Key Federal Financial Management Terms

Below are some key Federal Financial Management Terms:

  • Authorization: Act of Congress that permits Federal programs or activities to exist and recommends funding levels.
  • Appropriation: Act of Congress to provide Federal agencies with budget authority to obligate government to future outlay of cash for a specific purposes and period of time. 
  • Commitment: An administrative reservation of funds by the financial controller or resource manager triggered by a procurement or purchase request.
  • Obligation: A legal reservation fo funds that binds government to future expenditure and outlay of cash from the Treasury triggered by the signing of a contract, travel order, credit card transaction, etc. 
  • Expenditure: Issuance of a payment disbursement by electronic funds transfer, check, etc. 
  • Outlay: Payment of cash from Treasury to vendor to liquidate a financial obligation.

 

These should be helpful in understanding the Federal

financial management processes. 

 

(Credit Photo: Andy Blumenthal)

Vandalism and Vomit — Only $2,500!

Vandalism and Vomit -- Only $2500!

So we went to look at a new dorm-type apartment for my daughter.

She and her friends want to be near campus and where everyone hangs out.

When we got to the building, the front door glass was smashed in and wooden planks filled the space over the whole door.

While we were waiting in front, a group of girls were walking in–and one was saying to the others, “Oh, he says he love me, and he wants to have sex with me…”–then couldn’t hear the rest as they continued by.

Inside the lobby was this “Vandalism Report” with dates for each (not shown)–Take a look at it (THIS IS REAL!).

– Signs and fire extinguishers vandalized.

– Beer cups thrown off the balcony.

– Graffiti painted on the walls.

– And best for last…urine, vomit, rubbish, and blood discovered–at multiple times and in multiple places!

The slumlord landlord, buys up the filthy apartments, renovates them, and rents out two-bedroom units in this building for approximately $2500, split 4 ways among the students.

He takes 2 months security deposit.

And he makes each person responsible for all the others, so if one person backs out or doesn’t pay, each of the other students are responsible–not just for their share (lease).

He advertised one unit, but showed us another.

Then told us this one was also already taken and we should trust him and sign up for another unit that he is purchasing and “it will be the same thing, trust me!”

This whole thing was disappointing to my daughter who was excited to be with all her friends so close to campus.

I was proud of her when my wife asked her despite how much she wanted this…did she feel this guy was trustworthy?–and she said, “No!”

Not sure who would want to live in a place like this…but my daughter was disappointed anyway.

It’s hard to be practical, when the emotional side for people take over.

These young people are victimized by the slumlords, who prey on their youth, inexperience, and needs.

This place was disgusting–even so, it’s tough to be a parent because you want your children to learn from mistakes, but mistakes can be so costly.

Funny thing is, there were plenty of kids in this building–where are the grownups? 😉