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Chief Financial Officer's (CFO) Report to the Board

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Chief Financial Officer's (CFO) Report to the Board Home
Executive Summary

   •  Summary Trends and Results
I. Corporate Fund Financial Results
   •  BIF & SAIF Balance Sheet
   •  BIF & SAIF Income Statement
   •  BIF & SAIF Statements of Cash Flows
   •  FRF Statements of Cash Flows
   •  Assets in Liquidation
II. Investments Results & Prospective Strategies
   •  Corporate Investment Portfolio Summary
   •  Approved Investment Strategy
III. Budget Results
   •  Budget & Expenditures by Major Expense Categories
   •  Budget & Expenditures by Budget Component, Division & Office
BIF & SAIF Income Statement - Third Quarter 2005

Fund Financial Results ($ in millions – All data is unaudited)
Income Statement BIF SAIF
  9/30/05 9/30/04 9/30/05 9/30/05
Assessments earned $        42 $         67 $         6 $         7
Interest earned on investment securities 1,220 1,158 447 414
Other revenue 13 17 0 0
Total Revenue $    1,275 $    1,242 $      453 $       421
Operating expenses (includes depreciation expense) 626 606 88 89
Provision for insurance losses (117) (145) (24) (23)
Other expenses 3 16 0 0
Total Expenses & Losses $      512 $      477 $      64 $         112
Net Income $      763 $    765 $      389 $       309
Unrealized (loss)/gain on available-for-sale securities (216) (80) (70) (26)
YTD Comprehensive Income $      547 $    685 $      319 $       283

BIF Key Components Impact on Comprehensive Income

BIF Key Components Impact on Comprehensive Income
Year Int. Rev less Oper. Exp. Provision for Loss Unrealized gain/(loss) on AFS Comprehensive Income
2001 1,048 1,756 26 -536
2002 871 87 566 1,611
2003 725 931 -10 1,732
2004 731 269 -112 1,005
September 2005 403 52 -180 307


SAIF Key Components Impact on Comprehensive Income

SAIF Key Components Impact on Comprehensive Income
Year Int. Rev less Oper. Exp. Provision for Loss Unrealized gain/(loss) on AFS Comprehensive Income
2001 532 443 7 176
2002 440 156 192 812
2003 403 82 -7 493
2004 435 72 -36 480
September 2005 241 24 -59 209


BIF Coverage Ratio

BIF Coverage Ratio (Interest Revenue/Operating Expenses)
Year Interest on Obligations Operating Expense Coverage Ratio
2001 $1,835 $786 2.33
2002 $1,692 $821 2.06
2003 $1,530 $805 1.90
2004 $1,553 $822 1.89
September 2005 $1,220 $626 1.95

SAIF Coverage Ratio

SAIF Coverage Ratio (Interest Revenue/Operating Expenses)
Year Interest on Obligations Operating Expense Coverage Ratio
2001 $634 $102 6.22
2002 $564 $124 4.55
2003 $532 $129 4.12
2004 $555 $120 4.63
September 2005 $447 $88 5.08
Last Updated 10/02/2005
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