The United States Department of Education's (the Department's) "Agency Financial Report" (AFR) for fiscal year (FY) 2012 provides an overview of the Department's financial performance and results and detailed information about the Department's stewardship over the financial resources entrusted to it. Additionally, as required by the Office of Management and Budget's Circulars A-11 and A-136, the report provides information about the Department's performance as an organization, its accomplishments and initiatives, and challenges. The AFR is organized into three major sections: (1) The Management's Discussion and Analysis section provides executive-level information on the Department's history, mission, organization, key activities, analysis of financial statements, systems, controls and legal compliance, accomplishments for the fiscal year, and management and performance challenges facing the Department; (2) The Financial Details section provides a Message from the Chief Financial Officer, consolidated and combined financial statements, the Department's notes to the financial statements, and the Report of Independent Auditors; and (3) The Other Accompanying Information section provides improper payments reporting details and other statutory reporting requirements.