Page 31 - Financial Report 2020

PRIVACY AND CIVIL LIBERTIES OVERSIGHT BOARD

opinion and are included, along with accompanying footnote disclosures, in the “Financial
Information” section of this report.

BALANCE SHEET

The Balance Sheet presents resources owned and managed by PCLOB that have future
economic benefits (assets) and amounts owed by the agency that will require future
payments (liabilities). The difference between assets and liabilities is the residual amount
retained by the Board (net position) that is available for future programs. The Balance
Sheet shows the major components of PCLOB’s assets, liabilities, and net position at the end
of FY 2020 and FY 2019.

Assets

Assets are the amount of current and future economic benefits owned or managed by
PCLOB, which are used to achieve its mission. Total assets were approximately $23.9
million at the end of September 30, 2020, compared to $25.8 million from September 30,
2019. The fund balance with Treasury and property, plant, and equipment accounted for 87
percent and 9 percent, respectively, of overall agency assets in FY 2020. The fund balance
with Treasury are monies held within Treasury and represents the balance in agency
resources that are available for appropriated purposes to make future expenditures and

FY 2020 AGENCY FINANCIAL REPORT 22