Indianz.Com > News > NAFOA: 5 Things You Need to Know this Week
5 Things You Need to Know this Week
Your weekly digest on the latest in tribal economic growth.
Monday, October 21, 2024
Source: NAFOA
1. MUST READ:
TRIBAL GWE PROPOSED REGULATIONS ARE AN OVERDUE WIN FOR INDIAN COUNTRY
Highlights:
- The U.S. Department of the Treasury and IRS on Sept. 17, 2024, released long-awaited proposed regulations on the Tribal General Welfare Exclusion Act of 2014 (Proposed Regulations).
- The Proposed Regulations reflect many priorities of Indian Country, including substantial deference to Tribes as they create and implement general welfare exclusion (GWE) programs. However, work remains to improve clarity of the guidance and address unresolved issues.
- Tribal governments should review their existing GWE programs and Revenue Allocation Plans to determine whether modifications are advisable. Written comments on the Proposed Regulations also are encouraged to help ensure remaining Tribal priorities are addressed before the guidance is finalized.
2. FOR TRIBAL LEADERS:
CONSULTATION: NOTICE OF PROPOSED RULEMAKING FOR FEDERAL TAX STATUS OF ENTITIES WHOLLY OWNED BY INDIAN TRIBAL GOVERNMENTS
December 16, 17, and 18, 2024, 1:00 – 4:00 p.m. ET
The U.S. Department of the Treasury (Treasury) and the Internal Revenue Service (IRS) have issued a Notice of Proposed Rulemaking (NPRM) regarding the tax status of wholly owned Tribal entities.
This proposed rule describes that Tribal entities chartered or organized by one or more Tribes have the tax status of their owning Tribes. This means that these Tribal entities will not be subject to income tax. Further, the rule describes that these Tribal entities will be eligible for certain Inflation Reeducation Act tax credits through a payment mechanism known as elective pay.
Treasury is accepting written comments received by January 17, 2024, 11:59 p.m. Alaska Time. Please submit written comments at tribal.consult@treasury.gov.
Source: U.S. Department of the Treasury
Register For One or More Consultation Session
3. FROM THE NAFOA NAVIGATOR:
EVALUATING INSURANCE POLICIES AND PROVIDERS
By: AMERINDSelecting the best insurance coverage requires due diligence – particularly for tribal governments and businesses. Tribes and tribal entities have unique advantages and challenges, requiring careful evaluation of many factors when selecting an insurance carrier. BLANKET LIMITS
Blanket limits – do they really provide the security they imply? When reading the fine print, you may find the policy includes terms that limit your individual coverage. For example, a policy guaranteeing a tribe $1 billion in coverage may be a pooled amount shared by all of the tribes in the pool. Based on the number of claims the insurer receives in a fiscal quarter, the amount available to pay on your claim may vary dramatically. EXCLUSIONS
Does the policy truly cover everything you want and need? On the surface, it may seem like a great program, but look closely at the list of exclusions. Take flood insurance, for example. A tribe may have a $10 million certificate for flood coverage, but the policy may state that coverage does not apply to tribal lands in high-risk A & V flood zones – leaving you unprotected. Continue Reading in the NAFOA Navigator (pg 124-125)
4. PROFESSIONAL DEVELOPMENT:
ONLINE INTRODUCTORY TRIBAL FINANCE & ACCOUNTING CERTIFICATE PROGRAM
Program Dates: January 13-March 7, 2025
The Introductory Tribal Finance & Accounting Certificate Program is offered in partnership by NAFOA and the Center for the Future of Work at Oklahoma State University.
This eight-week cohort program provides the opportunity to connect with other tribal peers while gaining knowledge and experience to help become a more effective tribal finance/accounting professional and leader. Because all sessions are available virtually, you’ll be able to learn on your own time and set hours convenient to your schedule. In addition, you’ll have the opportunity to interact with and learn from other tribal finance/accounting professionals throughout the state and across the country. The Zoom chat room with instructors is available for discussion and questions about course material at the end of each week.
Learn More and Register
5. JOBS:
COMMUNICATIONS COORDINATOR, NAFOA
We’re seeking a part-time Communications Coordinator to join our remote team. This role is crucial in managing our day-to-day communication projects and executing marketing campaigns for our conferences, events, and programs.
Key Responsibilities
- Manage email campaigns, newsletters, and press releases
- Create and schedule engaging social media content
- Maintain and update NAFOA’s website
- Provide analytics and reporting on communication efforts
- Support webinars and conferences
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