Year: 2008               Period: SEPTEMBER
  Entity: 9100           Department of Education                                                                                 Agency Notes:      Note 22

  Status: Complete                                                                              I = Inactive Line


      Section: E              Section Name: Revenue, Financing, Expenses, and Other - Current                                Line Attributes: Dollars
                                            Year                                                                           Rounding Method: Millions                      Decimal: Zero
Line Status Line Description          NB             Net position,    Prior-period adjustment      Investment revenue C   Individual income taxes Unemployment and excise      Other taxes and receipts
                                            beginning of period C                           C                             and payroll tax withhold               taxes C                             C
                                                                                                                                                C
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                        39
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                       -39

Line Status Line Description          NB    Miscellaneous earned            Intragovernmental Program net cost - public        Program net cost -       Non-program expenses       Net position, end of
                                                      revenue C               transfers, net C                        D     Intragovernmental D                            D                   period
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                                                                           22                                                                             -17
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                                                                           22                                                                             -17




                                                                                                    - 53 -
                                                                                                                                                                                     11/15/2008 18:02:43

                                                                                 U.S. Department of the Treasury
                                                                                  Financial Management Service
                                                                             Governmentwide Financial Report System
                                                                                     GF006 - FR Notes Report

     Note: 22            Earmarked Funds                                                                                          Fiscal Year: 2008               Period: SEPTEMBER
  Entity: 9100           Department of Education                                                                                  Agency Notes:      Note 22

  Status: Complete                                                                               I = Inactive Line


      Section: F              Section Name: Revenue, Financing, Expenses, and Other - Prior                                   Line Attributes: Dollars
                                            Year                                                                            Rounding Method: Millions                      Decimal: Zero
Line Status Line Description          NB             Net position,     Prior-period adjustment      Investment revenue C   Individual income taxes Unemployment and excise      Other taxes and receipts
                                            beginning of period C                            C                             and payroll tax withhold               taxes C                             C
                                                                                                                                                 C
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                        61
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                       -61

Line Status Line Description          NB    Miscellaneous earned             Intragovernmental Program net cost - public        Program net cost -       Non-program expenses       Net position, end of
                                                      revenue C                transfers, net C                        D     Intragovernmental D                            D                   period
21                                    N/A
22                                    N/A
23                                    N/A
24                                    N/A
25                                    N/A
26              All other earmarked   N/A                                                                            22                                                                             -39
                funds
27              Intra-agency          N/A
                earmarked funds
                elimination
                amounts
28              Total                 N/A                                                                            22                                                                             -39




                                                                                                     - 54 -
                                                                                                                                                                                         11/15/2008 18:02:43

                                                                                 U.S. Department of the Treasury
                                                                                  Financial Management Service
                                                                             Governmentwide Financial Report System
                                                                                     GF006 - FR Notes Report

     Note: 22            Earmarked Funds                                                                                           Fiscal Year: 2008                Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                   Agency Notes:       Note 22

  Status: Complete                                                                              I = Inactive Line


       Section: G             Section Name: Number of Agency Earmarked Funds                     No Data Flag: YES              Line Attributes: Units


Line Status Line Description          NB    2008 - SEPTEMBER             2007 - SEPTEMBER               Previously Rptd        Line Item Changes
 1              Total number of       N/A
                earmarked funds
Line Status Line Description          NB                                                                                      2008 - SEPTEMBER             2007 - SEPTEMBER
 1              Total number of       N/A
                earmarked funds




       Section: H             Section Name: Revenue, Financing, Expenses, and Other - Current    No Data Flag: YES             Line Attributes: Dollars
                                            Year                                                                             Rounding Method: User-Defined                     Decimal: User-Defined
Line Status Line Description          NB             Net position,      Investment revenue C      Individual income taxes       Unemployment and         Other taxes and receipts         Intragov. transfers
                                            beginning of period C                                                       C          excise taxes C                              C    to/from earmarked funds
                                                                                                                                                                                                            C
18        I                           N/A
19        I                           N/A
20        I                           N/A
21        I                           N/A
22        I                           N/A
23        I     All other earmarked   N/A
                funds
24        I     Total                 N/A

