1. SURVEYS: Tribal Input Needed on GASB Technical Agenda Priorities
In preparation for their March meeting, the Governmental Accounting Standards Advisory Council (GASAC) is seeking feedback on two important surveys that will help shape the future of governmental accounting and financial reporting.
Participating in these surveys will help ensure that the Government Accounting Standards Board (GASB) incorporates tribal perspectives into its standard-setting process. GASAC members also use this feedback to highlight practical financial reporting issues that may require the Board’s attention.
Please coordinate with your tribes and organizations to submit responses. We recommend consulting with relevant finance staff, including the Tribal treasurer, CFO, and other key financial professionals.
Deadline: Monday, March 10
Take the Technical Agenda Prioritization Survey >>
2. POLICY: Treasury Department Announces Suspension of Enforcement of Corporate Transparency Act Against U.S. Citizens and Domestic Reporting Companies
The Department of the Treasury announced that it would be holding negotiated rulemaking to narrow the scope of the Corporate Transparency Act only to enforce penalties against foreign companies.
Treasury states this announcement will benefit domestic Tribal government-owned businesses, individual Native-owned businesses, and Alaska Native Corporations. “This is a victory for common sense,” said U.S. Secretary of the Treasury Scott Bessent. “Today’s action is part of President Trump’s bold agenda to unleash American prosperity by reining in burdensome regulations, in particular for small businesses that are the backbone of the American economy.”
3. MORE POLICY: Senate Finance Committee Considers Michael Faulkender for Deputy Treasury Secretary
The United States Senate Committee on Finance held a hearing last week to consider Michael Faulkender’s nomination to serve as the Deputy Secretary of the Treasury. This position advises and assists the Treasury Secretary in formulating and implementing policies and programs, including those essential to honoring the United States’ trust and treaty obligations to sovereign Tribal Nations. Faulkender formerly served as Assistant Secretary of the Treasury for Economic Policy from 2019 to 2021.
During the hearing, Senator Tina Smith (D-MN) asked Faulkender about his commitment to ensuring the Treasury Department upholds its government-to-government relationship with Tribal Nations by maintaining the statutorily required Treasury Tribal Advisory Committee (TTAC) and the Office of Tribal and Native Affairs. Faulkender affirmed his commitment to Tribes, stating:
“I was the Treasury point of contact for Tribal consultations in the first Trump administration. I, in fact, attended a Tribal event in Minnesota and I was present at the initial meeting of the Treasury Tribal Advisory Committee, and I commit to you that we will continue to recognize tribes as governments and work with them to address their revenue issues.”
4. ACCOUNTING: Clarification on Uniform Guidance Revision Usage
Federal agencies, recipients of federal assistance, and auditors have been grappling with which version of the Office of Management and Budget (OMB) Uniform Guidance 2 CFR 200 (2 CFR 200) should be followed on awards that don’t explicitly state the use of either pre- or post-October 1, 2024, guidance.
The Council of Federal Financial Assistance (COFFA) recently provided much needed clarity on certain implementation aspects of the 2024 Revisions to 2 CFR 200, which are applicable to new awards issued after October 1, 2024. COFFA’s memo provides further implementation guidance and flexibilities.
Gain insights into COFFA’s memo that can help your agency overcome 2 CFR 200 implementation challenges and maintain reporting accuracy and compliance.
Source: Moss Adams
5. JOBS: Senior Policy Analyst, Center on Budget and Policy Priorities
The Senior Policy Analyst is responsible for a portfolio of tax and budget topics, with over half of their time focused on spearheading the organization’s State-Tribal Policy work. They will lead the creation of policy products within their work area, fulfill technical requests and provide strategic guidance to analysts within the State Priorities Partnership, and regularly present their analyses of tax and budget issues to internal and external audiences and the press. They will also contribute to strategic internal projects and working groups.
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