The Federal funding process is carefully regulated and monitored strictly according to law.
The Antideficiency Act of 1906, as codified in Title 31 of the United States Code (USC) serves as the primary foundation for the government’s administrative control of funds system. In its current form, the law prohibits:
-Making or authorizing an expenditure from, or creating or authorizing an obligation under any appropriation or fund in excess of the amount available in the appropriation or fund unless authorized by law; -Involving the government in any contract or other obligation for the payment of money for any purpose in advance of appropriations made for such purpose, unless the contract or obligation is authorized by law; -Making obligations or expenditures in excess of an apportionment, reapportionment, allotment or sub-allotment.
Federal agencies are required to obligate and spend within the limits set by legal set allotments. Part I of this course will cover the Commitment and Obligation documents which are used to maintain control over Federal funds. Part II will cover the documents used to process receiving, invoicing and vouching. Part III will cover the payment process.
The Federal funding process is carefully regulated and monitored strictly according to law. Deviation from prescribed practices has serious consequences. The authorizations and internal controls that are in place are regularly audited to assure compliance in order to protect the public’s money.
Anyone interested in participating in Federal financial management needs to be fully aware of all the details of the regulations that govern the process.
Field of study: Finance
Norman Kanefsky is the founder, President and CEO of GLOWS Corp. He is a Certified Public Accountant (CPA), and Certified Government Financial Manager.(CGFM). He is a graduate of Temple University holding a Bachelors of Science degree with a major in Accounting. He is a veteran of the United States Air Force specializing in top secret cryptography and electronic/wireless communications. Mr. Kanefsky was formerly the managing partner of Kanefsky, Barr & Company, Certified Public Accountants in Philadelphia, PA. He is a lifetime member of the Pennsylvania Institute of Certified Public Accountants where he chaired several committees, the American Institute of Certified Public Accountants, and the American Society of Military Comptrollers.