Line Status Line Description          NB        Intragov. transfers       Program net cost or    Intragov. prog. net cost- Intragov. prog. net cost-     Non-program expenses           Net position, end of
                                                      to/from non-    benefit payments-public    with earmarked funds D         with non-earmarked                          D                       period
                                              earmarked funds C                             D                                              funds D
18        I                           N/A
19        I                           N/A
20        I                           N/A
21        I                           N/A
22        I                           N/A
23        I     All other earmarked   N/A
                funds
24        I     Total                 N/A




                                                                                                    - 55 -
                                                                                                                                                                                          11/15/2008 18:02:43

                                                                                 U.S. Department of the Treasury
                                                                                  Financial Management Service
                                                                             Governmentwide Financial Report System
                                                                                     GF006 - FR Notes Report

     Note: 22            Earmarked Funds                                                                                            Fiscal Year: 2008                Period: SEPTEMBER
  Entity: 9100           Department of Education                                                                                    Agency Notes:       Note 22

  Status: Complete                                                                              I = Inactive Line


      Section: I              Section Name: Revenue, Financing, Expenses, and Other - Prior      No Data Flag: YES              Line Attributes: Dollars
                                            Year                                                                              Rounding Method: User-Defined                     Decimal: User-Defined
Line Status Line Description          NB             Net position,      Investment revenue C      Individual income taxes        Unemployment and         Other taxes and receipts         Intragov. transfers
                                            beginning of period C                                                       C           excise taxes C                              C    to/from earmarked funds
                                                                                                                                                                                                             C
18      I                             N/A
19      I                             N/A
20      I                             N/A
21      I                             N/A
22      I                             N/A
23      I       All other earmarked   N/A
                funds
24      I       Total                 N/A

Line Status Line Description          NB        Intragov. transfers       Program net cost or   Intragov. prog. net cost - Intragov. prog. net cost -     Non-program expenses           Net position, end of
                                                      to/from non-    benefit payments-public   with earmarked funds D non-earmarked funds D                                 D                       period
                                              earmarked funds C                             D
18       I                            N/A
19       I                            N/A
20       I                            N/A
21       I                            N/A
22       I                            N/A
23       I      All other earmarked   N/A
                funds
24       I      Total                 N/A




                                                                                                    - 56 -
                                                                                                                                                                                                       11/15/2008 18:02:43

                                                                                      U.S. Department of the Treasury
                                                                                       Financial Management Service
                                                                                  Governmentwide Financial Report System
                                                                                          GF006 - FR Notes Report

    Note: 22          Earmarked Funds                                                                                                         Fiscal Year: 2008                 Period: SEPTEMBER
    Entity: 9100       Department of Education                                                                                                Agency Notes:      Note 22

 Status: Complete                                                                                       I = Inactive Line

Tab: Text Data
Line               Question                                                                                                 Answer
1                  Provide a general description of the individual earmarked funds reported in the Other Notes
                   Info tab (SFFAS No. 27, par. 33). Also describe how the entity accounts for and reports the
                   fund (SFFAS No. 27, par. 23.1).
2                  State the legal authority for the administrative entity of each fund to use the revenues and             Earmarked funds are recorded as specifically identified revenues, often supplemented
                   other financing sources based on SFFAS No. 27, par. 23.1                                                 by other financing sources, which remain available over time. These funds are required
                                                                                                                            by statute to be used for designated activities, benefits, or purposes. The Department's
                                                                                                                            earmarked funds are primarily related to the 2005 Hurricane Relief efforts.
3                  Explain any changes in legislation during or subsequent to the reporting period and before
                   the issuance of the financial statements that significantly changes the purpose of the fund or
                   that redirects a material portion of the accumulated balance (SFFAS No. 27, par. 23.3).
4                  Provide the sources of revenue and other financing for amounts reported in columns 3                     In the aftermath of Hurricane Katrina, a number of foreign governments, international
                   through 8 of Sections E and F in the Other Notes Info tab (SFFAS No. 27, par. 23.2).                     entities and individuals made donations of financial assistance to the U.S. Government
                                                                                                                            to support Katrina relief and recovery efforts. These donations were received by the
                                                                                                                            U.S. Department of State as an intermediary. Subsequently, $61 million was
                                                                                                                            transferred to the Department to finance educational initiatives in Louisiana and
                                                                                                                            Mississippi under a Memorandum of Understanding issued in March 2006.
5                  Provide any other relevant information pertaining to this note, including explanation for prior-
                   period adjustments, if any.




