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Board of Governors 2018 Statements of Operations

Original source · Answer-key source

Public domain, US federal government work (Board of Governors authored statement). Board of Governors of the Federal Reserve System, 2018 Annual Report, p. 328. Deterministic photocopy simulation added for this test.

Board of Governors 2018 Statements of Operations

The answer key

Check numbers below match the grid columns. An absence check requires the stated value to be absent in its stated field.

Retained checks
CheckKindExpected answerField / row / column
1cell838,000,000Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures / For the years ended December 31, > 2018 > Board operating revenues:
2cell44,008,726Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures / For the years ended December 31, > 2017 > Board operating revenues:
3cell16,096,191Other revenues / For the years ended December 31, > 2018 > Board operating revenues:
4cell801,150,644Total operating revenues / For the years ended December 31, > 2017
5cell27,781,455Non-capital furniture, equipment, postage, and supplies / For the years ended December 31, > 2018 > Board operating expenses:
6cell8,304,501Repairs and maintenance / For the years ended December 31, > 2017 > Board operating expenses:
7cell337,100,000Assessments levied on the Federal Reserve Banks for the Bureau / For the years ended December 31, > 2018 > Bureau of Consumer Financial Protection (Bureau):
8cell(21,682,486)Net actuarial gain (loss) arising during the year / For the years ended December 31, > 2017 > Other comprehensive income (loss):
9cell12,480,393Total other comprehensive income (loss) / For the years ended December 31, > 2018 > Other comprehensive income (loss):
10cell(7,559,085)Comprehensive income (loss) / For the years ended December 31, > 2017
11cell172,516,193Cumulative results of operations – beginning of period / For the years ended December 31, > 2018
12cell172,516,193Cumulative results of operations – end of period / For the years ended December 31, > 2017

Model-by-check results

Right and Wrong describe exact checks. No output scores zero. Tab reaches each result.

Every model, every retained check
ModelPage checks rightPage score / 100123456789101112
Claude Opus 5.56/1250.0RightWrongRightWrongRightWrongRightWrongRightWrongRightWrong
GPT-6.1 Sol11/1291.7RightRightRightRightRightRightWrongRightRightRightRightRight
Claude Sonnet 5.512/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
Gemini 3.8 Flash12/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
Gemini 4 Argon12/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
Chandra OCR 2 4-bit12/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
Mistral OCR12/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
GPT-6 Luna12/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
LightOnOCR 3 1B12/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
OCRia-112/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
dots.ocr 4-bit0/120.0No outputNo outputNo outputNo outputNo outputNo outputNo outputNo outputNo outputNo outputNo outputNo output
Nemotron 3.5 Parse12/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
Indra5/1241.7WrongWrongWrongRightWrongRightWrongRightWrongRightWrongRight
Granite-Docling12/12100.0RightRightRightRightRightRightRightRightRightRightRightRight
PaddleOCR-VL 1.60/120.0WrongWrongWrongWrongWrongWrongWrongWrongWrongWrongWrongWrong
Tesseract 5.5.30/120.0WrongWrongWrongWrongWrongWrongWrongWrongWrongWrongWrongWrong

Raw model outputs beside the key

Key reference

  1. 838,000,000
  2. 44,008,726
  3. 16,096,191
  4. 801,150,644
  5. 27,781,455
  6. 8,304,501
  7. 337,100,000
  8. (21,682,486)
  9. 12,480,393
  10. (7,559,085)
  11. 172,516,193
  12. 172,516,193
Claude Opus 5.5 · 6/12 checks in scoring unit

Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

328 105th Annual Report | 2018

## Board of Governors of the Federal Reserve System Statements of Operations

| | For the years ended December 31, 2018 | 2017 |
|---|---|---|
| **Board operating revenues:** | | |
| Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures | $838,000,000 | $740,000,000 |
| Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures | 43,874,751 | 44,008,726 |
| Other revenues | 16,096,191 | 17,141,918 |
| Total operating revenues | 897,970,942 | 801,150,644 |
| **Board operating expenses:** | | |
| Salaries | 456,517,512 | 437,179,633 |
| Retirement, insurance, and benefits | 100,550,193 | 97,442,384 |
| Other components of net periodic pension and postretirement costs | 9,206,084 | 7,330,010 |
| Contractual services and professional fees | 63,602,914 | 65,027,459 |
| Depreciation, amortization, and net gains or losses on disposals | 42,325,685 | 40,023,558 |
| Travel | 15,764,961 | 14,020,574 |
| Non-capital furniture, equipment, postage, and supplies | 27,781,455 | 34,372,697 |
| Data, news, and research | 16,705,844 | 13,372,175 |
| Utilities | 7,713,508 | 8,353,654 |
| Software | 18,841,942 | 16,010,063 |
| Rentals of space and equipment | 36,718,324 | 31,325,898 |
| Repairs and maintenance | 7,161,325 | 8,304,501 |
| Other expenses | 16,837,846 | 17,259,902 |
| Total operating expenses | 819,727,593 | 790,022,508 |
| Net income | 78,243,349 | 11,128,136 |
| **Currency costs:** | | |
| Assessments levied or to be levied on Federal Reserve Banks for currency costs | 804,843,293 | 679,613,935 |
| Expenses for costs related to currency | 804,843,293 | 679,613,935 |
| Currency assessments over (under) expenses | – | – |
| **Bureau of Consumer Financial Protection (Bureau):** | | |
| Assessments levied on the Federal Reserve Banks for the Bureau | 337,100,000 | 573,000,000 |
| Transfers to the Bureau | 337,100,000 | 573,000,000 |
| Bureau assessments over (under) transfers | – | – |
| Total net income | $ 78,243,349 | $ 11,128,136 |
| **Other comprehensive income (loss):** | | |
| Pension and other postretirement benefit plans: | | |
| Amortization of prior service cost | $ 73,588 | $ 138,609 |
| Amortization of net actuarial loss | 4,255,630 | 2,856,656 |
| Net actuarial gain (loss) arising during the year | 8,151,175 | (21,682,486) |
| Total other comprehensive income (loss) | 12,480,393 | (18,687,221) |
| Comprehensive income (loss) | 90,723,742 | (7,559,085) |
| Cumulative results of operations – beginning of period | 172,516,193 | 180,075,278 |
| Cumulative results of operations – end of period | $263,239,935 | $172,516,193 |

See notes to financial statements.
GPT-6.1 Sol · 11/12 checks in scoring unit

Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

328  105th Annual Report | 2018

## Board of Governors of the Federal Reserve System Statements of Operations

| | For the years ended December 31, | |
|---|---:|---:|
| | 2018 | 2017 |
| **Board operating revenues:** | | |
| Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures | $838,000,000 | $740,000,000 |
| Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures | 43,874,751 | 44,008,726 |
| Other revenues | 16,096,191 | 17,141,918 |
| Total operating revenues | 897,970,942 | 801,150,644 |
| **Board operating expenses:** | | |
| Salaries | 456,517,512 | 437,179,633 |
| Retirement, insurance, and benefits | 100,550,193 | 97,442,384 |
| Other components of net periodic pension and postretirement costs | 9,206,084 | 7,330,010 |
| Contractual services and professional fees | 63,602,914 | 65,027,459 |
| Depreciation, amortization, and net gains or losses on disposals | 42,325,685 | 40,023,558 |
| Travel | 15,764,961 | 14,020,574 |
| Non-capital furniture, equipment, postage, and supplies | 27,781,455 | 34,372,697 |
| Data, news, and research | 16,705,844 | 13,372,175 |
| Utilities | 7,713,508 | 8,353,654 |
| Software | 18,841,942 | 16,010,063 |
| Rentals of space and equipment | 36,718,324 | 31,325,898 |
| Repairs and maintenance | 7,161,325 | 8,304,501 |
| Other expenses | 16,837,846 | 17,259,902 |
| Total operating expenses | 819,727,593 | 790,022,508 |
| Net income | 78,243,349 | 11,128,136 |
| **Currency costs:** | | |
| Assessments levied or to be levied on Federal Reserve Banks for currency costs | 804,843,293 | 679,613,935 |
| Expenses for costs related to currency | 804,843,293 | 679,613,935 |
| Currency assessments over (under) expenses | – | – |
| **Bureau of Consumer Financial Protection (Bureau):** | | |
| Assessments levied on Federal Reserve Banks for the Bureau | 337,100,000 | 573,000,000 |
| Transfers to the Bureau | 337,100,000 | 573,000,000 |
| Bureau assessments over (under) transfers | – | – |
| Total net income | $ 78,243,349 | $ 11,128,136 |
| **Other comprehensive income (loss):** | | |
| Pension and other postretirement benefit plans: | | |
| Amortization of prior service cost | $ 73,588 | $ 138,609 |
| Amortization of net actuarial loss | 4,255,630 | 2,856,666 |
| Net actuarial gain (loss) arising during the year | 8,151,175 | (21,682,486) |
| Total other comprehensive income (loss) | 12,480,393 | (18,687,221) |
| Comprehensive income (loss) | 90,723,742 | (7,559,085) |
| Cumulative results of operations – beginning of period | 172,516,193 | 180,075,278 |
| Cumulative results of operations – end of period | $263,239,935 | $172,516,193 |

