FAQs

Who owns and controls the FMB?

The FMB operates as a shared governance institution under parts three and six of the First Nations Fiscal Management Act (FMA). The FMA sets out the purposes, functions, and powers of the FMB, and establishes an at-arm’s-length relationship between the FMB and the federal government. The FMB Board of Directors is responsible for the overall direction of the FMB. The Board ensures that the FMB fulfills its legal and regulatory mandate under the FMA.

Is the FMB part of Indigenous Services Canada or the federal government?

The FMB is an independent First Nations institution with its own Board of Directors that was created through federal legislation (the FMA). We are accountable to the Canadian parliament through Indigenous Services Canada (ISC). The FMB currently receives all of its funding from ISC and has a strong working relationship with this federal ministry.

Who does the FMB work for?

The FMB is not an agent of the Crown. We are accountable to the Minister of Indigenous Services Canada (ISC).

For more information, check out our Authority and Intervention page.

Where can we find legal resources and financial resources?

Visit Tools and Templates for some of the documents you might need to get started.

What is the First Nations Fiscal Management Act?

The First Nations Fiscal Management Act (FMA) is a law that provides First Nations, tribal councils, First Nations treaty and self-governing groups, and First Nations-led service delivery organizations with support and tools to strengthen your community and build your economy. First Nations and these other client groups choose whether to participate in the FMA. First Nations clients must be scheduled under the First Nations Fiscal Management Act.

Learn more about the FMA.

How can my First Nation become part of the FMA?

Over 380 First Nations are scheduled to (or participating in) the FMA. To join them, you must first check online to see if your First Nation is participating in the FMA. Contact us if you have any questions.

Are there any effects or obligations if my Nation becomes scheduled to the FMA?

Generally, none. Adding your First Nation’s official name to the Schedule of the FMA does not mean you have to work with the FMB or any of the other institutions. This remains a choice. There is an effect if you have previously brought into force local revenues laws under the Indian Act. In this case, becoming scheduled to the FMA means these local revenues laws now fall under the FMA. Ongoing compliance under the FMA is then required.

Is working with the FMB optional? Can our Nation pull out at any time?

Yes. The services offered by the FMB are entirely optional. A First Nation must provide a signed Council Resolution and non-binding Letter of Cooperation if they choose to work with the FMB.

How much does the FMB charge for its services?

We do not charge for our services. Our services come at no cost to First Nations and other eligible client groups.

Can self-governing non-Indian Act First Nations work with the FMB?

Yes. It is now possible for self-governing non-Indian Act First Nations to work with the FMB. Amendments to the FMA now allow us to work with self-governing and ‘modern day’ treaty First Nations, operating outside of the Indian Act. 

Can our First Nation’s economic development corporation or other business entities work with the FMB?

No. The FMB is here to provide support and services to First Nations government entities and First Nations-led service delivery organizations only. While many First Nations have created or made investments in wholly owned or controlled government business enterprises or government business partnerships, typically each of these separate business entities will have different business objectives and separate governance structures (e.g. for-profit with separate Board of Directors and by-laws.)

What’s the difference between the First Nations Finance Authority and the FMB?

The First Nations Finance Authority (FNFA) provides First Nations with investment options, capital planning advice, and access to long-term loans with preferable interest rates.

Visit the FNFA website for more information.

The FMB provides capacity development support to First Nations seeking to strengthen their governance and finance practices. The FMB creates examples of administrative governance and finance practices and offers certification for those Nations wanting to show that they are following those practices. Nations need certain certifications offered by the FMB to be eligible to access loans from the FNFA.

Read our mandate for more details.

Does the FMB work with Nations in Default Management?

Yes, the FMB’s Default Management Prevention Pilot Project is a transformative initiative of the FMB, developed to support First Nations in preventing and exiting financial default through culturally safe, capacity-focused services.

Learn more about the Default Management Prevention program.

Does the FMB loan money to First Nations governments?

No, the FMB does not loan money to First Nations governments. The FNFA is the organization that provides First Nations governments access to loans.

Visit FNFA’s website for more information on their Borrowing Process.

Does a Financial Administration Law apply to a First Nation’s business enterprises?

No. The Financial Administration Law (FAL) is for the financial administration of the First Nation only. It does not apply to business enterprises such as corporations, limited partnerships, and not-for-profit societies.

A FAL does set rules for the First Nation to oversee and manage its investments that may include business enterprises. These are covered in more detail under Investments.

Can a business enterprise borrow money from the First Nations Finance Authority?

No. The FNFA can only lend to a First Nation that has received a Financial Performance Certificate from the FMB. A First Nation may choose to enter into a loan agreement with its own business enterprise using similar terms as the original FNFA loan.

The First Nation, as the borrowing member, remains ultimately responsible for fulfilling the terms and conditions in its borrowing agreement and is liable for repaying the loan. If a First Nation chooses to enter into a secondary loan arrangement with a business enterprise, it should take the necessary steps through the Finance and Audit Committee to minimize any credit risk.

Does the First Nations Financial Management Board certify business enterprises or tribal councils?

With the FMA amendments of 2023, FMA institutions now also support tribal councils, First Nations treaty and self-governing groups, and First Nations-led service delivery organizations.

How do we get our FAL approved by the FMB?

We, as a First Nations organization, work with the Nation’s Council to support you with guidance, tools, and training through the process of developing your FAL. We work with your timetable. Developing a FAL takes an average of three months, but could take as little as a few weeks. 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.

