Department Of Defense Agency Financial Report 2007 - Section 2: Financial Information Page 45
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82Section 2: Financial Information
Department of Defense Agency Financial Report 2007
57
Schedule for Reconciling Subsidy Cost Allowance Balances for Post 1991 Direct Loans
As of September 30
2007
2006 Restated
(amounts in millions)
Beginning Balance of the Subsidy Cost Allowance
$
49.7
$
63.1
Add: Subsidy Expense for Direct Loans Disbursed during the Reporting Years by Component
Interest Rate Differential Costs
2.1
27.9
Default Costs (Net of Recoveries)
1.3
20.7
Total of the above Subsidy Expense Components
3.4
48.6
Adjustments
Loans Written Off
(5.0)
(24.2)
Subsidy Allowance Amortization
219.4
(12.0)
Other
7.0
0.0
Total of the above Adjustment Components
221.4
(36.2)
Ending Balance of the Subsidy Cost Allowance before Reestimates
274.5
75.5
Add or Subtract Reestimates by Component
Interest Rate Reestimate
55.3
(0.3)
Technical/Default Reestimate
(8.2)
(25.5)
Total of the above Reestimate Components
47.1
(25.8)
Ending Balance of the Subsidy Cost Allowance
$
321.6
$
49.7
Three Foreign Military Financing Account loans were prepaid in FY 2006 and FY 2007. The allowance for subsidy cost was
adjusted to reflect the balance due to the U.S. Treasury.
Defaulted Guaranteed Loans
As of September 30
2007
2006
(amounts in millions)
Defaulted Guaranteed Loans from Post-FY 1991 Guarantees
(Present Value Method):
Armament Retooling & Manufacturing Support Initiative
Defaulted Guaranteed Loans Receivable, Gross
$
14.4
$
0.0
Allowance for Subsidy Cost (Present Value)
(14.3)
0.0
Total Value of Assets Related to Defaulted Guaranteed Loans Receivable
$
0.1
$
0.0
The value of assets related to defaulted guaranteed loans totaling $0.1 million represents the net recovery from a defaulted
loan.
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