See notes to financial statements.
Claude Sonnet 5.5 · 12/12 checks in scoring unit

Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

328 105th Annual Report | 2018

# Board of Governors of the Federal Reserve System Statements of Operations

| | For the years ended December 31, 2018 | For the years ended December 31, 2017 |
|---|---|---|
| **Board operating revenues:** | | |
| Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures | $838,000,000 | $740,000,000 |
| Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures | 43,874,751 | 44,008,726 |
| Other revenues | 16,096,191 | 17,141,918 |
| Total operating revenues | 897,970,942 | 801,150,644 |
| **Board operating expenses:** | | |
| Salaries | 456,517,512 | 437,179,633 |
| Retirement, insurance, and benefits | 100,550,193 | 97,442,384 |
| Other components of net periodic pension and postretirement costs | 9,206,084 | 7,330,010 |
| Contractual services and professional fees | 63,602,914 | 65,027,459 |
| Depreciation, amortization, and net gains or losses on disposals | 42,325,685 | 40,023,558 |
| Travel | 15,764,961 | 14,020,574 |
| Non-capital furniture, equipment, postage, and supplies | 27,781,455 | 34,372,697 |
| Data, news, and research | 16,705,844 | 13,372,175 |
| Utilities | 7,713,508 | 8,353,654 |
| Software | 18,841,942 | 16,010,063 |
| Rentals of space and equipment | 36,718,324 | 31,325,898 |
| Repairs and maintenance | 7,161,325 | 8,304,501 |
| Other expenses | 16,837,846 | 17,259,902 |
| Total operating expenses | 819,727,593 | 790,022,508 |
| Net income | 78,243,349 | 11,128,136 |
| **Currency costs:** | | |
| Assessments levied or to be levied on Federal Reserve Banks for currency costs | 804,843,293 | 679,613,935 |
| Expenses for costs related to currency | 804,843,293 | 679,613,935 |
| Currency assessments over (under) expenses | – | – |
| **Bureau of Consumer Financial Protection (Bureau):** | | |
| Assessments levied on the Federal Reserve Banks for the Bureau | 337,100,000 | 573,000,000 |
| Transfers to the Bureau | 337,100,000 | 573,000,000 |
| Bureau assessments over (under) transfers | – | – |
| Total net income | $ 78,243,349 | $ 11,128,136 |
| **Other comprehensive income (loss):** | | |
| Pension and other postretirement benefit plans: | | |
| Amortization of prior service cost | $ 73,588 | $ 138,609 |
| Amortization of net actuarial loss | 4,255,630 | 2,856,656 |
| Net actuarial gain (loss) arising during the year | 8,151,175 | (21,682,486) |
| Total other comprehensive income (loss) | 12,480,393 | (18,687,221) |
| Comprehensive income (loss) | 90,723,742 | (7,559,085) |
| Cumulative results of operations – beginning of period | 172,516,193 | 180,075,278 |
| Cumulative results of operations – end of period | $263,239,935 | $172,516,193 |

See notes to financial statements.
Gemini 3.8 Flash · 12/12 checks in scoring unit

Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

328 105th Annual Report | 2018

### Board of Governors of the Federal Reserve System Statements of Operations

| | For the years ended December 31, | |
| :--- | :--- | :--- |
| | 2018 | 2017 |
| **Board operating revenues:** | | |
| Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures | $838,000,000 | $740,000,000 |
| Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures | 43,874,751 | 44,008,726 |
| Other revenues | 16,096,191 | 17,141,918 |
| Total operating revenues | 897,970,942 | 801,150,644 |
| **Board operating expenses:** | | |
| Salaries | 456,517,512 | 437,179,633 |
| Retirement, insurance, and benefits | 100,550,193 | 97,442,384 |
| Other components of net periodic pension and postretirement costs | 9,206,084 | 7,330,010 |
| Contractual services and professional fees | 63,602,914 | 65,027,459 |
| Depreciation, amortization, and net gains or losses on disposals | 42,325,685 | 40,023,558 |
| Travel | 15,764,961 | 14,020,574 |
| Non-capital furniture, equipment, postage, and supplies | 27,781,455 | 34,372,697 |
| Data, news, and research | 16,705,844 | 13,372,175 |
| Utilities | 7,713,508 | 8,353,654 |
| Software | 18,841,942 | 16,010,063 |
| Rentals of space and equipment | 36,718,324 | 31,325,898 |
| Repairs and maintenance | 7,161,325 | 8,304,501 |
| Other expenses | 16,837,846 | 17,259,902 |
| Total operating expenses | 819,727,593 | 790,022,508 |
| **Net income** | 78,243,349 | 11,128,136 |
| **Currency costs:** | | |
| Assessments levied or to be levied on Federal Reserve Banks for currency costs | 804,843,293 | 679,613,935 |
| Expenses for costs related to currency | 804,843,293 | 679,613,935 |
| Currency assessments over (under) expenses | – | – |
| **Bureau of Consumer Financial Protection (Bureau):** | | |
| Assessments levied on the Federal Reserve Banks for the Bureau | 337,100,000 | 573,000,000 |
| Transfers to the Bureau | 337,100,000 | 573,000,000 |
| Bureau assessments over (under) transfers | – | – |
| **Total net income** | $ 78,243,349 | $ 11,128,136 |
| **Other comprehensive income (loss):** | | |
| Pension and other postretirement benefit plans: | | |
| Amortization of prior service cost | $ 73,588 | $ 138,609 |
| Amortization of net actuarial loss | 4,255,630 | 2,856,656 |
| Net actuarial gain (loss) arising during the year | 8,151,175 | (21,682,486) |
| Total other comprehensive income (loss) | 12,480,393 | (18,687,221) |
| **Comprehensive income (loss)** | 90,723,742 | (7,559,085) |
| **Cumulative results of operations – beginning of period** | 172,516,193 | 180,075,278 |
| **Cumulative results of operations – end of period** | $263,239,935 | $172,516,193 |

