Introduction to Financial Management Course

Module 1: Overview of Financial Management

• Define financial management in the federal government and explain its importance.
• Identify key components of sound financial management and central agencies that set financial standards and policies.
• Understand stewardship, accountability, and the role of budgeting in government operations.
• Examine how planning, control, communication, cost-effectiveness, evaluation, and personnel contribute to effective management.

Module 2: Personnel—Important Component of Good Financial Management

• Recognize the roles of budget analysts, accountants, economists, auditors, and financial analysts in federal financial management.
• Understand human resource requirements and core competencies for financial management positions.
• Apply ethical standards from law, professional organizations, and personal values to decision-making.
• Identify and resolve ethical dilemmas in the financial management context.

Module 3: The Federal Budget Process

• Describe the history, purpose, and key legislation guiding the federal budget process.
• Explain the three major phases—formulation, congressional action, and execution—and their timelines.
• Understand roles of OMB, CBO, GAO, and congressional committees in budget development and oversight.
• Recognize requirements for appropriations, apportionments, allotments, and budget execution controls.

Module 4: Financial and Performance Management

• Understand the relationship between financial information and performance measurement under GPRA and the GPRA Modernization Act.
• Develop strategic plans, performance budgets, and annual performance reports linked to measurable outcomes.
• Use performance indicators to assess program results and improve decision-making.
• Explore recent initiatives to improve transparency, accountability, and cross-agency collaboration.

Module 5: Accounting Principles and Standards

• Describe proprietary (accrual) and budgetary accounting in the federal sector.
• Understand fund structures, fund control, and the U.S. Standard General Ledger (USSGL).
• Recognize the role of the Federal Accounting Standards Advisory Board (FASAB) in setting GAAP for federal entities.
• Apply accounting standards to prepare accurate and timely financial statements.

Module 6: Financial Systems

• Identify characteristics and requirements of federal financial systems, including integration with mixed and program systems.
• Describe core functions such as general ledger management, funds management, payment management, and reporting.
• Understand OMB policies for developing and maintaining compliant, standardized, and efficient systems.
• Explore trends toward standardization, elimination of redundancy, and improved information consistency.

Module 7: Internal Controls

• Explain the purpose and goals of internal controls under the Federal Managers’ Financial Integrity Act (FMFIA).
• Apply OMB Circular A-123 guidance to develop, assess, and report on internal control systems.
• Understand GAO’s Green Book standards for environment, risk assessment, control activities, information/communication, and monitoring.
• Identify and correct control deficiencies, including material weaknesses and reportable conditions.

Module 8: Other Financial Management Functions

• Manage cash and debt in compliance with the Prompt Payment Act, CMIA, and the Debt Collection Improvement Act.
• Apply financial management principles to federal assistance programs, grants, and cooperative agreements.
• Follow uniform administrative requirements, cost principles, and audit standards for recipients of federal funds.
• Ensure proper financial reporting, cost-sharing, and program monitoring for assistance programs.