Before you develop your own Financial Administration Law (FAL), take a look at the process the FMB recommends. It can take from a few weeks to more than a year. The average time taken is three months.
It looks like a lot of steps, but we have broken the process down to show you what to expect, and to help you plan your time and resources. We are here to support you at every step.
Step 1: Get scheduled to the FMA if your Nation is not already
- The first step is to check if your First Nation’s official name is listed on the Schedule to the First Nations Fiscal Management Act (FMA). Check online.
- If your First Nation is not scheduled to the FMA, use the Council Resolution template below to get scheduled. Please contact us if you need any help.
Step 2: Agree to work with the FMB
- Your First Nation then needs to formally agree to work with the FMB by sending us a signed Letter of Cooperation and Council Resolution. Email email@example.com to request these templates. Note: these are not legally binding.
Step 3: Choose your team
- To help things run smoothly, find someone to be the main contact for the FAL process. This could be the Finance Manager, General Manager, or a consultant working with your First Nation.
- It is also a good idea to seek legal counsel and inform the auditor at an early stage. Having a lawyer and an auditor as part of your team can help make sure everyone is clear about what’s in your FAL.
Step 4: Draft your Financial Administration Law (FAL)
- You can change the sample law to better suit your First Nation or use the Sample FAL in full.
- Work with your lawyer to draft your FAL.
- After one or more rounds of FMB informal review and feedback, your draft FAL should be ready for formal review and approval by the FMB.
Step 5: Submit for formal review
- When your draft FAL is ready for formal review, we will ask you or your lawyer to submit a number of signed documents, including your FAL, to the FMB.
- The FMB usually meets every three months to formally review FALs and give compliance approvals.
Step 6: Submit for approval
- The FMB will tell you whether or not your FAL has been approved.
- If your FAL is not approved, we will work with you to make changes and submit it for formal review again.
What happens after FAL approval?
Developing your FAL is just the start. You then need to bring it to life in your community and start using it to help you achieve your goals.