What is the DoD Financial Management Regulation?
The DoD Financial Management Regulation governs financial management by establishing and enforcing the requirements, principles, standards, systems, procedures, and practices necessary to comply with financial management statutory and regulatory requirements applicable to the Department of Defense.
What is the financial management regulation?
The DoD FMR directs statutory and regulatory financial management requirements, systems, and functions for all appropriated and non-appropriated, working capital, revolving, and trust fund activities.
What does the DoD FMR 7000.14 R require?
This chapter establishes policy for the administrative control of funds and includes specific instruction for controlling available funds. The DoD Components are required to establish and maintain effective controls over appropriations and other funds in accordance with this chapter.
Who is responsible for implementing DoD wide financial management policies?
CHIEF FINANCIAL OFFICER OF THE DEPARTMENT OF DEFENSE
The USD(C)/CFO is charged with the responsibility of developing and implementing DoD-wide financial management systems and overseeing financial management activities relating to the CFO programs and operations of the DoD.
What does the DoD FMR stand for?
Department of Defense Financial Management Regulation (DoD FMR)
What is the primary purpose of financial regulation?
Financial regulation is part of ensuring the safety and soundness of the financial system and protecting consumers.
What is government financial regulations?
Financial regulation and government guarantees, such as deposit insurance, are intended to protect consumers and investors and to ensure that the financial system remains stable and continues to make funding available for investments that support the economy.
What is the purpose of the financial management Regulation 7000.14 R?
The Department of Defense (DoD) 7000.14-R, DoD Financial Management Regulation (FMR) is issued under the authority of DoD Instruction 7000.14, “DoD Financial Management Policy and Procedures.” The DoD FMR directs statutory and regulatory financial management requirements, systems, and functions for all appropriated and ...
What is the 80 20 rule for DoD?
The 80/20 rule is included in annual appropriations bills and generally requires that at least 80 percent of single-year funds be obligated by the end of July. Obligations are legal commitments to spend money by a U.S. government representative (in DoD acquisition, a contracting officer).
What are the different types of DoD funds?
DoD receives many appropriations, most of which can be grouped into the five major categories: Research, Development, Test and Evaluation (RDT&E); Procurement; Operation and Maintenance (O&M); Military Personnel (MILPERS); and Military Construction (MILCON).
Who is responsible for financial management?
Financial managers are responsible for the financial health of an organization. They create financial reports, direct investment activities, and develop plans for the long-term financial goals of their organization.
Who handles financial management?
Financial managers use financial statements and other information prepared by accountants to make financial decisions. Financial managers focus on cash flows, the inflows and outflows of cash. They plan and monitor the firm's cash flows to ensure that cash is available when needed.
Who supports the preparation of DoD agency wide financial statements?
OUSD(C) is responsible for preparing the Management Discussion and Analysis section of the Agency-wide financial statements. OUSD(C) is responsible for the submission of the DoD Agency-wide financial statements to OMB and the Congress.
What are the major DOD appropriations categories?
There are five major Department of Defense appropriation categories that Congress has established: Research, Development, Test and Evaluation (RDT&E); Procurement; Operation and Maintenance (O&M); Military Personnel (MILPERS); and Military Construction (MILCON).
What is a DOD appropriated fund employee?
Appropriated fund white-collar employees comprise a large portion of the DOD civilian workforce. They are distinct from other categories of DOD civilians, such as nonappropriated fund civilians and those covered by the Federal Wage System (e.g., blue-collar employees).
Are DOD contractors DOD civilians?
It can also describe individuals hired by DOD—usually through private companies, which are also considered contractors in the previous context—to perform specific tasks. The term “contractor” does not refer to military servicemembers, civilian DOD career employees, or civilian political appointees.
What are the two main goals of financial regulation?
The objectives of financial regulators are usually: market confidence – to maintain confidence in the financial system. financial stability – contributing to the protection and enhancement of stability of the financial system. consumer protection – securing the appropriate degree of protection for consumers.
What is an example of financial regulation?
Regulations are set so consumers do not unknowingly lose money through fraud or unfair business practices. For example, a financial regulator may govern the documents needed to take out a loan while limiting what circumstances the lender can consider in granting the loan to prevent discrimination.
Who are the 4 main regulators of finance sector?
The regulatory agencies primarily responsible for supervising the internal operations of commercial banks and administering the state and federal banking laws applicable to commercial banks in the United States include the Federal Reserve System, the Office of the Comptroller of the Currency (OCC), the FDIC and the ...
What are the three types of government regulations?
As my colleague Cary Coglianese has written, the government has many different regulatory tools in its belt, and it regulates different industries in different ways. Three main approaches to regulation are “command and control,” performance-based, and management-based.
What is the biggest intended benefit of financial regulation?
Financial regulations are laws that govern banks, investment firms, and insurance companies. They protect you from financial risk and fraud.
How does the government regulate financial institutions?
Financial institutions in the United States are overseen by an assortment of federal agencies including the FRB and FDIC. State agencies are often involved as well, especially in the regulation of insurance products.
How often are DoD expense appropriations apportioned?
Investment appropriations (e.g., procurement and military construction) are usually apportioned on an annual basis, while expense appropriations (e.g., operations & maintenance and military personnel) are usually apportioned quarterly.
Where can I find DoD instructions?
Q: Where can I find DoD Directives and Instructions? A: You may download DoD directives, instructions, manuals, pubs, forms, and other issuances from the Official DoD Issuances website sponsored by Washington Headquarters Services.
What is the purpose of financial governance and compliance?
Internal controls are the foundation of effective financial governance and compliance. Businesses should establish effective internal control mechanisms to safeguard assets, prevent and detect fraud, ensure financial records' accuracy and completeness and maintain appropriate segregation of duties.