See notes to financial statements.
Gemini 4 Argon · 12/12 checks in scoring unit

Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

328 105th Annual Report | 2018

### Board of Governors of the Federal Reserve System Statements of Operations

<table>
  <thead>
    <tr>
      <th rowspan="2"></th>
      <th colspan="2">For the years ended December 31,</th>
    </tr>
    <tr>
      <th>2018</th>
      <th>2017</th>
    </tr>
  </thead>
  <tbody>
    <tr>
      <td colspan="3"><strong>Board operating revenues:</strong></td>
    </tr>
    <tr>
      <td>Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures</td>
      <td>$838,000,000</td>
      <td>$740,000,000</td>
    </tr>
    <tr>
      <td>Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures</td>
      <td>43,874,751</td>
      <td>44,008,726</td>
    </tr>
    <tr>
      <td>Other revenues</td>
      <td>16,096,191</td>
      <td>17,141,918</td>
    </tr>
    <tr>
      <td>Total operating revenues</td>
      <td>897,970,942</td>
      <td>801,150,644</td>
    </tr>
    <tr>
      <td colspan="3"><strong>Board operating expenses:</strong></td>
    </tr>
    <tr>
      <td>Salaries</td>
      <td>456,517,512</td>
      <td>437,179,633</td>
    </tr>
    <tr>
      <td>Retirement, insurance, and benefits</td>
      <td>100,550,193</td>
      <td>97,442,384</td>
    </tr>
    <tr>
      <td>Other components of net periodic pension and postretirement costs</td>
      <td>9,206,084</td>
      <td>7,330,010</td>
    </tr>
    <tr>
      <td>Contractual services and professional fees</td>
      <td>63,602,914</td>
      <td>65,027,459</td>
    </tr>
    <tr>
      <td>Depreciation, amortization, and net gains or losses on disposals</td>
      <td>42,325,685</td>
      <td>40,023,558</td>
    </tr>
    <tr>
      <td>Travel</td>
      <td>15,764,961</td>
      <td>14,020,574</td>
    </tr>
    <tr>
      <td>Non-capital furniture, equipment, postage, and supplies</td>
      <td>27,781,455</td>
      <td>34,372,697</td>
    </tr>
    <tr>
      <td>Data, news, and research</td>
      <td>16,705,844</td>
      <td>13,372,175</td>
    </tr>
    <tr>
      <td>Utilities</td>
      <td>7,713,508</td>
      <td>8,353,654</td>
    </tr>
    <tr>
      <td>Software</td>
      <td>18,841,942</td>
      <td>16,010,063</td>
    </tr>
    <tr>
      <td>Rentals of space and equipment</td>
      <td>36,718,324</td>
      <td>31,325,898</td>
    </tr>
    <tr>
      <td>Repairs and maintenance</td>
      <td>7,161,325</td>
      <td>8,304,501</td>
    </tr>
    <tr>
      <td>Other expenses</td>
      <td>16,837,846</td>
      <td>17,259,902</td>
    </tr>
    <tr>
      <td>Total operating expenses</td>
      <td>819,727,593</td>
      <td>790,022,508</td>
    </tr>
    <tr>
      <td>Net income</td>
      <td>78,243,349</td>
      <td>11,128,136</td>
    </tr>
    <tr>
      <td colspan="3"><strong>Currency costs:</strong></td>
    </tr>
    <tr>
      <td>Assessments levied or to be levied on Federal Reserve Banks for currency costs</td>
      <td>804,843,293</td>
      <td>679,613,935</td>
    </tr>
    <tr>
      <td>Expenses for costs related to currency</td>
      <td>804,843,293</td>
      <td>679,613,935</td>
    </tr>
    <tr>
      <td>Currency assessments over (under) expenses</td>
      <td>–</td>
      <td>–</td>
    </tr>
    <tr>
      <td colspan="3"><strong>Bureau of Consumer Financial Protection (Bureau):</strong></td>
    </tr>
    <tr>
      <td>Assessments levied on the Federal Reserve Banks for the Bureau</td>
      <td>337,100,000</td>
      <td>573,000,000</td>
    </tr>
    <tr>
      <td>Transfers to the Bureau</td>
      <td>337,100,000</td>
      <td>573,000,000</td>
    </tr>
    <tr>
      <td>Bureau assessments over (under) transfers</td>
      <td>–</td>
      <td>–</td>
    </tr>
    <tr>
      <td>Total net income</td>
      <td>$ 78,243,349</td>
      <td>$ 11,128,136</td>
    </tr>
    <tr>
      <td colspan="3"><strong>Other comprehensive income (loss):</strong></td>
    </tr>
    <tr>
      <td colspan="3">Pension and other postretirement benefit plans:</td>
    </tr>
    <tr>
      <td>Amortization of prior service cost</td>
      <td>$ 73,588</td>
      <td>$ 138,609</td>
    </tr>
    <tr>
      <td>Amortization of net actuarial loss</td>
      <td>4,255,630</td>
      <td>2,856,656</td>
    </tr>
    <tr>
      <td>Net actuarial gain (loss) arising during the year</td>
      <td>8,151,175</td>
      <td>(21,682,486)</td>
    </tr>
    <tr>
      <td>Total other comprehensive income (loss)</td>
      <td>12,480,393</td>
      <td>(18,687,221)</td>
    </tr>
    <tr>
      <td>Comprehensive income (loss)</td>
      <td>90,723,742</td>
      <td>(7,559,085)</td>
    </tr>
    <tr>
      <td>Cumulative results of operations – beginning of period</td>
      <td>172,516,193</td>
      <td>180,075,278</td>
    </tr>
    <tr>
      <td>Cumulative results of operations – end of period</td>
      <td>$263,239,935</td>
      <td>$172,516,193</td>
    </tr>
  </tbody>
</table>

See notes to financial statements.
Chandra OCR 2 · 12/12 checks in scoring unit

Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

<div data-bbox="125 45 370 62" data-label="Page-Header">328 105th Annual Report | 2018</div>
<div data-bbox="132 118 577 136" data-label="Section-Header">Board of Governors of the Federal Reserve System Statements of Operations</div>
<div data-bbox="117 143 875 836" data-label="Table">
<table border="1">
<thead>
<tr>
<th rowspan="2"></th>
<th colspan="2">For the years ended December 31,</th>
</tr>
<tr>
<th>2018</th>
<th>2017</th>
</tr>
</thead>
<tbody>
<tr>
<td colspan="3"><b>Board operating revenues:</b></td>
</tr>
<tr>
<td>Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures</td>
<td>$838,000,000</td>
<td>$740,000,000</td>
</tr>
<tr>
<td>Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures</td>
<td>43,874,751</td>
<td>44,008,726</td>
</tr>
<tr>
<td>Other revenues</td>
<td>16,096,191</td>
<td>17,141,918</td>
</tr>
<tr>
<td>Total operating revenues</td>
<td><u>897,970,942</u></td>
<td><u>801,150,644</u></td>
</tr>
<tr>
<td colspan="3"><b>Board operating expenses:</b></td>
</tr>
<tr>
<td>Salaries</td>
<td>456,517,512</td>
<td>437,179,633</td>
</tr>
<tr>
<td>Retirement, insurance, and benefits</td>
<td>100,550,193</td>
<td>97,442,384</td>
</tr>
<tr>
<td>Other components of net periodic pension and postretirement costs</td>
<td>9,206,084</td>
<td>7,330,010</td>
</tr>
<tr>
<td>Contractual services and professional fees</td>
<td>63,602,914</td>
<td>65,027,459</td>
</tr>
<tr>
<td>Depreciation, amortization, and net gains or losses on disposals</td>
<td>42,325,685</td>
<td>40,023,558</td>
</tr>
<tr>
<td>Travel</td>
<td>15,764,961</td>
<td>14,020,574</td>
</tr>
<tr>
<td>Non-capital furniture, equipment, postage, and supplies</td>
<td>27,781,455</td>
<td>34,372,697</td>
</tr>
<tr>
<td>Data, news, and research</td>
<td>16,705,844</td>
<td>13,372,175</td>
</tr>
<tr>
<td>Utilities</td>
<td>7,713,508</td>
<td>8,353,654</td>
</tr>
<tr>
<td>Software</td>
<td>18,841,942</td>
<td>16,010,063</td>
</tr>
<tr>
<td>Rentals of space and equipment</td>
<td>36,718,324</td>
<td>31,325,898</td>
</tr>
<tr>
<td>Repairs and maintenance</td>
<td>7,161,325</td>
<td>8,304,501</td>
</tr>
<tr>
<td>Other expenses</td>
<td>16,837,846</td>
<td>17,259,902</td>
</tr>
<tr>
<td>Total operating expenses</td>
<td><u>819,727,593</u></td>
<td><u>790,022,508</u></td>
</tr>
<tr>
<td>Net income</td>
<td><u>78,243,349</u></td>
<td><u>11,128,136</u></td>
</tr>
<tr>
<td colspan="3"><b>Currency costs:</b></td>
</tr>
<tr>
<td>Assessments levied or to be levied on Federal Reserve Banks for currency costs</td>
<td>804,843,293</td>
<td>679,613,935</td>
</tr>
<tr>
<td>Expenses for costs related to currency</td>
<td>804,843,293</td>
<td>679,613,935</td>
</tr>
<tr>
<td>Currency assessments over (under) expenses</td>
<td><u>—</u></td>
<td><u>—</u></td>
</tr>
<tr>
<td colspan="3"><b>Bureau of Consumer Financial Protection (Bureau):</b></td>
</tr>
<tr>
<td>Assessments levied on the Federal Reserve Banks for the Bureau</td>
<td>337,100,000</td>
<td>573,000,000</td>
</tr>
<tr>
<td>Transfers to the Bureau</td>
<td><u>337,100,000</u></td>
<td><u>573,000,000</u></td>
</tr>
<tr>
<td>Bureau assessments over (under) transfers</td>
<td><u>—</u></td>
<td><u>—</u></td>
</tr>
<tr>
<td>Total net income</td>
<td><u>$ 78,243,349</u></td>
<td><u>$ 11,128,136</u></td>
</tr>
<tr>
<td colspan="3"><b>Other comprehensive income (loss):</b></td>
</tr>
<tr>
<td>Pension and other postretirement benefit plans:</td>
<td></td>
<td></td>
</tr>
<tr>
<td>Amortization of prior service cost</td>
<td>$ 73,588</td>
<td>$ 138,609</td>
</tr>
<tr>
<td>Amortization of net actuarial loss</td>
<td>4,255,630</td>
<td>2,856,656</td>
</tr>
<tr>
<td>Net actuarial gain (loss) arising during the year</td>
<td>8,151,175</td>
<td>(21,682,486)</td>
</tr>
<tr>
<td>Total other comprehensive income (loss)</td>
<td><u>12,480,393</u></td>
<td><u>(18,687,221)</u></td>
</tr>
<tr>
<td>Comprehensive income (loss)</td>
<td><u>90,723,742</u></td>
<td><u>(7,559,085)</u></td>
</tr>
<tr>
<td>Cumulative results of operations – beginning of period</td>
<td><u>172,516,193</u></td>
<td><u>180,075,278</u></td>
</tr>
<tr>
<td>Cumulative results of operations – end of period</td>
<td><u>$263,239,935</u></td>
<td><u>$172,516,193</u></td>
</tr>
<tr>
<td colspan="3">See notes to financial statements.</td>
</tr>
</tbody>
</table>
</div>
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Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

