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 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.
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.
