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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 April 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).

The Council on Federal Financial Assistance (COFFA) continues to establish project groups to achieve the priorities established for the year. To articulate the operating environment of the COFFA, a Charter for the COFFA is under development and is on track to publish in the next quarter. A newly established project group will be focusing on developing tools to help agencies simplify their Notices of Funding Opportunities (NOFOs) in support of the newly issued memorandum M-24-11, issued on April 4, 2024.

Goal 2.2

As of April 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.