Financial Management Systems:
Core Financial Systems at the 24 Chief Financial Officers Act Agencies
GAO-03-903R: Published: Jun 27, 2003. Publicly Released: Jun 27, 2003.
- Accessible Text:
GAO was asked to identify the core financial systems used at each of the CFO Act agencies as of September 30, 2002, and the status of any agency plans to update core financial systems. Core financial systems, as defined by the Joint Financial Management Improvement Program, include managing general ledger, funding, payments, receivables, and certain basic cost functions. The core financial systems receive data from other financial and feeder systems, such as acquisition, grant, and personnel systems, as well as from direct user input, and provide data for financial performance measurement and analysis and for financial statement preparation.
The 24 Chief Financial Officer Act agencies used a variety of core financial systems software. Ten agencies used only commercial-off-the-shelf software packages as their core financial systems. The age of the core financial systems ranged from systems implemented in fiscal year 2002 to those implemented more than 30 years ago. Seventeen agencies were planning to or were in the process of implementing new core financial systems as of September 30, 2002. Target implementation dates for the 17 agencies planning to implement new core financial systems generally ranged from fiscal year 2003 to fiscal year 2008, though one agency had not yet selected a target implementation date. These 17 agencies were in different phases. 10 of the process to implement a new core financial system as of September 30, 2002.