Proposed Standards for Not-for-Profit Organizations

The FMB has developed a new set of proposed financial management standards and financial performance measures specifically tailored for tribal councils and not-for-profit organizations (collectively, “NPOs”). We invite you to read these new standards and provide us with your feedback. Please use our online survey to share your comments with us today.

With recent amendments to the First Nations Fiscal Management Act, the FMB can now provide its services and set standards for a wider range of organizations including NPOs and Tribal Councils.

These new standards are intended to:

  • Set out best practices in financial management for NPOs
  • Demonstrate financial accountability and financial performance for NPOs who meet the standards
  • Provide the basis for FMB certification of NPOs in the near future

You can read about the new standards in our recently released documents:

Not-for-Profit Organization: Proposed Standards This document contains the proposed NPO Standards .
Proposed Standards for Not-for-Profit Organizations – Invitation to Comment This document is intended as a companion document to the NPO Standards and explain the background and rationale for the development of the NPO Standards.

The Standard-Setting Process

The FMB follows clear procedures when developing and setting our standards. These procedures are important to make the standard setting process as fair as possible and to allow as many people as possible to provide comments. The FMB’s standard setting process is described in our Standard Setting Process page.

Send Us Your Comments

The FMB would like to hear from you before implementing these new standards. Send us your comments using our online survey. You can also e-mail your comments or questions to the Standards and Certification team at standards@fnfmb.com

We want to provide you with plenty of time to review these proposed standards and provide feedback on them. Given the disruptions caused by the COVID-19 pandemic, we are significantly extending our usual 45-day comment period and request that feedback and other comments be provided by September 30, 2020.
 
Watch for our upcoming webinar about the proposed NPO Standards!