Applies critical financial concepts and practices to establish and maintain realistic budgets.
Key Behaviors
- Creates a variance reports between actual costs versus budgeted costs.
- Uses financial information to monitor overall financial status of operations and makes strategically based decisions.
- Draws conclusions from financial information and provides financial advice.
- Initiates necessary documentation, and coordinates routing for approval and implementation.
- Uses financial and other quantitative information to manage the organization.
- Understands overall financial performance of the organization.
- Analyzes financial information to evaluate strategic opportunities and options.
- Demonstrates a familiarity with Office of Management and Budget regulations and policies.
- Manages budget execution during fourth quarter closeout to ensure full utilization of resources within allocations. This includes monitoring, shifting funds, submitting timely procurement requests, and using professional judgment to identify additional or different budget requirements that arise.
- Responds to Department inquiries using appropriate formats for presenting budget/personnel information logically, consistently and accurately.
- Interprets and analyzes the meaning and implications of key financial indicators.
- Adheres to FTE and to contractor workforce ceilings and allocations.
- Identifies and proactively raises to management: Emerging funding needs, Changes in expenditure rates relative to budgeted amounts to prevent /reduce instances of over- or under-spending and Issues with FTE utilization, such as the need for ceiling adjustments.
- Reconciles figures during budget period and identifies variances that require immediate action.
- Manages, monitors and reports to program managers on status of funds execution throughout the year for assigned unit following the flow of appropriations from apportionment to allotment to commitment to obligation to outlay or de-obligation to closeout.
Developmental opportunities for this competency are available from the NIH Training Center.