2023 Agency Financial Report About The CPSC

2023 Agency Financial Report About the CPSC
CPSC Page| i
2023 Agency Financial Report Table of Contents
Table of Contents
About CPSC .......................................................................................................................... i

About this Report .................................................................................................................. ii
Message from the Chair........................................................................................................ iii
Management’s Discussion and Analysis 1

CPSC’s Mission and Organizational Structure ............................................................. 2
Performance Summary: An Overview ........................................................................... 3
Key Performance Measures (KMs) ............................................................................... 4
Selected Performance Results ……….. ........................................................................ 7
Analysis of Financial Statements and Stewardship Information ................................... 13
Controls, Systems, and Legal Compliance ................................................................... 16
Management Assurance Statement .............................................................................. 20
Looking Ahead ............................................................................................................... 21
Limitations of the Financial Statements ........................................................................ 22
Financial Section 23
Message from the Chief Financial Officer ..................................................................... 24
Independent Auditors’ Report........................................................................................ 25
Financial Statements ..................................................................................................... 40
Notes to the Financial Statements ................................................................................ 45
Other Information 57
Inspector General’s Management Challenges Report .................................................. 58
Summary of Financial Statement Audit and Management Assurances ....................... 76
Payment Integrity Information Act Reporting……………………………………….......... 77
Civil Monetary Penalty Adjustment for Inflation…………………………………….......... 79
Grants Programs…………………………………………………………………………….. 80
Appendices 81
Appendix A: Performance Measurement Reporting Process ....................................... 82
Appendix B: Statutory Authority .................................................................................... 83
Appendix C: Acronym Listing ........................................................................................ 84
CPSC Table of Contents

2023 Agency Financial Report About CPSC
About CPSC
The U.S. Consumer Product Safety Commission (CPSC) is an independent federal regulatory agency, created
in 1972 by the Consumer Product Safety Act (CPSA). In addition to the CPSA, as amended by the Consumer
Product Safety Improvement Act of 2008 (CPSIA) and Pub. L. No. 112-28, CPSC administers the following laws,
in chronological order: Flammable Fabrics Act; Refrigerator Safety Act; Federal Hazardous Substances Act;
Poison Prevention Packaging Act; Labeling of Hazardous Art Materials Act; Child Safety Protection Act; Virginia
Graeme Baker Pool and Spa Safety Act (VGB Act); Children’s Gasoline Burn Prevention Act; Drywall Safety
Act; Child Nicotine Poisoning Prevention Act; Portable Fuel Container Safety Act of 2020 (15 U.S.C. § 2056d);
Nicholas and Zachary Burt Memorial Carbon Monoxide Poisoning Prevention Act of 2022 (Pub. L. No. 117–103,
Division Q, Title II); Safe Sleep for Babies Act; Reese’s Law (Pub. L. No. 117-171); imitation firearms provisions
of Pub. L. Nos. 100-615 and 117-167; and the STURDY requirements of Pub. L. No. 117-328 (Division BB, Title
II). In October 2022, CPSC celebrated its 50th anniversary of protecting the public from unreasonable risks of
injury or death associated with the use of thousands of types of consumer products.
CPSC has jurisdiction over thousands of types of consumer products used in and around the home, in schools,
for recreation, or in other settings. Although CPSC’s regulatory purview is quite broad, several product
categories regulated by other agencies are outside of CPSC’s jurisdiction. 1 The Chair is the principal executive
officer and head of the Commission, which convenes at meetings typically open to the public.
The photograph below shows the four members of the Commission at the close of the FY 2023 reporting period
of October 1, 2022 through September 30, 2023. CPSC is a bipartisan commission that is authorized to have
five Commissioners; however, one position was vacant for the majority of FY 2023. This was due to Dana
Baiocco’s departure from CPSC in early FY 2023; she served as Commissioner from June 1, 2018 to October 5,
2022. From left to right, the photograph shows Commissioner Peter A. Feldman, Chair Alexander Hoehn-Saric,
Commissioner Richard L. Trumka Jr., and Commissioner Mary T. Boyle.
1Excluded product categories include automobiles, planes, and boats; alcohol, tobacco, and firearms; foods, drugs,
cosmetics, and medical devices; and pesticides.
CPSC Page | i
2023 Agency Financial Report About this Report
About this Report
The purpose of the U.S. Consumer Product Safety Commission’s

FY 2023 Agency Financial Report (AFR) is to assist Congress,
the President, and the American people in assessing the
agency’s stewardship of the resources with which it has been
entrusted. This annual report is required by law and prepared in
accordance with the requirements of Office of Management and
Budget (OMB) Circulars No. A-11, Preparation, Submission, and
Execution of the Budget, and A-136, Financial Reporting
Requirements.
This AFR is organized into four major sections:
Management’s Discussion and Analysis (MD&A): Includes

information on the agency’s mission and organizational structure,
high-level performance results, financial highlights, compliance
with pertinent laws and regulations, and management
assurances.
Financial Section: Includes a message from the Chief Financial

Officer, an independent auditors’ report, financial statements and
accompanying notes, and Required Supplementary Information
(RSI).
Other Information: Includes CPSC’s Office of the Inspector General’s (OIG) Management Challenges,
a summary of the financial statement audit and management assurance, and improper payments
reporting details.
Appendices: Provides information on CPSC’s performance measurement reporting process, the federal
statutes administered by CPSC, and a glossary of acronyms and abbreviations.
This report satisfies the reporting requirements of the following statutes:
• Federal Managers’ Financial Integrity Act of 1982 (FMFIA);

• Government Management Reform Act of 1994;
• Federal Financial Management Improvement Act of 1996;
• Reports Consolidation Act of 2000;
• Accountability of Tax Dollars Act of 2002;
• Government Performance and Results Act Modernization Act of 2010 (GPRAMA); and
• Payment Integrity Information Act of 2019 (PIIA).
In accordance with OMB Circular No. A-11, Part 6, The Federal Performance Framework for Improving
Program and Service Delivery, CPSC produces the AFR, with a primary focus on reporting financial
results, and it publishes the Annual Performance Report (APR) the following February, 2 with a primary
focus on reporting performance results. Electronic copies will be available on CPSC’s website shortly
after its publication: www.cpsc.gov/About-CPSC/Agency-Reports/Performance-and-Budget/.
2 CPSC’s FY 2023 APR is scheduled to be published concurrently with CPSC’s FY 2025 President’s Budget Request. The FY 2023
APR provides more detailed performance information and analysis of performance results.
CPSC Page | ii
2023 Agency Financial Report Message from the Chair
Message from the Chair
I am pleased to present the U.S. Consumer Product Safety

Commission’s (CPSC) FY 2023 Agency Financial Report (AFR).
This report provides information on our financial performance and
details our use of taxpayer dollars and the resources entrusted to
CPSC.
As in previous years, this report represents the work of more than

500 colleagues around the country who do their part every day to
keep America’s consumers safe from product hazards. We are a
small but mighty agency with a critical mission that impacts every
American’s daily life, and our dedicated and hardworking staff
make strides every day to advance our safety mission.
When I joined CPSC at the beginning of FY 2022, which coincided

with CPSC’s celebration of its 50th year, I identified key priorities
that would inform and guide my work as Chair: putting consumers
first, modernizing the agency, and increasing consumer awareness
of CPSC and our safety mission. In FY 2023, I continued to focus
my attention on those priorities in all the agency’s work. It has
been a privilege to work alongside my fellow Commissioners and CPSC staff to tackle this essential work.
In FY 2023 (March 2023), the agency published its new 2023 – 2026 Strategic Plan. This FY 2023 AFR
document aligns with the new Strategic Plan, where the three mission-oriented Strategic Goals from the
prior Strategic Plan (Goals 2, 3, and 4) remain essentially the same, with some changes made to the
Strategic Objectives and other elements under each Strategic Goal. For the new Strategic Plan, the
Workforce Strategic Goal from the prior Strategic Plan was expanded to encompass more agency support
functions, including financial management, human capital, legal affairs, and information technology. Over
the past year, CPSC has demonstrably advanced each of our four key strategic goals, which are to: 3
Prevent hazardous products from reaching consumers; Address hazardous products in the marketplace
and with consumers in a fast and effective manner; Communicate actionable information about consumer
product safety quickly and effectively; and Support CPSC’s mission efficiently and effectively. The
progress is discussed briefly below and is highlighted throughout this report.
Goal 1: Prevent
The most basic way to protect the public from hazardous products is to prevent those products from
getting into the marketplace and into homes.
During FY 2023, CPSC moved forward with multiple mandatory standards activities designed to ensure
that products on the market are safe for consumers. In FY 2023, the Commission finalized a rule for adult
portable bed rails to address entrapment hazards to vulnerable adults, a rule for button batteries to
address battery ingestion injuries to children, a rule for furniture tip-overs to address injuries to children
3 Please refer to CPSC’s four Strategic Goals in the agency’s new 2023 – 2026 Strategic Plan.
CPSC Page | iii

when dressers and other furniture tips over, a rule enacting bans of crib bumpers and inclined sleep
products, and a rule addressing hazardous operating cords on stock window coverings. These and other
safety rules – along with the many voluntary standards that CPSC staff collaborate on – provide clarity to
industry and assurance to consumers that the products they purchase are safer.
CPSC also recognizes the vital importance of identifying and stopping hazardous imports. In FY 2023 the
agency used American Rescue Plan Act (ARPA) funds to expand our presence at the ports of entry and to
strengthen our systems for monitoring imported goods. CPSC staff screened more than 66,000 products at
our borders for potential violations, of which more than 17,000 were from de minimis shipments, which are
shipments costing $800 or less.
In addition to expanding our port presence and increasing corresponding testing capabilities at the
National Product Testing and Evaluation Center, the agency continued using ARPA funds to advance a
multiyear modernization of CPSC’s National Electronic Injury Surveillance System (NEISS), which collects
data from a sample of hospital emergency departments to make national statistical estimates for injuries
associated with consumer products. In FY 2023, CPSC continued its work to recruit hospitals with
emergency departments in underserved communities and to move NEISS from a legacy platform to a web-
based system using modern technology that is more secure and widely supported.
Goal 2: Address
When hazardous consumer products enter the marketplace, CPSC works to protect consumers in a fast
and effective manner. In FY 2023, CPSC staff negotiated and implemented 313 recalls and worked to
make those recalls easier for consumers to understand and utilize. This meant expanding mechanisms for
firms to provide direct notice to consumers, free return shipping for consumers, and in-home fixes for
products like furnaces and washer/dryer units.
When companies failed to issue an effective voluntary recall, CPSC’s compliance staff acted to ensure that
the safety of consumers is prioritized. In FY 2023, CPSC issued 26 warnings to the public about hazardous
products when companies refused to agree to recall, more than it issued in the last five years combined.
CPSC also entered final orders assessing nearly $52.4 million in civil penalties against companies that did
not comply with our safety laws.
In addition, CPSC continued adapting its compliance and enforcement operations to address changing
needs and to keep pace with the evolving marketplace, including expansion of the digital marketplace and
emerging hazards that consumers are exposed to daily. Over the course of the year, CPSC expanded its
eCommerce, Surveillance, Analysis, Field, and Enforcement (eSAFE) Team, which made more than
57,400 internet site takedown requests, helping CPSC address hazardous products on eCommerce
platforms.
Goal 3: Communicate
Educating consumers about safe product usage, alerting them to product hazards, and notifying them
about product recalls helps them make better decisions when purchasing or using products. The success
of CPSC’s programs to Communicate in FY 2023 is highlighted by achievements in digital advertising and
social media activities. CPSC also conducted Native American public health outreach, featuring billboards
and radio advertising on baby safety and carbon monoxide poisoning in targeted areas of the United
States with large Native American populations. CPSC began translating recall news releases into Spanish
language and launched a Spanish-language CPSC Facebook page. Combined with our social media
activities, more than 23.8 million consumers engaged with the agency’s content in FY 2023.
CPSC Page | iv
CPSC’s efforts to reach consumers at the grassroots level also saw significant success. CPSC’s
Neighborhood Safety Network (NSN) is an online service that delivers life-saving safety messages and
visual assets, particularly to underserved and hard-to-reach communities. The number of subscribers to
NSN increased from 34,000 in FY 2022 to 123,500 in FY 2023, thanks to enhanced outreach, including a
new pop-up on www.CPSC.gov. CPSC also saw growth in earned media coverage, exceeding its goal of
top-tier media hits with 30 placements in national news outlets in FY 2023 on issues such as baby safety,
furniture tip-over prevention, fireworks safety, and carbon monoxide poisoning.
Goal 4: Support
Consumer interests and CPSC’s mission are best served when CPSC operates in an efficient, responsive,
and transparent manner. Excellence in areas including information technology, financial management,
human capital, diversity and equity, and legal affairs is vital to agency effectiveness. Over the past year,
CPSC trained 99 percent of hiring managers on the recruitment process to achieve CPSC’s strategic
objective of attracting and recruiting a talented, diverse, and highly effective workforce. Additionally,
CPSC’s Federal Employee Viewpoint Survey (FEVS) was among the best that CPSC has ever had;
including an increase in the Employee Engagement Index score by five percentage points, from 71 percent
in FY 2022 to 76 percent in FY 2023. In terms of CPSC’s contract spending, 31 percent was awarded to
Small Disadvantaged Businesses, as set forth in OMB Memorandum M-22-03. CPSC’s Office of the
General Counsel reviewed and timely certified 100 percent of employee financial disclosure forms to
support our ethical culture. The agency’s IT networks were up and operational 99.5 percent of the time.
I would like to thank the Office of Inspector General and the audit team for their partnership and support during the
FY 2023 annual audit of CPSC’s financial statements. CPSC received a qualified opinion and acknowledges the
three material weaknesses and one significant deficiency identified and will develop and implement remediation
plans to address them. The agency takes its fiscal responsibilities seriously and continues to have a high degree of
confidence in the integrity of CPSC financial operations and programs.
Thank you for taking the time to review our results. As CPSC begins its second half century of protecting
the public from hazardous consumer products, I am proud of the work our Agency has done over the past
year and look forward to building on it, with the support of my fellow Commissioners and the agency’s
talented staff, to tackle emerging safety challenges.
Alexander Hoehn-Saric
Chair
February 1, 2024
CPSC Page | v
2023 Agency Financial Report Message from the
Chair
CPSC Page | iii

2022 Agency Financial Report Management’s Discussion & Analysis
( Unaudited)
CPSC P a g e |2
CPSC’s Mission and Organizational Structure

In FY 2023, CPSC published its new 2023–2026 Strategic Figure 1: CPSC’s Strategic Goals
Plan, which builds on the 2018–2022 Strategic Plan. As stated
in the 2023–2026 Strategic Plan, CPSC’s mission of
“Protecting the public from hazardous consumer products” is
grounded in the statutes that authorize the work of the agency,
and the agency’s overarching vision is: “A nation free from
unreasonable risks of injury and death from consumer
products.” Figure 1 shows the four Strategic Goals that
contribute to realizing the agency’s vision and achieving its
mission. The Strategic Goals set the framework for agency
planning, communication, management, and reporting, and
they provide direction for resource allocation, program design,
and management decisions. Strategic Objectives reflecting the
key component outcomes necessary to achieve each of the
strategic goals have been identified. Strategic Objectives are
supported by strategies and initiatives that are achieved
through CPSC-supported programs and activities. Key
performance measures (KMs) are identified to monitor and
report on progress toward the strategic objectives.
The Commission is authorized to consist of five members. The Chair is the head and principal executive officer
of the Commission. The chart below depicts the organizational structure of CPSC:
Figure 2 : CPSC’s Organizational Structure
CPSC ( Unaudited) Page | 2