                                                                                                             - 57 -
                                                                                                                                                                        11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

    Note: 25          Stewardship Land                                                                                            Fiscal Year: 2008     Period: SEPTEMBER
    Entity: 9100      Department of Education                                                                                     Agency Notes:   N/A

 Status: Complete                                                                                    I = Inactive Line

Tab: Text Data                       No Data Flag: YES
Line               Question                                                                                              Answer
1                  Provide a brief statement explainng how the stewardship land relates to the mission of the
                   agency.
2                  Provide a brief description of the agency's stewardship policies for stewardsip land.
3                  Provide any other information relevant information pertaining to this note.




                                                                                                         - 58 -
                                                                                                                                                                        11/15/2008 18:02:43

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                        GF006 - FR Notes Report

    Note: 26          Heritage Assets                                                                                             Fiscal Year: 2008     Period: SEPTEMBER
    Entity: 9100      Department of Education                                                                                     Agency Notes:   N/A

 Status: Complete                                                                                    I = Inactive Line

Tab: Text Data                       No Data Flag: YES
Line               Question                                                                                              Answer
1                  Provide a brief statement explaining how heritage assets relate to the mission of the agency.
2                  Provide a brief description of the agency's stewardship policies for each major category of
                   the heritage assets.
3                  Provide any other relevant information pertaining to this note.




                                                                                                          - 59 -
                                                                                                                                                                                 11/15/2008 18:02:54

                                                                                       U.S. Department of the Treasury
                                                                                        Financial Management Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF007 - Other Data Report

 Other Data: 01                Statement of Operations and Changes in Net Position                                                     Fiscal Year: 2008             Period: SEPTEMBER
        Entity: 9100          Department of Education                                                                                      Agency Notes:    N/A
        Status: Complete                                                                               I = Inactive Line


  Tab: Other Data Info.
      Section: A                 Section Name: Nonexchange Revenue: Specific potential accruals not              No Data: YES          Line Attributes: Dollars
                                               made as a result of using the modified cash basis of                                  Rounding Method: User-Defined         Decimal: User-Defined
                                               accounting.


Line Status     Line Description         NB            CY - Low Range               CY - High Range                 PY - Low Range        PY - High Range
 1                                      Debit
 2                                      Debit
 3                                      Debit
 4                                      Debit
 5                                      Debit



     Tab: Other Text Data

        Section: A                 Section Name: Nonexchange Revenue: Specific potential accruals not             No Data: YES
                                                 made as a result of using the modified cash basis of
                                                 accounting.

 Line         Question                                                                                                      Answer
 1            Provide the practical and inherent limitations affecting the accrual of taxes and duties. (SFFAS
              No. 7, par.64)




                                                                                                            - 1 -
                                                                                                                                                                   11/15/2008 18:02:54

                                                                             U.S. Department of the Treasury
                                                                              Financial Management Service
                                                                         Governmentwide Financial Report System
                                                                                GF007 - Other Data Report

 Other Data: 02             Taxes                                                                                        Fiscal Year: 2008             Period: SEPTEMBER
       Entity: 9100         Department of Education                                                                          Agency Notes:    N/A
      Status: Complete                                                                    I = Inactive Line


  Tab: Other Data Info.
     Section: A               Section Name: Taxes (SSFAS No.7, par. 67-69)                      No Data: YES             Line Attributes: Dollars
                                                                                                                       Rounding Method: User-Defined         Decimal: User-Defined
Line Status   Line Description        NB      2008 - SEPTEMBER         2007 - SEPTEMBER              Previously Rptd      Line Item Changes
 1            Estimated realized      Debit
              value of compliance
              assessments as of
              the end of the period
 2            Estimated realizable    Debit
              value of pre-
              assessment work-
              in-progress
 3            Changes in 1 and 2      Debit
              above
 4            Other claims for        Debit
              refunds not yet
              accrued but likely to
              be paid when
              administrative
              actions are
              completed
 5            Management's best       Debit
              estimate of
              unasserted claims for
              refunds
 6            Changes in 4 and 5      Debit
              above
 7            Amount of               Debit
              assessments written
              off that continue to
              be statutorily
              collectible




