The Department's Accounts Receivable and Loans Receivable at September 30, 2004 and 2003, are summarized here (Dollars in Thousands). All are entity receivables.
| 2004 | 2003 | |||||
|---|---|---|---|---|---|---|
| Entity Receivable |
Allowance for Uncollectible Receivables or Subsidy Allowance |
Net Receivables |
Entity Receivables |
Allowance for Uncollectible Receivables or Subsidy Allowance |
Net | |
| Intragovernmental Accounts Receivable | $486,815 | $(22,515) | $464,300 | $372,348 | $ (45) | $372,303 |
| Non-Federal Accounts and Loans Receivable | 61,589 |
(4,738) |
56,851 |
30,656 |
(8,095) |
22,561 |
| Total Receivables | $548,404 |
$(27,253) |
$521,151 |
$403,004 |
$(8,140) |
$394,864 |
Included in Non-Federal Accounts and Loans Receivable above, net of allowance for uncollectible loans or subsidy allowance, are approximately $827 thousand and $1.191 million, in 2004 and 2003, respectively, of Repatriation Loans made under a program administered by the Department that enables destitute American citizens overseas to return to the United States. Repatriation direct loans made prior to 1992 are reported net of an allowance for uncollectible loans based upon historical experience. The Federal Credit Reform Act of 1990 (The Act), as amended, governs Repatriation loan obligations made after 1991, and the resulting direct loans. The Act requires that the present value of all costs (i.e., interest rate differentials, estimated delinquencies and defaults) associated with a loan be recognized and funded completely in the year the loan is disbursed. This value is termed the "subsidy cost" for the year, and is expressed as a percentage of the total face amount of loans disbursed that year. Funding for subsidy costs for loans made after 1991 establishes the subsidy allowance against which future collections and future loan write-offs are netted. Per the provisions of the Act, we borrow from Treasury the difference between the face value of loans disbursed and their calculated subsidy costs. Additionally, we budget and receive funding for administrative costs separately.
< Go to Previous Page Go to Next Page >
