1. TRIBAL TAX BILL:
TRIBAL TAX LEGISLATION WEBINAR SERIES STARTING JULY 23RD
Between July and August, NAFOA will host a series of three webinars covering the new Tribal Tax Parity legislation, H.R. 8318, introduced in May by Representative Gwen Moore (D-WI) in partnership with Representative David Schweikert (R-AZ). This legislation is a critical step forward for tribal economies and business development and requires the support of Indian Country to ensure it meets the needs of tribes and is successfully enacted. NAFOA’s webinar series will provide an analysis of this newly rewritten legislation and is scheduled for:
- Tuesday, July 23rd from 2:00 – 3:15 p.m. Eastern Time
- Tuesday, August 6th from 2:00 – 3:15 p.m. Eastern Time
- Tuesday, August 20th from 2:00 – 3:15 p.m. Eastern Time
2. POLICY:
BENEFICIAL OWNERSHIP REPORTING REQUIREMENTS AND WEBINAR
In 2021, Congress passed the Corporate Transparency Act, which creates new reporting requirements on beneficial ownership information (BOI). The Financial Crimes Enforcement Network, a bureau of the U.S. Department of the Treasury, released new FAQs related to Tribally-owned entities and individual Tribal-member owned businesses chartered under Tribal law.
- FAQ A.5 defines a Tribe under the Corporate Transparency Act.
- FAQ C.11 provides guidance on when entities formed under Tribal law must report.
- FAQ D.17 addresses Tribally owned entities.
August 1, 2024, 2:00 p.m. ET –Join Treasury officials for a webinar on these new beneficial ownership reporting requirements, how to file, and how the law affects Tribal entities.
3. WEBINAR: ECONOMIC IMPACT BEYOND TRIBAL ECONOMIES
A conversation on how Native involvement in gaming and federal contracting contributes to local economic development
Wednesday, July 17, at 2:00 – 3:00 p.m. CT
Tribally owned casinos generate substantial revenue, which is often reinvested into the community. But little is known about their impact on their surrounding economies. Recent research by CICD shows how tribally owned casinos affect nearby businesses.
Federal contracting is a rapidly expanding source of revenue for tribes and Alaska Native Corporations (ANCs) and a sustainable source of income for Native Hawaiian Organizations (NHOs). Recent CICD research finds that tribal enterprises, ANCs, and NHOs—collectively known as Native entity enterprises—regularly subcontract to non-Native small businesses.
In this webinar, CICD researchers will present their findings on how gaming and federal contracting impact local businesses and economies. Guest panelists will underscore how Native entity enterprises enhance economic diversification, foster entrepreneurship, and strengthen economic infrastructure across various local economies in and outside of Indian Country. Participants will hear from this dynamic line-up, ask questions, and explore the lessons Native entities have learned as they continue to pursue viable and sustainable revenue-development opportunities.
4. IN THE NAFOA NAVIGATOR: MOST COMMON SINGLE AUDIT FINDINGS IN TRIBAL AUDITS FOR YEARS ENDED IN 2022: INSIGHTS AND SOLUTIONS
By Arledge, Certified Public Accountants
Tribal governments play a crucial role in managing federal grants aimed at uplifting their communities. However, this responsibility comes with the requirement of undergoing single audits to ensure compliance with federal regulations. A review of findings reported on Single Audit submissions by Tribal governments for years ended in 2022 reveals insights into the most oft-cited findings and the grant programs giving rise to those findings. In these audits, the most common findings were around compliance with reporting requirements; procurement, suspension, and debarment rules; ensuring allowable costs/cost principles are followed; and equipment and real property management guidance. This article explores the most prevalent single audit findings in recent tribal audits and sheds light on key grants associated with these findings.
5. JOBS:
CHIEF FINANCIAL OFFICER, QUILEUTE TRIBE
The Chief Financial Officer is responsible for directing and managing the fiscal reporting functions of the Quileute Tribe in accordance with the general accepted accounting principles issued by the Government Accounting Standard Board and other applicable laws and regulations and in accordance with financial management techniques and practices appropriate with in the industry. The CFO is responsible for providing strategic leadership for the Quileute Tribe by working with the General Manager and Tribal Council to establish long-range goals, strategies, plans, and policies. Candidate must have at least five (5) years of governmental, and/or Tribal accounting experience (preferred), as a CFO, Controller or equivalent.
Have something to share with the NAFOA community? Share an entry in the “5 Things” Newsletter
Get NAFOA’s 5 Things You Need to Know This Week in your inbox at the start of each week: Subscribe.
