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Office of Financial Policy

Director: Vacant

Functions (as published in the March 11, 2003 Federal Register Notices, Vol. 68, No. 47, Pages 11560 - 11562)

The Office of Financial Policy comprises the Division of Financial Management Policy.

Division of Financial Management Policy
Karen Cavanaugh, Director
Phone: (202) 690-6687

The Division of Financial Management Policy is responsible for the following:

1) Develops Department-wide policies, procedures, and standards for financial management areas including cash management, credit management, debt management, payment and disbursement activities and functions, and promulgates these and related government-wide financial management requirements through the Departmental Accounting Manual system;

2) Establishes a financial management planning process for the development of strategic and tactical plans, preparation of the Department's Annual Financial Management Plan under the Chief Financial Officer (CFO) Act, and provision of guidance and financial management indicators that enable the Assistant Secretary for Resources and Technology (ASRT)/CFO to evaluate the financial management programs and activities of the Department;

3) Provides support to the Operating Divisions' (OPDIVs) CFOs for financial planning and improvement initiatives;

4) Serves as principal staff advisors on fiscal and accounting policy matters to the Office of Finance;

5) Maintains liaison with the Office of Management and Budget, the Treasury Department, the General Accounting Office, the General Services Administration and other agencies on all financial management policy matters;

6) Maintains the Department Accounting Manual which is the official accounting standard for recording and reporting accounting transactions;

7) Provides advice and assistance to OPDIVs and Staff Divisions (STAFFDIVs) on financial accounting and related fiscal matters, government-wide accounting standards and serves as principal advisor to the Deputy Assistant Secretary for Finance as it relates to financial statement preparation, audit and financial reporting;

8) Prepares, analyzes, coordinates and assesses financial data reflecting financial, accounting and performance information of the department financial activities;

9) Recommends policy and maintains a system for tracking and improving cash and credit management and debt collection performance throughout the Department; and

10) Prepares the annual HHS report on CFO activities as guided by the Deputy Assistant Secretary for Finance/Deputy CFO.

Last revised: June 21, 2006


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