“It brings a lot of benefits to our First Nation. The FMS certification shows that our First Nation has put in place strong financial practices for the long-term,” Chief Larry Ahenakew said. (submitted photo)

By Susan McNeil

Finance

New high level certification will allow Ahtahkakoop to leverage better financing

Jun 11, 2025 | 11:00 AM

It took around five years, but the Ahtahkakoop First Nation said the benefit of their new Financial Management System certification from the First Nations Financial Management Board will pay off.

Now, band leaders can use the designation, the highest available, to get lower interest rates when they need to borrow, and it shows investors that their finances are well-managed, making them a more attractive investment.

“It brings a lot of benefits to our First Nation. The FMS certification shows that our First Nation has put in place strong financial practices for the long-term,” Chief Larry Ahenakew said.

Ahenakew said that in his view in days past, his First Nation’s policies around finances and human resources needed improvement.

“I saw our policies weak, especially in the financial management area, same with our HR policies,” he said. The band shifted how they work and administer a heavy workload and how they inform their members.

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Ahtahkakoop now posts comprehensive annual reports on its website every year so members can see how money is spent by department, where revenue comes from, how it is dispersed and how much is earned from investments.

First Nations have populations that can range from small hamlets or villages to large towns, but they provide more services than municipalities that have equivalent size nor do all their people live in the same community. All of that leads to unique financial needs that are more complicated than an equivalent-sized municipality.

“They helped us stabilize our organizational structure,” explained Ahenakew. “They brought us together. We kind of work harmoniously all together now.”

Scott Munro is the CEO of the First Nations Financial Management Board (FNB) and said participating First Nations have a lot of work to do before certification.

“It’s not easy, and I mean that with respect to the amount of effort it would have taken Ahtahkakoop First Nation to achieve this certification. What it entails is the First Nation choosing and agreeing to put in place really strong financial management practices and policies,” he said.

That starts with the FN enacting a really strong financial management law similar to other governments but can also involve a lot of other dry paperwork such as conflict of interest policies.

The FNB gives guidance at the request of the band and has a sample of the type of legislation that is needed. Chief and council can modify them to suit the needs of their particular community.

“Our role at the FNB is to support First Nations that choose to do that. We provide the standards that need to be met around administration,” Munro explained.

Capital markets accept the certification as a measurement of good financial management.

In the last four years, the band has used loans to buy some businesses and build an urgent care centre in Saskatoon.

They are renovating a school for other businesses, such as a pharmacy plus they have purchased some land in Prince Albert and a concrete business in Spiritwood.

When it comes to borrowing that kind of money, having access to lower interest rates is a huge payoff.

Along with having better access to capital, the community has more trust in its leadership when they see financial stewardship as a top priority.

Ahtahkakoop is one of 73 bands in Canada that has achieved this level of certification although 304 bands have passed laws, which means they have started the path to the higher level of certification.

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susan.mcneil@pattisonmedia.com

On BlueSky: @susanmcneil.bsky.social