Illinois Asset Protection News

Increasingly Integrated Financial Management Systems Are Expected To Support Program Managers Financial Managers, And Budget Analysts At The Same Time

OMB Circular A-127, Financial Management Systems, initially issued in 1984, was revised in 1993.  This Circular sets forth general policies for Federal financial management systems and relates these policies to those in OMB Circular A-130, Management of Federal Information Resources, and OMB Circular A-123, Management Accountability and Control.

The Government Performance and Results Act of 1993 required Agencies to manage by results.  In the spring of 1994, the Chief Financial Officers Council (CFO Council) adopted the following vision for financial management:

Enabling government to work better and cost less requires program and financial managers, working in partnership using modern management techniques and integrated financial management systems, to ensure the integrity of information, make decisions, and measure performance to achieve desirable outcomes and real cost effectiveness.

The Federal Financial Management Improvement Act of 1996 required each agency to implement and maintain financial management systems that comply substantially with Federal financial management systems requirements, applicable Federal accounting standards, and the United States Government Standard General Ledger at the transaction level.

Increasingly, integrated financial management systems are expected to support program managers, financial managers, and budget analysts at the same time.  Information supplied by these systems is expected to become more timely, accurate, and consistent across government.  Systems and data are being shared more and more by agencies with common needs.

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	Did You Know?
	A Living Trust is an entity created for the purpose of holding and managing assets A Living Trust is an entity created for the purpose of holding and managing assets for the benefit of the creators of the Trust (the “Trustors”) during their lifetimes and then for the purpose of management and distribution of the assets to the beneficiaries designated by the Trustors. There are various reasons for creating Living Trusts: (a) To avoid probate administration on death of either Trustor. (b) To avoid a court supervised conservatorship in the event of lifetime disability of either Trustor. (c) To provide for the management and distribution of assets during continued administration of the Trust or upon its termination.