Category: Financial Management

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World Bank Supports Improved Management of Public Resources for Service Delivery

WASHINGTON, December 21, 2021 — The Planet Lender approved an $80 million grant from the Global Advancement Association (IDA) to assist Mozambique’s efforts to boost domestic tax administration, finances execution, and transparency and accountability in the management of community resources. The grant will enhance $20 million in funding obtained less than a Multi Donor Believe in Fund set up in partnership with the European Union, Finland, and Norway to assistance reforms in these areas.

“COVID-19 plunged Mozambique into its 1st financial economic downturn in virtually a few a long time, weakening domestic consumption and investments and worsening living conditions, especially for the urban weak engaged in the informal sector,” mentioned Idah Z. Pswarayi-Riddihough, Entire world Bank Place Director for Mozambique, Madagascar, Comoros, Mauritius, and Seychelles. “This put additional stress on general public finances as the require to obtain efficiencies throughout governing administration expending is better than ever to guarantee the supply of providers.”

Recent diagnostic studies of the government’s effectiveness in community expenditure and economical accountability determined difficulties to effective support shipping, which includes spending budget planning procurement of goods and services and the efficiency of exterior oversight mechanisms in the implementation of the fiscal decentralization coverage, which is important to making sure that funding is supplied to aid service supply throughout Mozambique.

The Managing General public Means for Support Delivery challenge will help a series of activities to deal with these constraints, strengthening domestic tax administration enhancing expenditure management and controls in key locations, this kind of as treasury management and public procurement reinforcing interior controls and inner audit arrangements and boosting the institutional capability for exterior audits executed by the Tribunal Administrativo, the country’s audit institution. In addition, the venture will fortify citizen engagement in spending plan preparation and execution and guidance the government’s potential to perform helpful oversight over point out-owned enterprises. And finally, it will improve endeavours to greatly enhance the supply of solutions from the municipalities by strengthening the availability of sufficient means to assist their pursuits.

“By strengthening tax administration, expenditure handle, fiscal decentralization, and citizen engagement, the task aims to increase transparency and accountability in the management of public sources in Mozambique and so add to improved assistance shipping in the state,” added Joseph Mubiru Kizito, Direct Money Administration Specialist and the project’s job crew chief. “In this regard, the venture builds on ongoing reforms but also features new initiatives, these types of as the piloting of Citizens Assemblies (CA) to help citizens to supply inputs to the funds formulation and execution procedure.”

This procedure is aligned with the Globe Bank Group State Partnership Framework (CPF) for Mozambique FY17-21 and complements other initiatives financed by the Planet Lender and other enhancement companions that goal to improve public economical management in Mozambique.

* The Globe Bank’s Intercontinental Development Association (IDA), proven in 1960, will help the world’s poorest nations around the world by providing grants and lower to zero-curiosity financial loans for jobs and packages that boost economic expansion, cut down poverty, and enhance very poor people’s life. IDA is 1 of the largest resources of guidance for the world’s 74 poorest countries, 39 of which are in Africa. Means from IDA convey good transform to the 1.3 billion men and women who dwell in IDA countries. Considering that 1960, IDA has provided $458 billion to 114 countries. Once-a-year commitments have averaged about $29 billion about the past 3 a long time (FY19-FY21), with about 70{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} likely to Africa. Understand additional on-line: IDA.worldbank.org. #IDAworks

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Flamingo’s Financial Management and Forecast App Is Your Way to Future Fortune

Flamingo’s Financial Management and Forecast App

Flamingo’s Money Administration and Forecast Application

flamingo tech

flamingo tech

Flamingo Tech launches its customized fiscal system assisting buyers to established, monitor and optimize money aims based mostly on their desired way of life.

MELBOURNE, VICTORIA, AUSTRALIA, December 21, 2021 /EINPresswire.com/ — “We are right here to equilibrate economical wellbeing… The economic sector has existed in siloed structures, masking information from the consumer. We must arise from these silos and make money data available so that the user can make extra educated economic choices.” says Sana Tayyab, C.E.O at Flamingo Tech Pvt Ltd.

With mounting worry among the typical community about their money predicament, it’s high time that they are specified far more regulate more than their finances, fees, and cost savings targets with a reduction of reliance on loan dollars.