<file name="finance-board-2018-operations.pdf">
105th Annual Report | 2018

Board of Governors of the Federal Reserve System Statements of Operations

|   | For the years ended December 31,  |   |
| --- | --- | --- |
|   |  2018 | 2017  |
|  Board operating revenues: |  |   |
|  Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures | $838,000,000 | $740,000,000  |
|  Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures | 43,874,751 | 44,008,726  |
|  Other revenues | 16,096,191 | 17,141,918  |
|  Total operating revenues | 897,970,942 | 801,150,644  |
|  Board operating expenses: |  |   |
|  Salaries | 456,517,512 | 437,179,633  |
|  Retirement, insurance, and benefits | 100,550,193 | 97,442,384  |
|  Other components of net periodic pension and postretirement costs | 9,206,084 | 7,330,010  |
|  Contractual services and professional fees | 63,602,914 | 65,027,459  |
|  Depreciation, amortization, and net gains or losses on disposals | 42,325,685 | 40,023,558  |
|  Travel | 15,764,961 | 14,020,574  |
|  Non-capital furniture, equipment, postage, and supplies | 27,781,455 | 34,372,697  |
|  Data, news, and research | 16,705,844 | 13,372,175  |
|  Utilities | 7,713,508 | 8,353,654  |
|  Software | 18,841,942 | 16,010,063  |
|  Rentals of space and equipment | 36,718,324 | 31,325,898  |
|  Repairs and maintenance | 7,161,325 | 8,304,501  |
|  Other expenses | 16,837,846 | 17,259,902  |
|  Total operating expenses | 819,727,593 | 790,022,508  |
|  Net income | 78,243,349 | 11,128,136  |
|  Currency costs: |  |   |
|  Assessments levied or to be levied on Federal Reserve Banks for currency costs | 804,843,293 | 679,613,935  |
|  Expenses for costs related to currency | 804,843,293 | 679,613,935  |
|  Currency assessments over (under) expenses | – | –  |
|  Bureau of Consumer Financial Protection (Bureau): |  |   |
|  Assessments levied on the Federal Reserve Banks for the Bureau | 337,100,000 | 573,000,000  |
|  Transfers to the Bureau | 337,100,000 | 573,000,000  |
|  Bureau assessments over (under) transfers | – | –  |
|  Total net income | $ 78,243,349 | $ 11,128,136  |
|  Other comprehensive income (loss): |  |   |
|  Pension and other postretirement benefit plans: |  |   |
|  Amortization of prior service cost | $ 73,588 | $ 138,609  |
|  Amortization of net actuarial loss | 4,255,630 | 2,856,656  |
|  Net actuarial gain (loss) arising during the year | 8,151,175 | (21,682,486)  |
|  Total other comprehensive income (loss) | 12,480,393 | (18,687,221)  |
|  Comprehensive income (loss) | 90,723,742 | (7,559,085)  |
|  Cumulative results of operations – beginning of period | 172,516,193 | 180,075,278  |
|  Cumulative results of operations – end of period | $263,239,935 | $172,516,193  |
|  See notes to financial statements. |  |   |
</file>
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328 105th Annual Report | 2018

# Board of Governors of the Federal Reserve System Statements of Operations

For the years ended December 31,

|  | 2018 | 2017 |
|---|---:|---:|
| **Board operating revenues:** |  |  |
| Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures | $838,000,000 | $740,000,000 |
| Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures | 43,874,751 | 44,008,726 |
| Other revenues | 16,096,191 | 17,141,918 |
| Total operating revenues | 897,970,942 | 801,150,644 |
| **Board operating expenses:** |  |  |
| Salaries | 456,517,512 | 437,179,633 |
| Retirement, insurance, and benefits | 100,550,193 | 97,442,384 |
| Other components of net periodic pension and postretirement costs | 9,206,084 | 7,330,010 |
| Contractual services and professional fees | 63,602,914 | 65,027,459 |
| Depreciation, amortization, and net gains or losses on disposals | 42,325,685 | 40,023,558 |
| Travel | 15,764,961 | 14,020,574 |
| Non-capital furniture, equipment, postage, and supplies | 27,781,455 | 34,372,697 |
| Data, news, and research | 16,705,844 | 13,372,175 |
| Utilities | 7,713,508 | 8,353,654 |
| Software | 18,841,942 | 16,010,063 |
| Rentals of space and equipment | 36,718,324 | 31,325,898 |
| Repairs and maintenance | 7,161,325 | 8,304,501 |
| Other expenses | 16,837,846 | 17,259,902 |
| Total operating expenses | 819,727,593 | 790,022,508 |
| Net income | 78,243,349 | 11,128,136 |
| **Currency costs:** |  |  |
| Assessments levied or to be levied on Federal Reserve Banks for currency costs | 804,843,293 | 679,613,935 |
| Expenses for costs related to currency | 804,843,293 | 679,613,935 |
| Currency assessments over (under) expenses | — | — |
| **Bureau of Consumer Financial Protection (Bureau):** |  |  |
| Assessments levied on the Federal Reserve Banks for the Bureau | 337,100,000 | 573,000,000 |
| Transfers to the Bureau | 337,100,000 | 573,000,000 |
| Bureau assessments over (under) transfers | — | — |
| Total net income | $ 78,243,349 | $ 11,128,136 |
| **Other comprehensive income (loss):** |  |  |
| Pension and other postretirement benefit plans: |  |  |
| Amortization of prior service cost | $ 73,588 | $ 138,609 |
| Amortization of net actuarial loss | 4,255,630 | 2,856,656 |
| Net actuarial gain (loss) arising during the year | 8,151,175 | (21,682,486) |
| Total other comprehensive income (loss) | 12,480,393 | (18,687,221) |
| Comprehensive income (loss) | 90,723,742 | (7,559,085) |
| Cumulative results of operations – beginning of period | 172,516,193 | 180,075,278 |
| Cumulative results of operations – end of period | $263,239,935 | $172,516,193 |

See notes to financial statements.
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Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

