To deliver high quality financial management services to external and internal customers, to provide exceptional accountability for program funds, to resolve material weaknesses in the financial administration of the Section 8 housing assistance programs, and to facilitate the successful provision of decent, safe and sanitary housing to eligible program recipients through prudent and timely administration of funds.
The objectives of the FMC, in support of its mission, are:
Fully integrate the financial processing and management of HUD's Section 8 housing assistance programs into one system;
Maintain operating policies and procedures for all programs, to facilitate consistent and correct application of HUD policy, operating efficiencies and suitable internal controls;
Commit program funding at the appropriate level for each contract;
Establish disbursements to minimize excess costs to the Treasury and ensure funds are available to the program administrators when due.
The goal is to provide uninterrupted service to housing participants by ensuring that HUD disburses annual contributions to the housing agencies (PHAs) on a timely basis to enable the PHAs to issue Housing Assistance Payments.
The scope of responsibility of the FMC encompasses project-based and tenant-based Section 8 subsidy programs and all financial management activities required for those programs. Financial management activities include the creation of reservations and contracts, the review and approval of budgets, the reconciliation of year-end settlements, the calculation and provision of renewal and amendment funding, the maintenance of funding controls, and the maintenance of electronic financial and programmatic information.
The FMC represents a consolidation of one of HUD's primary business functions common to all field offices, the Field Accounting Divisions, and the Office of Public and Indian Housing.
Financial Analysis & Review
- Commit and obligate funds
- Execute Annual Contributions Contracts (ACCs) and Amendments for tenant and project based Housing Choice Voucher Programs
- Review and approve budgets and requisitions
- Review and approve year-end statements
- Maintain funding controls
- Validate Voucher Management System (VMS) data submissions
Quality Control And Monitoring
- Monitor timely submission of PHA financial documents.
- In the case of serious violations of compliance with the financial management requirements, administer sanctions and/or partner with appropriate entities (internal/external) to improve agency performance.
- Centralize data for Congressional budget formulation
- Prepare financial reports
- Coordinate with other Centers (Real Estate Assessment Center, etc.)
- Supply service to internal and external customers
- Provide information and support to resolve fiscal audit findings
Assist Headquarters staff in developing program policies and procedures affecting financial operations
With a staff of approximately 55 persons in 16 locations across the USA, the FMC:
- Services the financial needs of more than 2,400 PHAs.
- Provides data analysis for internal and external clients.
- Administers approximately $16 billion annually in combined Federal subsidy for housing programs.
- Provides critical reports used in making program evaluations, for establishing funding, and for determining award eligibility.