May 2: 5 Things You Need to Know this Week

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Photo of the Week: Missed some notes from the #NAFOA40th breakout sessions? Attendees should have received an email to access recordings and presentations from the Conference. Check your email for more information!

1. COMMUNITY: SHARE YOUR INSIGHTS: IRS AUDITS OF TRIBAL TAX-EXEMPT BONDS AND LOANS

 

NAFOA is aware that the Internal Revenue Service (“IRS”) recently launched a new effort to examine compliance with tax requirements for tribal tax-exempt bonds and loans. We do not currently know the extent of the effort, but are aware of at least three tribes that received Information Document Requests (“IDR”) from the IRS. According to attorneys representing the tribes, the documentation requested by the IRS in the IDRs is extensive. 

We are seeking to identify how pervasive the new IRS effort is to determine what NAFOA’s response needs to be. To that end we are requesting that tribes who have received an IDR from the IRS contact NAFOA by emailing rico@nafoa.org. We are also committed to maintaining the confidentiality of the information received. 

If you receive an IDR, it is important to consult with qualified bond or tax counsel before responding to the IRS. Experienced counsel can help to limit the scope of the IDR and reduce the burden on the Tribe.


2. WEBINAR: 2022 TRIBAL ENERGY WEBINAR SERIES: UNDERSTANDING YOUR ELECTRIC GRID AND WHY YOU NEED TO

Wed, May 4, 2022 1:00 PM – 3:00 PM EDT

Hosted by the U.S. Department of Energy (DOE) Office of Indian Energy, the 2022 Tribal Energy Webinar Series will focus on how tribes can position themselves to participate in the energy transition to the benefit of their communities and future generations.

Where does your electricity come from and how does the electricity grid operate to provide you with electricity? It is important to be able to answer these types of questions before you make energy policy, project, or investment decisions. This webinar will provide a general understanding of how the electric grid operates and an overview of common policies that impact tribes and their energy decisions.


3. FROM THE NAFOA NAVIGATOR: CURRENT EVENTS RATTLE FINANCIAL MARKETS

By 

By Stephen Rich, Mutual of America

Stock market volatility is created by uncertainty. This is a normal occurrence in the life-cycle of investing, even though when it is happening, it can be very unsettling to the investor. While the causes of market volatility are almost always different, they share similarities in that there are typically sharp downward moves that can occur quickly and are generally unexpected. At the moment, we have two sources of uncertainty—the path and change frequency of the Federal Reserve’s interest rate policy, and the geopolitical crisis caused by the invasion of Ukraine by Russia.


4. GRANTS: INDIAN AFFAIRS SEEKING APPLICATIONS FOR NATIVE AMERICAN BUSINESS DEVELOPMENT INSTITUTE GRANTS

The Office of Indian Energy and Economic Development (OIED), through its Native American Business Development Institute (NABDI), is soliciting grant proposals from eligible federally recognized Tribes and Tribal organizations. NABDI award funding will be used to explore economic development opportunities through feasibility studies and business plans. Feasibility studies may concern the viability of an economic development project or business, or the practicality of a technology, that a Tribe may choose to pursue to explore how a current Tribal business or enterprises could recover from and adapt to the challenges resulting from the COVID-19 pandemic. Business plans may concern goals for economic opportunity and recovery from the impacts of the COVID-19 pandemic.

Applications will be accepted until 5 p.m. ET on Monday, June 27, 2022. OIED will not consider proposals received after this time and date.


5. JOBS: AMERICAN INDIAN COLLEGE FUND IS SEEKING AN ACCOUNTANT

As an Accountant this position provides day-to-day accounting and has primary responsibility over all revenue transactions, bank accounts, fixed assets, and other asset accounts. By ensuring that the College Fund has accurate, timely financial information, this position ensures that management can make financially informed decisions. In addition, it is essential that the financial records of the College Fund are above reproach, to inspire donor confidence and to maintaining tax exempt status.


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