Applies critical financial concepts and practices to establish and maintain realistic budgets.
- Uses financial and other quantitative information to manage the organization.
- Interprets and analyzes the meaning and implications of key financial indicators.
- Understands overall financial performance of the organization.
- Analyzes financial information to evaluate strategic opportunities and options.
- Reconciles figures during budget period and identifies variances that require immediate action.
- Creates 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.
- Demonstrates a familiarity with Office of Management and Budget regulations and policies.
- Initiates necessary documentation, and coordinates routing for approval and implementation.
- Responds to Department inquiries using appropriate formats for presenting budget/personnel information logically, consistently and accurately.
- 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.
- 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.
- 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.
- Adheres to FTE and to contractor workforce ceilings and allocations.
Developmental opportunities for this competency are available from the NIH Training Center.