Flamingo Tech launches its personalized economical platform supporting users to set, track and improve monetary objectives based on their wished-for lifestyle. The application introduces new waves of innovation in individual finance management, concentrating on money forecasting. Flamingo performs all the complex capabilities in the background and presents buyers with a summary of their funds and plans working with an exceptionally intuitive and straightforward user interface.

In accordance to a Commonwealth Lender (CBA) report, Australians’ use of electronic wallets improved by 90{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} soon after March 2020. It is expected to come to be the best payment system in Australia by 2024, even though the amount of electronic wallet shoppers will mount to an approximated 4.4 billion globally by 2025. While individuals figures present the users’ are inclined in the direction of simplicity and advantage in day to day transactions, Flamingo equips just about every user with the technology to manage and monitor their possess finances. The thought is to empower the buyers within their means and, then primarily based on their information, make monetary forecasting simple and accessible for all people to make and fulfill potential conserving plans.

As Sana Tayyab, CEO of Flamingo Tech, aptly stated through a briefing, “We are here to equilibrate economic wellbeing. It really is important that we figure out that the client expects a lot more from their obtain than the basic obtain of products and solutions or products and services. The economical sector has existed in siloed buildings, masking information from the person. We have to emerge from these silos and make economic facts accessible so that the user can make extra educated economic conclusions.”

Next that vision, the app will be rolled out in two phases. In their very first phase of app use, the consumers will be equipped to manage and track their profits and fees with just a several clicks. Customers can set and watch personal saving plans under numerous classes and obtain essential economic forecasting devoid of any outside the house qualified assistance.
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The 2nd stage will contain the use of Synthetic Intelligence-led evaluation and forecasting, exactly where the application will create person-specific money forecasts to fulfill preserving aims, such as for crisis money, order of residence, retirement money, and any other monetary targets.

1 of the top reasons for practically fifty percent of the current shoppers (48{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996}) to use electronic wallets is the simplicity of the course of action. Knowledge this need, Flamingo has been created with the convenience facet in mind the two in its design and style and operations. As a result, the application contains a customizable dashboard that summarizes a user’s overall profits, charges, and progress on conserving plans – all in a single glance. The platform is optimized for use on each Apple and Android cell equipment and is readily available for obtain in the Application Shop and Google Play… and it is free of charge of value.

As an all-in-1 own finance alternative, Flamingo gives the next attributes:
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Customized Finance Administration – Keep track of and observe every penny that will come into and goes out of your money. Make the funds that suits your way of life.
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1- Automating Cost savings/Economical Aims – As soon as your paycheck comes in, allow the fastened amounts go to their respective funds. Automating this procedure saves you possessing to make deposits and keep track of your progress manually.
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2- Money Forecasting – Be effectively knowledgeable of your monetary progress. Just take motion now to improve your upcoming wealth.
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3- Economical Overall health Score – Know your money health and fitness dependent on your cash flow and your personal savings behaviors.
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4- Optimistic reinforcement toward personalized discounts – Get into the pattern of preserving up. Start with our monthly card. Create emergency resources. Satisfy your economical goals in funds.
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5- Serious-time feedback on incoming and outgoing resources – Normally know wherever your cash is likely. Make budgetary changes on the go.

Sana Tayyab
Flamingo Tech
hook up@flamingotech.com.au

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Britney Spears Ex-Business Manager Under Scrutiny Over Conservatorship

A New York Moments report released Sunday raises inquiries about no matter if Lou Taylor, the enterprise supervisor extended linked with Britney Spears’ a short while ago concluded conservatorship, improperly enriched herself using the singer’s earnings. In the report, titled “Britney Spears Felt Trapped. Her Enterprise Supervisor Benefited,” Taylor, her businesses and Britney’s father and former conservator, Jamie Spears, deny any impropriety by attorneys.

The report notes that Taylor’s organization, Tri Star Athletics & Leisure Group, was a smaller company until she met Britney’s father, Jamie Spears, in 2008, hanging an arrangement that would provide both thousands and thousands. It states that the conservatorship, which lasted for an unusually extensive interval of 13 yrs and netted Jamie Spears some $6 million, gave him “vast electrical power about [Britney’s] existence and funds.” It also notes that Tri Star has declined to reveal how significantly dollars it earned from the arrangement, but places the figure at “millions” of pounds.

