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European Funds Acquisition Services

efasimageFinancial Results by EFAS Fund – Acquisition Services Fund

The Acquisition Services Fund (ASF) is a revolving fund, which operates on the revenue generated from its business lines rather than an appropriation received from Congress. It is the primary fund of the Federal Acquisition Service (FAS).

FAS business operations are organized into four business portfolios based on the product or service provided to customer agencies: Integrated Technology Services (ITS); Assisted Acquisition Services (AAS); General Supplies and Services (GSS); Travel, Motor Vehicle, and Card Services (TMVCS). FAS consolidates common requirements from multiple federal agencies and uses its negotiating expertise to acquire products and services at better prices and terms than agencies could obtain individually.

Revenues ($ in Millions) Percentage of Total Revenues
ASF Top 5 Customers
Dept. of Defense $2,565 27%
Dept. of Homeland Security $1,516 16%
Dept. of Agriculture $903 9%
Dept. of Justice $653 7%
Dept. of Health $484 5%

In FY 2012, ASF realized $9.8 billion in revenues. The majority of revenues were from the five agencies shown in the ASF Top 5 Customers table.

efas1ASF Net Revenues from Operations

ASF Net Revenues from Operations represent the amounts remaining after the costs of goods and services sold and FAS operating expenses are subtracted from revenues earned during the year. Net Revenues from Operations are used to invest in the GSA Fleet, information technology systems, other investments to improve FAS service levels, and to comply with regulatory and statutory requirements. ASF reported net revenues of $74 million during FY 2012, which is $83 million less than FY 2011 results of $157 million. The largest decrease in net revenues occurred in the ITS portfolio where results were $66 million lower than the prior year.  This is primarily attributed to ITS recovering $60 million during FY 2011 in settlement with a vendor related to unallowable surcharges billed to the government.  This settlement was recorded as an offset to expense in the ITS portfolio in FY 2011. Without this credit, the difference between FY 2012 and FY 2011 results in the ITS portfolio would have been a $6 million decrease.

ASF Obligations, Outlays and Collections

ASF obligations and outlays are primarily driven by contracts awarded to commercial vendors, who provide goods and services to federal agencies. Obligations Incurred decreased by more than $450 million between FY 2011 and FY 2012. The decrease is primarily attributable to lower business volume in the General Supplies and Services (GSS) portfolio. Outlays and Offsetting Collections both increased.

  FY 2012 FY 2011 Change ($) Change (%)
ASF Obligations & Outlays ($ in Millions)
Obligations Incurred $10,912 $11,363 ($451) -3.97%
Gross Outlays $11,085 $10,344 $741 7.16%
Offsetting Collections $10,956 $10,413 $543 5.21%


Limitations of Financial Statements

The principal financial statements report the financial position and results of GSA operations, pursuant to the requirements of 31 U.S.C. 3515 (b). While the statements have been prepared from GSA books and records in accordance with generally accepted accounting principles (GAAP) for federal entities and the format prescribe by OMB, the statements are in addition to the financial reports used to monitor and control budgetary resources, which are prepared from the same books and records.

The following are the top stories in the Wall Street Journal. Reuters has not verified these stories and does not vouch for their..

* Iraq’s president appointed a candidate to replace Prime Minister Nouri al-Maliki but the longtime leader refused to step aside, setting up a confrontation as the government struggles to combat a rapidly advancing Sunni insurgency.

* As Alibaba Group Holding Ltd (IPO-BABA.N) heads towards what could be the biggest-ever initial public offering, its bankers are homing in on one of their biggest challenges: keeping the shares aloft once they start trading

* Ukraine agreed to dispatch humanitarian aid, including supplies from Russia, to a separatist stronghold that has been blasted by fighting in recent weeks, after pressure from Moscow and Western capitals to do more to ease civilian suffering.

* Banks are lending to companies and individuals at the fastest pace since the financial crisis, helping propel profits to near-record levels. U.S. banks posted $40.24 billion in net income during the second quarter, the industry’s second-highest profit total in at least 23 years, according to data from research firm SNL Financial

* UniCredit SpA said Monday a nine-year-old dispute over its purchase of banks in Austria and Germany could last several more years and result in additional payouts to former shareholders of the acquired banks.

* After four days of pounding targets in northern Iraq, U.S. officials warned Monday that the campaign was unlikely to inflict serious damage to the militant group now controlling large parts of Iraq and Syria.

* Vascular Biogenics Ltd, which went public last week and traded for 6 days, announced on Friday that it wasn’t issuing shares due to failure of key investors to follow through on a commitment to buy stock.

* Along with a creeping Islamist threat on Iraqi Kurdistan and the plight of thousands of Iraqis trapped on a mountainside, there was a scientific calculation behind the U.S. decision to intervene in Iraq: the potential for a 65-foot wave to engulf the northern city of Mosul, and even flood the central capital Baghdad.

* Price isn’t the only issue keeping „Maleficent“ and „Captain America“ off Amazon.com Inc’s virtual shelves. Walt Disney Co’s dispute with Amazon also encompasses promotion and product placement on the Amazon website, as well as questions over who makes up the difference when Amazon loses money to match the prices of competitors

* Kinder Morgan Inc’s $44 billion plan to consolidate its pipeline companies was greeted with excitement by Wall Street, which expects the new streamlined company to snap up other pipeline partnerships. But some investors in Kinder’s master limited partnerships may not be happy as the consolidation could leave them with big, unexpected tax bills, tax experts said

* J.P. Morgan Chase & Co reached a long-awaited deal to sell roughly half its stake in the portfolio of its buyout arm, One Equity Partners LLC.

* Intel Corp provided details of its latest advance in manufacturing technology, a milestone that arrived after a delay of more than six months due to technical problems.

* Former American International Group Inc executive Joseph Cassano cited his Fifth Amendment right to avoid incriminating himself more than 200 times while declining to answer questions posed by the Securities and Exchange Commission in 2009. This is among the disclosures included in 12 transcripts released by the SEC in response to public-records requests from The Wall Street Journal

* Anadarko Petroleum Corp wants to build one of the biggest projects ever attempted by a Western energy company in Palma, Mozambique. But Anadarko isn’t here for oil. The company is after something more abundant, albeit less lucrative: natural gas located about 30 miles offshore.

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