Financial Management Service (FMS)

Financial Management Service

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“The Financial Management Service (FMS), a bureau of the United States Department of the Treasury, provides central payment services to Federal Program Agencies, operates the federal government’s collections and deposit systems, provides government-wide accounting and reporting services, and manages the collection of delinquent debt owed to the government. FMS also supports federal agencies’ financial management improvement efforts in the areas of education, consulting, and accounting operations.

Acting as the U.S. government’s money manager, FMS disburses nearly than *$2.3 trillion in federal payments annually, including Social Security, veterans’ benefits and income tax refunds, to more than 100 million people. FMS also collects nearly *$2.86 trillion each year in federal revenues, oversees a daily cash flow of more than $94.4 billion, provides centralized debt collection services to most federal agencies and provides governmentwide accounting and reporting.

FMS has about 2,100 employees, one-third of whom are located in four Regional Financial Centers (RFCs)—Austin, TX; Kansas City, MO; Philadelphia, PA; and San Francisco, CA; and one Debt Collection Center in Alabama. The RFCs issue payments by electronic funds transfer (EFT) and paper check, and the Debt Collection Center collects debts older than 180 days on behalf of federal agencies. All FMS employees, including the Commissioner, are career civil servants.

http://www.fms.treas.gov/aboutfms/index.html

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Some History

In 1940, the United States Department of the Treasury established the Fiscal Service, which consisted of the Bureau of Accounts, the Bureau of the Public Debt, and the Office of the Treasurer. A 1974 reorganization of the Fiscal Service created the Bureau of Government Financial Operations, which was formed from a merger of the Bureau of Accounts and most functions of the Office of the Treasurer. In 1984, the Bureau of Government Financial Operations was renamed the Financial Management Service (FMS); the new name reflected Treasury’s renewed emphasis on achieving greater efficiency and economy in government financial management.

For more detailed information on FMS’ background and history, click here.

http://www.fms.treas.gov/aboutfms/welcometofms.html

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FMS Organization

http://www.fms.treas.gov/aboutfms/org_charts.html

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Office of the Commissioner

David A. Lebryk, Commissioner