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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 - Fourth Quarter 2005

Fund Financial Results ($ in millions – All data is unaudited)
Income Statement BIF SAIF
  12/31/05 12/31/04 12/31/05 12/31/04
Assessments earned $        53 $         95 $         8 $         9
Interest earned on investment securities 1,713 1,552 628 555
Other revenue 17 28 1 0
Total Revenue $    1,783 $    1,675 $      637 $       564
Operating expenses (includes depreciation expense) 846 822 120 120
Provision for insurance losses (138) (281) (22) (72)
Other expenses 3 18 0 0
Total Expenses & Losses $      711 $      559 $      98 $         48
Net Income $      1,072 $    1,116 $      539 $       516
Unrealized (loss)/gain on available-for-sale securities (392) (112) (130) (36)
YTD Comprehensive Income $      680 $    1,004 $      409 $       480

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 1,612
2003 725 931 -10 1,732
2004 731 269 -112 1,004
December 2005 867 138 -392 680


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
December 2005 508 22 -130 409


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 $1,552 $822 1.89
December 2005 $1,713 $846 2.02

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 $628 $120 5.23
Last Updated 03/02/2006
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