Board of Governors of the Federal Reserve System

S14.b: Balance sheet of households

This table was previously numbered B.101.h prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

This supplementary table presents the entire balance sheet of the household sector. In the financial accounts, households are included as part of the household and nonprofit organizations sector (shown on tables S1M.t, S1M.s, S1M.b, and S1M.r). The data for the household sector is constructed by subtracting the respective asset holdings and liabilities of the nonprofit sector (shown on table S15.b) from the broader households and nonprofit organizations sector (shown on table S1M.b), with some adjustments.

The memo section of the table shows how the supplementary, separate measures of households and nonprofit organizations assets and liabilities can be reconciled with the measures for the combined household and nonprofit organizations sector as presented in the core financial accounts (table S1M.b). Nonprofit organizations' miscellaneous assets and liabilities are not included on table S1M.b but are shown on the supplementary balance sheet for nonprofit organizations (table S15.b). Also, nonprofit organizations' other loans receivable, excluding syndicated loans, are not included on table S1M.b but are included on the nonprofit organizations balance sheet (table S15.b).

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S15.b: Balance sheet of nonprofit organizations

This table was previously numbered B.101.n prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

This supplementary table presents the entire balance sheet of the nonprofit organizations sector. In the financial accounts, nonprofit organizations are included as part of the household and nonprofit organizations sector (shown on tables S1M.t, S1M.s, S1M.b, and S1M.r).

Nonfinancial assets include real estate, equipment, and intellectual property products. The data on equipment and intellectual property products and the structures data underlying the real estate measure are derived from the Bureau of Economic Analysis's Fixed Asset data. Real estate is recorded at market value, while other nonfinancial assets are recorded at replacement (current) cost.

Financial assets and liabilities data are obtained from informational tax returns filed annually with the Internal Revenue Service (IRS). Nonprofit organizations exempt from federal income tax under sections 501(c)(3)-(9), file form 990 with the IRS; these organizations include educational, charitable, scientific, or literary organizations; hospitals; civic and business leagues; and social and recreational clubs (among others). Also included in the sector are private foundations and charitable trusts, which both file IRS form 990-PF. While 501(c)(3)-(9) organizations and private foundations and charitable trusts are combined on this table, separate underlying series are available. Memo items show the total financial assets of 501(c)(3)-(9) organizations and private foundations and charitable trusts separately. Religious organizations and other institutions with less than $25,000 in annual gross receipts are not required to file with the IRS and are therefore excluded from this table.

Nonprofit organizations' holdings of debt securities and corporate equities and mutual fund shares are reported at fair market value. Other financial assets and liabilities are recorded at book value.

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S1M.e.b: Balance sheet of households and nonprofit organizations with debt and equity holdings detail

This table was previously numbered B.101.e prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

This table is an alternative presentation of the balance sheet of households and nonprofit organizations (see table S1M.b). It highlights the household sector's exposure to debt and corporate equity markets by showing both directly and indirectly held debt securities and corporate equity shares. Indirectly held debt securities and corporate equity shares are those held by households through defined contribution pension funds, variable life and annuity policies at life insurance companies, and mutual funds. Debt securities and corporate equity shares held by defined benefit plans are not included in indirectly held debt and corporate equity, as benefits accrued under defined benefit pension funds do not vary with the value of the assets backing those liabilities. Note: Indirectly held debt and corporate equity do not include all mutual fund shares; rather, it includes only mutual fund shares invested in debt securities and corporate equities. Other equity besides corporate equity is included in the other category on this table.

A memo item shows total debt securities and equity shares held by households as a percent of total assets and as a percent of financial assets.

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S1P.t/S1P.s: Derivation of measures of personal saving

This table was previously numbered F.6/L.6 prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

Saving by the personal sector is saving by the households and nonprofit organizations sector consolidated with the nonfinancial noncorporate business sector. Nonfinancial noncorporate business is considered an activity subaccount of households, and the income earned from the activities of these unincorporated businesses is a component of personal income in the national income and product accounts (NIPA).

Saving for any sector is the amount not spent out of current income. In the NIPA, saving is defined as a sector's current income less its current expenditures; for the personal sector in the NIPA, saving is equal to disposable personal income (income net of taxes) less personal outlays. Measures of saving can also be constructed using the Financial Accounts. In particular, the financial accounts take advantage of the equality between saving and investment to calculate saving for the personal sector by adding the sector's net financial investment (its net acquisition of financial assets less its net increase in liabilities) and its net investment in tangible assets (gross investment less consumption of fixed capital, or depreciation).

