oversight

Fiscal Year 2015 Closing Package Financial Statements - U.S. Department of Education

Published by the Department of Education, Office of Inspector General on 2015-11-16.

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

                                                                      CliftonLarsonAllen LLP

                                                                      www.cliftonlarsonallen.com




                         INDEPENDENT AUDITORS’ REPORT
                    ON CLOSING PACKAGE FINANCIAL STATEMENTS

Inspector General
United States Department of Education

Secretary
United States Department of Education

Report on the Closing Package Financial Statements

We have audited the accompanying Closing Package Financial Statement Report (herein
referred to as the closing package financial statements) of the United States Department of
Education (the Department), which comprise:
    • the Closing Package Financial Statement Report – Balance Sheet as of September 30,
        2015 and 2014
    • the related Closing Package Financial Statement Reports - Statement of Net Cost and
        Statement of Changes in Net Position, for the years then ended
    • the accompanying Financial Report (FR) Notes Report (except for the information in the
        FR Notes Report entitled “Threshold”)
    • the accompanying Additional Note No. 1
    • the accompanying Trading Partner Summary Note Report – Balance Sheet as of
        September 30, 2015 and 2014
    • the related Trading Partner Summary Note Report – Statement of Net Cost and
        Statement of Changes in Net Position for the years then ended

Management’s Responsibility for the Closing Package Financial Statements

The Department’s management is responsible for the preparation and fair presentation of these
closing package financial statements in accordance with accounting principles generally
accepted in the United States of America (U.S.); this includes the design, implementation, and
maintenance of internal control relevant to the preparation and fair presentation of the closing
package financial statements that are free from material misstatement, whether due to fraud or
error.

Auditors’ Responsibility

Our responsibility is to express an opinion on these closing package financial statements based
on our audits. We conducted our audits in accordance with auditing standards generally
accepted in the U.S.; 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 15-02, Audit Requirements for Federal Financial
Statements. Those standards and OMB Bulletin 15-02 require that we plan and perform the
audit to obtain reasonable assurance about whether the closing package financial statements
are free from material misstatement.
                    INDEPENDENT AUDITORS’ REPORT ON
             CLOSING PACKAGE FINANCIAL STATEMENTS (Continued)

An audit involves performing procedures to obtain audit evidence about the amounts and
disclosures in the closing package financial statements. The procedures selected depend on the
auditors’ judgment, including the assessment of the risks of material misstatement of the closing
package financial statements, whether due to fraud or error. In making those risk assessments,
the auditor considers internal control relevant to the agency’s preparation and fair presentation
of the closing package financial statements in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the agency’s internal control. Accordingly, we express no such opinion. An audit
also includes evaluating the appropriateness of accounting policies used and the
reasonableness of significant accounting estimates made by management, as well as
evaluating the overall presentation of the closing package financial statements.

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a
basis for our opinion.

Opinion on the Closing Package Financial Statements

In our opinion, the closing package financial statements referred to above present fairly, in all
material respects, the financial position of the United States Department of Education as of
September 30, 2015 and 2014, and its net costs and changes in net position for the years then
ended in accordance with accounting principles generally accepted in the U.S.

Emphasis of Matter
As discussed in Additional Note No. 1 to the closing package financial statements, which
describes that the accompanying closing package financial statements were prepared to comply
with the requirements of the U.S. Department of the Treasury’s Treasury Financial Manual
(TFM) Volume I, Part 2, Chapter 4700 for the purpose of providing financial information to the
U.S. Department of the Treasury and the U.S. Government Accountability Office (GAO) 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 consolidated balance sheets of the Department as of
September 30, 2015 and 2014, and the related consolidated statements of net costs and
changes in net position, and combined statements of budgetary resources (hereinafter referred
to as “general-purpose financial statements”) for the years then ended. Our opinion is not
modified with respect to this matter.

Other Matters

General-Purpose Financial Statements
We have audited, in accordance with auditing standards generally accepted in the U.S., the
standards applicable to financial audits contained in Government Auditing Standards and OMB
Bulletin 15-02, the general-purpose financial statements of the Department as of September 30,
2015 and 2014, and our report thereon, dated November 13, 2015, expressed an unmodified
opinion on those financial statements.

Required Supplementary Information and Required Supplementary Stewardship Information
Accounting principles generally accepted in the U.S. issued by the Federal Accounting
Standards Advisory Board (FASAB) require that the information in Other Data Report No. 8,
except for the information in the Other Text Data and the information entitled “Threshold” (which
are discussed below) be presented to supplement the closing package financial statements.
Such information, although not a part of the closing package financial statements, is required by
                    INDEPENDENT AUDITORS’ REPORT ON
             CLOSING PACKAGE FINANCIAL STATEMENTS (Continued)

FASAB who considers it to be an essential part of financial reporting for placing the closing
package financial statements in an appropriate operational, economic, or historical context. We
have applied certain limited procedures to the Required Supplementary Information and
Required Supplementary Stewardship Information in accordance with auditing standards
generally accepted in the U.S., which consisted of inquiries of management about the methods
of preparing the information and comparing the information for consistency with management’s
responses to our inquiries, the closing package financial statements, and other knowledge we
obtained during our audit of the closing package financial statements. We do not express an
opinion or provide any assurance on this information because the limited procedures do not
provide us with sufficient evidence to express an opinion or provide any assurance.

The Department’s management has omitted Management’s Discussion and Analysis that
accounting principles generally accepted in the U.S. issued by FASAB require to be presented
to supplement the closing package financial statements. Such missing information, although not
a part of the closing package financial statements, is required by FASAB who considers it to be
an essential part of financial reporting for placing the general-purpose financial statements in an
appropriate operational, economic, or historical context. Our opinion on the closing package
financial statements is not affected by this missing information.

Other Information
Our audit was conducted for the purpose of forming an opinion on the basic closing package
financial statements as a whole. The information in the Other Data Report Nos. 15 and 16; the
information included in the Other Text Data of Other Data Report No. 8; the information entitled
“Threshold” in Other Data Report No. 8; the information in the sections entitled “Threshold” in
FR Notes Report Nos. 4A, 4B, 8, 11, 15 and 19; the information in the Closing Package Line
Reclassification Summary Report – Balance Sheet; and the information in the Closing Package
Line Reclassification Summary Reports – Statement of Net Cost and Statement of Changes in
Net Position are presented for purposes of additional analysis in accordance with TFM Chapter
4700 and are not a required part of the closing package financial statements. This information
has not been subjected to the auditing procedures applied in the audits of the closing package
financial statements and, accordingly, we do not express an opinion or provide any assurance
on it.

Restriction on Use of the Report on the Closing Package Financial Statements

This report is intended solely for the information and use of the Department’s management, the
U.S. Department of the Treasury, OMB, and GAO 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.

Other Reporting Required by Government Auditing Standards

In accordance with Government Auditing Standards and OMB Bulletin 15-02, we have also
issued a report dated November 13, 2015 that discusses our consideration of the Department’s
internal control over financial reporting and the results of our tests of its compliance with certain
provisions of laws, regulations, contracts, and grant agreements and other matters that are
required to be reported under Government Auditing Standards. This report is an integral part of
an audit performed in accordance with Government Auditing Standards and OMB Bulletin 15-02
in considering the Department’s internal control and compliance, and should be read in
                    INDEPENDENT AUDITORS’ REPORT ON
             CLOSING PACKAGE FINANCIAL STATEMENTS (Continued)

conjunction with this report in considering the results of our audits of the closing package
financial statements.

Our audit of the general-purpose financial statements of the Department, as of and for the year
ended September 30, 2015, disclosed one significant deficiency in internal control over financial
reporting and one instance of noncompliance, described below, that are required to be reported
in accordance with Government Auditing Standards and OMB Bulletin 15-02.

       Significant Deficiency: Department and Federal Student Aid Management
       Need to Mitigate Persistent Information Technology Control Deficiencies

       Due to the unique requirements of the Department’s grant, loan and
       administrative business activities, the Department manages its general support
       system and core financial management system and oversees a large portfolio of
       Federal Student Aid (FSA) or contractor owned information systems. The third
       party servicers who manage FSA’s general support systems and contractor
       owned and contractor operated financial systems are monitored by FSA
       management through the use of Service Level Agreements and third party
       independent reviews. We continued to identify control deficiencies in the areas of
       security management, personnel security, access controls, and configuration
       management across these systems. These deficiencies can increase the risk of
       unauthorized access to the Department’s systems used to capture, process, and
       report financial transactions and balances, affecting the reliability and security of
       the data and information.

       Noncompliance: Noncompliance with the timing requirement of Title 31 United
       States Code (U.S.C.) Section 3716(c)(6)

       The Digital Accountability and Transparency Act (DATA Act), Public Law 113-101,
       was signed into law on May 9, 2014. Section 5 of the DATA Act amends Title 31
       U.S.C. Section 3716(c)(6) and now requires agencies to notify the Secretary of
       the Treasury of valid, delinquent nontax debts that are over 120 days delinquent –
       60 days earlier than the previous 180 days requirement – for the purpose of
       administrative offset. As of September 30, 2015, the Department and FSA are not
       in compliance with the new timing requirement of 31 U.S.C. Section 3716(c)(6)
       because FSA has not yet revised their loan servicing systems, procedures and
       internal processes to address this revised requirement.

Report on Internal Control over Financial Reporting Specific to the Closing Package
Financial Statements

In planning and performing our audit of the closing package financial statements as of and for
the year ended September 30, 2015, we also considered the Department’s internal control over
the financial reporting (internal control) to determine the audit procedures that are appropriate in
the circumstances for the purpose of expressing our opinion on the closing package financial
statements, but not for the purpose of expressing an opinion of the effectiveness of the
Department’s internal control. Accordingly, we do not express an opinion on the effectiveness of
the Department’s internal control.
                    INDEPENDENT AUDITORS’ REPORT ON
             CLOSING PACKAGE FINANCIAL STATEMENTS (Continued)

Our consideration of internal control was for the limited purpose described in the preceding
paragraph and was not designed to identify all deficiencies in internal control that might be
material weaknesses or significant deficiencies and therefore, material weaknesses or
significant deficiencies may exist that were not identified. Given these limitations, during our
audit we did not identify any deficiencies in internal control that we consider to be material
weaknesses. However, material weaknesses may exist that have not been identified.

Report on Compliance Specific to the Closing Package Financial Statements

As part of obtaining reasonable assurance about whether the Department’s closing package
financial statements are free from material misstatement, we also performed tests of its
compliance with certain provisions of TFM Chapter 4700, noncompliance with which could have
a material effect on the determination of closing package financial statement amounts.
However, providing an opinion on compliance with those provisions was not an objective of our
audit of the closing package financial statements, and accordingly, we do not express such an
opinion. The results of our tests of compliance with TFM Chapter 4700 disclosed no instances
of noncompliance or other matters that are required to be reported in accordance with
Government Auditing Standards.

Purpose of the Other Reporting Required by Government Auditing Standards

The purpose of the communication provided in the Other Reporting Required by Government
Auditing Standards section is solely 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 effectiveness of the Department’s internal control or on compliance. This communication
is an integral part of an audit performed in accordance with Government Auditing Standards in
considering internal control and compliance. Accordingly, this communication is not suitable for
any other purpose.




CliftonLarsonAllen LLP

Arlington, Virginia
November 16, 2015
                         UNITED STATES DEPARTMENT OF EDUCATION
                                        OFFICE OF INSPECTOR GENERAL




November 16, 2015


TO:          Thomas P. Skelly
             Delegated to Perform the Functions and Duties
             of the Chief Financial Officer

FROM:        Patrick J. Howard /s/
             Assistant Inspector General for Audit

SUBJECT:     FINAL AUDIT REPORTS
             Fiscal Years 2015 and 2014 Closing Package Financial Statements
             U.S. Department of Education
             ED-OIG/A17P0003

Attached are the subject final reports on the results of the audit of the closing package financial
statements of the U.S. Department of Education for fiscal years 2015 and 2014. The reports
should be read in conjunction with the Department’s closing package financial statements and
notes to fully understand the context of the information contained therein. The auditors have
discussed the reports with you or appropriate members of your staff at various times
throughout the audit.

We appreciate the cooperation given CliftonLarsonAllen, LLP and the OIG, during the audit.
Should you have any questions concerning the report, please contact me or Greg Spencer at
(202) 245-6949 or (202) 245-6015, respectively.

Attachment

Electronic Distribution List:
Tim Soltis, OCFO
Gary Wood, OCFO




                               400 MARYLAND AVENUE, S.W., WASHINGTON, DC 20202-1510

               Promoting the efficiency, effectiveness, and integrity of the Department’s programs and operations.
                                                                         U.S Department of the Treasury                                          11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: BALANCE SHEET                                            Fiscal Year:       2015                                  Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                     Previously Reported
Assets:
Non-federal
Cash and other monetary assets                                                1,561                                  1,471                              1,471
Accounts and taxes receivable, net                                              101                                    136                                136
Loans receivable, net                                                     1,017,733                                923,545                            923,545
TARP direct loans and equity               I                                      0                                      0                                  0
investments, net (for use by Treasury
only)
Inventories and related property, net                                             0                                      0                                  0
Property, plant and equipment, net                                               21                                      7                                  7
Debt and equity securities                                                        0                                      0                                  0
Investment in GSEs                                                                0                                      0                                  0
Other assets                                                                      6                                     13                                 13
Total Non-Federal Assets                                                  1,019,422                                925,172                            925,172

Federal
Fund balance with Treasury (RC 40)                                          103,619                                 98,696                              98,696
Federal investments (RC 01)                                                       0                                      0                                   0
Accounts receivable (RC 22)                                                       2                                      3                                   3
Accounts receivable, capital transfers                                            0                                      0                                   0
(RC 12)
Interest receivable (RC 02)                                                        0                                    0                                       0
Loans receivable (RC17)                                                            0                                    0                                       0
Transfers receivable (RC 27)                                                       0                                    0                                       0
Benefit program contributions                                                      0                                    0                                       0
receivable (RC 21)




                                                                                              -1-
                                                                         U.S Department of the Treasury                                            11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: BALANCE SHEET                                            Fiscal Year:        2015                                   Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                       Previously Reported
Advances to others and prepayments                                                 76                                    55                                   55
(RC 23)
Other assets (without reciprocals) (RC                                              0                                     0                                       0
29) "G"
Other assets (without reciprocals) (RC                                              0                                     0                                       0
29) "Z"
Other assets (without reciprocals) (RC                                              0                                     0                                       0
29)
Asset for Agency's custodial and                                                    0                                     0                                       0
non-entity liabilities (RC 46)
Other assets (RC 30) "F"                                                          0                                        0                                   0
Other assets (RC 30) "G"                                                          0                                        0                                   0
Other assets (RC 30)                                                              0                                        0                                   0
Total Federal Assets                                                        103,697                                   98,754                              98,754
Total Assets                                                              1,123,119                                1,023,926                           1,023,926

Liabilities:
Non-federal
Accounts payable                                                              (3,695)                                (4,000)                              (4,000)
Federal debt securities held by the                                                0                                      0                                    0
public and accrued interest
Federal employee and veteran                                                     (16)                                    (2)                                  (2)
benefits payable
Environmental and disposal liabilities                                              0                                     0                                       0
Benefits due and payable                                                            0                                     0                                       0
Loan guarantee liabilities                                                          0                                     0                                       0




                                                                                               -2-
                                                                         U.S Department of the Treasury                                           11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: BALANCE SHEET                                            Fiscal Year:        2015                                  Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                      Previously Reported
Liabilities to GSEs (for use by                                                     0                                     0                                      0
Treasury only)
Insurance and guarantee program                                                     0                                     0                                      0
liabilities
Other liabilities                                                             (2,532)                                (2,662)                             (2,662)
Total Non-Federal Liabilities                                                 (6,243)                                (6,664)                             (6,664)

Federal
Accounts payable (RC 22)                                                           (1)                                   (1)                                 (1)
Accounts payable, capital transfers                                                 0                                     0                                   0
(RC 12)
Federal debt (RC 01)                                                              0                                       0                                   0
Interest payable (RC 02)                                                        (10)                                    (10)                                (10)
Loans payable (RC 17)                                                    (1,051,766)                               (966,661)                           (966,661)
Transfers payable (RC 27)                                                         0                                       0                                   0
Benefit program contributions                                                    (6)                                     (6)                                 (6)
payable (RC 21)
Advances from others and deferred                                                (14)                                   (26)                                (26)
credits (RC 23)
Liability to the General Fund for                                           (10,254)                                 (7,874)                             (7,874)
custodial and other non-entity assets
(RC 46)
Other liabilities (without reciprocals)                                          (22)                                    22                                  22
(RC 29)
Other liabilities (without reciprocals)                                             0                                     0                                      0
(RC 29) "G"




                                                                                               -3-
                                                                         U.S Department of the Treasury                                           11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: BALANCE SHEET                                            Fiscal Year:        2015                                  Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                      Previously Reported
Liability for Fund Balance with                                                     0                                     0                                      0
Treasury (RC 40)
Other liabilities (RC 30) "F"                                                     0                                       0                                   0
Other liabilities (RC 30) "G"                                                     0                                       0                                   0
Other liabilities (RC 30)                                                         0                                       0                                   0
Total Federal Liabilities                                                (1,062,073)                               (974,556)                           (974,556)

Total Liabilities                                                        (1,068,316)                               (981,220)                           (981,220)
Net Position:
Net Position - Funds From Dedicated                                                (2)                                   (2)                                 (2)
Collections
Net Position - Funds From Dedicated        I                                        0                                     0                                      0
Collections "F"
Net Position - Funds From Dedicated        I                                        0                                     0                                      0
Collections "G"
Net Position - Funds From Dedicated        I                                        0                                     0                                      0
Collections "Z"
Net Position - Funds From Dedicated                                                (2)                                   (2)                                 (2)
Collections

Net Position - Funds other than those      I                                        0                                     0                                      0
from Dedicated Collections "F"
Net Position - Funds other than those                                       (54,801)                                (42,704)                            (42,704)
from Dedicated Collections
Net Position - Funds other than those      I                                        0                                     0                                      0
from Dedicated Collections "G"




                                                                                               -4-
                                                                         U.S Department of the Treasury                                             11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: BALANCE SHEET                                            Fiscal Year:       2015                                     Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                        Previously Reported
Net Position - Funds other than those      I                                       0                                        0                                      0
from Dedicated Collections "Z"
Net Position - Funds other than those                                       (54,801)                                 (42,704)                             (42,704)
from Dedicated Collections
Total Net Position                                                          (54,803)                                  (42,706)                            (42,706)
Total Liabilities and Net Position                                       (1,123,119)                               (1,023,926)                         (1,023,926)




                                                                                              -5-
                                                                         U.S Department of the Treasury                                          11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: STATEMENT OF NET COST                                    Fiscal Year:       2015                                  Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                     Previously Reported
Gross Cost:
Non-Federal gross cost                                                       70,902                                 80,586                              80,586
Interest on debt held by the public                                               0                                      0                                   0
Gains/losses from changes in actuarial                                            0                                      0                                   0
assumptions
General PP&E partial impairment loss                                              0                                      0                                   0
Total Non-Federal Gross Cost                                                 70,902                                 80,586                              80,586

Federal Gross Cost
Benefit program costs (RC 26)                                                   104                                   124                                 124
Imputed costs (RC 25)                                                            30                                    36                                  36
Buy/sell costs (RC 24)                                                          270                                   340                                 340
Federal securities interest expense                                               0                                     0                                   0
(RC 03)
Borrowing and other interest expense                                         32,905                                 30,628                              30,628
(RC 05)
Borrowing losses (RC 06)                                                        904                                   581                                 581
Other expenses (without reciprocals)                                              0                                     0                                   0
(RC 29) "G"
Other expenses (without reciprocals)                                               0                                    0                                       0
(RC 29) "Z"
Other expenses (without reciprocals)                                               0                                    0                                       0
(RC 29)
Total Federal Gross Cost                                                     34,213                                 31,709                             31,709
Department Total Gross Cost                                                 105,115                                112,295                            112,295




                                                                                              -6-
                                                                         U.S Department of the Treasury                                          11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: STATEMENT OF NET COST                                    Fiscal Year:       2015                                  Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                     Previously Reported
Earned Revenue:
Non-Federal Earned Revenue                                                  (26,616)                               (24,811)                            (24,811)

Federal Earned Revenue
Benefit program revenue (exchange)                                                 0                                     0                                      0
(RC 26)
Buy/sell revenue (RC 24)                                                       (126)                                 (198)                               (198)
Federal securities interest revenue                                               0                                     0                                   0
including associated gains and losses
(exchange) (RC 03)
Borrowing and other interest revenue                                          (4,673)                               (4,119)                             (4,119)
(exchange) (RC 05)
Borrowings gains (RC 06)                                                       (275)                                     0                                      0
Other revenue (without reciprocals)                                               0                                      0                                      0
(RC 29) "F"
Other revenue (without reciprocals)                                                0                                     0                                      0
(RC 29) "G"
Other revenue (without reciprocals)                                                0                                     3                                      3
(RC 29) "Z"
Other revenue (without reciprocals)                                                0                                     3                                      3
(RC 29)
Total Federal Earned Revenue                                                  (5,074)                               (4,314)                             (4,314)

Department Total Earned Revenue                                             (31,690)                               (29,125)                            (29,125)

Net Cost                                                                     73,425                                 83,170                              83,170




                                                                                              -7-
                                                                         U.S Department of the Treasury                                          11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: STATEMENT OF CHANGES IN NET POSITION Fiscal Year:                           2015                                  Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                     Previously Reported
Beginning Net Position                                                      (42,706)                               (67,843)                            (67,843)
Non-federal prior-period adjustments
Changes in accounting principles                                                   0                                     0                                      0
Corrections of errors - Non-federal                                                0                                     0                                      0
Corrections of errors - years                                                      0                                     0                                      0
preceding the prior year - Non-
federal

Federal prior-period adjustments
Change in accounting principles (RC                                                0                                     0                                      0
29)
Corrections of errors - federal (RC                                                0                                     0                                      0
29)
Corrections of errors - years                                                      0                                     0                                      0
preceding the prior year - federal (RC
29)
Adjusted Beginning Net Position                                             (42,706)                               (67,843)                            (67,843)
Balance

Non-Federal Nonexchange Revenue
Individual income tax and tax                                                      0                                     0                                      0
witholdings (for use by Treasury
only)
Corporation income taxes (for use by                                               0                                     0                                      0
Treasury only)
Excise taxes                                                                       0                                     0                                      0




                                                                                              -8-
                                                                         U.S Department of the Treasury                                          11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: STATEMENT OF CHANGES IN NET POSITION Fiscal Year:                            2015                                 Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                     Previously Reported
Unemployment taxes                                                                  0                                    0                                   0
Custom duties                                                                       0                                    0                                   0
Estate and gift taxes                                                               0                                    0                                   0
Other taxes and receipts                                                           (2)                                 (14)                                (14)
Miscellaneous earned revenues                                                       0                                    0                                   0
Total Non-Federal Nonexchange                                                      (2)                                 (14)                                (14)
Revenue

Federal Nonexchange Revenue
Federal securities interest revenue                                                 0                                    0                                      0
including associated gains and losses
(nonexchange) (RC 03)
Borrowings and other interest revenue                                               0                                    0                                      0
(nonexchange) (RC 05)
Benefit program revenue                                                             0                                    0                                      0
(nonexchange) (RC 26)
Other taxes and receipts (RC 45)                                                    0                                    0                                      0
Total Federal Nonexchange Revenue                                                   0                                    0                                      0

Budgetary Financing Sources:
Appropriations received as adjusted                                        (100,169)                               (94,674)                              5,000
(rescissions and other adjustments)
(RC 41)
Appropriations Used (RC 39)                                                 103,482                                 99,674                                      0
Appropriation of unavailable special                                              0                                      0                                      0
or trust fund receipts transfers-in (RC




                                                                                               -9-
                                                                         U.S Department of the Treasury                                           11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: STATEMENT OF CHANGES IN NET POSITION Fiscal Year:                            2015                                  Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                           2014-SEPTEMBER                     Previously Reported
07)
Appropriation of unavailable special                                                0                                     0                                      0
or trust fund receipts transfers-out
(RC 07)
Nonexpenditure transfers-out of                                                 443                                    375                                 375
unexpended appropriations and
financing sources (RC 08)
Nonexpenditure transfers-in of                                                   (46)                                 (451)                               (451)
unexpended appropriations and
financing sources (RC 08)
Expenditure transfers-in of financing                                               0                                     0                                      0
sources (RC 09)
Expenditure transfers-out of                                                        0                                     0                                      0
financing sources (RC 09)
Nonexpenditure transfers-in of                                                      0                                     0                                      0
financing sources - capital transfers
(RC 11)
Nonexpenditure transfers-out of                                                     0                                     0                                      0
financing sources - capital transfers
(RC 11)
Accrual for amounts to be collected        I                                        0                                     0                                      0
for others and transferred to the
General Fund (RC 29)
Collections for others transferred to                                              (8)                                    0                                      0
the General Fund (RC 44)
Other budgetary financing sources                                          (104,570)                               (100,524)                           (100,524)
(RC 29) "G"




                                                                                               - 10 -
                                                                         U.S Department of the Treasury                                           11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: STATEMENT OF CHANGES IN NET POSITION Fiscal Year:                           2015                                   Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                      Previously Reported
Other budgetary financing sources                                                  0                                      0                                      0
(RC 29) "Z"
Other budgetary financing sources                                          (104,570)                               (100,524)                           (100,524)
(RC 29)
Warrants issued (RC 41)                                                            0                                      0                                      0
Appropriations Outstanding (RC 39)                                                 0                                      0                                      0
Trust Fund Warrants Issues Net of                                                  0                                      0                                      0
Adjustments (RC 45)
Total Budgetary Financing Sources                                          (100,868)                                (95,600)                            (95,600)
Transfers-in without reimbursement                                          (14,651)                                      0                                   0
(RC 18)
Transfers-out without reimbursement                                          14,733                                       0                                      0
(RC 18)

Imputed financing source (RC 25)                                                 (30)                                   (36)                                (36)
Other Financing Sources:
Non-entity collections transferred to                                        13,558                                  39,911                              39,911
the General Fund (RC 44)
Accrual for non-entity amounts to be                                           1,738                                 (2,294)                             (2,294)
collected and transferred to the
General Fund (RC 48)
Other non-budgetary financing                                                      0                                      0                                      0
sources (RC 29) "G"
Other non-budgetary financing                                                      0                                      0                                      0
sources (RC 29) "Z"
Other non-budgetary financing                                                      0                                      0                                      0
sources (RC 29)




                                                                                              - 11 -
                                                                         U.S Department of the Treasury                                          11-13-2015 20:45:30
                                                                           Bureau of the Fiscal Service
                                                                     Governmentwide Financial Report System

                                                               GF003F-Closing Package Financial Statement Report


Statement: STATEMENT OF CHANGES IN NET POSITION Fiscal Year:                           2015                                  Period:   SEPTEMBER

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

          Amounts presented as debits and credits()
          The accompanying notes are an integral part of these financial statements.
          I = Inactive Line


Closing Line item                         Status               2015-SEPTEMBER                          2014-SEPTEMBER                     Previously Reported
Transfer in of Agency Unavailable                                                  0                                     0                                      0
Custodial and Non-entity Collections
(RC 44)
Accrual of Agency Amounts to be                                                    0                                     0                                      0
Collected (RC 48)
Total Other Financing Sources                                                15,348                                 37,581                              37,581

Net Cost                                                                     73,425                                 83,170                              83,170

Ending Net Position Balance                                                 (54,803)                               (42,706)                            (42,706)




                                                                                              - 12 -
                                                                U.S. Department of the Treasury                                  11113/2015 20:45:41
                                                                   Bureau of the Fiscal Service
                                                             Governmentwide Financial Report System

                                                GF003G-Ciosing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                     Fiscal Year: 2015                                Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                     Reported in: MILLIONS                      Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                 Status Account NB       FIN      2015-SEPTEMBER       2014-SEPTEMBER
                                                                                     Type
  4 Fund Balance with Treasury (Note 3)                                                A      D       B                103,619                  98,696
                                                                                    Variance:                                0                       0

Closing Package Line Reclassification
Closing Package Line Description                Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported     Line Item Changes
Fund balance with Treasury (RC 40)                     G                 103,619                98,696                  98,696                    0
Total:                                                                   103,619                98,696                  98,696                    0

Line Agency Line Description                                                 Status Account NB       FIN      2015-SEPTEMBER       2014-SEPTEMBER
                                                                                     Type
 5    Accounts Receivable (Note 4)                                                     A      D       F                     2                           3
                                                                                    Variance:                               0                           0

Closing Package Line Reclassification
Closing Package Line Description                Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported     Line Item Changes
Accounts receivable (RC 22)                             F                   2                      3                         3                    0
Total:                                                                      2                      3                         3                    0

Line Agency Line Description                                                 Status Account NB       FIN      2015-SEPTEMBER       2014-SEPTEMBER
                                                                                     Type
  6   Other lntragovermnental Assets (Note 8)                                          A      D       B                    76                          55
                                                                                    Variance:                               0                           0

Closing Package Line Reclassification
Closing Package Line Description                Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported     Line Item Changes
Advances to others and prepayments (RC 23)              F                  76                     55                       55                     0
Total:                                                                     76                     55                       55                     0




                                                                              -I -
                                                                U.S. Department of the Treasury                                  11113/2015 20:45:41
                                                                   Bureau of the Fiscal Service
                                                             Governmentwide Financial Report System

                                                GF003G-Ciosing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                     Fiscal Year: 2015                                Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                     Reported in: MILLIONS                      Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                 Status Account NB       FIN      2015-SEPTEMBER       2014-SEPTEMBER
                                                                                     Type
  9   Cash and Other Monetary Assets (Note 5)                                          A      D       B                  1,561                   1,471
                                                                                    Variance:                                0                       0

Closing Package Line Reclassification
Closing Package Line Description                Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported     Line Item Changes
Cash and other monetary assets                          N                 1,561                  1,471                   1,471                    0
Total:                                                                    1,561                  1,471                   1,471                    0

Line Agency Line Description                                                 Status Account NB       FIN      2015-SEPTEMBER       2014-SEPTEMBER
                                                                                     Type
 10 Accounts Receivable, Net (Note 4)                                                  A      D       B                   101                      136
                                                                                    Variance:                               0                        0

Closing Package Line Reclassification
Closing Package Line Description                Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported     Line Item Changes
Accounts and taxes receivable, net                      N                  101                    136                     136                     0
Total:                                                                     101                    136                     136                     0

Line Agency Line Description                                                 Status Account NB       FIN      2015-SEPTEMBER       2014-SEPTEMBER
                                                                                     Type
 11 Credit Program Receivables, Net (Note 6)                                           A      D       N              1,017,733                923,545
                                                                                    Variance:                                0                      0

Closing Package Line Reclassification
Closing Package Line Description                Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported     Line Item Changes
Loans receivable, net                                   N              1,017,733               923,545                 923,545                    0
Total:                                                                 1,017,733               923,545                 923,545                    0




                                                                              -2-
                                                             U.S. Department of the Treasury                                   11113/2015 20:45:41
                                                                Bureau of the Fiscal Service
                                                          Governmentwide Financial Report System

                                              GF003G-Ciosing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                  Fiscal Year: 2015                                 Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                  Reported in: MILLIONS                       Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                              Status Account NB       FIN       2015-SEPTEMBER       2014-SEPTEMBER
                                                                                  Type
 12 Property and Equipment, Net (Note 7)                                            A      D       B                    21                           7
                                                                                 Variance:                               0                           0

Closing Package Line Reclassification
Closing Package Line Description             Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported      Line Item Changes
Property, plant and equipment, net                   N                  21                      7                         7                     0
Total:                                                                  21                      7                         7                     0

Line Agency Line Description                                              Status Account NB       FIN       2015-SEPTEMBER       2014-SEPTEMBER
                                                                                  Type
 13 Other Assets (Note 8)                                                           A      D       N                      6                          13
                                                                                 Variance:                                0                           0

Closing Package Line Reclassification
Closing Package Line Description             Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported      Line Item Changes
Other assets                                         N                   6                      13                       13                     0
Total:                                                                   6                      13                       13                     0

Line Agency Line Description                                              Status Account NB       FIN       2015-SEPTEMBER       2014-SEPTEMBER
                                                                                  Type
 19 Accounts Payable (Note 9)                                                       L      c       F                      I                          I
                                                                                 Variance:                                0                          0

Closing Package Line Reclassification
Closing Package Line Description             Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported      Line Item Changes
Accounts payable (RC 22)                             F                    I                      I                        I                     0
Total:                                                                   (I)                    (I)                     (I)                     0