Performance Summary: An Overview

FY 2023 Resources: CPSC’s enacted Figure 3: FY 2023 Obligations by Strategic Goal ($ in Millions)
appropriation for FY 2023 was $152.5 million,
comprised of $148.5 million in 1-year discretionary
spending for mission-related salaries and expenses,
$2.0 million for the Virginia Graeme Baker Pool and
Spa Safety Act (VGB Act) 4 Grant program (available
until expended), and $2.0 million for the Nicholas and
Zachary Burt Memorial Carbon Monoxide Poisoning
Prevent Act of 2022 5 grant program (also available
until expended). Of the resources available for
mission-related salaries and expenses, CPSC
obligated $147.9 million (see Figure 3): $63.5 million
(43%) for Goal 1 (Prevent); $33.9 million (23%) for
Goal 2 (Address); $6.5 million (4%) for Goal 3;
(Communicate); and $44.0 million (30%) for Goal 4
(Support) (see p. 14 for FY 2023 Net Cost of Operations).
Summary of FY 2023 Results: In FY 2023, CPSC monitored 34 KMs, all of which are reported externally. As
illustrated by the table on pp. 4 – 6, 25 of the 34 KMs had established performance targets for FY 2023 to
gauge progress toward the agency’s Strategic Goals and Strategic Objectives. The other nine of the 34
measures did not have FY 2023 targets because the measures were newly established during CPSC’s
development of its new 2023 – 2026 Strategic Plan. During FY 2023, CPSC performed work on baselining
those nine measures to set future performance target levels.
Of the agency’s 34 KMs, CPSC met performance targets and established baselines for 31 KMs and did not
meet targets for three KMs (see pp. 11 – 12 for more information on the missed targets) (see Figure 4 below).
Figure 4: FY 2023 Results for Key Measures, organized by Strategic Goal
4The VGB Act (Pub. L. No. 110-140) became enforceable law on December 19, 2008. The legislation was passed to prevent drain
entrapment and child drowning in swimming pools and spas. The VGB Act Grant Program provides state and local governments
with assistance to help implement enforcement and education programs, with the goal of preventing drownings and drain
entrapments in pools and spas.
5The Nicholas and Zachary Burt Memorial Carbon Monoxide Poisoning Prevention Act of 2022 (Division Q, Title II of Pub. L. No.
117-103) became enforceable law on March 15, 2022. The legislation was passed to prevent exposure of the public, including
children and the elderly, to unhealthy levels of carbon monoxide (CO) in dwelling units and other facilities, which can lead to CO
poisoning, a serious health condition that can result in death. CO is a colorless and odorless gas produced by any burning fuel. The
“CO Grants” program provides eligible states, local, and tribal governments/organizations with assistance to carry out CO poisoning
prevention activities.

Key Performance Measures (KMs)

The table below presents results of CPSC’s FY 2023 KMs. Details on CPSC’s performance measurement reporting and verification and
validation (V&V) processes are provided in Appendix A (p. 54) of this report.
“Target met?” Column Legend (rightmost column): Target met or baseline established |  Target not met
FY 2020 FY 2021 FY 2022 FY 2023 FY 2023 Target
Program Performance Measure Statement Actual Actual Actual Actual Target met?
Strategic Goal 1: Prevent Prevent hazardous products from reaching consumers
Strategic Objective 1.1: Improve identification and timely assessment of hazards to consumers
KM 1.1.1
Number of hazard characterization annual reports completed
Hazard
on consumer product-related fatalities, injuries, and/or losses
11 11 12 13 13 
for specific hazards
KM 1.1.2
Hazard Percentage of consumer product-related injury cases correctly 91% 91% 91% 94% 90% 
captured at NEISS hospitals
Strategic Objective 1.2: Lead efforts to improve the safety of consumer products before they reach the marketplace through
robust and effective safety standards
KM 1.2.1
Number of voluntary standards activities in which CPSC staff
Hazard
participated that result in a revised standard that reduces the
-- -- -- 23 20 
risk of injury associated with products covered by the standard
KM 1.2.2
Hazard Number of candidates for rulemaking prepared for 14 13 21 30 29 
Commission consideration
KM 1.2.3
Percentage of firms that are engaged with a timely
Import
establishment inspection after being identified as a repeat
83% 100% 100% 100% 75% 
offender
Strategic Objective 1.3: Increase capability to identify and stop imported hazardous consumer products
KM 1.3.1
Import Percentage of consumer product imports, identified as high- 80% 82% 90% 90% 80% 
risk, examined at import
KM 1.3.2
Percentage of import shipments processed through the Risk
Import
Assessment Methodology (RAM) system that are cleared
99.9% 99.8% 99.8% 99.7% 99% 
within 1 business day
KM 1.3.3
Import
Number of import examinations completed
18,561 36,375 62,859 48,797 6 45,000 
KM 1.3.4 Base-
Import Number of de minimis shipment examinations at eCommerce -- -- -- 17,806 7
line 
ports completed
6
Key Measure 2.3.04 from CPSC’s prior Strategic Plan for 2018 – 2022, as reported in CPSC’s FY 2022 AFR (p. 4) and FY 2022 APR (p. 5),
has been disaggregated into Key Measures 1.3.3 and 1.3.4, starting with FY 2023. The disaggregated measures are listed in CPSC’s current
2023 – 2026 Strategic Plan (p. 60). The disaggregation allows CPSC to track examination of de minimis shipments separately from other
import examinations conducted by CPSC. De minimis shipments are low-cost, direct-to-buyer shipments costing $800 or less. With the
implementation of the Trade Facilitation and Trade Enforcement Act of 2015 (TFTEA), the U.S. government increased the de minimis value
exemption from duties for imported shipments from $200 to $800, meaning shipments valued at or less than $800 may enter the United
States with minimal data requirements. Because the government does not require a traditional filing for de minimis shipments, the risk
associated with these shipments is largely unknown. Consequently, CPSC and other U.S. government agencies are challenged when
attempting to risk-assess and interdict this significant segment of incoming shipments.
7 Ibid


Address hazardous consumer products in the
Strategic Goal 2: Address marketplace and with consumers in a fast and effective
Strategic Objective 2.1: Rapidly identify and prioritize hazardous consumer products for enforcement action
KM 2.1.1
Percentage of cases for which a preliminary determination is
Compliance
made within 85 business days of case opening (Hazard
83% 64% 80% 90% 70% 
Priorities A, B, and C)
KM 2.1.2 Base-
Compliance Percentage of cases for which a compliance determination is -- -- -- 88%
line 
made within 5 business days of completed sample evaluation
Strategic Objective 2.2: Minimize further exposure to hazardous consumer products through effective and timely enforcement
that also deters future unlawful actions
KM 2.2.1
Percentage of cases for which a corrective action plan (CAP)
Compliance is accepted, or public notice of a hazard is issued within 90 -- 75% 56% 80% 60% 
business days of Preliminary Determination (Hazard Priorities
A, B, and C)
KM 2.2.2
Base-
Compliance Percentage of cases for which a firm is notified of a violation -- -- -- 90%
line 
within 5 business days of compliance violation determination
KM 2.2.3
Compliance Percentage of Fast-Track cases with corrective actions 97% 95% 97% 99.2% 90% 
initiated within 20 business days of case opening
KM 2.2.4
Percentage of initial assessments to determine whether to Base-
Compliance
open a civil penalty investigation that are conducted within 90
-- -- -- 100%
line 
days of the recall announcement
KM 2.2.5
Percentage of cases open 90 business days for which a public
Compliance -- -- -- 89% Base- 
safety assessment planning discussion is held with technical line
staff
Strategic Objective 2.3: Advance timely, comprehensive, effective, and efficient consumer product recalls for hazardous
consumer products
KM 2.3.1
Compliance
Recall response rate for all consumer product recalls
33% 32% 16% 24% 33% 
Strategic Objective 2.4: Monitor post-recall firm actions to identify need for additional compliance, enforcement, or
communication activities
KM 2.4.1
Unavail- Base-
Compliance Percentage of overdue notification notices sent to firms within -- -- -- able 8 
21 calendar days of determining a firm’s monthly progress line
report is overdue
Communicate actionable information about
Strategic Goal 3: Communicate consumer product safety quickly and effectively
Strategic Objective 3.1: Improve accessibility, usefulness and actionability of consumer product safety information for diverse
audiences
KM 3.1.1
Communications Number of engagements with CPSC safety messaging on 12.1 9.3 27.2 23.8 8.0 
social media channels by stakeholders (in millions)
Strategic Objective 3.2: Increase dissemination of actionable consumer product safety information to a variety of diverse
audiences
KM 3.2.1
Communications
Number of national media placements of CPSC stories
12 16 24 30 20 
KM 3.2.2
Percentage of recall press releases cycled through the Office
Communications
of Communications in 2 business days or less once received
-- 96% 92% 95% 85% 
from the Office of Compliance & Field Operations
Strategic Objective 3.3: Increase and enhance CPSC collaborations to reach diverse audiences, including vulnerable and
underserved communities
KM 3.3.1
Number of collaborations with external groups to amplify
Communications
OCM’s safety campaign messages, especially with historically
-- -- -- 23 10 
excluded communities
8 During FY 2023, CPSC performed work on developing and implementing new procedures for tracking the underlying data,
including determining the data parameters. While there is no quantitative FY 2023 result to be reported for this measure, CPSC’s FY
2023 efforts on this measure will help set performance target levels for future years.


Strategic Goal 4: Support Efficiently and effectively support the CPSC’s mission
Strategic Objective 4.1: Attract, recruit, cultivate, and retain a high-performing, diverse, inclusive, and engaged workforce
KM 4.1.1
Human Percentage of employees satisfied with opportunities to
Resources improve their skills (as reported in the Federal Employee
74% 74% 70% 75% 70% 
Viewpoint Survey)
Human KM 4.1.2
Resources Percentage of hiring managers trained on recruitment 90% 97% 89% 99% 90% 
KM 4.1.3
Human
Resources
High-performing Federal Workforce – Employee Engagement 75% 71% 71% 76% 70% 
Index Score
Strategic Objective 4.2: Ensure strong stewardship and effective use of agency resources
Financial KM 4.2.1
Management Achieved unqualified opinion on independent financial audit
-- -- -- 0 1 
KM 4.2.2
Financial Percentage of total eligible contract spending awarded to
Management Small Disadvantaged Businesses, as set forth in OMB
-- -- -- 31% 12% 
Memorandum M-22-03
Strategic Objective 4.3: Foster public trust in the Commission by holding employees and officials to a high standard of ethics;
updating and maintaining agency’s internal governance system; and promoting transparency in agency operations
KM 4.3.1
General
Counsel
Percentage of financial disclosure forms reviewed and -- -- -- 100% 100% 
certified timely by Office of General Counsel
KM 4.3.2
General Base-
Counsel
Percentage of Freedom of Information Act (FOIA) responses -- -- -- 47%
line 
to the public that meet timeliness benchmarks
Strategic Objective 4.4: Deliver high-quality effective mission-oriented information and technology solutions
Information KM 4.4.1
Technology Percentage of operating uptime for IT systems
-- -- -- 98% 97% 
Information KM 4.4.2
-- -- -- 99.5% 98%
Technology Percentage of operating uptime for IT networks 
KM 4.4.3
Information Percentage of critical vulnerabilities addressed from U.S.
Technology CERT (United States Computer Emergency Readiness
-- -- -- 96% 100% 
Team) within 3 business days
Information KM 4.4.4 Base-
Technology Percentage of IT projects delivered on schedule
-- -- -- 88%
line 
KM 4.4.5
Information Base-
Technology
Percentage of prioritized high-risk IT security audit findings -- -- -- 91%
line 
addressed

Selected Performance Results

CPSC’s selected FY 2023 achievements are listed portable bed rails to address entrapment
below: deaths. CPSC also published FRs and Direct
Final Rules (DFRs) for portable fuel container
Goal 1 – Prevent: Prevent hazardous products safety, banning crib bumpers and inclined sleep
from reaching consumers products for infants, implementing the STURDY
Act, and for several revisions to existing
standards. CPSC published NPRs for nursing
pillows and staff briefing packages for NPRs for
infant and toddler rockers and for furnaces and
boilers. The Commission also published a
Supplemental NPR (SNPR) for portable
generators and an SNPR briefing package for
table saws.
• To achieve CPSC’s strategic objective of
leading efforts in improving the safety of
consumer products before they reach the
CPSC is charged with protecting the public from
marketplace through robust and effective safety
unreasonable risks of injury and death from a vast
standards, CPSC helped advance 23 voluntary
array of consumer products increasingly supplied
standards to finalization, and actively
through expanding global markets. Efforts to ensure
participated in 86 voluntary standards activities,
the manufacture of safe consumer products,
collaborating with test labs, consumer
combined with improved mechanisms to identify
advocates, and other stakeholders to improve
hazardous products before they enter the
consensus voluntary standards across a wide
marketplace, are the most effective ways to prevent
range of consumer products. The 86 activities
hazardous products from reaching consumers.
resulted in finalizing of 23 standards that
Strategies for Prevent: CPSC’s approach to improved safety. Among the most significant
addressing Prevent challenges involves taking voluntary standards activities work in FY 2023
action to prevent injury or harm from consumer included: Standard for Safety for Products
products through: (1) working at the national and Incorporating Button Batteries or Coin Cell
international levels to help ensure that hazards are Batteries; Standard Safety Specification for
addressed appropriately by voluntary standards or Clothing Storage Units; Standard for Four
mandatory regulations; (2) allocating inspection, Wheel All-Terrain Vehicles; Standard
surveillance, and enforcement resources effectively Specification for Flame Mitigation Devices on
to identify and remove hazardous products from the Portable Fuel Containers; and Standard
marketplace; (3) providing technical information and Specification for Portable Gasoline, Kerosene
other support for voluntary standards development; and Diesel Containers for Consumer Use.
and (4) educating manufacturers on safety
requirements and collaborating with foreign
improving identification and timely assessment
regulatory counterparts to help build safety into
of hazards to consumers, the agency continued
consumer products.
to implement an “Online Clearinghouse” to
Selected FY 2023 achievements include: provide stakeholders with self-service, open
• To achieve CPSC’s strategic objective of access to CPSC incident data. Launched on
leading efforts in improving the safety of March 5, 2021, the Clearinghouse provides
consumer products before they reach the incident data involving consumer products from
marketplace through robust and effective safety various data sources and publishes incident
standards, CPSC published a Final Rule (FR) reports involving consumer products that meet
on button and coin cell batteries to address eligibility criteria on www.SaferProducts.gov,
ingestion hazards, based on staff briefing which is a CPSC-owned website where the
package, as well as on the Notice of Proposed public can file and read safety-related
Rulemaking (NPR) approved earlier in the year. complaints about consumer products within the
The agency also published FRs for Clothing agency’s jurisdiction. In FY 2023, the Online
Storage Units to address tip-overs and for Clearinghouse was queried 1,953 times.
Window Coverings to address strangulations Furthermore, CPSC’s Office of Hazard
due to accessible cords and an FR for adult Identification & Reduction prepared 53 data

