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What Does FBI DO

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Ying Huang

on 27 April 2015

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Transcript of What Does FBI DO

Accounting for the FBI
Balance Sheet
Statement of Net Cost
Statement of Changes in Net Position
Statement of Budgetary Resources
Financial Statements Reported by the FBI
Seized Assets
Reporting Entity
The Federal Bureau of Investigation
Salaries and Expense Funds
No-year Construction Funds
No-year Violent Crime Reduction Program Funds

Accounting Policies
What Does the FBI Do
Statement of Net Cost
Displays the cost to the taxpayer for each strategic goal
The FBI has 3 strategic goals
Gross Costs - Earned Revenue = Net Cost
Statement of Budgetary Resources
Purpose: to show the status of the appropriated and apportioned funds for the agency
Uses the Budgetary (not Accrual) basis of accounting
Federal Budgetary accounting is similar to State/Local budgetary accounting
Proprietary accounts (not on this statement) use the Accrual basis
Cyber Crime
Weapons of Mass Destruction
Public Corruption
Civil Rights
Organized Crime
White-Collar Crime
Violent Crime and Thefts
3. Areas of Investigation
2. Mission
4. Interesting Facts
Three strategic goals
Basis of Presentation
Financial Statements prepared from books and records of FBI
Following GAAP and FASAB guidance

Basis of Accounting
- Accrual accounting
- Revenues and expenses recognized under accrual method
- Budgetary accounting
- Fund availability based upon legal constraints
Non-entity Assets
- Assets temporarily controlled and administered by FBI are not included

- Fuel, ammunition, spare parts, and office supplies

- Valued at acquisition cost
Not for sale

Accounting Policies
Accounting Policies

Accounting Policies
Property, Plant and Equipment
New capitalization thresholds:
Leases headquarters, fields offices, and warehouses from GSA and other public and private entities

Accounting Policies
Seized Property
Cash recognized as an asset with an offsetting liability
Non-cash property is recorded at FMV at time of seizure and is not recorded on balance sheet
Illegal drugs over 1 kg that are laboratory analyzed and confirmed are disclosed in notes

Statement of Net Cost
Statement of Changes in Net Position
Accounting Policies
Retirement Plans
- 3 Plans:
-Defined Contribution Plans
- Some employees receive an automatic contribution to a Federal Thrift Savings Plan
- Office of Personnel Management

Agrees with Statement of Net Cost
Federal Oversight
Federal Accounting Standards Advisory Board (FASAB)
Develops Federal accounting standards
Similar to GASB
Office of Management and Budget (OMB)
Department of the Treasury
Government Accountability Office (GAO)
1. Brief History of the FBI
Founded 1908
Early years: fighting prohibition and the KKK
J. Edgar Hoover, Director from 1924-1972
Investigated notable events in American history, including the assassination of President Kennedy, the Watergate scandal, and 9/11
Department of the Treasury Building, Washington, D.C.
Protect against both domestic and international terrorism
Part of several Joint Terrorism Task Forces with 55 other federal agencies
Protect against all types of terrorism

9/11 Attacks
9/11 Commission’s final report found that both FBI and CIA were partially to blame
FBI missed 23 potential chances to prevent attacks
Decentralization and difficultly communicating within agency
Country had not been “well-served by either agency”
Recommendations for overhaul of important personnel and those responsible

Organized Crime
Includes Russian and Italian mobs, African drug trafficking, Eastern European and Asian crime rings, etc.
Estimated illegal profits of $1 trillion per year
Three units devoted to:
1) La Cosa Nostra
2) Eurasian/Middle Eastern enterprises and
3) Asian and African enterprises
Principle of disrupting or dismantling entire organization

Al Capone
Quickly rose through the ranks of the criminal underground during prohibition
Kept safe by several political ties
Responsible for several deaths
Imprisoned at aged 33 at Atlanta U.S. Penitentiary and Alcatraz for tax evasion

White-Collar Crime
FBI investigates large fraud and scam cases, including:
-Corporate Fraud
-Identity Theft
-Intellectual Property Theft

Bernard Madoff
Operator of a Ponzi scheme, the largest financial fraud to date
About $18 billion lost by investors
FBI worked with SEC to sentence Madoff to a 150 years life sentence and forfeiture of about $17.3 billion

FBI facts
Exciting Accounting
Ying Huang, Eric Thompson, Christian Wray, Tim Klinker
Introduction and Background
Financial Statements
Accounting Policies
Protect the United States from terrorist attacks
Protect the United States against foreign intelligence operations and espionage
Protect the United States against cyber-based attacks and high-technology crimes
Combat public corruption at all levels
Protect civil rights
Combat transnational/national criminal organizations and enterprises
Combat major white-collar crime
Combat significant violent crime
Support federal, state, local and international partners
Upgrade technology to successfully perform the FBI’s mission

What does the FBI do?
Full transcript