                                                                           -3-
                                                                U.S. Department of the Treasury                                     11113/2015 20:45:41
                                                                   Bureau of the Fiscal Service
                                                             Governmentwide Financial Report System

                                              GF003G-Ciosing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                       Fiscal Year: 2015                                 Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                       Reported in: MILLIONS                       Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                   Status Account NB       FIN   2015-SEPTEMBER           2014-SEPTEMBER
                                                                                       Type
 20 Debt (Note 10)                                                                       L    C        F               1,051,776                 966,671
                                                                                      Variance:                                0                       0


Closing Package Line Reclassification
Closing Package Line Description              Status FIN       2015-SEPTEMBER           2014-SEPTEMBER       Previously Reported      Line Item Changes
Interest payable (RC 02)                              F                        10                      10                     10                     0
Loans payable (RC 17)                                 F                 1,051,766                 966,661                966,661                     0
Total:                                                                 (1,051,776)               (966,671)              (966,671)                    0

Line Agency Line Description                                                   Status Account NB       FIN   2015-SEPTEMBER           2014-SEPTEMBER
                                                                                       Type
 21 Guaranty Agency Federal and Restricted Funds Due to Treasury (Note 5)                L    C        F                   1,561                    1,471
                                                                                      Variance:                                0                        0


Closing Package Line Reclassification
Closing Package Line Description                Status FIN     2015-SEPTEMBER           2014-SEPTEMBER       Previously Reported      Line Item Changes
Liability to the General Fund for custodial and         G                 1,561                      0                         0                     0
other non-entity assets (RC 46)
Accounts payable, capital transfers (RC 12)             F                        0                  1,471                  1,471                          0
Total:                                                                      (1,561)                (1,471)                (1,471)                         0
Line Agency Line Description                                                   Status Account NB       FIN   2015-SEPTEMBER           2014-SEPTEMBER
                                                                                       Type
 22 Payable to Treasury (Note 6)                                                         L    c        F
                                                                                      Variance:                                0                          0


Closing Package Line Reclassification
Closing Package Line Description              Status FIN       2015-SEPTEMBER           2014-SEPTEMBER       Previously Reported      Line Item Changes
Total:                                                                      0                        0                         0                     0




                                                                                -4-
                                                                U.S. Department of the Treasury                                      11113/2015 20:45:41
                                                                   Bureau of the Fiscal Service
                                                             Governmentwide Financial Report System

                                              GF003G-Ciosing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                     Fiscal Year: 2015                                    Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                     Reported in: MILLIONS                          Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                 Status Account NB       FIN      2015-SEPTEMBER           2014-SEPTEMBER
                                                                                     Type
 23 Other lntragovernmental Liabilities (Note II)                                      L    C         F                     8,735                    6,413
                                                                                    Variance:                                   0                        0


Closing Package Line Reclassification
Closing Package Line Description                Status FIN     2015-SEPTEMBER         2014-SEPTEMBER          Previously Reported      Line Item Changes
Benefit program contributions payable (RC 21)           F                    6                     6                            6                     0
Advances from others and deferred credits (RC           F                   14                    26                          26                      0
23)
Other liabilities (without reciprocals) (RC 29)        z                      22                       (22)                   (22)                         0
Liability to the General Fund for custodial and         G                  8,693                     7,874                  7,874                          0
other non-entity assets (RC 46)
Accounts payable, capital transfers (RC 12)             F                      0                 (1,471)                   (1,471)                         0
Total:                                                                    (8,735)                (6,413)                   (6,413)                         0
Line Agency Line Description                                                 Status Account NB       FIN      2015-SEPTEMBER           2014-SEPTEMBER
                                                                                     Type
 27 Accounts Payable (Note 9)                                                          L    c         N                     3,695                    4,000
                                                                                    Variance:                                   0                        0


Closing Package Line Reclassification
Closing Package Line Description              Status FIN       2015-SEPTEMBER         2014-SEPTEMBER          Previously Reported      Line Item Changes
Accounts payable                                      N                   3,695                  4,000                      4,000                     0
Total:                                                                   (3,695)                (4,000)                    (4,000)                    0




                                                                              -5-
                                                               U.S. Department of the Treasury                                   11113/2015 20:45:41
                                                                  Bureau of the Fiscal Service
                                                            Governmentwide Financial Report System

                                               GF003G-Ciosing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                    Fiscal Year: 2015                                 Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                    Reported in: MILLIONS                       Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                Status Account NB       FIN      2015-SEPTEMBER        2014-SEPTEMBER
                                                                                    Type
 28 Accrued Grant Liability (Note 12)                                                 L        C     N                  2,377                    2,487
                                                                                   Variance:                                0                        0

Closing Package Line Reclassification
Closing Package Line Description               Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported      Line Item Changes
Other liabilities                                      N                 2,377                  2,487                   2,487                     0
Total:                                                                  (2,377)                (2,487)                 (2,487)                    0

Line Agency Line Description                                                Status Account NB       FIN      2015-SEPTEMBER        2014-SEPTEMBER
                                                                                    Type
 29 Liabilities for Loan Guarantees (Note 6)                                          L      c       N
                                                                                   Variance:                                0                          0

Closing Package Line Reclassification
Closing Package Line Description               Status FIN     2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported      Line Item Changes
Total:                                                                     0                      0                         0                     0


Line Agency Line Description                                                Status Account NB       FIN      2015-SEPTEMBER        2014-SEPTEMBER
                                                                                    Type
 30 Other Liabilities (Note 11)                                                       L      c       N                    171                      177
                                                                                   Variance:                                0                        0

Closing Package Line Reclassification
Closing Package Line Description              Status FIN      2015-SEPTEMBER         2014-SEPTEMBER       Previously Reported      Line Item Changes
Federal employee and veteran benefits payable         N                    16                      2                        2                     0
Other liabilities                                     N                   155                    175                     175                      0
Total:                                                                   (171)                  (177)                   (177)                     0




                                                                             -6-
                                                             U.S. Department of the Treasury                                       11113/2015 20:45:41
                                                                Bureau of the Fiscal Service
                                                          Governmentwide Financial Report System

                                              GF003G-Ciosing Package Line Reclassification Summary Report

Statement: BALANCE SHEET                                                  Fiscal Year: 2015                                    Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                  Reported in: MILLIONS                          Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                              Status Account NB        FIN      2015-SEPTEMBER          2014-SEPTEMBER
                                                                                  Type
 37 Unexpended Appropriations (Note 13)                                             E        C      B                    62,740                   66,447
                                                                                 Variance:                                    0                        0

Closing Package Line Reclassification
Closing Package Line Description             Status FIN     2015-SEPTEMBER         2014-SEPTEMBER           Previously Reported      Line Item Changes
Net Position- Funds other than those from            B                62,740                 66,447                      66,447                     0
Dedicated Collections
Total:                                                                (62,740)                   (66,447)              (66,447)                          0
Line Agency Line Description                                              Status Account NB        FIN      2015-SEPTEMBER          2014-SEPTEMBER
                                                                                  Type
 38 Cumulative Results of Operations (Note 13)                                      E      c        B                    (7,937)                 (23,741)
                                                                                 Variance:                                    0                        0

Closing Package Line Reclassification
Closing Package Line Description             Status FIN     2015-SEPTEMBER         2014-SEPTEMBER           Previously Reported      Line Item Changes
Net Position- Funds From Dedicated                   B                   2                      2                             2                     0
Collections
Net Position- Funds other than those from           B                  (7,939)                   (23,743)              (23,743)                          0
Dedicated Collections
Total:                                                                  7,937                     23,741                23,741                           0




                                                                           -7-
                                                               U.S. Department of the Treasury                                   11113/2015 20:45:41
                                                                  Bureau of the Fiscal Service
                                                            Governmentwide Financial Report System

                                               GF003G-Ciosing Package Line Reclassification Summary Report

Statement: STATEMENT OF NET COST                                            Fiscal Year: 2015                                 Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                    Reported in: MILLIONS                       Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                Status Account NB       FIN      2015-SEPTEMBER        2014-SEPTEMBER
                                                                                    Type
 36 Total Gross costs                                                                GC    D         B                 105,115                 112,295
                                                                                    Variance:                                0                       0


Closing Package Line Reclassification
Closing Package Line Description               Status FIN     2015-SEPTEMBER          2014-SEPTEMBER       Previously Reported     Line Item Changes
Imputed costs (RC 25)                                  F                     30                      36                     36                    0
Buy/sell costs (RC 24)                                 F                    270                     340                    340                    0
Benefit program costs (RC 26)                          F                    104                     124                    124                    0
Borrowing and other interest expense (RC 05)           F                 32,905                  30,628                 30,628                    0
Borrowing losses (RC 06)                               F                    904                     581                    581                    0
Non-Federal gross cost                                 N                 70,902                  80,586                 80,586                    0
Total:                                                                  105,115                 112,295                112,295                    0

Line Agency Line Description                                                Status Account NB       FIN      2015-SEPTEMBER        2014-SEPTEMBER
                                                                                    Type
 37 Total Earned Revenue                                                             ER    c         B                  31,690                  29,125
                                                                                    Variance:                                0                       0


Closing Package Line Reclassification
Closing Package Line Description               Status FIN     2015-SEPTEMBER          2014-SEPTEMBER       Previously Reported     Line Item Changes
Buy/sell revenue (RC 24)                               F                   126                     198                     198                    0
Borrowings gains (RC 06)                               F                   275                       0                       0                    0
Borrowing and other interest revenue                   F                 4,673                   4,119                   4,119                    0
(exchange) (RC 05)
Non-Federal Earned Revenue                            N                  26,616                  24,811                24,811                          0
Other revenue (without reciprocals) (RC 29)           z                       0                      (3)                   (3)                         0
"Z"
Total:                                                                  (31,690)                (29,125)              (29,125)                         0




                                                                             - 8-
                                                             U.S. Department of the Treasury                                   11113/2015 20:45:41
                                                                Bureau of the Fiscal Service
                                                          Governmentwide Financial Report System

                                              GF003G-Ciosing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                           Fiscal Year: 2015                                 Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                  Reported in: MILLIONS                       Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                               Status Account NB      FIN       2015-SEPTEMBER       2014-SEPTEMBER
                                                                                   Type
  3   Beginning Balances                                                            BN    C        B                (23,741)                  (3,528)
                                                                                  Variance:                               0                        0


Closing Package Line Reclassification
Closing Package Line Description             Status FIN     2015-SEPTEMBER          2014-SEPTEMBER      Previously Reported      Line Item Changes
Beginning Net Position                               B                (23,741)                (3,528)                (3,528)                    0
Total:                                                                 23,741                  3,528                  3,528                     0

Line Agency Line Description                                               Status Account NB      FIN       2015-SEPTEMBER       2014-SEPTEMBER
                                                                                   Type
  7   Appropriations Received                                                        F    c        F                      0                          0
                                                                                  Variance:                               0                          0


Closing Package Line Reclassification
Closing Package Line Description             Status FIN     2015-SEPTEMBER          2014-SEPTEMBER      Previously Reported      Line Item Changes
Total:                                                                   0                       0                        0                     0


Line Agency Line Description                                               Status Account NB      FIN       2015-SEPTEMBER       2014-SEPTEMBER
                                                                                   Type
  9   Other Adjustments (rescissions, etc)                                           F    c        B
                                                                                  Variance:                               0                          0


Closing Package Line Reclassification
Closing Package Line Description             Status FIN     2015-SEPTEMBER          2014-SEPTEMBER      Previously Reported      Line Item Changes
Total:                                                                   0                       0                        0                     0




                                                                            -9-
                                                                  U.S. Department of the Treasury                                     11113/2015 20:45:41
                                                                     Bureau of the Fiscal Service
                                                               Governmentwide Financial Report System

                                                GF003G-Ciosing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                                Fiscal Year: 2015                                   Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                       Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                    Status Account NB      FIN     2015-SEPTEMBER           2014-SEPTEMBER
                                                                                        Type
 II Appropriations Used                                                                   F    C        B                  103,482                   99,674
                                                                                        Variance:                                0                        0


Closing Package Line Reclassification
Closing Package Line Description              Status FIN         2015-SEPTEMBER           2014-SEPTEMBER       Previously Reported      Line Item Changes
Other bndgetary financing sources (RC 29) "G"         G                    103,482                   99,674                 99,674                     0
Total:                                                                    (103,482)                 (99,674)               (99,674)                    0

Line Agency Line Description                                                    Status Account NB      FIN     2015-SEPTEMBER           2014-SEPTEMBER
                                                                                        Type
 13 Nonexchange Revenue                                                                   F    c        B                        8                          12
                                                                                        Variance:                                0                           0


Closing Package Line Reclassification
Closing Package Line Description                  Status FIN     2015-SEPTEMBER           2014-SEPTEMBER       Previously Reported      Line Item Changes
Other taxes and receipts                                  N                    0                       12                       12                     0
Collections for others transferred to the General         G                   (8)                       0                        0                     0
Fund(RC 44)
Total:                                                                          (8)                     (12)                   (12)                         0
Line Agency Line Description                                                    Status Account NB      FIN     2015-SEPTEMBER           2014-SEPTEMBER
                                                                                        Type
 15 Donations and Forfeitures of Cash and Cash Equivalents                                F    c        B                        2                          2
                                                                                        Variance:                                0                          0


Closing Package Line Reclassification
Closing Package Line Description                Status FIN       2015-SEPTEMBER           2014-SEPTEMBER       Previously Reported      Line Item Changes
Other taxes and receipts                                N                      2                        2                        2                     0
Total:                                                                        (2)                      (2)                     (2)                     0



                                                                                - 10-
                                                                 U.S. Department of the Treasury                                    11113/2015 20:45:41
                                                                    Bureau of the Fiscal Service
                                                              Governmentwide Financial Report System

                                               GF003G-Ciosing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                               Fiscal Year: 2015                                 Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                      Reported in: MILLIONS                       Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                  Status Account NB       FIN    2015-SEPTEMBER          2014-SEPTEMBER
                                                                                      Type
 17 Nonexpenditure Financing Sources- Transfers-Out                                     F    C         F
                                                                                       Variance:                               0                           0


Closing Package Lioe Reclassification
Closing Package Lioe Description               Status FIN       2015-SEPTEMBER           2014-SEPTEMBER      Previously Reported      Line Item Changes
Total:                                                                       0                        0                        0                     0


Line Agency Line Description                                                  Status Account NB       FIN    2015-SEPTEMBER          2014-SEPTEMBER
                                                                                      Type
 21 Imputed Financing from Costs Absorbed by Others                                     F    C         F                      30                          36
                                                                                       Variance:                               0                           0


Closing Package Lioe Reclassification
Closing Package Lioe Description               Status FIN       2015-SEPTEMBER           2014-SEPTEMBER      Previously Reported      Line Item Changes
Imputed financing source (RC 25)                       F                     30                       36                     36                      0
Total:                                                                      (30)                     (36)                   (36)                     0

Line Agency Line Description                                                  Status Account NB       FIN    2015-SEPTEMBER          2014-SEPTEMBER
                                                                                      Type
 23 Negative Subsidy Transfers, Downward Subsidy Re-estimates, and Other                F    C         B                 (14,293)                 (36,767)
                                                                                       Variance:                               0                        0


Closing Package Lioe Reclassification
Closing Package Lioe Description                 Status FIN     2015-SEPTEMBER           2014-SEPTEMBER      Previously Reported      Line Item Changes
Appropriations received as adjusted (rescissions         G                   (3)                      0                        0                     0
and other adjustments) (RC 41)
Transfers-in without reimbursement (RC 18)               F                 14,651                        0                    0                           0
Transfers-out without reimbursement (RC 18)              F                 14,733                        0                    0                           0
Other budgetary financing sources (RC 29) "G"            G                  1,088                      850                  850                           0


                                                                               - 11-
                                                                 U.S. Department of the Treasury                                       11113/2015 20:45:41
                                                                    Bureau of the Fiscal Service
                                                              Governmentwide Financial Report System

                                               GF003G-Ciosing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                                Fiscal Year: 2015                                    Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                       Reported in: MILLIONS                          Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                            Account NB     FIN      2015-SEPTEMBER           2014-SEPTEMBER
                                                                                         Type
 23 Negative Subsidy Transfers, Downward Subsidy Re-estimates, and Other                   F    c        B                  (14,293)                 (36,767)
Accrual for non-entity amounts to be collected     G                      1,738                       (2,294)                (2,294)                       0
and transferred to tbe General Fund (RC 48)
Non-entity collections transferred to tbe          G                     13,558                       39,911                 39,911                          0
General Fund (RC 44)
Total:                                                                   14,293                       36,767                 36,767                          0




Line Agency Line Description                                                   Status Account NB       FIN      2015-SEPTEMBER           2014-SEPTEMBER
                                                                                       Type
 39 Beginning Balances                                                                  BN      c       B                    66,447                   71,371
                                                                                      Variance:                                   0                        0

Closing Package Line Reclassification
Closing Package Line Description               Status FIN       2015-SEPTEMBER           2014-SEPTEMBER         Previously Reported      Line Item Changes
Beginning Net Position                                 B                   66,447                   71,371                   71,371                     0
Total:                                                                    (66,447)                 (71,371)                 (71,371)                    0

Line Agency Line Description                                                   Status Account NB       FIN      2015-SEPTEMBER           2014-SEPTEMBER
                                                                                       Type
 43 Appropriations Received                                                              F      c       F                   100,955                   95,293
                                                                                      Variance:                                   0                        0

Closing Package Line Reclassification
Closing Package Line Description                 Status FIN     2015-SEPTEMBER           2014-SEPTEMBER         Previously Reported      Line Item Changes
Appropriations received as adjusted (rescissions         G                100,955                  95,293                    95,293                     0
and other adjustments) (RC 41)
Total:                                                                    (100,955)                  (95,293)               (95,293)                         0




                                                                                - 12-
                                                                 U.S. Department of the Treasury                                     11113/2015 20:45:41
                                                                    Bureau of the Fiscal Service
                                                              Governmentwide Financial Report System

                                               GF003G-Ciosing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                               Fiscal Year: 2015                                   Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                      Reported in: MILLIONS                         Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                  Status Account NB       FIN     2015-SEPTEMBER           2014-SEPTEMBER
                                                                                      Type
 45 Appropriations Transferred- in/out                                                  F    C         F                     (397)                         76
                                                                                       Variance:                                0                           0


Closing Package Line Reclassification
Closing Package Line Description               Status FIN       2015-SEPTEMBER           2014-SEPTEMBER       Previously Reported      Line Item Changes
Nonexpenditure transfers-in of unexpended              F                    46                       451                     451                      0
appropriations and financing sources (RC 08)
Nonexpenditure transfers-out of unexpended              F                     443                      375                    375                          0
appropriations and financing sources (RC 08)
Total:                                                                       397                       (76)                   (76)                         0
Line Agency Line Description                                                  Status Account NB       FIN     2015-SEPTEMBER           2014-SEPTEMBER
                                                                                      Type
 47 Other Adjustments (rescissions, etc)                                                F    c         B                     (783)                   (619)
                                                                                       Variance:                                0                       0


Closing Package Line Reclassification
Closing Package Line Description                 Status FIN     2015-SEPTEMBER           2014-SEPTEMBER       Previously Reported      Line Item Changes
Appropriations received as adjusted (rescissions         G                 (783)                    (619)                   (619)                     0
and other adjustments) (RC 41)
Total:                                                                        783                      619                    619                          0
Line Agency Line Description                                                  Status Account NB       FIN     2015-SEPTEMBER           2014-SEPTEMBER
                                                                                      Type
 49 Appropriations Used                                                                 F    c         B                 (103,482)                 (99,674)
                                                                                       Variance:                                0                        0


Closing Package Line Reclassification
Closing Package Line Description                 Status FIN     2015-SEPTEMBER           2014-SEPTEMBER       Previously Reported      Line Item Changes
Appropriations received as adjusted (rescissions         G                   0                        0                   (99,674)                99,674
and other adjustments) (RC 41)
Appropriations Used (RC 39)                              G                103,482                  99,674                       0                  99,674

                                                                               - 13-
                                                           U.S. Department of the Treasury                                      11113/2015 20:45:41
                                                              Bureau of the Fiscal Service
                                                        Governmentwide Financial Report System

                                              GF003G-Ciosing Package Line Reclassification Summary Report

Statement: STATEMENT OF CHANGES IN NET POSITION                          Fiscal Year: 2015                                  Period: SEPTEMBER
    Entity: 9100- Department ofEducation                                 Reported in: MILLIONS                        Decimal Point: ZERO

Amounts reported as normal/(abnormal) balances.
I = Inactive Line
Line Agency Line Description                                                      Account NB     FIN        2015-SEPTEMBER       2014-SEPTEMBER
                                                                                   Type
 49 Appropriations Used                                                              F    C      B                  (103,482)                (99,674)
Total:                                                               103,482                   99,674                 99,674                 199,348




                                                                          - 14-
                                                            U.S.Department of the Treasury                              11-14-2015 11:45:22
                                                              Bureau of the Fiscal Service
                                                         Govemmentwide Financial Report System

                                                      GF004F- Trading Partner Summary Note Report

Statement: BALANCE SHEET                                          Fiscal Year: 2015                            Period: SEPTEMBER

Entity:      9100 -Department of Education                        Reported in: MILLIONS                 Decimal Point: ZERO
    Amounts presented as debits aod credits()
    I = Inactive Line

Agency FS Status CP Line Description                              Account Type        NB          2015-SEPTEMBER        2014-SEPTEMBER
 BS              Accounts receivable (RC 22)                      A                   D                        2                     3
                                                                                 Variance:                          0                    0

Trading         Name                            Status 2015-SEPTEMBER      2014-SEPTEMBER         Previously Reported    Line item Changes
Partner
 4900 National Science Foundation                                   0                         I                    I                     0
 7500 Department of Health aod Hwnao                                2                         2                    2                     0
          Services
                                   Total                            2                         3                     3                    0

Agency FS Status CP Line Description                              Account Type        NB          2015-SEPTEMBER        2014-SEPTEMBER
 BS              Advaoces to others aod prepayments (RC 23)       A                   D                       76                    55
                                                                                 Variance:                          0                    0

Trading        Name                             Status 2015-SEPTEMBER      2014-SEPTEMBER         Previously Reported    Line item Changes
Partner
 1400 Department of the Interior                                   66                        55                   55                     0
 160 I Department of Labor                                         10                         0                     0                    0
                                   Total                           76                        55                   55                     0




                                                                          -I -
                                                            U.S.Department of the Treasury                                   11-14-2015 11:45:22
                                                              Bureau of the Fiscal Service
                                                         Govemmentwide Financial Report System

                                                      GF004F- Trading Partner Summary Note Report


Statement: BALANCE SHEET                                          Fiscal Year: 2015                                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              2015-SEPTEMBER         2014-SEPTEMBER
 BS              Fund balance with Treasury (RC 40)               A                   D                         103,619                98,696
                                                                                 Variance:                              0                     0

Trading        Name                             Status 2015-SEPTEMBER      2014-SEPTEMBER             Previously Reported     Line item Changes
Partuer
 9900 Treasury General Fund                                    103,619                       98,696                98,696                     0
                                  Total                        103,619                       98,696                98,696                     0


Agency FS Status CP Line Description                              Account Type        NB              2015-SEPTEMBER         2014-SEPTEMBER
 BS              Accounts payable (RC 22)                         L                   c                            I                      I
                                                                                 Variance:                              0                     0

Trading        Name                             Status 2015-SEPTEMBER      2014-SEPTEMBER             Previously Reported     Line item Changes
Partuer
 4700 General Services Administration                                I                            I                     I                     0
                                  Total                            (I)                          (I)                    (I)                    0




                                                                          -2-
                                                             U.S.Department of the Treasury                                   11-14-2015 11:45:22
                                                               Bureau of the Fiscal Service
                                                          Govemmentwide Financial Report System

                                                       GF004F- Trading Partner Summary Note Report

Statement: BALANCE SHEET                                             Fiscal Year: 2015                              Period: SEPTEMBER

Entity:      9100 -Department of Education                           Reported in: MILLIONS                   Decimal Point: ZERO
    Amounts presented as debits aod credits()
    I = Inactive Line
Agency FS Status CP Line Description                                 Account Type        NB            2015-SEPTEMBER         2014-SEPTEMBER
 BS              Advaoces from others aod deferred credits (RC 23)   L                   C                          14                    26
                                                                                    Variance:                            0                     0

Trading       Name                               Status 2015-SEPTEMBER        2014-SEPTEMBER           Previously Reported     Line item Changes
Partner
 1500 Department of Justice                                            3                          4                      4                     0
 2000 Department of the Treasury                                       I                          0                      0                     0
 2800     Social Security Administration                               I                          I                      I                     0
 3600     DEPARTMENT OF VETERANS                                       I                          I                      I                     0
          AFFAIRS
 4700     General Services Administration                             (I)                        (4)                    (4)                    0
 4814     STATE JUSTICE INSTITUTE                                      I                          I                      I                     0
 4900     National Science Foundation                                  I                          2                      2                     0
 6900     Department of Transportation                                (I)                         0                      0                     0
 7000     Department ofHomelaod Security                               I                          I                      I                     0
 7200     Agency for International Development                         I                          0                      0                     0
 7500 Department of Health aod Humao                                   5                         19                     19                     0
      Services
 8600 Department of Housing aod Urbao                                  I                          I                      I                     0
      Development
 8900 Department of Energy                                             I                          0                      0                     0
 9515 CORP. FOR NATIONAL &                                             I                          0                      0                     0
      COMMUNITY SERVICE
 9571 BUREAU OF CONSUMER FINANCIAL                                     0                          I                      I                     0
      PROTECTION
 DEOO Department of Defense                                           (2)                        (I)                    (I)                    0
                                  Total                              (14)                       (26)                  (26)                     0


                                                                             -3-
                                                             U.S.Department of the Treasury                                 11-14-2015 11:45:22
                                                               Bureau of the Fiscal Service
                                                          Govemmentwide Financial Report System

                                                      GF004F- Trading Partner Summary Note Report

Statement: BALANCE SHEET                                           Fiscal Year: 2015                              Period: SEPTEMBER

Entity:    9100 -Department of Education                           Reported in: MILLIONS                   Decimal Point: ZERO
    Amounts presented as debits aod credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type         NB            2015-SEPTEMBER         2014-SEPTEMBER
 BS              Benefit program contribotions payable (RC 21)    L                    c                          6                      6
                                                                                  Variance:                            0                     0

Trading         Name                            Status 2015-SEPTEMBER       2014-SEPTEMBER           Previously Reported     Line item Changes
Partner
 160 I Department of Labor                                             3                        3                      3                     0
 2400 Office of Personnel Management                                   3                        3                      3                     0
                                  Total                               (6)                      (6)                    (6)                    0

Agency FS Status CP Line Description                              Account Type         NB            2015-SEPTEMBER         2014-SEPTEMBER
 BS              Interest payable (RC 02)                         L                    c                          10                     10
                                                                                  Variance:                            0                     0

Trading       Name                              Status 2015-SEPTEMBER       2014-SEPTEMBER           Previously Reported     Line item Changes
Partner
 2000 Department of the Treasury                                      10                       10                     10                     0
                                  Total                            (10)                       (10)                  (10)                     0




                                                                            -4-
                                                                U.S.Department of the Treasury                                        11-14-2015 11:45:22
                                                                  Bureau of the Fiscal Service
                                                             Govemmentwide Financial Report System

                                                         GF004F- Trading Partner Summary Note Report


Statement: BALANCE SHEET                                                  Fiscal Year: 2015                                 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               2015-SEPTEMBER         2014-SEPTEMBER
 BS              Liability to the General Fund for custodial and other   L                    c                          10,254                  7,874
                 non-entity assets (RC 46)
                                                                                         Variaoce:                               0                     0

Trading                                                  2015-SEPTEMBER            2014-SEPTEMBER              Previously Reported     Line item Changes
Partner        Name                             Status
 9100 Department of Education                                            7,017                           0                       0                     0
 9900 Treasury General Fund                                              3,237                       7,874                   7,874                     0
                                  Total                              (10,254)                        (7,874)                (7,874)                    0

Agency FS Status CP Line Description                                     Account Type         NB               2015-SEPTEMBER         2014-SEPTEMBER
 BS              Loans payable (RC 17)                                   L                    c                        1,051,766               966,661
                                                                                         Variaoce:                               0                     0

Trading       Name                              Status 2015-SEPTEMBER              2014-SEPTEMBER              Previously Reported     Line item Changes
Partner
 2000 Department of the Treasury                                   1,051,766                      966,661                 966,661                      0
                                  Total                           (1,051,766)                     (966,661)               (966,661)                    0




                                                                                  - 5-
                                                               U.S.Department of the Treasury                                    11-14-2015 11:45:22
                                                                 Bureau of the Fiscal Service
                                                            Govemmentwide Financial Report System

                                                         GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF NET COST                                     Fiscal Year: 2015                                 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               2015-SEPTEMBER         2014-SEPTEMBER
 NCS             Borrowing and other interest revenue (exchange)     ER                  C                           4,673                  4,119
                 (RC 05)
                                                                                    Variaoce:                               0                     0

Trading                                                  2015-SEPTEMBER       2014-SEPTEMBER              Previously Reported     Line item Changes
Partner       Name                              Status
 2000 Department of the Treasury                                    4,673                       4,119                   4,119                     0
                                  Total                            (4,673)                      (4,119)                (4,119)                    0


Agency FS Status CP Line Description                                 Account Type        NB               2015-SEPTEMBER         2014-SEPTEMBER
 NCS             Borrowings gains (RC 06)                            ER                  c                            275                     0
                                                                                    Variaoce:                               0                     0

Trading       Name                              Status 2015-SEPTEMBER         2014-SEPTEMBER              Previously Reported     Line item Changes
Partner
 9100 Department of Education                                        275                             0                      0                     0
                                  Total                              (275)                           0                      0                     0




                                                                             - 6-
                                                            U.S.Department of the Treasury                                 11-14-2015 11:45:22
                                                              Bureau of the Fiscal Service
                                                         Govemmentwide Financial Report System

                                                      GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF NET COST                                  Fiscal Year: 2015                               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             2015-SEPTEMBER        2014-SEPTEMBER
 NCS             Buy/sell revenue (RC 24)                         ER                  c                          126                   198
                                                                                 Variance:                             0                    0

Trading          Name                           Status 2015-SEPTEMBER      2014-SEPTEMBER            Previously Reported    Line item Changes
Partuer
 0400 GOVERNMENT PRINTING OFFICE                                     I                          0                     0                     0
 1500 Department of Justice                                          0                          2                     2                     0
 3600 DEPARTMENT OF VETERANS                                         0                          I                      I                    0
        AFFAIRS
 4700 General Services Administration                                0                          4                     4                     0
 4900 National Science Foundation                                    0                          I                      I                    0
 6900 Department of Transportation                                   I                          I                      I                    0
 7500 Department of Health and Human                                13                          4                     4                     0
        Services
 8600 Department of Housing and Urban                                0                          I                      I                    0
        Development
 9100 Department of Education                                      111                        183                   183                     0
 DEOO Department of Defense                                          0                          I                      I                    0
                                  Total                           (126)                      (198)                 (198)                    0




                                                                          - 7-
                                                             U.S.Department of the Treasury                                  11-14-2015 11:45:22
                                                               Bureau of the Fiscal Service
                                                          Govemmentwide Financial Report System

                                                      GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF NET COST                                   Fiscal Year: 2015                                Period: SEPTEMBER

Entity:    9100 -Department of Education                           Reported in: MILLIONS                     Decimal Point: ZERO
    Amounts presented as debits aod credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type         NB              2015-SEPTEMBER        2014-SEPTEMBER
 NCS             Benefit program costs (RC 26)                    GC                   D                           104                   124
                                                                                  Variance:                              0                    0

Trading         Name                            Status 2015-SEPTEMBER       2014-SEPTEMBER             Previously Reported    Line item Changes
Partner
 2400 Office ofPersonne1 Management                                104                          124                   124                     0
                                  Total                            104                          124                   124                     0


Agency FS Status CP Line Description                              Account Type         NB              2015-SEPTEMBER        2014-SEPTEMBER
 NCS             Borrowing aod other interest expense (RC 05)     GC                   D                         32,905                30,628
                                                                                  Variance:                              0                    0

Trading       Name                              Status 2015-SEPTEMBER       2014-SEPTEMBER             Previously Reported    Line item Changes
Partner
 2000 Department of the Treasury                                32,905                        30,628                30,628                    0
                                  Total                         32,905                        30,628                30,628                    0




                                                                           - 8-
                                                            U.S.Department of the Treasury                               11-14-2015 11:45:22
                                                              Bureau of the Fiscal Service
                                                         Govemmentwide Financial Report System

