ARC Welcomes New Customers
We are excited to welcome the National Endowment for the Humanities (NEH) and the Treasury Executive Office for Asset Forfeiture (TEOAF) as our newest customers! We are also pleased to have completed the Release 2 effort in support of the Office of Personnel Management’s (OPM) Trust Funds phased migration approach to ARC. Release 2 implemented multiple enhancements further automating OPM’s existing financial management solution.
- NEH is an independent federal agency that supports the humanities in every state and U.S. jurisdiction. Since 1965, NEH has awarded over $6 billion in grants to support museums, historic sites, universities, teachers, libraries, documentary filmmakers, public TV and radio stations, research institutions, scholars, and Indigenous communities. Both NEH and ARC are very enthusiastic to enter into our new partnership as ARC offers more robust and modern Financial Management, Travel, and Procurement solutions and services to NEH. This will allow NEH staff to focus more high-value analysis work and their mission.
- TEOAF was established to strategically use asset forfeiture to disrupt and dismantle criminal enterprises. Asset forfeiture is a vital legal tool that is designed to deprive criminals of the proceeds of their crimes, to break the financial backbone of organized criminal syndicates and drug cartels, and to recover property that may be used to compensate victims and deter crime. In FY2023 alone, TEOAF accumulated $1.619 billion of forfeiture revenue earnings, paid out $560.1 million in restitution to victims of crime, and shared $113.2 million with other federal, state, and local law enforcement agencies. We are happy to be a partner to TEOAF by providing efficient Financial Management and Procurement solutions and services, so they can focus on executing their vitally important mission.
- OPM, one of three CFO Act agencies that we service, oversees financial management and accounting for over $1.2 trillion of combined assets for the Earned Benefits Trust Funds. These trust funds are invested to finance the retirement program for 2.8 million current federal civilian employees and provide retirement benefits for retirees and survivors; finance the health insurance for 8.1 million employees, retirees, and eligible family members; and provide life insurance coverage for 4.3 million employees and retirees. OPM chose ARC as their Federal Shared Service Provider (FSSP) due to our deep experience with investment accounting and the magnitude of the daily investments that OPM makes on the behalf of every current and retired government employee.
As the premier FSSP, ARC is poised and experienced in meeting the diverse needs of agencies–from smaller grant making agencies like NEH, to unique components like TEOAF within our home agency, the Department of Treasury, to CFO Act agencies like OPM who’s Trust Funds program affects millions of federal employees and retirees. With the addition of NEH and TEOAF, we now provide services to 84 federal agencies.