                                                                                               - 2 -
                                                                                                                                                                                     11/15/2008 18:02:54

                                                                                          U.S. Department of the Treasury
                                                                                           Financial Management Service
                                                                                      Governmentwide Financial Report System
                                                                                             GF007 - Other Data Report

 Other Data: 02                Taxes                                                                                                       Fiscal Year: 2008             Period: SEPTEMBER
         Entity: 9100          Department of Education                                                                                         Agency Notes:    N/A
        Status: Complete                                                                                   I = Inactive Line


     Tab: Other Data Info.
      Section: B                  Section Name: Provide the following amount if a range is estimable              No Data: YES             Line Attributes: Dollars
                                                and not included in Sec. A (SFFAS No. 7 par 67)                                          Rounding Method: User-Defined         Decimal: User-Defined


Line Status      Line Description         NB                       CY Low                        CY High                        PY Low               PY High
 1               Realizable value of     Debit
                 pre-assessment
                 work-in-progress
 2               Changes in line 1     Debit
                 above
 3               Management's best     Debit
                 estimate of
                 unasserted claims for
                 refunds
 4               Changes in line 3     Debit
                 above

     Tab: Other Text Data

        Section: A                  Section Name: Taxes (SSFAS No.7, par. 67-69)                                       No Data: YES

 Line          Question                                                                                                         Answer
 1            Provide the explicit definitions of estimated amounts of the size of the tax gap.
 2            Provide the appropriate explanation of the limited reliability of the estimates of the size of the tax
              gap.
 3            Provide cross-references to portions of the tax gap due from identified noncompliant taxpayers
              and importers.
 4            Provide the estimates of the annual tax gap (amounts should specifically define whether it
              includes or excludes estimates of tax due on illegally earned revenue).
 5            Disclose the amounts by which trust funds may be over- or under-funded in comparison with the
              requirements of law, if reasonable estimable.




                                                                                                                 - 3 -
                                                                                                                                                                        11/15/2008 18:02:54

                                                                              U.S. Department of the Treasury
                                                                               Financial Management Service
                                                                          Governmentwide Financial Report System
                                                                                 GF007 - Other Data Report

 Other Data: 09            Stewardship Investments                                                                           Fiscal Year: 2008              Period: SEPTEMBER
       Entity: 9100        Department of Education                                                                               Agency Notes:    Note 09
      Status: Complete                                                                       I = Inactive Line


  Tab: Other Data Info.
     Section: A              Section Name: Investment in Non-Federal physical property (SFFAS      No Data: YES              Line Attributes: Dollars
                                           No. 8, par 87)                                                                  Rounding Method: User-Defined          Decimal: User-Defined


Line Status   Line Description      NB                   FY 2008                   FY 2007                       FY 2006                FY 2005                  FY 2004
 1                                  Debit
 2                                  Debit
 3                                  Debit
 4                                  Debit
 5                                  Debit
 6            Other non-Federal     Debit
              physical property

     Section: B              Section Name: Research and Development: Investment in                 No Data: YES              Line Attributes: Dollars
                                           Development (SFFAS No. 8, par. 100)                                             Rounding Method: User-Defined          Decimal: User-Defined


Line Status   Line Description      NB                   FY 2008                   FY 2007                       FY 2006                FY 2005                  FY 2004
 1                                  Debit
 2                                  Debit
 3                                  Debit
 4                                  Debit
 5                                  Debit
 6            Other investment in   Debit
              development




                                                                                                  - 4 -
                                                                                                                                                                                         11/15/2008 18:02:54

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                       GF007 - Other Data Report

 Other Data: 09               Stewardship Investments                                                                                  Fiscal Year: 2008                 Period: SEPTEMBER
        Entity: 9100          Department of Education                                                                                      Agency Notes:       Note 09
       Status: Complete                                                                             I = Inactive Line


