On March 27, 2020, Upper Nicola Indian Band (UNB) received a Financial Management System (FMS) Certificate from the First Nations Financial Management Board (FMB). This means their finance and administrative governance practices now meet FMB Standards , which are based on internationally recognized standards of financial management.
As part of this journey, UNB developed a Financial Administration Law (FAL) and received a Financial Performance Certificate making them eligible to borrow from the First Nations Finance Authority.
When asked about why UNB moved forward with FMS Certification Colette Sunday, Band Administrator, said “Over the last six years, UNB has worked to develop a foundation that is preparing the community for success in the future. Leadership realized that there had to be more than managing poverty for the community members. Once UNB learned about the opportunities under the First Nations Fiscal Management Act, they began to take action.”
The FMB acknowledges the strong leadership of UBN Chief and council and the dedication of their staff that were key into achieving FMS Certification and this incredible achievement!
The Financial Management Board is a First Nations-led nonprofit organization that supports First Nations in developing sound finance and administrative governance practices. The FMB was created under the First Nations Fiscal Management Act (FMA) in 2006. Services offered are at no cost to First Nations. For more information on all products and services, visit fnfmb.com
Working with FMB and seeking FMS certification provides several benefits including:
- Increased transparency and accountability to members and future business partners
- Building skillset and reputation for strong finance and administrative governance practices
- Provides council members and staff the tools they need to better manage the Nation’s finances
- Increased stability and continuity through finance and governance practices
- Improved risk management
First Nations Financial Management Board
Harold Calla, Executive Chair
Colette Sunday, Band Administrator