In latest a long time Britney has assailed the conservatorship, which began in 2008, saying that she experienced been coerced into working, and that significantly of the revenue she acquired went to a constellation of attorneys, managers, brokers and other people owing to a number of unconventional money arrangements.

“Near the center of it all was Ms. Taylor, in accordance to a New York Instances investigation based mostly on court filings, economic documents, firm documents and interviews with more than 70 folks familiar with the conservatorship, Ms. Taylor or her corporations,” the report states.  Taylor stepped down as Britney’s organization manager in November of final year the conservatorship was finished very last thirty day period.

The report notes:

* That Jamie Spears gained a loan of “at least” $40,000 from Tri Star at the commencing of his connection with the business. Whilst an legal professional for Jamie Spears, Alex Weingarten, an lawyer for Jamie Spears, initially told the Times that Jamie Spears “never” acquired a personal loan from Tri Star but later confirmed it. “Tri Star routinely financial loans dollars to shoppers,” he explained.

* That accounts for the singer had been opened at Stonebridge Prosperity Management, a organization Taylor co-established and co-owned, soon immediately after the conservatorship started. “While the company stated it did not acquire expenses for numerous solutions it offered, various other maneuvers appeared to gain Ms. Taylor,” the report states. Those people contain Britney’s estate shelling out for a safety business employed by her father to surveil “Free Britney” protesters who criticized Ms. Taylor and, a person former employee alleges, surveil Britney herself shelling out some of Taylor’s personalized legal service fees, top Britney’s law firm to complain to a California courtroom

* That in 2010 the conservatorship directed tens of thousands of bucks from Britney’s charitable basis to a Christian counseling group with ties to Taylor and her partner, and whose founder once boasted that the group assisted persons abandon lesbianism. Jamie Spears “also at occasions donated 10 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of [income derived from Britney] to a church run by the Taylors, in accordance to a money doc reviewed by The Moments.”

* That Spears’s estate paid for ads in trade publications praising Taylor and Tri Star, including in Range.

Weingarten, a attorney for Jamie Spears, reported that “Jamie’s administration of Britney’s estate was always steady with Britney’s very best interests.” He mentioned the courtroom, a co-conservator and Britney’s court docket-appointed law firm accepted of Mr. Spears’s decisions. He additional, “Jamie has practically nothing to hide and will for that reason conceal absolutely nothing.”

Charles More durable, a lawyer for Taylor, mentioned Tri Star “faithfully served the estate” and aided Ms. Spears develop an approximated $60 million fortune. “That is a achievement by any regular.”

Matthew G. White, a law firm for Stonebridge, wrote in a current letter to Britney’s legal workforce that it “worked diligently and tirelessly to deliver useful companies to profit the estate,” normally for no fee.

The partnership commenced with Britney’s youthful sister, also named Jamie, who was starring in Nickelodeon’s “Zoey 101” signed on as a Tri Star shopper in 2005 her father, who experienced struggled with alcoholism and filed for personal bankruptcy, became a Tri Star customer soon afterward, and the next 12 months became Britney’s conservator. The report notes that Tri Star produced a financial loan of “at least” $40,000 to Jamie Spears much less than a thirty day period right before he had Britney put into the conservatorship.

Speaking with the Moments, Anthony Palmieri, the incoming president of the Nationwide Guardianship Association, which represents conservators, said the mortgage “makes me ponder wherever the allegiance lies. Is the conservator making choices in the finest fascination of the conservatee or the business manager who they owe a financial debt to? It reeks of conflict of fascination.” Tougher countered, “A smaller personal loan, later on repaid, had no affect on Tri Star’s get the job done for the estate in later on years.”

In 2008, just months after arguing that Britney was incapacitated and therefore necessary to be underneath his handle by using the conservatorship, Jamie Spears booked her on an eight-thirty day period concert tour named “Circus.” Tri Star was hired to serve as the tour’s business enterprise manager, managing its finances and accounting. The tour grossed an believed $130 million. The subsequent calendar year, the corporation was finalizing a agreement to develop into the manager for Britney’s estate, which contains many of her property, and gave it a substantial evaluate of manage more than the management of her funds. Tri Star would get 5 per cent of Ms. Spears’s “adjusted gross entertainment revenue,” in accordance to More challenging, who declined to describe further.