sets for standards development organizations samples being tested on-time, compared to the
(SDO) and/or their committees. annual target of 90% (212 samples tested on-
• To achieve CPSC’s strategic objective of time); and 100% of Domestic and Non-Priority
increasing capability to identify and stop Import Non-Fireworks samples being tested on
imported hazardous consumer products, CPSC time, compared to the annual target of 85%
continued to interdict high-risk shipments, (334 samples tested on-time). The agency far
including de minimis eCommerce, at ports of exceeded the annual targets for on-time
entry covering multiple modes of transport, performance in these categories, indicating
which included sea, air, express consignment, CPSC’s continued success with its testing
and truck ports, as well as international mail capabilities.
facilities. • CPSC’s Office of International Programs,
• To achieve CPSC’s strategic objective of working with relevant subject matter experts
increasing capability to identify and stop throughout the agency, produced or engaged in
imported hazardous consumer products, CPSC 27 in-person and virtual outreach events to
also advanced its eFiling project, which will share product safety best practices. We
ultimately enable importers to electronically file reached, in real time, more than 800 registered
certificate of compliance data at the time of foreign industry and government
importation, by holding a public workshop to representatives from 28 countries and
solicit industry feedback on the initiative and administrative areas, as well as thousands
recruiting industry volunteers to participate in a more who viewed recorded sessions from
Beta pilot scheduled to begin in the fall of 2023. CPSC’s servers and from the U.S. Embassy’s
media account in China.
of hazards to consumers, CPSC applied
artificial intelligence (AI) and machine learning Goal 2 – Address: Address hazardous consumer
(ML) to improve data intake, quality assurance, products in the marketplace and with consumers in a
and analysis. fast and effective manner
of hazards to consumers, CPSC continued a
multiyear upgrade to CPSC’s National
Electronic Injury Surveillance System (NEISS),
which collects data from a sample of hospital
emergency departments to make national
statistical estimates for injuries associated with
consumer products. In FY 2023, CPSC
continued work to move NEISS from a legacy
platform to a web-based system that is more
sustainable. CPSC also recruited four hospitals
to a new NEISS sample in response to changes
in hospitals and their use.
of hazards to consumers, CPSC addressed
emerging hazards associated with beach CPSC learns about potential consumer product
umbrellas, treadmills, and micromobility hazards from many sources, including incident
products through advances in voluntary reports, consumer complaints, the agency’s
standards developments. Consumer Hotline (1-800-638-2772),
www.SaferProducts.gov, internet reports, company
• To achieve CPSC’s strategic objective of rapidly
reports, and referrals from state and local agencies.
identifying and prioritizing hazardous consumer
When potential product defects are identified, CPSC
products for enforcement action, CPSC staff
maintained compliance testing capabilities must act quickly to address the most hazardous
throughout FY 2023. This includes 99.7% of consumer products that have made their way into
Product Safety Assessments completed on the marketplace or into the hands of consumers.
time; 99.6% of Priority Import Non-Fireworks The longer a hazardous consumer product remains
samples being tested on-time, compared to the available for sale or in homes, the longer the risk of
annual target of 85% (1,137 samples tested on- exposure to the hazard remains. Moreover,
time); 100% of Import and Domestic Fireworks

investigation and enforcement efforts should be • To achieve CPSC’s strategic objective of

predictable and carried out in a consistent manner. minimizing further exposure to hazardous
consumer products through effective and timely
The eCommerce, Surveillance, Analysis, Field, and enforcement, CPSC completed 958
Enforcement (eSAFE) team conducts online establishment inspections, surveillance
surveillance to identify and remove violative products activities, and recall-effectiveness checks at
offered for sale online, including banned or recalled firms for compliance with CPSC’s laws and
products, counterfeit products that present a safety regulations. To remove harmful products from
issue, and products that may violate CPSC the marketplace and consumer possession,
regulations. The eSAFE team researches companies, CPSC conducts establishment inspections of
websites, and individuals, and they analyze online manufacturers, importers, and retailers to
consumer reviews, comments, and trade complaints to identify products that could harm the public;
support investigative and enforcement action. conducts market surveillance activities to
identify harmful products for enforcement
Strategies for Address: Essential elements of action; and performs recall-effectiveness
CPSC’s strategies for advancing the Address goal checks with firms to help ensure timely
include monitoring internal and external information implementation of an effective corrective action
sources, leveraging online surveillance activities, and plan (CAP) negotiated with the firm. Some of
improving methods for integrating information from the field staff’s work included surveillance in
multiple sources; reviewing incident profiles and other underserved communities.
information to improve its prioritization of products for
• To achieve CPSC’s strategic objective of rapidly
investigation; enhancing resources to promptly
identifying and prioritizing hazardous consumer
investigate hazardous products, obtain timely voluntary
products for enforcement action, CPSC’s
corrective actions from firms, secure mandatory
eSAFE team completed more than 58,900
corrective action and notices to the public for non-
assignments in support of compliance programs
cooperating firms, and pursue civil penalties to provide
and case work. This included in-depth complex
effective deterrence of law violations; working with
analytical support, the collection of 476 priority
firms to maximize communications about recalls
samples, and more than 57,400 product listing
through multiple channels and the use of new
takedown requests made to platforms and
technologies; prioritizing resources to improve recall
sellers offering banned or previously recalled
monitoring and conduct follow-up activities with firms
consumer products for sale. The takedown
as appropriate; and working with a variety of
requests resulted in more than 59,800 units of
stakeholders to better understand consumer behavior
consumer products being removed from
in the recall context and to increase recall response
eCommerce.
rates.
Selected FY 2023 achievements include: minimizing exposure to hazardous consumer
• To achieve CPSC’s strategic objective of products through effective and timely
minimizing further exposure to hazardous enforcement, CPSC conducted more than
consumer products through effective and timely 3,800 in-depth investigations (IDIs), including
enforcement, CPSC negotiated and 1,500 IDIs in support of defect investigations
implemented 313 voluntary recalls of 97 million and more than 2,200 IDIs in support of
consumer product units, compared to 250 rulemaking activities and studies. IDIs are
voluntary recalls and 19 million product units critical components of substantial product
being negotiated and implemented in FY 2022. hazard investigations that result in the removal
• To achieve CPSC’s strategic objective of of defective products from commerce and
minimizing further exposure to hazardous promoting harm prevention through rulemaking.
consumer products through effective and timely • To achieve CPSC’s strategic objective of
enforcement that deters future unlawful actions, minimizing further exposure to hazardous
the agency sent 2,090 notices of regulatory consumer products through effective and timely
violations to firms to recall or take other action enforcement, CPSC assessed four civil penalty
to protect consumers from violative consumer investigations, with settlements totaling nearly
products. When CPSC has determined that a $55.4 million. The penalties ranged from $9
company violated a mandatory standard, the million to $19 million. CPSC’s pursuit of civil
notice advises the company of the violation and penalties sends out a strong message that the
specifies the appropriate corrective action to agency is dedicated to holding firms
take. accountable for committing prohibited acts,
such as failure to comply with their reporting

obligations. Section 15(b) of the CPSA provide timely, targeted information about consumer
establishes reporting requirements for a product product safety to the public, industry, and other
that could potentially create a substantial stakeholders. Central elements of CPSC’s
product hazard. The reporting requirements Communicate strategy include: improving the
apply to manufacturers, importers, distributors, accessibility, usefulness, and utility of safety
and retailers of consumer products that are messages by collecting and analyzing data;
distributed in commerce and under agency designing and applying new and innovative
jurisdiction. communication tools; and strengthening
• To achieve CPSC’s strategic objective of collaborations with stakeholders, including other
minimizing further exposure to hazardous government agencies, nonprofit organizations, and
consumer products through effective and timely those with an interest in amplifying CPSC’s safety
enforcement, CPSC actively litigated two messaging.
administrative lawsuits, including going to a
Selected FY 2023 achievements include:
hearing in front of an Administrative Law Judge
on one matter. Pursuant to Sections 15(c), (d), • To achieve CPSC’s strategic objective of
and (f) of the CPSA, the Commission may improving accessibility, usefulness, and
mandate that a firm recalls a product that actionability of consumer product safety
presents a substantial product hazard and information for diverse audiences, CPSC’s
require certain actions and remedies in Small Business Ombudsman (SBO) continued
connection with the recall. Complaint counsel to build training videos for CPSC YouTube
in the Office of Compliance and Field channel to increase dissemination and longevity
Operations initiates litigation by filing a of useful CPSC product safety information. The
complaint with an Administrative Law Judge. shift towards more virtual multimedia content
has increased the number of viewers of SBO
training materials. In FY 2023, SBO’s videos,
Goal 3 – Communicate: Communicate actionable trainings, and webinars had 29,427 viewers and
information about consumer product safety quickly attendees, compared to 15,500 in FY 2022.
and effectively This was an increase of nearly 90 percent,
demonstrating an overall higher demand in FY
2023 for multimedia business guidance
information from members of the business
community.
improving accessibility, usefulness, and
actionability of consumer product safety
information for diverse audiences, CPSC was
able to expand the number of followers of its
social media channels by more than 14 percent,
from more than 250,000 in FY 2022 to 289,000
in FY 2023, enabling CPSC to deliver safety
messaging to a wider audience.
Consumers, safety advocates, industry, and
government regulators need high-quality information • To achieve CPSC’s strategic objective of
about consumer product safety. Consumers need improving accessibility, usefulness, and
safety information to make more informed decisions actionability of consumer product safety
for themselves and their families. Safety advocates information for diverse audiences, the SBO also
rely on accurate data to shape their policy had great success by making inquiries to CPSC
recommendations. Industry needs information to easier for small businesses through
stay in compliance with safety requirements. improvements to the Regulatory Robot, an
Foreign regulators and state and local government interactive online resource to help small
agencies also need high-quality information to businesses identify important safety
establish new safety requirements that advance requirements. The number of Regulatory Robot
consumer safety. These diverse audiences have users increased from 26,000 in FY 2022 to
different information needs and respond to different 29,665 in FY 2023, demonstrating an increased
methods of communication. interest in the resource for industry
stakeholders.
Strategies for Communicate: CPSC uses a wide • To achieve CPSC’s strategic objective of
array of communication channels and strategies to increasing dissemination of actionable

consumer product safety information to a Strategies for Support: CPSC’s approach to

variety of diverse audiences, CPSC conducted addressing the Support Strategic Goal includes: (1)
a study of consumer behavior regarding recalls attracting, recruiting, cultivating, and retaining a high
and factors relating to consumer willingness to performing, diverse, inclusive, and engaged
report consumer product injuries and submitted workforce; (2) ensuring strong stewardship and
a report and recommendations to the effective use of agency resources; (3) fostering
Commission based on the study. public trust in the Commission by holding
• To achieve CPSC’s strategic objective of employees and officials to a high standard of ethics;
increasing dissemination of actionable updating and maintaining agency’s internal
consumer product safety information to a governance system; and promoting transparency in
variety of diverse audiences, CPSC conducted agency operations; and (4) delivering high quality
a Native American public health outreach, effective mission-oriented information and
featuring billboards and radio advertising on technology solutions.
baby safety and carbon monoxide poisoning in
targeted areas of the United States with large Selected FY 2023 achievements include:
Native American populations. Also, CPSC
• Trained 99% of hiring managers on the
began translating recall news releases into
recruitment process to achieve CPSC’s strategic
Spanish language and launched a Spanish
objective of attracting, recruiting, cultivating, and
language CPSC Facebook page.
retaining a high performing, diverse, and
• To achieve CPSC’s strategic objective of engaged workforce. The agency far exceeded its
increasing and enhancing CPSC collaborations annual target of 90%.
to reach diverse audiences, including • Awarded 31% of total eligible contract spending
vulnerable and underserved communities, to Small Disadvantaged Businesses, as set forth
CPSC’s Consumer Ombudsman’s outreach in OMB Memorandum M-22-03, far exceeding
efforts provided safety materials, explained the annual target of 12%.
agency procedures, supported the staff’s public • To achieve CPSC’s strategic objective of
education efforts, facilitated interpretation fostering public trust in the Commission by
services for citizens with limited English holding employees and officials to a high
proficiency, and addressed inquiries from standard of ethics, the agency met its annual
individual consumers and organizations. target of 100% of financial disclosure forms
Additionally, CPSC’s Office of Communications being reviewed and certified timely by CPSC’s
strengthened collaborations with stakeholders Office of the General Counsel (OGC).
to improve messaging and awareness of CPSC • To achieve CPSC’s strategic objective of
safety campaigns, including Pool Safely and delivering high-quality effective mission-oriented
Anchor It! campaigns. information and technology solutions, the agency
achieved 99.5% of operating uptime for its IT
Goal 4 – Support: Efficiently and effectively networks, exceeding the annual target of 98%.
support the CPSC’s mission This demonstrates the agency’s high degree of
availability of its networks.
Excellence in areas including information

technology (IT), financial management, human
capital, diversity and equity, and legal affairs is vital
to agency effectiveness.

Performance: Missed Targets and the annual target of 100%, given that it received
Improvement Plans 57 alerts of vulnerabilities in FY 2023. The
agency addressed 55 of the 57 vulnerabilities
For FY 2023, CPSC tracked 34 KMs—25 had within three business days of the CISA/US-
established annual targets for FY 2023 and the CERT release date. One vulnerability was
other nine did not have established targets for FY addressed in four business days, and the other
2023 because they were established during CPSC’s was addressed in seven business days.
development of its 2023 – 2026 Strategic Plan Additionally, CPSC’s IT Security Team had
(published March 2023). Of the 34 KMs, the agency vacancies in critical positions within the team,
met targets and established baselines for 31 KMs which delayed response to some of the
and did not meet targets for three KMs. A summary vulnerabilities. As of early FY 2024, CPSC has
of information on the three KMs with missed targets filled its Vulnerability Management position and
is provided below, including reason(s) why the is cross-training other staff so that there is
target was missed and CPSC’s plans for improving coverage for all critical positions on the IT
performance under each KM in future years. Security Team. CPSC will also begin to
Additional details on all the KMs and results will be implement automation to respond to these
presented in the FY 2023 APR, scheduled to be vulnerabilities and will continue to work to fill
published concurrently with CPSC’s FY 2025 vacancies on its IT Security Team.
President’s Budget Request, scheduled for
publication in February 2024.
• Key Measure 2.3.1 Recall response rate for all Enterprise Risk Management
consumer product recalls: The target was CPSC developed an initial Enterprise Risk
33%; the FY 2023 actual result was 24%.CPSC Management (ERM) framework and organized
did not meet the target. Consumer response working groups in FY 2020 in accordance with OMB
levels are variable and dependent on numerous Circular No. A-123. The ERM approach will improve
factors beyond agency control, even when direct the agency’s ability to manage risks and challenges
notice is effectuated for all consumer purchasers related to delivering the organization’s mission,
of a product. Consumer behavior in response to achieving strategic objectives, and accomplishing
recall notices may be impacted by product price, performance goals.
type, age, and the perceived hazard. For FY
2023, 3,495,070 product units of a total of Again, in FY 2023 as in FY 2022, the agency was
14,536,091 units were corrected at the not able to advance its comprehensive ERM
manufacturer, distributor, retailer, and consumer approach due to funding levels. In FY 2020 and FY
levels. The agency will continue working to 2021, CPSC identified top enterprise risks. Working
maximize consumer notification, including groups were organized to develop and implement
remediation plans for these top risks. However,
through direct notice and social media.
efforts to build on those plans have lagged, and
• Key Measure 4.2.1 Achieved unqualified ERM remains in a very early stage at CPSC.
opinion on independent financial audit: The However, in FY 2023, management made headway
target was to achieve an unqualified audit in this area by developing a Risk Management
opinion on independent financial audit; however, Specialist position to spearhead and coordinate
the FY 2023 actual result was a qualified CPSC’s ERM efforts. In early FY 2024, CPSC
opinion. CPSC received a qualified opinion due recruited and hired for this position. With this
to not being able to provide sufficient audit resource, CPSC is well positioned to advance its
evidence about the recognition dates used to ERM efforts.
record property, plant, and equipment additions
and the corresponding calculation of
depreciation expense for FY 2023.
• Key Measure 4.4.3 Percentage of critical

vulnerabilities addressed from U.S. CERT
(United States Computer Emergency
Readiness Team) within 3 business days: The
target was 100%; the FY 2023 actual result was
96%. CPSC did not meet the target due to the
following reasons: (1) the high volume of critical
vulnerabilities received; and (2) a staffing
shortage. The agency did not foresee meeting