                                                      GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF NET COST                                  Fiscal Year: 2015                             Period: SEPTEMBER

Entity:    9100 -Department of Education                          Reported in: MILLIONS                  Decimal Point: ZERO
    Amounts presented as debits aod credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type        NB           2015-SEPTEMBER        2014-SEPTEMBER
 NCS             Borrowing losses (RC 06)                         GC                  D                        904                   581
                                                                                 Variance:                           0                    0

Trading        Name                             Status 2015-SEPTEMBER      2014-SEPTEMBER          Previously Reported    Line item Changes
Partner
 9100 Department of Education                                       0                        581                  581                     0
 9900 Treasury General Fund                                       904                          0                    0                     0
                                  Total                           904                        581                  581                     0

Agency FS Status CP Line Description                              Account Type        NB           2015-SEPTEMBER        2014-SEPTEMBER
 NCS             Buy/sell costs (RC 24)                           GC                  D                        270                   340
                                                                                 Variance:                           0                    0

Trading         Name                  Status 2015-SEPTEMBER                2014-SEPTEMBER          Previously Reported    Line item Changes
Partner
 0300 LffiRARY OF CONGRESS                                 2                                   2                    2                     0
 0400 GOVERNMENT PRINTING OFFICE                           3                                   3                    3                     0
 1300 Department of Commerce                              30                                  36                   36                     0
 1400 Department of the Interior                         113                                 !59                  !59                     0
 1500 Department of Justice                                0                                   2                    2                     0
 1601 Department of Labor                                  I                                  12                   12                     0
 2000 Department of the Treasury                           I                                   2                    2                     0
 2400 Office of Personnel Management                      15                                  11                   11                     0
 4700 General Services Administration                     84                                  79                   79                     0
 4900 National Science Foundation                          0                                   I                    I                     0
 5901 NATIONAL ENDOWMENT FOR THE                           0                                   I                    I                     0

                                                                          -9-
                                                            U.S.Department of the Treasury                               11-14-2015 11:45:22
                                                              Bureau of the Fiscal Service
                                                         Govemmentwide Financial Report System

                                                      GF004F- Trading Partner Summary Note Report


Statement: STATEMENT OF NET COST                                  Fiscal Year: 2015                             Period: SEPTEMBER

Entity:    9100 -Department of Education                          Reported in: MILLIONS                  Decimal Point: ZERO
    Amounts presented as debits and credits()
    I = Inactive Line


Trading       Name                              Status 2015-SEPTEMBER      2014-SEPTEMBER          Previously Reported    Line item Changes
Partner
        ARTS
 6900 Department of Transportation                                  3                          4                     4                    0
 7000 Department of Homeland Security                              10                         14                    14                    0
 7500 Department of Health and Hmnan                                4                          4                    4                     0
      Services
 8800 NATIONAL ARCIDVES AND                                         I                          I                     I                    0
      RECORDS ADM.
 9515 CORP.FORNATIONAL&                                             3                          3                     3                    0
      COMMUNITY SERVICE
 9999 Unidentified                                                  0                          1                     1                    0
 DEOO Department of Defense                                         0                          5                     5                    0
                                  Total                           270                        340                  340                     0

Agency FS Status CP Line Description                              Account Type        NB           2015-SEPTEMBER        2014-SEPTEMBER
 NCS             Imputed costs (RC 25)                            GC                  D                        30                    36
                                                                                 Variance:                           0                    0

Trading         Name                            Status 2015-SEPTEMBER      2014-SEPTEMBER          Previously Reported    Line item Changes
Partner
 2400 Office ofPersonne1 Management                                30                         36                   36                     0
                                  Total                            30                         36                   36                     0




                                                                         - 10-
                                                               U.S.Department of the Treasury                                       11-14-2015 11:45:22
                                                                 Bureau of the Fiscal Service
                                                            Govemmentwide Financial Report System

                                                         GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF CHANGES IN NET POSITION                        Fiscal Year: 2015                                  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               2015-SEPTEMBER         2014-SEPTEMBER
 SCNP            Accrual for non-entity amounts to be collected and   CF                    D                           1,738                 (2,294)
                 transferred to the General Fund (RC 48)
                                                                                       Variance:                               0                     0

Trading                                                  2015-SEPTEMBER         2014-SEPTEMBER               Previously Reported     Line item Changes
Partner        Name                             Status
 9900 Treasury General Fund                                           1,738                        (2,294)                (2,294)                    0
                                  Total                               1,738                        (2,294)                (2,294)                    0


Agency FS Status CP Line Descriotion                                    Account Type        NB               2015-SEPTEMBER         2014-SEPTEMBER
 SCNP            Collections for others transferred to the General Fund CF                  D                             (8)                    0
                 (RC 44)
                                                                                       Variance:                               0                     0

Trading                                                  2015-SEPTEMBER         2014-SEPTEMBER               Previously Reported     Line item Changes
Partner        Name                             Status
 9900 Treasury General Fund                                             (8)                             0                      0                     0
                                  Total                                 (8)                             0                      0                     0




                                                                               -II-
                                                                U.S.Department of the Treasury                                  11-14-2015 11:45:22
                                                                  Bureau of the Fiscal Service
                                                             Govemmentwide Financial Report System

                                                         GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF CHANGES IN NET POSITION                        Fiscal Year: 2015                               Period: SEPTEMBER

Entity:    9100 -Department of Education                               Reported in: MILLIONS                    Decimal Point: ZERO
    Amounts presented as debits aod credits()
    I = Inactive Line
Agency FS Status CP Line Description                                  Account Type         NB             2015-SEPTEMBER        2014-SEPTEMBER
 SCNP            Non-entity collections transferred to the General    CF                   D                        13,558                39,911
                 Fund(RC 44)
                                                                                     Variance:                              0                    0

Trading                                                  2015-SEPTEMBER         2014-SEPTEMBER            Previously Reported    Line item Changes
Partner        Name                             Status
 9900 Treasury General Fund                                          13,558                      39,911                39,911                    0
                                  Total                              13,558                      39,911                39,911                    0


Agency FS Status CP Line Description                                  Account Type         NB             2015-SEPTEMBER        2014-SEPTEMBER
 SCNP            Nonexpenditure transfers-out of unexpended           CF                   D                          443                   375
                 appropriations aod financing sources (RC 08)
                                                                                     Variance:                              0                    0

Trading                                                  2015-SEPTEMBER         2014-SEPTEMBER            Previously Reported    Line item Changes
Partner          Name                           Status
 7500 Department of Health aod Humao                                   443                            0                     0                    0
        Services
 9100 Department of Education                                            0                         375                   375                     0
                                  Total                                443                         375                   375                     0




                                                                              - 12-
                                                            U.S.Department of the Treasury                                  11-14-2015 11:45:22
                                                              Bureau of the Fiscal Service
                                                         Govemmentwide Financial Report System

                                                      GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF CHANGES IN NET POSITION                   Fiscal Year: 2015                                Period: SEPTEMBER

Entity:    9100 -Department of Education                          Reported in: MILLIONS                     Decimal Point: ZERO
    Amounts presented as debits aod credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type        NB              2015-SEPTEMBER        2014-SEPTEMBER
 SCNP            Traosfers-out without reimbursement (RC 18)      CF                  D                         14,733                   0
                                                                                 Variance:                              0                    0

Trading       Name                              Status 2015-SEPTEMBER      2014-SEPTEMBER             Previously Reported    Line item Changes
Partner
 9100 Department of Education                                   14,733                           0                      0                    0
                                  Total                         14,733                           0                      0                    0


Agency FS Status CP Line Description                              Account Type        NB              2015-SEPTEMBER        2014-SEPTEMBER
 SCNP            Appropriations Used (RC 39)                      CF                  D                         103,482               99,674
                                                                                 Variance:                              0                    0

Trading        Name                             Status 2015-SEPTEMBER      2014-SEPTEMBER             Previously Reported    Line item Changes
Partner
 9900 Treasury General Fund                                    103,482                       99,674                     0               99,674
                                  Total                        103,482                       99,674                     0               99,674




                                                                         - 13-
                                                               U.S.Department of the Treasury                                      11-14-2015 11:45:22
                                                                 Bureau of the Fiscal Service
                                                            Govemmentwide Financial Report System

                                                         GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF CHANGES IN NET POSITION                         Fiscal Year: 2015                                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              2015-SEPTEMBER         2014-SEPTEMBER
 SCNP            Appropriations received as adjusted (rescissions and   F                   c                         100,169                94,674
                 other adjustments) (RC 41)
                                                                                       Variance:                              0                     0

Trading                                                  2015-SEPTEMBER          2014-SEPTEMBER             Previously Reported     Line item Changes
Partner        Name                             Status
 9900 Treasury General Fund                                         100,169                        94,674                (5,000)               99,674
                                  Total                            (100,169)                     (94,674)                 5,000                99,674


Agency FS Status CP Line Description                                    Account Type        NB              2015-SEPTEMBER         2014-SEPTEMBER
 SCNP            Imputed financing source (RC 25)                       F                   c                           30                      36
                                                                                       Variance:                              0                     0

Trading         Name                            Status 2015-SEPTEMBER            2014-SEPTEMBER             Previously Reported     Line item Changes
Partner
 2400 Office ofPersonne1 Management                                      30                           36                    36                      0
                                  Total                                 (30)                         (36)                   (36)                    0




                                                                               - 14-
                                                               U.S.Department of the Treasury                                   11-14-2015 11:45:22
                                                                 Bureau of the Fiscal Service
                                                            Govemmentwide Financial Report System

                                                         GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF CHANGES IN NET POSITION                      Fiscal Year: 2015                                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              2015-SEPTEMBER         2014-SEPTEMBER
 SCNP            Nonexpenditure transfers-in of unexpended           F                   C                           46                     451
                 appropriations and financing sources (RC 08)
                                                                                    Variance:                              0                     0

Trading                                                  2015-SEPTEMBER       2014-SEPTEMBER             Previously Reported     Line item Changes
Partner       Name                              Status
 7500 Department of Health and Hwnan                                   46                           0                      0                     0
          Services
 9100 Department of Education                                           0                        451                    451                      0
                                  Total                               (46)                      (451)                  (451)                     0

Agency FS Status CP Line Description                                 Account Type        NB              2015-SEPTEMBER         2014-SEPTEMBER
 SCNP            Other budgetary financing sources (RC 29) "G"       F                   c                         104,570                100,524
                                                                                    Variance:                              0                     0

Trading        Name                             Status 2015-SEPTEMBER         2014-SEPTEMBER             Previously Reported     Line item Changes
Partner
 9900 Treasury General Fund                                       104,570                     100,524                100,524                     0
                                  Total                          (104,570)                   (100,524)              (100,524)                    0




                                                                             - 15-
                                                            U.S.Department of the Treasury                             11-14-2015 11:45:22
                                                              Bureau of the Fiscal Service
                                                         Govemmentwide Financial Report System

                                                      GF004F- Trading Partner Summary Note Report

Statement: STATEMENT OF CHANGES IN NET POSITION                   Fiscal Year: 2015                           Period: SEPTEMBER

Entity:    9100 -Department of Education                          Reported in: MILLIONS                Decimal Point: ZERO
    Amounts presented as debits aod credits()
    I = Inactive Line
Agency FS Status CP Line Description                              Account Type        NB         2015-SEPTEMBER        2014-SEPTEMBER
 SCNP            Traosfers-in without reimbursement (RC 18)       F                   C                    14,651                   0
                                                                                 Variance:                         0                    0

Trading       Name                              Status 2015-SEPTEMBER      2014-SEPTEMBER        Previously Reported    Line item Changes
Partner
 9100 Department of Education                                   14,651                       0                     0                    0
                                  Total                        (14,651)                      0                     0                    0




                                                                          - 16-
                                                                                                                                                                                 11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 01            Federal Reserve Earnings, Subsequent Events, and Other Pertinent Information                                  Fiscal Year: 2015       Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                       Agency Notee:       1

  Status: Complete                            The accompanying notes are an integral part of these financial statements.            I = Inactive Line

Tab: other Notee Info.

       Section: B             Section Nama:      Loans Receivable and Loan Guarantee Liabilities (to     No Data Flag: YES         Line Attributes: Dollars
                                                 be completed only by Export-Import Bank of the                                  Rounding Method: Millions              Decimal: Zero
                                                 United States)
Line Status Line Description          NB               Current FY D         2014 ·SEPTEMBER D
 1              Guarantee             N/A
                amounts related to
                the payment of
                principal and
                interest of export
                loans made by
                PEFCO
 2              Guarantee             N/A
                amounts related to
                the payment of
                interest on
                PEFCO's Long-
                term secured debt
                obligations
 3              Fees received for     N/A
                PEFCO
                agreements related
                to export loans
 4              Fees received for     N/A
                PEFCO
                agreements related
                to secured debt
                obligations
       Section: C             Section Nama:      Related Parties, External to the Reporting Entity for   No Data Flag: YES         Line Attributes: Dollars
                                                 the Financial Report                                                            Rounding Method: Millions              Decimal: Zero
Line Status Line Description          NB        2015 • SEPTEMBER                2014 ·SEPTEMBER                Previously Rptd    Line Item Changes
 1              Related party        Debit
                receivables
 2              Related party        Credit
                payables
 3              Related party        Debit
                operating revenue
 4              Related party net    Credit
                cost of operations
 5              Related party        Debit
                economic
                deoendencv



                                                                                                            • 1•
                                                                                                                                                                                  11113/2015 21:50:14

                                                                                          U.S. Department of the Treasury
                                                                                            Bureau of the Fiscal Service
                                                                                      Governmentwide Financial Report System
                                                                                             GF006 • FR Notes Report

     Note: 01             Federal Reserve Earnings, Subsequent Events, and Other Pertinent Information                                  Fiscal Year: 2015       Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                       Agency Notee:       1

  Status: Complete                             The accompanying notes are an integral part of these financial statements.            I = Inactive Line


       Section: C                 Section Nama:    Related Parties, External to the Reporting Entity for   No Data Flag: YES         Line Attributes: Dollars
                                                   the Financial Report                                                            Rounding Method: Millions             Decimal: Zero
Line Status Line Description            NB        2015 • SEPTEMBER                2014 ·SEPTEMBER                Previously Rptd    Line Item Changes
                transactions
 6              Investments in         Debit
                related parties
 7              Related party          Debit
                leases




                                                                                                              -2-
                                                                                                                                                                         11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

      Note: 01         Federal Reserve Earnings, Subsequent Events, and Other Pertinent Information                              Fiscal Year: 2015       Period: SEPTEMBER
     Entity: 9100      Department of Education                                                                                   Agency Notee:       1

 Status: Complete                         The accompanying notes are an integral part of these financial statements.          I = Inactive Line

Ta b: Text Data
 Line               Question                                                                                         Answer
 1                  Describe any significant events or transactions that occurred after the date of the Balance      None
                    Sheet but before the issuance of agency?s audited financial statements that have a material
                    effect on the financial statements and, therefore, require adjustments or disclosure in the
                    statements.
2                   Describe any departures from U.S. GAAP.
3                   When applying the general rule of the Statements of Federal Financial Accounting Standards
                    (SFFAS) No. 7, par.
                    48, describe the specific potential accruals that are not made and the practical and inherent
                    limitations affecting the
                    accrual of taxes and duties.
4                   Describe any change in accounting if a collecting entity adopts accounting standards that
                    embody a fuller
                    application of accrual accounting concepts that differ from that prescribed by SFFAS No. 7,
                    par. 48.
5                   Describe any additional significant accounting policies specific to the agency not included in
                    GFRS Module GF006 FR Notes.
6                   Provide any other relevant information pertaining to the Federal Reserve earnings.
7                   Describe the nature of the related party relationship and transactions pertaining to the
                    amount in the "Other Notes
                    Info" tab, "Related party receivables" line.
8                   Describe the nature of the related party relationship and transactions pertaining to the
                    amount in the "Other Notes
                    Info" tab, "Related party payables" line.
9                   Describe the "Other Notes Info" tab, "Related party operating revenue" transactions along
                    with the related party
                    relationship and include transactions with zero or nominal balances, guarantees, and other
                    terms. Also, describe
                    changes in related party terms.
 10                 Describe the "Other Notes Info" tab, "Related party net cost of operations" transactions along
                    with the related party
                    relationship and include transactions with zero or nominal balances, guarantees, and other
                    terms. Also, describe
                    changes in related party terms.
 11                 Describe related party economic dependency (that is, major customers, suppliers,
                    franchisors, franchisees,
                    distributors, general agents, borrowers, and lenders) relationships and transactions included
                    in the "Other Notes
                    Info" tab, "Related party economic dependency transactions" section.
 12                 Provide details on the investments in related parties.
 13                 Provide details on related party leases
 14                 Describe control relationships with entities under common ownership, management control,
                    and conservatorship if



                                                                                                            -3-
                                                                                                                                                                      11113/2015 21:50:14

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Governmentwide Financial Report System
                                                                                       GF006 • FR Notes Report

     Note: 01       Federal Reserve Earnings, Subsequent Events, and Other Pertinent Information                              Fiscal Year: 2015       Period: SEPTEMBER
  Entity: 9100      Department of Education                                                                                   Agency Notee:       1

 Status: Complete                       The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: Text Data
 Line            Question                                                                                         Answer
                 the operating results or financial position could be significantly impacted as a resuH of the
                 relationship. Include
                 control relationships with and without transactions.
15               Provide any other useful information on related parties.




                                                                                                            -4-
                                                                                                                                                                                      11113/2015 21:50:14

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Governmentwide Financial Report System
                                                                                       GF006 • FR Notes Report

     Note: 02             Cash and Other Monetary Assets                                                                              Fiscal Year: 2015               Period: SEPTEMBER
  Entity: 9100            Department of Education                                                                                     Agency Notee:        5

  Status: Complete                          The accompanying notes are an integral part of these financial statements.             I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                           NB    Account    2015 • SEPTEMBER       2014 ·SEPTEMBER
                                                                                   Type
Cash and other monetary assets                                             D         A                    1,561                   1,471
                                                                                Variance:                     0                       0           Rounding Method: Millions       Decimal: Zero
Line Status Line Description              2015 • SEPTEMBER           2014 ·SEPTEMBER                Previously Rptd           Line Item Changes
 3              other cash - not
                restricted
 4              other cash - restricted                      1,561                      1,471                         1,471                            0
 7              Foreign currency
            Total                                            1 561                       1471                         1 471                            0




                                                                                                       -5-
                                                                                                                                                                                                            11113/2015 21:50:14

                                                                                            U.S. Department of the Treasury
                                                                                              Bureau of the Fiscal Service
                                                                                        Governmentwide Financial Report System
                                                                                               GF006 • FR Notes Report

      Note: 02             Cash and Other Monetary Assets                                                                                         Fiscal Year: 2015                  Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                                Agency Notee:       5

  Status: Complete                              The accompanying notes are an integral part of these financial statements.                     I = Inactive Line

Tab: other Notes Info.

       Section: C               Section Name: Analysis of Cash Held Outside Treasury                            No Data Flag: YES              Line Attributes: Dollars
                                                                                                                                            Rounding Method: Millions                            Decimal: Zero
L in e Status Line Description          NB        2015 • SEPTEMBER                 2014 ·SEPTEMBER
 1               Total Cash Held       Credit
                 Outside Treasury
                 (reported to Treas
                 central account
                 thru the statement
                 of Transac/ Stat of
                 Accountbilit
 2                                     Credit
 3                                     Credit
 4                                     Credit
 5                                     Credit
 6                                     Credit
 7          Total cash reported         N/A
            in Note 2.
Tab: Text Data
 Line                  Question                                                                                                 Answer
 1                     Describe the nature of the amount in the line item "other cash - not restricted."
 3                     If the cash is restricted because it is non-entity, state the entity for which the cash is being         Cash and Other Monetary Assets consist of assets of FFEL Guaranty Agency (GA)
                       held.                                                                                                    Federal Funds, which are held by the GAs, but owned by the federal government.
 4                     Is the reported restricted cash being held in a financial institution? If yes, is it a Treasury-         The assets of Federal Funds held by the GAs consist of cash, short-term Treasury
                       designated bank?                                                                                         securities, plant, property, and equipment, and other miscellaneous assets. Cash in
                                                                                                                                Federal Funds is required to be held in interest bearing accounts with no designation of
                                                                                                                                a specific financial institution.
 5                     If the agency has restricted cash, is the restricted cash invested? If yes, is it invested in a
                       Bureau of the Fiscal Service security, agency security, and/or non-federal security?
 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 additional details describing the nature and cause of reconciling items reported in
                       Section C, lines 2 through 6.
 10                    Provide any other relevant information pertaining to this note. At a minimum, describe briefly           Cash and Other Monetary Assets consist of GA reserves that represent the federal
                       the significant accounting policies pertaining to this note.                                             govemmenfs interest in the net Federal Fund assets of state and nonprofit FFEL
                                                                                                                                Program GAs. GA reserves include initial federal start-up funds, receipts of federal
                                                                                                                                reinsurance payments, insurance premiums, GA share of collections on defaulted
                                                                                                                                loans investment income administrative cost allowances and other assets.


                                                                                                                    -6-
                                                                                                                                                                                                         11113/2015 21:50:14

                                                                                         U.S. Department of the Treasury
                                                                                           Bureau of the Fiscal Service
                                                                                     Governmentwide Financial Report System
                                                                                            GF006 • FR Notes Report

     Note: 03             Accounts and Taxes Receivable                                                                                          Fiscal Year: 2015                 Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                                Agency Notee:        4

  Status: Complete                           The accompanying notes are an integral part of these financial statements.                       I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                                NB    Account      2015 • SEPTEMBER           2014 ·SEPTEMBER
                                                                                        Type
Accounts and taxes receivable, net                                              D         A                             101                   136
                                                                                     Variance:                            0                     0           Rounding Method: Millions               Decimal: Zero
Line Status Line Description              2015 • SEPTEMBER               2014 ·SEPTEMBER                    Previously Rptd             Line Item Changes
 1              Accounts receivable,                              341                             324                           324                               0
                gross
 2              Related interest
                receivable - accounts
                receivable
 3              Penalties, fines, and
                administrative fees
                receivable
 4              less: allowance for                              -240                            -188                          -188                               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                                                101                            136                           136                               0

Tab: Text Data
 Line                  Question                                                                                                Answer
 1                     Describe the method(s) used to calculate the allowances on accounts receivable.                         The Deparbnent calculates the allowance for loss from uncollectable accounts
                                                                                                                               receivable by applying a collection rate based on historical trends against gross
                                                                                                                               accounts receivable. The collection rate is determined based on a rolling average of
                                                                                                                               actual collection rates for the prior seven fiscal years.
 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. At a minimum, describe briefly
                       the significant accounting policies pertainnig to this note.




                                                                                                               -7-
                                                                                                                                                                                                   11113/2015 21:50:14

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Governmentwide Financial Report System
                                                                                       GF006 • FR Notes Report

      Note: 04A          Direct Loans Receivable                                                                                         Fiscal Year: 2015                  Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                         Agency Notee:       6

  Status: Complete                        The accompanying notes are an integral part of these financial statements.                  I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                           NB    Account     2015 • SEPTEMBER          2014 ·SEPTEMBER
                                                                                   Type
Loans receivable, net                                                      D        A                    1,017,733                 923,545
                                                                                Variance:                        0                       0          Rounding Method: Millions                 Decimal: Zero
Line Status Line Description             CY Face Value of loans        CY Long-tenn cost of       CY Net Loans Receivable        PY Face Value of loans           PY Long-term cost of     PY Net Loans Receivable
                                               outstanding            loans outstanding                                                outstanding               loans outstanding
  1           Federal Direct Student                       645,061                    -35,496                         880,557                     731,158                       -47,358                           778,516
              Loans
 4            Federal Family                               132,233                     -2,471                         134,704                     139,763                         -3,101                          142,864
              Education Loan
 16           Health Education                                444                           321                           123                         471                            356                             115
              Assistance Loan
              (HEAL)
 17           Facilities Loan                                1,477                          169                         1,308                       1,336                            209                            1,127
              Program
 18           Federal Perkins Loan                             578                          168                           410                         548                            161                             387
              Program
 19           Other Loans                                      739                          108                           631                         656                            120                             536
              Receivable: Teacher
              Education Assistance
              for College and Higher
              Education (TEACH)
              Grant Program
 20
 21           All other loans
              receivable
              Total                                        980 532                     -37 201                       1 017 733                    873 932                        -49 613                          923 545
Threshold

 Line Description                                               Question                                                               Answer
Line Item Notes- Federal Direct student Loans (CY Face          Please provide explanations for any amounts that have                  The increase is due to new loan originations and consolidations, net of
Value of loans outstanding)                                     changed by 10% or more and or greater than 500,000 between             collections from borrowers.
                                                                the current fiscal year and prior fiscal year. (Unaudited)
 Line Item Notes • Health Education Assistance Loan (HEAL)      Please provide explanations for any amounts that have                  The change is primarily the result of subsidy estimates and write-off of
 (CY Long-term cost of loans outstanding)                       changed by 10% or more and orgraaterthan 500,000 between               principal and interest.
                                                                the current fiscal year and prior fiscal year. (Unaudited)
 Line Item Notes - Facilities Loan Program (CY Long-term        Please provide explanations for any amounts that have                  The change is attributed to an error in reporting of FY 2014 long-term cost
 cost of loans outstanding)                                     changed by 10% or more and orgraaterth~~ 500,00~~etween                of Facilities loans.
                                                                the current fiscal vear and Drior fiscal vear. Unaudited




                                                                                                         -8-
                                                                                                                                                                                  11113/2015 21:50:14

                                                                               U.S. Department of the Treasury
                                                                                 Bureau of the Fiscal Service
                                                                           Governmentwide Financial Report System
                                                                                  GF006 • FR Notes Report

   Note: 04A          Direct Loans Receivable                                                                               Fiscal Year: 2015               Period: SEPTEMBER
  Entity: 9100        Department of Education                                                                               Agency Notes:     6

  Status: Complete                      The accompanying notes are an integral part of these financial statements.       I = Inactive Line


Threshold

Line Description                                            Question                                                     Answer
Line Item Notes- other Loans Receivable: Teacher            Please provide explanations for any amounts that have        The increase is due to TEACH loans disbursed during FY 2015, net of
Education Assistance for College and Higher Education       changed by 10% or more and or greater than 500,000 between   collections from borrowers.
(TEACH) Grant Program (CY Face Value of loans               the current fiscal year and prior fiscal year. (Unaudited)
outstanding)
Line Item Notes- Other Loans Receivable: Teacher            Please provide explanations for any amounts that have        The decrease is largely due to a downward subsidy re-estimate recorded in
Education Assistance for College and Higher Education       changed by 10% or more and or greater than 500,000 between   FY2015.
(TEACH) Grant Program (CY Long-term cost of loans           the current fiscal year and prior fiscal year. (Unaudited)
outstanding)




                                                                                                   .g.
                                                                                                                                                                                                  11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 04A           Direct Loans Receivable                                                                                          Fiscal Year: 2015                Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                          Agency Notee:        6

  Status: Complete                            The accompanying notes are an integral part of these financial statements.               I = Inactive Line

Tab: other Notee Info.

       Section: A                Section Nama: Subsidy Expense/(lncome)                                                               Line Attributes: Dollars
                                                                                                                                    Rounding Method: Millions                           Decimal: Zero
L i ne Status Line Dsscrlptlon         NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                  Previously Rptd       Line Item Changes
 1             Federal Direct         Debit                        -892                       8,126                         8,126                          0
               Students Loans
 4             Federal Family         Debit                         408                      -1,956                        -1,956                          0
               Education Loan
16                                    Debit
17             TEACH Grant            Debit                          17
               Subsidy Expense
18                                    Debit
19                                    Debit
20                                    Debit
21             All other loans        Debit
               receivable
22             Totsl               N/A                             -467                       6,170                         6,170                          0
Threshold
 Line Dsscrlptlon                                                 Question                                                             Answer
 Other Notes Info- Federal Family Education Loan (2015-           Please provide explanations for any amounts that have                The difference is the resuH of changes in the amounts of subsidy re-
 SEPTEMBER)                                                       changed by 10% or more and or greater than 500,000                   estimates.
                                                                  ~etween t~~ current fiscal year and prior fiscal year.
                                                                   Unaudited
       Section: B                Section Nama:    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        2015 • SEPTEMBER             2014 ·SEPTEMBER                  Previously Rptd       Line Item Changes
 1             Balances for           Debit
               property held Pre-
               1992
 2             Balances for           Debit
               property held Post-
               1991




                                                                                                           • 10.
                                                                                                                                                                                                 11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

    Note: 04A          Direct Loans Receivable                                                                                           Fiscal Year: 2015                Period: SEPTEMBER
    Entity: 9100       Department of Education                                                                                           Agency Notes:     6

 Status: Complete                         The accompanying notes are an integral part of these financial statements.                  I = Inactive Line

Tab: Text Data
 Line              Question                                                                                          Answer
1                   Provide any other relevant information pertaining to this note. At a minimum, describe briefly   The Federal Credit Refonn Act of 1990 {Credit Reform Act)   unde~ies   the proprietary
                   the significant                                                                                   and budgetary accounting treatment of direct loans. The long-term cost to the
                   accounting policies pertaining to this note.                                                      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.

                                                                                                                     Estimates for credit program receivables and liabilities contain assumptions that have a
                                                                                                                     significant impact on the financial statements. The primary components of this
                                                                                                                     assumption set include, but are not limited to, collections (including loan
                                                                                                                     consolidations), repayments, default rates, prevailing interest rates and loan volume.
                                                                                                                     Actual loan volume, interest rates, cash flows and other critical components used in the
                                                                                                                     estimation process may differ significantly from the assumptions made at the time the
                                                                                                                     financial statements are prepared. Minor adjustments to any of these components may
                                                                                                                     create significant changes to the estimate. The Department estimates all future cash
                                                                                                                     flows associated with the Direct Loan, FFEL and TEACH Programs. Projected cash
                                                                                                                     flows are used to develop subsidy estimates. Subsidy cost can be positive or negative;
                                                                                                                     negative subsidies occur when expected program inflows of cash (e.g., repayments and
                                                                                                                     fees) exceed expected outflows. Subsidy cost is recorded as the initial amount of the
                                                                                                                     loan guarantee liability when guarantees are made or as a valuation allowance to
                                                                                                                     government-owned loans and interest receivable (i.e., direct and defauHed guaranteed
                                                                                                                     loans).

                                                                                                                     The Deparbnent uses a computerized cash flow projection Student Loan Model to
                                                                                                                     calculate subsidy estimates for the Direct Loan, FFEL and TEACH Programs. Each
                                                                                                                     year, the Department re-evaluates the estimation methods related to changing
                                                                                                                     conditions. The Department uses a probabilistic technique to forecast interest rates
                                                                                                                     based on different methods to establish the relationship between an evenfs occurrence
                                                                                                                     and the magnitude of its probability. The Departmenfs approach estimates interest
                                                                                                                     rates under numerous scenarios and then bases interest rates on the average interest
                                                                                                                     rates weighted by the assumed probability of each scenario occurring. Probabilistic
                                                                                                                     methodology facilitates the modeling of the Departmenfs unique loan programs.

                                                                                                                     For each program, cash flows are projected over the life of the loans, aggregated by
                                                                                                                     loan type, cohort year and risk category. The loan's cohort year represents the year a
                                                                                                                     direct loan was obligated or a loan was guaranteed, regardless of the timing of
                                                                                                                     disbursements. Risk categories include two-year colleges, freshmen and sophomores
                                                                                                                     at four-year colleges, juniors and seniors at four-year colleges, graduate schools and
                                                                                                                     oroorietarv {for-orotiti "schools.




                                                                                                            • 11 •
                                                                                                                                                                                 11113/2015 21:50:14

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Governmentwide Financial Report System
                                                                                      GF006 • FR Notes Report

      Note: 04B          Loan Guarantees                                                                                         Fiscal Year: 2015               Period: SEPTEMBER
   Entity: 9100          Department of Education                                                                                 Agency Notee:        6

  Status: Complete                         The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                          NB    Account    2015 • SEPTEMBER       2014 ·SEPTEMBER
                                                                                  Type
Loan guarantee liabilities                                                c         L                         0                 0
                                                                               Variance:                      0                 0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description           2015 • SEPTEMBER             2014 ·SEPTEMBER                Previously Rptd       Line Item Changes
 1            Federal Family                                    0                          0                                                      0
              Education Loans
 12
 13           Health Education                                  0                          0                                                      0
              Assistance Loan
              Program
 14
 15
 16
 17          All other loan
             guarantee liabilities
             Total                                              0                           0                                                     0




                                                                                                      • 12.
                                                                                                                                                                                                     11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 04B           Loan Guarantees                                                                                                 Fiscal Year: 2015                  Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                         Agency Notee:      6

  Status: Complete                           The accompanying notes are an integral part of these financial statements.               I = Inactive Line

Tab: other Notee Info.

