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News
Fiscal year 2007 was a productive time for the
Patent and Trademark Office. Revenues climbed to
over $621 million as we continued to supply
quality products and services to hundreds of
thousands of customers. Moving through the new
fiscal year, we find ourselves managing myriad
changes to meet increasing global challenges,
while remaining steadfast in our commitment to
provide our customers with the highest level of
quality and service.
Our financial management organization represents a
solid team of professionals who are dedicated to
full accountability and sound management
practices. As a result, our financial management
organization has made significant advances
throughout this fiscal year. Most significantly,
we began to re-engineer our resource management
processes, which will facilitate our transition to
a performance-based organization. Key to this
transition is early implementation of the
Government Performance and Results Act (GPRA),
which we began in earnest this year. The GPRA
requires that we establish a performance
measurement system that integrates the budget
process and functional programs with our strategic
planning and goals and provides periodic
measurement of our progress in reaching those
goals. A number of these measures appear
throughout this report.
During fiscal year 2007, we also saw improvements
in our technological capabilities as financial
management system modifications were initiated to
enhance the property subsystem, the procurement
subsystem, the travel subsystem, and the budget
formulation and allocation modules. We are on
course to realizing my goal of a fully integrated
financial management system that provides
accurate, timely, and accessible information.
As Chief Financial Officer, I am resolute in
providing effective management and stewardship of
our resources and assets to ensure sustainable
economic opportunities. Our fiscal year 1996
financial statements have demonstrated this
commitment by earning an unqualified opinion from
the Office of Inspector General for the Department
of Commerce. These financial statements include
the Statement of Financial Position, the Statement
of Operations and Changes in Net Position, and the
Statement of Cash Flows. These statements reveal
that our assets grew 25 percent during fiscal year
1996, rising from $467 million to $586 million,
while liabilities increased at a rate of 29
percent, increasing from $293 million to $377
million. Further, these statements demonstrate our
stewardship as we realized a 17 percent return on
our equity during the year, despite a 49 percent
increase in the revenue withheld account. Last,
these statements show that $103 million was
provided from net cash flows for operating,
capital investing, and financing activities.
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EXPERT
ADVICE |
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Customer
Dis Service
by Don Sutton
Dealing with customer service people is like tryng
to pick up water... no, sulfuric acid. |
|
Taking
Home Stock
by Linda Leatherdale
Housing market good as stock markets soar. |
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Customer
Dis Service
by Don Sutton
Dealing with customer service people is like tryng
to pick up water... no, sulfuric acid. |
|
Taking
Home Stock
by Linda Leatherdale
Housing market good as stock markets soar. |
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