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Guardlife - Volume 30, No. 3
50th Finance Opens New Bank in Iraq
By Capt. Aaron Seas, Diamond Points, photo courtesy
Maj. Angelo Capolupo, 50FB
 What holds
$400 million,
is located
in
Iraq, and just celebrated
its Grand
Opening ceremony on
Sept. 15?
It’s the Central
Funding Facility operated
by the 50th Finance
Battalion - the
only dedicated Central
Funding facility in Iraq.
It ensures fund support
to soldiers for check cashing
operations and casual payments.
Contracting support is greatly enhanced
through this mission with
funds being received by vendors
very quickly. Overall, Central
Funding supports the strategic
goals to reconstruct Iraq.
Central Funding, which was
originally located in Kuwait, was
conceived by Col. Maurenia Wade,
Commander, 336th Finance Command
(FIN-COM), to reduce costs
and resources needed to provide
finance support in Iraq. With the
office based in Iraq, units can be
served more effectively using less
time, money, and resources. “In
Kuwait, it was logistically burdensome,” observed
Maj. Angelo
Capolupo, Commander, 50th Finance
Battalion. “Here we’re at a
logistical hub.”
Maj. Gen. Paul Mock, Commanding
General, 377th Theater
Support Command, Col. Wade and
Maj. Capolupo spoke at the ceremony.
Distinguished visitors included
Lt. Gen. H. Steven Blum,
Chief, National Guard Bureau. Col. Wade explained what happened: “
From the onset, FINCOM
was faced with logistical problems
of moving soldiers, money, and
paperwork over great distances.
When I met with these folks from
the 50th, learned of their skills, as
CPAs, bankers, and accountants,
I immediately knew they could do
the job and selected them for the
mission. The fit was tailormade.” Col. Wade’s
decision transformed
the 50th into a forward element of
the 336th. She also moved the
Central Funding’s physical presence
from Kuwait to Iraq.
Maj. Capolupo commented that
his unit arrived in Iraq with not
much more than a mission and a
group of very motivated and educated
Soldiers. “The greatest challenge,” said
Maj. Capolupo, “was
locating a building to house the
money and troops. I never had any
concerns about our Soldiers’ ability
to get the job done.”
The 50th's Command
Sgt. Maj.
Lawrence Kraemer
spearheaded the renovation of the rundown
Iraqi office building. “
At first, there
were more than 300
building-related items
that needed to be
fixed, modified, or
built,” said Command
Sgt. Maj. Kraemer. “I
delegated these tasks
to both contractors
and our soldiers. After nearly five
months of working seven days a week, dealing with contractor turnover,
continual mortar-related interruptions,
and 140 degree heat,
the building was ready to move
into.” Several of the New Jersey
Guardsmen put their civilian-acquired
building skills to use modifying
the building and transforming a
room into a state-of-the art, 750
square foot vault.
Sgt. 1st Class Berto Diaz, Vault
NCOIC, said “We’re located in the
most centralized place for the finance
battalions we serve. Our
location makes it easier for them to
get here, plus the fact that they can
fly here makes it safer.”
Despite being on the front lines
and receiving fire, 1st Sgt. Vivian
Byrd is proud of her Soldiers. “It
would be enough if they did this in
a peaceful environment. But under
constant fire, it’s really impressive.
I’m very proud of the job they’re
doing.”
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