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UNITED STATES DEPARTMENT OF EDUCATION OFFICE OF COMMUNICATIONS AND OUTREACHMEMORANDUMTO:Executive Officer, OS/OCO Administrative Officer, OS/OCOFROM:The Assistant SecretaryOffice of Communications
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Identify the specific objective of the OCO functional statement.
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Identify the resources needed to carry out the activities and achieve the outcomes.
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Specify any timeline or deadlines for completing the tasks.
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Organizations that want to clearly define and communicate their operational objectives and strategies.
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Oco functional statements are financial statements that provide information about the economic activities and financial performance of an organization related to its operational compliance obligations.
Entities that meet specific regulatory thresholds, including certain businesses and organizations engaged in operations that are subject to operational compliance requirements, are required to file oco functional statements.
To fill out oco functional statements, organizations must gather financial data, follow the specific format provided by regulatory authorities, and accurately report information regarding operational compliance activities and financial performance.
The purpose of oco functional statements is to ensure transparency and accountability in financial reporting concerning operational compliance, and to provide stakeholders with relevant information that aids in decision-making.
Oco functional statements must report information about revenues, expenses, compliance activities, operational risks, and any other financial data relevant to regulatory compliance matters.
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