![header](119,42,386,62) 328 105th Annual Report | 2018

![table](122,116,878,837) <table>
  <thead>
    <tr>
      <th colspan="3">Board of Governors of the Federal Reserve System Statements of Operations</th>
    </tr>
    <tr>
      <th></th>
      <th colspan="2">For the years ended December 31,</th>
    </tr>
    <tr>
      <th></th>
      <th>2018</th>
      <th>2017</th>
    </tr>
  </thead>
  <tbody>
    <tr>
      <td>Board operating revenues:</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures</td>
      <td>&dollar;838,000,000</td>
      <td>&dollar;740,000,000</td>
    </tr>
    <tr>
      <td>Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures</td>
      <td>43,874,751</td>
      <td>44,008,726</td>
    </tr>
    <tr>
      <td>Other revenues</td>
      <td>16,096,191</td>
      <td>17,141,918</td>
    </tr>
    <tr>
      <td>Total operating revenues</td>
      <td>897,970,942</td>
      <td>801,150,644</td>
    </tr>
    <tr>
      <td>Board operating expenses:</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>Salaries</td>
      <td>456,517,512</td>
      <td>437,179,633</td>
    </tr>
    <tr>
      <td>Retirement, insurance, and benefits</td>
      <td>100,550,193</td>
      <td>97,442,384</td>
    </tr>
    <tr>
      <td>Other components of net periodic pension and postretirement costs</td>
      <td>9,206,084</td>
      <td>7,330,010</td>
    </tr>
    <tr>
      <td>Contractual services and professional fees</td>
      <td>63,602,914</td>
      <td>65,027,459</td>
    </tr>
    <tr>
      <td>Depreciation, amortization, and net gains or losses on disposals</td>
      <td>42,325,685</td>
      <td>40,023,558</td>
    </tr>
    <tr>
      <td>Travel</td>
      <td>15,764,961</td>
      <td>14,020,574</td>
    </tr>
    <tr>
      <td>Non-capital furniture, equipment, postage, and supplies</td>
      <td>27,781,455</td>
      <td>34,372,697</td>
    </tr>
    <tr>
      <td>Data, news, and research</td>
      <td>16,705,844</td>
      <td>13,372,175</td>
    </tr>
    <tr>
      <td>Utilities</td>
      <td>7,713,508</td>
      <td>8,353,654</td>
    </tr>
    <tr>
      <td>Software</td>
      <td>18,841,942</td>
      <td>16,010,063</td>
    </tr>
    <tr>
      <td>Rentals of space and equipment</td>
      <td>36,718,324</td>
      <td>31,325,898</td>
    </tr>
    <tr>
      <td>Repairs and maintenance</td>
      <td>7,161,325</td>
      <td>8,304,501</td>
    </tr>
    <tr>
      <td>Other expenses</td>
      <td>16,837,846</td>
      <td>17,259,902</td>
    </tr>
    <tr>
      <td>Total operating expenses</td>
      <td>819,727,593</td>
      <td>790,022,508</td>
    </tr>
    <tr>
      <td>Net income</td>
      <td>78,243,349</td>
      <td>11,128,136</td>
    </tr>
    <tr>
      <td>Currency costs:</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>Assessments levied or to be levied on Federal Reserve Banks for currency costs</td>
      <td>804,843,293</td>
      <td>679,613,935</td>
    </tr>
    <tr>
      <td>Expenses for costs related to currency</td>
      <td>804,843,293</td>
      <td>679,613,935</td>
    </tr>
    <tr>
      <td>Currency assessments over (under) expenses</td>
      <td>–</td>
      <td>–</td>
    </tr>
    <tr>
      <td>Bureau of Consumer Financial Protection (Bureau):</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>Assessments levied on the Federal Reserve Banks for the Bureau</td>
      <td>337,100,000</td>
      <td>573,000,000</td>
    </tr>
    <tr>
      <td>Transfers to the Bureau</td>
      <td>337,100,000</td>
      <td>573,000,000</td>
    </tr>
    <tr>
      <td>Bureau assessments over (under) transfers</td>
      <td>–</td>
      <td>–</td>
    </tr>
    <tr>
      <td>Total net income</td>
      <td>&dollar; 78,243,349</td>
      <td>&dollar; 11,128,136</td>
    </tr>
    <tr>
      <td>Other comprehensive income (loss):</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>Pension and other postretirement benefit plans:</td>
      <td></td>
      <td></td>
    </tr>
    <tr>
      <td>Amortization of prior service cost</td>
      <td>&dollar; 73,588</td>
      <td>&dollar; 138,609</td>
    </tr>
    <tr>
      <td>Amortization of net actuarial loss</td>
      <td>4,255,630</td>
      <td>2,856,656</td>
    </tr>
    <tr>
      <td>Net actuarial gain (loss) arising during the year</td>
      <td>8,151,175</td>
      <td>(21,682,486)</td>
    </tr>
    <tr>
      <td>Total other comprehensive income (loss)</td>
      <td>12,480,393</td>
      <td>(18,687,221)</td>
    </tr>
    <tr>
      <td>Comprehensive income (loss)</td>
      <td>90,723,742</td>
      <td>(7,559,085)</td>
    </tr>
    <tr>
      <td>Cumulative results of operations – beginning of period</td>
      <td>172,516,193</td>
      <td>180,075,278</td>
    </tr>
    <tr>
      <td>Cumulative results of operations – end of period</td>
      <td>&dollar;263,239,935</td>
      <td>&dollar;172,516,193</td>
    </tr>
    <tr>
      <td>See notes to financial statements.</td>
      <td></td>
      <td></td>
    </tr>
  </tbody>
</table>

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328 105th Annual Report | 2018

