About the First Nations Financial Management Board
The First Nations Financial Management Board (FMB) is a non-profit, Indigenous-led organization that helps interested First Nations build strong fiscal and financial management capacity. We work alongside First Nations to strengthen , develop and maintain Financial Administration Laws or By-Laws, achieve Financial Performance and Financial Management Systems certifications, and continually improve financial practices.
The FMB is one of four Indigenous-led institutions established under the First Nations Fiscal Management Act (FMA) – legislation created by First Nations, for First Nations, to provide tools and support for building strong communities and local economies. Participation in the FMA is fully optional for each Nation.
Our work is funded by the Government of Canada through core operational support and proposal-based initiatives that directly benefit the communities we serve.
Our services are offered at no cost to First Nations, remain fully from the Crown, and are provided only at the request of our clients. By fostering strong governance today, we support First Nations in planning and building for the next Seven Generations.
The FMB is headquartered on Squamish Nation reserve land in West Vancouver, with offices in Winnipeg, Ottawa, and Montréal.
Our programs and services work to unlock the Indigenous economy, which will drive prosperity for First Nations and all Canadians.
Our Story
Our roots lie in the vision and leadership of First Nations who have always planned for future generations.
The FMA – First Nations-led legislation – was created to strengthen this vision. It gives First Nations governments the same opportunities as other governments and public institutions, making it possible to secure funding at competitive rates and use diverse revenue streams like taxation, transfers, and economic development to invest in our futures. The FMB has been supporting First Nations since 2006, to make this a reality for all nations.
The FMB is one of four First Nations institutions created under the FMA.
History of the FMB:
The journey of the FMB is rooted in the movement toward greater self-determination and stronger financial governance for First Nations. From the early recognition of taxation authority, to the creation of the FMA, and the establishment of the FMB, each milestone reflects growing opportunities for Nations to build stability, credibility, and long-term prosperity.
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1988-1992
First Nations gained authority to collect property tax on reserves, with the Indian Taxation Advisory Board established in 1989.
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2001-2005
Advisory panels shaped the FMA (formerly the First Nations Fiscal and Statistical Management Act (FNFSMA)), which received Royal Assent on March 23, 2005.
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April 1, 2006
The FMA came into effect, creating the FMB alongside the First Nations Finance Authority (FNFA) and First Nations Tax Commission (FNTC).
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June – August 2007
The FMB held its first Board meeting and became fully operational.
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2007-2009
Development of key including the Financial Administration Law (FAL) and certifications.
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2009
Songhees Nation became the first client to receive approval of their FAL.
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2011
Osoyoos, Songhees, and Tzeachten First Nations earned their first Financial Performance Certificates; that same year, new regulations expanded access to borrowing.
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2013
The FMB’s governance framework supported the FNFA’s investment-grade credit ratings from global agencies.
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2015
Membertou First Nation earned the first Financial Management System Certification (FMS).
Today, the FMB continues to empower First Nations to use FMA tools – such as taxation, revenue generation, and certification – to achieve economic self‑determination and plan for the wellbeing of generations to come.
Mandate
The FMA sets out the broad powers and responsibilities of the FMB. Within this framework, the FMB plans, designs, and delivers programs and services to support First Nations that choose to participate.
Under Parts 3 and 6 of the FMA, the FMB operates as a national, not-for-profit, . The Act ensures that the FMB works at arm’s length from the federal government — we are not an agent of the Crown and hold the capacity, rights, and powers of a natural person.
Our mandate includes:
- Helping First Nations and other Indigenous entities build the capacity to meet financial management requirements.
- Supporting the development and implementation of Financial Administration Laws and By-Laws.
- Strengthening relationships with all levels of government, financial institutions, and business partners to advance economic and social development.
- Developing and applying general credit rating criteria for First Nations.
- Providing review, , assessment, and certification services for financial management and performance.
- Offering monitoring and reporting services to ensure sound financial systems and compliance with standards.
- Delivering co-management and third-party management services for when needed.
- Providing advice, research, and evaluations on fiscal arrangements between governments and First Nations.
- Leading research, proposals, and pilot projects that advance financial management best practices.
- Supporting communities and partners in developing fiscal and economic initiatives that respond to the Truth and Reconciliation Commission’s Calls to Action and the United Nations Declaration on the Rights of Indigenous Peoples.
- Collecting and publishing data, research, and analysis related to fiscal management.
Working with the FMB is always optional. Our financial management, capacity-building, and certification services are provided at no cost to First Nations who choose to receive support from the FMB.