The report states that it is unclear no matter whether Britney realized how her revenue was invested. Her lawyers are investigating no matter if Jamie Spears, Taylor and other people unfairly profited from the conservatorship.

Read the whole report right here.

 

 

 

 

 

 

 

 

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Sequoia’s stealthy wealth management fund shakes up its portfolio

Sequoia Cash, a single of Silicon Valley’s premier enterprise companies, has quietly built a $14bn fund to invest the prosperity of its associates and start-up founders. Now the fund’s supervisors are offloading some of the large-traveling tech corporations that have designed Sequoia rich.

Sequoia Heritage, started out in 2010 with money from the enterprise firm’s partners, has ploughed the proceeds of the sales into new investments these as air filtration vendors and opioid cure clinics.

The trades, mainly produced in the earlier 12 months-and-a-50 percent, have nudged Heritage more into the highlight after around a ten years in the shadow of Sequoia’s venture funds resources, which built early investments in the likes of Apple, Google, Nvidia, Instagram and WhatsApp.

Heritage dumped its full keeping of extra than 500,000 shares in the travel business Airbnb in the 2nd quarter, and it has bought more than 50 {21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its stake in the video game growth firm Unity since the enterprise went general public, in accordance to filings. Both equally providers are also massive winners for Sequoia’s venture resources.

At the identical time, Heritage has moved deeper into private investments, this sort of as the industrial holding organization Madison Industries and an unnamed opioid therapy enterprise backed by the personal fairness agency Shore Capital Associates.

Speaking publicly about the fund for the to start with time, Heritage’s head buyers, Keith Johnson, 46, and Kevin Kelly, 31, instructed the Monetary Times it aimed to triple investor cash about a ten years. Johnson mentioned it has crushed that target.

“The following, greatest investment has to be superior than all the things else we currently very own and much better than every little thing else we’re observing,” Kelly explained.

Heritage, which shares a creating with Sequoia Funds and operates as a different legal entity, created returns of extra than 73 for every cent in the 12 months by means of June this year, said a person person briefed on the figures.

Some of the gains have occur from early bets on new fund managers, which includes the former star T Rowe Price inventory picker Henry Ellenbogen’s Strong Funds Companions, in accordance to individuals common with the investments.

But Heritage has progressively profited from direct investments that do not come from external administrators.

Just one instance is Veterinary Emergency Team, a private organization that Heritage to start with backed when it experienced just two clinics in 2017. Traders a short while ago valued the organization at $1.5bn following a $100m financing.

The development of Heritage has developed rewarding returns for Sequoia’s partners and their foundations, the major investors in the fund. It has also designed a massive pool of regular, charge-charging assets that could verify important to the future of Sequoia’s sprawling selection of interrelated firms.

Some of Sequoia’s rivals, including Andreessen Horowitz, have held early discussions about developing comparable funds, according to people today familiar with the conversations. Andreessen has declined to remark on its designs.

Compared with similar prosperity management cash, these as the McKinsey affiliate MIO Companions, Heritage also manages cash for 3rd-occasion buyers — a selection that has permitted it to expand into a profitable standalone business.

Heritage commenced in 2010 with about $250m from outside traders and $150m every single from Sequoia associates Michael Moritz and Doug Leone. Moritz viewed the fund as a vehicle for men and women in “Sequoia and the Sequoia circle” to regulate their money when averting Wall Road prosperity administration companies, he said in an job interview.

Heritage is structured as an open-ended fund, meaning it does not require to return money to traders by a specified date. The fund rates a flat rate for the property it manages and does not include additional costs on efficiency gains, in accordance to folks common with the composition.

The fund has recently submitted a proposal permitting investors to pay out decreased management costs in exchange for an supplemental general performance price, the persons mentioned.

Heritage’s co-heads mentioned they did not intention to allocate assets evenly involving different sectors. As a substitute, they would consider just about every new financial commitment independently, aiming to uncover the best returning belongings.

“The earth has appear to believe assets in 2021 are really worth what we assumed they would have been well worth in 2025 if the corporation executed flawlessly,” Kelly claimed.

