5 Things You Need to Know this Week

Working for tribes and tribal citizens.

“I miss the excitement of the general session and seeing all of our hard work come together. I am looking forward to bringing attendees together in new ways online and having some laughs with the comedian.”— Missy, Events and Project Manager Let us know what you miss, too! Post photos of your favorite NAFOA Conference memories on Facebook, Instagram, or Twitter with #NAFOAMemories and tag @nafoaorg. Photo courtesy NAFOA

1. EVENTS:
THE ART OF #NAFOAFALL2020

Be a part of the NAFOA community in art form! Illustrator Matt Orley from Big Paper Strategy will be drawing a live illustration during the NAFOA Virtual 2020 Fall Conference on October 5th – 9th. Join us and see some of your thoughts, insights, and participation memorialize in the official conference illustration.

If you would like to use a registration credit from the Spring Conference, please contact Missy Hurley.

Thanks to the generosity of our Corporate Partners, NAFOA has a number of Sponsored Complimentary Registrations available to tribal members and employees to attend the conference. Please contact VaRene Martin or Dustin VanWinkle for more information.

2. POLICY:
OMB UPDATES UNIFORM GUIDANCE AND RELEASES COMPLIANCE SUPPLEMENT

On August 13, 2020 the Office of Management and Budget (OMB) published in the Federal Register (85 FR 49506) revisions and updates to the Uniform Guidance 2 C.F.R. Part 200. This is the most substantial update since inception in December 2013 and are the culmination of the required five-year review of the guidance as outlined in 2 C.R.F 200.109.

NAFOA submitted a comment letter earlier this year after meeting with Indian Country audit and law professionals expressing our concerns regarding public posting of Negotiated Indirect Cost Rates (NICR) of Indian tribes or tribal organizations.

Read NAFOA’s broadcast for more details and information.

3. MORE POLICY:

SEC MODERNIZES ACCREDITED INVESTOR DEFINITION AND INCLUDES INDIAN TRIBES

On August 26, 2020, the Securities and Exchange Commission (SEC) published Final Rule Amending the “Accredited Investor” Definition (RIN 3235-AM19). In this final rule the SEC adopted amendments to update and improve the definition of Accredited Investor and Qualified Institutional Buyers (QIB).

The amendments expand the list of entities that may qualify as accredited investors, including Indian Tribes and entities formed under tribal law, that own investments in excess of $5 million USD. This is captured under Rule 501(a)(9).

Read NAFOA’s broadcast for more details and information.

4.  FOR THE COMMUNITY:
RECORDING AVAILABLE – BUILDING YOUR SQUAD: FAMILY CONVERSATIONS FOR FINANCIAL WELL-BEING

Missed our webinar last week with the American Indian College Fund? You can watch a recording of the webinar on NAFOA’s website.

Hear from two Native women CPA’s, Hattie Mitchell, CPA, Tribal Controller of the Augustine Band of Cahuilla Indians and NAFOA Board Treasurer, and Tasha Repp, CPA, Partner and National Practice Leader at Moss Adams, as they discuss some habits and resources you should know about to reach and maintain financial wellness.

5. PROFESSIONAL DEVELOPMENT:
BUY THE ORANGE BOOK AND GET GLOSSARY OF INDIAN FINANCE TERMINOLOGY FOR FREE*

*While supplies last. For a limited time only, receive a free copy of the Glossary of Indian Finance Terminology with a purchase of The Financial Reporting and Information Guide for Tribal Governments and Enterprises (aka The NAFOA Orange Book).

About the Glossary of Indian Tribal Finance Terminology: Written by Orrick, Herrington & Sutcliffe LLP, this glossary is intended as a handy reference guide for tribal leaders, finance officers, and for those who work closely with them. The guide includes general terminology specific to tribal government financing.