See the full process.

Do we need to hire a lawyer to get our FAL approved by the FMB?

No, but it is also a good idea to seek legal counsel and inform your auditor at an early stage in the FAL writing process. Having a lawyer and an auditor as part of your team can help make sure everyone is clear about what’s in your FAL. Limited funding may be available to help offset the cost of consulting or retaining independent legal counsel.

What happens after our FAL is approved by the FMB?

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.

See what happens when you bring your FAL to life.

How much time do we have to bring our FAL to life and obtain Financial Management System Certification?

A reasonable timeline for bringing a FAL into force is one to five years. If a Nation has not borrowed from the FNFA, there is no specific time frame required to bring a FAL completely to life and become FMS Certified. Nations can bring their FAL to life at their own pace if they have not borrowed from the FNFA.

How do we connect with other First Nations to learn about their experience of working with the FMB?

The FMB hosts annual conferences with all of its clients who are bringing their FAL to life. The conferences provide Nations the opportunity to share their experiences with one another.

Where do I find important documents?

Visit Tools and Templates for some of the documents you might need.

What do we do after receiving a Financial Performance Certificate?

A Financial Performance (FP) Certificate allows you to apply to borrow from the FNFA. Your First Nation must then work through the FNFA borrowing process. If your First Nation chooses to become an FNFA borrowing member and wants to borrow in the future, FMS Certification can help you do that.

Do we need to maintain or renew our Financial Performance Certificate?

A FP Certificate allows your First Nation to be eligible to borrow from the FNFA. Your FP certificate is a snapshot of your First Nation’s financial performance at a particular point in time. We encourage each FP Certificate holder to talk to the FNFA about whether or not you need a new certificate in the future.

Does our Certificate expire?

At this time the FP Certificate does not have an expiration date but it becomes dated the longer that time has passed since it was issued. Nations can request a new FP Certificate review if they wish to have an updated FP Certificate. The FNFA may also request an updated FP Certificate from a Nation depending on their borrowing needs.

What is the difference between ISO Certification and the FMS Certification?

The FMS Certification shows that a Nation has put in place good administrative governance and finance practices. It is adapted for First Nations governments and the FMB’s services come at no cost to the First Nation. ISO’s certifications are not specific to First Nations and a First Nation needs to pay to become ISO Certified.

Becoming FMS certified also allows a Nation to be eligible for borrowing at low cost through the FNFA.

What do we do after receiving an FMS Certificate?

A Financial Management System Certificate provides confidence to members and allows FNFA borrowing members to remain in good standing. Your First Nation must commit to continue to use the administrative governance and finance practices in your FAL to maintain a reliable financial management system.

Does our certificate expire?

At this time the FMS Certificate does not have an expiration date but it becomes dated the longer that time has passed since it was issued. Nations can request a new FMS Certificate review if they wish to have an updated FMS Certificate.The FNFA may also request an updated FMS Certificate from a Nation depending on their borrowing needs.

Can CPA candidates opt for any available electives (including Tax) at the FMB?

Yes. CPA candidates have access to the full range of CPA PEP electives: Assurance, Tax, Finance, and Performance Management.

What are the key differences between public practice and the FMB with regards to the PPR?

The FMB operates within an industry setting, focusing on financial governance, internal controls, and advisory services. Unlike public practice firms, the FMB does not provide external audits or tax preparation services. As a result, the experience from the FMB aligns more closely with the Assurance and Performance Management electives in the CPA PEP program.

Why choose FMB as a PATO?

The FMB offers a mission-driven work environment rooted in Indigenous values and community impact. CPA candidates gain hands-on experience in financial oversight, strategic planning, and capacity development, making the FMB an ideal setting for those looking to build deep expertise in public sector and Indigenous finance.

Which CPA electives are most relevant to the FMB?

Assurance and Performance Management. These electives support competencies in internal audit, risk management, budgeting, and organizational effectiveness. However, the FMB is supportive of Tax and Finance electives as well.

Will CPA candidates training at the FMB receive a designated CPA Mentor like those in public practice?

Yes. As part of the PPR each CPA candidate is assigned a qualified CPA mentor to support competency development, provide feedback, and validate experience reports.

Are CPA candidates required to complete 30 months of qualifying experience at the FMB under the PPR route?

Yes. All CPA candidates under the PPR route must complete 30 months of relevant employment, as defined by CPA Canada’s PER.

What is the difference between the PPR vs. EVR?

The PPR, offered through a CPA PATO (such as the FMB), is a structured pathway with pre-defined roles set by the employer and mapped to competencies. CPA mentors are assigned to the CPA candidate/employee, and the candidate/employee will have multi-year check-ins with the CPA mentor. Mentors assist CPA candidates/employees with CPA practical experience reporting and competency development. Since the FMB (as the employer) underwent a rigorous approval process to become a PATO, the reporting and assessment processes is more streamlined and simplified for CPA candidates.

EVR offers more flexibility in terms of roles and industries. CPA candidates are responsible for tracking their own competencies and securing their own CPA mentor. Candidates submit detailed CPA practical experience reports as they accumulate experience, which are verified by the employer and reviewed by the CPA profession at key milestones.

At the FMB, CPA candidates will be assigned a CPA mentor from the FMB. The mentor will complete check-ins and assist with experience reporting.