On December 26th, 2013 the Office of Management & Budget (OMB) and the Council on Financial Assistance Reform (COFAR) published reforms to OMB Guidance titled "Uniform Administrative Requirements, Cost Principles, and Audit Requirements for Federal Awards."
NAFOA has been advocating for tribal governments in working with the OMB as it prepared the guidance. NAFOA, Indian tribes, and other organizations had many common concerns related to how OMB was considering financial reforms. The final guidance addressed many of the recommendations, including removing the proposal that would require tribes to publish their entire Single Audit reporting package containing audited financial statements. This would have placed tribes at a disadvantage when negotiating compacts and maintaining a competitive advantage for tribal enterprises. However, further clarification is needed to ensure all tribal entities are protected.
Noteworthy Changes Affecting Tribes
Over the next few months, NAFOA will host a series of webinars, which will cover changes to Administrative Requirements, Cost Principles, and Audit Requirements as it relates to tribes. An overview session will also be featured at the 32nd Annual Conference, April 14th-15th in New Orleans, LA.