Kelly said Heritage experienced seemed to sell hugely valued holdings at “2025 prices” and move the proceeds into locations exactly where the company was “leaning into the wind a little bit”.

Larry Gies, founder of Madison, explained the organization had developed “four-and-a-50 percent fold” since Heritage 1st invested in 2020.

Heritage has invested far more cash as the business has absent on a streak of acquisitions, which includes a $3.6bn acquire of Nortek’s custom air filtration business this 12 months. Madison now built about $7bn in yearly revenues, Gies mentioned.

“It’s not the regular VC advancement trajectory, but it’s truly major income stream generation,” Gies stated.

Heritage’s achievements partly hinges on the tight-knit group of venture capitalists and start out-up founders that make up its investor foundation.

Heritage has invested in some of the greatest winners in Sequoia’s undertaking money, which include Stripe, the on the internet payments enterprise just lately valued at $95bn. John Collison, a co-founder of Stripe, has also invested in Heritage and serves as a director of the firm’s advisory board, in accordance to regulatory filings.

Johnson mentioned the advisory board had “no participation in the day-to-day administration of the organization and no purpose in investment decision decision making”.

Heritage’s other investors have incorporated former Google chief executive Eric Schmidt’s family foundation and massive institutions this kind of as the Oxford university endowment, in accordance to their filings.

“Our occupation is to optimise the returns for the Heritage traders,” Johnson said, “as opposed to seeking to boost returns for Sequoia Funds.”

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Planswell Drops Fees For Financial Planning Software

Financial planning software developer Planswell is changing its revenue model and will give its planning technology to advisors for free, the firm announced. It will focus instead on driving revenue through selling advisors business-building services, including marketing automation and lead generation tools, according to CEO Eric Arnold. 

Planswell’s planning software had cost advisors as much as $199 a month, Arnold said. 

The firm currently has about 1,000 paying advisors using the service, according to Arnold, meaning the move will cost the 40-person firm $2.4 million in revenue, assuming a 100{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} annual renewal rate and no discounting. But Arnold said he is confident that giving away planning for free will increase the number of advisors who will want to use the firm’s costlier business development tools, which start at $450 a month.

The decision has caused consternation in his finance department, Arnold said, but he is convinced the path towards growth involves free financial planning.

Planswell isn’t the first financial software developer to offer free financial planning tools to lure users into paying for other services. Robo advisor Wealthfront started giving away financial planning in 2018. Personal Capital provides free financial planning, including savings and retirement planning, to more than 3.1 million individuals. Of those individuals, more than 30,000 families have converted into paying customers for wealth management services, according to a company spokesperson. Personal Capital was purchased by Empower Retirement, a subsidiary of Montreal-based Power Corporation, in 2020.

For its part, Planswell has created 400,000 financial plans, according to Arnold. The plans, which many advisors use as a lead-generation tool to find clients looking for insurance or more robust investment management, take an average of three minutes for each client to create. The user-led plans can be completed on a desktop or via a mobile device and advisors have the option of using video conferencing to interact with the prospects. More than 66{21df340e03e388cc75c411746d1a214f72c176b221768b7ada42b4d751988996} of its advisor clients are based in the U.S.

But Arnold said the firm was not giving up on its core financial planning software. Because Planswell also does direct-to-consumer planning, it generates its own leads and is able to sell those to advisors.

“We’ve spent millions of dollars building [Planswell’s financial planning software],” said Arnold. “We will continue to invest millions of dollars to make it continue to be the best user experience—and hopefully in the future it’ll be the absolute best in every possible comparable way to other planning software companies.”

Future iterations will include decumulation planning for user accounts and estate planning, as well as expanding to markets beyond Canada and the U.S., said Arnold. The firm will have to do that without the revenue from its core planning tool.

The move comes just a little over a year since Planswell expanded into the U.S. which comes with its own risks, according to at least one other financial planning executive who moved into the U.S. market after launching in Canada.

“In the American space, there’s a lot more players and a lot more things going on all the time,” said Shawn Brayman, founder, president and CEO of Toronto-based financial planning developer PlanPlus, which was acquired by Morningstar last year. “Getting mind share is hard.”

