Heiltsuk Tribal Council

Financial Administration Law

What is a Financial Administration Law (FAL)?

A FAL is a set of governance and finance practices that helps Councils and staff make informed decisions and run their First Nation well. A Nation that lives by its FAL commits to good governance and finance practices over the long-term.

Financial Administration Law or By-Law

In order to be eligible for the 10-Year Grant, a First Nation must enact either a Financial Administration Law or By-Law that meets the FMB’s Financial Administration Law Standards and that brings into force certain minimum provisions. Heiltsuk Tribal Council entered into a 10 year grant in 2018.

FAL makes good governance easier by putting the same good finance practices into the hands of current and future Council and staff members. This makes HTC more stable and strengthens members’ confidence in how it is run.

A FAL helps to:

  • Run a First Nation more smoothly
  • Build a strong financial future
  • Grow the economy in a sustainable way
  • Be transparent about Nation finances
  • Borrow money to bring to life needed projects
  • Show the use of good governance and finance practices

Heiltsuk Tribal Council completed their legal requirements for the FAL in 2021

Working Towards Certification. A Financial Management System (FMS) Certificate proves to Council, community members, lenders, business partners, and others the use of good governance and finance practices as outlined in the Financial Administration Law (FAL). It also allows borrowing members to remain in good standing with the First Nations Finance Authority (FNFA). A borrowing member is a First Nation that has been approved by the FNFA to borrow from it.

Thank you to the Humanity Financial Team who have worked with our Finance Team. They provided guidance, advice and mentoring while serving as the CFO.

Client List | First Nations Financial Management Board (fnfmb.com)