Page 6 - Financial Report 2020

PRIVACY AND CIVIL LIBERTIES OVERSIGHT BOARD

HOW THIS REPORT IS ORGANIZED

The Agency Financial Report (“AFR”) presents the agency’s performance highlights and
accomplishments, fiscal accountability, and operational achievements and challenges for FY
2020. It begins with a message from the Chairman, Adam Klein, followed by three sections
and one appendix:

Management’s Discussion and Analysis

This section provides general background about the agency and showcases PCLOB’s history
and mission, organizational structure, and projects. It provides an overview of summary-
level performance information, financial results, and management assurance regarding
internal controls. This section of the AFR is not audited by the independent auditors.

Financial Information

This section details the agency’s financial position as of the fiscal year that ended
September 30, 2020. The agency’s FY 2020 audited financial statements and footnote
disclosures are presented in this section, along with the independent auditor’s report.

Ø The auditor’s report speaks to whether the financial statements are materially
correct in accordance with Generally Accepted Accounting Principles (“GAAP”). The
auditors found PCLOB’s FY 2020 financial statements to be materially correct in
accordance with GAAP.

Ø Financial statements provide actual financial results for the year and include the
balance sheet, the statement of net cost, the statement of changes in net position,
and the statement of budgetary resources. See the “Key Terms” section that follows
for a brief description of each statement and its purpose.
Ø Notes to the financial statements provide additional details and context concerning
the numbers reported.

Other Information

This section contains a summary of financial statement audit and management assurances
and required reporting related to the Board’s compliance with the Payment Integrity
Information Act, including the agency’s fraud reduction measures. This section of the
report is also not audited by the independent auditors.

Appendix

This section provides a glossary of acronyms used throughout this report.

FY 2020 AGENCY FINANCIAL REPORT ii