“I see the financial statements; but I have no idea what they mean!” How often have we heard that refrain? First Nations have very complex financial statements according to Chartered Accountant, Sam Weller, of Accounting Comes Alive: “The full statements are often 60-100 pages. On top of the normal taxation and service functions of a local government, there are often community assets like housing, business activities and grant administration programs. Even trained finance professionals need to spend considerable time and brainpower to decipher the documents.”
Songhees First Nation CFO, Genny Bolyos had been charged with leading the Nation through the FNFMB certification process and had a dilemma. She needed to have a qualified audit committee made up of financially literate band members and although she had volunteers; they did not […]