  Tab: Other Data Info.
      Section: C                Section Name: Investment in Human Capital (SFFAS No. 8, par 94)                                        Line Attributes: Dollars
                                                                                                                                     Rounding Method: Millions                    Decimal: Zero
Line Status      Line Description       NB                      FY 2008                   FY 2007                       FY 2006                    FY 2005                      FY 2004
 1               Federal Student Aid    Debit                     20,037                     19,650                       50,336                      30,308                        23,102
 2               Elementary and         Debit                     21,583                     21,199                       21,710                      22,940                        21,188
                 Secondary Education
 3               Special Education      Debit                     15,730                     15,402                       15,215                      13,995                        12,687
                 and Rehab Services
 4               Other Departmental     Debit                      4,911                       5,109                         5,353                     6,067                         5,160
                 Programs
 5               Salaries and           Debit                        491                        467                           467                        486                           448
                 Administration
 6               Other Investments in   Debit
                 human capital
     Threshold
      Line Description                                              Question                                                                    Answer
      Other Data Info - Federal Student Aid (FY 2008)               Please provide explanations for any amounts that have                       Change is primarily due to the change in the FFEL Program and
                                                                    changed by 20% or more and or greater than 5,000,000                        Direct Loan Program subsidy expense
                                                                    between the current fiscal year and prior fiscal year.
                                                                    (Unaudited)
      Other Data Info - Elementary and Secondary Education          Please provide explanations for any amounts that have                       The increase is the result of increased grantee drawdowns
      (FY 2008)                                                     changed by 20% or more and or greater than 5,000,000
                                                                    between the current fiscal year and prior fiscal year.
                                                                    (Unaudited)
      Other Data Info - Special Education and Rehab Services        Please provide explanations for any amounts that have                       The increase is the result of increased grantee drawdowns
      (FY 2008)                                                     changed by 20% or more and or greater than 5,000,000
                                                                    between the current fiscal year and prior fiscal year.
                                                                    (Unaudited)
      Other Data Info - Other Departmental Programs (FY 2008)       Please provide explanations for any amounts that have                       Primarily the result of decreased Vocational & Adult Education
                                                                    changed by 20% or more and or greater than 5,000,000                        grantee drawdowns
                                                                    between the current fiscal year and prior fiscal year.
                                                                    (Unaudited)
      Other Data Info - Salaries and Administration (FY 2008)       Please provide explanations for any amounts that have                       This increase is partially due to salary increases and various other
                                                                    changed by 20% or more and or greater than 5,000,000                        changes that are considered normal fluctuations
                                                                    between the current fiscal year and prior fiscal year.
                                                                    (Unaudited)




                                                                                                         - 5 -
                                                                                                                                                                                 11/15/2008 18:02:54

                                                                                     U.S. Department of the Treasury
                                                                                      Financial Management Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF007 - Other Data Report

 Other Data: 09               Stewardship Investments                                                                                 Fiscal Year: 2008              Period: SEPTEMBER
         Entity: 9100         Department of Education                                                                                     Agency Notes:    Note 09
        Status: Complete                                                                              I = Inactive Line


     Tab: Other Data Info.
      Section: D                Section Name: Research and Development: Investment in Basic                 No Data: YES              Line Attributes: Dollars
                                              Research (SFFAS No. 8, par. 100)                                                      Rounding Method: User-Defined          Decimal: User-Defined


Line Status      Line Description         NB                   FY 2008                      FY 2007                       FY 2006                FY 2005                  FY 2004
 1                                       Debit
 2                                       Debit
 3                                       Debit
 4                                       Debit
 5                                       Debit
 6               Other investments in    Debit
                 basic research

      Section: E                Section Name: Research and Development: Investment in Applied               No Data: YES              Line Attributes: Dollars
                                              Research (SFFAS No. 8, par 100)                                                       Rounding Method: User-Defined          Decimal: User-Defined


Line Status      Line Description         NB                   FY 2008                      FY 2007                       FY 2006                FY 2005                  FY 2004
 1                                       Debit
 2                                       Debit
 3                                       Debit
 4                                       Debit
 5                                       Debit
 6               Other investment in     Debit
                 applied research


     Tab: Other Text Data

        Section: A                  Section Name: Investment in Non-Federal physical property (SFFAS          No Data: YES
                                                  No. 8, par 87)

