Why I Should Attend?

The Indian Self-Determination Act (Act) requires that tribes and tribal organizations maintain financial records to document how funds are used in the agreements under the Act; and that such records are maintained in a manner that will facilitate annual audits. Indian Self-Determination Act regulations at 25 CFR Subpart F – Standards for Tribal or Tribal Organization Management Systems, prescribes minimum standards for tribal financial management systems, including: financial reporting, accounting records, internal controls, budget controls, allowable costs, source documentation, and cash management. Financial reporting requirements include submitting quarterly and annual financial reports on the OMB Federal Financial Report SF-425.

The General Accounting Standards Board (GASB) was created in 1984 to establish generally accepted accounting principles (GAAP) for state and local government entities. Its standards guide the preparation of external financial reports of those entities. In June 1999, GASB made changes, through GASB Statement 34, in how tribes will now submit financial reports. GASB 34 now requires an accrual-basis accounting versus the former cash-basis accounting; and report on the value of their infrastructure assets, which most tribes have not adopted. In Fiscal Year 2010, OMB combined the Financial Status Reports (SF-269 and SF-269A) and the Federal Cash Transactions Report (SF-272) into one form, the Standard Form 425 (SF-425).

The above financial reporting requirements affect all tribes and tribal organizations that operate federal programs under the Act and their discretionary grants. There are distinct differences in the treatment of costs under the Self-Determination contracts and discretionary grants that impose challenges for tribes on how they prepare and submit their financial reports. This course will provide tribal and federal officials an understanding of the financial reporting requirements; and what information is reported on the SF-425’s.

 

Who Should Attend?

All federal awarding officials, awarding officials’ technical representatives (AOTRs), subordinate awarding officials’ technical representatives (SAOTRs); tribal finance staff, tribal contract/grant officers, tribal administrators, tribal program directors and managers, auditors, tribal consultants.

 

What Will I Learn?

  • Basics of governmental accounting and how accounting practices affect federal awards
  • Impacts of GASB requirements on tribes and tribal organizations.
  • How to properly complete SF-425s’s
  • Reporting contract and grant expenditures, reporting contract savings for carryover; reporting program income
  • Requirements for tribal financial management systems
  • Federal audit and audit follow up requirements