On March 27, 2020, Little Shuswap Lake Band (LSLB) received their Financial Management System (FMS) Certificate from the First Nations Financial Management Board (FMB) making it the 19th Nation in British Columbia to achieve this coveted certification. This means their finance and administrative practices now meet FMB which are based on internationally recognized standards of financial management.
About Little Shuswap Lake Band
LSLB, known as Skwlax within the community, is located in the Thompson Okanagan region of British Columbia province, 70 km east of Kamloops. Beautifully set in the “Land of the Great Spirit” with its snow-capped mountains and panoramic view of the Shuswap Lake, the Nation counts about 360 members of which 237 live in the community.
Over the past years, LSLB made tremendous efforts towards strengthening their finance and administrative governance practices in order to support the development of the community. The Nation has been focusing on growing tourism in the community and owns the successful Quaaout Lodge and Talking Rock Golf Course.
As part of this journey, LSLB 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 LSLB moved forward with FMS Certification, LSLB Chief Oliver Arnouse said, “FMS certification is an acknowledgment that our community values professionalism in our operations and governance. The FMS certification conveys that message of professionalism to our membership as well as our lenders, business partners and other stakeholders.”
The FMB acknowledges that Chief and Council, along with staff, wholeheartedly embraced the FMS certification journey. Their commitment and hard work were instrumental in successfully achieving FMS certification. LSLB can now count on strong finance and administrative governance to support the development of their community. The FMB acknowledges the LSLB on this incredible achievement!
About FMB
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