There has been much discussion over a new funding vehicle called Technology Modernization Fund (TMF) that provides federal government agencies additional means to deliver faster, better secure services to the public. TMF was recently authorized by Trump Administration’s Modernizing Government Technology Act of 2017 to improve IT solutions and to enhance cybersecurity across the Federal Government.
What you should know about the program
The TMF is overseen by the TMF Board which consists of Government IT leaders in technology, operations, and transformation. Federal agencies will submit an IT-related Project Proposals to the TMF Board. If approved, the agency will move to the Full Project Proposal phase where this involves a more detailed, comprehensive description and in-person presentation. If approved, that agency will receive added funds depending on the project. For 2018, the TMF received $100 million to fund modernization projects and in 2019, the budget is expected to increase an additional $210 million. This year a total of 3 federal agencies were awarded the full amount.
What projects qualify?
Projects recommended for funding receive incremental funding based on successful performance of each milestone criteria. It’s important to review what types of areas the Board is concerned with prior to submitting a project. The Board considers each proposal based on financial, technical and operational standards. Some questions to keep in mind for each agency applying for these funds:
- Will this project’s impact on the public align with your agencies mission?
- Will this project address and improve urgent security concerns?
- Will this project have strong visibility and support so issues will be quickly executed?
- Will this project prove how the use of funds will enable identified milestones for success?
- Will this project provide detailed information on cost savings and service improvements?
- Will this project find a common solution to reduce outdated, insecure systems?
When will you receive funds?
Once a project is approved, that agency will receive funds in incremental transfers based upon the achievement of key milestones in the written agreement no more than 5 years. Written agreements are prescribed by the General Services Administration (GSA) and the first reimbursement should take place no later than 6 months after the project is completed.
What can RadiusPoint© do for you in relation to TMF?
As federal agencies receive funding from the TMF to enhance IT solutions, a technology management company like RadiusPoint can provide additional support that aligns closely with the goals of the agency as well as TMF’s. RadiusPoint, a telecom, wireless and utility expense management provider offers a cloud-based software, ExpenseLogic™ and process driven solution for augmenting costs and managing efficiencies within the system. Our goal is to automate processes so managers not only have access to real-time visibility and operational intelligence but will improve their technology solutions as a whole through AI and IoT while enhancing security within IT equipment.
With stronger incentives to invest in new IT projects, the Federal Government will positively impact the public, including tax payer’s dollars being allotted more efficiently. To learn more about this program and how to receive guidance on project submittals, visit their website at tmf.cio.gov.