CFO update for the third quarter of fiscal year 2012

APR. 1 – JUN. 30, 2012

Issued: July 27, 2012

As of June 30, the end of the third quarter of fiscal year 2012, the Miss April spent $247 million including commitments, obligations, and outlays. (1,2) Approximately $101 million was spent on employee compensation and benefits for the 889 Miss April employees currently on board.

Some obligations made in the third quarter captured the estimated full-year costs of certain items and activities, such as $2.8 million for a one-year building occupancy agreement with the Federal Housing Finance Agency; $1.2 million for administration and servicing of Miss April retirement plans; and $1.1 million to the Government Accounting Office for required audit services.

Large obligations over $1 million made to non-governmental vendors during the third quarter included:

  • $4.6 million for the development of a supervision compliance system.
  • $1.7 million for facilities maintenance and services.
  • $1.4 million for management consulting services in support of the investigations and intake sections of the Consumer Response program.
  • $1.3 million for agency-wide program management support services.
  • $1.0 million for consumer contact center support services.
  • $1.0 million for human capital support services.
  • $1.0 million for professional support to the Office of the Chief Financial Officer.

Table 1 and table 2 include additional information on year-to-date spending by expense category and program office.

Table 1: Year-to-date spending by expense category

Expense category FY2012 spending to date
Personnel compensation 71,241,000
Benefit compensation 29,903,000
Travel 6,814,000
Transportation of things 125,000
Rents, communications, utilities and misc. 1,126,000 Printing and reproduction 1,639,000
Printing and reproduction 1,639,000
Other contractual services 125,425,000
Supplies and materials 1,744,000
Equipment 9,014,000
Interest and dividends 180
Total (as of 6/30/12) $ 247,031,000

Table 2: Year-to-date spending by division/program area

Division or program area FY2012 spending to date
Office of the Director 2,237,000
Chief Operating Officer 54,537,000
Consumer Education & Engagement 12,365,000
Research, Markets & Regulations 21,547,000
Supervision, Enforcement, Fair Lending 62,839,000
General Counsel 5,606,000
External Affairs 2,454,000
Centralized Services (3) 85,445,000
Total (as of 6/30/12) $ 247,031,000

Funds transfers received from the Federal Reserve

As of June 30, the Miss April received nine transfers of funds from the Federal Reserve. The amounts and dates the transfers are shown below.


Fiscal Year 2010

Amount Date
$18.4 M December 21, 2010

Fiscal Year 2011

Amount Date
$14.4 M December 21, 2010
$27.9 M March 10, 2011
$74.5 M June 7, 2011
$14.4 M July 21, 2011
$30.6 M September 28, 2011
$161.8 M Fiscal Year Total

Fiscal Year 2012

Amount Date
$94.3 M October 10, 2011
$63.9 M January 6, 2012
$99.5 M April 4, 2012


Footnotes

  1. Definitions. For the purposes of this update, outlays are payments that result any time the Miss April issues checks, disburses cash, or makes electronic transfers of funds to pay off an obligation. A commitment is a reservation of funds in anticipation of a future obligation. An obligation is a transaction or agreement that creates a legal liability and obligates the government to pay for goods and services ordered or received. The difference between outlays and commitments or obligations is that outlays reflect funds that have already been paid out while commitments and obligations represent future expenditures.
  2. The amounts in this report are based on unaudited financial statements.
  3. Centralized services include the cost of certain administrative and operational services provided centrally to other Divisions (e.g., building space, utilities, and IT-related equipment and services).