Federal Financial Management Improvement Act
The Federal Financial Management Improvement Act of 1996 (FFMIA) requires that federal agencies’ financial management systems provide financial data that complies with federal accounting standards, federal system requirements and the U.S. Standard General Ledger (USSGL) at the transaction level. In accordance with OMB Circular A-127 (revised), substantial compliance is achieved when an agency’s financial management systems routinely provide reliable and timely financial information for managing day-to-day operations, as well as producing reliable financial statements. AOC substantially complied with the FFMIA for FY 2014. More information about AOC’s financial management system is provided below.
Financial Management Systems Summary
AOC’s core financial system centrally accounts for over $500 million through the processing of approximately 240,000 transactions annually by 255 users (300 user licenses). Figure 21 depicts the current system architecture.
Key Financial Reporting Systems
AOC’s Financial Management System (FMS) conforms to the requirements of FFMIA. FMS is AOC’s core financial system utilizing commercial software (Momentum®) that was built for Federal Government use. It is managed and operated by AOC’s Financial Systems Division (FSD). FMS provides the core financial system functionality to AOC that encompasses the following Momentum® modules: Budget Execution, Acquisitions, Purchasing, Receiving, Accounts Payable, Automated Disbursements, Credit Card, Fixed Assets, Workload, Central Contract File, Contract Closeout and General Ledger. In addition, AOC’s key financial and reporting systems include:
• Capitol Visitor Center Point of Sale System (CVC POS) is a standalone back office retail inventory management system used to record CVC gift shop sales and inventory transactions.
• Central Contractor Registration Connector (CCRC) is a part of Momentum® and provides for the download of the latest vendor information from the System for Award Management (SAM) and directly updates the FMS vendor records.
• Federal Business Opportunities (FBO or Fed Biz Opps) is a Web-based portal that allows the Federal Government to post Federal procurement opportunities over $25,000. Commercial vendors seeking federal markets for their products and services can search, monitor, and retrieve opportunities solicited by the entire federal contracting community. The FMS–FBO interface allows members of AOC’s Acquisition and Material Management Division to post announcements and solicitations directly in FMS and the system automatically uploads these to FBO.
• Inventory Control System (ICS) is commercial software (Maximo®) used to track AOC’s inventory of materials, supplies and accountable property. With 134 users, ICS uses a lifecycle and asset management system and is managed and operated by FSD. FMS obligations, the receipt of transactions and the draw-down of inventories are integrated via batch interfaces.
• Invoice Processing Platform (IPP) is a secure Web-based electronic invoicing system provided by the Department of Treasury. IPP allows federal agencies to
FIGURE 21: Financial Management Systems Framework FY 2014, See Full Report, Page 43
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