 Line         Question                                                                                                    Answer
 1            Provide a description of Federally-owned physical property transferred to State and local
              governments. (SFFAS No. 8, par 87)
 2            Provide a description of the major programs of Federal investments in non-Federal property.
              (SFFAS No.8 par. 87)




                                                                                                            - 6 -
                                                                                                                                                                                           11/15/2008 18:02:54

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                       GF007 - Other Data Report

Other Data: 09              Stewardship Investments                                                                                     Fiscal Year: 2008                  Period: SEPTEMBER
       Entity: 9100         Department of Education                                                                                          Agency Notes:       Note 09
       Status: Complete                                                                             I = Inactive Line



    Tab: Other Text Data

       Section: B               Section Name: Research and Development: Investment in                       No Data: YES
                                              Development (SFFAS No. 8, par. 100)

Line         Question                                                                                                   Answer
1           Provide a description of the major programs of Federal investments in development. (SFFAS No.
            8, par. 100)
2           Provide a description of the progress of major development projects including the results with
            respect to projects completed or otherwise terminated during the year and the status of projects
            that will continue (SFFAS No. 8, par. 99)
    Tab: Other Text Data

       Section: C               Section Name: Investment in Human Capital (SFFAS No. 8, par 94)

Line         Question                                                                                                    Answer
1           Provide a description of the major education and training programs considered Federal                       Federal Student Aid - The Office of Federal Student Aid administers need based financial
            investments in human capital. (SFFAS No.8, par. 94)                                                         assistance programs for students pursuing postsecondary education and makes available
                                                                                                                        federal grants, direct loans, guaranteed loans, and work study funding to eligible
                                                                                                                        undergraduate and graduate students.

                                                                                                                        Office of Elementary and Secondary Education - The Office of Elementary and Secondary
                                                                                                                        Education provides leadership, technical assistance, and financial support to state and local
                                                                                                                        educational agencies for the maintenance and improvement of preschool, elementary, and
                                                                                                                        secondary education. Financial assistance programs support services for children in high-
                                                                                                                        poverty schools, institutions for neglected and delinquent children, homeless children, certain
                                                                                                                        Native American children, children of migrant families, and children who live on or whose
                                                                                                                        parents work on Federal property.

                                                                                                                        Office of Special Education and Rehabilitative Services - The Office of Special Education
                                                                                                                        and Rehabilitative Services supports state and local programs that assist in educating
                                                                                                                        children, youth and adults with special needs to increase their level of employment,
                                                                                                                        productivity, independence, and integration into the community. Funding is also provided for
                                                                                                                        research to improve the quality of their lives.

                                                                                                                        Other Departmental Programs - Other Departmental Programs include, but are not limited
                                                                                                                        to, making strategic investments in educational practices; funding research, evaluations, and
                                                                                                                        information dissemination; enabling students with limited English proficiency to become
                                                                                                                        proficient in English; funding vocational and technical education; and promoting reform,
                                                                                                                        innovation and improvement in postsecondary education.




                                                                                                         - 7 -
                                                                                                                                                                        11/15/2008 18:02:54

                                                                                  U.S. Department of the Treasury
                                                                                   Financial Management Service
                                                                              Governmentwide Financial Report System
                                                                                     GF007 - Other Data Report

Other Data: 09              Stewardship Investments                                                                            Fiscal Year: 2008             Period: SEPTEMBER
       Entity: 9100         Department of Education                                                                               Agency Notes:    Note 09
       Status: Complete                                                                          I = Inactive Line



    Tab: Other Text Data

       Section: D              Section Name: Research and Development: Investment in Basic                   No Data: YES
                                             Research (SFFAS No. 8, par. 100)

Line        Question                                                                                                  Answer
1           Provide a description of the major programs of Federal investments in basic research. (SFFAS
            No. 8, par. 100)
2           Provide a description of any major new discoveries made during the year (SFFAS No. 8, par. 99)
    Tab: Other Text Data

       Section: E              Section Name: Research and Development: Investment in Applied                 No Data: YES
                                             Research (SFFAS No. 8, par 100)

