By John Cochran
March 4, 2015
Each department of the United States Mint supports the overall mission to serve the American people by manufacturing and distributing circulating, precious metal and collectible coins and national medals, and securing assets entrusted to the Mint.
At Mint Headquarters in Washington, D.C., 13 accountants perform functions that ensure financial integrity, achieve regulatory compliance, and enable management oversight of the Mint’s business activities.
Accountants at the Mint:
- Prepare and examine financial records ensuring they are accurate
- Perform overviews of financial operations to help it run efficiently
- Validate cost, revenue, and profit data
- Ensure compliance with revenue recognition guidelines
- Perform cash management functions
- Coordinate the annual financial statement audit
- Prepare financial statement for the Mint’s annual report
- Coordinate the payout of commemorative program surcharges with recipient organizations
- Ensure that statements and records comply with laws and regulations
- Ensure adherence to prompt payment guidelines
- Inspect accounting systems for accuracy
- Organize and maintain financial records
- Perform inventory valuations
- Manage fixed assets
One of the Mint’s accountants is Rena Narce-Carroll, the lead reporting accountant in the Financial Department at Mint Headquarters, where she has worked for 21 years.
“I joined the Mint family as an accounting technician in 1993 and did that until 1996, when I became an accountant. I love what I do and I enjoy working with my co-workers. They are the best. We are a team and we help each other out. This teamwork also extends outside of Accounting, to other offices within the Mint and the Bureau of the Fiscal Service,” she said.
Narce-Carroll outlined her current duties.
“I review and approve financial reports that are due to Treasury. I’m the Contracting Officer Technical Representative for the financial audit and one of the audit points of contact. I review and approve reconciliations and journal entries from the BFS; review submissions from recipient organizations for commemorative coin surcharge payments; monitor the Mint receivables and advances for non-numismatic customers; process the annual numismatic profit transfer to the Treasury General Fund ($11 million in Fiscal Year 2014); and provide internal and external support to Mint and BFS offices.”
She described the most unusual project she has worked on.
“An interagency agreement with the Defense Department at one of our sites was a challenge. It took two years, more than 100 emails, and phone conversations with about 50 to 60 people for DOD to get it straight on their end. I was persistent working with them until they got it right, so they could bill the Mint for $159,000 worth of work that was performed by a contractor.”
Keeping a close watch on the Mint’s financial records, as the accountants do every day, is essential to the organization’s continuing success.
See more Inside the Mint articles