The Financial Performance (FP) Certification process can take anywhere from a few weeks to a few months, depending on your timetable and the information that is made available.
Step 1: Review the FAL process
- In order to work with us to get certified, your First Nation must either have a FAL or be developing one. Learn more about developing your FAL.
- You will only receive a Financial Performance Certificate when the FMB has first approved your FAL. Often, these occur close to or at the same time.
Step 2: Be clear about what’s involved
- The FMB will look at your First Nation’s audited financial statements over the last few years and calculate certain Financial Performance Ratios.
- If asked, the FMB can present to your First Nation’s Council about what’s involved with this certification.
Step 3: Financial performance review
- Your First Nation should submit a Council Resolution request for a Financial Performance review.
- Your First Nation should send the FMB the most recent five years of audited financial statements.
- We will tell you the results of our review and ask for more information if needed.
Step 4: Award of Financial Performance Certificate
- The FMB will issue a Financial Performance Certificate to First Nations that have an up-to-date FAL and meet the minimum Financial Performance Standards.
- If these standards are not met, we cannot issue a certificate. We encourage any First Nation to bring its FAL to life and to work toward Financial Management System Certification.
What happens next?
A Financial Performance Certificate allows you to apply to borrow from the FNFA. Your First Nation must work with the FNFA in its borrowing process.
Your certificate is a snapshot of your First Nation’s finance health at that particular time. If your First Nation chooses to become a FNFA borrowing member and wants to borrow in the future, Financial Management System Certification can help you do that.
If you have any questions about FP Certification, please contact us.