Education NAFOA Logo
NAFOA
1101 30th St, NW Suite 500

Washington, DC 20007 

Inside This Issue
1. OMB Proposed Rule Would Make Tribal Government Financial Records Available for Public Inspection

2. Advisors Needed to Ensure Tribal Interests are Considered in Accounting Standards

The proposed changes would significantly impact how federal grants are managed by both federal agencies and grant recipients and how auditors will perform Single Audits.
Deadline for comments: 06/02/13
OMB Resources
 
 
 
 
 
 
NAFOA will be providing information on the GASAC's current agenda and summaries of the results of meetings, and publishing them in future email broadcasts.  
 
Tasha will also give an update of GASAC activities at NAFOA's 31st Annual Conference in Nashville, April 18th - 19th.
Office of Management & Budget (OMB) Proposed Rule Would Make Tribal Government Financial Records Available for Public Inspection

The US Office of Management and Budget (OMB) is requesting comments on a Proposed Rule [Federal Register Volume 78, Number 22 (Friday, February 1, 2013)] entitled "Reform of Federal Policies Relating to Grants and Cooperative Agreements; Cost Principles and Administrative Requirements (Including Single Audit Act)." The current rule offers broad revisions to OMB Circular A-133, Audits of States, Local Governments, and Non-Profit Organizations; several cost circulars; and other federal grant administrative requirements. 

Comments must be received by OMB electronically through 
www.regulations.gov no later than midnight Eastern Standard Time (E.S.T.) on June 2, 2013.

 

A provision included in Section 712 of the proposed rule may cause significant concern among tribal governments. The provision states that "unless restricted by law or regulation, the auditee shall make copies [of its reporting package] available for public inspection." This would allow the Federal Audit Clearinghouse to make a tribe's entire Single Audit reporting package, including audited financial statements, publicly available as is now done with data collection forms.

 

In addition to making reports publicly available, the OMB has proposed a number of other key reforms to its regulations on uniform grant administrative requirements, cost principles, and the Single Audit rules. The proposed changes would significantly impact how federal grants are managed by both federal agencies and grant recipients and how auditors will perform Single Audits.

 

NAFOA is urging tribal leaders to comment on the proposed rule and stress at a minimum that the rule on further disclosure may be unnecessary. Please send any comments or questions to Dante Desiderio at Dante@nafoa.org

Advisors Needed to Ensure Tribal Interests are Considered in Accounting Standards

NAFOA recently nominated Tasha Repp, a Samish Indian Nation tribal member and partner with Moss Adams LLP as their representative to the Governmental Accounting Standard Advisory Council (GASAC).

 

The GASAC is responsible for consulting with the Governmental Accounting Standard Board (GASB) on technical issues on the Board's agenda, project priorities, matters likely to require the attention of the GASB, selection and organization of task forces, and other matters requested by the GASB or its chairman.  The Council has more than 25 members who are broadly representative of preparers (Tribes, States, Counties, Cities, Municipalities, etc.), attestors (Auditors) and users of financial information (Federal & State Agencies, Rating Companies, Investors, Insurance, etc.).

 

Tasha's role as NAFOA's representative is to provide feedback to the GASB about the interests, needs and concerns of Tribal governments related to proposed and current GASB accounting standards.  To best provide this feedback, we need your input. 

 

NAFOA is looking for volunteers to participate in a group of Tribal finance representatives to solicit feedback prior to each of the 3 GASAC meetings.  If you are interested in participating, or have other questions or feedback related to Governmental Accounting Standards, please contact Tasha at Tasha.Repp@mossadams.com. 

 

Growing Tribal Economies * Strengthening Tribal Finance