Federal Financial Management Overview

Overview

Gain a working understanding of federal financial management processes and federal laws to align your work with your organization’s financial concerns and contribute to its effectiveness. You will develop a solid knowledge base of budgeting, accounting, and performance management, as well as examine the relationships among these functions. Through critical thinking exercises, you will gain a better understanding of your agency’s financial management processes.

Who Attends

This course is designed for individuals looking for a comprehensive overview of the range of Federal financial management disciplines. Both financial and nonfinancial personnel will benefit from learning how the components of financial management fit together in Federal agencies.

Course Level: Basic
CLP: 24 | CPE: 24
Duration: 3 Days

Price: $ 1429.00 Course prices shown here do not include a credit card surcharge. Payments by ACH, EFT, or check do not include the surcharge and are offered at a lower price. At checkout, you may choose a payment method that avoids the credit card surcharge.
A 3% credit card surcharge will be applied.

Course Details

FAQs Technology Requirements

For Groups

Volume Discounts (5+ Seats) Private Group Training Icon

Private Group Training

Available Dates

Guaranteed to Run are designated with a

July 20 - July 22, 2026

Class ID: 265051006

Virtual

9 AM - 5 PM EST

August 17 - August 19, 2026

Class ID: 265051008

Virtual

9 AM - 5 PM EST

September 14 - September 16, 2026

Class ID: 265051009

Virtual

9 AM - 5 PM EST

October 19 - October 21, 2026

Class ID: 265051010

Washington, DC

8 AM - 4 PM EST

November 16 - November 18, 2026

Class ID: 265051011

Virtual

9 AM - 5 PM EST

Learning Objectives

Define Federal financial management terminology
Identify the legislative requirements for financial management in the Federal Government
Describe the Federal budget process
Explain how agencies prepare budgets
Describe how to track and control budget execution
Identify financial management system requirements
Summarize the importance of internal control
Discuss the function of Federal financial statements
Identify the audit and review process

Additional Features

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Course Activities

The final exam must be completed with a grade of 70% or higher.

Course Topics

The Evolving Financial Environment in the Federal Government

Evolution of Federal Financial Legislation
Federal Financial Inflows, Outflows, and Reporting
Financial Trends: Where We’ve Been, Where We’re Going

Going beyond the Numbers to Integrate Performance into the Budgeting Process

Budgeting: Who, What, When, Where, and Why
Evolution of Budgeting and Accounting Laws
The Budget Process and Performance
Budget Process

Budget Formulation

Budget Formulation
Key Players in Budget Formulation
Formulation of the President’s Budget
OMB and Presidential Review of Agency Budget Estimates
Budget Justification
The President Submits the Budget to Congress

Congressional Action

Congressional Action on the President’s Budget
Congressional Budget Review Process
How Agencies Get Their Funds
Budget Authority Versus Outlays
Exercise: Congressional Action

Budget Execution

Budget Execution Phase
The Operating Plan
Executing the Budget
The Budget Execution Process
Status of Obligational Authority
Legal Control of the Use of Funds
Appropriation Controls and Budget Revisions
Exercise: Budget Execution

Federal Financial Systems and How We Account for the Use of Funds

Federal Financial Management Systems
Accounting Systems Overview
Accounting System Requirements
Federal Accounting
Federal Accounting Guidance
The Accounting Cycle
Exercise: Uncle Sam’s Taxpayer Assistance Centers (TAC)

Internal Control

Internal Control
GAO Standards for Internal Control in the Federal Government
OMB Circular A-123 Requirements

Financial Operations

Paying Bills
Prompt Payment Act
Calculating the Payment Due Date
Debt Collection Improvement Act of 1996
Digital Accountability and Transparency Act of 2014 (DATA Act)
Improper Payments

Federal Financial Reporting

Financial Accountability and Accounting
Reports Consolidation Act of 2000
Agency Financial Report (AFR)
Required Supplementary Information (RSI)

Auditing

Purpose of Auditing
Key Players
Standards for Audits
Types of GAGAS Audits and Attestation Engagements
Who Processes Audit Reports?

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Federal Financial Management Overview

Overview

Who Attends

For Groups

Available Dates

Learning Objectives

Additional Features

Credits

This course is part of the following Management Concepts Certificate Programs:

Core Courses

Elective Courses

Prerequisites:

Mandatory

Suggested

Course Activities

Course Topics