# Board of Governors of the Federal Reserve System Statements of Operations

<table>
  <thead>
    <tr>
      <th></th>
      <th colspan="2">For the years ended December 31,</th>
    </tr>
<tr>
      <th></th>
      <th>2018</th>
      <th>2017</th>
    </tr>
  </thead>
  <tbody>
    <tr>
      <td><b>Board operating revenues:</b></td>
<td></td>
<td></td>
    </tr>
<tr>
      <td>Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures</td>
<td>$838,000,000</td>
<td>$740,000,000</td>
    </tr>
<tr>
      <td>Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures</td>
<td>43,874,751</td>
<td>44,008,726</td>
    </tr>
<tr>
      <td>Other revenues</td>
<td>16,096,191</td>
<td>17,141,918</td>
    </tr>
<tr>
      <td>Total operating revenues</td>
<td><u>897,970,942</u></td>
<td><u>801,150,644</u></td>
    </tr>
<tr>
      <td><b>Board operating expenses:</b></td>
<td></td>
<td></td>
    </tr>
<tr>
      <td>Salaries</td>
<td>456,517,512</td>
<td>437,179,633</td>
    </tr>
<tr>
      <td>Retirement, insurance, and benefits</td>
<td>100,550,193</td>
<td>97,442,384</td>
    </tr>
<tr>
      <td>Other components of net periodic pension and postretirement costs</td>
<td>9,206,084</td>
<td>7,330,010</td>
    </tr>
<tr>
      <td>Contractual services and professional fees</td>
<td>63,602,914</td>
<td>65,027,459</td>
    </tr>
<tr>
      <td>Depreciation, amortization, and net gains or losses on disposals</td>
<td>42,325,685</td>
<td>40,023,558</td>
    </tr>
<tr>
      <td>Travel</td>
<td>15,764,961</td>
<td>14,020,574</td>
    </tr>
<tr>
      <td>Non-capital furniture, equipment, postage, and supplies</td>
<td>27,781,455</td>
<td>34,372,697</td>
    </tr>
<tr>
      <td>Data, news, and research</td>
<td>16,705,844</td>
<td>13,372,175</td>
    </tr>
<tr>
      <td>Utilities</td>
<td>7,713,508</td>
<td>8,353,654</td>
    </tr>
<tr>
      <td>Software</td>
<td>18,841,942</td>
<td>16,010,063</td>
    </tr>
<tr>
      <td>Rentals of space and equipment</td>
<td>36,718,324</td>
<td>31,325,898</td>
    </tr>
<tr>
      <td>Repairs and maintenance</td>
<td>7,161,325</td>
<td>8,304,501</td>
    </tr>
<tr>
      <td>Other expenses</td>
<td>16,837,846</td>
<td>17,259,902</td>
    </tr>
<tr>
      <td>Total operating expenses</td>
<td><u>819,727,593</u></td>
<td><u>790,022,508</u></td>
    </tr>
<tr>
      <td>Net income</td>
<td><u>78,243,349</u></td>
<td><u>11,128,136</u></td>
    </tr>
<tr>
      <td><b>Currency costs:</b></td>
<td></td>
<td></td>
    </tr>
<tr>
      <td>Assessments levied or to be levied on Federal Reserve Banks for currency costs</td>
<td>804,843,293</td>
<td>679,613,935</td>
    </tr>
<tr>
      <td>Expenses for costs related to currency</td>
<td><u>804,843,293</u></td>
<td><u>679,613,935</u></td>
    </tr>
<tr>
      <td>Currency assessments over (under) expenses</td>
<td>–</td>
<td>–</td>
    </tr>
<tr>
      <td><b>Bureau of Consumer Financial Protection (Bureau):</b></td>
<td></td>
<td></td>
    </tr>
<tr>
      <td>Assessments levied on the Federal Reserve Banks for the Bureau</td>
<td>337,100,000</td>
<td>573,000,000</td>
    </tr>
<tr>
      <td>Transfers to the Bureau</td>
<td><u>337,100,000</u></td>
<td><u>573,000,000</u></td>
    </tr>
<tr>
      <td>Bureau assessments over (under) transfers</td>
<td>–</td>
<td>–</td>
    </tr>
<tr>
      <td>Total net income</td>
<td><u>$ 78,243,349</u></td>
<td><u>$ 11,128,136</u></td>
    </tr>
<tr>
      <td><b>Other comprehensive income (loss):</b></td>
<td></td>
<td></td>
    </tr>
<tr>
      <td>Pension and other postretirement benefit plans:</td>
<td></td>
<td></td>
    </tr>
<tr>
      <td>Amortization of prior service cost</td>
<td>$ 73,588</td>
<td>$ 138,609</td>
    </tr>
<tr>
      <td>Amortization of net actuarial loss</td>
<td>4,255,630</td>
<td>2,856,656</td>
    </tr>
<tr>
      <td>Net actuarial gain (loss) arising during the year</td>
<td>8,151,175</td>
<td>(21,682,486)</td>
    </tr>
<tr>
      <td>Total other comprehensive income (loss)</td>
<td><u>12,480,393</u></td>
<td><u>(18,687,221)</u></td>
    </tr>
<tr>
      <td>Comprehensive income (loss)</td>
<td><u>90,723,742</u></td>
<td><u>(7,559,085)</u></td>
    </tr>
<tr>
      <td>Cumulative results of operations – beginning of period</td>
<td>172,516,193</td>
<td>180,075,278</td>
    </tr>
<tr>
      <td>Cumulative results of operations – end of period</td>
<td><u>$263,239,935</u></td>
<td><u>$172,516,193</u></td>
    </tr>
<tr>
      <td>See notes to financial statements.</td>
<td></td>
<td></td>
    </tr>
  </tbody>
</table>


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328

105th Annual Report | 2018

<table><tr><th colspan="3" rowspan="1">Board of Governors of the Federal Reserve System Statements of Operations</th></tr><tr><td colspan="1" rowspan="1"></td><th colspan="2" rowspan="1">For the years ended December 31,</th></tr><tr><td colspan="1" rowspan="1"></td><th colspan="1" rowspan="1">2018</th><th colspan="1" rowspan="1">2017</th></tr><tr><td colspan="1" rowspan="1"><b>Board operating revenues:</b></td><td colspan="1" rowspan="1"></td><td colspan="1" rowspan="1"></td></tr><tr><td colspan="1" rowspan="1">Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures</td><td colspan="1" rowspan="1">$838,000,000</td><td colspan="1" rowspan="1">$740,000,000</td></tr><tr><td colspan="1" rowspan="1">Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures</td><td colspan="1" rowspan="1">43,874,751</td><td colspan="1" rowspan="1">44,008,726</td></tr><tr><td colspan="1" rowspan="1">Other revenues</td><td colspan="1" rowspan="1">16,096,191</td><td colspan="1" rowspan="1">17,141,918</td></tr><tr><td colspan="1" rowspan="1">Total operating revenues</td><td colspan="1" rowspan="1">897,970,942</td><td colspan="1" rowspan="1">801,150,644</td></tr><tr><td colspan="1" rowspan="1"><b>Board operating expenses:</b></td><td colspan="1" rowspan="1"></td><td colspan="1" rowspan="1"></td></tr><tr><td colspan="1" rowspan="1">Salaries</td><td colspan="1" rowspan="1">456,517,512</td><td colspan="1" rowspan="1">437,179,633</td></tr><tr><td colspan="1" rowspan="1">Retirement, insurance, and benefits</td><td colspan="1" rowspan="1">100,550,193</td><td colspan="1" rowspan="1">97,442,384</td></tr><tr><td colspan="1" rowspan="1">Other components of net periodic pension and postretirement costs</td><td colspan="1" rowspan="1">9,206,084</td><td colspan="1" rowspan="1">7,330,010</td></tr><tr><td colspan="1" rowspan="1">Contractual services and professional fees</td><td colspan="1" rowspan="1">63,602,914</td><td colspan="1" rowspan="1">65,027,459</td></tr><tr><td colspan="1" rowspan="1">Depreciation, amortization, and net gains or losses on disposals</td><td colspan="1" rowspan="1">42,325,685</td><td colspan="1" rowspan="1">40,023,558</td></tr><tr><td colspan="1" rowspan="1">Travel</td><td colspan="1" rowspan="1">15,764,961</td><td colspan="1" rowspan="1">14,020,574</td></tr><tr><td colspan="1" rowspan="1">Non-capital furniture, equipment, postage, and supplies</td><td colspan="1" rowspan="1">27,781,455</td><td colspan="1" rowspan="1">34,372,697</td></tr><tr><td colspan="1" rowspan="1">Data, news, and research</td><td colspan="1" rowspan="1">16,705,844</td><td colspan="1" rowspan="1">13,372,175</td></tr><tr><td colspan="1" rowspan="1">Utilities</td><td colspan="1" rowspan="1">7,713,508</td><td colspan="1" rowspan="1">8,353,654</td></tr><tr><td colspan="1" rowspan="1">Software</td><td colspan="1" rowspan="1">18,841,942</td><td colspan="1" rowspan="1">16,010,063</td></tr><tr><td colspan="1" rowspan="1">Rentals of space and equipment</td><td colspan="1" rowspan="1">36,718,324</td><td colspan="1" rowspan="1">31,325,898</td></tr><tr><td colspan="1" rowspan="1">Repairs and maintenance</td><td colspan="1" rowspan="1">7,161,325</td><td colspan="1" rowspan="1">8,304,501</td></tr><tr><td colspan="1" rowspan="1">Other expenses</td><td colspan="1" rowspan="1">16,837,846</td><td colspan="1" rowspan="1">17,259,902</td></tr><tr><td colspan="1" rowspan="1">Total operating expenses</td><td colspan="1" rowspan="1">819,727,593</td><td colspan="1" rowspan="1">790,022,508</td></tr><tr><td colspan="1" rowspan="1">Net income</td><td colspan="1" rowspan="1">78,243,349</td><td colspan="1" rowspan="1">11,128,136</td></tr><tr><td colspan="1" rowspan="1"><b>Currency costs:</b></td><td colspan="1" rowspan="1"></td><td colspan="1" rowspan="1"></td></tr><tr><td colspan="1" rowspan="1">Assessments levied or to be levied on Federal Reserve Banks for currency costs</td><td colspan="1" rowspan="1">804,843,293</td><td colspan="1" rowspan="1">679,613,935</td></tr><tr><td colspan="1" rowspan="1">Expenses for costs related to currency</td><td colspan="1" rowspan="1">804,843,293</td><td colspan="1" rowspan="1">679,613,935</td></tr><tr><td colspan="1" rowspan="1">Currency assessments over (under) expenses</td><td colspan="1" rowspan="1">–</td><td colspan="1" rowspan="1">–</td></tr><tr><td colspan="1" rowspan="1"><b>Bureau of Consumer Financial Protection (Bureau):</b></td><td colspan="1" rowspan="1"></td><td colspan="1" rowspan="1"></td></tr><tr><td colspan="1" rowspan="1">Assessments levied on the Federal Reserve Banks for the Bureau</td><td colspan="1" rowspan="1">337,100,000</td><td colspan="1" rowspan="1">573,000,000</td></tr><tr><td colspan="1" rowspan="1">Transfers to the Bureau</td><td colspan="1" rowspan="1">337,100,000</td><td colspan="1" rowspan="1">573,000,000</td></tr><tr><td colspan="1" rowspan="1">Bureau assessments over (under) transfers</td><td colspan="1" rowspan="1">–</td><td colspan="1" rowspan="1">–</td></tr><tr><td colspan="1" rowspan="1">Total net income</td><td colspan="1" rowspan="1">$ 78,243,349</td><td colspan="1" rowspan="1">$ 11,128,136</td></tr><tr><td colspan="1" rowspan="1"><b>Other comprehensive income (loss):</b></td><td colspan="1" rowspan="1"></td><td colspan="1" rowspan="1"></td></tr><tr><td colspan="1" rowspan="1">Pension and other postretirement benefit plans:</td><td colspan="1" rowspan="1"></td><td colspan="1" rowspan="1"></td></tr><tr><td colspan="1" rowspan="1">Amortization of prior service cost</td><td colspan="1" rowspan="1">$ 73,588</td><td colspan="1" rowspan="1">$ 138,609</td></tr><tr><td colspan="1" rowspan="1">Amortization of net actuarial loss</td><td colspan="1" rowspan="1">4,255,630</td><td colspan="1" rowspan="1">2,856,656</td></tr><tr><td colspan="1" rowspan="1">Net actuarial gain (loss) arising during the year</td><td colspan="1" rowspan="1">8,151,175</td><td colspan="1" rowspan="1">(21,682,486)</td></tr><tr><td colspan="1" rowspan="1">Total other comprehensive income (loss)</td><td colspan="1" rowspan="1">12,480,393</td><td colspan="1" rowspan="1">(18,687,221)</td></tr><tr><td colspan="1" rowspan="1">Comprehensive income (loss)</td><td colspan="1" rowspan="1">90,723,742</td><td colspan="1" rowspan="1">(7,559,085)</td></tr><tr><td colspan="1" rowspan="1">Cumulative results of operations - beginning of period</td><td colspan="1" rowspan="1">172,516,193</td><td colspan="1" rowspan="1">180,075,278</td></tr><tr><td colspan="1" rowspan="1">Cumulative results of operations - end of period</td><td colspan="1" rowspan="1">$263,239,935</td><td colspan="1" rowspan="1">$172,516,193</td></tr><tr><td colspan="1" rowspan="1">See notes to financial statements.</td><td colspan="1" rowspan="1"></td><td colspan="1" rowspan="1"></td></tr></table>
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Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