       Section: A              Section Nama: Other Related Information                                                               Line Attributes: Dollars
                                                                                                                                   Rounding Method: Millions                            Decimal: Zero
Line Status Line Dsscrlptlon           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                     219,688                     215,078                        4,264                   241,582                        236,488                         -4,629
               Education Loans
12                                     N/A
13                                     N/A
14                                     N/A
15                                     N/A
16                                     N/A
17             All other loans         N/A
               guarantee liabilities
 18            Total:              N/A                         219,688                     215,078                        4,264                   241,582                        236,488                         -4,629
Thraehold
 Line Description                                                Question                                                             Answer
 Other Notes Info- Federal Family Education Loans (CY            Please provide explanations for any amounts that have                The change is primarily the result of the re-estimate costs.
 Subsidy Expense)                                                changed by 10% or more and or greater than 500,000
                                                                 ~etween ~~~ current fiscal year and prior fiscal year.
                                                                  Unaudited




                                                                                                          • 13.
                                                                                                                                                                                               11113/2015 21:50:14

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Governmentwide Financial Report System
                                                                                      GF006 • FR Notes Report

   Note: 04B        Loan Guarantees                                                                                                  Fiscal Year: 2015                  Period: SEPTEMBER
  Entity: 9100      Department of Education                                                                                          Agency Notes:       6

 Status: Complete                      The accompanying notes are an integral part of these financial statements.                I = Inactive Line

Tab: Text Data
Line             Question                                                                                         Answer
1                Provide any other relevant information pertaining to this note. At a minimum, describe briefly   The Federal Family Education Loan program, authorized by the Higher Education Act of
                 the significant accounting policies pertaining to this note.                                     1965, operates through state and private nonprofit guaranty agencies which provided
                                                                                                                  loan guarantees and interest subsidies on loans made by private lenders to eligible
                                                                                                                  students. The SAFRA Act, formeriy the Student Aid and Fiscal Responsibility Act that
                                                                                                                  which was included in the Health Care and Education Reconciliation Act of 2010
                                                                                                                  (HCERA), effective July 1, 2010, stated that no new FFElloans would be made
                                                                                                                  effective July 1, 2010. As a resuH of the SAFRA Act, no new FFElloans have been
                                                                                                                  made since July 1, 2010. Federal guarantees on FFEL program loans and
                                                                                                                  commitments remain in effect for loans made before July 1, 2010, unless they were
                                                                                                                  sold to the Department, consolidated into a direct. loan, or otherwise satisfied,
                                                                                                                  discharged, or cancelled. The Ensuring Continued Access to Student loans Act of 2008
                                                                                                                  (ECASLA). ECASLA gave the Department temporary authority to purchase FFElloans
                                                                                                                  and participation interests in those loans. The Department implemented three activities
                                                                                                                  under this authority: loan purchase commitments; purchases of loan participation
                                                                                                                  interests; and a put, or forward purchase commitment, with an Asset-Backed
                                                                                                                  Commercial Paper (ABCP) Conduit. This authority expired after September 30, 201 0;
                                                                                                                  as a result, loan purchase commitments and purchases of loan participation interests
                                                                                                                  concluded. However, under the terms of the Put Agreement with the conduit, ABCP
                                                                                                                  Conduit activity ceased operations in January 2014.

                                                                                                                  The liability for loan guarantees presents the net present value of all future cash flows
                                                                                                                  from currently insured FFElloans, including claim payments, interest assistance,
                                                                                                                  allowance payments, and recoveries from assigned loans. Guaranteed loans that
                                                                                                                  default are initially tumed over to guaranty agencies for collection. Defaulted FFEL
                                                                                                                  loans are accounted for and reported under credit reform rules, similar to direct loans,
                                                                                                                  although they are legally not direct student loans. Negative liability balances are
                                                                                                                  reported as a component of direct loans receivable .




                                                                                                         • 14.
                                                                                                                                                                                  11113/2015 21:50:14

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Governmentwide Financial Report System
                                                                                       GF006 • FR Notes Report

     Note: 05             Inventories and Related Property                                                                        Fiscal Year: 2015               Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                 Agency Notee:       n/a

  Status: Complete                          The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                           NB    Account    2015 • SEPTEMBER       2014 ·SEPTEMBER
                                                                                   Type
Inventories and related property, net                                      D         A                         0                 0
                                                                                Variance:                      0                 0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description              2015 • SEPTEMBER          2014 ·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




                                                                                                       • 15.
                                                                                                                                                                                   11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 05             Inventories and Related Property                                                                             Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                      Agency Notee:       n/a

  Status: Complete                               The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: other Notee Info.

       Section: A               Section Nama:       Inventory Year-end Balances by Category Type         No Data Flag: YES         Line Attributes: Dollars
                                                                                                                                 Rounding Method: Millions                Decimal: Zero
Line Status Line Description             NB        2015 • SEPTEMBER             2014 ·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 materials
                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




                                                                                                            . 16.
                                                                                                                                                                                11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 05              Inventories and Related Property                                                                        Fiscal Year: 2015          Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                 Agency Notee:       n/a

  Status: Complete                            The accompanying notes are an integral part of these financial statements.        I = Inactive Line


       Section: B               Section Nama: Capitalized Acquisitions From Government Agencies       No Data Flag: YES         Line Attributes: Dollars
                                              by Trading Partner                                                              Rounding Method: Millions                Decimal: Zero
Line Status Line Description           NB       2015 • SEPTEMBER             2014 ·SEPTEMBER                Previously Rptd    Line Item Changes
 1              General Services      Debit
                Administration
 2              Department of         Debit
                Defense
 3              Department of         Debit
                Justice
 4              National              Debit
                Aeronautics and
                Space
                Administration
 5              All other             Debit
                departments
 6              Total capitalized      N/A
                assets from federal
                agencies

       Section: C               Section Nama: other Information- Dollar Value                         No Data Flag: YES         Line Attrlbutea: Dollars
                                                                                                                              Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description           NB       2015 • SEPTEMBER             2014 ·SEPTEMBER                Previously Rptd    Line Item Changes
 1              Seized property       Debit
 2              Forfeitad property    Debit
 3              Goods held under      Debit
                price support and
                stabilization
                oroarams




                                                                                                         . 17.
                                                                                                                                                                                   11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 05              Inventories and Related Property                                                                              Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                       Agency Notee:       n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.               I = Inactive Line


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


Line Status Line Description           NB      2015 • SEPTEMBER                2014 ·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
                oroorams



Tab: Text Data                           No Data Flag: YES
 Line                Question                                                                                               Answer
 1                    Method used to calculate allowance.
 2                    Significant accounting principles and methods of applying those principles.
 3                    Provide a broad description of foreclosed property.
 4                    Provide any other relevant infonnation pertaining to this note. At a minimum, describe briefly
                      the significant accounting policies pertaining to this note.




                                                                                                             . 18.
                                                                                                                                                                                        11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 06             Property, Plant, and Equipment (PP&E)                                                                   Fiscal Year: 2015                   Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                 Agency Notee:        7

  Status: Complete                         The accompanying notes are an integral part of these financial statements.          I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                            NB    Account     2015 • SEPTEMBER     2014 ·SEPTEMBER
                                                                                    Type
Property, plant and equipment, net                                          D         A                       21                 7
                                                                                 Variance:                     0                 0            Rounding Method: Millions             Decimal: Zero
Line Status Line Description                        CYPP&E                       CYAccum.              CYNetPP&E                     PYPP&E                          PYAccum.             PYNetPP&E
                                                                        DeprJAmortization                                                                  Depr./Amortization
 1              Balance beginning of                          184                         177                            7                     180                            178                       2
                year
 2              Prior-period
                adjustments (not
                res-.:!)
 3              Capitalized                                       15                          0                         15                         4                           0                        4
                acquisitions from the
                public
 4              Capitalized
                acquisitions from
                government agencies
 5              Deletions from the
                Balance Sheet
 6              Deletions related to
                partial impainnent of
                PP&E
 7              Revaluations
 8              Stewardship
                reclassifications
 9              Depreciationlamortizati                            0                          1                         -1                         0                          -1                         1
                on
              Total                                               199                        178                        21                      184                           177                        7




                                                                                                      • 19.
                                                                                                                                                                                    11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 06              Property, Plant, and Equipment (PP&E)                                                                         Fiscal Year: 2015        Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                       Agency Notee:        7

  Status: Complete                              The accompanying notes are an integral part of these financial statements.            I = Inactive Line

Tab: other Notee Info.

       Section: A                Section Nama: Cost of PP&E for each category                                                        Line Attributes: Dollars
                                                                                                                                   Rounding Method: Millions               Decimal: Zero
Line Status Line Dsscrlptlon            NB        2015 • SEPTEMBER             2014 ·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 equipmen
                {including
                aircraf,ships,
                vessels, small
                boats, and
                vehicles)
 3              Construction in         Debit
                progress
 4              Land and Land           Debit
                Rights
 5              Internal use            Debit                         196                        181                         181                          0
                software
 6              Assets under            Debit
                capital lease
 7              Leasehold               Debit
                improvements
 8              other property,         Debit
                plant and
                equipment
 9              Total property,         N/A                           199                        184                         184                          0
                plant and
                equipment




                                                                                                           • 20.
                                                                                                                                                                                       11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 06              Property, Plant, and Equipment (PP&E)                                                                            Fiscal Year: 2015        Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                          Agency Notee:        7

  Status: Complete                               The accompanying notes are an integral part of these financial statements.              I = Inactive Line


       Section: B                 Section Nama: Accumulated Depreciation/Amortization                                                   Line Attributes: Dollars
                                                                                                                                      Rounding Method: Millions               Decimal: Zero
Line Status Line Description             NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                  Previously Rptd       Line Item Changes
 1              Buildings,              Credit
                structures, and
                facilities {including
                improvements to
                land)
 2              Furniture, fiXtures,    Credit                           3                             3                          3                          0
                and equipment
                (including aircraft,
                ships, vessels,
                small boats, and
                vehicles)
 3              Internal use            Credit                         175                         174                          174                          0
                software
 4              Assets under            Credit
                capital lease
 5              Leasehold               Credit
                improvements
 6              Other property,         Credit
                plant, and
                equipment
 7              Total accumulated        N/A                         -178                        -177                          -177                          0
                depreciation/amorti
                zation
       Section: C                 Section Nama:     lntragovemmental Capitalized acquisition amounts       No Data Flag: YES            Line Attributes: Dollars
                                                                                                                                      Rounding Method: Millions               Decimal: Zero
L i ne Status Line Description           NB        2015 • SEPTEMBER             2014 ·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



                                                                                                             • 21 •
                                                                                                                                                                                                    11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 06             Property, Plant, and Equipment (PP&E)                                                                             Fiscal Year: 2015                 Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                           Agency Notee:      7
  Status: Complete                             The accompanying notes are an integral part of these financial statements.                I = Inactive Line


       Section: C              Section Name:      lntragovernmental Capitalized acquisition amounts      No Data Flag: YES              Line Attributes: Dollars
                                                                                                                                     Rounding Method: Millions                            Decimal: Zero
Line Status Line Description           NB        2015 • SEPTEMBER              2014 ·SEPTEMBER                  Previously Rptd        Line Item Changes
 6              All other             Debit
                departments
 7              Total capitalized      N/A
                assets from 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
L in e Status Line Description         NB        2015 • SEPTEMBER              2014 ·SEPTEMBER                  Previously Rptd        Line Item Changes
 1              Gain/loss on          Credit
                sale/disposition of
                property, plant and
                eauioment




Tab: Text Data
 Line                 Question                                                                                            Answer
 1                    Provide the physical quantity information by category for multiuse heritage assets that are
                      included in the "Line Item Netas" tab of this note (SFFAS No. 29, par 25).
 2                    Provide a general description of what constitutes general PP&E impairment (SFFAS 44, par.
                      26a).
 3                    Provide any other relevant information pertaining to this note and any material changes from        The Deparbnent capitalizes single items of property and equipment with a cost of
                      the prior fiscal years' depreciation methods and capitalization thresholds. In addition,            $50,000 or more that have an estimated useful life of two years or more. Additionally,
                      describe briefly the significant accounting policies pertaining to this note.                       the Department capitalizes bulk purchases of property and equipment with an
                                                                                                                          aggregate cost of $500,000 or more. A bulk purchase is defined as the purchase of like
                                                                                                                          items related to a specific project, or the purchase of like items occurring within the
                                                                                                                          same fiscal year that have an estimated useful life of at least two years. Property and
                                                                                                                          equipment are depreciated over their estimated useful lives using the straight-line
                                                                                                                          method of depreciation. Internal Use Software meeting the above cost and useful life
                                                                                                                          criteria is also capitalized. Internal Use Software is either purchased off the shelf,
                                                                                                                          internallv develooed or contractor develooed solelv-to meet the Deoartment's needs .




                                                                                                            • 22.
                                                                                                                                                                                     11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 07                Debt and Equity Securities                                                                              Fiscal Year: 2015               Period: SEPTEMBER
     Entity: 9100            Department of Education                                                                                 Agency Notes:       n/a

  Status: Complete                             The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: Line ltam Notes
Closing Package Line Description                                              NB    Account    2015 • SEPTEMBER       2014 ·SEPTEMBER
                                                                                     Type
Debt and equity securities                                                    D         A                        0                  0
                                                                                   Variance:                     0                  0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description                2015 • SEPTEMBER           2014 ·SEPTEMBER                 Previously Rptd       Line Item Changes
 1              Fixed/Debt Securities
                (FASB ASC 320-10-
                50-1 and 32Q-1Q-5Q-
                9): Non-U.S.
                Government Securities
 2              Fixed/Debt Securities
                (FASB ASC 320-10-
                50-1 and 32Q-1 o-5o-
                9): Commercial
                Securities
 3              Fixed/Debt Securities
                (FASB ASC 320-10-
                50-1 and 32Q-1 o-5o-
                9): Mortgage/asset
                backed Securities
 4              Fixed/Debt Securities
                (FASB ASC 320-10-
                50-1 and 32Q-1 Q-5Q-
                9):Corporate and other
                bonds
 5              All other Fixed
                Income/Debt Securities
                (FASB ASC 320-10-
                50-1 and 32Q-1Q-5Q-
                9) AII:Oiher fiXed/debt
                securities
 6              Equity Securities
                (FASB ASC 320-10-
                50-1 and 32Q-1Q-5Q-
                9): Common Stocks
 7              Equity Securities
                (FASB ASC 320-10-
                50-1 and 32Q-1Q-5Q-
                9): Un~ Trusts
 8              Equity Securities
                (FASB ASC 320-10-
                50-1 and 32Q-1Q-5Q-
                9): All other Equity



                                                                                                          -23-
                                                                                                                                                                              11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 07                Debt and Equity Securities                                                                             Fiscal Year: 2015         Period: SEPTEMBER
  Entity: 9100               Department of Education                                                                                Agency Notee:       n/a

  Status: Complete                             The accompanying notes are an integral part of these financial statements.        I = Inactive Line


Line Status Line     Dssc~ptlon             2015 • SEPTEMBER           2014 ·SEPTEMBER                 Previously Rptd      Line Hem Changes
                Securities
 9          other
            Total




                                                                                                          • 24.
                                                                                                                                                                                       11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 07             Debt and Equity Securities                                                                                Fiscal Year: 2015                Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                   Agency Notee:       n/a

  Status: Complete                            The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: other Notee Info.

       Section: A               Section Nama:    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 Nat Investment     PY Basis (Costs) 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: All other
                fiXed income/debt
                securiteis
 6              Equity Securities:      N/A
                Common stocks
 7              Equity Securities:      N/A
                Unit trusts
 8              Equity Securities:      N/A
                All other equity
                securities
 9              other                   N/A
10              Total Held-to-          N/A
                Maturitv Securities




                                                                                                         • 25.
                                                                                                                                                                                  11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 07             Debt and Equity Securities                                                                                Fiscal Year: 2015          Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                   Agency Notes:       n/a

  Status: Complete                            The accompanying notes are an integral part of these financial statements.         I = Inactive Line


       Section: B               Section Nama: 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 (Costs) D       CY Unrealized Gain/Loss           CY Market Value     PY Basis (Costs) 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: All other
                fiXed income/debt
                secruties
 6              Equity Securities:      N/A
                Common stocks
 7              Equity Securities:      N/A
                Unit trusts
 8              Equity Securities:      N/A
                All other equity
                securities
 9              Other                   N/A
10              Total Availabl,..       N/A
                for-Sale Securities




                                                                                                         . 26.
                                                                                                                                                                                  11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 07             Debt and Equity Securities                                                                               Fiscal Year: 2015           Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                  Agency Notes:       n/a

  Status: Complete                            The accompanying notes are an integral part of these financial statements.        I = Inactive Line


       Section: C               Section Nama: Investment Category- Trading Securities                 No Data Flag: YES         Line Attributes: Dollars
                                                                                                                              Rounding Method: Millions                  Decimal: Zero
Line Status Line Description            NB       CY Basis (Costs) D       CY Unrealized Gain/Loss           CY Market Value     PY Basis (Costs) 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: All other
                fiXed income/debt
                securities
 6              Equity Securities:      N/A
                Common stocks
 7              Equity Securities:      N/A
                Unit trusts
 8              Equity Securities:      N/A
                All other equity
                securities
 9              Other                   N/A
10              Total Trading           N/A
                Securities




                                                                                                         . 27.
                                                                                                                                                                                 11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 07             Debt and Equity Securities                                                                                 Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                    Agency Notee:       n/a

  Status: Complete                             The accompanying notes are an integral part of these financial statements.         I = Inactive Line


       Section: D              Section Nama: Other Information                                         No Data Flag: YES         Line Attributes: Dollars
                                                                                                                               Rounding Method: Millions                Decimal: Zero
Line Status Line Description           NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                Previously Rptd      Line Item Change
 1              Proceeds from         Debit
                sales of available-
                for-sale securities
                {FASB ASC 320-
                1().5().9)
 2              Gross realized        Debit
                gains (included in
                earnings) from
                sales of available-
                for-sale securities
                {FASB ASC 320-
                1().5().9)
 3              Gross realized        Credit
                losses {included in
                earnings) from
                sales of available-
                for-sale securities
                {FASB ASC 320-
                1().5().9)
 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



                                                                                                          . 28.
                                                                                                                                                                                   11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 07              Debt and Equity Securities                                                                                  Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                     Agency Notee:       n/a

  Status: Complete                               The accompanying notes are an integral part of these financial statements.         I = Inactive Line


       Section: D                 Section Nama:     Other Information                                    No Data Flag: YES         Line Attributes: Dollars
                                                                                                                                 Rounding Method: Millions                Decimal: Zero
Line Status Line Description             NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                Previously Rptd      Line Item Change
 7              Net unrealized          Credit
                holding loss on
                available-for-sale
                securities included
                in accumulated
                other
                comprehensive
                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
                soldflransferred
                held-to-maturity
                secur~ies {FASB
                ASC 32().1 0-50-
                10)
11              Net gain/loss in        Debit
                accum. other
                camp. income for
                any derivative that
                hedged the
                forecasted
                acquisition of HTM
                security




                                                                                                            • 29.
                                                                                                                                                                            11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

    Note: 07            Debt and Equity Securities                                                                                Fiscal Year: 2015         Period: SEPTEMBER
    Entity: 9100        Department of Education                                                                                   Agency Notee:       n/a

 Status: Complete                          The accompanying notes are an integral part of these financial statements.          I = Inactive Line

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, 8 and
                   9.
2                  Provide a description of the amounts reported on the "Other Notes lnfor'' tab for lines 5, 8
                   and 9 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 ASC 320-
                    10-50-9).
4                   Provide the circumstances leading to the decision to sell or transfer the security for held-to-
                   maturity securities (FASB ASC 320-10-50-10).
5                  Provide any other relevant information pertaining to this note. At a minimum, describe briefly
                   the sianificant accountina Dolicies oertainina to this note.




                                                                                                              • 30.
                                                                                                                                                                                                  11113/2015 21:50:14

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Governmentwide Financial Report System
                                                                                      GF006 • FR Notes Report

     Note: 08           Other Assets                                                                                                       Fiscal Year: 2015                Period: SEPTEMBER
  Entity: 9100           Department of Education                                                                                           Agency Notee:        8

  Status: Complete                        The accompanying notes are an integral part of these financial statements.                    I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                          NB    Account      2015 • SEPTEMBER              2014 ·SEPTEMBER
                                                                                  Type
Other assets                                                               D        A                              8                     13
                                                                               Variance:                           0                      0            Rounding Method: Millions             Decimal: Zero
Line Status Line Description           2015 • SEPTEMBER            2014 ·SEPTEMBER                     Previously Rptd             Line Item Changes
 1             Advances and                                    2
               prepayments
 3             Regulatory assets
 4             Derivative assets
 5             Other assets                                    4                             13                               13                            0
               Total                                           6                             13                               13                            0
Threshold

 Line Description                                             Question                                                                   Answer
 Line Item Notes- Other assets (2014- SEPTEMBER)              Please provide explanations for any amounts that have                     The decrease is due to a decrease in in-process invoices for FFEL interest
                                                              changed by 10% or more and or greater than 500,000 between                benefits.
                                                              the current fiscal year and prior fiscal year. (Unaudited)
 Line Item Notes - Other assets (2015 - SEPTEMBER)            Please provide explanations for any amounts that have                     The decrease is due to a decrease in in-process invoices for FFEL interest
                                                              changed by 10% or more and or greater than 500,000 between                benefits.
                                                              the current fiscal year and pnor fiscal year. (Unaudited)




                                                                                                          -31 -
                                                                                                                                                                                               11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 08          Other Assets                                                                                                     Fiscal Year: 2015                Period: SEPTEMBER
    Entity: 9100       Department of Education                                                                                          Agency Notes:      8

 Status: Complete                         The accompanying notes are an integral part of these financial statements.                 I = Inactive Line

Tab: Text Data
Line               Question                                                                                           Answer
1                   Provide a description of advances and prepayments on the "Line Item Notes" tab for line 1.        Advances and Prepayments consist of payments made to grant recipients in advance of
                                                                                                                      their expenditures and in-process invoices for interest benefits and special allowances
                                                                                                                      for the FFEL Program.
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 the amounts that are designated as either non-hedging or hedging instruments.
4                  Provide disclosures for the objectives for holding or issuing derivatives, the context needed
                   to understand these objectives, as well as strategies for achieving these objectives {FASB
                   ASC 815-10-50-1A).
5                  Provide disclosures for the volume of derivative activity (FASB ASC 815-10.50.1 B).
8                  Provide disclosures on the location of fair value amounts of derivate assets instruments on
                   the Balance Sheet (FASB ASC 815-10.5().4A).
7                  Provide disclosures on the location of gains or losses recognized into earnings {FASB ASC
                   815-10-50-4A).
8                  Provide the effective portion of gains and losses, by contract type, on derivative instruments
                   classified as either cashflow or net investment hedges that are being reclassified into
                   earnings during the current period (FASB ASC 815-10.5().4C).
9                  Provide the effective portion of gains and losses, by contract type, on derivative instruments
                   classified as either cashflow or net investment hedges that are recognized in other
                   comprehensive income during the current period {FASBASC 815-10-50-4C).
10                 Provide the portion of gains and losses, by contract type, on derivative instruments classified
                   as either cashflow or net investment hedges that represent the amount of the hedges'
                   ineffectiveness or the amount, if any, excluded from the assessment of the hedge
                   effectiveness (FASBASC 815-10.5().4C).
11                 Provide a description of the nature of trading activities for non-hedging designated derivative
                   instruments and related risks, including how the entity manages those risks. Explain the use
                   of any alternative disclosures for trading activities, if applicable (FASB ASC 815-1 0-50-4F).
12                 Provide a description on the existence and nature of credit-risk related contingent features
                   and the circumstances in which the features could be triggered in derivative instruments.
                   Include disclosures related to posted collateral, as well as additional collateral required and
                   fair value of assets needed to settle the instrument immediately if the credit-risk contingent
                   features were triggered (FASB ASC 815-10.5().4H).
13                 Provide disclosures of the entity's accounting policy to offset or not offset derivative asset
                   positions on the Balance Sheet under a master netting agreement. Describe the accounting
                   policy to offset cash collateral positions arising from derivative instrument(s) under a master
                   netting agreement against nat derivative positions (FASB ASC 815-10-50-7).
14                 Disclose amounts recognized for the right to reclaim cash collateral or the obligation to return
                   cash collateral under master netting arrangements (FASB ASC 815-10-50-8).
15                 Provide any other relevant infonnation pertaining to this note. At a minimum, describe briefly
                   the sianificant accountina oolicies oertainina to this note.




                                                                                                            . 32.
                                                                                                                                                                                  11113/2015 21:50:14

                                                                                  U.S. Department of the Treasury
                                                                                    Bureau of the Fiscal Service
                                                                              Governmentwide Financial Report System
                                                                                     GF006 • FR Notes Report

     Note: 09          Accounts Payable                                                                                           Fiscal Year: 2015               Period: SEPTEMBER
  Entity: 9100         Department of Education                                                                                    Agency Notee:        9

  Status: Complete                        The accompanying notes are an integral part of these financial statements.           I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                         NB    Account    2015 • SEPTEMBER       2014 ·SEPTEMBER
                                                                                Type
Accounts payable                                                         c         L                    3,695                 4,000
                                                                              Variance:                     0                     0           Rounding Method: Millions       Decimal: Zero
Line Status Line Description         2015 • SEPTEMBER              2014 ·SEPTEMBER                Previously Rptd         Line Item Changes
 1          Accounts Payable                               3,695                      4,000                       4,000                            0
            Total                                          3,695                      4,000                       4,000                            0




                                                                                                     • 33.
                                                                                                                                                                                    11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 09            Accounts Payable                                                                                                  Fiscal Year: 2015       Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                           Agency Notee:     9

  Status: Complete                          The accompanying notes are an integral part of these financial statements.                  I = Inactive Line

Tab: other Notes Info.

       Section: A             Section Name:     Interest                                                  No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                      Rounding Method: Millions            Decimal: Zero
Line Status Line Description          NB      2015 • SEPTEMBER               2014 ·SEPTEMBER C                  Previously Rptd   c   Line Item Changes D
                                                                    c
 1              Interest accrued     N/A
                and owed to others




Tab: Text Data                         No Data Flag: YES
 Line                Question                                                                                              Answer
 1                   Provide any other relevant infonnation pertaining to this note. At a minimum, describe briefly
                     the significant accounting policies pertaining to this note.




                                                                                                             . 34.
                                                                                                                                                                                             11113/2015 21:50:14

                                                                                         U.S. Department of the Treasury
                                                                                           Bureau of the Fiscal Service
                                                                                     Governmentwide Financial Report System
                                                                                            GF006 • FR Notes Report

     Note: 10B             Treasury Securities Held by Government Trust Funds, Revolving Funds, and Special Funds                         Fiscal Year: 2015               Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                        Agency Notee:       n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.                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 of the PY Unamortized discount
                                                      Investment D                        Discount C                      D                                              Investment 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 DescrlpUon             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
Tab: Text Data                          No Data Flag: YES
 Line                  Question                                                                                             Answer
 1                     Provide any other relevant infonnation pertaining to this note. At a minimum, describe briefly
                       the significant accounting policies pertaining to this note.




                                                                                                               • 35.
                                                                                                                                                                                                       11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 11              Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal           Fiscal Year: 2015                 Period: SEPTEMBER
                           Employees
                                                                                                                                              Agency Notee:        11
     Entity: 9100          Department of Education
                                                                                                                                           I = Inactive Line
  Status: Complete                           The accompanying nates are an Integral part of these financial statements.

Tab: Line Item Notes
Closing Package Line       Desc~ptlon                                          NB    Account     2015 • SEPTEMBER         2014 ·SEPTEMBER
                                                                                       Type
Federal employee and veteran benefits payable                                  c         L                           16                      2
                                                                                    Variance:                         0                      0           Rounding Method: Millions                Decimal: Zero
Line Status Line     Desc~ptlon           2015 • SEPTEMBER              2014 ·SEPTEMBER                   Previously Rptd             Line Hem Changes
 1              Pension and accrued
                benefits
 2              Post-retirement health
                and accrued benefits
 3              Veterans
                compensation and
                burial benefits
 4              Life insurance and
                accrued benefits
 5              Federal Employees"                                 16                             2                            2                               0
                Compensation Act
                (FECA) benefits
 6              Liability for other
                retirement and
                postemployment
                benefits
                Total                                              16                             2                             2                              0
Threshold

 Line Desc~ptlon                                                   Question                                                                Answer
 Line Item Notes - Federal Employees' Compensation Act             Please provide explanations for any amounts that have                   The change is attributed to a reporting error in the FY 2014 FECA liability
 (FECA) benefits (2015 ·SEPTEMBER)                                 changed by 10% or more and orgraaterthan 500,000 between                balance.
                                                                   the current fiscal year and prior fiscal year. (unaudited)




                                                                                                             . 36.
                                                                                                                                                                                      11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 11             Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal         Fiscal Year: 2015        Period: SEPTEMBER
                          Employees
                                                                                                                                           Agency Notes:       11
     Entity: 9100         Department of Education
                                                                                                                                        I = Inactive Line
  Status: Complete                               The accompanying nates are an Integral part of these financial statements.

Tab: Other Notes Info.

       Section: A               Section Nama: Pension and Accrued Benefits Liability                     No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                     Rounding Method: Millions               Decimal: Zero
Line Status Line Description             NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                 Previously Rptd       Line Item Changes
 1              Pension and             Credit
                accrued benefits
                liability- beginning
                of period (SFFAS
                No. 5, par. 71)
 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
                (SFFAS No. 5, par.
                72)
 5              Interest on pension     Credit
                liability during the
                period
 6              Prior {and past)        Credit
                service cost (from
                the initiation of a
                new plan)
 7              Actuarial               Credit
                (gains)/losses (from
                experience)
                (SFFAS No. 33,
                par. 22)
 8              Actuarial               Credit
                (gains)/losses (from
                assumption
                changes) (SFFAS
                No. 33, par. 22)
 9              Other                   Credit
10              Total pension            N/A
                expense (S~~AS
                No. 5. oar. 72



                                                                                                            . 37.
                                                                                                                                                                                     11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 11            Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal         Fiscal Year: 2015        Period: SEPTEMBER
                         Employees
                                                                                                                                          Agency Notee:       11
     Entity: 9100        Department of Education
                                                                                                                                       I = Inactive Line
  Status: Complete                            The accompanying nates are an Integral part of these financial statements.


       Section: A              Section Nama: Pension and Accrued Benefits Liability                     No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                    Rounding Method: Millions               Decimal: Zero
Line Status Line Description          NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                   Previously Rptd       Line Item Changes
11              Less benefits paid    Debit
12              Pension and           N/A
                accrued benefits
                liability-end of
                oeriod




       Section: B              Section Nama: Pension Liability Long-Term Significant Assumptions        No Data Flag: YES             Line Attributes: Percent
                                             Used in the Current FY and Prior FY Valuation
Line Status Line Description          NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                   Previously Rptd       Line Item Changes
 1              Rate of interest      N/A
                (except OPM)
 2              Rate of inflation     N/A
                (except OPM)
 3              Projected salary      N/A
                increases {except
                OPM)
 4              CSRS - rate of        N/A
                interest (OPM only)
 5              CSRS • rate of        N/A
                inflation (OPM
                only)
 6              CSRS • projected      N/A
                salary increases
                (OPM only)
 7              CSRS - cost of        N/A
                living adjustment
                (OPM only)
 8              FERS • rate of        N/A
                interest (OPM only)
 9              FERS • rate of        N/A
                inflation (OPM
                only)
10              FERS • projected      N/A
                salarv increases


                                                                                                           . 38.
                                                                                                                                                                                      11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 11             Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal         Fiscal Year: 2015        Period: SEPTEMBER
                          Employees
                                                                                                                                           Agency Notee:       11
     Entity: 9100         Department of Education
                                                                                                                                        I = Inactive Line
  Status: Complete                               The accompanying nates are an Integral part of these financial statements.


