Working Capital Fund

FY 2003 Performance and Accountability Report
Bureau of Resource Management
December 2003
Report

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, 2003 and 2002, is presented below (Dollars in Thousands).

 

Working Capital Fund Balance Sheet
at September 30, 2003 and 2002
(Dollars in Thousands)
  2003 2002
WCF ICASS Total WCF ICASS Total

Assets:

Fund Balances with Treasury

$  8,458 $207,895 $216,353 $ 39,096 $117,570 $156,666

Accounts Receivable, Net

  78,694  159,260  237,954   46,539  242,924  289,463

Plant, Property and Equipment, Net

  27,363   30,747   58,110   24,169   30,059   54,228

Other Assets

   5,272
single underline
   5,492
single underline
  10,764
single underline
   7,800
single underline
   3,689
single underline
  11,489
single underline

Total Assets

 119,787
double underline
 403,394
double underline
 523,181
double underline
 117,604
double underline
 394,242
double underline
 511,846
double underline

Liabilities:

Accounts Payable

  21,188  121,555  142,743   12,255   77,406   89,661

Other Liabilities

     664    3,754    4,418    5,113   55,088   60,201

Total Liabilities

  21,852
single underline
 125,309
single underline
 147,161
single underline
  17,368
single underline
 132,494
single underline
 149,862
single underline

Cumulative Results of Operations

$ 97,935
double underline

$278,085
double underline

$376,020
double underline

$100,236
double underline

$261,748
double underline
$361,984
double underline

The cost of providing services and the exchange revenue earned for the years ended September 30, 2003 and 2002 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, 2003 and 2002
(Dollars in Thousands)
  WCF ICASS Total

2003

Costs $ 274,421  $ 975,609  $ 1,250,030 
Exchange Revenue   272,120 
single underline
  991,946 
single underline
  1,264,066 
single underline
Net Cost (Revenue) $   2,301 
double underline
$ (16,337)
double underline
$   (14,036)
double underline

2002

Costs $ 175,614  $ 906,142  $ 1,081,756 
Exchange Revenue  (253,347)
single underline
 (926,642)
single underline
 (1,179,989)
single underline
Net Cost (Revenue) $ (77,733)
double underline
$ (20,500)
double underline
$   (98,233)
double underline