NAFOA: 5 Things You Need to Know this Week

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The NAFOA Board of Directors had a productive week in Washington, D.C., visiting partners and attending the Treasury Tribal Advisory Committee meeting. From left: Melanie Benjamin, VaRene Martin, U.S. Treasurer Lynn Malerba, Amy Minniear and Susan Masten. Photo courtesy NAFOA

5 Things You Need to Know this Week

ICYMI: Applications for LPIBSC at Harvard Due This Week!

Monday, January 29, 2024

Source: NAFOA

nafoa.org

1. POLICY:

TRIBAL CONSULTATION FOR REPORT ON TRIBAL PENSION ISSUES

Last week, the U.S. Department of the Treasury announced a Tribal Consultation on the TTAC Subcommittee on Parity and Reform’s Project Plan and Report on Tribal Pension Issues.

The consultation will be held virtually on Tuesday, March 19, 2024, from 1-3 p.m. ET

From the Treasury’s Office of Tribal and Native Affairs Director, Fatima Abbas:

Dear Tribal Leader,

I am writing to share the attached Dear Tribal Leader Letter on behalf of the Treasurer of the United States. The Treasurer invites you to a Tribal consultation on the Treasury Tribal Advisory Committee (TTAC) Subcommittee on Parity and Reform’s Project Plan and Report on Tribal Pension Issues (Report). This consultation will be held virtually on Tuesday, March 19, 2024, 1 – 3 p.m. ET.

The Report is a work product of the TTAC. It highlights issues that Tribal employers have raised under the Pension Protection Act of 2006 (PPA ‘06), including related provisions under section 414(d) of the Internal Revenue Code (Code) and section 3(32) of the Employee Retirement Income Security Act of 1974 (ERISA) and contains proposed recommendations. For more information and proposed questions, please see the attached Dear Tribal Leader Letter or visit the Tribal Consultation page on Treasury’s website. Treasury is accepting written comments received by April 19, 2024, 11:59 p.m. Alaska Time. Please submit written comments at tribal.consult@treasury.gov.

Last Wednesday, the TTAC held its public meeting.

Below is a summary of the meeting and an announcement from the @USTreasury regarding tribal consultation.https://t.co/ObatENLTwb pic.twitter.com/5SzkPWB6tj
— NAFOA (@nafoaorg) January 26, 2024

2. WEBINAR:

FEBRUARY 5—WEBINAR ON PRE-FILING REGISTRATION PROCESS FOR ELECTIVE PAYMENT

Earlier this month, the Internal Revenue Service (IRS) opened its pre-filing registration portal for elective pay provisions. Pre-filing registration is required for applicable entities and eligible taxpayers to take advantage of elective payment or transfer of credits available in the Inflation Reduction Act (IRA) and the Creating Helpful Incentives to Produce Semiconductors (CHIPS) and Science Act.

To help with the implementation of the registration process, NAFOA and the U.S. Department of the Treasury are partnering for a webinar on Monday, February 5th, from 1:00 to 2:00 p.m. ET. Staff from the Treasury Department will present essential information on what tribes and energy developers need to know. After the presentation, there will be time for audience questions to address any inquiries about the new portal.

3. FROM THE NAFOA NAVIGATOR:

CYBERSECURITY FOR TRIBES AND TRIBAL GAMING

By Bobby Simpson, CIO Finley & Cook, PLLC

Cybersecurity is a critical concern for all organizations in today’s digital age. With the increasing sophistication of cyberattacks and the proliferation of sensitive digital data, protecting information assets has become more challenging than ever. This is especially true for Tribes and their enterprises, which face unique cybersecurity challenges that are not encountered by other organizations. Three reasons why cybersecurity is different for Tribes are Tribal sovereignty, diverse program services operated by the Tribe, and Tribal gaming.

Continue Reading in the NAFOA Navigator (pg. 126-129)

4. MUST READ:

UNDERSTANDING THE SINGLE AUDIT, COMMON PITFALLS, AND HOW TO AVOID THEM

A Single Audit is a critical process for organizations that receive federal awards. By undergoing a Single Audit, organizations can strengthen their financial management practices, enhance transparency, and maintain the trust of funding agencies and stakeholders.

This article will cover the following:

What is a Single Audit?
Types of findings
What will your Single Audit look like?
Common pitfalls in grant compliance
How to prepare for a Single Audit

Source: Moss Adams

5. JOBS:

NATIVE AMERICAN CONNECTIONS SEEKING SENIOR GRANT ACCOUNTANT

Under the general supervision of the Division Controller, the Senior Grant Accountant will work closely with the Grant Writers and Finance Team to gain a comprehensive understanding of grant initiatives, budget preparation, and analysis. The Grant Accountant will work as a business partner to various programs and departments as assigned by providing key information and analysis.

Learn More & Apply at nafoa.org/jobs