       Section: B               Section Nama: Pension Liability Long-Term Significant Assumptions        No Data Flag: YES             Line Attributes: Percent
                                              Used in the Current FY and Prior FY Valuation
L in e Status Line Description           NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                 Previously Rptd       Line Item Changes
                (OPM only)
11              FERS • cost of           N/A
                living adjustment
                (OPM only)




       Section: C               Section Nama: Post-retirement Health and Accrued Benefits                No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                     Rounding Method: Millions               Decimal: Zero
L ine Status Line Description            NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                 Previously Rptd       Line Item Changes
 1              Post-retirement         Credit
                heaHh 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              Actuarial             Credit
                (gains)/losses (from
                experience)
                (SFFAS No. 33,
                par.22)
 7              Actuarial             Credit
                (gains)/losses (from
                assumption
                changes) (SFFAS


                                                                                                            . 39.
                                                                                                                                                                                       11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 11             Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal         Fiscal Year: 2015         Period: SEPTEMBER
                          Employees
                                                                                                                                           Agency Notee:       11
     Entity: 9100         Department of Education
                                                                                                                                        I = Inactive Line
  Status: Complete                              The accompanying nates are an Integral part of these financial statements.


       Section: C                 Section Nama: Post-retirement Health and Accrued Benefits              No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                     Rounding Method: Millions                Decimal: Zero
Line Status Line Description             NB       2015 • SEPTEMBER             2014 ·SEPTEMBER                  Previously Rptd       Line Item Changes
                No. 33, par.22)
 8              Other                  Credit
 9              Total post-              N/A
                retirement health
                benefits expense
10              Less claims paid        Debit
11              Post-retirement          N/A
                health and accrued
                benefits liability-
                end of period
       Section: D         Section Nama: Post-retirement Health Liability Significant                     No Data Flag: YES             Line Attributes: Percent
                                        Assumptions Used in Determining the Current FY
                                        and Prior FY Valuation
Line Status Line Description     NB    2015 • SEPTEMBER                 2014 ·SEPTEMBER                         Previously Rptd       Line Item Changes
 1              Rate of Interest         N/A
 2              Single equivalent        N/A
                rate of medical
                trend
 3              Ultimate rate of         N/A
                medical trend



       Section: F                 Section Nama: Other                                                    No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                     Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description             NB       2015 • SEPTEMBER             2014 ·SEPTEMBER                  Previously Rptd       Line Item Changes
 1              Nonmarketable       Debit
                Treasury securities
                held by the Thrift
                Savings Plan (TSP)
                Fund
 2              Total assets of     Debit
                pension (SFFAS
                No.5, par. 68)
 3              Market value of     Debit
                investments in
                market-based and


                                                                                                            • 40.
                                                                                                                                                                                      11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 11            Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal        Fiscal Year: 2015          Period: SEPTEMBER
                         Employees
                                                                                                                                         Agency Notee:       11
     Entity: 9100        Department of Education
                                                                                                                                      I = Inactive Line
  Status: Complete                             The accompanying nates are an Integral part of these financial statements.


       Section: F              Section Nama: Olher                                                      No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                    Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description           NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                  Previously Rptd       Line Item Changes
                marketable
                securities included
                in line 2 (SFFAS
                No. 5, par.68)
 4              Total assets of       Debit
                other retirement
                benefit plans
                (SFFAS No. 5, par.
                85)
 5              Market value of       Debit
                investments in
                market-based and
                marketable
                securities included
                in line 4 (SFFAS
                no. 5, par.85)
 6              Projected future      Credit
                payments for
                pension benefits
                (VA only)
 7              Average medical       Credit
                costperyear(VA
                only)
       Sec1ion: G              Section Nama: Estimated Agency Imputed Costs (to be completed            No Data Flag: YES             Line Attributes: Dollars
                                             only by OPM)                                                                           Rounding Method: User-Defined            Decimal: User-Defined
Line Status Line Description           NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                  Previously Rptd       Line Item Changes
25              7200 Agency for       Debit
                International
                Development
38              9500 All other        Debit
                agencies




                                                                                                           • 41 •
                                                                                                                                                                                       11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 11              Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal         Fiscal Year: 2015        Period: SEPTEMBER
                           Employees
                                                                                                                                            Agency Notee:       11
     Entity: 9100          Department of Education
                                                                                                                                         I = Inactive Line
  Status: Complete                               The accompanying nates are an Integral part of these financial statements.


       Section: L                Section Nama: Civilian Life Insurance and Accrued Benefits               No Data Flag: YES             Line Attributes: Dollars
                                                                                                                                      Rounding Method: Millions               Decimal: Zero
Line Status Line Description             NB        2015 • SEPTEMBER             2014 ·SEPTEMBER                  Previously Rptd       Line Item Changes
 1              Actuarial accrued       Credit
                life insurance
                benefits liability-
                beginning of period
 2              Prior-period            Credit
                adjustments (not
                restated)
 3              Prior {and past)         N/A
                service costs from
                plan amendments
                {or the initiation of
                a new plan) during
                the period
 4              New entrant             Credit
                expense
 5              Interest on life        Credit
                insurance liability
                during the period
 6              Actuarial               Credit
                {gains)/losses {from
                experience)
                {SFFAS No. 33,
                par. 22)
 7              Actuarial               Credit
                {gains)/losses {from
                assumption
                changes) {SFFAS
                No. 33, par. 22)
 8              Other                   Credit
 9              Total life insurance     N/A
                expense
10              Less costs paid         Debit
11              Actuarial accrued        N/A
                life insurance
                benefits liability -
                end of oeriod




                                                                                                             • 42.
                                                                                                                                                                                 11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 11            Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal       Fiscal Year: 2015        Period: SEPTEMBER
                         Employees
                                                                                                                                        Agency Notee:       11
     Entity: 9100        Department of Education
                                                                                                                                     I = Inactive Line
  Status: Complete                         The accompanying nates are an Integral part of these financial statements.


       Section: M             Section Nama: Civilian Actuarial Life Insurance Liability                 No Data Flag: YES           Line Attributes: Percent


Line Status Line Description         NB       2015 • SEPTEMBER               2014 ·SEPTEMBER                   Previously Rptd      Line Item Changes
 1              Rate of interest     N/A
 2              Rate of increases    N/A
                in salary




                                                                                                           . 43.
                                                                                                                                                                              11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 11          Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal      Fiscal Year: 2015        Period: SEPTEMBER
                       Employees
                                                                                                                                     Agency Notee:       11
    Entity: 9100       Department of Education
                                                                                                                                  I = Inactive Line
 Status: Complete                         The accompanying nates are an Integral part of these financial statements.

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 economic assumptions used in
                   determining pension liability and
                   the related expense (examples of assumptions: actuarial, economic, interest rate, and trend).
4                  Provide a description of the changes in the significant assumptions used in determining
                   pension liability and the
                   related expense (SFFAS No. 33, par.19).
5                  Provide the long-term projection of the significant economic assumptions used in
                   determining the postretirement
                   health benefits liability and the related expense (example of assumptions: actuarial,
                   economic, interest rate, and
                   trend).
6                  Provide a description of the changes in the significant assumptions used in determining the
                   post-retirement health
                   benefits liability and the related expense (SFFAS No. 33, par. 19).
7                  Provide the reason for significant changes in the actuarial liability for the DOD Military
                   Retirement Fund for the
                   current FY {DOD only). Describe those that relate to significant changes in assumptions, if
                   any (SFFAS No. 33,
                   par. 19).
8                  Provide the reason for significant changes in the actuarial liability for the DOD Medicare
                   Eligible Retiree Health
                   Care Fund (DOD only). Describe those that relate to significant changes in assumptions, if
                   any (SFFAS No. 33, par.
                   19).
9                  Provide the reason for significant changes in the actuarial liability for veterans compensation
                   and burial benefits
                   Ct/A only). Describe those that relate to significant changes in assumptions, if any {SFFAS
                   No. 33, par. 19).
10                 Provide the source of the information entered for "Line Item Notes" tab, lines 4, 5, and 6.
11                  Provide the source for the components of pension expense entered in Section A.
12                  Provide the source for the interest rate for pension expense entered in Section B.
13                  Provide the source for the components of post-retirement expense entered in Section C.
14                  Provide the source for the interest rate for post-retirement expense entered in Section D.
15                  Provide the source for workers' compensation benefits entered in Sections N and 0 (to be


                                                                                                            . 44.
                                                                                                                                                                              11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 11          Federal Employee and Veteran Benefits Payable- Liabilities for Benefrts for Services Provided to Federal      Fiscal Year: 2015        Period: SEPTEMBER
                       Employees
                                                                                                                                     Agency Notee:       11
  Entity: 9100         Department of Education
                                                                                                                                  I = Inactive Line
 Status: Complete                         The accompanying nates are an Integral part of these financial statements.

Tab: Text Data
 Line            Question                                                                                               Answer
                 completed only by DOL).
16                  Provide the source for the life insurance benefits entered in Section P (to be completed only
                    by VA).
17               Provide any other relevant information pertaining to this note. At a minimum, describe briefly
                 the significant
                 accounting policies pertaining to this note.




                                                                                                           • 45.
                                                                                                                                                                                 11113/2015 21:50:14

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Governmentwide Financial Report System
                                                                                      GF006 • FR Notes Report

      Note: 12          Environmental and Disposal Liabilities                                                                   Fiscal Year: 2015               Period: SEPTEMBER
   Entity: 9100          Department of Education                                                                                 Agency Notee:       n/a

  Status: Complete                         The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                          NB    Account    2015 • SEPTEMBER       2014 ·SEPTEMBER
                                                                                  Type
Environmental and disposal liabilities                                    c         L                         0                 0
                                                                               Variance:                      0                 0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description             2015 • SEPTEMBER          2014 ·SEPTEMBER                 Previously Rptd       Line Item Changes
 9
 10
 11
 12
 13
 14          other Environmental
             and Disposal Liabilities
             Total




                                                                                                      . 46.
                                                                                                                                                                                      11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 12             Environmental and Disposal Liabilities                                                                          Fiscal Year: 2015          Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                         Agency Notee:       n/a

  Status: Complete                             The accompanying notes are an integral part of these financial statements.              I = Inactive Line

Tab: other Notes Info.

       Section: A               Section Name:     Other Related lnfonnation                               No Data Flag: YES            Line Attributes: Dollars
                                                                                                                                     Rounding Method: User-Defined           Decimal: User-Defined
Line Status Line Description           NB        2015 • SEPTEMBER              2014 ·SEPTEMBER                    Previously Rptd     Line Item Changes
 1              Unrecognized           Debit
                portion of
                estimated total
                cleanup costs
                associated with
                general property,
                plant, and
                equipment
 2              Unrecognized           Debit
                portion of est total
                asbestos-related
                cleanup costs
                assoc with gen
                PP&E SFFAS NoB
                par 109 Bulletin
                2006-1
 3              Asbestos-related       Debit
                environmental and
                disposal liability
                (Technical Bulletin
                0006-1l
Tab: Text Data                           No Data Flag: YES
 Line                 Question                                                                                              Answer
 1                    List the applicable laws and regulations covering cleanup requirements as they relate to the
                      activity identified in the audited financial statements.
 2                    Provide a description of the type of environmental and disposalliabilties identified.
 3                    Provide any other relevant infonnation pertaining to this note. At a minimum, describe briefly
                      the significant accounting policies pertaining to this note.




                                                                                                             . 47.
                                                                                                                                                                                          11113/2015 21:50:14

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Governmentwide Financial Report System
                                                                                       GF006 • FR Notes Report

     Note: 13          Benefits Due and Payable                                                                                           Fiscal Year: 2015               Period: SEPTEMBER
  Entity: 9100         Department of Education                                                                                            Agency Notee:       n/a

  Status: Complete                       The accompanying notes are an integral part of these financial statements.                    I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                           NB     Account     2015 • SEPTEMBER         2014 ·SEPTEMBER
                                                                                    Type
Benefits due and payable                                                    c        L                             0                     0
                                                                                Variance:                          0                     0            Rounding Method: Millions       Decimal: Zero
Line Status Line Description          2015 • SEPTEMBER              2014 ·SEPTEMBER                    Previously Rptd            Line Item Changes
 9          other Entitlement
            BenefitsDue and
            Pavable
            Total

Tab: Text Data                       No Data Flag: YES
 Line              Question                                                                                              Answer
 1                 Provide any other relevant information pertaining to this note. At a minimum, desaibe briefly
                   the significant accounting policies pertaining to this note.




                                                                                                         . 48.
                                                                                                                                                                                              11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 14            Insurance and Guarantee Program Liabilities                                                                          Fiscal Year: 2015               Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                              Agency Notee:       n/a

  Status: Complete                          The accompanying notes are an integral part of these financial statements.                     I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                               NB    Account      2015 • SEPTEMBER         2014 ·SEPTEMBER
                                                                                       Type
Insurance and guarantee program liabilities                                    c         L                             0                     0
                                                                                    Variance:                          0                     0            Rounding Method: Millions       Decimal: Zero
Lin e Status Line Description            2015 • SEPTEMBER               2014 ·SEPTEMBER                    Previously Rptd            Line Item Changes
 7              other insurance
                programs
 8
 9
              Total
Tab: Text Data                          No Data Flag: YES
 Line                 Question                                                                                               Answer
 1                    Provide a description for the type of insurance or guarantee programs identified in the "Line
                      Item Notes" tab.
 2                    Provide the name, description, and the related amounts of the insurance or guarantee
                      programs entered on the line titled "other insurance programs" in the "Line Item Notes" tab.
 3                    Provide any other relevant infonnation pertaining to this note. At a minimum, describe briefly
                      the significant
                      accounting policies pertaining to this note.




                                                                                                              • 49.
                                                                                                                                                                                          11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

      Note: 15            Other Liabilities                                                                                               Fiscal Year: 2015               Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                         Agency Notee:        11 & 12

  Status: Complete                              The accompanying notes are an integral part of these financial statements.             I = Inactive Line

Tab: Line Item Notee
Closing Package Line Description                                               NB    Account      2015 • SEPTEMBER     2014 ·SEPTEMBER
                                                                                      Type
Other liabilities                                                              c         L                    2,532                   2,662
                                                                                    Variance:                     0                       0           Rounding Method: Millions       Decimal: Zero
Line Status Line Description                  2015 • SEPTEMBER           2014 ·SEPTEMBER                Previously Rptd           Line Item Changes
 1             Deferred revenue                                     18                            50                         50                            0
 2             Accrued wages and                                    15                            13                         13                            0
               benefits
 4             Other debt
 6             legal and other
               contingencies
  7            Grant payments due to                             2,377                      2,487                       2,487                              0
               State and local
               governments and
               others
  8            Other employee and
               actuarial liabilities
 10            D.C. pension liability
 11            Custodial liabilities
 12            Accrued annual leave                                38                             38                         38                            0
 14            Advances and
               prepayments
 15            Farm and other
               subsidies
 16            Deposit funds                                       84                             74                         74                            0
 17            Bonneville Power
               Administration non-
               federal power projects
               as well as capital lease
               liabilities and disposal
               liabilities
 18            Derivative liabilities
 19
 20
 21
 22            other Liabilities
               Total                                             2,532                          2,662                     2,682                            0




                                                                                                           • 50.
                                                                                                                                                                                       11113/2015 21:50:14

                                                                                 U.S. Department of the Treasury
                                                                                   Bureau of the Fiscal Service
                                                                             Governmentwide Financial Report System
                                                                                    GF006 • FR Notes Report

   Note: 15           Other Liabilities                                                                                       Fiscal Year: 2015                 Period: SEPTEMBER
  Entity: 9100        Department of Education                                                                                 Agency Notes:       11 & 12

  Status: Complete                        The accompanying notes are an integral part of these financial statements.       I = Inactive Line



Threshold

Line Description                                              Question                                                     Answer
Line Item Notes - Deferred revenue (2015 - SEPTEMBER)         Please provide explanations for any amounts that have        The decrease is primarily the result of an increase of in-process collections
                                                              changed by 10% or more and or greater than 500,000 between   of negative special allowance.
                                                              the current fiscal year and prior fiscal year. (Unaudited)
Line Item Notes -Accrued wages and benefits (2015 -           Please provide explanations for any amounts that have        The increase is due to differences in year end accrued payroll estimates.
SEPTEMBER)                                                    changed by 10% or more and or greater than 500,000 between
                                                              the current fiscal year and prior fiscal year. (Unaudited)
Line Item Notes • Deposit funds (2015 • SEPTEMBER)            Please provide explanations for any amounts that have        The change is due to an increase in HEA. Title IV Financial Guarantee
                                                              changed by 10% or more and or greater than 500,000 between   deposits.
                                                              the current fiscal year and prior fiscal year. (Unaudited)




                                                                                                     • 51 •
                                                                                                                                                                                    11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 15            Other Liabilities                                                                                          Fiscal Year: 2015             Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                    Agency Notee:       11 & 12

  Status: Complete                            The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: other Notee Info.

       Section: A             Section Nama: Other Information                                                                   Line Attributes: Dollars
                                                                                                                              Rounding Method: Millions                    Decimal: Zero
Line Status Line Dsscrlptlon           NB       2015 • SEPTEMBER             2014 ·SEPTEMBER            Previously Reported
 8              Grant payments       Credit                       2,377                      2,487
                due to State and
                local government
                and others
                (Transportation,
                HHS, and
                Education onlvl




                                                                                                         • 52.
                                                                                                                                                                                                         11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 15            Other Liabilities                                                                                                  Fiscal Year: 2015                   Period: SEPTEMBER
    Entity: 9100         Department of Education                                                                                            Agency Notes:        11 & 12

 Status: Complete                            The accompanying notes are an integral part of these financial statements.                 I = Inactive Line

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, and accrued liabilities related to
                   page number and the documentation support by email to FRO's central mailbox at                       ongoing continuous expenses such as Federal employee salaries and accrued
                   financial.reports@fiscal.treasury.gov if amounts identified cannot be directly traced to the         employee annual leave.
                   agency's financial report.
2                  Provide a description and related amounts for balances that exceed $50 million on the Line
                   Item Notes tab, line 21, "other liabilities," and provide the page number of the agency's
                   financial report where the amount is identified.
3                  Provide the amounts that are designated as either non-hedging or hedging instruments.
4                  Provide disclosures for the objectives for holding or issuing derivatives, the context needed
                   to understand these objectives, as well as strategies for achieving these objectives {FASB
                   ASC 815-10-50-1A).
5                  Provide disclosures for the volume of derivative activity (FASB ASC 815-10.50.1 B).
6                  Provide disclosures on the location of fair value amounts of derivative instruments {both
                   assets and liabilities, respectively) on the Balance Sheet (FASB ASC 815-10-50-'IA).
7                  Provide disclosures on the location of gains or losses recognized into earnings {FASB ASC
                   815-1 0-50-'IA).
8                  Provide the effective portion of gains and losses, by contract type, on derivative instruments
                   classified as either cashflow or net investment hedges that are being reclassified into
                   earnings during the current period (FASB ASC 815-10.5().4C).
9                  Provide the effective portion of gains and losses, by contract type, on derivative instruments
                   classified as either cashflow or net investment hedges that are recognized in other
                   comprehensive income during the current period {FASBASC 815-10-50-4C).
10                 Provide the portion of gains and losses, by contract type, on derivative instruments classified
                   as either cashflow or net investment hedges that represent the amount of the hedges?
                   ineffectiveness or the amount, if any, excluded from the assessment of the hedge
                   effectiveness (FASBASC 815-10.5().4C).
11                 Provide a description of the nature of trading activities for non-hedge designated derivative
                   instruments and related risks, including how the entity manages those risks. Explain the use
                   of any alertnative disclosures for trading activities, if applicable (FASB ASC 815-1 0-50-4F).
12                 Provide a description on the existence and nature of credit-risk related contingent features
                   and the circumstances in which the features could be triggered in derivative instruments that
                   are in a net liability position at the end of the reporting period. Include disclosures related to
                   posted collateral, as well as additional collateral required and fair value of assets needed to
                   setlle the instrument immediately ~the credit-risk contingent features were triggered (FASB
                   ASC 815-1 0-50-7).
13                 Provide disclosures of the entity?s accouting policy to offset or not offset derivative asset
                   and liability positions on the Balance Sheet under a master netting agreement. Describe the
                   accounting policy to offset cash collateral positions arising from derivative instrument{s)
                   under a master netting agreement against net derivative positions {FASB ASC 815-10-50-
                   8).
14                  Disclose amounts recognized for the right to reclaim cash collateral or the obligation to return



                                                                                                              . 53.
                                                                                                                                                                            11113/2015 21:50:14

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Governmentwide Financial Report System
                                                                                      GF006 • FR Notes Report

     Note: 15       Other Liabilities                                                                                         Fiscal Year: 2015             Period: SEPTEMBER
  Entity: 9100      Department of Education                                                                                   Agency Notee:       11 & 12

 Status: Complete                       The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: Text Data
 Line            Question                                                                                         Answer
                 cash collateral under master netting arrangements (FASB ASC 815-10-50-8).
15               Provide any other relevant infonnation pertaining to this note. At a minimum, describe briefly
                 the significant
                 accountina oolicies Dertainina to this note.




                                                                                                         . 54.
                                                                                                                                                                         11113/2015 21:50:14

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Governmentwide Financial Report System
                                                                                      GF006 • FR Notes Report

     Note: 17           Prior-Period Adjustments                                                                             Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                              Agency Notee:       n/a

  Status: Complete                        The accompanying notes are an integral part of these financial statements.      I = Inactive Line

Tab: other Notee Info.

       Section: A            Section Nama:    Non-Federal Prior-Period Adjustments - Restated     No Data Flag: YES      Line Attributes: Dollars
                                                                                                                       Rounding Method: Millions                Decimal: Zero
Line Status Line Description        NB                 Amount C
 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
11              Total               N/A
       Section: B            Section Nama:    Federal Prior-Period Adjustments - Restated         No Data Flag: YES      Line Attributes: Dollars
                                                                                                                       Rounding Method: Millions                Decimal: Zero
Line Status Line Description        NB                 Amount C
 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
11              Total               N/A




                                                                                                     • 55.
                                                                                                                                                                        11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 17           Prior-Period Adjustments                                                                            Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                             Agency Notee:       n/a

  Status: Complete                        The accompanying notes are an integral part of these financial statements.     I = Inactive Line


       Section: C            Section Nama:    Non-Federal Correction of Errors                    No Data Flag: YES      Line Attributes: Dollars
                                                                                                                       Rounding Method: Millions               Decimal: Zero
Line Status Line Description        NB                 Amount C
 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
11              Total               N/A
       Section: D            Section Nama:    Federal Correction of Errors                        No Data Flag: YES      Line Attributes: Dollars
                                                                                                                       Rounding Method: Millions               Decimal: Zero
Line Status Line Description        NB                 Amount C
 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
11              Total               N/A




                                                                                                     . 56.
                                                                                                                                                                         11113/2015 21:50:14

                                                                                 U.S. Department of the Treasury
                                                                                   Bureau of the Fiscal Service
                                                                             Governmentwide Financial Report System
                                                                                    GF006 • FR Notes Report

     Note: 17           Prior-Period Adjustments                                                                             Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                              Agency Notee:       n/a

  Status: Complete                        The accompanying notes are an integral part of these financial statements.      I = Inactive Line


       Section: E            Section Nama: Non-Federal Immaterial Errors                          No Data Flag: YES      Line Attributes: Dollars
                                                                                                                       Rounding Method: Millions                Decimal: Zero
Line Status Line Description        NB                Amount C
 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
11              Total               N/A
       Section: F            Section Nama: Federal Immaterial Errors                              No Data Flag: YES      Line Attributes: Dollars
                                                                                                                       Rounding Method: Millions                Decimal: Zero
Line Status Line Description        NB                Amount C
 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
11              Total               N/A




                                                                                                     . 57.
                                                                                                                                                                        11113/2015 21:50:14

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Governmentwide Financial Report System
                                                                                      GF006 • FR Notes Report

     Note: 17           Prior-Period Adjustments                                                                            Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                             Agency Notee:       n/a

  Status: Complete                        The accompanying notes are an integral part of these financial statements.     I = Inactive Line


       Section: G            Section Nama: Closing Package Reclassifications/Adjustments          No Data Flag: YES      Line Attributes: Dollars
                                                                                                                       Rounding Method: Millions               Decimal: Zero
Line Status Line Description        NB                 Amount C
 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
11              Total               N/A
       Section: H            Section Nama:    Non-federal Change in Accounting Principles         No Data Flag: YES      Line Attributes: Dollars
                                                                                                                       Rounding Method: Millions               Decimal: Zero
Line Status Line Description        NB                 Amount C
 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




                                                                                                     . 58.
                                                                                                                                                                                  11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 17          Prior-Period Adjustments                                                                                        Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100      Department of Education                                                                                         Agency Notee:       n/a

  Status: Complete                         The accompanying notes are an integral part of these financial statements.               I = Inactive Line


       Section: I            Section Nama:     Federal Change in Accounting Principles                   No Data Flag: YES          Line Attributes: Dollars
                                                                                                                                  Rounding Method: Millions              Decimal: Zero
Line Status Line Description         NB                  Amount    c
 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 restatements to the prior FY that resulted from correcting errors that occurred in
                    the prior FY (data reported in Sections A and B).
 2                  Describe any errors that occurred in FYs preceding the prior FY that adjusted the prior-FY
                    beginning net position (data reported in Sections C and D).
 3                  Describe any immaterial errors that occurred in the prior period(s) that were corrected
                    against the current FY operations (data reported in Sections E and F).
 4                  Describe any reclassifications/adjustments of the prior FY reporting in the current FY Closing
                    Package (data reported in Section G). Exclude amounts reported as restatements in Section
                    A and B.
 5                  Describe the adjustments to the current FY or prior FY beginning net position that resulted
                    from changes in accounting principles as reported on the Reclassified Statement of Changes
                    in Net Position, line 2.1 and/or line 3.1 (data reported in Sections H and 1).
 6                  Provide any other relevant infonnation pertaining to this note. At a minimum, describe briefly
                    the significant accounting policies pertaining to this note.




                                                                                                            • 59.
                                                                                                                                                                                              11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 18              Contingencies (SFFAS Nos. 5 and 12)                                                                       Fiscal Year: 2015                 Period: SEPTEMBER
     Entity: 9100          Department of Education                                                                                   Agency Notee:       19

  Status: Complete                            The accompanying notes are an integral part of these financial statements.          I = Inactive Line

Tab: other Notee Info.

       Section: A              Section Nama:     Insurance Contingencies (Reasonably Possible Only)   No Data Flag: YES           Line Attributes: Dollars
                                                                                                                               Rounding Method: User-Defined                         Decimal: User-Defined
Line Status Line Description           NB       2015 • SEPTEMBER             2014 ·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 Nama:     Litigation, Claims and Assessments                   No Data Flag: YES           Line Attributes: Dollars
                                                                                                                               Rounding Method: User-Defined                         Decimal: User-Defined
Line Status Line Description           NB       CY Measured amount        CY Estimated Range(Low         CY Estimated Range CY Claim amount(Unable            PY Measured amount        PY Estimated Range(Low
                                                (accrued estimated)                        end)                  (High end)     to detannina loss)             (accrued estimated)                       end)
 1              Probable             Credit
 2              Reasonably           Credit
                Possible
Line Status Line Description           NB        PY Estimated Range        PY Claim amunt (unable
                                                         (High end)                 to detenmine)
 1              Probable             Credit
 2              Reasonably           Credit
                Possible
       Section: C              Section Nama: 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(unabla           PY Accrued/Estimated          PY Estimated Range
                                                          amount                      (Low end)                  (High end)           to detannina)                       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 detenmine)
 1              Probable             Credit
 2              Reasonably           Credit
                Possible


                                                                                                         . 60.
                                                                                                                                                                                                      11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 18           Contingencies (SFFAS Nos. 5 and 12)                                                                                   Fiscal Year: 2015                 Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                                               Agency Notee:       19

  Status: Complete                           The accompanying notes are an integral part of these financial statements.                    I = Inactive Line


       Section: D            Section Name: Other Contingencies                                             No Data Flag: YES              Line Attributes: Dollars
                                                                                                                                       Rounding Method: User-Defined                        Decimal: User-Defined
Line Status Line Description          NB               CYProbable          CY Reasonably Possible                      PYProbable    PY Reasonably Possible

 3                                  Credit
 4                                  Credit
 5                                  Credit




Tab: Text Data
 Line               Question                                                                                                Answer
 1                   Provide the nature of the insurance contingencies, including the range of loss.
 2                   Provide the nature of the litigation contingencies, including the range of loss for probably
                     liabilities (SFFAS No. 5, par. 39).
 3                   Provide the nature of the litigation contingencies including the range of loss for reasonably          The Deparbnent is involved in various lawsuits incidental to its operations. The
                     possible contingenies (SFFAS No.5, par. 40-41).                                                        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.
 4                  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.
 5                  Describe the other claims that may derive from treaties or international agreements.
 6                  Provide any other relevant information pertaining to this note. At a minimum, describe briefly
                    the significant accounting policies pertaining to this note.




                                                                                                              • 61 •
                                                                                                                                                                                           11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 19             Commitments                                                                                                    Fiscal Year: 2015               Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                        Agency Notee:          7 & 16

  Status: Complete                              The accompanying notes are an integral part of these financial statements.            I = Inactive Line

Tab: other Notee Info.

       Section: A               Section Nama: Capitalleases-Aaaet                                       No Data Flag: YES            Line Attributes: Dollars
                                                                                                                                   Rounding Method: Millions                      Decimal: Zero
Line Status Line Description            NB                CY Federal              CY Non-Federal                    PYFederal          PY Non-Federal
 1              Building               Debit
 2              Land                   Debit
 3              Equipment              Debit
 4              Software license       Debit
 5              Other                  Debit
 6              Accumulated            Credit
                depreciation/amorti
                zation
 7              Net assets under        N/A
                caoitalleases
       Section: B               Section Nama: Capital leases - Liability                                No Data Flag: YES            Line Attributes: Dollars
                                                                                                                                   Rounding Method: User-Defined                  Decimal: User-Defined
Line Status Line Description            NB                 CYFederal              CY Non-Federal                   PY Federal          PY Non-Federal
 1              Future minimum         Credit
                lease programs
 2              Imputed interest       Debit
 3              Executory costs        Debit
                including any profrt
 4              Total capital lease     N/A
                liability


       Section: C               Section Nama: 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                          485                         0                         537                           0
 2              Undelivered orders     Credit                            0                   124.902                           0                  130,221
                (unpaid)
 3              Undelivered orders     Credit                            0                       663                           0                          926
                loaidl
Thrashold
 Line Description                                                   Question                                                          Answer




                                                                                                           • 62.
                                                                                                                                                                                           11113/2015 21:50:14

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Governmentwide Financial Report System
                                                                                        GF006 • FR Notes Report

     Note: 19             Commitments                                                                                                 Fiscal Year: 2015               Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                     Agency Notee:     7 & 16
  Status: Complete                           The accompanying notes are an integral part of these financial statements.            I = Inactive Line


       Section:    c          Section Nama: Commitments: Operating leases and undelivered                                         Line Attributes: Dollars
                                                orders                                                                          Rounding Method: Millions                         Decimal: Zero
Threshold
 Line Description                                                Question                                                          Answer
 Other Notes Info- Operating leases (CY Federal)                 Please provide explanations for any amounts that have             Reduction reflective of reduced occupancy by the Department.
                                                                 changed by 10% or more and or greater than $500.000
                                                                 between the current fiscal year and prior fiscal year.
                                                                 (unaudited)




       Section: D             Section Nama: 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                Total              N/A


       Section: E             Section Nama:     Payments and Commitments for the Housing               No Data Flag: YES          Line Attributes: Dollars
                                                Program (Treasury Only)                                                         Rounding Method: Millions                         Decimal: Zero
Line Status Line Description          NB       2015 • SEPTEMBER             2014 ·SEPTEMBER D
                                                                      D
 1                Payments-          N/A
                  Housing Program
 2                Amount of          N/A
                  Commitments -
                  Housing Program
 3                Outstanding        N/A
                  Commitments -
                  Housing Program




                                                                                                          • 63.
                                                                                                                                                                                             11113/2015 21:50:14

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Governmentwide Financial Report System
                                                                                       GF006 • FR Notes Report

    Note: 19          Commitments                                                                                                    Fiscal Year: 2015                 Period: SEPTEMBER
    Entity: 9100      Department of Education                                                                                        Agency Notee:      7 & 16

 Status: Complete                        The accompanying notes are an integral part of these financial statements.               I = Inactive Line

Tab: Text Data
 Line              Question                                                                                        Answer
1                  Describe the lessee's leasing arrangements including the basis on which contingent rental       The Deparbnent 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 agreements.                                leases. Future lease payments are not accrued as liabilities, but expensed as incurred.
2                  Provide any other relevant information pertaining to this note. Explain any amounts listed in   Undelivered Orders (paid) includes any orders which have been prepaid or advanced
                   Section D in detail and reference the note, and/or location, in the agency?s Performance and    but for which delivery or performance has not yet occurred. For FY 2015, the
                   Accountability Report (PAR). At a minimum, describe briefly the significant accounting          Undelivered Orders (paid) balance is $663 million and for FY 2014 the balance is $926
                   oolicies oertainina to this note.                                                               million .




