Financial Results by Major Fund - Acquisition Services Fund
The Acquisition Services Fund (ASF), the primary fund of the Federal Acquisition Service (FAS) is a revolving fund, which operates on the revenue generated from its business lines rather than an appropriation received from Congress. FAS business operations are organized into four business portfolios based on the product or service provided to customer agencies: General Supplies and Services (GSS); Travel, Motor Vehicles, and Card Services (TMVCS); Integrated Technology Services (ITS); and Assisted Acquisition Services (AAS). FAS consolidates common requirements from multiple federal agencies and uses its expertise to acquire products and services at better prices and terms than agencies could obtain individually.
In FY 2013, ASF realized $9.4 billion in revenues. The majority of revenues were from the five agencies shown in the "ASF Top 5 Federal Customers" table.
|Revenues ($ in Millions)||% of Total Revenues|
|ASF Top 5 Customers|
|Department of Defense||$5,485||58%|
|Department of Homeland Security||$514||5%|
|Department of Agriculture||$483||5%|
|Department of Veterans Affairs||$302||3%|
|Department of Health and Human Services||$273||3%|
ASF Net Revenues from Operations
ASF Net Revenues from Operations represent the amounts remaining after the costs of goods and services sold and FAS operating expenses are subtracted from revenues earned during the year. Net Revenues from Operations are used to invest in the GSA Fleet, information technology systems, other investments to improve FAS service levels, and to comply with regulatory and statutory requirements. ASF reported net revenues of $85 million during FY 2013, which is $11 million more than FY 2012 net revenue of $74 million. While this is not a material change in net operating results, ASF did have a reduction of $410 million in expenses and $399 million in revenues, primarily due to a decline in business volume with the Department of Defense.
ASF Obligations, Outlays and Collections
ASF obligations and outlays are primarily driven by contracts awarded to commercial vendors, who provide goods and services to federal agencies. Obligations Incurred decreased by more than $1.1 billion between FY 2012 and FY 2013. Overall, unpaid obligations for Assisted Acquisition Service (AAS) and General Supply and Services (GSS) programs have declined due to demand from defense customers. Large information technology projects have been completed or canceled and not replaced with new orders. Orders for the AAS programs have declined by $569 million from the previous year.
|2013||2012||Change ($)||Change (%)|
|ASF Obligations & Outlays ($ in Millions)|
Limitations of Financial Statements
The principal financial statements report the financial position and results of GSA operations, pursuant to the requirements of 31 U.S.C. 3515 (b). While the statements have been prepared from GSA books and records in accordance with GAAP for federal entities and the format prescribed by OMB, the statements are in addition to the financial reports used to monitor and control budgetary resources, which are prepared from the same books and records. The statements should be read with the realization that they are for a component of the U.S. Government.