Both the NIPA and financial accounts measures of personal saving are net saving, reflecting the subtraction of consumption of fixed capital: In the NIPA, consumption of fixed capital is deducted as an expense when the components of personal income are calculated; in the financial accounts, consumption of fixed capital is deducted from the purchase of tangible assets. Because capital gains and losses on existing assets do not result from current investment, they are not reflected in either the financial accounts or the NIPA measure of personal saving. Both measures also exclude net capital transfers, such as estate and gift taxes, because they are not considered part of current production.

This table presents three alternative measures of personal saving--the NIPA measure and two versions of the financial accounts measure. The broader financial accounts series ("personal saving, FOF concept (FOF data)") reflects investment in all types of financial and tangible assets. The other, narrower financial accounts series ("personal saving, NIPA concept (FOF data)"), which is conceptually identical to the NIPA series, is obtained by adjusting the broader measure for three items that are treated differently in the NIPA: net investment in consumer durables, net transactions of government insurance and pension fund reserves, and contributions for government social insurance in U.S.-affiliated areas. The difference between this narrower measure and the NIPA series ("personal saving, NIPA concept (NIPA data)") is equal to the households and nonprofit organizations sector discrepancy, with sign reversed (table S1M.t). Each of these figures--the three saving measures and the difference--is shown, at the bottom of the table, as a percentage of disposable personal income.

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S124.7.b: Balance sheet of domestic hedge funds

This table was previously numbered B.101.f prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

The Balance Sheet of Domestic Hedge Funds supplementary table shows assets and liabilities of U.S. domiciled hedge funds.

Hedge funds are private funds that pool investors' money and invest in a wide range of assets. Private funds are excluded from the definition of investment company under the Investment Company Act of 1940 by section 3(c)(1) or 3(c)(7) of that Act and are therefore not subject to some regulations intended to protect investors. Hedge funds typically require a high minimum investment and are only open to accredited investors, such as wealthy individuals and institutional investors, for example, pension funds and insurance companies. Hedge funds typically have more flexible investment strategies than mutual funds and often employ leverage. Hedge funds hold a wide variety of asset types which can include derivatives, currencies, and real estate, in addition to equities and fixed income instruments. Investors in hedge funds can face limitations on redemptions of shares, which differs from the daily redemption requirements of mutual funds.

This table reports data for U.S. domiciled hedge funds only. Hedge funds that file Form PF but are domiciled abroad are considered foreign entities for national accounting purposes. In the Financial Accounts, they are included in the rest of the world sector.

Domestic hedge funds shown on the table are those that file Form PF and also report the U.S. as the domicile of the fund on Form ADV. Hedge funds that have investment advisors that are registered or are required to register with the Securities and Exchange Commission (SEC), manage one or more private funds, or have at least $150 million in private fund assets under management must file Form PF. Smaller hedge funds file Form PF annually while qualifying hedge funds of at least $500 million must file quarterly and report more detail on their assets and liabilities. Hedge funds' investment advisors must also file SEC’s Form ADV, which has information on the domicile of private funds managed by investment advisers. Financial Accounts data on hedge funds begin 2012:Q4.

Note, the domestic hedge fund table is a standalone supplementary table. The hedge fund sector has not yet been fully incorporated in the Financial Accounts matrix, and thus, assets and liabilities of hedge funds have not yet been removed from other sectors in the Financial Accounts. Most asset holdings of domestic hedge funds are included residually on the household balance sheet.

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S125s5.s: Central clearing counterparties (CCPs)

This table was previously numbered L.132.c prior to the new numbering scheme implemented in the June 11, 2026, release of the Z.1, "Financial Accounts of the Unites States."

CCPs are financial market utilities (FMUs) that support the functioning of financial markets by taking on counterparty credit risk and providing clearing and settlement of securities, derivatives, and payments transactions.

CCPs are included in Table S127.2.s Other Financial Business. Liabilities of CCPs are labeled as clearing funds of other financial business sector and counted as other loans and advances on table F4.6.s.

The six CCPs included in the Financial Accounts are the Chicago Mercantile Exchange, ICE Clear Credit, the Options Clearing Company, and the three subsidiaries of the Depository Trust and Clearing Corporation: The Depository Trust Company, the Fixed Income Clearing Corporation, and the National Securities Clearing Corporation.

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