Analysis of Financial Statements

and Stewardship Information
Financial Performance Overview
As of September 30, 2023, CPSC’s financial for upward adjustments, if needed, for
condition was sound, with planned programs obligations incurred in prior years.
appropriately sized to available funds and
satisfactory controls in place to provide reasonable CPSC made total obligations of $173.4 million in
assurance that CPSC’s obligations did not exceed FY 2023. The amounts obligated are: $147.9
budget authority. CPSC prepared its financial million for mission-related salaries and expenses;
statements in accordance with the U.S. Generally $0.4 million in upward adjustments from
Accepted Accounting Principles (GAAP) and with unobligated balances from prior years’ budget
OMB Circular No. A-136, Financial Reporting authority; and $3.4 million awarded for the VGB
Requirements. Act Grant Program. CPSC obligated $17.0 million
of ARPA-appropriated funds.
Sources and Uses of Funds: CPSC’s total
ARPA Spending Initiatives
budgetary resources for FY 2023 were $191.4
million and consisted partially of funds received In FY 2023, CPSC obligated $17.0 million of the
from these three sources: $50.0 million in six-year ARPA appropriation. This
• Appropriations from Congress for the included $5.0 million for salaries, $9.0 million for
current fiscal year and unobligated one-time project costs, and $3.0 million for
balances from prior years’ budget recurring non-pay costs. As of September 30,
authority; 2023, CPSC had $38.3 million in cumulative
• American Rescue Plan Act of 2021 obligations, leaving a remaining balance of $11.7
(ARPA) (Pub. L. No. 117-2) multiyear million. At the staffing and recurring costs levels
funds; and and the planned projects for FY 2024 and FY
• Reimbursable agreements with other 2025 spending plans, the ARPA funds are
federal government agencies. expected to be depleted in early FY 2025.
CPSC’s FY 2023 salaries and expenses Audit Results: CPSC received a qualified audit
appropriation was $152.5 million. Of this opinion on its FY 2023 financial statements.
amount, $148.5 million was available for
obligation through September 30, 2023. Of the Financial Statement Highlights: CPSC's
remaining $4.0 million, $2.0 million was financial statements summarize the financial
designated for awarding and administering position and financial activities of the agency.
grants under the VGB Act Grant Program The audit report, financial statements, and the
(available until expended), and $2.0 million was notes to the financial statements appear in the
designated for awarding and administering Financial Section of this report.
grants under the Nicholas and Zachary Burt
Memorial Carbon Monoxide Poisoning Analysis of the Balance Sheet
Prevention Act of 2022 (Division Q, Title II of
CPSC's assets totaled $103.0 million as of
Pub. L. No. 117-103) grant program (“CO
September 30, 2023. The changes in key asset
Grants”) (also available until expended).
line items as of the fiscal year ended September
Other budgetary resources available in FY 2023 30, 2023 are as follows:
included $34.4 million of unobligated balances
from prior years’ budget authority, consisting of Intragovernmental Assets
$28.6 million in unobligated ARPA funds The Fund Balance with Treasury consists of
available for use through FY 2026; $3.0 million appropriated funds and other funds maintained at
from the remaining balance of the appropriated the U.S. Treasury until final disposition. The Fund
VGB Act grant funds, available for obligation Balance with Treasury represented CPSC's
until expended; and a net of $2.8 million from largest asset of $72.6 million as of September 30,
prior years’ expired unobligated balances not 2023.
available for obligation in FY 2023, but available

Accounts Receivable (AR), Net is comprised of the four strategic goals in CPSC’s new
primarily of reimbursable agreement activity being 2023−2026 Strategic Plan:
billed and not yet collected from other federal
agencies. AR had a balance of $50,269 as of • In December 2022, the Commission voted to
September 30, 2023. approve CPSC’s Strategic Plan for 2023 –
2026, published in March 2023. There were
Advances represents advances to other federal three mission-oriented Strategic Goals in the
agencies for interagency services, such as 2018 – 2022 Strategic Plan: Goals 2, 3, and
operating services through the U.S. Department
4. The three Strategic Goals have remained
of Transportation (DOT) for employee transit
essentially the same in CPSC’s new 2023 –
benefits. CPSC acquires services from other
federal agencies through interagency 2026 Strategic Plan, with changes to some
agreements. This balance is $43,168. strategic elements under each Strategic Goal.
Additionally, Goals 2, 3, and 4 from the
previous Strategic Plan have been re-labeled
Other than Intragovernmental Assets
as Goals 1, 2, and 3 in the new Strategic
Accounts Receivable, Net is $20.5 million for FY Plan. Goal 4 (Support) in the new Strategic
2023 and is comprised of year-end uncollected Plan is a result of expanding the prior
amounts of civil fines and penalties levied by Strategic Plan’s Strategic Goal 1 (Workforce)
CPSC, unpaid Freedom of Information Act (FOIA) to encompass other agency support
fees, and debt. This was an increase of $20.5 functions, including financial management,
million for FY 2023 civil penalty assessments that legal affairs, and information technology.
had not been collected as of September 30, 2023.
See further discussion in Statement of Custodial The following depicts Net Cost of Operations for
Activity on p. 31. FY 2023:
CPSC's Net Cost of Operations was $170.2
Property, Plant, and Equipment (PPE), Net,
million for the fiscal year ended September 30,
consists of the net value of CPSC’s leasehold
2023.
improvements, equipment, furniture and fixtures,
computer hardware and software, and
Strategic Goal 1 – Prevent:
construction in progress. PPE, Net, had a
• The costs of Strategic Goal 1 totaled $62.0
balance of $7.0 million as of September 30,
million.
2023. Significant assets in PPE, Net represent
investments in leasehold improvements, with a
Strategic Goal 2 – Address:
net book value of $993,000 in which CPSC did
not negotiate additional funds in FY 2023.
million in FY 2023.
CPSC also holds property and equipment with a
net book value of $4.9 million, which included
Strategic Goal 3 – Communicate:
additions of $2.6 million in FY 2023.
million in FY 2023.
Analysis of the Statement of Net Position
The Statement of Changes in Net Position reports Strategic Goal 4, Support:
the change in net position during the reporting • Strategic Goal 4 had the highest net cost of
period. The difference between total assets and $65.8 million.
total liabilities is net position. Net position is
affected by two components: Unexpended The reconciliation of the SNC of Operations with
Appropriations and Cumulative Results of Budgetary Outlays is described in Note 15 of the
Operations (CRO). Notes to Financial Statements, found in the
Financial Section of this report.
CPSC’s net position was $60.6 million as of
September 30, 2023. Analysis of the Statement of Budgetary
Resources
Analysis of the Statement of Net Cost The Statement of Budgetary Resources (SBR)
The Statement of Net Cost (SNC) represents presents the sources of budgetary resources
CPSC’s gross costs less revenue earned for each available and the status of the budgetary resources
at the end of the period. It represents the

relationship between budget authority and regulated entities and fees collected for FOIA
budgetary outlays, and it reconciles total requests to CPSC. This statement excludes
obligations with total outlays. This statement also reported revenue billed and collected by CPSC on
includes unobligated balances from prior years’ behalf of the U.S. government to be duplicated as
budget authority. reported revenue on the federal government’s
SNC.
For the fiscal year ended September 30, 2023,
CPSC had available budgetary resources of Civil penalties constitute a significant portion of the
$191.4 million, comprised of the FY 2023 custodial collections and are based on
appropriation of $152.5 million, prior years’ assessments of companies violating CPSC safety
unobligated balances of $34.4 million, and billed statues. The number of cases and dollars
offsetting collections of $4.6 million. assessed vary from year to year based on priorities
of the Chair and the Commission.
The Status of Budgetary Resources, new
obligations, and upward adjustments totaled CPSC assessed nearly $55.4 million in civil penalty
$173.4 million. settlement agreements for violative companies.
CPSC made collections on those civil penalties in
the amount of $42.1 million as of September 30,
Analysis of the Statement of Custodial Activity 2023. CPSC had yet to collect $20.5 million in civil
The Statement of Custodial Activity represents the penalties and FOIA fees, which remained in
total custodial cash collections and the disposition accounts receivable pending collection as of
of collections. Revenue collected is derived from September 30, 2023.
two primary sources: civil penalties collected by

Controls, Systems, and Legal Compliance

This section of the report provides information on CPSC's compliance with the following:
• Prompt Payment Act of 1982 (PPA) (Pub. L. No. 97-177)

• Federal Managers’ Financial Integrity Act of 1982 (FMFIA) (Pub. L. No. 97-255)
• Antideficiency Act (ADA) (31 U.S.C. § 1341) (Pub. L. No. 97-258, 96 Stat. 923)
• Debt Collection Improvement Act of 1996 (Pub. L. No. 104-134)
• Federal Financial Management Improvement Act of 1996 (FFMIA) (Pub. L. No. 104-208)
• OMB Circular No. A-123, Management’s Responsibility for Enterprise Risk Management (ERM)
and Internal Control, Revised 2006
• Digital Accountability and Transparency Act of 2014 (DATA Act) (Pub. L. No. 113-101)
• Federal Information Security Modernization Act of 2014 (FISMA 2014) (Pub. L. No. 113-283)
• Good Accounting Obligation in Government Act (GAO-IG Act) of 2019 (Pub. L. No. 115-414)
• Payment Integrity Information Act of 2019 (PIIA) (Pub. L. No. 116-117)
Federal Managers’ Financial Integrity Act of that CPSC’s operations did not comply with FMFIA
1982 (FMFIA) (Pub. L. No. 97-255) for FY 2018 and FY 2019. The Office of Financial
The FMFIA mandates that agencies establish Management, Planning and Evaluation (EXFM)
controls to reasonably ensure that: (i) obligations developed a Corrective Action Plan to address
and costs comply with applicable laws; (ii) assets these findings. CPSC obtained contract support to
are safeguarded against waste, loss, unauthorized assist with developing a formal internal control
use, or misappropriation; and (iii) revenues and program over operations. In FY 2023, the agency
expenditures are properly recorded and accounted initiated internal control programs for seven of
for. The Act encompasses program, operational, CPSC’s 14 AUs. Although the agency has made
and administrative areas, as well as accounting strides in addressing issues identified by the OIG, it
and financial management. The FMFIA requires was not able to close OIG’s recommendations in
CPSC’s Chair to provide an annual assurance FY 2023.
statement on the adequacy of management
controls and conformance of financial systems with FY 2023 Results for the FMFIA
government-wide standards. CPSC evaluated its management control systems
for operations of the fiscal year ended September
Annually, senior managers of assessable units 30, 2023. Because of the assurance process
(AU) throughout CPSC are responsible for activities described above, CPSC was able to
ensuring that effective controls are implemented in provide reasonable assurance that internal controls
their areas of responsibility. The senior manager of over operations were operating effectively as of
each AU prepares an annual assurance statement September 30, 2023. (See the Management
that identifies any control weaknesses that may Assurance Statement on p. 20 for a detailed
require the attention of the Chair. These explanation.)
statements are based on several inputs, including:
• Management knowledge gained from daily FY 2023 Results for OMB Circular No. A-123,
operations of the agency’s programs Appendix A (as described in OMB Memorandum
• Management reviews M-18-16)
• Monitoring results of internal control reviews CPSC evaluated its internal controls over reporting
• Annual Performance Plan (APP) for the fiscal year ended September 30, 2023. This
• Office of Inspector General (OIG) reports included an evaluation of financial risks, enterprise
• Results of the internal control diagnostic risks, and fraud risks, as well as management’s
checklists aligned to the 17 principles from the assessment of financial internal controls. The six
U.S. Government Accountability Office’s financial processes evaluated in FY 2023 included:
(GAO) “Standards for Internal Control in the Disbursement, Financial Reporting, Procurement,
Federal Government” (GAO-14-704G). Property Management, Purchase Card, and Fleet
Management. Based on results of this evaluation,
In FY 2021, the OIG issued an audit report on
CPSC provided reasonable assurance that its
CPSC’s implementation of FMFIA and determined

internal controls for reporting were operating accounting standards, and the U.S. Government
effectively as of September 30, 2023. Standard General Ledger, at the transaction level.
Federal Financial Management Improvement Prompt Payment Act (PPA) of 1982 (Pub. L. No.
Act of 1996 (FFMIA) (Pub. L. No. 104-208) 97-177)
The FFMIA requires federal agencies to implement The PPA requires federal agencies to make timely
and maintain systems that substantially comply payments to vendors for supplies and services, pay
with the following: (i) federal financial management interest penalties when payments are made after
system requirements; (ii) applicable federal the due date, and take cash discounts when they
accounting standards; and (iii) the U.S. are economically justified. As of September 30,
Government Standard General Ledger, at the 2023, 99.8 percent of CPSC’s payments that were
transaction level. The FFMIA requires the Chair to subject to the PPA were made on time. In FY 2023,
determine the agency's financial management CPSC incurred $331.08 in interest penalties and
system compliance with the FFMIA and to develop made nearly 100 percent of its vendor payments
Corrective Action Plans for noncompliant financial electronically.
systems, as needed.
Payment Integrity Information Act of 2019 (PIIA)
FY 2023 Results for the FFMIA and Section 4 of (Pub. L. No. 116-117)
the FMFIA In March 2020, when the Payment Integrity
CPSC conducted reviews of its financial Information Act of 2019 (PIIA) became law (Pub. L.
management systems in accordance with OMB No. 116-117), the PIIA reorganized and revised the
Circular No. A-123, Appendix D—Compliance with existing improper payment statutes.
the FFMIA for Financial Management Systems.
CPSC uses a financial system provided by a The PIIA requires agencies to report annually on all
Shared Services Provider (SSP), operated by the programs and activities, identify those that may be
Administrative Resources Center (ARC) within the susceptible to significant improper payments,
U.S. Treasury’s Bureau of Fiscal Service, for estimate annual improper payments in the
processing financial data. CPSC reviewed the susceptible programs and activities, and report the
Independent Auditors’ Report Statement on results of improper payment activities. A detailed
Standards for Attestation Engagements No. 18 report of CPSC’s improper payment activities is
(SSAE 18), conducted on behalf of ARC. The presented in the “Other Information” section of this
independent auditors assessed controls for this document.
financial management system and found that it was
in substantial compliance with the following: (i) the Debt Collection Improvement Act of 1996 (Pub.
financial management system requirement; (ii) L. No. 104-134)
applicable federal accounting standards; and (iii) The Debt Collection Improvement Act of 1996 was
the U.S. Government Standard General Ledger, at enacted to enhance the ability of the federal
the transaction level. Management also reviewed government to service and collect debts. As of
the SSAE 18 attestation audit for the Department September 30, 2023, delinquent debt was
of Interior’s (DOI) Federal Personnel and Payroll $13,594.34. CPSC pursues the collection of
system (FPPS) that CPSC uses for payroll delinquent debt and refers all eligible delinquent
services. There were no material weaknesses nor debt more than 120 days delinquent to the U.S.
any major deficiencies identified in the SSAE 18 Treasury for collection.
reports that would negatively affect CPSC’s system
compliance review. In addition, CPSC performed Digital Accountability and Transparency Act of
tests on complementary end-user controls and 2014 (DATA Act) (Pub. L. No. 113-101)
determined that controls were operating effectively. The DATA Act requires agencies to establish
The reviewed systems met federal requirements common standards for financial data provided by
and accounting standards required by the FFMIA all government agencies and expand the amount
and Section 4 of the FMFIA. of data that agencies must provide to the
government website, USASpending.gov. CPSC
Accordingly, CPSC found that the agency’s
financial management systems were in substantial met the government-wide DATA Act reporting
compliance with the federal financial management requirements in FY 2023.
system requirements, applicable federal

