Official website of the U.S. government

Skip to main content

Strategy 2


Build capacity in federal financial management, including through federal financial assistance, to catalyze American industrial strategy, address climate-related risks, and deliver equitable results.

Designated a Cross-Agency Priority (CAP) Goal

Goal 2.1

As of February 2024

Strengthen and formalize the governance of areas of Federal financial assistance common across federal agencies to advance the Federal Government’s ability and capacity to effectively and efficiently implement the President’s vision and statutory requirements through federal programs. This includes the creation of a new Federal Financial Assistance governance body known as the Council on Federal Financial Assistance (COFFA).

Since the first meeting held in October 2023, the Chair and Co-Chair of the Council on Federal Financial Assistance (COFFA) have been working with the Senior Financial Assistance Officers (SFAOs) from the Chief Financial Officer (CFO) Act and representatives from the Small Agencies Council to determine the priorities for this year. The priorities are to: 

  • Articulate the operating environment for Federal financial assistance;
  • Establish common data standards for grants management to increase transparency;
  • Develop and professionalize the grants management workforce;
  • Provide training and standardized processes for the consistent implementation of guidance across government; and
  • Create better alignment across grant lifecycle systems for the efficient management of grants.

Working together, the COFFA members will begin identifying projects to complete within the next year to accomplish these priorities.

Goal 2.2

As of February 2024

Build a robust financial assistance community that identifies and strengthens the core competencies of grants managers.
The Office of Personnel Management (OPM) in coordination with the Chief Financial Officers (CFO) Council launched the effort to develop the competency model for Federal financial assistance managers last quarter. During this past quarter, OPM, with support from the CFO Council and OMB, developed a project plan to complete this project by the end of the first quarter of FY25. Members of the newly established Council on Federal Financial Assistance (COFFA) will be integral to the success of this project. New milestones are presented to track progress of this effort over the next year.