A Financial Management System (FMS) Certificate proves to your Council, community members, lenders, business partners, and others that you use the good governance and finance practices as outlined in your Financial Administration Law (FAL), "living by your FAL".
It also allows borrowing members to remain in good standing with the First Nations Finance Authority (FNFA). A borrowing member is a First Nation that has been approved by the FNFA to borrow from it.
Who can get certified?
Financial Management System Certification is open to First Nations that have:
- enacted and received FMB approval of their FAL.
- successfully brought their FAL to life in their First Nation and can demonstrate that the FAL is being followed.
Why get certified?
The FMS Certificate shows that your First Nation has put in place good finance practices for the long-term. Getting certified brings:
- confidence to community members, lenders, business partners, and others that your First Nation runs its affairs well in a transparent and accountable way.
- good standing with the FNFA, which provides low-cost loans to First Nations in the same way as other governments in Canada.
Financial Management System Benefits
How it works
We can support your First Nation to work toward a FMS Certificate through the process of bringing your FAL to life. At the end of this process, which usually takes between two to three years, your First Nation’s Council can ask for the FMB for FMS Certification.