Financial Reporting Presentation



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• The recipient shall be released from the obligation to reimburse Unexpended FIXED Funding to INAC for one year, and may retain Unexpended FIXED Funding for the year immediately following the end of the Fiscal Year in which funds were provided, if ALL following conditions have been met: 32 Funding Types - FIXED Contribution Funding (cont’d) a) the Council has fulfilled ALL of the delivery requirements of this Agreement for that program, service or activity in the Fiscal Year for which the funding was provided b) the Council expends the Unexpended FIXED Funding in the one-year period immediately following the Fiscal Year for which the funding was provided: 33 Funding Type - FIXED Contribution Funding (cont’d) (i) on a program, service or activity that is similar to and has the same purpose as the program, service or activity for which the funding was provided or (ii) in accordance with a plan for expenditure of the Unexpended Fixed Funding that is submitted by the Council to INAC within 120 days after the end of that Fiscal Year and that INAC accepts by way of written notice to the Council.. 60 Challenges • Challenges facing First Nations –What are the challenges that are facing the Bands in preparing the Financial Statements and prevents them from submitting on or before the deadline –How can INAC and/or AFOA assist the First Nations to meet their mandated requirements 61 Default Management Reference • Policy 200 Default Prevention and Management http://www.aadnc-aandc.gc.ca/eng/1322682173587 • Directive 205 Default Prevention and Management http://www.aadnc-aandc.gc.ca/eng/1325176493347 • Directive 210 - Third Party Funding Agreement Management http://www.aadnc-aandc.gc.ca/eng/1325173099700 62 Other References • The Reporting Guide Program Reporting Requirements: http://www.aadncaandc.gc.ca/eng/1385559716700/1385559777677 utmsource=ReportingG uide utmmedium=url • Financial Reporting Requirement (FRR): http://www.aadnc-aandc.gc.ca/eng/1418410624330/14184107





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