## Board of Governors of the Federal Reserve System Statements of Operations

<table>
<tr><th></th><th></th><th colspan="2">For the years ended December 31,</th><th></th></tr>
<tr><td></td><td>2018</td><td></td><td></td><td>2017</td></tr>
<tr><td>Board operating revenues:</td><td></td><td></td><td></td><td></td></tr>
<tr><td>Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures</td><td colspan="2">$838,000,000</td><td colspan="2">$740,000,000</td></tr>
<tr><td>Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital</td><td></td><td></td><td></td><td></td></tr>
<tr><td>expenditures</td><td></td><td>43,874,751</td><td></td><td>44,008,726</td></tr>
<tr><td>Other revenues</td><td></td><td>16,096,191</td><td></td><td>17,141,918</td></tr>
<tr><td>Total operating revenues</td><td colspan="2">897,970,942</td><td></td><td>801,150,644</td></tr>
<tr><td>Board operating expenses:</td><td></td><td></td><td></td><td></td></tr>
<tr><td>Salaries</td><td colspan="2">456,517,512</td><td></td><td>437,179,633</td></tr>
<tr><td>Retirement, insurance, and benefits</td><td colspan="2">100,550,193</td><td></td><td>97,442,384</td></tr>
<tr><td>Other components of net periodic pension and postretirement costs</td><td></td><td>9,206,084</td><td></td><td>7,330,010</td></tr>
<tr><td>Contractual services and professional fees</td><td></td><td>63,602,914</td><td></td><td>65,027,459</td></tr>
<tr><td>Depreciation, amortization, and net gains or losses on disposals</td><td></td><td>42,325,685</td><td></td><td>40,023,558</td></tr>
<tr><td>Travel</td><td></td><td>15,764,961</td><td></td><td>14,020,574</td></tr>
<tr><td>Non-capital furniture, equipment, postage, and supplies</td><td></td><td>27,781,455</td><td></td><td>34,372,697</td></tr>
<tr><td>Data, news, and research</td><td></td><td>16,705,844</td><td></td><td>13,372,175</td></tr>
<tr><td>Utilities</td><td></td><td>7,713,508</td><td></td><td>8,353,654</td></tr>
<tr><td>Software</td><td></td><td>18,841,942</td><td></td><td>16,010,063</td></tr>
<tr><td>Rentals of space and equipment</td><td></td><td>36,718,324</td><td></td><td>31,325,898</td></tr>
<tr><td>Repairs and maintenance</td><td></td><td>7,161,325</td><td></td><td>8,304,501</td></tr>
<tr><td>Other expenses</td><td></td><td>16,837,846</td><td></td><td>17,259,902</td></tr>
<tr><td>Total operating expenses</td><td colspan="2">819,727,593</td><td colspan="2">790,022,508</td></tr>
<tr><td>Net income</td><td colspan="2">78,243,349</td><td></td><td>11,128,136</td></tr>
<tr><td>Currency costs:</td><td></td><td></td><td></td><td></td></tr>
<tr><td>Assessments levied or to be levied on Federal Reserve Banks for currency costs</td><td colspan="2">804,843,293</td><td></td><td>679,613,935</td></tr>
<tr><td>Expenses for costs related to currency</td><td colspan="2">804,843,293</td><td colspan="2">679,613,935</td></tr>
<tr><td>Currency assessments over (under) expenses</td><td></td><td></td><td></td><td></td></tr>
<tr><td>Bureau of Consumer Financial Protection (Bureau):</td><td></td><td></td><td></td><td></td></tr>
<tr><td>Assessments levied on the Federal Reserve Banks for the Bureau</td><td colspan="2">337,100,000</td><td colspan="2">573,000,000</td></tr>
<tr><td>Transfers to the Bureau</td><td colspan="2">337,100,000</td><td colspan="2">573,000,000</td></tr>
<tr><td>Bureau assessments over (under) transfers</td><td></td><td></td><td></td><td></td></tr>
<tr><td>Total net income</td><td colspan="2">$ 78,243,349</td><td colspan="2">$ 11,128,136</td></tr>
<tr><td>Other comprehensive income (loss):</td><td></td><td></td><td></td><td></td></tr>
<tr><td>Pension and other postretirement benefit plans:</td><td></td><td></td><td></td><td></td></tr>
<tr><td>Amortization of prior service cost</td><td>§ </td><td>73,588</td><td></td><td>138,609</td></tr>
<tr><td>Amortization of net actuarial loss</td><td></td><td>4,255,630</td><td></td><td>2,856,656</td></tr>
<tr><td>Net actuarial gain (loss) arising during the year</td><td></td><td>8,151,175</td><td></td><td>(21,682,486)</td></tr>
<tr><td>Total other comprehensive income (loss)</td><td colspan="2">12,480,393</td><td></td><td>(18,687,221)</td></tr>
<tr><td>Comprehensive income (loss)</td><td colspan="2">90,723,742</td><td></td><td>(7,559,085)</td></tr>
<tr><td>Cumulative results of operations – beginning of period</td><td colspan="2">172,516,193</td><td colspan="2">180,075,278</td></tr>
<tr><td>Cumulative results of operations – end of period</td><td colspan="2">$263,239,935</td><td colspan="2">$172,516,193</td></tr>
<tr><td>See notes to financial statements.</td><td></td><td></td><td></td><td></td></tr>
</table>
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Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