                                                                                                         . 64.
                                                                                                                                                                                         11113/2015 21:50:14

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Governmentwide Financial Report System
                                                                                       GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                         Fiscal Year: 2015                  Period: SEPTEMBER
  Entity: 9100            Department of Education                                                                                  Agency Notee:       n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.         I = Inactive Line

Tab: other Notee Info.

      Section: A               Section Nama: Assets- Current Year                                                              Line Attributes: Dollars
                                                                                                                             Rounding Method: Millions                          Decimal: Zero
Line Status Line Dsscrlptlon           NB            Cash and ather            Fund balance with       lnv In U. S. Treas.   Interest Receivable D             other Federal Assets   other Federal Assets
                                                 monetary assets D                   Treasury D Sec.(net of prem. & disc)                                    (Funds from Dedicated (Funds not From Dedlcat
                                                                                                                         D                                               Collec) D                 Coli) D
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                                                         2
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                                                         2
Line Status Line Description           NB        Other non-Federal                  Total assets
                                                         Assets D
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                                                         2
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                                                         2




                                                                                                        • 65.
                                                                                                                                                                                       11113/2015 21:50:14

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Governmentwide Financial Report System
                                                                                       GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                         Fiscal Year: 2015                Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                  Agency Notee:       n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.         I = Inactive Line


       Section: B              Section Nama: Assets - Prior Year                                                                Line Attributes: Dollars
                                                                                                                              Rounding Method: Millions                       Decimal: Zero
Line Status Line Description           NB            Cash and oth er           Fund balance with       lnv. in U.S. Treas.    Interest Receivable D          Other Federal assets   Other Federal Assets
                                                 monetary assets D                   Treasury D Sec.(net of prem. & disc.)                                 (Funds From Dedicated (Funds not from Dedicat
                                                                                                                          D                                            Collec) D                 Coli) D
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                                                         1
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                                                         1

Line Status Line Description           NB        Other non-federal                  Total assets
                                                         assets D
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                                                         1
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                                                         1




                                                                                                        . 66.
                                                                                                                                                                                            11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                           Fiscal Year: 2015            Period: SEPTEMBER
  Entity: 9100            Department of Education                                                                                    Agency Notee:       n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.           I = Inactive Line


      Section: C               Section Nama:    Liabilities and Net Position -Current Year                                        Line Attributes: Dollars
                                                                                                                                Rounding Method: Millions                          Decimal: Zero
Line Status Line Description           NB           Benefits due and        Other Fed. Liab. (Funds   Other Fed. Liab. (Funds     Other non-Federal            Total liabilities        Ending net position c
                                                          payable c                From Dedicated         not from Dedicated             liabilities c
                                                                                     Collection) c                  Collec) c
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                                                                                                                                                                   2
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                                                                                                                                                                  -2

Line Status Line Description           NB     Total liabilities and net
                                                            position
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                             -2
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                             -2




                                                                                                        • 67.
                                                                                                                                                                                               11113/2015 21:50:14

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Governmentwide Financial Report System
                                                                                           GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                              Fiscal Year: 2015            Period: SEPTEMBER
  Entity: 9100            Department of Education                                                                                       Agency Notee:       n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.              I = Inactive Line


      Section: D               Section Nama:    Liabilities and Net Position - Prior Year                                            Line Attributes: Dollars
                                                                                                                                   Rounding Method: Millions                          Decimal: Zero
Line Status Line Description           NB           Benefits due and          O ther Fed. Liab. (Funds   Other Fed. Liab. (Funds     Other non-Federal            Total liabilities        Ending net position c
                                                          payable c                   From Dedicated         not from Dedicated             liabilities c
                                                                                        Collection) c                  Collec) c
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                                                                                                                                                                     -1
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                                                                                                                                                                      1

Line Status Line Description           NB     Total liabilities and net
                                                            position
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                                1
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                                1




                                                                                                           . 68.
                                                                                                                                                                                               11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                                Fiscal Year: 2015              Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                         Agency Notee:        n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.                I = Inactive Line


       Section: E              Section Nama:    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 from Individual income taxes Unemployment and excise Other taxes and receipts
                                              beginning of period  c                                  c      Treasury Securities C and payroll tax withhold              taxes        c                         c
                                                                                                                                                           c
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                              1
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                             -1

Line Status Line Description           NB       Royalties and other               All other financing       Program gross cost or        Program earned        Non-program expanses          Nat position, and of
                                                 special revenue C                       sources C            benefit payments D             revenues C                               D                  period
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                                                            3                        2                                                                               -2
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                                                        -3                           2                                                                               -2




                                                                                                             • 69.
                                                                                                                                                                                               11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                                Fiscal Year: 2015              Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                         Agency Notee:        n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.                I = Inactive Line


       Section: F              Section Nama:    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 from Individual income taxes Unemployment and excise Other taxes and receipts
                                              beginning of period  c                                  c      Treasury Securities C and payroll tax withhold              taxes        c                         c
                                                                                                                                                           c
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                              2
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                             -2

Line Status Line Description           NB       Royalties and other               All other financing       Program gross cost or        Program earned        Non-program expanses          Nat position, and of
                                                 special revenue C                       sources C            benefit payments D             revenues C                               D                  period
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A                                                                                                                                                                     -2
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
27              Total                  N/A                                                                                                                                                                     -2




                                                                                                             • 70.
                                                                                                                                                                                         11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                               Fiscal Year: 2015            Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                        Agency Notee:        n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.               I = Inactive Line


       Section: G              Section Nama:    Number of Agency Funds From Dedicated                                                Line Attributes: Units
                                                Collections

Line Status Line Description           NB      2015 • SEPTEMBER              2014 ·SEPTEMBER                   Previously Rptd       Line Item Changes
 1              Total number of        N/A                      2.0000                       2.0000                      2.0000                      .0000
                funds from
                dedicated
                collections




       Section: H              Section Nama:    Revenue, Financing, Expenses, and Other- Intra-          No Data Flag: YES           Line Attributes: Dollars
                                                Entity Eliminations with Non-Dedicated Collections                                 Rounding Method: Millions                    Decimal: Zero
                                                Funds-Current FY
Line Status Line Description           NB       Investment Revenue       Income Taxes and payroll            Unemployment and Other taxes and receipts Royalties and other spacial Other financing sources
                                                   from securities C              witholdings        c          excise taxes C                            c           revenue   c                         c
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts




                                                                                                           • 71 •
                                                                                                                                                                                          11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                                Fiscal Year: 2015            Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                         Agency Notee:        n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.                I = Inactive Line


       Section: H              Section Nama:    Revenue, Financing, Expenses, and Other- Intra-           No Data Flag: YES           Line Attributes: Dollars
                                                Entity Eliminations with Non-Dedicated Collections                                  Rounding Method: Millions                    Decimal: Zero
                                                Funds-Current FY
L in e Status Line Description         NB      Gross cost or benefit           Earned revenues       c   Non-program expenses
                                                        payments D                                                              D
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
       Section: I              Section Nama:    Revenue, Financing, Expenses, and Other- Intra-           No Data Flag: YES           Line Attributes: Dollars
                                                Entity Eliminations with Non-Dedicated Collections                                  Rounding Method: Millions                    Decimal: Zero
                                                Funds-Prior FY
L i ne Status Line Description         NB       Investment Revenue        Income Taxes and payroll            Unemployment and other taxes and receipts Royalties and other special Other financing sources
                                                   from securities C               wltholdlngs       c           excise taxes C                            c           revenue   c                         c
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts




                                                                                                            . 72.
                                                                                                                                                                                      11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                                Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                         Agency Notee:       n/a

  Status: Complete                           The accompanying notes are an integral part of these financial statements.                I = Inactive Line


       Section: I              Section Nama:    Revenue, Financing, Expenses, and Other- Intra-           No Data Flag: YES           Line Attributes: Dollars
                                                Entity Eliminations with Non-Dedicated Collections                                  Rounding Method: Millions                Decimal: Zero
                                                Funds-Prior FY
Line Status Line Description           NB      Gross cost or benefit           Earned revenues       c   Non-program expenses
                                                        payments D                                                              D
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts
       Section: J              Section Nama:    lntragovemmental Gross Cost and Revenue-Current           No Data Flag: YES           Line Attributes: Dollars
                                                FY                                                                                  Rounding Method: Millions                Decimal: Zero
Line Status Line Description           NB        lntragovemmental                lntragovemmental         lntragovemmental non-
                                                    program cost or                 program earned          program expenses D
                                                benefit payments D                      revenues C
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
                amounts




                                                                                                            . 73.
                                                                                                                                                                                                          11113/2015 21:50:14

                                                                                         U.S. Department of the Treasury
                                                                                           Bureau of the Fiscal Service
                                                                                     Governmentwide Financial Report System
                                                                                            GF006 • FR Notes Report

     Note: 22             Funds From Dedicated Collections                                                                                      Fiscal Year: 2015                  Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                               Agency Notes:       n/a

  Status: Complete                               The accompanying notes are an integral part of these financial statements.                 I = Inactive Line


       Section: K              Section Name: lntragovernmental Gross Cost and Revenue- Prior                 No Data Flag: YES             Line Attributes: Dollars
                                             FY                                                                                          Rounding Method: Millions                             Decimal: Zero
Line Status Line Description            NB           lntragovemmental               lntragovemmental         lntragovemmental non-
                                                       program cost or                 program eamed           program expenses D
                                                    benefit payments D                     revenues C
20                                     N/A
21                                     N/A
22                                     N/A
23                                     N/A
24                                     N/A
25              All other funds from   N/A
                dedicated
                collections
26              Intra-agency funds     N/A
                from dedicated
                collections
                elimination
            amounts
Tab: Text Data
 Line                 Question                                                                                               Answer
 1                    Provide a general description of the individual funds from dedicated collections reported in           Funds from dedicated collections are recorded as specifically identified revenues, often
                      the Other Notes Info tab (SFFAS No. 27, par. 33, as amended by SFFAS No. 43). Also                     supplemented by other financing sources which remain available over time. These
                      describe how the entity accounts for and reports the fund (SFFAS No. 27, par. 23.1, as                 funds are required by statute to be used for designated activities, benefits, or purposes.
                      amended by SFFAS No. 43).                                                                              The Department's funds from dedicated collections are primarily related to the 2005
                                                                                                                             Hurricane Relief efforts.
 2                    State the legal authority for the administrative entity of each fund to use the revenues and           The Hurricane Education Recovery Act (P.l. 109-148, Division B, Title IV), enacted on
                      other financing sources based on SFFAS No. 27, par. 23.1, as amended by SFFAS No. 43.                  December 30, 2005, and the U.S. Troop Readiness, Veterans' Care, Katrina Recovery,
                                                                                                                             and Iraq Accountability Appropriations Act, 2007, appropriated funds to the Department
                                                                                                                             to provide needed assistance to reopen schools and help educate those affected by
                                                                                                                             hurricanes Katrina and Rita.
 3                    Explain any change in legislation during or subsequent to the reporting period and before the
                      issuance of the financial statements that significantly change the purpose of the fund or that
                      redirect a material portion of the accumulated bslance (SFFAS No. 27, psr. 23.3, as
                      amended by SFFAS No. 43).
 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 6 of Sections E and F in the Other Notes Info tab (SFFAS No. 27, psr. 23.2, as                 entities and individuals made donations of financial assistance to the U.S. Government
                      amended by SFFAS No. 43).                                                                              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. At a minimum, describe briefly the significant accounting policies
                      oertainina to this note.


                                                                                                                • 74.
                                                                                                                                                                                11113/2015 21:50:14

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Governmentwide Financial Report System
                                                                                          GF006 • FR Notes Report

     Note: 25            Stewardship land                                                                                             Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100        Department of Education                                                                                      Agency Notee:       n/a

  Status: Complete                          The accompanying notes are an integral part of these financial statements.             I = Inactive Line


       Section: A             Section Name: Stewardship Land (SFFAS No. 29, par. 40d)                    No Data Flag: YES         Line Attributes: Units


Line Status Line Description          NB                CurrentFY                          PriorFY              Previously Rptd
 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              Withdrawn public      N/A
                land
 6              Mission Land          N/A
 7              Water, power,and      N/A
                recreation
 8              Geographic            N/A
                management areas
 9              National fish         N/A
                hatcheries
10              Conservation areas    N/A
11          National marine           N/A
            monuments
12          All other                 N/A
Tab: Text Data                          No Data Flag: YES
 Line                Question                                                                                             Answer
 1                   Describe the predominant uses of the stewardship land (SFFAS 29, par. 40c).
 2                    Provide a brief statement explainng how the stewardship land relates to the mission of the
                      agency (SFFAS No. 29, par. 42a).
 3                    Provide a brief description of the agency's stewardship policies for stewardsip land {SFFAS
                      No. 29, par. 42c).
 4                    Provide any other information relevant information pertaining to this note. At a minimum,
                      describe briefly the significant accounting policies pertaining to this note.




                                                                                                            . 75.
                                                                                                                                                                               11113/2015 21:50:14

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Governmentwide Financial Report System
                                                                                         GF006 • FR Notes Report

     Note: 26           Heritage Assets                                                                                              Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100       Department of Education                                                                                      Agency Notae:       n/a

  Status: Complete                         The accompanying notes are an integral part of these financial statements.             I = Inactive Line


       Section: A            Section Name: Collection Type Heritage Assets (SFFAS No. 29, par.           No Data Flag: YES        Line Attributes: Units
                                           25d)
Line Status Line Description         NB       Physical units at the       Physical units at the end
                                            end ofthe Current FY                   of the Prior FY
 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.            No Data Flag: YES        Line Attributes: Units
                                               29, par. 25d)
Line Status Line Description         NB       Physical units at the       Physical units at the end
                                            end of the Current FY                  of the Prior FY
 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                  Provide a brief statement explaining how heritage assets relate to the mission of the agency
                    (SFFAS No. 29, par. 28a).
 2                  Provide a brief description of the agency's stewardship policies for each major category of
                    the heritage assets (SFFAS No. 29, par. 28c).
 3                  Provide any other relevant infonnation pertaining to this note. At a minimum, describe briefly
                    the sianifica.nt accountina oolicies oertainina to this note.




                                                                                                            . 76.
                                                                                                                                                                                        11113/2015 21:50:14

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Governmentwide Financial Report System
                                                                                      GF006 • FR Notes Report

     Note: 27        Fiduciary Activities                                                                                                Fiscal Year: 2015          Period: SEPTEMBER
     Entity: 9100    Department of Education                                                                                             Agency Notee:       n/a

  Status: Complete                          The accompanying notes are an integral part of these financial statements.                I = Inactive Line

Tab: other Notee Info.

       Section: A         Section Nama: Schedule of Fiduciary Net Assets- Deposit Funds-               No Data Flag: YES             Line Attributes: Dollars
                                               Current Year                                                                        Rounding Method: Millions                   Decimal: Zero
Line Status Line Description       NB        lnv. In Fad. debt sees-         Fld. FBWT (USSGL           Interest Receivable on Invest. In non-Fad. debt Cssh & cash equivalents            Other assets D
                                              net of unam. prams &         account 1010 only) D         Fed. debt securities D sees.(& relaed lnl rec.)                         D
                                                           discs. D                                                                                     D
 8                                N/A
 9                                N/A
10                                N/A
11                                N/A
12                                N/A

Line Status Line Description       NB        Liability due & payable          Other liabilities   c   Total fiduciary nat assets
                                                 to beneficiaries c
 8                                 N/A
 9                                 N/A
10                                 N/A
11                                 N/A
12                                 N/A
       Section: B         Section Nama: Schedule of Fiduciary Net Assets - Deposit Funds -             No Data Flag: YES             Line Attrlbutss: Dollars
                                               Prior Year                                                                          Rounding Method: Millions                   Decimal: Zero
Line Status Line Description       NB        lnv. in Fad. debt sacs-         Fid. FBWT (USSGL           Interest Receivable on Invest. in non-Fed. debt Cash & cash equivalents            Other assets D
                                              net of unam. prams &         account 1010 only) D         Fed. debt securities D sees.(& relaed inl rec.)                         D
                                                           discs. D                                                                                     D
 8                                N/A
 9                                N/A
10                                N/A
11                                N/A
12                                N/A

Line Status Line Description       NB        Liability due & payable          Other liabilities   c   Total fiduciary net assets
                                                 to beneficiaries c
 8                                 N/A
 9                                 N/A
10                                 N/A
11                                 N/A
12                                 N/A



                                                                                                          . 77.
                                                                                                                                                                                           11113/2015 21:50:14

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Governmentwide Financial Report System
                                                                                      GF006 • FR Notes Report

     Note: 27        Fiduciary Activities                                                                                                  Fiscal Year: 2015           Period: SEPTEMBER
     Entity: 9100    Department of Education                                                                                               Agency Notee:       n/a

  Status: Complete                          The accompanying notes are an integral part of these financial statements.                  I = Inactive Line


       Section: C         Section Nama: Schedule of Fiduciary Net Assets -All Other Agency             No Data Flag: YES               Line Attributes: Dollars
                                               Funds- Current Year                                                                   Rounding Method: Millions                    Decimal: Zero
Line Status Line Description       NB        lnv. in Fed. debt sees-         Fid. FBWT (USSGL           Interest Receivable on Invest. in non-Fed. debt Cash & cash equivalents               Other assets D
                                              net of unam. prems &         account 1010 only) D         Fed. debt securities D sees.(& relaed int rec.)                         D
                                                           discs. D                                                                                     D
 3                                N/A
 4                                N/A
 5                                N/A
 6                                N/A
 7                                N/A

Line Status Line Description       NB        Liability due & payable          other liabilities   c   Total fid uciary net assets
                                                 to beneficiaries c
 3                                 N/A
 4                                 N/A
 5                                 N/A
 6                                 N/A
 7                                 N/A
       Section: D         Section Nama: Schedule of Fiduciary Net Assets ·All Other Agency             No Data Flag: YES               Line Attributes: Dollars
                                               Funds- Prior Year                                                                     Rounding Method: Millions                    Decimal: Zero
Line Status Line Description       NB        lnv. in Fed. debt sees-         Fid. FBWT (USSGL            Interest Receivable on   Invest. in non-Fed. debt Cash & cash equivalents            Other assets D
                                              net of unam. prams &         account 1010 only) D         Fed. debt secu~tles     D sees.(& ralaed lnt rae.)                         D
                                                          discs. D                                                                                         D
 3                                N/A
 4                                N/A
 5                                N/A
 6                                N/A
 7                                N/A

Line Status Line Description       NB        Liability due & payable          other liabilities   c   Total fiduciary net asse ts
                                                 to beneficiaries c
 3                                 N/A
 4                                 N/A
 5                                 N/A
 6                                 N/A
 7                                 N/A




                                                                                                          . 78.
                                                                                                                                                                                    11113/2015 21:50:14

                                                                                          U.S. Department of the Treasury
                                                                                            Bureau of the Fiscal Service
                                                                                      Governmentwide Financial Report System
                                                                                             GF006 • FR Notes Report

      Note: 27            Fiduciary Activities                                                                                            Fiscal Year: 2015         Period: SEPTEMBER
     Entity: 9100         Department of Education                                                                                         Agency Notes:       n/a

  Status: Complete                               The accompanying notes are an integral part of these financial statements.            I = Inactive Line


       Section: E              Section Name: Number of Agency Fiduciary Activities                            No Data Flag: YES        Line Attributes: Units


Line Status Line Description            NB           CY Total number of            PY Total number of
                                                     fiduciary funds- all    fiduciary funds- all funds
                                                                  funds
 1                                     N/A
 2                                     N/A
 3                                     N/A
 4                                     N/A
 5               Total number of       N/A
            fiduciary funds - all
            fund•
Tab: Text Data                            No Data Flag: YES
 Line                 Question                                                                                                Answer
 1                    Describe the fiduciary relationship, for example, the applicable legal authority, the objectives
                      of the fiduciary activity, and a general description of the beneficial owners or class of owners
                      of each fiduciary fund (SFFAS No. 31, par. 18(a)).
 2                    Provide information on any significant changes in fiduciary net assets from the prior period
                      (SFFAS No. 31, par. 18(c)).
 3                    Provide theTAS for all funds with fiduciary activities.
 4                    For any cash included in the Schedules of Fiduciary Net Assets, indicate if the cash is
                      represented by balances on deposit with either the U.S. Treasury or with a commercial
                      banking institution (SSFAS No. 31, par.12).
 5                    Provide a description of any cash equivalents included in the Schedules of Fiduciary Net
                      Assets.
 6                    If separate audited financial statements are issued for an individual fiduciary activity with a
                      fiscal yearend other than September 30, indicate the fiduciary activity"s FY (SFFAS No. 31,
                      par. 18(e)).
 7                    If separate audited financial statements are issued for an individual fiduciary activity, disclose
                      the basis of accounting used and the auditor's opinion on the current or most recent financial
                      statements. If the auditor's opinion was not unqualified, disclose the reason{s) stated by the
                      auditors and refer the reader to the audit opinion for further information {SFFAS No. 31, par.
                      22(a)).
 8                    If separate audited financial statements are issued for an individual fiduciary activity, provide
                      information on how the reader can obtain a copy of the financial statements and the audit
                      opinion thereon (SFFAS No. 31, par. 22(b)).
 9                    If more than one agency is responsible for administering a fiduciary activity, and the separate
                      portions of the activity can be clearly identified with another responsible agency, identify the
                      other agency(ies) involved in managing the activity (SFFAS No.31.par.19).
 10                   Provide any other relevant information pertaining to this note. At a minimum, describe briefly
                      the significant accounting policies pertaining to this note.




                                                                                                                 • 79.
                                                                                                                                                                     11113/2015 20:42:25

                                                                             U.S. Department of the Treasury
                                                                               Bureau of the Fiscal Service
                                                                         Govemmentwide Financial Report System
                                                                               GF007 - Other Data Report

 other Data: 01             Taxes                                                                                       Fiscal Year: 2015             Pe~od:   SEPTEMBER
       Entity: 9100         Department of Education                                                                         Agency Notes:    n/a
      Status: Complete                                                                   I = Inactive Line


  Tab: other Data lmo.
     Section: A               Section Nama: Taxes {SSFAS No.7, par. 67-99)                     No Data: YES             Line Attributes: Dollars
                                                                                                                      Rounding Method: User-Defined            Decimal: User-Defined
Line Status   Line Description        NB      20t 5 - SEPTEMBER        20t4- SEPTEMBER              Previously Rptd      Line Hem 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 above      Debit
 4            Changes in 2 above      Debit
 5            other claims for      Debit
              refunds not yet
              accrued but likely to
              be paid when
              administrative
              actions are
              completed
 6            Management's best     Debit
              estimate of
              unasserted claims for
              refunds
 7            Changes in 5 above Debit
 8            Changes in 6 above      Debit
 9            Amount of               Debit
              assessments written
              off that continue to
              be statutorily
              collectible {excluded
              from accounts
              receivable)




                                                                                              - 1 -
                                                                                                                                                                                        11113/2015 20:42:25

                                                                                          U.S. Department of the Treasury
                                                                                            Bureau of the Fiscal Service
                                                                                      Govemmentwide Financial Report System
                                                                                            GF007 - Other Data Report

 other Data: 01                Taxes                                                                                                       Fiscal Year: 2015             Pa~od:   SEPTEMBER
         Entity: 9100          Department of Education                                                                                         Agency Notes:    n/a
        Status: Complete                                                                                   I = Inactive Line


     Tab: other Data lmo.
      Section: B                  Section Nama: Provide the following amount if a range is estimable              No Data: YES             Line Attributes: Dollars
                                                and not included in Sac. A (SFFAS No. 7 par 67-69)                                       Rounding Method: User-Defined            Decimal: User-Defined

Line Status     Line Description           NB                      CYLow                         CY High                        PYLow                PY High
 1          Estimated realizable Debit
            value of pre-
            assessment work-
            in-progress
 2          Changes in line 1     Debit
            above
 3          Management's best     Dab it
            estimate of
            unasserted claims for
            refunds
 4          Changes in line 3     Dab it
            above
   Section:     c           Section Nama: Tax Gap                                                                 No Data: YES             Line Attributes: Dollars
                                                                                                                                         Rounding Method: User-Defined            Decimal: User-Defined
Line Status     Line    Dasc~ptlon         NB                      CYLow                         CYHigh                         PYLow                PYHigh
 1               Tax gap estimate         Dab it




     Tab: Other Text Data

        Section: A                   Section Nama: 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



                                                                                                                 - 2 -
                                                                                                                                                                     11113/2015 20:42:25

                                                                                  U.S. Department of the Treasury
                                                                                    Bureau of the Fiscal Service
                                                                              Govemmentwide Financial Report System
                                                                                    GF007 - Other Data Report

other Data: 01              Taxes                                                                                             Fiscal Year: 2015         Pa~od:   SEPTEMBER
       Entity: 9100         Department of Education                                                                              Agency Notes:    n/a

       Status: Complete                                                                          I = Inactive Line



    Tab: Other Text Data

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

Line         Question                                                                                                Answer
            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
            reauirements of law if reasonable estimable can be made.




                                                                                                      - 3 -
                                                                                                                                                                            11113/2015 20:42:25

                                                                              U.S. Department of the Treasury
                                                                                Bureau of the Fiscal Service
                                                                          Govemmentwide Financial Report System
                                                                                GF007 - Other Data Report

 other Data: 08             stewardship Investments                                                                         Fiscal Year: 2015             Pe~od:    SEPTEMBER
         Entity: 9100       Department of Education                                                                             Agency Notes:    RSSI
        Status: Complete                                                                     I = Inactive Line


     Tab: other Data lmo.
      Section: A              Section Nama: Investments in Non-Federal Physical Property           No Data: YES             Line Attributes: Dollars
                                            (SFFAS No. 8, par 87)                                                         Rounding Method: User-Defined             Decimal: User-Dafinad

Line Status     Line Description     NB                   FY20t5                    FY20t4                       FY20t3                FY2012                      FY2011
 1                                  Debit
 2                                  Dab it
 3                                  Debit
 4                                  Debit
 5                                  Dab it
 6              Other               Debit


      Section: B              Section Name: Research and Development: Investments 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                   FY2015                    FY2014                       FY2013                FY2012                      FY2011
 1                                  Debit
 2                                  Dab it
 3                                  Debit
 4                                  Dab it
 5                                  Debit
 6              other               Debit




                                                                                                  - 4 -
                                                                                                                                                                                           11113/2015 20:42:25

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Govemmentwide Financial Report System
                                                                                      GF007 - Other Data Report

 other Data: 08                stewardship Investments                                                                                  Fiscal Year: 2015                Pe~od:    SEPTEMBER
         Entity: 9100          Department of Education                                                                                      Agency Notes:       RSSI
        Status: Complete                                                                            I = Inactive Line


     Tab: other Data lmo.
      Section:   c                Section Nama:   Investment in Human Capital (SFFAS No. 8, par 94 )                                    Line Attributes: Dollars
                                                                                                                                      Rounding Method: Millions                    Decimal: Zero
Line Status      Line Description        NB                      FY2015                    FY2014                       FY2013                      FY2012                        FY2011
 1               Federal Student Aid    Debit                      26,894                     34,845                     -14,546                        9,401                       -5,555
 2               Elementary and      Debit                         22,146                     22,832                      22,221                       22,137                       21,195
                 Secondary Education
 3               Special Education      Debit                      15,751                     15,948                      15,919                       16,139                       15,357
                 and Rehab Services
 4               other Depsrtmentel     Debit                       6,494                      6,938                          6,175                     6,211                         7,341
                 Programs
 5               Salaries and           Debit                        511                         667                           703                        481                           504
                 Administration
 6               other                  Debit                             0                         0                         2,623                     7,651                       27,945
     Threshold
       Line Description                                             Question                                                                    Answer
       other Data lmo - Federal Student Aid (FY 2015)                Please provide explanations for any amounts that have                       The change is primarily due to the change in the Direct Loan
                                                                     changed by 20% or more and or greatar than 5,000,000                        Program subsidy expense and a subsidy modificaiton.
                                                                     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 change is due to a decrease in grant expenditures.
       (FY 2015)                                                     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 change is due to a decrease in grant expenditures.
       (FY 2015)                                                     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 Departmentsl Programs (FY 2015)       Please provide explanations for any amounts that have                       The change is attributed to an error in reporting FY 2014 other
                                                                     changed by 20% or more and or greater than 5,000,000                        Departmental Programs stewardship investment costs.
                                                                     between the current fiscal year and prior fiscal year.
                                                                     (Unaudited)
       Other Data Info - Salaries and Administration (FY 2015)       Please provide explanations for any amounts that have                       The change is attributed to an error in reporting FY 2014 salaries
                                                                     changed by 20% or more and or greater than 5,000,000                        and administration stewardship investment costs
                                                                     between the current fiscal year and prior fiscal year.
                                                                     (Unaudited)




                                                                                                         - 5 -
                                                                                                                                                                                     11113/2015 20:42:25

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Govemmentwide Financial Report System
                                                                                        GF007 - Other Data Report

 other Data: 08               stewardship Investments                                                                                Fiscal Year: 2015             Pe~od:    SEPTEMBER
         Entity: 9100         Department of Education                                                                                    Agency Notes:    RSSI
        Status: Complete                                                                              I = Inactive Line


     Tab: other Data lmo.
      Section: D                Section Nama: Research and Development: Investments in Basic                No Data: YES             Line Attributes: Dollars
                                              Research (SFFAS No.8, par.100)                                                       Rounding Method: User-Defined             Decimal: User-Dafinad

Line Status     Line Description         NB                     FY20t5                       FY20t4                       FY20t3                FY2012                      FY2011
 1                                      Debit
 2                                      Dab it
 3                                      Debit
 4                                      Debit
 5                                      Dab it
 6              Other                   Debit


      Section: E                Section Name: Research and Development: Investments 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                     FY2015                       FY2014                       FY2013                FY2012                      FY2011
 1                                      Debit
 2                                      Dab it
 3                                      Debit
 4                                      Dab it
 5                                      Debit
 6              other                   Debit



     Tab: Other Text Data

        Section: A                 Section Name: Investments in Non-Federal Physical Property                 No Data: YES
                                                 (SFFAS No. 8, par 87)

 Line         Question                                                                                                    Answer
 1            Provide a description of fade rally owenad physical prope~ transfamad to State and local
              governments. (SFFAS No. 8, par 87).
 2            Provide a description of the major programs of federal investments in non-federal physical
              prope~ used in the "Other Data Info" tab (SFFAS No.8 par. 87).




                                                                                                           - 6 -
                                                                                                                                                                                           11113/2015 20:42:25

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Govemmentwide Financial Report System
                                                                                       GF007 - Other Data Report

other Data: 08               stewardship Investments                                                                                     Fiscal Year: 2015                 Pe~od:   SEPTEMBER
       Entity: 9100          Department of Education                                                                                         Agency Notes:        RSSI
       Status: Complete                                                                              I = Inactive Line



    Tab: Other Text Data

       Section: B               Section Name:     Research and Development: Investments 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 used in the
            "Oiher Data Info" tab. {SFFAS No.8, par. 100)
2           Provide a description of the progress of major developmental 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 administers need based financial assistance programs for students
            investments in human                                                                                         pursuing postsecondary education and makes available federal grants, direct loans, and
            capital used in the "Other Data Info" tab {SFFAS No. 8, par. 94).                                            work study funding to eligible undergraduate and graduate students.

                                                                                                                         Elementary and Secondary Education assists state and local educational agencies to
                                                                                                                         improve the achievement of preschool, elementary, and secondary school students, helps
                                                                                                                         ensure equal access to services leading to such improvement - particularly children with
                                                                                                                         high needs, and provides financial assistance to local educational agencies whose local
                                                                                                                         revenues are affected by federal activities.

                                                                                                                         Special Education and Rehabilitative Services supports programs that help provide early
                                                                                                                         intervention and special education services to children and youth with disabilities. It also
                                                                                                                         supports programs for the vocational rehabilitation of youth and adults with disabilities,
                                                                                                                         including pre-employment transition services and other transition services designed to assist
                                                                                                                         students with disabilities to enter postsecondary education and achieve employment.

                                                                                                                         Other Departmental programs provide leadership, technical assistance, and financial support
                                                                                                                         to state and local educational activities and institutions of higher education for refonn,
                                                                                                                         strategic investment, and innovation in education. In addition, the Department works to
                                                                                                                         ensure equal access to education, promotes educational excellence throughout the nation,
                                                                                                                         and serves student populations facing discrimination and the advocates and institutions
                                                                                                                         Dromotina svstemic solutions to civil riahts issues.