Federal Information Security Modernization Act • Implemented a new patching solution to

of 2014 (FISMA 2014) (Pub. L. No. 113-283) improve vulnerability remediation efficiency;
As mandated by FISMA, CPSC continues to • Completed the procurement of services to
maintain an information security program to provide security and privacy role-based
support the confidentiality, integrity, and availability training to CPSC staff with significant
of agency information and information systems. security/privacy roles; and
CPSC worked diligently throughout FY 2023 to • Completed and submitted CPSC’s response to
protect agency information and systems. The the bi-annual data call from OMB on
agency performed routine IT security operations, Government-wide tracking of resources for
as well as implemented programmatic and cyber activities.
technological improvements, to reduce agency
cybersecurity risks. Financial Management Systems Strategy
CPSC works to maintain and enhance financial
CPSC’s IT security accomplishments for FY 2023, management systems to promote operational
as related to FISMA, include the following: effectiveness, efficiency, reliability, and timeliness
• Performed timely independent security of data, to support requirements of the agency’s
assessments of all major information systems strategic goals.
and the agency’s General Support System
(GSS); CPSC obtains financial and procurement hosting
• Continued to evolve CPSC’s implementation of and application management services from the
Cybersecurity and Infrastructure Security ARC within the U.S. Treasury’s Bureau of Fiscal
Agency’s (CISA) Continuous Diagnostics and Service. ARC uses an Oracle-based financial
Mitigation (CDM) program; reporting system for accounting, which interfaces
• Provided agency dashboard views of the most with ARC’s travel management system,
critical risks to CPSC network so they can be ConcurGov. The Oracle-based system ConcurGov
addressed first; is used for general ledger, accounts payable,
• In continuing with the progress made in FY accounts receivable, and budget execution, as well
2022, achieved Event Logging Level 1 (EL1) as Oracle Business Intelligence (OBI) reporting
on three of its major systems and has capabilities. CPSC also uses the Procurement
continued making progress towards Request Information System Management
implementing EL2 and EL3 in FY 2024 by (PRISM) through ARC’s service platform, which is
acquiring an advanced Security Information fully interfaced with Oracle for real-time contracting
and Event Management (SIEM) solution to actions and awarding vendor contracts.
automate discovery of potentially malicious
activity and orchestrate automated response Good Accounting Obligation in Government
actions to identified threats; Act (GAO-IG Act) of 2019 (Pub. L. No. 115-414)
• Deployed an Endpoint Detection and
The GAO-IG Act requires each federal agency to
Response (EDR) tool to comply with Executive
Order (EO) 14028, Improving the Nation’s include in its annual budget justification to
Cybersecurity, per Section 7 Congress a report that identifies each public
recommendations; recommendation, issued by the GAO or the
• Improved the implementation of Web agency’s OIG. In addition, the Act requires a
Application Firewalls (WAF) to protect CPSC’s reconciliation between the agency’s records and
public-facing websites from malicious attacks; the Inspector General’s Semiannual Report to
• Began implementing Federal Zero Trust Congress (SAR). CPSC included this information in
Architecture (ZTA) tasks outlined in the its FY 2024 President’s Budget Request. CPSC will
Federal Zero Trust Strategy as set forth by continue to update and submit these
OMB M-22-09; recommendations in future budget requests.
• Began initial deployment of network
modernization to align with Zero Trust Antideficiency Act (ADA) (31 U.S.C. § 1341)
requirements; (Pub. L. No. 97-258, 96 Stat. 923)
• Developed and implemented dashboards and There were no ADA violations in FY 2023.
reporting to quickly identify and address
vulnerabilities defined by Cybersecurity and Misstatement Discussion
Infrastructure Security Agency’s (CISA) BOD
During the FY 2023 financial statement audit,
22-01, “Reduce the Significant Risk of Known
CPSC identified a misstatement in the FY 2022
Exploitable Vulnerabilities (KEV)”;

balance sheet for accrual estimates presented in report FY 2023 financial information using a single-
accounts payable. CPSC notified the prior auditor year presentation.
of the misstatement and engaged OMB and
Treasury to request (and received) approval to

Management Assurance Statement

Looking Ahead
CPSC’s mission is to protect the public from be impacted by funding levels.
hazardous consumer products and work to reduce
CPSC also agrees that an ever-evolving IT security
consumer product-related injury and death rates by
environment is a significant challenge to the
using analysis, regulatory policy, compliance and
agency and continues to dedicate resources to
enforcement, and education to identify and
improve the agency’s IT security posture. In FY
address product safety hazards.
2023, CPSC continued to make IT security
CPSC appreciates the Management Challenges improvements by achieving Event Logging (EL) on
identified by the Inspector General (IG) and agrees three of its major systems, improved
that these are four important areas to focus on and implementation of web application firewalls, and
to improve upon in FY 2024. The areas include developed and implemented dashboards and
internal control system, Enterprise Risk reporting to identify and address vulnerabilities. In
Management (ERM), resource management, and FY 2024, the agency plans to continue its focus on
information technology security. protecting CPSC data and systems by improving
security management practices. Specific initiatives
In FY 2023, the agency continued to address
include the continuance of implementing a Federal
findings identified in the IG’s audit of the agency’s
Zero Trust Architecture (ZTA) strategy in response
implementation of FMFIA. The agency initiated
to OMB Memorandum M-22-09, expanding
internal control programs for seven of CPSC’s 14
additional security logging, updating security
AUs. In FY 2024, internal control programs for the
policies, and addressing all Cybersecurity and
seven remaining AUs will be initiated.
Infrastructure Security Agency’s (CISA) Binding
Operational Directive (BOD) 22-01, Known
In late FY 2023, management made headway in
Exploited Vulnerabilities (KEV).
Enterprise Risk Management (ERM) by developing
and authorizing a Risk Management Specialist CPSC will continue to receive financial
position to spearhead and coordinate CPSC’s ERM management services from Treasury’s
efforts. As a result, CPSC recruited and hired for Administrative Resource Center (ARC) in FY 2024.
this position in early FY 2024. With this resource, This shared-services agreement includes
CPSC will begin advancing its ERM efforts. integrated financial, acquisitions, and travel
systems; contracting support personnel; and
CPSC recognizes that resource management is an electronic invoicing. Furthermore, CPSC will
ongoing challenge, especially in terms of funding continue to receive and accept interagency
levels. For CPSC to adequately address its broad agreements in G-Invoicing, a long-term,
mandate as well as the challenges outlined by the government-wide solution established by Treasury
IG, the agency needs a significant increase in its for agencies to manage their intragovernmental
appropriation. The agency requested additional transactions.
resources in its FY 2024 Budget Request to
Congress, not only for internal controls and ERM As CPSC looks ahead to FY 2024 and beyond, the
capability (as mentioned above), but also for agency intends to continue to communicate its
increased port surveillance, hazard identification, broad and important mission to Congress, put
applied research, compliance efforts, forward strong, analytically justified requests for
communications, human resources, information appropriations, and prioritize the most important
technology, procurement, IG, and legal support. safety work.
Critical projects and initiatives in these areas will

Limitations of the Financial Statements

The financial statements were prepared to report formats prescribed by OMB. Additionally, the
the financial position and results of CPSC’s reports used for monitoring and control of
operations consistent with the requirements of 31 budgetary resources were prepared from the same
U.S.C. § 3515(b). records.
The statements were prepared from CPSC’s The statements should be read with the realization
records in accordance with U.S. Generally that they were prepared for a component of the
Accepted Accounting Principles (GAAP) and the U.S. government, a sovereign entity.

2023 Agency Financial Report Financial Section
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Message from the Chief Financial Officer

The Agency Financial Report provides a comprehensive view of the financial activities undertaken in FY 2023 to
advance CPSC’s mission: Protecting the public from hazardous consumer products. This report integrates the
agency’s financial and program performance, highlights CPSC’s annual achievements and challenges, and
demonstrates our stewardship and accountability of the federal funds entrusted to us. FY 2023 was a year of
many new opportunities and unforeseen challenges for CPSC in the financial arena.
CPSC made advances in its financial management systems by starting to use G-Invoicing to successfully
receive, accept, and send interagency agreements as of the statutory date of October 1, 2022 (31 U.S.C.
3512(b) and 3513). Further noted, the Office of Inspector General (OIG) reviewed the FY 2022 Improper
Payments program (prior year) and determined that CPSC continued to comply with the Payment Integrity
Information Act of 2019.
As mentioned in the Message from the Chair, CPSC faces challenges directly tied to consumer product safety,
such as the evolving marketplace, emerging hazards, and adapting of its compliance and enforcement
operations to address changing needs. Another challenge for CPSC is the uncertainty over resource levels.
CPSC’s FY 2023 and FY 2024 Performance Budget Requests to Congress sought significant increases to
secure resources commensurate with its broad mission. CPSC’s Inspector General (IG) also identified the
uncertainty of resource levels as one of the top challenges facing the agency.
Other IG-identified top management challenges include internal controls, Enterprise Risk Management, and
information technology security. These challenges are also a concern for CPSC management, which is
requesting additional funding to continue to mitigate each of these challenges. CPSC is addressing these
challenges as best as possible with current resources, as discussed in the Looking Ahead section of this report.
In FY 2021, through the American Rescue Plan Act (ARPA), Congress appropriated for CPSC $50 million in
multiyear funds that expire at the end of FY 2026. This funding is available for port coverage; targeting,
surveillance, and screening of imported products; monitoring the internet for violative consumer products;
increasing awareness and communication of consumer product safety information; and improving the data
collection and analysis systems, especially focusing on socially disadvantaged individuals and other vulnerable
populations. During FY 2023, CPSC obligated $17.0 million of these funds. With this funding, CPSC expanded
staffing, as well as increased support services and technology and systems investments in these areas. Based
on current plans, CPSC expects the ARPA funds to be fully depleted by early FY 2025. To sustain these
expanded staffing and service levels in FY 2025 and beyond, the recurring ARPA costs will need to be shifted
to our annual appropriation, which will require an increase of over $7 million. The criticality of CPSC’s shifting of
these costs to continue with the mandates outlined in ARPA has been identified to Congressional members
and staff and reflected in the FY 2023 and FY 2024 Performance Budget Requests to Congress.
We unfortunately received an overall qualified opinion on the FY 2023 financial statements due to challenges
with the internal property management system and its depreciation calculation. Nonetheless, CPSC remains
committed to sound financial management and reporting, including building and maintaining the staffing
necessary for these activities. We will also develop and implement a plan to remediate the material
weaknesses and significant deficiencies identified.
I acknowledge CPSC’s hard-working financial management professionals, as well as professionals across the
agency who are committed to strong financial management, accountability, and transparency. I also want to
acknowledge and thank the Office of Inspector General as we work together to effectively and efficiently use
federal resources to achieve CPSC’s mission.
James D. Baker
Chief Financial Officer
February 1, 2024
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Independent Auditors’ Report
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Financial Statements
Balance Sheet
as of September 30, 2023
(in dollars)
FY 2023
ASSETS:
Intragovernmental:
Fund Balance with Treasury (Note 2) $ 72,597,482
Accounts Receivable, Net (Note 3) 50,269
Advances and Prepayments (Note 4) 43,168
Total Intragovernmental 72,690,919
Other Than Intragovernmental
Accounts Receivable, Net (Note 3) 20,514,277
Property, Plant, and Equipment, Net (Note 5) 7,030,642
Advances and Prepayments 2,717,795
Total Other Than Intragovernmental 30,262,714
Total Assets $ 102,953,633
LIABILITIES (Note 6):
Intragovernmental:
Accounts Payable 1,311,237
Other Liabilities (Note 7)
Employee Benefits 351,484
Workers Compensation 285,722
Employer Contributions Payable 103,802
Custodial Liability 20,500,433
Other Liabilities Without Related Budgetary Obligations (Note 8) 1,145,639
Total Intragovernmental 23,698,317
Other than Intragovernmental:
Accounts Payable 7,973,324
Federal Employee Benefits Payable (Note 9) 9,272,392
Other Liabilities (Note 7)
Accrued Funded Payroll 1,444,175
Other Liabilities with Related Budgetary Obligations 14,003
Total Other Than Intragovernmental 18,703,894
Total Liabilities $ 42,402,211
NET POSITION:
Unexpended Appropriations - Funds from Other than Dedicated Collections $ 64,119,056
Total Unexpended Appropriations 64,119,056
Cumulative Results of Operations - Funds from Dedicated Collections 18,953
Cumulative Results of Operations - Funds from Other than Dedicated
Collections (3,586,587)
Total Cumulative Results of Operations (3,567,634)
Total Net Position $ 60,551,422
Total Liabilities and Net Position $ 102,953,633
The accompanying notes are an integral part of these statements.
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Statement of Net Cost

For the Year Ended September 30, 2023
(in dollars)
FY 2023
STRATEGIC GOAL 1 - PREVENT:

Gross Cost $ 64,529,229
Earned Revenue (2,574,902)
Net Cost Strategic Goal 1 $ 61,954,327
STRATEGIC GOAL 2 - ADDRESS:

Gross Cost $ 24,352,116
Earned Revenue
STRATEGIC GOAL 3 - COMMUNICATE:

Gross Cost $ 18,033,284
Earned Revenue -
STRATEGIC GOAL 4 - SUPPORT:

Gross Cost $ 65,820,029
Earned Revenue -
TOTAL ENTITY:
Total Gross Cost $ 172,734,658
Less: Earned Revenue (2,574,902)
Total Net Cost of Operations (Note 15) $ 170,159,756
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Statement of Changes in Net Position

(in dollars)
FY 2023
UNEXPENDED APPROPRIATIONS:
Beginning Balance $ 67,419,775

Corrections of Errors (Note 17) $ 8,398,138
Beginning Balance, as adjusted $ 75,817,913

Appropriations Received 152,500,000
Other Adjustments (1,082,158)
Appropriations Used (163,116,699)
Net Change in Unexpended Appropriations (11,698,857)
Total Unexpended Appropriations $ 64,119,056
CUMULATIVE RESULTS OF OPERATIONS:

Beginning Balance (3,273,771)
Appropriations Used 163,116,699
Transfers In/Out without Reimbursement -
Imputed Financing (Note 9) 6,749,294
Other (100)
Net Cost of Operations (Note 15) (170,159,756)
Net Change in Cumulative Results of Operations (293,862)
Total Cumulative Results of Operations $ (3,567,634)
Net Position $ 60,551,422
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Statement of Budgetary Resources

(in dollars)
FY 2023
BUDGETARY RESOURCES:
Unobligated balance from prior year budget authority, net $ 34,374,133
Appropriations 152,500,000
Spending authority from offsetting collections 4,551,635
Total Budgetary Resources $ 191,425,768
STATUS OF BUDGETARY RESOURCES:

New Obligations and Upward Adjustments (Note 11) $ 173,445,056
Unobligated balance, end of year:
Apportioned, unexpired account 13,793,173
Unapportioned, unexpired accounts 1,858,984
Expired Unobligated Balance, end of year 2,328,555
Unobligated balance, end of year (total) 17,980,712
Total Status of Budgetary Resources $ 191,425,768
OUTLAYS, NET:
Outlays, net (total) $ 162,348,293
Distributed offsetting receipts (28,219)
Total Agency Outlays, net (Note 15) $ 162,320,074
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Statement of Custodial Activity

(in dollars)
FY 2023
REVENUE ACTIVITY:
Sources of Cash Collections:
Miscellaneous 42,143,151
Total Cash Collections 42,143,151
Accrual Adjustments 13,239,423

Total Custodial Revenue (Note 14) $ 55,382,574
DISPOSITION OF COLLECTIONS:
Transferred to Others (by Recipient)
U.S. Department of Treasury 42,143,151
Increase/(Decrease) in Amounts Yet to be Transferred 13,239,423
Retained by the Reporting Entity -
Total Disposition of Collections $ 55,382,574
Net Custodial Activity $ -
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Notes to the Financial Statements

Note 1 – Summary of Significant Accounting Policies
Reporting Entity
The accompanying financial statements present the financial position, net cost of operations, changes in net
position, budgetary resources, and custodial activities of the U.S. Consumer Product Safety Commission
(CPSC), an independent federal regulatory agency with a mission to save lives and keep families safe by
reducing the risk of injuries and deaths associated with consumer products. CPSC was created in 1972 by
Congress under the Consumer Product Safety Act (CPSA) and began operating in 1973. The agency is
headed by five commissioners nominated by the President and confirmed by the Senate for staggered seven-
year terms. The President designates one of the commissioners as Chair, who is the agency head. The CPSA
(as amended) authorizes CPSC to:
• Issue and enforce mandatory standards

