Working Capital Fund Briefing Set July 12
Defense contractors and citizens alike can get an up-close look at how the Navy Working Capital Fund works during a briefing on the topic beginning at 7:30 am July 12 at the Southern Maryland Higher Education Center. The event will be hosted by The Patuxent Partnership.
The briefing will be presented by Gene Townsend, president of the TPP board of directors, owner of GT Financial Services Inc., and former comptroller for the Naval Air Warfare Center Aircraft Division. He will provide an understanding and background on working capital funds.
“Understanding working capital will help contractors to better appreciate their NWCF customer needs and constraints,” Townsend explained. “It will provide the contractors insight on the impact of increased or decreased workload. Attendees will understand how the daily NWCF dynamics are similar to a defense contractor’s environment.”
The NWCF is a revolving fund that is used to finance Department of Navy activities. It provides products and services on a reimbursable basis, based on a relationship of customer-provider, between operating units and organizations that support NWCF, according to the Department of Navy.
Activities that are funded through NWCF are expected to break even over the budget cycle, a change from for-profit commercial businesses. The idea is for the NWCF to act as a shock-absorber to fluctuations in market prices, which are recovered from customers in future years through rate changes.
Activity groups in NWCF include five primary areas: Depot Maintenance, Supply Management, Research and Development, Transportation, and Base Support. Goods and services provided by NWCF are crucial to the Department of the Navy’s readiness and to maintaining a relevant industrial base. Goods and services provided by NWCF activities in fiscal 2016 are valued at about $28.5 billion.
There is no cost for the July 12 briefing. Please register in advance on the TPP website listed above.
About The Patuxent Partnership
The Patuxent Partnership works with government, industry, and academia on initiatives in science and technology, hosts programs of interest to NAVAIR and the broader DoD community, and supports workforce development including education initiatives and professional development.
To learn more about The Patuxent Partnership and its programs, visit its Leader member page.
