Office of Finance and Operations

From USApedia
Office of Finance and Operations
Type: Administrative and Support Agencies
Parent organization: Department of Education
Top organization: Department of Education
Employees: 2,500 (approximate)
Executive: Assistant Secretary for Finance and Operations
Budget: $62.4 billion (FY 2024 total discretionary budget for the Department of Education)
Address: 400 Maryland Avenue SW, Washington, DC 20202, United States
Website: https://www.ed.gov/officials/finance
Creation Legislation: Department of Education Organization Act of 1979
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Office of Finance and Operations
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Mission
The mission of the U.S. Department of Education Office of Finance and Operations (OFO) is to provide comprehensive financial management services, enhance operational efficiency, and support the Department's educational mission. It aims to ensure that financial resources are managed effectively to support educational programs, promote accountability, and maintain fiscal integrity.
Services

Financial management; Budgeting; Procurement; Administrative support

Regulations

Office of Finance and Operations (OFO) in the Department of Education is responsible for the financial management and operational support of the U.S. Department of Education. OFO oversees budget execution, financial reporting, procurement, and a range of administrative services to ensure the Department's programs can be effectively implemented.

Official Site

Mission

The mission of OFO is to support the educational goals of the Department by providing high-quality financial services, managing resources efficiently, and ensuring that all financial operations align with legal and regulatory requirements. It strives to enhance the Department's ability to serve students, educators, and educational institutions across the nation.[1]

Parent organization

OFO is a principal operating component of the U.S. Department of Education, reporting directly to the Secretary of Education.

Legislation

OFO was established as part of the Department of Education with the passage of the Department of Education Organization Act of 1979, which reorganized federal education functions.[2]

Partners

  • Various offices within the U.S. Department of Education for programmatic support
  • Federal agencies for coordination on financial and operational matters
  • State and local educational agencies for grant management and accountability
  • External auditors and oversight bodies[3]

Number of employees

OFO employs approximately 2,500 staff members who manage various financial and administrative functions across the Department.

Organization structure

OFO is structured into several key divisions including:

  • Financial Management Services
  • Budget Service
  • Grants Policy and Oversight
  • Contracts and Acquisitions Management

Leader

The office is headed by the Assistant Secretary for Finance and Operations, who reports to the Deputy Secretary of Education.

Divisions

  • **Financial Management Services**: Responsible for accounting, financial reporting, and payment processing.
  • **Budget Service**: Manages the development, execution, and reporting of the Department's budget.
  • **Grants Policy and Oversight**: Oversees the administration of grants, ensuring compliance with federal laws and regulations.
  • **Contracts and Acquisitions Management**: Manages procurement activities for goods and services.

List of programs

  • Financial management of educational grants and loans
  • Budget formulation and execution
  • Procurement and contract administration
  • Internal control and audit resolution

Last total enacted budget

The Department of Education's total discretionary budget for FY 2024 is approximately $62.4 billion, which includes the operations of OFO.[4]

Staff

OFO employs a wide range of professionals including accountants, budget analysts, procurement specialists, and administrative support staff.

Funding

Funding for OFO's activities comes from the Department's annual appropriation, primarily from the budget allocated for administrative costs within the larger educational spending.

Services provided

OFO provides critical financial management services, including budget planning, financial oversight, procurement, and grants management, all aimed at supporting educational initiatives and ensuring fiscal responsibility.

Regulations overseen

While OFO does not directly oversee regulations, its work involves ensuring compliance with federal financial management regulations, including those related to grants, acquisitions, and budget execution.

Headquarters address

400 Maryland Avenue SW, Washington, DC 20202, United States

History

Since its inception with the 1979 act, OFO has evolved to manage the increasingly complex financial operations of the Department of Education, adapting to new educational policies, funding mechanisms, and administrative requirements.[5]

External links

References

  1. ↑ U.S. Department of Education. "Office of Finance and Operations". U.S. Department of Education, https://www.ed.gov/officials/finance (accessed February 10, 2025).
  2. ↑ U.S. Department of Education. "Department of Education Organization Act". U.S. Department of Education, https://www.ed.gov/about/overview/mission/organization-act.html (accessed February 10, 2025).
  3. ↑ Posts found on X discussing OFO's partnerships and stakeholder engagement.
  4. ↑ U.S. Department of Education. "Budget Summary". U.S. Department of Education, https://www2.ed.gov/about/overview/budget/budget24/summary/24summary.pdf (accessed February 10, 2025).
  5. ↑ U.S. Department of Education. "Office of Finance and Operations". U.S. Department of Education, https://www.ed.gov/officials/finance (accessed February 10, 2025).
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