Line        Question                                                                                                  Answer
1           Provide a description of the major programs of Federal investments in applied research. (SFFAS
            No. 8, par. 100)
2           Provide a description of any major new applications developed during the year (SFFAS No. 8,
            par. 99)




                                                                                                       - 8 -
                                                                                                                                                                11/15/2008 18:02:54

                                                                        U.S. Department of the Treasury
                                                                         Financial Management Service
                                                                    Governmentwide Financial Report System
                                                                           GF007 - Other Data Report

 Other Data: 10             Deferred Maintenance                                                                    Fiscal Year: 2008             Period: SEPTEMBER
       Entity: 9100         Department of Education                                                                     Agency Notes:       N/A
      Status: Complete                                                             I = Inactive Line


  Tab: Other Data Info.
     Section: A               Section Name: Range of Amounts                             No Data: YES               Line Attributes: Dollars
                                                                                                                  Rounding Method: User-Defined          Decimal: User-Defined
Line Status   Line Description         NB             CY- Low   D       CY- High    D CY - Critical Maintenance             PY- Low     D            PY- High    D PY - Critical Maintenance
                                                                                                              D                                                                            D
 1            Buildings, structures,   N/A
              and facilities
 2            Furniture, fixtures,     N/A
              and equipment
 3            Other general            N/A
              property, plant, and
              equipment
 4            Heritage assets          N/A
 5            Stewardship land         N/A
     Section: B               Section Name: Amount                                       No Data: YES               Line Attributes: Dollars
                                                                                                                  Rounding Method: User-Defined          Decimal: User-Defined
Line Status   Line Description         NB                  CY   D            PY     D
 1      I     Buildings, structures,   N/A
              and facilities
 2      I     Furniture, fixtures,     N/A
              and equipment
 3      I     Other general            N/A
              property, plant, and
              equipment
 4      I     Heritage assets          N/A
 5      I     Stewardship land         N/A




                                                                                        - 9 -
                                                                                                                                                                              11/15/2008 18:02:54

                                                                                     U.S. Department of the Treasury
                                                                                      Financial Management Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF007 - Other Data Report

 Other Data: 15               Risk Assumed-Federal Insurance and Guarantee Programs(SFFAS No. 5, par. 105, 106,and 114)             Fiscal Year: 2008             Period: SEPTEMBER
         Entity: 9100         Department of Education                                                                                   Agency Notes:    N/A
        Status: Complete                                                                            I = Inactive Line


     Tab: Other Data Info.
      Section: A                Section Name: Risk Assumed                                                 No Data: YES             Line Attributes: Dollars
                                                                                                                                  Rounding Method: User-Defined         Decimal: User-Defined
Line Status      Line Description        NB       2008 - SEPTEMBER            2007 - SEPTEMBER                  Previously Rptd      Line Item Changes
 1               Present value of       Debit
                 unpaid expected
                 losses (net of
                 associated
                 premiums)
 2               Periodic changes       Debit




     Tab: Other Text Data

        Section: A                  Section Name: Risk Assumed                                              No Data: YES

 Line          Question                                                                                                 Answer
 1            Provide the indicators of the range of uncertainty around insurance related estimates and
              sensitivity of the estimates to changes in major assumptions (SFFAS No.5, par.114)
 2            Provide the actuarial or financial methods used to measure the present value of unpaid expected
              losses (SFFAS No. 5. par. 114)




                                                                                                        - 10 -
                                                                                                                                                                                 11/15/2008 18:02:54

                                                                                    U.S. Department of the Treasury
                                                                                     Financial Management Service
                                                                                Governmentwide Financial Report System
                                                                                       GF007 - Other Data Report

 Other Data: 16               Stewardship Land                                                                                         Fiscal Year: 2008              Period: SEPTEMBER
        Entity: 9100          Department of Education                                                                                     Agency Notes:         N/A
        Status: Complete                                                                               I = Inactive Line


  Tab: Other Data Info.
      Section: A                Section Name: Stewardship Land                                               No Data: YES              Line Attributes: Units


Line Status     Line Description         NB       Beginning Balance                         Acquired                       Withdrawn      Ending Balance
 1              Public Land              N/A
 2              National Forest          N/A
                System
 3              National Wildlife        N/A
                Refuge System
 4              National Park            N/A
                System
 5              Mission Land             N/A
 6              Water, Power, and        N/A
                Recreation
 7              All Other                N/A

     Tab: Other Text Data

        Section: A                  Section Name: Stewardship Land                                             No Data: YES

 Line         Question                                                                                                       Answer
 1            Describe the predominant uses of the stewardship land (SFFAS 29, par. 40c).
 2            Provide the condition of the stewardship land (SFFAS 29, par. 41).




