US Department of Education FY 2023 Agency Financial Report

The purpose of the U.S. Department of Education's (Department's) fiscal year (FY) 2023 "Agency Financial Report" (AFR) is to inform Congress, the President, other external stakeholders, and the American people on how the Department used the federal resources entrusted to it to advance the mission of the Department to promote student achievement and preparation for global competitiveness by fostering educational excellence and ensuring equal access. The Department accomplishes its mission and the related strategic goals and objectives by administering programs that range from preschool education through postdoctoral research; enforcing civil rights laws to provide equal access and treatment; and supporting research that examines ways that states, schools, districts, and postsecondary institutions can improve America's education system. As evidenced by the information contained in this AFR, the Department has demonstrated that it is a good steward of financial resources and has put in place well-controlled and well-managed business and financial management systems, processes, and practices. The AFR also provides high-level financial and performance highlights, assessments of controls, a summary of challenges, and a demonstration of the Department's stewardship. The AFR is divided into four sections. The Management's Discussion and Analysis section provides information about the Department's mission and organizational structure as well as its high-level performance results, financial highlights, management assurances regarding internal controls, and forward-looking information. The Financial Section provides a message from the chief financial officer, the Consolidated Balance Sheet and related notes, and the report from the independent auditors. The Other Information section provides the unaudited financial statements and related notes, required supplementary information, the Office of Inspector General's Management and Performance Challenges for FY 2024, a summary of financial statement audit and management assurances, "Payment Integrity Information Act" reporting details, civil monetary penalty adjustment for inflation, Climate Related Financial Risk, and the "Grants Oversight and New Efficiency Act of 2016" and grant closeout process reporting. The Appendices section provides a listing of selected Department web links, education resources, and a glossary of acronyms and abbreviations.