First Nations certified by the Financial Management Board (FMB) have demonstrated strong financial management systems (FMS) or financial performance (FP).
FP certified First Nations can seek financing from the Finance Authority for longer terms and lower cost and may be better able to take advantage of emerging economic opportunities with the private sector.
FMS certified First Nations have fully implemented their FMB approved financial administration law resulting in more process focused decision-making and greater accountability to their membership.
The FMB sets standards for approval of financial administration laws and certification of financial management systems and financial performance. There are now 76 First Nations with FALs that have developed financial administration laws that meet FMB standards.
115 of these First Nations have achieved FP certification and 11 First Nations have FMS certification.