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U.S. TRADE AND DEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
September 30, 2020 and 2019
(1)
Summary of Significant Accounting Policies
(a) Description of Reporting Entity
The U.S. Trade and Development Agency (USTDA) is an independent U.S. government agency administered under the authority of Section 661 of the Foreign Assistance Act of 1961, as amended (22 U.S.C. § 2421). The Agency is not subject to Federal, state or local income tax; therefore, no provision for income taxes has been recorded in the accompanying financial statements.
USTDA helps companies create U.S. jobs through the export of U.S. goods and services for priority development projects in emerging economies. USTDA links U.S. businesses to export opportunities by funding project preparation and partnership building activities that develop sustainable infrastructure and foster economic growth in partner countries.
The organization was established on July 1, 1981 as the Trade and Development Program (TDP) by delegation of authority as a component of the International Development Cooperation Agency (IDCA). In 1988, under the Omnibus Trade and Competitiveness Act, the organization was designated a separate component agency of IDCA. On October 28, 1992, Congress enacted the Jobs through Exports Act of 1992, which renamed TDP as the Trade and Development Agency and established USTDA as an independent executive branch agency under the foreign policy guidance of the Secretary of State.
(b) Basis of Presentation
These financial statements have been prepared to report the financial position, net costs, changes in net position, and budgetary resources of USTDA. These financial statements include all activity related to USTDA’s appropriation and interagency agreements, whereby USTDA receives transfers from other Federal agencies for use in specific regions or sectors.
(c) Budgets and Budgetary Accounting
Congress annually adopts a budget appropriation that provides USTDA with authority to use funds from the U.S. Department of the Treasury to meet operating and program expense requirements. All revenue received from other sources, except for appropriations transferred from other Federal agencies, must be returned to the U.S. Department of the Treasury. There are no differences between the budgetary resources, new obligations, and net outlay amounts, as shown in the 2019 Statement of Budgetary Resources, and the Budget of the U.S. Government. The President’s FY 2022 Budget with actual numbers for FY 2020 has not been published.
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