|                                                                                                              | For the years ended December 31,   | For the years ended December 31,   |
|--------------------------------------------------------------------------------------------------------------|------------------------------------|------------------------------------|
|                                                                                                              | 2018                               | 2017                               |
| Board operating revenues:                                                                                    |                                    |                                    |
| Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures            | $838,000,000                       | $740,000,000                       |
| Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures | 43,874,751                         | 44,008,726                         |
| Other revenues                                                                                               | 16,096,191                         | 17,141,918                         |
| Total operating revenues                                                                                     | 897,970,942                        | 801,150,644                        |
| Board operating expenses:                                                                                    |                                    |                                    |
| Salaries                                                                                                     | 456,517,512                        | 437,179,633                        |
| Retirement, insurance, and benefits                                                                          | 100,550,193                        | 97,442,384                         |
| Other components of net periodic pension and postretirement costs                                            | 9,206,084                          | 7,330,010                          |
| Contractual services and professional fees                                                                   | 63,602,914                         | 65,027,459                         |
| Depreciation, amortization, and net gains or losses on disposals                                             | 42,325,685                         | 40,023,558                         |
| Travel                                                                                                       | 15,764,961                         | 14,020,574                         |
| Non-capital furniture, equipment, postage, and supplies                                                      | 27,781,455                         | 34,372,697                         |
| Data, news, and research                                                                                     | 16,705,844                         | 13,372,175                         |
| Utilities                                                                                                    | 7,713,508                          | 8,353,654                          |
| Software                                                                                                     | 18,841,942                         | 16,010,063                         |
| Rentals of space and equipment                                                                               | 36,718,324                         | 31,325,898                         |
| Repairs and maintenance                                                                                      | 7,161,325                          | 8,304,501                          |
| Other expenses                                                                                               | 16,837,846                         | 17,259,902                         |
| Total operating expenses                                                                                     | 819,727,593                        | 790,022,508                        |
| Net income                                                                                                   | 78,243,349                         | 11,128,136                         |
| Currency costs:                                                                                              |                                    |                                    |
| Assessments levied or to be levied on Federal Reserve Banks for currency costs                               | 804,843,293                        | 679,613,935                        |
| Expenses for costs related to currency                                                                       | 804,843,293                        | 679,613,935                        |
| Currency assessments over (under) expenses                                                                   | -                                  | -                                  |
| Bureau of Consumer Financial Protection (Bureau):                                                            |                                    |                                    |
| Assessments levied on the Federal Reserve Banks for the Bureau                                               | 337,100,000                        | 573,000,000                        |
| Transfers to the Bureau                                                                                      | 337,100,000                        | 573,000,000                        |
| Bureau assessments over (under) transfers                                                                    | -                                  | -                                  |
| Total net income                                                                                             | $78,243,349                        | $11,128,136                        |
| Other comprehensive income (loss):                                                                           |                                    |                                    |
| Pension and other postretirement benefit plans:                                                              |                                    |                                    |
| Amortization of prior service cost                                                                           | $73,588                            | $138,609                           |
| Amortization of net actuarial loss                                                                           | 4,255,630                          | 2,856,656                          |
| Net actuarial gain (loss) arising during the year                                                            | 8,151,175                          | (21,682,486)                       |
| Total other comprehensive income (loss)                                                                      | 12,480,393                         | (18,687,221)                       |
| Comprehensive income (loss)                                                                                  | 90,723,742                         | (7,559,085)                        |
| Cumulative results of operations - beginning of period                                                       | 172,516,193                        | 180,075,278                        |
| Cumulative results of operations - end of period                                                             | $263,239,935                       | $172,516,193                       |
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Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

Board of Governors of the Federal Reserve System Statements of Operations
For the years ended December 31,  
2018  2017  
Board operating revenues:  
Assessments levied on Federal Reserve Banks for board operating expenses and capital expenditures  
$838,000,000  $740,000,000  
Assessments levied on Federal Reserve Banks for currency-related operating expenses and capital expenditures  
43,874,751  44,008,726  
Other revenues  
16,096,191  17,141,918  
Total operating revenues  
897,970,942  801,150,644  
Board operating expenses:  
Salaries  
456,517,512  437,179,633  
Retirement, insurance, and benefits  
100,550,193  97,442,384  
Other components of net periodic pension and postretirement costs  
9,206,084  7,330,010  
Contractual services and professional fees  
63,602,914  65,027,459  
Depreciation, amortization, and net gains or losses on disposals  
42,325,685  40,023,558  
Travel  
15,764,961  14,020,574  
Non-capital furniture, equipment, postage, and supplies  
27,781,455  34,372,697  
Data, news, and research  
16,705,844  13,372,175  
Utilities  
7,713,508  8,353,654  
Software  
18,841,942  16,010,063  
Rentals of space and equipment  
36,718,324  31,325,898  
Repairs and maintenance  
7,161,325  8,304,501  
Other expenses  
16,837,846  17,259,902  
Total operating expenses  
819,727,593  790,022,508  
Net income  
78,243,349  11,128,136  
Currency costs:  
Assessments levied on the Federal Reserve Banks for currency costs  
804,843,293  679,613,935  
Expenses for costs related to currency  
804,843,293  679,613,935  
Currency assessments over (under) expenses  
-  -  -  
Bureau of Consumer Financial Protection (Bureau):  
Assessments levied on the Federal Reserve Banks for the Bureau  
Transfers to the Bureau  
Bureau assessments over (under) transfers  
337,100,000  573,000,000  
Bureau assessments over (under) transfers  
-  -  -  
Other comprehensive income (loss):  
Pension and other postretirement benefit plans:  
Amortization of prior service cost  
Net actuarial gain (loss) arising during the year  
8,151,175  (21,682,486)  
12,480,393  (18,687,221)  
Comprehensive income (loss)  
90,723,742  (7,559,085)  
Cumulative results of operations – beginning of period  
172,516,193  180,075,278  
Cumulative results of operations – end of period  
$263,239,935  $172,516,193  
See notes to financial statements.
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Scoring unit: finance-board-2018-operations. Joined pages use the same full output.

328 105th Annual Report | 2018

Board of Governors of the Federal Reserve System Statements of Operations

For the years ended December 31,
2018 2017
Board operating revenues:
‘Assessments levied on Federal Reserve Banks for Board operating expenses and capital expenditures '$838,000,000 $740,000,000
‘Assessments levied on Federal Reserve Banks for currency-retated operating expenses and capital
expenditures 43,874,751 44,008,726
Other revenues 17,141,918
Total operating revenues 801,150,644
Board operating expenses:
Salaries 456,517,512 437,179,633
Retirement, insurance, and benefits 100,550,193 97,442,384
Other components of net periodic pension and postretirement costs 9,206,084 7,330,010
Contractual services and professional fees 63,602,914 65,027,459
Depreciation, amortization, and net gains or losses on disposals 42,325,685 40,023,558
Travel 15,764,961 14,020,574
‘Non-capital furniture, equipment, postage, and supplies 217,781,455 34,372,697
Data, news, and research 16,705,844 13,372,175,
Utilities 7,713,508 8,353,654
Software 18,841,942 16,010,063
Rentals of space and equipment 36,718,324 31,325,898
Repairs and maintenance 7,161,325 8,304,501
Other expenses 17,259,902
Total operating expenses 790,022,508
Net income 78,243,349 11,128,136
Currency costs:
‘Assessments levied or to be levied on Federal Reserve Banks for currency costs 804,843,293 679,613,935
Expenses for costs related to currency 804,843,293 679,613,995
Currency assessments over (under) expenses =
Bureau of Consumer Financial Protection (Bureau):
Assessments levied on the Federal Reserve Banks for the Bureau 337,100,000 573,000,000
Transfers to the Bureau 337,100, 573,000,000

Bureau assessments over (under) transfers
Total net income
Other comprehensive income (loss):
Pension and other postretirement benefit plans:
Amortization of prior service cost
Amortization of net actuarial loss
Net actuarial gain (loss) arising during the year
Total other comprehensive income (loss)
Comprehensive income (loss)
‘Cumulative results of operations — beginning of period

Cumulative results of operations ~ end of period

See notes to financial statements

$ 78,243,349

$ 73,588
4,255,630
8,151,175

12,480,393

(18,687,221)

(7,559,085)
180,075,278

$172,516,193,