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Finance

Centralized budgeting, accounting and reporting for all Adams Lake Indian Band departments, organizations and wholly owned subsidiaries.

Mission Statement

The Finance and Accounting Department is committed to providing sound financial/administrative band support and services to the Adams Lake Indian Band organization, community members, and stakeholders in a timely, accurate, accountable, and professional manner.

General Roles and Responsibilities

The roles and responsibilities of the Finance and Accounting Department intersect with the roles and responsibilities of every other department within the Adams Lake Indian Band organization.  Finance and Accounting provide assistance to all other departments in the areas of budgeting, reporting, investing, debt financing, vendor terms & payments, and related fields. Other Finance and Accounting responsibilities include: provide information on the financial health of the organization; provide verbal & written reports; recommendations; and to provide Chief and Council with financial information to assist in decision-making.  Summarized financial status information is shared regularly with community members to keep them informed of the financial status of the Band. Transactions, contracts, income sources, expenditure payments, wages & pay rates, outstanding loans, investments and rates of return and all other items related to finance are reported in an annual audit by an external independent accounting firm.

Goals and Objectives

Key short term financial information goals of the Finance Department include:

  • Build capacity by providing onsite training and encouraging staff to enroll in accounting and finance certification programs that align with their roles and responsibilities in the finance department.
  • Assist all departments in preparing budgets by providing financial advice at various times within the fiscal year with the objective of achieving realistic budgets.
  • To replace the current Financial Management Bylaw 2011 with a new Financial Administration Law. The goal is to have the FAL completed and approved by Council by the end of December 2016 and then submitted to the First Nations Financial Management Board for review and Compliance Approval.

Key long term financial information goals of the Finance Department include:

  • Streamline invoicing and accounts receivable collection, minimize record keeping redundancy, ensure compliance with all financial regulations, and provide budget planning tools through the implementation of an electronic financial management system that offers the flexibility and expandability to accommodate change and growth in our community.
  • Implementation of the FAL and all new policies and laws that are required for implementation, to be completed by December 31, 2019.

Chief Financial Officer (CFO)

The CFO is responsible for the overall operations of the Finance and Accounting department.  The duties and responsibilities involves all aspects of staff supervision, professional development, evaluation and remuneration. The CFO is responsible for the day to day activities within the Finance Department, the integrity of Finance data and Software programs, the organization and execution of the Annual Audit and the staffing requirements of the department.  The CFO reports to the Chief and Council and the Executive Director.  The CFO prepares reports for Senior Managers, Chief and Council and General Band Members meetings on a regular basis.

Finance and Accounting Staff Positions

Chief Financial Officer
Finance Supervisor
Accounts Payable Clerk
Accounts Receivable Clerk

Reports

Financial Report 2015

Financial Report 2016

March 31 2017 Audited Financial Statements

ALIB Financial Managment Bylaw No. 2000-1

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