The Budget and Accounting Procedures Act of 1950, established a cooperative undertaking which required the Department of Treasury, the General Accounting Office (now the Government Accountability Office) and the Bureau of the Budget (now the Office of Management and Budget) to work together to improve financial practices in the federal government. The organization was originally referred to as the Joint Program for Improving Accounting in the Federal Government. In 1959, it became the Joint Financial Management Improvement Program (JFMIP). In 1966, the Civil Service Division (now the Office of Personal Management) was added to the JFMIP organization to provide expertise in personnel matters. JFMIP has been and continues to be a program that promotes the development, modernization, and use of improved financial management practices across the federal government.
Leadership and program guidance are provided by the four Principals of the JFMIP, who are the:
- Comptroller General of the United States
- Secretary of the Treasury
- Director of the Office of Management and Budget (OMB)
- Director of the Office of Personnel Management (OPM)
JFMIP currently has a Planning committee that plans meetings for the principals, the annual conference, and webinar events. The committee meets at least monthly and consists of members from all four principal organizations.