The United States Army Financial Management School is in

Fort Jackson, South Carolina Fort Jackson is a United States Army installation, which TRADOC operates on for Basic Combat Training (BCT), and is located within the city of Columbia, South Carolina. This installation is named for Andrew Jackson, a United States Army gene ...

. Its mission is to provide the

United States Army The United States Army (USA) is the primary Land warfare, land service branch of the United States Department of Defense. It is designated as the Army of the United States in the United States Constitution.Article II, section 2, clause 1 of th ...

with military and civilian leaders trained in financial management, and develop complementary concepts, doctrine, and organization for financial management in support of American armed forces. Students take classes and train in subjects such as advanced accounting, financial analysis,

accounts payable Accounts payable (AP) is money owed by a business to its suppliers shown as a liability on a company's balance sheet. It is distinct from notes payable liabilities, which are debts created by formal legal instrument documents. An accounts payable ...

and disbursing operations, and auditing. While training, soldiers must still participate in physical training and testing.

History

The

Second Continental Congress The Second Continental Congress (1775–1781) was the meetings of delegates from the Thirteen Colonies that united in support of the American Revolution and American Revolutionary War, Revolutionary War, which established American independence ...

appointed a

Paymaster General His Majesty's Paymaster General or HM Paymaster General is a ministerial position in the Cabinet Office of the United Kingdom. The position is currently held by Nick Thomas-Symonds of the Labour Party (UK), Labour Party. History The post was ...

of the Army on 16 June 1775, thereby creating a Pay Department consisting of finance soldiers that disbursed pay throughout the

Continental Army The Continental Army was the army of the United Colonies representing the Thirteen Colonies and later the United States during the American Revolutionary War. It was formed on June 14, 1775, by a resolution passed by the Second Continental Co ...

. The Pay Department became a part of the

Quartermaster Corps Following is a list of quartermaster corps, military units, active and defunct, with logistics duties: * Egyptian Army Quartermaster Corps - see Structure of the Egyptian Army * Hellenic Army Quartermaster Corps (''Σώμα Φροντιστών ...

in 1912. In 1920 the U.S. Army

Finance Corps The United States Army Finance Corps is a combat service support (CSS) branch of the United States Army. The Finance Corps traces its foundation to 16 June 1775, when the Second Continental Congress established the office of Paymaster-General of ...

became a separate army branch and at this point it became responsible for more than monthly pay as it took on all

auditing An audit is an "independent examination of financial information of any entity, whether profit oriented or not, irrespective of its size or legal form when such an examination is conducted with a view to express an opinion thereon." Auditing al ...

and

budgeting A budget is a calculation plan, usually but not always financial plan, financial, for a defined accounting period, period, often one year or a month. A budget may include anticipated sales volumes and revenues, resource quantities including tim ...

for the entire

War Department War Department may refer to: * War Department (United Kingdom) * United States Department of War The United States Department of War, also called the War Department (and occasionally War Office in the early years), was the United States Cabinet ...

. In 2019, the name of the school was changed from Financial Management to Finance and Controller.

Legislation

US Code Title 10 § 3022. Financial Management establishes: (a) The

Secretary of the Army The secretary of the Army (SA or SECARMY) is a senior civilian official within the United States Department of Defense, with statutory responsibility for all matters relating to the United States Army: manpower, personnel, reserve affairs, insta ...

shall provide that the Assistant Secretary of the Army for Financial Management shall direct and manage financial management activities and operations of the Department of the Army, including ensuring that financial management systems of the Department of the Army comply with subsection (b). The authority of the Assistant Secretary for such direction and management shall include the authority to— (1) supervise and direct the preparation of budget estimates of the Department of the Army and otherwise carry out, with respect to the Department of the Army, the functions specified for the Under Secretary of Defense (Comptroller) in section 135 (c) of this title; (2) approve and supervise any project to design or enhance a financial management system for the Department of the Army; and (3) approve the establishment and supervise the operation of any

asset management Asset management is a systematic approach to the governance and realization of all value for which a group or entity is responsible. It may apply both to tangible assets (physical objects such as complex process or manufacturing plants, infrastr ...

system of the Department of the Army, including— (A) systems for

cash management Cash management refers to a broad area of finance involving the collection, handling, and usage of cash. It involves assessing market liquidity, cash flow, and investments. In banking, cash management, or treasury management, is a marketing term ...

, credit management, and

debt collection Debt collection or cash collection is the process of pursuing payments of money or other agreed-upon value owed to a creditor. The debtors may be individuals or businesses. An organization that specializes in debt collection is known as a coll ...

; and (B) systems for the accounting for the quantity, location, and cost of property and inventory.

References

{{reflist United States Army schools Financial management organizations