Seventy-seven percent of Federal executives see the Technology Modernization Fund (TMF) as a game changer for the future of IT modernization.

That’s one of the topline takeaways from a new research infographic from MeriTalk, TMF: One and Done or the Future of Fed Tech Funding? With insights from more than 80 Federal executives, the infographic explores how the TMF is changing the game for modernization, remaining roadblocks to that effort, and the fund’s future.

The Technology Modernization Fund (TMF) is a Federal IT funding vehicle authorized by the Modernizing Government Technology Act of 2017. In its first three years, the TMF received $175 million in funding before receiving a massive infusion of $1 billion in the American Rescue Plan Act (ARP).

The TMF kicked off its latest spending spree on September 30, with $311 million of awards to Federal agencies, and anticipates the next round of awards to be in 2022.

Many Federal executives feel the TMF is necessary to put agency IT modernization efforts within easier reach. Seventy-two percent of Federal executives surveyed said the TMF gives their agency a path to pursue a technology modernization project that they would not have otherwise considered.

What’s more, 96 percent of Federal executives believe the TMF will deliver on its goals, such as addressing urgent IT modernization challenges (49 percent), transforming the way agencies use technology for mission delivery (44 percent), and bolstering cybersecurity defenses (41 percent).

But what do Federal executives need from the TMF board in order to maximize the program’s success? Feds say their number-one roadblock is the fact that rolling submissions for funding applications make them feel late to the game.

Additionally, while 61 percent are very satisfied with the Office of Management and Budget’s promotion of the TMF, just 36 percent are equally satisfied with communication around which projects are awarded and why.

Despite these challenges, 78 percent are optimistic about the future of the TMF and two out of three see the TMF as a sustainable future funding model for Federal technology modernization.

Looking to the future, 75 percent expect to see tangible benefits from the TMF by FY2023. Not to mention, one in five already see benefits today.

For more research findings and insights from Federal executives on the TMF, check out the full infographic here.

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Grace Dille
Grace Dille
Grace Dille is MeriTalk's Assistant Managing Editor covering the intersection of government and technology.