New Core Financial Management System (NCFMS)

NCFMS continues to successfully support DOL's finance and accounting activities including invoicing and payments, budget execution, fixed assets, general ledger management and project accounting. The purpose of NCFMS is to accurately record financial transactions, pay vendors on time, provide accurate financial statements, and support a clean audit opinion. The system's return on investment can be quantified mainly through its capabilities and the services it provides to the department. Without NCFMS, the department would be forced to operate and manage a paper based system which would require significantly greater staffing levels to track and manage funds, provide internal controls, and ensure compliance with regulatory requirements. Currently, the department is in discussions with Treasury and OMB to identify and assess options for the future state of the financial system. The NCFMS Program continues to achieve many outcomes and benefits which are directly measured by the investment's service level performance metrics. These outcomes include ensuring system availability to users during operating hours of 7:00 AM to 7:00 PM (ET) M-F, addressing all Provided By Client (PBC) audit requests in a timely manner, completing 400+ monthly finance and accounting activities on time and with accuracy, responding to Service Desk tickets within 4 hours from the tickets initiation time, and successfully deploying functional releases. To continue to ensure full functionality of NCFMS, a technical upgrade of Oracle Federal Financials (OFF) from 12.1.3 to 12.2.9 was deployed to production in March 2022. As a result of this upgrade, NCFMS now operates an upgraded version of OFF that is fully vendor supported.

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