• Pursue recalls of products or arrange for their repairs
• Develop voluntary standards
• Conduct research on potential product hazards
• Inform and educate consumers
• Respond to industry and consumer inquiries
Fund Accounting Structure
CPSC’s financial activities are accounted for by federal account symbols. They include the accounts for
appropriated funds and other fund groups described below for which the CPSC maintains financial records.
Appropriated Funds: These funds consist of salaries and expenses appropriation accounts used to fund agency
operations and capital expenditures, the grant programs under the Virginia Graeme Baker Pool and Spa Safety
Act (VGB Act) and Nicholas and Zachary Burt Memorial Carbon Monoxide Poisoning Prevention Act of 2022,
as well as COVID-19 relief under the American Rescue Plan Act (ARPA) (Pub .L. No. 117-2).
General Fund Receipt Accounts: CPSC collects civil penalties, Freedom of Information Act (FOIA) fees, and
other miscellaneous receipts, which by law are not retained by CPSC. The U.S. Treasury automatically
transfers all cash balances in these receipt accounts to the general fund of the U.S. Treasury at the end of
each fiscal year.
Gifts and Donations Receipt Account: U.S.C. Title 15, Chapter 47, section 2076, paragraph (b)(6), authorizes
CPSC “to accept gifts and voluntary and uncompensated services.” CPSC occasionally receives donations
from non-governmental sources in support of the agency’s mission.
Budget Authority
Congress enacts appropriations that provide CPSC with authority to obligate funds for necessary expenses to
carry out authorized program activities. The funds appropriated are subject to the Office of Management and
Budget (OMB) apportionment. CPSC’s Administrative Control of Funds directive complies with federal
budgetary accounting guidelines of OMB Circular No. A-11, Preparation, Submission and Execution of the
Budget, as amended. This directive places internal restrictions on the apportioned funds by designating the
amount, use, and authorized party of any division of the apportioned funds. These restrictions (known as
allotments, sub-allotments, and allowances) limit the amounts available so obligations will not exceed the
appropriated or apportioned amounts.
Basis of Accounting and Presentation
The financial statements have been prepared on an accrual basis and the budgetary basis of accounting in
conformity with the Generally Accepted Accounting Principles (GAAP) for the federal government. Accordingly,
revenues are recognized when earned and expenses are recognized when incurred, without regard to the
receipt or payment of cash. These principles differ from budgetary reporting principles. The differences relate
CPSC Page | 45
primarily to the capitalization and depreciation of property and equipment, as well as the recognition of other
long-term assets and liabilities. The statements were also prepared in conformity with OMB Circular No. A-136,
Financial Reporting Requirements, as amended.
Assets
Intragovernmental assets are assets that arise from transactions with other federal entities. The Fund Balance
with Treasury comprises of the majority of intragovernmental assets on CPSC’s Balance Sheet.
A. Fund Balance with Treasury
The U.S. Department of Treasury (U.S. Treasury) collects and disburses cash on behalf of CPSC. Fund
Balance with Treasury consists of appropriated funds and general fund receipt accounts. Appropriated funds
are available to pay down current liabilities and authorize purchase commitments. General fund receipt
accounts are used to record collections made by CPSC. The U.S. Treasury automatically transfers all cash
balances in these receipt accounts to the general fund of the U.S. Treasury at year end. CPSC’s Fund Balance
with Treasury is carried forward until such time as goods or services are received and payment is made, or until
the funds are returned to the U.S. Treasury.
CPSC’s cash receipts and disbursements are processed by the U.S. Treasury. Fund Balance with Treasury
represents obligated and unobligated balances, which are available to finance allowable expenditures and
restricted balances, including amounts related to expired authority and amounts not available for use by CPSC.
B. Accounts Receivable and Allowance for Uncollectible Accounts
CPSC’s accounts receivable are classified into two types of accounts: entity and non-entity accounts
receivable. Entity accounts receivable include amounts due from customers for reimbursable agreement and
overpayment to vendors and current and former employees. Non-entity accounts receivable are civil monetary
penalties resulting from CPSC’s enforcement actions and fees billed to fulfill FOIA requests. CPSC holds these
non-entity receivables in a custodial capacity. CPSC calculates the allowance for uncollectible accounts using
an analysis of historical collection data. No allowance for uncollectible amounts nor related provisions for
estimated losses has been established, as these amounts are fully collectible based on historical experience.
C. Property, Plant, and Equipment (PPE)
PPE consists of equipment, software, furniture, fixtures, other equipment, and leasehold improvements.
Beginning in October 2019, equipment and software with a useful life of two or more years are capitalized when
the acquisition cost is greater than or equal to $30,000 per unit or $100,000 for bulk purchases of lesser-value
items. Furniture, fixture, and other equipment purchases with an aggregate or bulk acquisition cost of $100,000
and a useful life of two or more years are capitalized. CPSC reports PPE purchases and additions at historical
costs. CPSC treats PPE acquisitions that do not meet the capitalization criteria as an expense. Leasehold
improvements are capitalized based on contractual agreements.
CPSC depreciates PPE using the straight-line method of depreciation. Leasehold improvements are amortized
over the lesser of the leasehold improvement’s useful life or the lease term. CPSC removes PPE from its asset
account in the period of disposal, retirement, or removal from service. CPSC recognizes the difference
between the book value and any proceeds as a gain or loss in the period that the asset is removed.
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Liabilities
Liabilities represent amounts that are likely to be paid by CPSC as a result of transactions that have already
occurred.
A. Accounts Payable
Accounts payable consist of amounts owed by CPSC to federal agencies and commercial vendors for goods
and services received.
B. Salaries and Federal Employee Benefits
Liabilities covered by budgetary resources represent liabilities funded by available budgetary resources, which
include appropriated funds and reimbursable authority. These liabilities consist of the salaries and wages of
CPSC’s employees and the corresponding agency share for the pension, health insurance, and life insurance
for employees receiving these benefits. CPSC employees are eligible to participate in the contributory Federal
Employees Health Benefit (FEHB) Program and the Federal Employees Group Life Insurance (FEGLI)
Program. CPSC makes contributions in addition to the employee contributions to each program to pay for
current benefits.
C. Accrued Annual Leave
A liability for annual leave is accrued as leave is earned and is paid when leave is taken. At year
end, the balance in the accrued annual leave account is adjusted to reflect the liability at current pay rates and
leave balances. Sick leave and other types of leave are treated as an expense when the leave is used by the
employee.
D. Federal Employees’ Compensation Act (FECA)
CPSC records an estimated unfunded liability for future workers’ compensation claims based on data provided
by the Department of Labor (DOL). CPSC uses the DOL-provided data to estimate a FECA actuarial liability
that is recorded at year end. DOL provides CPSC with the actual claim amounts already paid out by DOL to
employees.
E. Commitments and Contingencies
CPSC has claims and lawsuits pending against the agency. CPSC’s policy is to include provisions in the
financial statements for any losses considered probable and estimable. Management believes that losses from
certain other claims and lawsuits are reasonably possible but are not material to the fair presentation of
CPSC’s financial statements, and provisions for these losses are not included in the financial statements.
Estimates and Assumptions
Preparation of CPSC’s financial statements requires Management to make certain estimates and assumptions
that affect the reported amounts of assets and liabilities and the reported amounts of revenue and expenses
during the reporting period. Actual results can differ from those estimates.
Changes in Entity or Financial Reporting
The presentation of the Balance Sheet, Statement of Changes in Net Position, Statement of Custodial Activity,
and Undelivered Order Note has been modified to be consistent with the presentation of this document’s
reporting period (i.e., FY 2023). The format of the Balance Sheet has changed to reflect more detail for certain
line items, as required by OMB Circular No. A-136 for all significant reporting entities. This change does not
affect totals for assets, liabilities, or net position and is intended to allow readers of this report to see how the
amounts shown on the Balance Sheet are reflected on the Government-wide Balance Sheet, thereby
supporting the preparation and audit of the Financial Report of the United States Government.
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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.
Restatements
Certain prior year amounts have been restated to correct errors in the Balance Sheet, Statement of Net Costs
(SONC), Statement of Changes in Net Position, and notes to the financial statements.
Note 2 – Fund Balance with Treasury
CPSC’s Fund Balance with Treasury consists of apportioned and unapportioned funds. The status of this fund
as of September 30, 2023 is the following:
2023
Status of Fund Balance with Treasury
Unobligated Balance
Available 13,793,173
Unavailable 4,187,539
Obligated Balance, Not Yet Disbursed 54,616,770
Custodial Funds held for Treasury -
Total Fund Balance with Treasury $ 72,597,482
The available unobligated fund balances represent the current period amount available for obligation or
commitment. The available unobligated balances as of September 30, 2023 was $13,793,173.
The unavailable unobligated fund balances represent the amount of appropriation for which the period of
availability for obligation has expired. These balances are available for upward adjustments of obligations
incurred only during the period for which the appropriation was available for obligation or for paying claims
attributable to the appropriations. The unavailable unobligated balances as of September 30, 2023 was
$4,187,539.
The obligated balance not yet disbursed includes accounts payable, accrued expenses, and undelivered orders
that have reduced unexpended appropriations but have not yet decreased the Fund Balance with Treasury on
hand (see Note 12).
The custodial funds held for Treasury consist of collections of fines and penalties received from violators of the
CPSA (as amended) and fees from FOIA charges, both of which are not available for CPSC to use. The
custodial funds held for Treasury makes up the difference between the Fund Balance with Treasury amount
reported in the CPSC general ledger and the balance reported in the Governmentwide Accounting (GWA)
Statement Module.
Note 3 – Accounts Receivable, Net
CPSC’s accounts receivable are comprised of entity and non-entity accounts. The entity receivables include
amounts due from other agencies for goods and services provided, amounts due from current and former
employees, and other public receivables. The non-entity receivables include Civil Fines and Penalties and
FOIA activities. The non-entity civil fines and penalties are aged and are either in litigation, forbearance, or a
formal appeals process. No allowance for uncollectible amounts or related provision for estimated losses has
been established for CPSC’s accounts receivable, as these amounts are fully collectible based on historical
experience.
CPSC Page | 48
Note 3 – Accounts Receivable, Net (continued)
The composition of accounts receivable as of September 30, 2023 is as follows:
Accounts Receivable 2023

Entity
Intragovernmental
Accounts Receivable 50,269
Accounts Receivable 13,844
Non-Entity
Civil Fines and Penalties 20,500,000

Other Receivables 433
Total Non-Entity Accounts Receivable $ 20,500,433
Total Accounts Receivable $ 20,564,546
Note 4 – Advances and Prepayments
The majority of advances to other federal agencies are for the services contract with National Institute of
Standards and Technology (NIST) in support of CPSC’s work with the National Nanotechnology Initiative (NNI).
Other advances are for CPSC’s services contracts with federal agencies for employee benefits.
The balance of advances and prepayments as of September 30, 2023 is $43,168 for intragovernmental and
$2,717,795 with the public for software licenses received, which will be expensed as used.
2023
Intragovernmental
Advances and Prepayments 43,168
Other Assets -
Total Intragovernmental Other Assets $ 43,168
With the Public

Advances and Prepayments 2,717,795
Grant Advances -
Other Assets -
Total Other Assets $ 2,760,963
Note 5 – Property, Plant, and Equipment, Net

The composition of PPE, Net as of September 30, 2023 is as follows:
Accumulated
Depreciation/ Net Service Life in
Class of PPE Acquisition Cost Amortization Book Value Years
Leasehold
24,283,497 23,290,273 993,224 6 - 14
Improvement
Equipment 27,693,697 22,793,572 4,900,125 5 - 12
Furniture, Fixture &
2,608,689 2,608,689 -
Other Equipment 3-5
ADP Software 1,345,736 1,293,618 52,118 5
Construction in
1,085,175 -
Progress 1,085,175
Total $ 57,016,794 $ 49,986,152 $ 7,030,642
CPSC Page | 49
Note 6 – Liabilities Not Covered by Budgetary Resources
Liabilities not covered by budgetary resources are liabilities that are not covered by budgetary resources,
including: (1) new budget authority; (2) unobligated balances of budgetary resources at the beginning of the
year or net transfers of prior year balances during the year; (3) spending authority from offsetting collections
(credited to an appropriation or fund account); and (4) recoveries of expired budget authority through downward
adjustments of prior year obligations. Liabilities Not Requiring Budgetary Resources are liabilities that in the
past have not required, and will not require, the use of the aforementioned budgetary resources in the future.
The liabilities on CPSC’s Balance Sheet as of September 30, 2023 include liabilities not covered by budgetary
resources. The intragovernmental liabilities are owed to DOL for the FECA (disability) payments and the
General Services Administration (GSA) for the tenant improvement allowance (TIA) provided as a part of the
long-term lease on office facilities. CPSC also recognizes liabilities for employee annual leave earned but not
yet taken and for workers’ compensation actuarial liability. CPSC also collects receivables that are withdrawn to
Treasury with no budgetary resource associated. The composition of the liabilities not covered by budgetary
resources as of September 30, 2023 is as follows:
2023
Intragovernmental
Workers’ Compensation 285,722
Other Liabilities Without Budgetary Obligations 1,145,639
Total Intragovernmental $ 1,431,361
Accrued Annual Leave 7,173,867
Workers’ Compensation Actuarial Liability 2,030,891
Total Liabilities Not Covered by Budgetary Resources $ 10,636,119
Total Liabilities Covered by Budgetary Resources $ 11,265,659
Total Liabilities Not Requiring Budgetary Resources (see Note 7) $ 20,500,433
Total Liabilities $ 42,402,211
Note 7 – Other Liabilities
CPSC’s Other Liabilities on the Balance Sheet is broken into Intragovernmental and Other than
Intragovernmental as detailed below:
Other Liabilities 2023

Intragovernmental
Employee Benefits 351,484
Workers’ Compensation 285,722
Employer Contributions Payable 103,802
Custodial Liability 20,500,433
Other Liabilities Without Related Budgetary Obligations 1,145,639
Total Intragovernmental $ 22,387,080
Other than Intragovernmental
Accrued Funded Payroll 1,444,175
Other Liabilities with Related Budgetary Obligations 14,003
Total Other Than Intragovernmental $ 1,458,178
Total Other Liabilities $ 23,845,258
Civil Service Retirement System (CSRS), Federal Employees’ Retirement System (FERS), Federal Insurance
Contributions Act (FICA), FEHB, and FEGLI contributions are shown on the Balance Sheets and included in
employee benefits and employer contributions liability balances. The amount owed to the Office of Personnel
Management (OPM) and the U.S. Treasury as of September 30, 2023 was $455,286.
CPSC Page | 50
CPSC has authority to levy fines and penalties against manufacturers, retailers, or distributors who violate the
CPSA (as amended), Federal Hazardous Substance Act (FHSA), and the Flammable Fabrics Act (FFA). Civil
penalty collections are deposited in the U.S. Treasury and are not available for CPSC to use. CPSC also
charges a fee for the processing of FOIA requests. FOIA fees are also deposited in the U.S. Treasury and are
not available for CPSC to use. Civil penalties and FOIA fees due and balances in the general fund receipt
accounts are recognized as a custodial liability on CPSC’s Balance Sheet. As of September 30, 2023, the total
Custodial Liabilities are $20,500,433. The revenue and collection activities of these liabilities are presented in
the Statement of Custodial Activities.
Note 8 – Other Liabilities without Related Budgetary Obligation
Other Liabilities without Budgetary Obligation are Tenant Improvement Liabilities (TIL) on CPSC’s Balance Sheet
as of September 30, 2023, which are $1,145,639. The composition of TIL as of September 30, 2023 is as follows:
Other Liabilities 2023

