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Business Law

The Planning Cycle - Planning Framework [First Nation Financial Planning, FNFP]

Publisher: 
First Nation Financial Planning
Year of publication: 
2012

The planning framework provides the structure that will facilitate decision-making in the organization. For fiscal planning, the planning framework will outline two major processes: one for matching revenues with expenditures; and the other for determining priorities between the program and service needs that almost always exceed available budgets.

The Accountability Cycle - Audit [First Nation Financial Planning, FNFP]

Publisher: 
First Nation Financial Planning
Year of publication: 
2012

The audit is a formal, independent review of all Band revenues and expenditures for the fiscal year. It is conducted in accordance with generally accepted accounting principles. Essentially, the audit is a "report card" of the financial management and fiscal health of the First Nation.

The Budgetary Cycle - Mid-Year & Year-End Reports [First Nation Financial Planning, FNFP]

Publisher: 
First Nation Financial Planning
Year of publication: 
2012

In addition to the regular reporting of expenditures and variance, the mid-year and year-end reports contain more than just financial information. Programs are required to report on progress on Program Work Plans and the Capital Plan. Program Directors present these semi-annual reports to Chief and Council outlining financial and program status.

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by Dr. Radut