Financial Management Service
Encyclopedia
The Financial Management Service (or FMS) is a bureau of the United States Department of the Treasury
and provides several financial services for the federal government. These services include centralized payment, collection, and reporting services, oversight of a daily cash flow
of nearly $58 billion into and out of federal accounts, disbursement of more than $1.5 trillion to more than 100 million individuals via Social Security
and veterans' benefits
, issuance of tax refund
s and other federal payments, collection of more than $2.67 trillion per year in payments to the government through financial institutions, and collection of delinquent debts owed to the government.
FMS has a total of 2,100 employees located in its headquarters offices in Washington, DC, and Hyattsville, MD, and its five regional centers in Austin, Birmingham, Kansas City, Philadelphia and San Francisco. Before 1984, FMS was known as the Bureau of Government Financial Operations.
United States Department of the Treasury
The Department of the Treasury is an executive department and the treasury of the United States federal government. It was established by an Act of Congress in 1789 to manage government revenue...
and provides several financial services for the federal government. These services include centralized payment, collection, and reporting services, oversight of a daily cash flow
Cash flow
Cash flow is the movement of money into or out of a business, project, or financial product. It is usually measured during a specified, finite period of time. Measurement of cash flow can be used for calculating other parameters that give information on a company's value and situation.Cash flow...
of nearly $58 billion into and out of federal accounts, disbursement of more than $1.5 trillion to more than 100 million individuals via Social Security
Social Security (United States)
In the United States, Social Security refers to the federal Old-Age, Survivors, and Disability Insurance program.The original Social Security Act and the current version of the Act, as amended encompass several social welfare and social insurance programs...
and veterans' benefits
Veterans Benefits Administration
The Veterans Benefits Administration is "an organizational element of the U.S. Department of Veterans Affairs". The Veterans Benefits Administration is responsible for administering the Department’s programs that provide financial and other forms of assistance to Veterans, their dependents, and...
, issuance of tax refund
Tax refund
A tax refund or tax rebate is a refund on taxes when the tax liability is less than the taxes paid. Taxpayers can often get a tax refund on their income tax if the tax they owe is less than the sum of the total amount of the withholding taxes and estimated taxes that they paid, plus the...
s and other federal payments, collection of more than $2.67 trillion per year in payments to the government through financial institutions, and collection of delinquent debts owed to the government.
FMS has a total of 2,100 employees located in its headquarters offices in Washington, DC, and Hyattsville, MD, and its five regional centers in Austin, Birmingham, Kansas City, Philadelphia and San Francisco. Before 1984, FMS was known as the Bureau of Government Financial Operations.