U.S. Department of State Fiscal Year 2020 Agency Financial Report

Financial Summary and Highlights T he financial summary and highlights that follow provide an overview of the 2020 financial statements of the Department of State (the Department). The independent auditor, Kearney & Company, audited the Department’s Consolidated Balance Sheet for the fiscal years ending September 30, 2020 and 2019, along with the Consolidated Statements of Net Cost and Changes in Net Position, and the Combined Statement of Budgetary Resources 1 . The Department received an unmodified (“clean”) audit opinion on both its 2020 and 2019 financial statements. A summary of key financial measures from the Balance Sheet and Statements of Net Cost and Budgetary Resources is provided in the table below. The complete financial statements, including the independent auditor’s reports, notes, and required supplementary information, are presented in Section II: Financial Information. Summary Table of Key Financial Measures (dollars in billions) Summary Consolidated Balance Sheet Data 2020 2019 Change % Change Fund Balance with Treasury $ 59.6 $ 61.2 $ (1.6) (3)% Investments, Net 20.1 19.4 0.7 4% Property and Equipment, Net 26.3 25.6 0.7 3% Cash, Receivables, and Other Assets 3.7 2.8 0.9 32% Total Assets $ 109.7 $ 109.0 $ 0.7 1% Accounts Payable $ 2.6 $ 2.3 $ 0.3 13% After-Employment Benefit Liability 25.9 24.2 1.7 7% International Organizations Liability 2.5 3.8 (1.3) (34)% Other Liabilities 2.0 2.1 (0.1) (5)% Total Liabilities $ 33.0 $ 32.4 $ 0.6 2% Unexpended Appropriations 46.9 46.6 0.3 1% Cumulative Results of Operations 29.8 30.0 (0.2) (1)% Total Net Position $ 76.7 $ 76.6 $ 0.1 0% Total Liabilities and Net Position $ 109.7 $ 109.0 $ 0.7 1% Summary Consolidated Statement of Net Cost Data Total Cost and Loss on Assumption Changes $ 39.4 $ 38.5 $ 0.9 2% Less Total Revenue 6.8 8.8 (2.0) (23)% Total Net Cost $ 32.6 $ 29.7 $ 2.9 10% Summary Combined Statement of Budgetary Resources Data Unobligated Balance from Prior Year Budget Authority, Net $ 32.7 $ 31.1 $ 1.6 5% Appropriations 36.4 35.8 0.6 2% Spending Authority from Offsetting Collections 8.0 8.0 0.0 0% Total Budgetary Resources $ 77.1 $ 74.9 $ 2.2 3% 1 Hereafter, in this section, the principal financial statements will be referred to as: Balance Sheet, Statement of Net Cost, Statement of Changes in Net Position, and Combined Statement of Budgetary Resources. 22 | U ni ted S tates D epartment of S tate 2020 A gency F inanci al R eport MANAGEMENT’S DISCUSSION AND ANALYSIS | FINANCIAL SUMMARY AND HIGHLIGHTS