                                                                                                           - 11 -
                                                                                                                                                                            11/15/2008 18:02:54

                                                                               U.S. Department of the Treasury
                                                                                Financial Management Service
                                                                           Governmentwide Financial Report System
                                                                                  GF007 - Other Data Report

 Other Data: 17           Heritage Assets                                                                                    Fiscal Year: 2008               Period: SEPTEMBER
       Entity: 9100       Department of Education                                                                                Agency Notes:        N/A
      Status: Complete                                                                      I = Inactive Line


  Tab: Other Data Info.
     Section: A             Section Name: Collection Type Heritage Assets (SFFAS No. 29, par.       No Data: YES             Line Attributes: Units
                                          25d)


Line Status   Line Description     NB         CY:Physical units as of   CY:Physical units added          CY:Physical units   CY:Physical units as of PY:Physical units as of the   PY:Physical units added
                                            the beginning of the year   during the fiscal year        withdrawn during the    the end of the year     beginning of the year        during the fiscal year
                                                                                                             fiscal year
 1                                 N/A
 2                                 N/A
 3                                 N/A
 4                                 N/A
 5                                 N/A

Line Status   Line Description     NB              PY:Physical units PY:Physical units as of the
                                                withdrawn during the        end of the year
                                                       fiscal year
 1                                 N/A
 2                                 N/A
 3                                 N/A
 4                                 N/A
 5                                 N/A
     Section: B             Section Name: Non-Collection Type Heritage Assets (SFFAS No. 29,        No Data: YES             Line Attributes: Units
                                          par. 25d)


Line Status   Line Description     NB         CY:Physical units as of   CY:Physical units added          CY:Physical units   CY:Physical units as of PY:Physical units as of the   PY:Physical units added
                                            the beginning of the year   during the fiscal year        withdrawn during the    the end of the year     beginning of the year        during the fiscal year
                                                                                                             fiscal year
 1                                 N/A
 2                                 N/A
 3                                 N/A
 4                                 N/A
 5                                 N/A

Line Status   Line Description     NB              PY:Physical units PY:Physical units as of the
                                                withdrawn during the        end of the year
                                                       fiscal year
 1                                 N/A



                                                                                                   - 12 -
                                                                                                                                                                            11/15/2008 18:02:54

                                                                                      U.S. Department of the Treasury
                                                                                       Financial Management Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF007 - Other Data Report

 Other Data: 17               Heritage Assets                                                                                     Fiscal Year: 2008              Period: SEPTEMBER
        Entity: 9100          Department of Education                                                                                Agency Notes:         N/A
        Status: Complete                                                                             I = Inactive Line


  Tab: Other Data Info.
      Section: B                Section Name: Non-Collection Type Heritage Assets (SFFAS No. 29,           No Data: YES           Line Attributes: Units
                                              par. 25d)


Line Status     Line Description        NB              PY:Physical units PY:Physical units as of the
                                                     withdrawn during the        end of the year
                                                            fiscal year
 2                                       N/A
 3                                       N/A
 4                                       N/A
 5                                       N/A




     Tab: Other Text Data

        Section: A                Section Name: Collection Type Heritage Assets (SFFAS No. 29, par.          No Data: YES
                                                25d)

 Line         Question                                                                                                   Answer
 1            Provide the condition of each major category of the heritage assets (SFFAS 29, par. 26).
     Tab: Other Text Data

        Section: B                Section Name: Non-Collection Type Heritage Assets (SFFAS No. 29,           No Data: YES
                                                par. 25d)

 Line         Question                                                                                                   Answer
 1            Provide the condition of each major category of the heritage assets (SFFAS 29, par. 26).




                                                                                                         - 13 -