FY 2018 Annual Report - Federal Student Aid - U.S. Department of ...
Fiscal Year 2018 Annual Report
United States Department of Education Betsy DeVos Secretary
Federal Student Aid James F. Manning Acting Chief Operating Officer
Finance Office Alison L. Doone Chief Financial Officer
November 15, 2018
This report is in the public domain. Authorization to reproduce it, in whole, or in part, is granted. While permission to reprint this publication is not necessary, the citation should be: U.S. Department of Education, Federal Student Aid, FY 2018 Annual Report, Washington, D.C., 20002.
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Contents
F
Contents
Letter From the Chief Operating Officer of Federal Student Aid..... i
Letter From the Chief Operating Officer ........................................................................................... iii
Fiscal Year 2018 Federal Student Aid Highlights .........................vii
Transforming Federal Student Aid: Next Gen FSA ........................................................................ viii
Significant Fiscal Year 2018 Federal Student Aid Accomplishments ............................................. x
Introduction ...............................................................................xiii
About This Report ............................................................................................................................. xiv
Federal Student Aid at a Glance ....................................................................................................... xv
Guide to Federal Student Aid Programs ......................................................................................... xvi
Overview of the Federal Student Aid Annual Report ................................................................... xviii
Management's Discussion and Analysis (Unaudited) .................... 1
Overview of the Management's Discussion and Analysis ............................................................... 2
Fiscal Year 2018 Financial and Performance Highlights.................................................................. 3
Mission and Organizational Structure................................................................................................ 4 Federal Student Financial Aid Programs ............................................................................................................8
Performance Management................................................................................................................. 13 Fiscal Year 2018 Strategic Goals, Objectives, and Performance Metrics.........................................................15 Agency Priority Goal.........................................................................................................................................27 Quality of Performance Data ............................................................................................................................28
Financial Analysis .............................................................................................................................. 29 Balance Sheet ..................................................................................................................................................31 Statement of Net Cost ......................................................................................................................................45 Statement of Changes in Net Position..............................................................................................................46 Statement of Budgetary Resources..................................................................................................................46 Financial Management Risks............................................................................................................................47
Analysis of Systems, Controls, and Legal Compliance ................................................................. 50
Limitations of Financial Statements ................................................................................................. 54
Annual Performance Report (Unaudited) ................................... 55
Overview of the Annual Performance Report .................................................................................. 56
Fiscal Year 2018 Annual Report | Federal Student Aid
Contents
Fiscal Year 2018 Performance Summary ......................................................................................... 57 Introduction to the Annual Performance Report ............................................................................. 58 Performance Results by Strategic Goal ........................................................................................... 61
Strategic Goal A: Improve quality of service for customers across the entire student aid life cycle.................62 Strategic Goal B: Proactively manage the student aid portfolio to mitigate risk. ..............................................68 Strategic Goal C: Improve operational efficiency and flexibility. ......................................................................71 Strategic Goal D: Foster trust and collaboration among stakeholders.............................................................73 Strategic Goal E: Invest in expanded workforce capability. .............................................................................76 Fiscal Year 2018 Accomplishments of Federal Student Aid .......................................................... 77 Legislative and Regulatory Recommendations .............................................................................. 81 Annual Bonus Awards ....................................................................................................................... 82 Report of the Federal Student Aid Ombudsman ............................................................................. 83
Financial Section ...................................................................... 103
Overview of the Financial Section .................................................................................................. 104 Message from the Chief Financial Officer...................................................................................... 105 Financial Statements........................................................................................................................ 106 Notes to the Financial Statements.................................................................................................. 112 Required Supplementary Stewardship Information (Unaudited) ................................................ 140 Required Supplementary Information (Unaudited) ....................................................................... 142 Independent Auditors' Report ......................................................................................................... 149
Other Information (Unaudited) ................................................ 163
Other Information ............................................................................................................................. 165
Appendices ............................................................................... 167
Appendix A: Discontinued Strategic Goals and Performance Metrics...................................... 169 Appendix B: Glossary of Acronyms and Terms........................................................................... 170 Appendix C: Availability of the Federal Student Aid Annual Report ......................................... 174
Acknowledgements .................................................................. 175
Fiscal Year 2018 Annual Report| Federal Student Aid
Letter From the Chief Operating Officer of Federal Student Aid
Letter From the Chief Operating Officer of Federal Student Aid
Fiscal Year 2018 Annual Report | Federal Student Aid i
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