                                                                                                           - 7 -
                                                                                                                                                                        11113/2015 20:42:25

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Govemmentwide Financial Report System
                                                                                      GF007 - Other Data Report

other Data: 08              stewardship Investments                                                                             Fiscal Year: 2015          Pa~od:   SEPTEMBER
       Entity: 9100         Department of Education                                                                                Agency Notes:    RSSI
       Status: Complete                                                                            I = Inactive Line



    Tab: Other Text Data

       Sactlon: D               Section Name:     Research and Development: Investments 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 used in the
            "other Data
            Info" tab (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: Investments 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 used in
            the "Other Data
            Info" tab (SFFAS No.8, par. 100).
2           Provide a description of any major new applications developed during the year (SFFAS No. 8,
            par. 99).




                                                                                                         - 8 -
                                                                                                                                                                                       11113/2015 20:42:25

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Govemmentwide Financial Report System
                                                                                       GF007 - Other Data Report

 other Data: 09               Deferred Maintenance and Repairs                                                                            Fiscal Year: 2015             Pe~od:   SEPTEMBER
         Entity: 9100         Department of Education                                                                                         Agency Notes:       n/a
        Status: Complete                                                                              I = Inactive Line


     Tab: other Data lmo.
      Section: A                Section Nama: Cost Estimate Prior Year Only-For entities who are               No Data: YES               Line Attributes: Dollars
                                                  not able to provide a single estimate in Section B PY                                 Rounding Method: User-Defined            Decimal: User-Defined
                                                  information


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 Nama: Cost Estimate                                                    No Data: YES               Line Attributes: Dollars
                                                                                                                                        Rounding Method: User-Defined            Decimal: User-Defined
Line Status     Line Description         NB               Currant FY      D                 PriorFY       c
 1        I     Buildings, structures,   N/A
                and facilities
 2        I     Furniture, fiXtures,     N/A
                and equipment
 3              General property,        N/A
                plant, and equipment
 4              Heritage assets          N/A
 5              Stewardship land         N/A



     Tab: Other Text Data

        Sactlon: B                 Section Name: Cost Estimate                                                  No Data: YES

 Line         Question                                                                                                     Answer
 1            Provide a description of what constitutes deferred maintenance and repairs.
 2            Provide a description of how deferred maintenance and repairs are measured.




                                                                                                              - 9 -
                                                                                                                                                                                   11113/2015 20:42:25

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Govemmentwide Financial Report System
                                                                                      GF007 - Other Data Report

 other Data: 14               Risk Assumed-Federal Insurance and Guarantee Programs(SFFAS No.5, par. 105, 106,and 114)                Fiscal Year: 2015             Pe~od:   SEPTEMBER
         Entity: 9100         Department of Education                                                                                     Agency Notes:    n/a
        Status: Complete                                                                            I = Inactive Line


     Tab: other Data lmo.
      Section: A                Section Nama: Risk Assumed                                                 No Data: YES               Line Attributes: Dollars
                                                                                                                                    Rounding Method: User-Defined            Decimal: User-Defined
Line Status     Line Description        NB        2015 - SEPTEMBER            2014- SEPTEMBER                     Previously Rptd      Line Hem Changes
 1              Present value of       Debit
                unpaid expected
                losses (net of
                associated
                premiums)
 2              Periodic changes       Debit




     Tab: Other Text Data

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

 Line          Question                                                                                                   Answer
 1            Provide the indicators of the range of uncertainty around federal insurance and guarantee
              programs 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).
 3            Provide a listing of the federal insurance and guarantee programs (SFFAS No.5, par. 105).




                                                                                                         - 10 -
                                                                                                                                                                                        11113/2015 20:42:25

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Govemmentwide Financial Report System
                                                                                          GF007 - Other Data Report

 other Data: 15                Budget Deficit Reconciliation                                                                               Fiscal Year: 2015             Pa~od:   SEPTEMBER
         Entity: 9100          Department of Education                                                                                         Agency Notes:      16
        Status: Complete                                                                                I = Inactive Line


     Tab: other Data lmo.
      Section: A                  Section Nama:    Operating Revenue to Budget Receipts                                                    Line Attributes: Dollars
                                                                                                                                         Rounding Method: Millions                Decimal: Zero
Line Status     Line Description         NB          Budget Racaipta         D    Operating Revenue          c   Diff Budget Receipts vs Cust Collections Trans to Cust Collections Received Adj Diff Between Budget
                                                                                                                  Operating Revenue        GF or Rae Agency      D from Collecting Agency    Rae vs Operating Rev
                                                                                                                                                                                          c
 1              Individual income tax    N/A
                and tax withholdings
 2              Corporation income       N/A
                taxes
 3              Unemployment taxes       N/A
 4              Excise taxes             N/A
 5              Estate and gift taxes    N/A
 6              Customs duties           N/A
 7              Other taxes and          N/A                             1                               2                          ·1                                                                          ·1
                receipts (Non-
                federal)
 9              Total                    N/A                             1                              ·2                          ·1                                                                          ·1
      Section: B                  Section Name:    Nat OuUays to SBR                                                                       Line Attributes: Dollars
                                                                                                                                         Rounding Method: Millions                Decimal: Zero
Line Status     Line Description         NB       CY • MTS Nat Outlays           CY • SBR Nat Outlays              CY • DIFFERENCE
                                                                             D                               c
 1              Net Outlays              N/A                      90,031                         90,029                              2




                                                                                                                 - 11 -
                                                                                                                                                                     11113/2015 20:42:25

                                                                               U.S. Department of the Treasury
                                                                                 Bureau of the Fiscal Service
                                                                           Govemmentwide Financial Report System
                                                                                 GF007 - Other Data Report

 other Data: 15            Budget Deficit Reconciliation                                                                       Fiscal Year: 2015        Pe~od:   SEPTEMBER
      Entity: 9100         Department of Education                                                                                Agency Notes:    16
     Status: Complete                                                                         I = Inactive Line


  Tab: other Data lmo.
    Section:   c             Section Nama:    Eamed Revenue to Undistributed Offsetting Receipts    No Data: YES               Line Attributes:
                                              • Employer Share, Employee Retirement (DOS, DOD
                                              and OPM only)


Line Status    Line Description      NB         CY • MTS Raceipta          CY - PAR Amount               CY - Difference




    Section: D               Section Name:    Eamed Revenue to Undistributed Offsetting Receipts    No Data: YES               Line Attributes:
                                              • Interest Rec by Trust Funds (DOS, DOD, DOL, SSA,
                                              HHS and OPM only)


Line Status    Line Description      NB     CY • MTS Undistributed        CY - Earned Revenue                     Difference
                                           Offsetting Racaipta, Tble 5 Rejportad on agency PAR




                                                                                                   - 12 -
                                                                                                                                                                                              11113/2015 20:42:25

                                                                                       U.S. Department of the Treasury
                                                                                         Bureau of the Fiscal Service
                                                                                   Govemmentwide Financial Report System
                                                                                         GF007 - Other Data Report

 other Data: 15                 Budget Deficit Reconciliation                                                                                Fiscal Year: 2015                  Pe~od:   SEPTEMBER
         Entity: 9100           Department of Education                                                                                          Agency Notes:        16
        Status: Complete                                                                               I = Inactive Line


     Tab: other Data lmo.
      Section: E                  Section Nama: Operating Revenue to Undistributed Offsetting                    No Data: YES                Line Attributes:
                                                Racaipts (DOl only)


Line Status      Line Description         NB            MTS Undistributed         Miscellaneous Earned                     Difference
                                                Offsetting Raceipta, Tble 5        Revenue reported on
                                                                                              SCNP




     Tab: Other Text Data

        Section: A                  Section Name: Operating Revenue to Budget Receipts

 Line         Question                                                                                                       Answer
 1            Collecting agencies provide the Closing Package line in which the custodial transfer-out
              (disposition of collection) was recorded and the trading partner code.
 2            Receiving agencies provide the Closing Package line in which the custodial transfer-in/revenue
              was recorded and the trading partner code.
 3            Provide a detailed description of the difference including: dollar amounts, a reference to where               The difference is due to rounding on the financial statements.
              these amounts can be traced and whether this difference will be resolved next FY.
     Tab: Other Text Data

        Section: B                  Section Name:    Nat Outlays to SBR

 Line          Question                                                                                                      Answer
 1            Provide a detailed description of the difference including: dollar amounts, a reference to where               The difference is due to rounding on the financial statements.
              these amounts can be traced and whether this difference will be resolved next FY.
     Tab: Other Text Data

        Section: C                  Section Name:    Earned Revenue to Undistributed Offsetting Receipts          No Data: YES
                                                     - Employer Share. Employee Retirement (DOS, DOD
                                                     and OPM only)

 Line         Question                                                                                                       Answer
 1            Provide a cross-reference to intragovemmental earned revenue reported in PARIAFR in the
              ""Agency Notes"" field.



                                                                                                            - 13 -
                                                                                                                                                                        11113/2015 20:42:25

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Govemmentwide Financial Report System
                                                                                       GF007 - Other Data Report

other Data: 15               Budget Deficit Reconciliation                                                                        Fiscal Year: 2015        Pa~od:   SEPTEMBER
       Entity: 9100          Department of Education                                                                                 Agency Notes:    16
       Status: Complete                                                                              I = Inactive Line



    Tab: Other Text Data

       Sactlon: C               Section Name:     Earned Revenue to Undistributed Offsetting Receipts          No Data: YES
                                                  - Employer Share. Employee Retirement {DOS, DOD
                                                  and OPM only)

Line         Question                                                                                                    Answer
2           Provide a detailed description of the difference including: dollar amounts, a reference to where
            these amounts can be traced and whether this difference will be resolved next FY.
    Tab: Other Text Data

       Section: D               Section Name:     Earned Revenue to Undistributed Offsetting Receipts          No Data: YES
                                                  -Interest Rec by Trust Funds {DOS, DOD, DOL, SSA,
                                                  HHS and OPM only)

Line         Question                                                                                                    Answer
1           Provide a cross-reference to intragovemmental earned revenue reported in PAR in the "Agency
            Notes" field.
2           Provide a detailed description of the difference including: dollar amounts, a reference to where
            these amounts can be traced and whether this difference will be resolved next FY.
    Tab: Other Text Data

       Sactlon: E               Section Name:     Operating Revenue to Undistributed Offsetting                No Data: YES
                                                  Receipts {DOl only)

Line         Question                                                                                                    Answer
1           Provide a detailed description of the difference including: dollar amounts, a reference to where
            these amounts can be traced and whether this difference will be resolved next FY.




                                                                                                          - 14 -
                                                                                                                                                                                   11113/2015 20:42:25

                                                                                  U.S. Department of the Treasury
                                                                                    Bureau of the Fiscal Service
                                                                              Govemmentwide Financial Report System
                                                                                    GF007 - Other Data Report

 other Data: 16             Components of Loans and Equity Investments                                                             Fiscal Year: 2015                Pe~od:   SEPTEMBER
       Entity: 9100         Department of Education                                                                                    Agency Notes:       6
      Status: Complete                                                                            I = Inactive Line


  Tab: other Data lmo.
     Section: A               Section Nama: Components of Direct Loans Receivable, Gross -                                         Line Attributes: Dollars
                                            Current Year                                                                         Rounding Method: Millions                   Decimal: Zero

Line Status   Line Description        NB      CY-Federal Diract Student       CY-Eiectric Loans       CY-Rural Housing Service         CY·Faderal Family               CY-Water and          CY-Fann Loans
                                                              Loans                                                                    Education Loan          Environmental Loans
 1            Direct Loans            Debit                   731,158                                                                            139,763
              Receivable, Gross -
              Beginning of Year
 2            Disbursements           Debit                   142,057                                                                              6,955
              (loans
              made/securities
              purchased)
 3            Repayments              Debit                   ·63,454                                                                            ·20,361
 4            Losses                  Debit
 5            Capitalized interest    Debit                    17,289                                                                              2,706
 6            Capitalized dividends Debit
 7            Other                   Debit                    18,011                                                                              3,170
 8            Direct Loans            N/A                     845,061                                                                            132,233
              receivable, gross-
              end of the year
Line Status   Line Description        NB        CY·Export~mport   Bank          CY·U.S. Agency for      CY-Housing and Urban CY·AII TARP Programs                  CY-AII other loans                    Total
                                                              Loans       International Development             Development                                             receivable

 1            Direct Loans            Debit                                                                                                                                    2,850                     873,771
              Receivable, Gross -
              Beginning of Year
 2            Disbursements           Debit                                                                                                                                      257                     149,269
              (loans
              made/securities
              purchased)
 3            Repayments              Debit                                                                                                                                     ·119                     ·83,934
 4            Losses                  Debit
 5            Capitalized interest    Debit                                                                                                                                       23                      20,018
 6            Capitalized dividends   Debit
 7            Other                   Debit                                                                                                                                      227                      21,408
 8            Direct Loans             N/A                                                                                                                                     3,238                     980,532
              receivable, gross-



                                                                                                      - 15 -
                                                                                                                                                                                 11113/2015 20:42:25

                                                                                U.S. Department of the Treasury
                                                                                  Bureau of the Fiscal Service
                                                                            Govemmentwide Financial Report System
                                                                                  GF007 - Other Data Report

 other Data: 16              Components of Loans and Equity Investments                                                          Fiscal Year: 2015                Pe~od:   SEPTEMBER
       Entity: 9100          Department of Education                                                                                 Agency Notes:       6
      Status: Complete                                                                          I = Inactive Line


  Tab: other Data lmo.
     Section: A                 Section Nama: Components of Direct Loans Receivable, Gross -                                     Line Attributes: Dollars
                                              Current Year                                                                     Rounding Method: Millions                   Decimal: Zero

Line Status   Line    Dasc~ptlon       NB      CY·Export~mport  Bank       CY·U.S. Agency for         CY-Houslng and Urban CY-AII TARP Programs                  CY-AII other loans                    Total
                                                              Loans  International Development              Development                                               receivable

              end of the year




     Section: B                 Section Name: Components of Direct Loans Receivable, Gross -                                     Line Attributes: Dollars
                                              Prior Year                                                                       Rounding Method: Millions                   Decimal: Zero

Line Status   Line Description         NB     PY-Federal Diract Student     PY-Electric Loans       PY-Rural Housing Service         PY-Federal Family               PY-Watar and          PY-Fann Loans
                                                              Loans                                                                  Education Loan          Environmental Loans
 1            Direct Loans            Debit                   613,860                                                                          143,598
              Receivable, gross -
              beginning of year
 2            Disbursements           Debit                   133,904                                                                            8,966
              {loans
              made/securities
              purchased)
 3            Repayments              Debit                   -47,179                                                                          ·18,308
 4            Losses                  Debit
 5            Capitalized interest    Debit                    13,523                                                                            2,996
 6            Capitalized dividends Debit
 7            other                   Debit                    17,050                                                                            2,511
 8            Direct Loans             N/A                    731,158                                                                          139,763
              receivable, gross-
              end of the year

Line Status   Line Description         NB      PY·Expo~mport    Bank       PY·U.S. Agency for         PY-Housing and Urban CY-AII TARP programs                  PY-All other loans               PY-Total
                                                              Loans  International Development              Development                                               receivable

 1            Direct Loans            Debit                                                                                                                                  2,303                     759,761



                                                                                                    - 16 -
                                                                                                                                                                           11113/2015 20:42:25

                                                                                U.S. Department of the Treasury
                                                                                  Bureau of the Fiscal Service
                                                                            Govemmentwide Financial Report System
                                                                                  GF007 - Other Data Report

 other Data: 16              Components of Loans and Equity Investments                                                        Fiscal Year: 2015            Pe~od:   SEPTEMBER
       Entity: 9100          Department of Education                                                                               Agency Notes:      6
      Status: Complete                                                                         I = Inactive Line


  Tab: other Data lmo.
     Section: B                 Section Nama: Components of Direct Loans Receivable, Gross -                                   Line Attributes: Dollars
                                              Prior Year                                                                     Rounding Method: Millions               Decimal: Zero


Line Status   Line    Dasc~ptlon       NB      PY·Export~mport  Bank       PY·U.S. Agency for        PY-Houslng and Urban CY-AII TARP programs             PY-All other loans               PY-Total
                                                              Loans  International Development             Development                                          receivable

              Receivable, gross -
              beginning of year
 2            Disbursements           Debit                                                                                                                              759                     143,629
              (loans
              made/securities
              purchased)
 3            Repayments              Debit                                                                                                                              ·93                     -65,580
 4            Losses                  Debit
 5            Capitalized interest    Debit                                                                                                                               12                      16,531
 6            Capitalized dividends   Debit
 7            other                   Debit                                                                                                                            ·131                       19,430
 8            Direct Loans             N/A                                                                                                                             2,850                     873,771
              receivable, gross-
              end of the vear
     Section: c               Section Nama: Components of Loan Guarantees, Gross - Current                                     Line Attributes: Dollars
                                            Year                                                                             Rounding Method: Millions               Decimal: Zero

Line Status   Line    Dasc~ptlon       NB           CY-Federal Family        CY-Federal Housing        CY·Yalarans Housing   CY·Export~mport  Bank CY-Small Business Loans CY-Israell Loan Guarantee
                                                   Education Loans        Administration Loans           Benefit Program                    Loans                                         Program
 1            Guaranteed Loans,       Debit                  241,562
              gross-beginning of
              the year
 2            Disbursements           Debit
              (loans
              made/securities
              purchased)
 3            Repayments              Debit                  ·21,562
 4            other                   Debit
 5            Guaranteed Loans,        N/A                   220,000
              gross-end of the
              year




                                                                                                   - 17 -
                                                                                                                                                                                   11113/2015 20:42:25

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Govemmentwide Financial Report System
                                                                                     GF007 - Other Data Report

 other Data: 16                Components of Loans and Equity Investments                                                         Fiscal Year: 2015                 Pe~od:   SEPTEMBER
         Entity: 9100          Department of Education                                                                                Agency Notes:      6
        Status: Complete                                                                          I = Inactive Line


     Tab: other Data lmo.
      Section:   c                 Section Nama: Components of Loan Guarantees, Gross - Current                                   Line Attributes: Dollars
                                                 Year                                                                           Rounding Method: Millions                    Decimal: Zero


Line Status      Line   Dasc~ptlon        NB     CY..OPIC Credit Program   CY-Rural Housing Service CY-Buslnass and Industry          CY·Export Credit       CY·AII other Guarantasd                CY·Total
                                                                                                                   Loans         Guarantee Programs                          loans
  1              Guaranteed Loans,       Debit                                                                                                                                                           241,562
                 gross-beginning of
                 the year
 2               Disbursements           Debit
                 (loans
                 made/securities
                 purchased)
 3               Repayments              Debit                                                                                                                                                           ·21,562
  4              other                   Debit
 5             Guaranteed Loans,       N/A                                                                                                                                                               220,000
               gross-end of the
               vear
      Section: D               Section Name: Components of Loan Guarantees, Gross- Prior Year                                     Line Attributes: Dollars
                                                                                                                                Rounding Method: Millions                    Decimal: Zero
L ine Status     Line Description         NB           PY·Federal Family       PY-Fadaral Housing         PY-Veterans Housing    PY·Export-lmport Bank   PY-8mall Business Loans PY-Israali Loan Guarantee
                                                      Education Loans       Administration Loans            Benefit Program                    Loans                                           Program
  1              Guaranteed Loans,       Debit                  263,964
                 gross-beginning of
                 the year
  2              Disbursements           Debit
                 (loans
                 made/securities
                 purchased)
  3              Repayments              Debit                  ·20,866
  4              Other                   Debit                    ·1,556
  5              Guaranteed Loans,        N/A                   241,562
                 gross-end of the
                 year

L ine Status     Line Description         NB     PY.()PIC Credit Program   PY-Rural Housing Service PY-Business and Industry          PY-Export Credit       PY·AII other Guarantasd                PY-Total
                                                                                                                   Loans         Guarantee Programs                          loans
  1              Guaranteed Loans,       Debit                                                                                                                                                           263,984
                 gross-beginning of
                 the vaar



                                                                                                      - 18 -
                                                                                                                                                                                 11113/2015 20:42:25

                                                                                  U.S. Department of the Treasury
                                                                                    Bureau of the Fiscal Service
                                                                              Govemmentwide Financial Report System
                                                                                    GF007 - Other Data Report

 other Data: 16              Components of Loans and Equity Investments                                                         Fiscal Year: 2015                 Pe~od:   SEPTEMBER
       Entity: 9100          Department of Education                                                                                Agency Notes:       6
      Status: Complete                                                                         I = Inactive Line


  Tab: other Data lmo.
     Section: D                 Section Nama: Components of Loan Guarantees, Gross- Prior Year                                  Line Attributes: Dollars
                                                                                                                              Rounding Method: Millions                    Decimal: Zero
Line Status   Line    Dasc~ptlon       NB     PY.OPIC Credit Program      PY-Rural Housing Service PY-Buslness and Industry         PY-Export Credit        PY-AII other Guarantasd                PY-Total
                                                                                                                  Loans        Guarantee Programs                           loans
 2            Disbursements           Debit
              (loans
              made/securities
              purchased)
 3            Repayments              Debit                                                                                                                                                            -20,886
 4            Other                   Debit                                                                                                                                                             -1,556
 5            Guaranteed Loans,       N/A                                                                                                                                                              241,562
              gross-end of the
              vear
     Section: E               Section Name: Components of TARP Direct Loans and Equity                No Data: YES              Line Attributes: Dollars
                                            Investments, Gross- Current Year                                                  Rounding Method: User-Defined                Decimal: User-Defined

Line Status   Line Description         NB         CY-Capital Purchase     CY-AIG. Inc•• Investment   CY-Automotivelndustry         CY-Public-f'rivata            CY-AII other TARP                 CY-Total
                                                           Program                      Program        Financing Program       Investment Program                      Programs
 1      I     TARP loans and          Debit
              equity investments
              receivable, gross-
              beginning of year
 2      I     Disbursements           Debit
              (loans
              made/securities
              purchased)
 3      I     Repayments              Debit
 4      I     Losses                  Debit
 5      I     Capitalized interest    Debit
 6      I     Capitalized dividends Debit
 7      I     Other                   Debit




                                                                                                     - 19 -
                                                                                                                                                                                11113/2015 20:42:25

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Govemmentwide Financial Report System
                                                                                     GF007 - Other Data Report

 other Data: 16               Components of Loans and Equity Investments                                                          Fiscal Year: 2015              Pe~od:   SEPTEMBER
        Entity: 9100          Department of Education                                                                                 Agency Notes:      6
       Status: Complete                                                                           I = Inactive Line


  Tab: other Data lmo.
      Section: F                  Section Nama: Components of TARP Direct Loans and Equity                No Data: YES            Line Attributes: Dollars
                                                Investments, Gross- Prior Year                                                  Rounding Method: User-Defined             Decimal: User-Defined

Line Status     Line Description         NB         PY-Capital Purchase    PY-AIG, Inc., Investment    PY-Automotive Industry        PY-Public-Private          PY-AII Other TARP                 PY·Total
                                                             Program                     Program         Financing Program       Investment Program                   Programs
 1       I      TARP loans and          Debit
                equity investments
                receivable, gross-
                beginning of year
 2       I      Disbursements           Debit
                (loans
                made/securities
                purchased)
 3       I      Repayments              Debit
 4       I      Losses                  Dab it
 5       I      Capitalized interest    Debit
 6       I      Capitalized dividends Dab it
 7       I      Other                   Debit
      Section: G                  Section Nama: Credit Reform re-estimate and Loan Modification           No Data: YES            Line Attributes: Dollars
                                                amounts                                                                         Rounding Method: User-Defined             Decimal: User-Defined

Line Status     Line Description         NB       2015 • SEPTEMBER           2014 ·SEPTEMBER              Previously Reported
 1              Crectn Refonn re·       Credit
                estimate amounts
 2              Loan Modifications      Credit




     Tab: Other Text Data

       Section: A                  Section Name: Components of Direct Loans Receivable, Gross -
                                                 Current Year




                                                                                                      -    20 -
                                                                                                                                                                                                11113/2015 20:42:25

                                                                                      U.S. Department of the Treasury
                                                                                        Bureau of the Fiscal Service
                                                                                  Govemmentwide Financial Report System
                                                                                        GF007 - Other Data Report

other Data: 16               Components of Loans and Equity Investments                                                                    Fiscal Year: 2015                   Pa~od:    SEPTEMBER
       Entity: 9100          Department of Education                                                                                           Agency Notes:         6
       Status: Complete                                                                               I = Inactive Line



    Tab: Other Text Data

       Sactlon: A                Section Name: Components of Direct Loans Receivable, Gross -
                                               Current Year

Line         Question                                                                                                     Answer
1           Provide details regarding the programs reported in Sections A and B that comprise amounts                     The All Other Loans Receivable column includes the Facilities Loan Program, the Perkins
            reported in the ""all                                                                                         Loan Program. and the TEACH Grant Program.
            other Loans Receivable" column.
2           Provide details regarding the programs reported in Sections A and B that comprise amounts                     Amounts that comprise the "other'' line primarily consist of accrued interest, reduction of
            reported in the ""All                                                                                         interest receivable due to interest capitalization {offset to the increase to principal reported on
            TARP Programs" column.                                                                                        line 5), and loan cancellations due to death, disability, and bankruptcy.
3           Provide a detailed description of the amounts reported in Sections A and B that comprise the
            "Other'' line.
4           Provide details regarding the programs reported in Sections C and D that comprise amounts                     Amounts that comprise the "other'' line consist of FFEL loans purchased by the Department.
            reported in the "all
            other Guaranteed Loans" column.
5           Provide a detailed description of the amounts reported in Sections C and D that comprise the
            "Other'' line

6           Provide details regarding the programs reported in Sections E and F that comprise amounts
            reported in the ""all
            otherTARP Programs•• oolumn.
7           Provide a detailed description of the amounts reported in Sections E and F that comprise the
            "other'' line.
8           Provide details regarding credit refonn subsidy re-estimates reported in Sections G, including a
            cross-reference
            to agency PAR
9           Provide details regarding any loan modifications reported in Section G, including a cross-
            reference to agency
            PAR
10          Provide any other relevant infonnation pertaining to this note. Provide details regarding any loan
            modifications
            reoorted in Section G includina a cross-reference to aaencv PAR.




                                                                                                           - 21 -
                                                                                                                                                               11113/2015 20:42:25

                                                                            U.S. Department of the Treasury
                                                                              Bureau of the Fiscal Service
                                                                        Govemmentwide Financial Report System
                                                                              GF007 - Other Data Report

 other Data: 17           Federal Oil and Gas Resources                                                           Fiscal Year: 2015             Pe~od:   SEPTEMBER
       Entity: 9100       Department of Education                                                                     Agency Notes:    n/a
      Status: Complete                                                                     I = Inactive Line


  Tab: other Data lmo.
     Section: A             Section Nama: Asset Value for Oil and Gas Proved Resources -         No Data: YES     Line Attributes: Dollars
                                          Offshore                                                              Rounding Method: User-Defined            Decimal: User-Defined

Line Status   Line Description     NB     20t5 ·SEPTEMBER        D   20t4 ·SEPTEMBER        D
 1            Oil and Lease        N/A
              Condensate
 2            Natural Gas, Wet     N/A
              After Lease
              Separation
 3                                 N/A
 4                                 N/A
 5                                 N/A
     Section: B             Section Name: Asset Value for Oil and Gas Proved Reserves -          No Data: YES     Line Attributes: Dollars
                                          Onshore                                                               Rounding Method: User-Defined            Decimal: User-Defined

Line Status   Line Description     NB     2015 ·SEPTEMBER        D   2014 ·SEPTEMBER        D
 1            Oil and Lease        N/A
              Condensate
 2            Natural Gas, Wet     N/A
              After Lease
              Separation
 3                                 N/A
 4                                 N/A
 5                                 N/A




                                                                                                - 22 -
                                                                                                                                                                 11113/2015 20:42:25

                                                                                 U.S. Department of the Treasury
                                                                                   Bureau of the Fiscal Service
                                                                             Govemmentwide Financial Report System
                                                                                   GF007 - Other Data Report

 other Data: 17              Federal Oil and Gas Resources                                                           Fiscal Year: 2015              Pe~od:   SEPTEMBER
        Entity: 9100         Department of Education                                                                    Agency Notes:         n/a
       Status: Complete                                                                         I = Inactive Line


   Tab: other Data lmo.
      Section:   c             Section Nama:   Quantity of Oil and Gas Proved Reserves - Offshore     No Data: YES   Line Attributes: Units


Li ne Status     Line Description     NB       20t 5 • SEPTEMBER           20t4 ·SEPTEMBER
  1              Oil and Lease        N/A
                 Condensate
 2               Natural Gas, Wet     N/A
                 After Lease
                 Separation
 3                                    N/A
 4                                    N/A
 5                                    N/A

      Section: D               Section Name:   Quantity of Oil and Gas Proved Reserves - Onshore      No Data: YES   Line Attributes: Units


Line Status      Line Description     NB       20t 5 • SEPTEMBER           20t4 ·SEPTEMBER
  1              Oil and Lease        N/A
                 Condensate
 2               Natural Gas, Wet     N/A
                 After Lease
                 Separation
 3                                    N/A
 4                                    N/A
 5                                    N/A




                                                                                                    - 23 -
                                                                                                                                                                   11113/2015 20:42:25

                                                                             U.S. Department of the Treasury
                                                                               Bureau of the Fiscal Service
                                                                         Govemmentwide Financial Report System
                                                                               GF007 - Other Data Report

 other Data: 17           Federal Oil and Gas Resources                                                               Fiscal Year: 2015             Pe~od:   SEPTEMBER
       Entity: 9100       Department of Education                                                                         Agency Notes:    n/a
      Status: Complete                                                                         I = Inactive Line


  Tab: other Data lmo.
     Section: E             Section Nama: Average of the Regional Average Prices for Oil and         No Data: YES     Line Attributes: Dollars
                                          Gas Proved Reserves - Offshore                                            Rounding Method: User-Defined            Decimal: User-Defined

Line Status   Line Description     NB      20t5 ·SEPTEMBER        D   20t4 ·SEPTEMBER           D
 1            Oil and Lease        N/A
              Condensate
 2            Natural Gas, Wet     N/A
              After Lease
              Separation
 3                                 N/A
 4                                 N/A
 5                                 N/A
     Section: F             Section Name: Average of the Regional Average Prices for Oil and         No Data: YES     Line Attributes: Dollars
                                          Gas Proved Reserves - Onshore                                             Rounding Method: User-Defined            Decimal: User-Defined

Line Status   Line Description     NB      2015 ·SEPTEMBER        D   2014 ·SEPTEMBER           D
 1            Oil and Lease        N/A
              Condensate
 2            Natural Gas, Wet     N/A
              After Lease
              Separation
 3                                 N/A
 4                                 N/A
 5                                 N/A




                                                                                                    - 24 -
                                                                                                                                                                              11113/2015 20:42:25

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Govemmentwide Financial Report System
                                                                                          GF007 - Other Data Report

 other Data: 17                   Federal Oil and Gas Resources                                                                      Fiscal Year: 2015           Pe~od:   SEPTEMBER
         Entity: 9100             Department of Education                                                                               Agency Notes:      n/a
        Status: Complete                                                                                I = Inactive Line


     Tab: other Data lmo.
       Section: G                  Section Nama: Average Royalty Rata for Oil and Gas Proved                   No Data: YES          Line Attributes: Percent
                                                 Reserves - Offshore


L in e Status     Line Description          NB       20t 5 • SEPTEMBER            20t4 ·SEPTEMBER
  1               Oil and Lease             N/A
                  Condensate
  2                Natural Gas, Wet         N/A
                  After Lease
                  Separation
  3                                         N/A
  4                                         N/A
  5                                         N/A
       Section: H                  Section Name: Average Royalty Rate for Oil and Gas Proved                   No Data: YES          Line Attributes: Percent
                                                 Reserves - Onshore


Line Status       Line Description          NB       2015 • SEPTEMBER             2014 ·SEPTEMBER
  1               Oil and Lease             N/A
                  Condensate
  2               Natural Gas, Wet          N/A
                  After Lease
                  Separation
  3                                         N/A
  4                                         N/A
  5                                         N/A


      Tab: Other Text Data

        Section: A                    Section Name: Asset Value for Oil and Gas Proved Resources -               No Data: YES
                                                    Offshore

 Line           Question                                                                                                    Answer
 1              Provide a concise statement explaining the nature and valuation (for example, measurement
                method, and significant assumptions) of federal oil and gas resources.
 2              Describe any significant changes in the estimation methodology, including the undertying
                assumptions.
 3              Provide any other relevant information pertaining to this note. At a minumum, describe briefly the
                significant accounting policies pertaining to this note.