If advisor clients feel like their vendor is just there for a quick buck and not willing to invest in the business of that particular geography, advisors may not be willing to take a chance on a new software vendor. On the other hand, providing a free service can be enticing for the right client, he added.

Arnold refuted the notion that the move means the firm is abandoning planning to become a marketing-tech firm for advisors. “The mission has never changed,” he said. “We want to put actual financial plans in everyone’s hands, for free. We want to spread that around the world.”

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President Biden Announces Key Nominees

WASHINGTON – Today, President Joe Biden announced his intent to nominate the following individuals to serve in key roles:

  • Erik K. Raven, Nominee for Under Secretary of the Navy, Department of Defense
  • Kristyn E. Jones, Nominee for Assistant Secretary of the Air Force for Financial Management and Comptroller, Department of Defense
  • Ventris C. Gibson, Nominee for Director of the Mint, Department of the Treasury

Erik K. Raven, Nominee for Under Secretary of the Navy, Department of Defense

Erik K. Raven is the Majority Clerk of the Senate Defense Appropriations Subcommittee, where he oversees more than $700 billion of annual spending by the Department of Defense and the intelligence community. Prior to joining the Appropriations Committee in 2007, he served as national security adviser and legislative director to Senator Robert C. Byrd, fellow to Senator Ted Kennedy, in several positions for Senator Dianne Feinstein, and as an English teacher in China. Raven holds Associate of Arts degrees from the College of Marin, a Bachelor of Arts with honors and distinction in International Relations from Connecticut College, and a Master of Science with merit in International History from the London School of Economics and Political Science. He resides with his family in Washington, D.C.

Kristyn E. Jones, Nominee for Assistant Secretary of the Air Force for Financial Management and Comptroller, Department of Defense

Kristyn E. Jones is a Managing Director in KPMG’s Federal Advisory practice, where she supports the Department of Defense (DoD), Department of Veterans Affairs, Department of Health and Human Services, and other federal agencies on financial management, business management, and technology projects. Prior to her current role, she served as the Deputy Assistant Secretary of the Army for Financial Information Management. Previously, Jones held a variety of positions in DoD and in industry. From June 2007 to 2008, Jones was Special Assistant to the Assistant Secretary of the Army (Financial Management and Comptroller) for Cost Management Transformation. Prior to this role, Jones was the Director of Enterprise Transition Planning at the DoD Business Transformation Agency (BTA) and served as a Financial Manager at the Office of Naval Research.

Earlier in her career, Jones held management positions at two Fortune 500 companies, Capital One and Advanced Micro Devices. Jones also served as a Military Intelligence Officer in the U.S. Army, where she held a variety of leadership positions. She is a Certified Defense Financial Manager, Project Management Professional, and Certified Technology Business Management Executive. Jones has received numerous government and industry awards, including the Government Technology Research Alliance (GTRA) Women in Technology Award and was a recipient of a “Fed 100” award. She earned a Master’s in Business Administration from George Mason University and is also a graduate of the United States Military Academy at West Point.  

Ventris C. Gibson, Nominee for Director of the Mint, Department of the Treasury

Ventris C. Gibson is the Deputy Director of the United States Mint and is also serving as the Acting Director. If confirmed, she will be the first African-American to lead the U.S. Mint. A U.S. Navy veteran with decades of senior leadership experience in the federal government, Gibson joined the Mint from District of Columbia government, where she served as the Director of Human Resources. In this role, Gibson provided executive oversight and execution of human capital programs and services for nearly 37,000 employees. Prior to that, Gibson served as an Associate Deputy Assistant Secretary in the U.S. Department of Health and Human Services. She was responsible for the development, articulation, and delivery of Department-wide human resources policies, plans, and programs affecting nearly 92,000 employees. Gibson’s career with the federal government includes significant leadership roles in the Federal Aviation Administration and the Department of Veterans Affairs (VA). Gibson is the recipient of numerous awards and commendations including the VA’s Exceptional and Meritorious Service Awards, FAA Manager Association’s Leadership Award, National Hispanic Coalition’s President’s Award, and the Northern New Jersey Metropolitan Area’s prestigious “Woman of the Year” award. Gibson has three children, four grandchildren, and two golden retrievers.