Working Capital Fund Assessment for Department of Commerce, Office of Secretary Financial Management
The Department of Commerce (DOC) has the mission of creating the conditions for economic growth and opportunity. DOC promotes job creation and economic growth by ensuring fair and secure trade, providing the data necessary to support commerce, and fostering innovation by setting standards and conducting foundational research and development. Through its 12 bureaus and nearly 47,000 employees located in all 50 states and more than 86 countries, the Department of Commerce works to provide U.S.-based companies and entrepreneurs invaluable tools through programs such as the Decennial Census, the National Weather Service, NOAA fisheries, and the Foreign Commercial Service. Among many other functions, the Department oversees ocean and coastal navigation, helps negotiate bilateral free and fair trade, and enforces laws that ensure a level playing field for American businesses.
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AssessmentKey Findings
The DOC Working Capital Fund (WCF) was established on June 28, 1944 toprovide centralized services to DOC bureaus in the most efficient and economical manner possible. The WCF operates as a revolving fund and does not receive a yearly appropriation from Congress. It also was established without a fiscal year limitation. Goods and services are financed by charging operating expenses back to the customers. The overall financial goal is to remain at a break-even position. Organizational units provide the administrative support needed to accomplish DOC’s overall mission.The Academy and Grant Thornton team will conduct analysis and provide recommendations that provide the benefits and risks associated with the DOC WCF. The 90-day study will produce an as-is assessment, gap analysis, and recommendations report that will provide DOC’s Office of Secretary Financial Management with an evaluation of WCF operations, identifying opportunities for
improvement, and providing a comparison to similar WCFs. The Team will receive guidance from an Expert Advisory Group made up of three Academy Fellows.