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Format: 2019
Format: 2019

FAC Members [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

The FAL requires that a policy is created and followed that includes procedures around Finance and Audit Committee member appointment, eligibility, removal, replacement and substitution.

Sample Terms of Reference - 1 (DOCX)
Sample Terms of Reference - 2 (DOCX)
Sample FAC Member Financial Competency Guidelines (DOCX

FAC Roles and Responsibilities [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

The Finance and Audit Committee reports to Council and has a financial and audit oversight role. These must be defined in the terms of reference for the Finance and Audit Committee that must include the financial and audit oversight responsibilities listed below.

The Finance and Audit Committee must review and recommend the following to Council:

Finance and Audit Committee [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

A Finance & Audit Committee (FAC) is a committee that oversees the financial reporting and audit functions of a First Nation. It provides forward-thinking oversight of the investments of a First Nation and supports Council in making good financial decisions.

The Finance and Audit Committee reinforces Council’s accountability and transparency to its members. It is important to understand that it is a recommending committee only and has no decision-making authority.

Committees [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

A First Nation may choose to form a committee to perform a task more efficiently or with expertise in relation to a specific matter. Terms of reference allow for the smooth functioning of the committee and Council must create these for each committee.

The terms of reference for each committee must set out:

Code of Conduct [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

A code of conduct is an important element of good governance because it acts as a guideline for ethical decision making. It also encourages positive working relationships and acts as a reference for solving ethical issues in the workplace.

The code of conduct applies to Council, officers, employees, committee members, contractors, and agents of the First Nation and must be included in employee contracts, contracts for service, and when approving someone as an agent or to serve on the Finance and Audit Committee.

Delegation of Responsibilities [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

An organization runs more smoothly if it is clear who has the authority to do what and when. To do this, Council must create a policy for the delegation of responsibilities for people involved with the First Nation including an officer, employee, committee, contractor, or agent.

Council is still responsible for the First Nation’s administration even if some responsibilities are delegated to others.

Sample Authorization and Delegation table (DOCX)
Sample Council Delegation of Duty (DOCX)
Sample Implementation Notes (DOCX)

Policies and Procedures [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

As part of a sound governance structure, Council will need to create a policy that describes how all policies and procedures of the First Nation will be created and put into practice.

Under the FAL, only Council can approve financial administration policies and Council must keep a current list of these. Also, all financial administration policies of the First Nation must

Governance [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

Governance is the process of how your First Nation manages decision-making. Governance describes who has power, who makes decisions, how others make their voices heard, and what goes into reports and financial statements. The policies and activities of a First Nation flow from its governance structure.

Sample Governance Policy (DOCX)

Tools and Templates [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

Policies and procedures make sure everyone is on the same page on how things get done at a Nation.

They provide confidence to members that everyone is treated fairly and equally and may protect a Nation against possible legal action and loss of money and property.

The FMB has developed 4 sample policies to assist First Nations with bringing their FAL to life and becoming FMS certified.

While these sample policies and procedures meet the FMB's Standards, they should be adapted to fit the specific needs of your First Nation as well as your FAL.

Careers [First Nations Financial Management Board, FNFMB]

Publisher: 
First Nations Financial Management Board
Year of publication: 
2019

Work with us
As First Nations continue to look to the FMB for support in setting up good governance and finance practices, we need to make sure we can meet the needs of our clients. Our people are the most important way for the FMB to do this. Our First-Nations-led, team-driven culture allows for opportunities to grow, learn, and make a difference to First Nations across Canada.

We are an inclusive organization that values diversity. We treat all employees equally, regardless of culture, background, age, gender, sexual orientation, or disabilities.

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by Dr. Radut