4
Statement Summary
•Effective for the current fiscal year – June 30, 2001
•Most significant expected changes are with grants/entitlements (non-exchange)
–Closing package revisions
In a nonexchange transaction, a government either gives or receives value without directly receiving equal value in exchange.

To illustrate what I mean by directly, let’s look at a simple example.  In a classic exchange transaction, such as buying groceries, I give the grocery store cash and they give me groceries.

However, when I give the government my income taxes, exactly what do I get in return?