Functions and Activities

Proper procurement management records obligations for both procurement and non-procurement purchases such as de-commitments/ modifications, liquidating commitments, de-obligations/ modifications, and liquidating obligations.

Property management ensures proper record keeping of all financial asset information processed for purchase and lease transactions, inventory, and software record. Financial asset type, category, value, and value adjustments (e.g., depreciation, impairment) all must be recorded with due diligence.

Proper grants management requires recording requests for payment, matching grant requests to obligating documents, routing requests for approval by appropriate party (as needed), generating transactions, resolving payment issues, recording credits and payment adjustments, and auditing.