Guidance for CFOs

This page is provided as a resource to assist Chief Fiscal Officers with the critical role of managing business in compliance with state finance law.

Please do not hesitate to contact the CTR Solution Desk with questions.

 

What is a CFO?

A Chief Fiscal Officer:

 

  • Should be equivalent in title or rank to an assistant or deputy to the Department Head and should have Department Head Signature Authorization.

  • Assumes the responsibility for all financial, accounting and budget issues for the Department including establishing an internal structure, with internal written procedures, and sufficient oversight to effectively manage department activities and monitor compliance with applicable laws, regulations and policies.

  • Ensures that there is either appropriate segregation of duties or appropriate secondary review of fiscal obligations, expenditures, and reporting requirements to maintain adequate fiscal control and accountability.

  • Is responsible for department compliance with MMARS document (transaction) delegation responsibilities (e.g., procurement, credit cards, etc.).

  • Serves as CTR's key contact in the Department’s financial decision-making and policy processes.

  • Oversees payroll (including payroll cost reporting), budget, revenue, payee, procurement, expenditure, fixed asset and internal control issues as these issues relate to the state accounting system. 

  • Works closely with Department Head and staff to ensure that department expenditures (including payroll) will not exceed appropriations in violation of state finance law and that, if appropriation shortfalls are anticipated, the necessary steps are taken (in accordance with law) to reduce department obligations and expenditures to live within current appropriations. 

  • Attends pertinent training sessions related to fiscal responsibilities within the Department and obtains and provides to appropriate staff the necessary training, materials, Intranet/Internet access and newly issued policies and other materials to enable staff to effectively manage department fiscal activities in accordance with applicable laws, regulations and policies. 

  • Ensures that all written and electronic communications from CTR, Administration and Finance, Treasury and other applicable oversight departments are disseminated to the appropriate Department personnel in a timely manner.

State Finance Law

Helpful links to get an overview of state finance law and CTR state finance regulation and policy:

Guides and Handbooks​

CTR has published the following resources which all CFOs should be familiar with:

Training

CTR provides instructor-led trainings on many state finance topics. Visit the CTR Learning Management System, accessible through the CTR Intranet.

Events​

Information on events during the year pertaining to CFOs:

Additional CTR Resources

CTR provides an Intranet available to state employees on MagNet, which serves as a portal to MMARS, HR/CMS, the Commonwealth Information Warehouse, DocDirect, CTHRU, Vendor Lookup.

Additionally, please find the following CTR resources.

OFFICE OF THE COMPTROLLER OF THE COMMONWEALTH

William McNamara, Comptroller of the Commonwealth

One Ashburton Place, 9th Floor, Boston MA 02108

comptroller.info@mass.gov

For your protection, please do not email personal information (e.g. Social Security Number, Bank Account Number, Passwords).

For assistance, please call us at

(617) 727-5000

  • Twitter
  • Facebook
  • LinkedIn
  • Instagram