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US Department of Education Principal Office Functional Statements
Office of the Chief Financial Officer

Functional Statements > Office of the Chief Financial Officer

SECTIONS

I. MISSION AND RESPONSIBILITIES

II. ORGANIZATION

III. ORDER OF SUCCESSION

IV. FUNCTIONS AND RESPONSIBILITIES OF OCFO COMPONENTS

A. IMMEDIATE OFFICE OF THE CHIEF FINANCIAL OFFICER

B. FINANCIAL IMPROVEMENT AND POST AUDIT OPERATIONS

C. FINANCIAL MANAGEMENT OPERATIONS

D. FINANCIAL SYSTEMS OPERATIONS

E. CONTRACTS AND ACQUISITIONS MANAGEMENT

V. PRIMARY DELEGATIONS OF AUTHORITY

I. MISSION AND RESPONSIBILITIES

The Office of the Chief Financial Officer is headed by a senior official, appointed by the President and confirmed by the Senate, serving as the Chief Financial Officer.

The Chief Financial Officer serves as the principal advisor to the Secretary and Senior Officials on all matters related to financial management, financial management systems, financial control and accounting, and acquisition management and related training. The Office performs the following functions:

  • Oversees all financial management activities related to the programs and operations of the Department.
  • Develops and maintains an integrated Departmental accounting and financial management system, including internal controls in accordance with the Chief Financial Officers Act of 1990 and the Federal Financial Management Improvement Act of 1982.
  • Prepares a variety of reports for the agency’s senior leadership integrating key financial information with major Department policy activities and performance objectives.
  • Oversees credit management issues and trends relative to student financial assistance programs and makes recommendations and develops alternative strategies based on sound principles of credit and financial management.
  • Develops, manages, and provides policy guidance and oversight of the Department's fiscal management system, activities, and operations. Provides leadership and direction in the areas of internal control and assessment, financial management training, post audit activities, debt collection, and indirect cost determination.
  • Establishes Departmental travel policy and procedures, administers and monitors the agency’s travel system and program, and conducts training to ensure ED compliance with the Federal Travel Regulations.
  • Prepares and transmits reports on Chief Financial Officer functions to the Secretary, the Congress, and OMB.
  • Fulfills the responsibilities of the Chief Acquisition Officer.
  • Develops, manages, and provides regulatory, policy, and procedural guidance and oversight to the Department’s acquisition system and completes acquisition management reporting requirements.
  • Establishes and maintains requirements for acquisition workforce development and career management.
  • Manages the Department's contracts and purchasing activities.
  • Coordinates the implementation of ED Regulations for the Protection of Human Subjects in extramural and intramural research projects.

II. ORGANIZATION

The Office of the Chief Financial Officer (OCFO) is under the supervision of the Chief Financial Officer, who reports to the Secretary and Under Secretary.

III. ORDER OF SUCCESSION

In the event that the Chief Financial Officer dies, resigns or is otherwise unable to perform the functions and duties of the office and the office is thereby deemed to be vacant, as defined by the Vacancies Act, and the President has not designated in writing another individual to act as the Chief Financial Officer, the Deputy Chief Financial Officer, as the designated “first assistant” under the Vacancies Act, shall perform the functions and duties of the office in an acting capacity. If both the offices of the Chief Financial Officer and the Deputy Chief Financial Officer, or the time period during which the Deputy Chief Financial Officer may serve in acting capacity has expired, the individuals listed below the Deputy Chief Financial Officer,, in the order shown, are authorized to perform the functions and duties of the office of the Chief Financial Officer, except for any functions and duties that are required by law to be performed only by the Chief Financial Officer or by someone officially acting in such capacity.

In instances where the office of the Chief Financial Officer is filled, but the Chief Financial Officer is absent, unavailable, otherwise unable to perform the functions and duties of the position, and/or there is a disruption in the normal channels of direction and communication, and there is no person officially serving in an acting capacity, and unless the Chief Financial Officer or the Secretary, in writing, designates another individual to perform the functions and duties of the Chief Financial Officer, the following officials, in the order shown, are delegated the authority to perform the functions and duties of the office of the Chief Financial Officer, except for any functions and duties that are required by law to be performed only by the Chief Financial Officer or by someone officially acting in such capacity:

Deputy Chief Financial Officer

Deputy Chief Financial Officer for Management and Operations

Director, Financial Management Operations.

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Last Modified: 06/28/2013