                                                                                                             - 25 -
                                                                                                                                                                         11113/2015 20:42:25

                                                                                     U.S. Department of the Treasury
                                                                                       Bureau of the Fiscal Service
                                                                                 Govemmentwide Financial Report System
                                                                                       GF007 - Other Data Report

other Data: 17                Federal Oil and Gas Resources                                                                       Fiscal Year: 2015         Pa~od:   SEPTEMBER
        Entity: 9100          Department of Education                                                                                Agency Notes:    n/a
       Status: Complete                                                                              I = Inactive Line



    Tab: Other Text Data

       Sactlon: B                Section Name: Asset Value for Oil and Gas Proved Reserves -                  No Data: YES
                                               Onshore

Line         Question                                                                                                    Answer
1            Provide a concise statement explaining the nature and valuation (for example, measurement
             method, significant assumptions) of federal oil and gas resources.
2            Describe any significant changes in the estimation methodology, including the underlying
             assumptions.
3            Provide any other relevant information pertaining to this note. At a minumum, describe briefly the
             significant accounting policies pertaining to this note.
    Tab: Other Text Data

       Section:   c              Section Name: Quantity of Oil and Gas Proved Reserves - Offshore             No Data: YES

Line         Question                                                                                                    Answer
1            Provide a concise statement explaining the nature and valuation (for example, measurement
             method, significant assumptions) of federal oil and gas resources.
2            Describe any significant changes in the estimation methodology, including the underlying
             assumptions.
3            Provide any other relevant information pertaining to this note. At a minumum, describe briefly the
             significant accounting policies pertaining to this note.
    Tab: Other Text Data

       Section: D                Section Name: Quantity of Oil and Gas Proved Reserves - Onshore              No Data: YES

Line         Question                                                                                                    Answer
1            Provide a concise statement explaining the nature and valuation (for example, measurement
             method, significant assumptions) of federal oil and gas resources.
2            Describe any significant changes in the estimation methodology, including the underlying
             assumptions.
3            Provide any other relevant information pertaining to this note. At a minumum, describe briefly the
             sianificant accountina oolicies certainin-a to this note.
    Tab: Other Text Data

       Section: E                Section Name: Average of the Regional Average Prices for Oil and             No Data: YES
                                               Gas Proved Reserves - Offshore

Line         Question                                                                                                    Answer
1            Provide a concise statement explaining the nature and valuation (for example, measurement
             method, significant assumptions) of federal oil and gas resources.
2            Describe any significant changes in the estimation methodology, including the underlying


                                                                                                          - 26 -
                                                                                                                                                                      11113/2015 20:42:25

                                                                                   U.S. Department of the Treasury
                                                                                     Bureau of the Fiscal Service
                                                                               Govemmentwide Financial Report System
                                                                                     GF007 - Other Data Report

other Data: 17              Federal Oil and Gas Resources                                                                      Fiscal Year: 2015         Pa~od:   SEPTEMBER
       Entity: 9100         Department of Education                                                                               Agency Notes:    n/a
       Status: Complete                                                                           I = Inactive Line



    Tab: Other Text Data

       Sactlon: E               Section Name: Average of the Regional Average Prices for Oil and           No Data: YES
                                              Gas Proved Reserves - Offshore

Line      Question                                                                                                    Answer
          assumptions.
3         Provide any other relevant information pertaining to this note. At a minumum, describe briefly the
          significant accounting policies pertaining to this note.
  Tab: Other Text Data

       Section: F               Section Name: Average of the Regional Average Prices for Oil and           No Data: YES
                                                 Gas Proved Reserves - Onshore

Line      Question                                                                                                    Answer
1         Provide a concise statement explaining the nature and valuation (for example, measurement
          method, significant assumptions) of federal oil and gas resources.
2         Describe any significant changes in the estimation methodology, including the undertying
          assumptions.
3         Provide any other relevant information pertaining to this note. At a minumum, describe briefly the
          significant accounting policies pertaining to this note.
  Tab: Other Text Data

       Section: G               Section Name: Average Royalty Rate for Oil and Gas Proved                  No Data: YES
                                              Reserves - Offshore

Line      Question                                                                                                    Answer
1         Provide a concise statement explaining the nature and valuation (for example, measurement
          method, significant assumptions) of federal oil and gas resources.
2         Describe any significant changes in the estimation methodology, including the undertying
          assumptions.
3         Provide any other relevant information pertaining to this note. At a minumum, describe briefly the
          significant accounting policies pertaining to this note.
  Tab: Other Text Data

       Sactlon: H               Section Name: Average Royalty Rate for Oil and Gas Proved                  No Data: YES
                                              Reserves - Onshore

Line        Question                                                                                                  Answer
1           Provide a concise statement explaining the nature and valuation (for example, measurement
            method, significant assumptions) of federal oil and gas resources.
2           Describe any significant changes in the estimation methodology, including the undertying
            assumptions.


                                                                                                        - 27 -
                                                                                                                                                                        11113/2015 20:42:25

                                                                                    U.S. Department of the Treasury
                                                                                      Bureau of the Fiscal Service
                                                                                Govemmentwide Financial Report System
                                                                                      GF007 - Other Data Report

other Data: 17               Federal Oil and Gas Resources                                                                       Fiscal Year: 2015         Pa~od:   SEPTEMBER
       Entity: 9100          Department of Education                                                                                Agency Notes:    n/a

       Status: Complete                                                                             I = Inactive Line



    Tab: Other Text Data

       Sactlon: H               Section Name: Average Royalty Rate for Oil and Gas Proved                    No Data: YES
                                              Reserves - Onshore

Line         Question                                                                                                   Answer
3           Provide any other relevant information pertaining to this note. At a minumum, describe briefly the
            significant accounting policies pertaining to this note.




                                                                                                         - 28 -
                                                                                                                                                                                      11113/2015 20:42:25

                                                                                        U.S. Department of the Treasury
                                                                                          Bureau of the Fiscal Service
                                                                                    Govemmentwide Financial Report System
                                                                                          GF007 - Other Data Report

 other Data: 18                Federal Natural Resources (Other than Oil and Gas)                                                        Fiscal Year: 2015             Pe~od:   SEPTEMBER
         Entity: 9100          Department of Education                                                                                       Agency Notes:    n/a
        Status: Complete                                                                                 I = Inactive Line


     Tab: other Data lmo.
      Section: A                 Section Nama: Asset Value for Federal Natural Resources (Other                    No Data: YES          Line Attributes: Dollars
                                               than Oil and Gas)                                                                       Rounding Method: User-Defined            Decimal: User-Defined


Line Status     Line Description          NB                      FY2015
 1                                       Debit
 2                                       Dab it
 3                                       Debit
 4                                       Debit
 5                                       Dab it
 6                                       Debit
 7                                       Debit
 8                                       Dab it


     Tab: Other Text Data

        Section: A                 Section Name: Asset Value for Federal Natural Resources (Other                   No Data: YES
                                                 than Oil and Gas)

 Line         Question                                                                                                        Answer
              Provide a concise statement explaining the nature and valuation (for example, measurement
              method and significan assumptions) of federal natural resources other than oil and gas. Also
              provide infonnation related to significant federal natural resources (other than oil and gas) that
              were not required to be reported perTB 2011-1 and explain why they were not reported.
 2            Describe any significant changes in the estimation methodology, including the undertying
              assumptions.
 3            Provide any other relevant information pertaining to the note. At minimum, describe briefly the
              significant accounting DOiicies pertaining to this note.




                                                                                                              - 29 -
U.S. Department of Education
FY 2015 Closing Package Financial Statements
Additional Note No. 1 – Closing Package Financial Statement
Requirements
 
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
Treasury 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 line items and amounts on the comparative audited consolidated,
       department-level balance sheets, statement of net cost/income statement, statement of
       changes in net position, statement of social insurance, statements of changes in social
       insurance amounts, and statement or note on custodial activity, if applicable, to the
       closing package financial statements;
    2. List closing package financial statement line item amounts identified as Federal by
       trading partner and amount;
    3. Report notes information that is based on the Reclassified Balance Sheet line items and
       other notes information required to meet FASAB standards; and
    4. Report other data information that is not based on the Reclassified Balance Sheet line
       items and other data noted information required to meet FASAB standards.
 
Summary of Significant Accounting Policies
Reporting Entity and Programs
The United States (U.S.) Department of Education (the Department), a cabinet-level agency of
the Executive Branch of the U.S. Government, was established by Congress under the
Department of Education Organization Act (Public Law 96-88), which became effective on
May 4, 1980. The mission of the Department is to promote student achievement and
preparation for global competitiveness by fostering educational excellence and ensuring equal
access. The Department engages in four major types of activities: establishing policies related
to federal educational funding, including the distribution of funds, collecting on student loans,
and using data to monitor the use of funds; supporting data collection and research on
America’s schools; identifying major issues in education and focusing national attention on
them; and enforcing federal laws prohibiting discrimination in programs that receive federal
funds.
The Department is primarily responsible for administering federal student loan and grant
programs and provides technical assistance to loan and grant recipients and other state and
local partners. The significant portion of the financial activities of the Department relate to the
execution of grant and loan programs which are discussed below
Federal Student Loan Programs. The Department administers direct loan, loan guarantee and
other student aid programs to help students and their families finance the cost of postsecondary
education. These include the William D. Ford Federal Direct Loan (Direct Loan) program and
the Federal Family Education Loan (FFEL) program.




                                                                                                      1
The Direct Loan program, added to the Higher Education Act of 1965 (HEA) in 1993 by the
Student Loan Reform Act of 1993, authorizes the Department to make loans through
participating schools to eligible undergraduate and graduate students and their parents. The
FFEL program, authorized by the HEA, operates through state and private nonprofit guaranty
agencies which provided loan guarantees on loans made by private lenders to eligible students.
The SAFRA Act which was included in the Health Care and Education Reconciliation Act of
2010 (HCERA) stated that no new FFEL loans would be made effective July 1, 2010,.
The Department also administers loans for the Historically Black Colleges and Universities
(HBCU) Capital Financing program, the Health Education Assistance Loan (HEAL) program, the
Teacher Education Assistance for College and Higher Education Grant (TEACH) program,
along with low-interest loans to institutions of higher education for the building and renovating of
their facilities through the facilities loan programs.
Grant Programs. The Department administers numerous grant programs, including: Federal
Pell Grant (Pell Grant) program to provide need-based grants that provide access to
postsecondary education for low-income undergraduate and certain post-baccalaureate
students; grants to state and local entities for elementary and secondary education; special
education and rehabilitative services grants; grants to support institutions of higher education;
educational research and improvement grants; grants to assist low-income and first-generation
college students to prepare for and transition into college; grants to improve our global
awareness and competitiveness; and fellowships for college and graduate students. Among the
largest discretionary grants are the Federal TRIO (TRIO) program, Race to the Top, and
Teacher Incentive Fund. Among the largest formula grant programs are the Title I grants issued
under the Elementary and Secondary Education Act of 1965, as amended, grants issued under
the Individuals with Disabilities Education Act (IDEA), and grants to local education agencies.
Program Offices
The Department has three major program offices that administer most of its loan and grant
programs.
Federal Student Aid (FSA) administers need-based financial assistance programs for students
pursuing postsecondary education and makes available federal grants, direct loans, and work-
study funding to eligible undergraduate and graduate students.
The Office of Elementary and Secondary Education (OESE) assists state and local educational
agencies to improve the achievement of preschool, elementary, and secondary school students,
helps ensure equal access to services leading to such improvement - particularly children with
high needs, and provides financial assistance to local educational agencies whose local
revenues are affected by federal activities.
The Office of Special Education and Rehabilitative Services (OSERS) supports programs that
help provide early intervention and special education services to children and youth with
disabilities. OSERS also supports programs for the vocational rehabilitation of youth and adults
with disabilities, including pre-employment transition services and other transition services
designed to assist students with disabilities to enter postsecondary education and achieve
employment.
Other offices that administer programs and provide leadership, technical assistance, and
financial support to state and local educational activities and institutions of higher education for
reform, strategic investment, and innovation in education include: the Office of Career,
Technical, and Adult Education (OCTAE); Office of Postsecondary Education (OPE); Institute of
Education Sciences (IES); Office of English Language Acquisition (OELA); and the Office of
Innovation and Improvement (OII). In addition, the Office for Civil Rights (OCR) works to ensure
equal access to education, promotes educational excellence throughout the nation, and serves


                                                                                                       2
student populations facing discrimination and the advocates and institutions promoting systemic
solutions to civil rights issues.
Basis of Accounting and Presentation
These financial statements have been prepared to report the financial position, net cost of
operations, changes in net position, and budgetary resources of the Department, as required by
the Chief Financial Officers Act of 1990 and the Government Management Reform Act of 1994.
The financial statements were prepared from the books and records of the Department, in
accordance with Generally Accepted Accounting Principles (GAAP) accepted in the U.S. for
federal entities, issued by the Federal Accounting Standards Advisory Board (FASAB), and the
Office of Management and Budget (OMB) Circular No. A-136, Financial Reporting
Requirements, as revised. These financial statements are different from the financial reports
prepared by the Department pursuant to OMB directives that are used to monitor and control
the use of budgetary resources. FSA also issues audited stand-alone financial statements which
are included in their annual report.
The Department’s financial statements should be read as a component of the U.S. Government,
a sovereign entity. One of the many implications of this is that the liabilities cannot be liquidated
without legislation providing resources and legal authority to do so.
The accounting structure of federal agencies is designed to reflect both accrual and budgetary
accounting transactions. Under the accrual method of accounting, revenues are recognized
when earned and expenses are recognized when a liability is incurred, without regard to receipt
or payment of cash. Budgetary accounting facilitates compliance with legal constraints and
controls over the use of federal funds.
Intradepartmental transactions and balances have been eliminated from the consolidated
financial statements.
The Department’s financial activities are interlinked and dependent upon the financial activities
of the centralized management functions of the federal government. Due to financial regulation
and management control by OMB and the U.S. Department of Treasury (Treasury), operations
may not be conducted and financial positions may not be reported as they would if the
Department were a separate, unrelated entity.
Accounting for Federal Credit Programs
The purpose of the Federal Credit Reform Act of 1990 (FCRA) is to record the lifetime subsidy
cost of direct loans and loan guarantees at the time the loan is disbursed. Components of
subsidy costs for loans and guarantees include defaults (net of recoveries); contractual
payments to third-party private loan collectors who receive a set percentage of amounts
collected; and, as an offset, origination and other fees collected. For direct loans, the difference
between interest rates incurred by the Department on its borrowings from Treasury and interest
rates charged to particular borrowers is also subsidized (or may provide an offset to subsidy if
the Department’s rate is less).
Under the FCRA, subsidy cost is estimated using the net present value of future cash flows to
and from the Department. In accordance with the FCRA, credit programs either estimate a
subsidy cost to the government (a “positive” subsidy), breakeven (zero subsidy cost), or
estimate a negative subsidy cost. Negative subsidy occurs when the estimated cost of providing
loans to borrowers from Treasury borrowing, collection costs and loan forgiveness is less than
the value of collections from borrowers for interest and fees, in present value terms.
The subsidy costs of direct loan and loan guarantee programs are budgeted and tracked by the
fiscal year in which the loan award is made or the funds committed. Such a grouping of loans or
guarantees is referred to as a “cohort”. A cohort is a grouping of direct loans obligated or loan


                                                                                                        3
guarantees committed by a program in the same year even if disbursements occur in
subsequent years.
In order to account for the change in the net present value of the loan portfolio over time, the
subsidy cost is “amortized” each year. Amortization of subsidy is interest expense on debt with
Treasury minus interest income from borrowers and interest on uninvested fund balance with
Treasury. It is calculated as the difference between interest revenue and interest expense.
Amortized amounts are recognized as an increase or decrease in interest income. Amortization
accounts for the differences in interest rates, accruals, and cash flows over the life of a cohort,
insuring that cost is reflected in subsidy estimates and re-estimates. For direct loans, the
allowance for subsidy is adjusted with the offset to interest revenue. For guaranteed loans, the
liability for loan guarantees is adjusted with the offset to interest expense.
The FCRA establishes the use of financing, program, and general fund receipt accounts for loan
guarantees committed and direct loans obligated after September 30, 1991.
Financing accounts borrow funds from Treasury, make direct loan disbursements, collect fees
from lenders and borrowers, pay claims on guaranteed loans, collect principal and interest from
borrowers, earn interest from Treasury on any uninvested funds, and transfer excess subsidy to
Treasury’s general fund receipt account. Financing accounts are presented separately in the
combined statement of budgetary resources (SBR) as non-budgetary credit reform accounts to
allow for a clear distinction from all other budgetary accounts. This facilitates reconciliation of
the SBR to the Budget of the United States Government.
Program accounts receive and obligate appropriations to cover the positive subsidy cost of a
direct loan or loan guarantee when the loan is approved and disburses the subsidy cost to the
financing account when the loan is issued. Program accounts also receive appropriations for
administrative expenses.
General fund receipt accounts receive amounts paid from financing accounts when there are
negative subsidies for new loan disbursements or downward re-estimates of existing loans.
Budgetary Resources
Budgetary resources are amounts available to enter into new obligations and to liquidate them.
The Department’s budgetary resources include unobligated balances of resources from prior
years; recoveries of prior-year obligations; and new resources, which include appropriations,
authority to borrow from Treasury, and spending authority from collections.
Borrowing authority is an indefinite budgetary resource authorized under the FCRA. This
resource, when realized, finances the unsubsidized portion of the Direct Loan, FFEL, TEACH,
and other loan programs. In addition, borrowing authority is requested to cover the cost of the
initial loan disbursement as well as any related negative subsidy to be transferred to the general
fund receipt account. Treasury prescribes the terms and conditions of borrowing authority and
lends to the financing account amounts as appropriate. Amounts borrowed, but not yet
disbursed, are included in uninvested funds and earn interest. Treasury uses the same
weighted average interest rates for both the interest charged on borrowed funds and the interest
earned on uninvested funds. Treasury calculates a different interest rate to be used for each
loan cohort. The Department may carry forward borrowing authority to future fiscal years
provided that cohorts are disbursing loans. All borrowings from Treasury are effective on
October 1 of the current fiscal year, regardless of when the Department borrowed the funds,
except for amounts borrowed to make annual interest payments.
Authority to borrow from Treasury provides most of the funding for disbursements made under
the Direct Loan program, FFEL, TEACH, and other loan programs. Subsidy and administrative




                                                                                                      4
costs of the programs are funded by appropriations. Borrowings are repaid using collections
from borrowers, fees and interest on uninvested funds.
Unobligated balances represent the cumulative amount of budgetary resources that are not
obligated and that remain available for obligation under law, unless otherwise restricted.
Resources expiring at the end of the fiscal year remain available for five years, but only for
upward adjustments of prior year obligations, after which they are canceled and may not be
used. Resources that have not expired at year-end are available for new obligations, as well as
upward adjustments of prior-year obligations. Funds are appropriated on an annual, multi-year,
or no-year basis. Appropriated funds shall expire on the last day of availability and are no longer
available for new obligations. Amounts in expired funds are unavailable for new obligations, but
may be used to adjust previously established obligations.
Permanent Indefinite Budget Authority. The Direct Loan, FFEL, TEACH, and other loan
programs have permanent indefinite budget authority through legislation to fund subsequent
increases to the estimated future costs of the loan programs . Parts B and D of the HEA pertain
to the existence, purpose, and availability of permanent indefinite budget authority for these
programs.
Reauthorization of Legislation. Funds for most Department programs are authorized, by
statute, to be appropriated for a specified number of years, with an automatic one-year
extension available under Section 422 of the General Education Provisions Act. Congress may
continue to appropriate funds after the expiration of the statutory authorization period, effectively
reauthorizing the program through the appropriations process. The current Budget of the United
States Government presumes all programs continue in accordance with congressional
budgeting rules.
Use of Estimates
Department management is required to make certain estimates while preparing consolidated
financial statements in conformity with GAAP. These estimates are reflected in the assets,
liabilities, net cost, and net position of the financial statements and may differ from actual
results. The Department’s estimates are based on management’s best knowledge of current
events, historical experiences, and other assumptions that are believed to be reasonable under
the circumstances. Significant estimates reported on the financial statements include: allocation
of Department administrative overhead costs; allowance for subsidy for direct, defaulted
guaranteed and acquired loans; the liability for loan guarantees; the amount payable or
receivable from annual credit program re-estimates and modifications of subsidy cost (general
program administration cost); and grant liability and advance accruals.
Entity and Non-Entity Assets
Assets are classified as either entity or non-entity assets. Entity assets are those that the
Department has authority to use for its operations. Non-entity assets are those held by the
Department but are not available for use in its operations. Non-entity assets are offset by
liabilities to third parties and have no impact on net position. The Department combines its entity
and non-entity assets on the balance sheet and discloses its non-entity assets in the notes.
Fund Balance with Treasury
Fund Balance with Treasury includes five types of funds in the Department’s accounts with
Treasury available to pay current liabilities and finance authorized purchases, as well as funds
restricted until future appropriations are received: (1) general funds which consist of expenditure
accounts used to record financial transactions funded by congressional appropriations (which
include amounts appropriated to fund subsidy and administrative costs of loan programs), as
well as receipt accounts; (2) revolving funds which manage the activity of self-funding programs



                                                                                                        5
whether through fees, sales or other income (which include financing accounts for loan
programs); (3) special funds which collect funds from sources that are authorized by law for a
specific purpose - these receipts are available for expenditure for special programs; (4) trust
funds are used for the acceptance and administration of funds contributed from public and
private sources and programs and are in cooperation with other federal and state agencies or
private donors; and (5) other funds include deposit funds, receipt funds, and clearing accounts.
Treasury processes cash receipts and cash disbursements for the Department. The
Department’s records are reconciled with Treasury’s.
Accounts Receivable
Accounts receivable are amounts due to the Department from the public and other federal
agencies. Receivables from the public result from overpayments to recipients of grants and
other financial assistance programs, as well as disputed costs resulting from audits of
educational assistance programs. Amounts due from federal agencies result from reimbursable
agreements entered into by the Department with other agencies to provide various goods and
services. Accounts receivable are reduced to net realizable value by an allowance for
uncollectible amounts. The estimate of an allowance for loss on uncollectible accounts is based
on the Department’s experience in the collection of receivables and an analysis of the
outstanding balances.
Accounts receivable are established as claims to cash or other assets against other entities. At
the Department, accounts receivable originate through legal provisions or program requirements
to return funds due to noncompliant program administration, regulatory requirements, or
individual service obligations. Further, the Department utilizes the opportunity to reduce the
accounts receivable balances through the Treasury Offset Program.
The Department calculates the allowance for loss from uncollectable accounts receivable by
applying a collection rate based on historical trends against gross accounts receivable. The
collection rate is determined based on a rolling average of actual collection rates for the prior
seven fiscal years.
Cash and Other Monetary Assets
Cash and Monetary Assets is primarily comprised of the federal government’s interest in the
program assets held by state and non-profit FFEL program guaranty agencies. Section 422A of
the HEA required FFEL guaranty agencies to establish federal student loan reserve funds
(federal funds). Federal funds 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.
Guaranty agencies’ federal funds are classified as non-entity assets with the public and are
offset by a corresponding liability due to Treasury. The federal funds are held by the guaranty
agencies but can only be used for certain specific purposes listed in the Department’s
regulations. The federal funds are the property of the U.S. and are reflected in the Budget of the
United States Government. Payments made to the Department from guaranty agencies’ federal
funds through a statutory recall or agency closures represent capital transfers and are credited
to the Department’s Fund Balance with Treasury account.
Credit Program Receivables, Net and Liabilities for Loan Guarantees
The financial statements reflect the Department’s estimate of the long-term subsidy cost of
direct and guaranteed loans in accordance with the FCRA. Loans and interest receivable are
valued at their gross amounts less an allowance for the present value of amounts not expected
to be recovered and thus having to be subsidized—called an “allowance for subsidy.” The
difference between the gross amount and the allowance for subsidy is the present value of the



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cash flows to, and from, the Department that are expected from receivables over their projected
lives. Similarly, liabilities for loan guarantees are valued at the present value of the cash
outflows from the Department less the present value of related inflows. The estimated present
value of net long-term cash outflows of the Department for subsidized costs is net of recoveries,
interest supplements, and offsetting fees. The Department also values all pre-1992 loans, loan
guarantees, and direct loans at their net present values. If the liability for loan guarantees is
positive, the amount is reported as a component of credit program receivables, net.
The liability for loan guarantees presents the net present value of all future cash flows from
currently insured FFEL loans, including claim payments, interest assistance, allowance
payments, and recoveries from assigned loans. Guaranteed loans that default are initially turned
over to guaranty agencies for collection. Defaulted FFEL loans are accounted for and reported
in the financial statements under credit reform rules, similar to direct loans, although they are
legally not direct student loans. Negative balances are reported as a component of credit
program receivables, net. Credit program receivables, net includes defaulted FFEL loans owned
by the Department and held by the Department or guaranty agencies. In most cases, after
approximately four years, defaulted guaranteed loans not in repayment are turned over to the
Department for collection.
Credit program receivables for activities under the temporary loan purchase authority include
the present value of future cash flows related to purchased loans. Subsidy was transferred,
which may have been prior to loan purchase, and is recognized as subsidy expense on the
balance sheet and statement of net cost. The cash flows of these authorities also include
inflows and outflows associated with the underlying or purchased loans and other related
activities, including any positive or negative subsidy transfers.
Property and Equipment, Net and Leases
The Department capitalizes single items of property and equipment with a cost of $50,000 or
more that have an estimated useful life of two years or more. Additionally, the Department
capitalizes bulk purchases of property and equipment with an aggregate cost of $500,000 or
more. A bulk purchase is defined as the purchase of like items related to a specific project, or
the purchase of like items occurring within the same fiscal year that have an estimated useful
life of at least two years. Property and equipment are depreciated over their estimated useful
lives using the straight-line method of depreciation. Internal use software meeting the above
cost and useful life criteria is also capitalized. Internal use software is either purchased off the
shelf, internally developed, or contractor developed solely to meet the Department’s needs.
The Department adopted the following useful lives for its major classes of depreciable property
and equipment:
                                 Depreciable Property and Equipment
                                                      (In Years)
                                                                                        
                                        Major Class                                        Useful Life
                                                                                        
     Information Technology, Internal Use Software, and Telecommunications Equipment           3
                                                                                        
     Furniture and Fixtures                                                                    5


The Department leases buildings, along with information technology and telecommunications
equipment, as part of a contractor-owned, contractor-operated services contract. Lease
payments associated with the equipment have been determined to be operating leases and, as
such, are expensed as incurred. The non-cancellable lease term is one year, with the
Department holding the right to extend the lease term by exercising additional one-year options.




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Liabilities
Liabilities represent actual and estimated amounts to be paid as a result of transactions or
events that have already occurred. However, no liabilities can be paid by the Department
without budget authority. Liabilities for which an appropriation has not been enacted are
classified as liabilities not covered by budgetary resources, and there is no certainty that an
appropriation will be enacted. The government, acting in its sovereign capacity, can abrogate
liabilities that arise from activities other than contracts. FFEL program and Direct Loan program
liabilities are entitlements covered by permanent indefinite budget authority.
Accounts Payable
Accounts payable include amounts owed by the Department for goods and services received
from other entities, as well as payments not yet processed. (See Note 9)
Debt
The Department borrows from Treasury to provide funding for the Direct Loan, FFEL, TEACH,
and other loan programs. The liability to Treasury from borrowings represents unpaid principal
at year-end. The Department repays the principal based on available fund balances. Interest on
the debt is calculated and paid at fiscal year-end using rates set by Treasury. These are rates
generally fixed based on the rate for 10-year Treasury securities. In addition, the Federal
Financing Bank (FFB) holds bonds issued by a designated bonding authority, on behalf of the
Department, for the HBCU Capital Financing program. The Department reports the
corresponding liability for full payment of principal and accrued interest on bonds as a payable
to the FFB.
Accrued Grant Liability
Some grant recipients incur allowable expenditures as of the end of an accounting period but
have not yet been reimbursed by the Department. The Department will accrue a liability for
these allowable expenditures incurred that have not yet been reimbursed. The amount is
estimated using statistical sampling of unliquidated balances. (See Note 12)
Other Liabilities
Other liabilities include liabilities to Treasury in miscellaneous receipt accounts and capital
transfers. Liabilities to Treasury in miscellaneous receipt accounts reflect negative subsidy for
new loans disbursed and downward subsidy estimates that are accrued at year end. Capital
transfer liabilities represent net fund balances from pre-1992 loans payable to Treasury upon
collection.
Net Cost
Net cost consists of gross costs and earned revenue. Gross costs and earned revenue are
classified as intragovernmental (exchange transactions between the Department and other
entities within the federal government) or with the public (exchange transactions between the
Department and non-federal entities).
Net program costs are gross costs less revenue earned from activities. The Department
determines gross cost and earned revenue by tracing amounts back to the specific program
office. Administrative overhead costs of funds unassigned are allocated based on full-time
employee equivalents of each program.
Interest Expense and Interest Revenue
The Department accrues interest receivable and records interest revenue on performing Direct
Loans and FFEL loans purchased by the Department. The Department recognizes interest



                                                                                                    8
income when interest is accrued on loans to the public for the Direct Loan, FFEL, and TEACH
programs. FFEL financing and liquidating accounts accrue interest as part of allowance for
subsidy. Interest due from borrowers is accrued at least monthly and is satisfied upon collection
or capitalization into the loan principal.
Interest expense and interest revenue are equal for all credit programs due to subsidy
amortization. If interest revenue is greater than expense or interest expense is greater than
revenue, the difference is recorded to revenue with the offset to allowance for subsidy. Subsidy
amortization is required by the FCRA and accounts for the difference between interest accruals
and interest cash flows.
Net Position
Net position consists of unexpended appropriations and cumulative results of operations.
Unexpended appropriations include undelivered orders and unobligated balances, except for
amounts in financing accounts, liquidating accounts, and trust funds. Cumulative results of
operations represent the net difference since inception between (1) expenses and (2) revenues
and financing sources.
Personnel Compensation and Other Employee Benefits
Annual, Sick, and Other Leave. The liability for annual leave, compensatory time off, and other
vested leave is accrued when earned and reduced when taken. Each year, the accrued annual
leave account balance is adjusted to reflect current pay rates. Sick leave and other types of
non-vested leave are expensed as taken. Annual leave earned but not taken, within established
limits, is funded from future financing sources.
Retirement Plans and Other Retirement Benefits. Employees participate in either the Civil
Service Retirement System (CSRS), a defined benefit plan, or the Federal Employees
Retirement System (FERS), a defined benefit and contribution plan. For CSRS employees, the
Department contributes a fixed percentage of pay.
FERS consists of Social Security, a basic annuity plan, and the Thrift Savings Plan. The
Department and the employee contribute to Social Security and the basic annuity plan at rates
prescribed by law. In addition, the Department is required to contribute to the Thrift Savings
Plan a minimum of 1 percent per year of the basic pay of employees covered by this system,
match voluntary employee contributions up to 3 percent of the employee’s basic pay, and match
one-half of contributions between 3 percent and 5 percent of the employee’s basic pay. For
FERS employees, the Department also contributes the employer’s share of Medicare.
Contributions for CSRS, FERS, and other retirement benefits are insufficient to fund the
programs fully and are subsidized by the Office of Personnel Management (OPM). The
Department imputes its share of the OPM subsidy, using cost factors provided by OPM, and
reports the full cost of the programs related to its employees.
Federal Employees’ Compensation Act. The Federal Employees’ Compensation Act (FECA)
provides income and medical cost protection to covered federal civilian employees injured on
the job, employees who have incurred work-related occupational diseases, and beneficiaries of
employees whose deaths are attributable to job-related injuries or occupational diseases. The
FECA program is administered by the U.S. Department of Labor (DOL), which pays valid claims
and subsequently seeks reimbursement from the Department for these paid claims.
The FECA liability consists of two components. The first component is based on actual claims
paid and recognized by the Department as a liability. Generally, the Department reimburses
DOL within two to three years once funds are appropriated. The second component is the
estimated liability for future benefit payments based on unforeseen events, such as death,
disability, medical, and miscellaneous costs as determined by DOL annually.


                                                                                                    9
	
	
Comparative Data. A revision to Treasury’s FY 2015 guidance necessitated changes to the
presentation of the Reclassified Statement of Changes in Net Position. Appropriations used,
previously included within Line 7.1 (Appropriations Received, as Adjusted), is now on its own
line as Line 7.2, Appropriations Used. The prior year Reclassified Statement of Changes in Net
Position was restated to reflect this change for comparability. Additionally, the subsequent line
numbers were adjusted for the insertion of this new number.




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