U.S. Coast Guard Finance Center

The U.S. Coast Guard Finance Center (FINCEN), located in Chesapeake, Virginia, serves as the central financial management organization for the entire United States Coast Guard. Its mission is to provide accurate, timely, and reliable financial services to Coast Guard personnel and mission partners, ensuring responsible stewardship of taxpayer dollars. Effectively, FINCEN is the Coast Guard’s banker, accountant, and financial advisor all rolled into one.

FINCEN’s responsibilities are vast and varied, encompassing nearly every aspect of Coast Guard financial operations. These responsibilities can be broadly categorized into areas such as pay and compensation, travel and relocation, procurement and contracting, accounting and reporting, and financial systems management.

Regarding pay and compensation, FINCEN ensures that all Coast Guard members, both active duty and civilian, are paid accurately and on time. This includes managing complex payroll systems, processing pay entitlements, deductions, and allotments, and resolving pay-related issues. They also manage Thrift Savings Plan (TSP) contributions and other benefits related to compensation.

Travel and relocation represent a significant portion of FINCEN’s workload. With Coast Guard personnel frequently deploying and transferring across the country and overseas, FINCEN processes travel authorizations and reimbursements, ensuring that members are properly compensated for official travel expenses. They also manage relocation allowances and entitlements associated with permanent change of station (PCS) orders, adhering to strict regulations and guidelines.

In the realm of procurement and contracting, FINCEN plays a vital role in ensuring that the Coast Guard has the resources it needs to carry out its missions. This involves processing payments to vendors and contractors for goods and services, managing contract invoices, and ensuring compliance with federal procurement regulations. Maintaining meticulous records and adhering to stringent audit requirements are paramount in this area.

Accounting and reporting are core functions of FINCEN. The organization is responsible for maintaining accurate and complete financial records for the Coast Guard, preparing financial statements, and complying with federal accounting standards. They provide financial data and analysis to Coast Guard leadership, enabling informed decision-making and resource allocation. They also play a crucial role in responding to audits by the Government Accountability Office (GAO) and other oversight agencies.

Finally, financial systems management encompasses the administration and maintenance of the various financial information systems used by the Coast Guard. FINCEN ensures that these systems are secure, reliable, and efficient, and that they provide accurate and timely financial data. This includes implementing system upgrades, providing user training, and resolving technical issues.

In conclusion, the U.S. Coast Guard Finance Center is a critical component of the Coast Guard’s overall operations. Its dedication to providing sound financial management enables the Coast Guard to effectively carry out its vital missions, protecting our nation’s waterways and ensuring the safety and security of our citizens.