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Working Capital Fund


FY 2005 Performance and Accountability Report
Bureau of Resource Management
November 2005
Report
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The Working Capital Fund (WCF) is a revolving fund, which was authorized in the Foreign Assistance Act of 1963 (P.L. 88-205) as an amendment to the Department of State Basic Authorities Act. It was created to finance a continuing cycle of business-type operations for the Department.

The WCF serves bureaus and offices within the Department of State, U.S. Government agencies operating abroad, foreign governments, and international organizations located in the U.S. WCF consists of two lines of business. The products/services provided by each business line are as follows:

  • WCF — Provides centralized management for equipment, services and maintenance of unclassified voice/data telecommunications; arranges ocean and airfreight shipment of personal property and official supplies from the U.S. to overseas posts; provides permanent storage of household belongings for employees assigned to overseas posts; provides printing and editorial services; procures all publications, periodicals, books and newspapers for the Department; assists overseas posts with procuring local supplies and materials; provides motor vehicle transportation; and provides moving and delivery services; regulates foreign government activities undertaken in the U.S.; registers and licenses motor vehicles belonging to a foreign mission or its staff; administers travel restrictions and controls on members of foreign missions; reviews and approves/denies all foreign mission real property acquisitions, leases, and sales; and protects and preserves foreign mission properties that belong to countries that no longer maintain diplomatic relations with the U.S.
  • International Cooperative Administrative Support Service (ICASS) — Manages the interagency administrative support services for overseas posts, which includes services such as computer and financial management services, guard service, mail and messenger service, and motor pool and health services.
The WCF balance sheet at September 30, 2005 and 2004, is presented below (Dollars in Thousands).

 

Working Capital Fund Balance Sheet
At September 30, 2005 and 2004
(Dollars in Thousands)
  2005 2004
WCF ICASS Total WCF ICASS Total

Assets:

Fund Balances with Treasury

$ 71,197 $226,854 $298,051 $ 23,917 $101,736 $125,653

Accounts Receivable, Net

  20,862  136,878  157,740   58,172  276,603  334,775

Plant, Property and Equipment, Net

  17,703   44,023   61,726   32,845   40,297   73,142

Other Assets

   6,532
single underline
   5,787
single underline
  12,319
single underline
   5,884
single underline
   6,543
single underline
  12,427
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Total Assets

 116,294  413,542  529,836  120,818  425,179  545,997

Liabilities:

Accounts Payable

  26,673   50,144   76,817   32,638   59,705   92,343

Other Liabilities

   3,119
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  59,762
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  62,881
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   2,323
single underline
  61,215
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  63,538
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Total Liabilities

  29,792
single underline
 109,906
single underline
 139,698
single underline
  34,961
single underline
 120,920
single underline
 155,881
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Cumulative Results of Operations

$ 86,502
double underline

$303,636
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$390,138
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$ 85,857
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$304,259
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$390,116
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The cost of providing services and the exchange revenue earned for the years ended September 30, 2005 and 2004 are presented below (Dollars in Thousands). These amounts do not include intra-departmental eliminations.

 

Cost of Services and Exchange Revenue
For the Years Ended September 30, 2005 and 2004
(Dollars in Thousands)
  WCF ICASS Total

2005

Costs $295,853  $1,178,809  $1,474,662 
Exchange Revenue (297,410) (1,162,774) (1,460,184)
Other Financing Sources      912 
single underline
   (15,412)
single underline
   (14,500)
single underline
Net Cost (Revenue) $   (645)
double underline
$      623 
double underline
$      (22)
double underline

2004

Costs $320,844  $1,075,703  $1,396,547 
Exchange Revenue (307,290) (1,095,169) (1,402,459)
Other Financing Sources   (1,476)
single underline
    (6,708)
single underline
    (8,184)
single underline
Net Cost (Revenue) $ 12,078 
double underline
$  (26,174)
double underline
$  (14,096)
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