Functional Statements > Office of the Chief Financial Officer

SECTIONS

I. MISSION AND RESPONSIBILITIES

II. ORGANIZATION

III. ORDER OF SUCCESSION

IV. FUNCTIONS AND RESPONSIBILITIES OF OCFO COMPONENTS

A. IMMEDIATE OFFICE OF THE CHIEF FINANCIAL OFFICER

B. FINANCIAL IMPROVEMENT AND POST AUDIT OPERATIONS

C. FINANCIAL MANAGEMENT OPERATIONS

D. [RESERVED]

E. CONTRACTS AND ACQUISITIONS MANAGEMENT

V. PRIMARY DELEGATIONS OF AUTHORITY

The Office of the Chief Financial Officer is headed by a senior official, appointed by the President and confirmed by the Senate, serving as the Chief Financial Officer.

The Chief Financial Officer serves as the principal advisor to the Secretary and Senior Officials on all matters related to financial management, financial management systems, financial control and accounting, cooperative agreements and acquisition management and related training. The Office performs the following functions:

• Oversees all financial management activities related to the programs and operations of the Department.
• Prepares a variety of reports for the agency’s senior leadership integrating key financial information with major Department policy activities and performance objectives.
• Oversees credit management issues and trends relative to student financial assistance programs and makes recommendations and develops alternative strategies based on sound principles of credit and financial management.
• Develops, manages, and provides policy guidance and oversight of the Department's fiscal management activities and operations. Provides leadership and direction in the areas of internal control and assessment, financial management training, post audit activities, debt collection, and indirect cost determination.
• Prepares and transmits reports on Chief Financial Officer functions to the Secretary, the Congress, and OMB.
• Fulfills the responsibilities of the Chief Acquisition Officer.
• Develops, manages, and provides regulatory, policy, and procedural guidance and oversight to the Department’s acquisition system and completes acquisition management reporting requirements.
• Establishes and maintains requirements for acquisition workforce development and career management.
• Manages the Department's contracts and purchasing activities.
• Coordinates the implementation of ED Regulations for the Protection of Human Subjects in extramural and intramural research projects.

II. Organization

The Office of the Chief Financial Officer (OCFO) is under the supervision of the Chief Financial Officer, who reports to the Secretary and Under Secretary.

III. Order of Succession

In the event that theChief Financial Officer dies, resigns or is otherwise unable to perform the functions and duties of the office, and the office is thereby deemed to be vacant, the Deputy Chief Financial Officer shall temporarily perform the functions and duties of the office in an acting capacity. 

In instances where the office is not vacant, but the Chief Financial Officeris absent, the following officials, in the order shown, shall perform the functions and duties of the office: 

Deputy Chief Financial Officer
Director, Financial Management Operations
Director, Contracts and Acquisitions Management.

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