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Financial Management Goals and Strategies

The implementation of the new core financial system directly supports three of the five initiatives of the President's Management Agenda (PMA) as follows:

Improved Financial Performance: USAID's financial management system, Phoenix, is a compliant financial system, which meets federal accounting standards. Phoenix helps the Agency meet reporting requirements, provides accurate and timely financial information, supports management operations, and provides controls to prevent Anti-Deficiency Act violations. Phoenix also has a Standard General Ledger (SGL) chart of accounts and financial transactions in Phoenix are posted immediately to a general ledger. Implementing Phoenix worldwide will remove the major obstacle to achieving Federal Financial Management Improvement Act (FFMIA) compliance and "getting to green", since the Mission Accounting and Control System (MACS) does not have a SGL. In the interim, USAID will continue its efforts to meet or exceed other milestones for this PMA initiative.

Expanded Electronic Government: Phoenix supports the e-government initiative because it is a web-based system that can be accessed by field offices worldwide. The system also interfaces with other planned web-based initiatives, such as vendor self-service, cost allocation, credit card, e-procurement catalogue, e-travel, and worldwide funds reconciliation.

Budget and Performance Integration: The Financial Systems Integration (FSI) project team plans to implement the cost allocation module worldwide in tandem with the rollout of the core accounting system. This will allow for assignment of direct and indirect costs to the offices that benefit from them and will provide management a tool for determining full costs at the operating unit and strategic objective (SO) level.

To provide a context for the agency's current plans and resources request, the status of financial management activities is outlined below.

• Phoenix Overseas Deployment: The Agency continues the deployment of Phoenix overseas and the coordination of e-government initiatives with the Department of State. The Phoenix overseas deployment is midway through completion. The schedule includes successful deployments during the first two phases in the Latin America and the Caribbean (LAC) and Europe and Eurasia (E&E) regions, and targets for deployment to the remaining overseas Missions in three phases beginning December 2005 through April 2006.



• USAID-State Collaboration: USAID and the Department of State are collaborating to operate USAID and State financial systems from a common platform in Charleston, South Carolina, by November 2005. The Phoenix team upgraded the Phoenix system to the latest software release version, which is the same release as the Department of State's.

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