Page 32 - Financial Report 2020

PRIVACY AND CIVIL LIBERTIES OVERSIGHT BOARD

pay liabilities. Property, plant, and equipment is comprised of tangible assets, such as
equipment and leasehold improvements owned by the agency.

Overall, asset balances decreased between FY 2020 and FY 2019. The fund balance with
Treasury balance decreased slightly by $1.3 million (or 6%) from $22 million in FY 2019 to
$20.7 million in FY 2020, while the net property, plant, and equipment balance decreased
by nearly $500 thousand (or 19%) from $2.6 million in FY 2019 to $2.1 million in FY 2020.
The variance in the agency’s property, plant, and equipment balance is primarily due to
depreciation expense recognized in FY 2020 of approximately $350 thousand and various
entries to correct asset balances of approximately $110 thousand.

Other assets of $1.1 million includes accounts receivable of approximately $350 thousand
and prepayments for various contracted services and subscriptions of approximately $750
thousand. While the Board’s receivables balance was fairly consistent between the years,
PCLOB’s prepayments decreased nearly $125 thousand (or 14%) from approximately $875
thousand in FY 2019 to $750 thousand in FY 2020 primarily as a result of better
management of prepaid accounts through new processes and procedures implemented in
FY 2020.

Liabilities

Liabilities are amounts owed by PCLOB for goods and services provided but not yet paid—
specifically, monies owed to the public and other federal agencies. Total liabilities in FY
2020 were approximately $900 thousand, which was $2.7 million (or 75%) lower than the
FY 2019 balance of $3.6 million. This decrease is primarily related to the settlement of $2.9
million of accounts payable for office space rents and detailee reimbursements due to
another agency. The other remaining liabilities increased overall approximately $200
thousand due to increased payroll-related costs recognized as the Board gained six more
full-time employees in FY 2020.

Net Position

Net position is comprised of unexpended appropriations and cumulative results of
operations. PCLOB’s net position increased by approximately $900 thousand, or 4%, from
$22.2 million in FY 2019 to $23.1 million in FY 2020.

FY 2020 AGENCY FINANCIAL REPORT 23