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U.S. TRADE AND DEVELOPMENT AGENCY
NOTES TO FINANCIAL STATEMENTS
September 30, 2020 and 2019
The actuarial present value of accumulated benefits, assets available for benefits, and unfunded pension liability of CSRS and FERS is not allocated to individual departments and agencies and is therefore not disclosed by USTDA. The reporting of these amounts is the responsibility of OPM.
USTDA paid approximately $1,011,954 and $765,761 for retirement system coverage for its employees during FY 2020 and FY 2019, respectively.
(n) Classified Activities
Accounting standards require all reporting entities to disclose that accounting standards allow certain presentations and disclosures to be modified, if needed, to prevent the disclosure of classified information.
(o) Use of Estimates
Management has made certain estimates and assumptions when reporting in these financial statements on assets and liabilities. Management’s estimates and assumptions are also used in expenses and note disclosures. Actual results could differ from these estimates. Significant estimates underlying the accompanying financial statements include depreciable lives of property and equipment with no residual value, and the grants payable accrual. USTDA used a ratio of the average of accounts payable to unpaid obligations over a three-year period and applied the resulting percentage to calculate the current year’s estimate of accounts payable.
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