Intragovernmental
Tenant Improvement Liability – HQ 143,344
Tenant Improvement Liability – NPTEC 1,002,295
Total Tenant Improvement Liability $ 1,145,639
The unfunded TIL is payable to GSA over the life of the lease. CPSC’s lease agreements with GSA are for two
facilities in Maryland: the Headquarters (HQ) offices located in Bethesda and the National Product Testing and
Evaluation Center (NPTEC) located in Rockville, MD. The two leases provided an allowance for customization
of the properties. The TIL is amortized over the life of the lease. The TIL is reduced when the amortized
amount is billed by GSA and paid by CPSC.
Note 9 – Federal Employee Benefits Payable
Federal employee benefits consist of the actuarial portion of future benefits earned by federal employees but
not yet due and payable. These costs include pensions, other retirement benefits, and other post-employment
benefits, excluding workers compensation. These benefits are administered by the U.S. Office of Personnel
Management (OPM) and not CPSC. Since CPSC does not administer the benefit plans, CPSC does not
recognize any liability on the Balance Sheet for pensions, other retirement benefits, and other post-employment
benefits. CPSC does, however, recognize the imputed financing sources/costs related to these benefits on Net
Cost of Operations and the Statement of Changes in Net Position.
The federal employee retirement benefit costs paid by OPM and imputed to CPSC for the period ended
September 30, 2023 related to imputed financing sources totaled $6,749,294 for the period ended September
30, 2023.
2023
Estimated future pension costs (CSRS/ FERS) 2,471,400
Estimated future postretirement health insurance (FEHB) 4,265,700
Estimated future postretirement life insurance (FEGLI) 12,194
Total Imputed Costs $ 6,749,294
CPSC employees participate in either the CSRS or FERS, depending on when they started working for the
federal government. FERS and Social Security cover most employees hired after December 31, 1983.
Employees who are rehired after a break in service of more than one year and had five years of federal civilian
service prior to 1987 are eligible to participate in the CSRS offset retirement system or may elect to join FERS.
For employees participating in CSRS, CPSC contributes seven percent to their plan. FERS is a three-tiered
retirement system consisting of a Basic Benefit Plan, Thrift Savings Plan (TSP), and Social Security Benefits.
CPSC Page | 51
The TSP under FERS is a savings plan in which CPSC automatically contributes one percent of base pay and
matches any employee contributions up to an additional four percent of base pay. For most employees hired
after December 31, 1983, CPSC also contributes the employer’s matching share for Social Security. CPSC’s
contributions are recognized as current operating expenses.
The federal employee benefits payable as shown on the Balance Sheet as of September 30, 2023 is
$9,272,392 and is made up of accrued annual leave, employer contributions and payroll taxes, and actuarial
Federal Employees Compensation Act (FECA).
As of September 30, 2023, CPSC accrued unfunded annual leave for employees in the amount of $7,173,867,
employer contributions of $67,634, and actuarial FECA of $2,030,891.
Note 10 – Operating Leases
CPSC’s lease agreements with GSA are for three facilities in Maryland: HQ offices located in Bethesda, the
National Product Testing and Evaluation Center (NPTEC) located in Rockville, and the Sample Storage Facility
(SSF) located in Gaithersburg. Although CPSC has smaller operating leases, they are minimal and do not have
a significant impact on overall operations and thus are not presented. The operating lease agreements for the
three facilities expire between fiscal years 2023 and 2035. Lease costs for the period ended September 30,
2023, amounted to approximately $8,108,748. Estimated future minimum lease payments for the three
facilities are as follows:
Fiscal Year Estimated Future Lease Payments

2024 8,154,867
2025 8,458,476
2026 8,544,006
2027 8,632,103
2028 8,272,801
After 2028 26,809,230
Total Estimated Future Lease Payments $ 68,871,483
Note 11 – Apportionment Categories of Obligations Incurred: Direct vs. Reimbursable Obligations
CPSC’s apportionments fall under three Categories: Direct Category A, quarterly apportionment for salaries
and expenses; Direct Category B, restricted and activity apportionment for the VGB Act grant program and
COVID-19 relief under the ARPA; and Reimbursable Category B, restricted and activity apportionment for
reimbursable activities. CPSC currently does not have any Reimbursable Category A apportionments.
Apportionment categories of obligations incurred for the fiscal year ended September 30, 2023, are as follows:
2023
Direct:
Category A $ 148,109,968
Category B 20,570,289
Reimbursable:
Category A -
Category B 4,764,799
Total Obligations Incurred $ 173,445,056
CPSC Page | 52
Note 12 – Undelivered Orders
The amount of budgetary resources obligated for undelivered orders as of September 30, 2023, are:
Federal Non-Federal Total

Paid Undelivered Orders $ 43,168 $ 2,717,795 $ 2,760,963
Unpaid Undelivered Orders 758,692 45,568,522 46,327,214
Total Undelivered Orders $ 801,860 $ 48,286,317 $ 49,088,177
Note 13 – Explanation of Differences between the Statement of Budgetary Resources and the Budget of
the United States Government – (unaudited)
A reconciliation of CPSC’s fiscal year 2022 statement of budgetary resources with the corresponding information
presented in the fiscal year 2023 President’s Budget is as follows:
New Obligations & Distributed

Budgetary Resources Upward Adjustments Offsetting Net Outlays
FY 2022
(Total) Receipts
Statement of
Budgetary
Resources 194,992,941 161,242,749 4,718 151,106,915
Actual Offsetting
Collections - - - -
Expired Unobligated
Balance, end of year (1,764,145) - - -
Differences (228,796) (242,749) (4,718) (1,106,915)
Budget of the U.S.
Government $ 193,000,000 $ 161,000,000 - $ 150,000,000
The FY 2025 Budget of the U.S. Government (also known as the President’s Budget) will not be published prior
to February 2024. Accordingly, a comparison between the FY 2023 data reflected on the statement of
budgetary resources and FY 2023 data in the President’s Budget cannot be performed. The Budget with the
actual amount for FY 2023 will be available at a later date at https://www.whitehouse.gov/omb/budget. The
differences reported are due to differing reporting requirements for expired and unexpired appropriations
between the Treasury guidance used to prepare the SBR and the OMB guidance used to prepare the
President’s Budget. The SBR includes both expired and unexpired appropriations, while the President’s
Budget presents only unexpired budgetary resources that are available for new obligations.
Note 14 – Custodial Revenue
CPSC has authority to levy fines and penalties against manufacturers, retailers, or distributors who violate the
CPSA (as amended), the FHSA, and the FFA, as mentioned in Note 7. Custodial revenue collections are
derived from two primary sources: civil penalties paid by regulated entities for violations of consumer product
safety laws and regulations; and reimbursement of FOIA expenses incurred by the agency when requests are
made from the public for CPSC documents.
In FY 2023, CPSC assessed civil penalties and fines in the amount of $55,382,574. However, there were two
civil penalties assessed in the fourth quarter of FY 2022 and collected in FY 2023 totaling $7,250,000. Thus,
the civil penalties recorded for receipt in FY 2023 financial statements amounted to $42,115,000, which CPSC
collected as of September 30, 2023.
The custodial amount yet to be collected (civil penalties, FOIA fines, interest accrued, etc.) by CPSC is
$20,500,433 as of September 30, 2023. All custodial revenue collections are deposited in the U.S. Treasury
and are not available for CPSC to use.
CPSC Page | 53
Note 15 – Reconciliation of Net Cost to Net Outlays
The Budget Accrual Reconciliation (BAR) is a reconciliation of net outlays that are presented on a budgetary
basis and the net cost that are presented on an accrual basis, to provide an explanation of the relationship
between budgetary and financial accounting information. The BAR for the period ending September 30, 2023,
is as follows:
CPSC Page | 54
Reconciliation of Net Cost to Net Outlays

Budget and Accrual Reconciliation
(in Dollars)
Other Than
Intragovernmental Intragovernmental Total
Net Operating Cost (SNC) $ 41,400,370 $ 128,759,386 $ 170,159,756
Components of Net Cost Not Part of the Budgetary Outlays

Property, Plant, and Equipment Depreciation
Expense - (2,567,115) (2,567,115)
Property, Plant, and Equipment Disposals &
Revaluations - (11,424) (11,424)
Increase/(Decrease) in Assets:
Accounts Receivable, Net
(2,147,989) (2,162) (2,150,151)
Other Assets
(5,550) 2,717,795 2,712,245
(Increase)/Decrease in Liabilities:
Accounts Payable
378,896 (2,694,902) (2,316,006)
Federal Employee Benefits Payable
- 103,369 103,369
Other Liabilities 203,973 1,011,079
1,215,052
Financing Sources:
Imputed Cost
(6,749,294) - (6,749,294)
Total Components of Net Operating Cost Not
Part of the Budgetary Outlays $ (8,319,964) $ (1,443,360) $(9,763,324)
Components of the Budget Outlays That Are Not Part of Net Operating Cost
Acquisition of Capital Assets - 1,951,761 1,951,761
Total Components of the Budget Outlays That

Are Not Part of Net Operating Cost - $ 1,951,761 $ 1,951,761
Miscellaneous Items
Distributed Offsetting Receipts (SBR 4200) - (28,219) (28,219)
Custodial/Non-Exchange Revenue 55,382,574 (55,382,574) -
Non-Entity Activity
100 - 100
Total Other Reconciling Items $ 55,382,674 $ (55,410,793) $ (28,119)
Total Net Outlays (Calculated Total) $ 88,463,080 $ 73,856,994 $ 162,320,074
Budgetary Agency Outlays, Net (SBR 4210)

Budgetary Agency Outlays, Net $ 162,320,074
CPSC Page | 55
Note 16 – COVID-19 Activity
The American Rescue Plan Act (ARPA) of 2021 (Pub. L. No. 117-2), Nonemergency, was signed into law by
President Joseph R. Biden on March 11, 2021. This bill provided additional relief to address the continued
impact of COVID-19 on the economy, public health, state and local governments, individuals, and businesses.
CPSC received $50 million in FY 2021 supplemental appropriations to remain available until September 30,
2026 to:
• Carry out the requirements in Title XX of Division FF of the FY 2022 Consolidated Appropriations Act,
2022 (Pub. L. No. 116-260);
• Enhance targeting, surveillance, and screening of consumer products, particularly COVID-19 products
entering the United States at ports of entry, including ports of entry for de minimis shipments;
• Enhance monitoring of Internet websites for offers for sale of new and used violative consumer
products, particularly COVID-19 products, and coordination with retail and resale websites to improve
identification and elimination of listing of such products;
• Increase awareness and communication, particularly of COVID-19 product-related risks and other
consumer product safety information; and
• Improve the agency’s data collection and analysis system, especially with a focus on consumer
product safety risks resulting from the COVID-19 pandemic to socially disadvantaged individuals and
other vulnerable populations.
CPSC’s budgetary activity for ARPA funds is illustrated below as of September 30, 2023:
COVID-19 Activity FY 2023

Budgetary Resources: Unobligated (and unexpired) Balance
Carried Forward from Prior Year $ 28,616,040
New Budget Authority + $ 0
Rescissions (-)/Other Changes (+/-) to Budgetary Resources $ 0
Budgetary Resources Obligated (-) $ 16,960,036
Budgetary Resources Obligated: Ending Unobligated (and
unexpired) Balance to be Carried Forward $ 11,656,004
Outlays, Net (Total) $ 17,045,970
Note 17 – Restatement
The previously reported accounts payable as of September 30, 2022 were overstated by $8.4 million. As a
result, the beginning “net position – unexpended appropriations” as of October 1, 2022 has been restated to
correct the error to increase “net position – unexpended appropriations” by $8.4 million as of October 1, 2022
as presented on the Statement of Changes in Net Position for the year ended September 30, 2023.
CPSC Page | 56
2023 Agency Financial Report Other Information
( Unaudited)

Inspector General’s Management Challenges Report


















Summary of Financial Statement Audit

and Management Assurances
Summary of Financial Statement Audit
Audit Opinion Qualified
Restatement No
Beginning New Resolved Consolidated Ending Balance
Balance
0 3 0 0 3
Total Material Weaknesses 0 3 0 0 3
Summary of Management Assurances

Effectiveness of Internal Control over Operations (FMFIA § 2)
Statement of Assurance Modified

Beginning New Resolved Consolidated Reassessed Ending
Balance Balance
0 1 0 0 0 1
Total Material Weaknesses 0 1 0 0 0 1
Effectiveness of Internal Control over Reporting (FMFIA § 2)
Statement of Assurance Modified

Balance Balance
0 2 0 0 0 2
Total Material Weaknesses 0 2 0 0 0 2
Conformance with Federal Financial Management System Requirements (FMFIA § 4)
Statement of Assurance Systems conform to financial management system requirements

Balance Balance
0 0 0 0 0 0
Total Nonconformance 0 0 0 0 0 0

Payment Integrity Information Act Reporting

To improve the integrity and accuracy of the Payment Reporting & PIIA Noncompliance
federal government’s payments, in 2002, Congress Findings
enacted the Improper Payments Information Act The FY 2022 PIIA review, issued by the OIG in
(IPIA) (Pub. L. No. 107-300) and the Recovery May 2023, found that CPSC is in compliance with
Audit Act (Pub. L. No. 107-107). In 2010, these OMB Memorandum M-21-19.
statutes were amended by the Improper Payments
Elimination and Recovery Act of 2010 (IPERA, Recapture of Improper Payments
Pub. L. No. 111-204), which later was supplanted The PIIA (also refer to 31 U.S.C. § 3352) requires
by the Improper Payments Elimination and agencies to conduct payment recapture audits
Recovery Improvement Act of 2012 (IPERIA; Pub. (also known as recovery audits) for each program
L. No. 112-248). In March 2020, the Payment or activity that expends $1 million or more annually,
Integrity Information Act of 2019 (PIIA; Pub. L. No. if conducting such audits would be cost effective. A
116-117) was enacted; it reorganized and revised payment recapture audit is a detective and
the existing improper payment statutes. corrective control activity designed specifically to
identify and recapture overpayments. CPSC
The PIIA requires agencies to improve the quality
conducted a cost-benefit analysis of two
of oversight for high-dollar and high-risk
alternatives for payment recapture audits—
programs, and it mandates that agencies share
exploring the use of federal staff versus contract
data regarding recipient eligibility and staff. Neither alternative was cost effective to
payment amounts. For more detailed information pursue a payment recapture audit based on the
on improper payments and prior years’ reporting, root cause and nature of the improper payments.
please visit the following link: Management informed OMB and the IG of the
https://paymentaccuracy.gov/. analysis and decision.
CPSC is dedicated to continuing to strengthen its Although CPSC concluded that payment recapture
improper payments program to ensure that audits are not cost effective, the agency identifies
payments are justifiable and processed correctly self-reported improper payments as noted above in
and efficiently. The program utilizes an the overpayment disclosure.
experienced and trained staff, a financial
management system designed with control For FY 2023, the agency identified six improper
functions to mitigate risks, and an internal analysis payments related to administrative processing
of processes and transactions. CPSC strives to errors. The agency has set up receivable amounts
comply with OMB Memorandum M-19-21, which and is working with vendors to recapture and
revised Appendix C in OMB Circular No. A-123, correct these improper payments. Furthermore,
Requirements for Payment Integrity Improvement. the agency has identified improper payments that
were overpayments related to statutory
CPSC reviews transactions to identify improper requirements not being met.
payments and differentiate between improper
CPSC will continue to collect and resolve
payments resulting from payment processing
improper payments through existing financial
errors, where there was no monetary loss to the
procedures, including pre-audit of travel
taxpayer, and improper payments that resulted in a
reimbursements, internal control review activities,
monetary loss to the taxpayer and require payment
internal and external audits, training of CPSC
recapture. The FY 2023 analysis did not evidence staff, and debt collection, as necessary.
significant improper payments resulting in
monetary loss to the taxpayer. Do-Not-Pay Initiative
CPSC is cross-serviced by U.S. Treasury’s ARC
Review of Program Activities in FY 2023
with accounting system support and accounts
CPSC assesses payments reporting for two payable processing. Implementation of the Do-Not-
program activities: Payroll and Non-Payroll. The Pay (DNP) initiative is a joint responsibility of
total program activity for payroll and non-payroll CPSC and ARC.
totaled $99,548,402 and $52,604,731,
respectively. CPSC strives to maintain integrity of its financial
management and reporting through preventing,
identifying, and reducing improper payments. An

