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Oregon Asset Protection News
Agency Financial Management Systems Architecture
Agency financial management systems are information systems which track financial events and summarize information to support the mission of an agency, provide for adequate management reporting, support agency level policy decisions necessary to carry out fiduciary responsibilities, and support the preparation of auditable financial statements.
Agency financial management systems fall into four categories: Core financial systems, other financial and mixed systems (including inventory systems), shared systems, and departmental executive information systems (systems to provide management information to all levels of managers). These systems must be linked together electronically to be effective and efficient. Summary data transfers must be provided from agency systems to central systems to permit summaries of management information and agency financial performance information on a governmentwide basis.
Subject to governmentwide policies, the physical configuration of financial management systems, including issues of centralized or decentralized activities, processing routines, data, and organizations, is best left to the determination of the agency to decide the optimal manner in which to support the agency mission.
The physical design of the system, however, should consider the agencys organizational philosophy, the technical capabilities available, and the most appropriate manner to achieve the necessary single, integrated financial management system for the agency.
The agency systems architecture shown in Illustration 3 provides a logical perspective identifying the relationships of various agency system types. Although this does not necessarily represent the physical design of the system, it does identify the system types needed to support program delivery/financing and financial event processing for effective and efficient program execution.
Conservation Easement is a legal agreement
A Conservation Easement is a legal agreement reached voluntarily between a landowner and a land trust that protects water quality, wildlife habitat, scenic vistas, agricultural productivity and other conservation values permanently restricts the use of property by current and future landowners keeps property in private hands. Donating some or all of the development rights to a qualified, tax-exempt organization like the Washtenaw Land Trust, and meeting other specific conditions, allows a landowner to be eligible for certain tax benefits.
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Definition:
A power of attorney that remains valid when the principal becomes incapacitated.
Private mortgage insurance (PMI)
Definition:
Protection for the lender against a loss if a borrower defaults on a loan. It is usually required for loans in which the down payment is less than 20 percent of the sales price or, in a refinancing, when the amount financed is greater than 80 percent of the appraised value.
Totten trust
Definition:
A savings account that allows the depositor to open the account as trustee for someone else (no real trust is set up). Account owners may use the funds as they see fit during their lifetime, and then upon their death the account balance is paid to the named beneficiary.
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