The FMA sets out the broad powers, duties, and functions of the FMB, within which FMB plans, designs, and delivers its programs and services in support of First Nations wishing to participate.
Under Parts 3 and 6 of the FMA, the FMB operates as a national, not-for-profit shared governance institution. The FMA establishes an arm's length relationship between the FMB and the federal government. Accordingly, the FMB is not an agent of the Crown and has the capacity, rights, powers, and privileges of a natural person. More specifically, the FMA establishes the followingovernance institution. The FMA establishes an arm's length relationship between the FMB and the federal government. Accordingly, the FMB is not an agent of the Crown and has the capacity, rights, powers, and privileges of a natural person. More specifically, the FMA establishes the following mandate for the FMB:
- Assist First Nations and other specified Indigenous entities in:
- developing the capacity to meet their financial management requirements;
- developing and implementing laws and by-laws respecting financial administration;
- their dealings with different levels of governments respecting financial management, including matters of accountability and shared fiscal esponsibility; and
- the development, implementation, and improvement of financial relationships with financial institutions, business partners, and different levels of governments, to enable the economic and social development of First Nations and those other entities.
- Develop and support the application of general credit rating criteria to First Nations.
- Provide review and audit services respecting First Nation financial management.
- Provide assessment and certification services respecting First Nation financial management and financial performance.
- Provide monitoring and reporting services respecting financial management systems and financial performance.
- Provide First Nations and other specified Indigenous entities with monitoring and reporting services respecting the implementation of laws and by-laws respecting financial administration and the compliance of those laws and by-laws with applicable standards.
- Provide services respecting the co-management and third-party management of local revenues and other revenues.
- Provide advice, policy research and review and evaluative services on the development of fiscal arrangements between different levels of governments and First Nations, as well as on the development of fiscal arrangements between different levels of governments and other specified entities.
- Develop, implement, test, and evaluate, as well as conduct research with respect to proposals and pilot projects related to the purposes set out in the other paragraphs of this section.
- Assist First Nations, other specified Indigenous entities, other levels of government, and public and private organizations in the development and implementation of fiscal and economic proposals that contribute to responding to the Truth and Reconciliation Commission of Canada's Calls to Action and to implementing the United Nations Declaration on the Rights of Indigenous Peoples.
- Collect data, publish statistical information, and conduct research and analysis on matters related to the purposes set out in the Act.
Working with the FMB is optional for interested First Nations across Canada, and the FMB provides its financial management, capacity-building and certification services at no charge to all participating First Nations.
The FMB's services are funded by the Government of Canada through annual A-Base funding arrangements for ongoing core operations, as well as funding provided for Proposal-Based initiatives in support of communities the FMB serves.
The FMB is headquartered on Squamish Nation reserve land in West Vancouver and has offices in Winnipeg, Ottawa, and Montréal.