INSIGHTS

Washington Metropolitan Area Transit Authority (WMATA) - Financial Management Support for WMATA’s Finance Operations

Since 2014, IBS has been a trusted partner to the Washington Metropolitan Area Transit Authority (WMATA), supporting its finance department with a range of strategic, technical, and operational services. Our work has focused on strengthening financial reporting, enhancing audit readiness, supporting National Transit Database (NTD) submissions, leading mission-critical system implementations, and augmenting WMATA’s internal team with highly skilled finance professionals. We also played a critical role in helping WMATA stabilize financial operations and resolve major compliance issues raised by the Federal Transit Administration (FTA), which previously limited their ability to draw down grants and access capital markets. 


Solution:

Financial Management & Reporting 

IBS has provided subject matter experts and technical specialists to support WMATA in: 

  • Comprehensive Annual Financial Report (CAFR) preparation and technical accounting support 
  • National Transit Database (NTD) reporting and compliance 
  • Detailed Financial Analysis (DFA) and performance reporting 
  • Financial policies and procedures development 
  • Monthly close and accrual process improvement 

Staff Augmentation Services 

To help WMATA meet its financial and operational goals, IBS deployed a highly skilled bench of professionals including: 

  • Senior accountants and financial analysts 
  • Project finance consultants 
  • Budget analysts and compliance officers 
  • Interim support for critical reporting cycles 

Our staff work collaboratively with WMATA’s finance leadership and internal departments, providing immediate and ongoing support across critical functions. 


Impact:

  • 10+ years of continuous support across multiple finance functions 
  • Improved quality and timeliness of CAFR and NTD submissions 
  • Enhanced internal capacity through strategic staff augmentation 
  • Strengthened audit readiness and documentation standards 
  • Supported transition to more streamlined and sustainable financial operations 

Why WMATA Relies on IBS 

  • Specialized Transit Expertise – Deep knowledge of NTD, DFA, and transit compliance 
  • Reliable Talent Pipeline – Consistent delivery of high-caliber professionals 
  • Flexible Support Model – Ability to scale services based on WMATA’s evolving needs 
  • Proven Results – Long-standing partnership focused on outcomes and accountability 

System Implementations & Compliance Remediation 

IBS led the implementation of several major financial and operational systems at WMATA, serving as program and project managers for: 

  • Hyperion – Budgeting and planning system 
  • Kronos – Timekeeping and workforce management system 
  • Oracle ERP – Core financial and enterprise resource planning platform 

In parallel, IBS played a pivotal role in helping WMATA address serious compliance concerns raised by the FTA. These issues impacted the Authority’s ability to draw down federal grants and limited their access to the capital market. Our team worked closely with WMATA leadership to design, implement, and monitor corrective action plans that successfully stabilized operations, restored financial credibility, and enabled continued infrastructure investment and service delivery. 


The engagement between DCHFA and IBS marked a pivotal step in restoring financial integrity and operational efficiency within the agency. Following the appointment of a new Executive Director, IBS was brought in to address critical deficiencies in financial operations, including delayed ledger closings and inadequate financial reporting. Through a comprehensive financial operations assessment, IBS identified systemic gaps and implemented targeted improvements to strengthen internal controls and reporting accuracy. 


IBS played a key role in the recruitment and onboarding of a new Chief Financial Officer (CFO), ensuring a smooth leadership transition and continuity in financial oversight. The team also provided hands-on support in maintaining general ledgers, preparing financial statements, and evaluating future financial automation solutions to modernize DCHFA’s accounting infrastructure. 


Additionally, IBS ensured compliance with federal regulations by analyzing administrative expenses under the Hardest Hit Fund (HHF) program and supporting agency-wide audits. Their efforts in preparing audit schedules, adjusting journal entries, and accurately coding investments significantly improved the agency’s audit readiness and financial transparency. 


Overall, the project delivered lasting improvements in financial governance, regulatory compliance, and operational resilience,  positioning DCHFA for more effective decision-making and long-term sustainability. 

Client Quote 

“IBS has been an indispensable partner to WMATA’s finance office, offering both the strategic insight and operational muscle needed to meet our reporting and compliance demands.”  

- Senior Financial Executive, WMATA