important component of the effort is integration of

the DNP Business Center’s processes into CPSC’s Using the DNP Business Center helps CPSC
existing processes. ARC uses the DNP Business improve the quality and integrity of information
Center to perform online searches, screen within the financial system. ARC engages the DNP
payments against the DNP databases, and Analytics services to match vendor records with the
augment ARC’s data analytics capabilities. Death Master File. 9 The review identifies high-risk
vendor records possibly associated with deceased
CPSC follows pre-enrollment, pre-award, and pre- individuals, and the review also enables ARC to
payment processes for all acquisition and financial classify the vendor records into risk-based
assistance awards. Pre-enrollment procedures categories for further evaluation. ARC deactivates
include cross-referencing applicants against the the highest-risk vendor records, thereby
General Services Administration’s (GSA) System decreasing the likelihood of improper payments to
for Award Management (SAM) Exclusion records. deceased individuals.
CPSC also reviews federal and commercial CPSC performs post-payment reviews to
databases to verify past performance, federal adjudicate conclusive matches identified by the
government debt, integrity, and business ethics. As DNP Business Center. The monthly process
part of the pre-award process, before entering into verifies payee information against internal sources,
an agreement, CPSC requires recipients of reviews databases within the DNP Business
financial assistance to verify that entities with Center, and confirms whether CPSC applied
whom they transact are not excluded from appropriate business rules when making
receiving federal funds. For pre-payment payments. Based on the reviews from DNP and
processes, ARC verifies an entity against both SAM Exclusions list from October 1, 2022 through
SAM and the Internal Revenue Service’s (IRS) On- September 30, 2023, no errant payments were
line Taxpayer Identification Number (TIN) Matching identified.
Program before establishing the vendor in the core
financial accounting system.
9 notices for individuals enrolled in the U.S. Social Security

The Social Security Administration’s Death Master File
(DMF) is a publicly available database containing death program since 1936.

Civil Monetary Penalty Adjustment for Inflation

In 1990, Congress enacted statutory amendments issued; or one year after August 14, 2008. The new
to adjust the maximum civil penalty amounts amounts became effective on August 14, 2009.
authorized under the Consumer Product Safety Act The CPSIA also revised the start date from
(CPSA), the Federal Hazardous Substances Act December 1, 1994 to December 1, 2011 and
(FHSA), and the Flammable Fabrics Act (FFA). On designated December 1 of each fifth calendar year,
August 14, 2008, the Consumer Product Safety thereafter, on which the Commission must
Improvement Act of 2008 (CPSIA) increased the prescribe and publish in the Federal Register the
maximum civil penalty amounts to $100,000 for schedule of maximum authorized penalties. On
each violation and $15,000,000 for any related December 1, 2021, CPSC published the increased
series of violations. The CPSIA tied the effective maximum authorized civil penalty amounts of
date of the new amounts to the earlier of these $120,000 for each violation and $17,150,000 for
dates: the date on which final regulations are any related series of violations.*
Statutory Penalty Year Latest Year of Current Agenc Location for Penalty
Authority Name and Enacte Adjustment Penalty y Name Update Details
Description d (via statute or
regulation)
15 U.S.C. Consumer 2008 Adjusted in Maximum of CPSC * Civil Penalties; Notice
2069(a)(1), Product 2021 for $120,000 for of Adjusted Maximum
1264(c)(1), Safety violations each violation Amounts, 86 Fed. Reg.
and Improveme that occur and maximum 68244 (Dec. 1, 2021);
1194(e)(1) nt Act of after of $17,150,000 Civil Penalties; Notice
2008 January 1, for any related of Adjusted Maximum
(CPSIA) 2022 series of Amounts; Correction,
violations. 86 Fed. Reg. 70831
(Dec. 13, 2021)

Grants Programs
In FY 2023, CPSC administered two grant yet occurred, but for which the period of
programs—the Virginia Graeme Baker Pool and performance has elapsed by 2 years or more
Spa Safety Act (VGB Act) and the Nicholas and before September 30, 2023.
Zachary Burt Memorial Carbon Monoxide
Poisoning Prevent Act of 2022—which award CPSC does not have any current grants or
funding to subrecipients. cooperative agreements exceeding closeout for
two years or more before September 30, 2023.
The summary table below shows the number of
awards and balances for which closeout has not
Category 2 – 3 Years 4 – 5 Years More than 5 Years
Number of Grants/
Cooperative Agreements
0 0 0
with Zero Dollar
Balances
Number of Grants/
Cooperative Agreements
0 0 0
with Undisbursed
Balances
Total Amount of
0 0 0
Undisbursed Balances


2023 Agency Financial Report Appendices
Appendix A:
Performance Measurement Reporting Process
The Annual Performance Plan (APP), in conjunction with the FY 2023 President’s Budget Request to Congress,
includes performance measures with annual targets that are used for tracking progress toward achieving the
strategic goals and objectives of the agency’s 2023-2026 Strategic Plan.
During each new cycle of development of the APP, CPSC’s functional components are encouraged to review their
performance measures to ensure that they still adequately measure progress toward the strategic objectives and
program outcomes, and, as needed, propose changes to improve their performance measures. The functional
components are also encouraged to set aspiring annual targets for their performance measures to improve
program performance. The progress against their established targets is tracked and monitored quarterly, where
the functional components are responsible for reporting actual progress for each performance measure in an
internal agency database. A summary of the FY 2023 performance year-end results is presented on pp. 4 – 6 of
this report, and the detailed performance results will be published in the FY 2023 Annual Performance Report
(APR), which will be posted to the agency’s website at: www.cpsc.gov/About-CPSC/Agency-
Reports/Performance-and-Budget.
Verification and Validation of Performance Data

CPSC requires complete, accurate, and reliable performance data to assess the agency’s progress toward its
strategic goals and objectives, and to make good management decisions. CPSC’s approach to verification and
validation (V&V) of performance data, intended to improve accuracy and reliability, is based upon the following:
1. The agency develops performance measures through its strategic planning and annual performance
planning processes.
2. CPSC’s functional components follow a standard reporting procedure to document detailed information for
each performance measure in an internal agency database. This information includes, but is not limited to:
• performance measure definition;
• rationale for the performance measure;
• source of the data;
• data collection and computation methods; and
• data limitations.
3. The agency’s major functional components are responsible for assessing the completeness, consistency,
timeliness, and quality of the data for their key performance measures, as well as identifying any data
limitations. Managers of major functional components, who are responsible for reporting key measures,
certify that procedures for ensuring performance data quality have been followed, and they also certify that
the reported results are reasonably complete, accurate, and reliable.
4. In addition to the self-assessments and certification statements completed by major functional components’
managers, year-end results for key performance measures are reviewed by the Office of Financial
Management, Planning and Evaluation (EXFM) team and approved by management before they are
published in agency documents. Furthermore, the EXFM team conducts an in-depth V&V review of each
key performance measure within a two-year cycle and follows established operating procedures for the
review. Of CPSC’s 34 FY 2023 key performance measures, 27 had established annual performance
targets, while seven had “Baseline” as targets because they were new for FY 2023. EXFM selected 17 key
performance measures of 34 from across the agency’s major functional components for its independent
V&V review to assess the accuracy of reported year-end performance results.
5. CPSC also holds regular Strategic Data Review meetings, where managers of major functional
components assess progress toward performance measure targets and the agency’s strategic objectives.
These meetings include discussions about program risks and the strategies to mitigate them.
6. Managers of assessable units within CPSC also submit annual letters of assurance on the operating
effectiveness of general- and program-level internal controls for their areas of responsibility. These letters
identify any known deficiencies or weaknesses in program-level internal controls where they exist,
including any issues with the quality of program data.
These procedures help provide assurance that performance data reported by the agency are sufficiently complete,
accurate, and reliable, as appropriate to intended use, and that internal controls are maintained and functioning,
as intended.
CPSC Page | 82
Appendix B: Statutory Authority

In alphabetical order, listed below are the principal federal statutes administered by CPSC. Links to these statutes
are available on CPSC’s website at: www.cpsc.gov/Regulations-Laws--Standards/Statutes under Regulations,
Laws & Standards.
Child Nicotine Poisoning Prevention Act of 2015 (CNPPA)

Child Safety Protection Act (CSPA)
Children's Gasoline Burn Prevention Act (CGBPA)
Consumer Product Safety Act (CPSA)
Consumer Product Safety Improvement Act of 2008 (CPSIA) (amended CPSA)
Drywall Safety Act of 2012 (DSA)
Flammable Fabrics Act (FFA)
Federal Hazardous Substances Act (FHSA)
Labeling of Hazardous Art Materials Act (LHAMA)
Nicholas and Zachary Burt Memorial Carbon Monoxide Poisoning Prevention Act of 2022
Poison Prevention Packaging Act (PPPA)
Portable Fuel Container Safety Act of 2020 (15 U.S.C. § 2056d)
Pub. L. No. 112-28 (2011) (amended CPSIA)
Refrigerator Safety Act (RSA)
Reese’s Law (Pub. L. No. 117-171)
Safe Sleep for Babies Act of 2021 (SSBA)
Stop Tip-overs of Unstable, Risky Dressers on Youth (STURDY) Requirements of Pub. L. No. 117-328
Virginia Graeme Baker Pool and Spa Safety Act (VGB Act)
CPSC Page | 83
Appendix C: Acronym Listing

AFR Agency Financial Report
ADA Antideficiency Act
AI Artificial Intelligence
APR Annual Performance Report
ARC Administrative Resource Center
ARPA American Rescue Plan Act of 2021
AU Assessable Unit
BAR Budget Accrual Reconciliation
CAP Corrective Action Plan
CBP U.S. Customs and Border Protection
CDC Centers for Disease Control and Prevention
CISA Cybersecurity and Infrastructure Security Agency
CO Carbon Monoxide
CPSA Consumer Product Safety Act
CPSC U.S. Consumer Product Safety Commission
CPSIA Consumer Product Safety Improvement Act of 2008
CRO Cumulative Results of Operations
CSRS Civil Service Retirement System
DATA Act Digital Accountability and Transparency Act of 2014
DNP Do-Not-Pay
DOI U.S. Department of Interior
DOL U.S. Department of Labor
DOT U.S. Department of Transportation
ERM Enterprise Risk Management
eSAFE eCommerce, Surveillance, Analysis, Field, and Enforcement
EXFM Office of Financial Management, Planning and Evaluation
FECA Federal Employees’ Compensation Act
FEGLI Federal Employees Group Life Insurance
FEHB Federal Employees Health Benefits
FERS Federal Employees’ Retirement System
FFMIA Federal Financial Management Improvement Act of 1996
FEVS Federal Employee Viewpoint Survey
FFA Flammable Fabrics Act
FHSA Federal Hazardous Substances Act
FISMA Federal Information Security Modernization Act of 2014
FMFIA Federal Managers’ Financial Integrity Act of 1982
FOIA Freedom of Information Act
FR Final Rule
FTE Full-Time Equivalent
FY Fiscal Year
GAAP Generally Accepted Accounting Principles
GAO U.S. Government Accountability Office
GSA General Services Administration
HQ Headquarters
IFS Integrated Field System
IoT Internet of Things
IPERA Improper Payments Elimination and Recovery Act
IPERIA Improper Payments Elimination and Recovery Improvement Act
IT Information Technology
KEV Known Exploited Vulnerabilities
KM Key Performance Measure
LHAMA Labeling of Hazardous Art Materials Act
CPSC Page | 84
MD&A Management Discussion and Analysis

NEISS National Electronic Injury Surveillance System
NNI National Nanotechnology Initiative
NPR Notice of Proposed Rulemaking
NPTEC National Product Testing and Evaluation Center
OIG Office of the Inspector General
OMB Office of Management and Budget
OPM U.S. Office of Personnel Management
PII Personally Identifiable Information
PIIA Payment Integrity Information Act
PPA Prompt Payment Act
PPE Property, Plant, and Equipment
RSI Required Supplementary Information
SAM System for Award Management
SBO Small Business Ombudsman
SBR Statement of Budgetary Resources
SNC Statement of Net Costs
SNPR Supplemental Notice of Proposed Rulemaking
SSAE 18 Statement on Standards for Attestation Engagements No. 18
SSF Sample Storage facility
TIA Tenant Improvement Allowance
TIL Tenant Improvement Liability
TIN Taxpayer Identification Number
TSP Thrift Savings Plan
VGB Act Virginia Graeme Baker Pool and Spa Safety Act
V&V Verification and Validation
CPSC Page | 85
CPSC Page | 87

2023 Agency Financial Report About The CPSC

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2023 Agency Financial Report About the CPSC

About CPSC .......................................................................................................................... i

Management’s Discussion and Analysis 1

CPSC Table of Contents

About this Report

The purpose of the U.S. Consumer Product Safety Commission’s

This AFR is organized into four major sections:

Management’s Discussion and Analysis (MD&A): Includes

Financial Section: Includes a message from the Chief Financial

This report satisfies the reporting requirements of the following statutes:

• Federal Managers’ Financial Integrity Act of 1982 (FMFIA);

Message from the Chair

I am pleased to present the U.S. Consumer Product Safety

As in previous years, this report represents the work of more than

When I joined CPSC at the beginning of FY 2022, which coincided

CPSC Page | iii

CPSC Page | iii

CPSC’s Mission and Organizational Structure

Figure 2 : CPSC’s Organizational Structure

CPSC ( Unaudited) Page | 2

Performance Summary: An Overview

Figure 4: FY 2023 Results for Key Measures, organized by Strategic Goal

CPSC ( Unaudited) Page | 3

Key Performance Measures (KMs)

CPSC ( Unaudited) Page | 4

FY 2020 FY 2021 FY 2022 FY 2023 FY 2023 Target

CPSC ( Unaudited) Page | 5

FY 2020 FY 2021 FY 2022 FY 2023 FY 2023 Target

CPSC ( Unaudited) Page | 6

Selected Performance Results

CPSC ( Unaudited) Page | 7

CPSC ( Unaudited) Page | 8

investigation and enforcement efforts should be • To achieve CPSC’s strategic objective of

CPSC ( Unaudited) Page | 9

CPSC ( Unaudited) Page | 10

consumer product safety information to a Strategies for Support: CPSC’s approach to

Excellence in areas including information

CPSC ( Unaudited) Page | 11

• Key Measure 4.4.3 Percentage of critical

CPSC ( Unaudited) Page | 12

Analysis of Financial Statements

CPSC ( Unaudited) Page | 13

CPSC ( Unaudited) Page | 14

CPSC ( Unaudited) Page | 15

Controls, Systems, and Legal Compliance

• Prompt Payment Act of 1982 (PPA) (Pub. L. No. 97-177)

CPSC ( Unaudited) Page | 16

CPSC ( Unaudited) Page | 17

Federal Information Security Modernization Act • Implemented a new patching solution to

CPSC ( Unaudited) Page | 18

CPSC ( Unaudited) Page | 19

Management Assurance Statement

CPSC ( Unaudited) Page | 20

CPSC ( Unaudited) Page | 21

Limitations of the Financial Statements

CPSC ( Unaudited) Page | 22

Message from the Chief Financial Officer

Independent Auditors’ Report

The accompanying notes are an integral part of these statements.