It's Native American Heritage Month! The latest episode of Insight in Indian Country features Marcus Benally, a Navajo audit manager at REDW Advisors and CPAs, who skillfully blends his grandfather's teachings with corporate leadership in the finance industry. In this candid conversation, podcast host REDW Principal and National Tribal Practice Leader Wesley Benally sits down with Marcus to discuss how cultural identity becomes a superpower in professional settings, even when imposter syndrome strikes.

Their discussion challenges the notion that tribal communities are merely historical footnotes, highlighting their current economic impact and innovation. Marcus's journey illustrates how traditional values – from education to community connection – can transform into professional strengths.

This episode emphasizes a larger truth: Native American heritage isn't just a monthly observance but a vital, ongoing force in American society. It's a powerful reminder that embracing one's cultural roots can be the key to authentic leadership.

Chapters

• 00:00 - Introduction to Native American Heritage Month
• 02:16 - Cultural Identity and Professional Journey
• 05:44 - Leadership and Representation in Business
• 10:55 - Overcoming Imposter Syndrome
• 16:10 - Economic Contributions of Tribal Communities
• 20:57 - The Significance of Native American Heritage Month
• 25:01 - Acknowledging Historical Injustices
• 26:51 - Future Endeavors and Closing Thoughts

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REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!

Actor and spiritual leader Mo Brings Plenty joins the Insight in Indian Country Podcast guest-hosted by REDW’s Cristin Heyns-Bousliman. With a special appearance with Wesley Jones, Mo discusses Tribal Nations Health, a Native-led organization he co-founded with James Jordan. The organization provides customized healthcare solutions for Tribal communities, focusing on preventive care, empowering elders, and creating culturally tailored solutions that respect Tribal sovereignty. Mo emphasizes how their approach can preserve Tribal culture, create jobs for elders, and improve overall community health.

Chapters

• 00:00 - Introduction to the Podcast and NNAHRA Conference
• 01:27 - The Vision Behind Tribal Nations Health
• 03:03 - Innovative Healthcare Solutions for Tribal Communities
• 06:21 - Empowering Elders and Cultural Knowledge
• 08:14 - Leadership and Understanding Tribal Needs

Takeaways

• Tribal sovereignty is essential in healthcare decision-making.
• Preventative care is crucial for better health outcomes.
• Elders hold valuable cultural knowledge that should be preserved.
• Healthcare solutions must be tailored to individual Tribes.
• Empowering elders can create job opportunities in the community.
• Community involvement is key to successful healthcare solutions.
• Positive work environments are vital for tribal employment opportunities.
• The leadership team at Tribal Nations Health includes enrolled tribal members.
• Tribal Nations Health aims to improve healthcare for tribal communities.

Resources

• Tribal Nations Health is a Native-led organization providing customized healthcare solutions and benefits services for Tribal communities. Their approach is designed to meet the unique needs of Tribal members while keeping resources within Indian Country. Learn more at tribalnationshealth.com.
• People are fundamental to every organization's success. Are you finding the navigation of complex HR regulations to be challenging and time-consuming? REDW's HR Consulting group helps HR teams (and professionals with HR responsibilities) to create stable work environments where both employees and their organizations can be healthy and poised for growth. Browse our suite of HR Consulting solutions.

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REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!

The Corporate Transparency Act (CTA) was enacted by the Financial Crimes Enforcement Network (FinCEN) to combat money laundering and financial crimes. The act requires some 32 million businesses to report beneficial ownership information by January 1, 2025, and carries steep consequences for non-compliance. This episode, Wes Benally discusses the impact to Tribal businesses and entities that are subject to the CTA, exemptions, required reporting information, and more, with REDW Senior State and Local Tax Advisors Jeanna Schenk and Thomas Miller. Unsure if the CTA applies to your organization? Don't guess. Tune in to learn more or reach out to REDW's trusted business advisors for guidance.

Chapters

• 00:00 - Introduction to the Corporate Transparency Act
• 04:43 - Reporting Requirements and the Beneficial Ownership Information Report (BOIR)
• 09:07 - Considerations for Tribal Entities and Sovereignty
• 12:25 - Unique Structures and Entities Subject to the CTA
• 15:24 - Deadlines and Penalties for Non-Compliance
• 17:13 - Security and Access to Reported Information

Takeaways

• The Corporate Transparency Act (CTA) requires many businesses to report beneficial ownership information to combat money laundering and financial crimes.
• The deadline for filing the Beneficial Ownership Information Report (BOIR) is January 1, 2025, for established businesses. For businesses created on or after January 1, 2024, the deadline is within 90 days.
• Failure to comply with the reporting requirements can result in significant penalties, including fines and criminal charges.
• Many Tribal businesses and entities are subject to the CTA, but there are exemptions for certain types of tribal businesses.
• The information reported to FinCEN is highly secure and access is limited to authorized entities.

Meet the CTA Deadline with Confidence

REDW's trusted team of experts are handling the reporting process through the FinCEN website for business leaders in Indian Country. Our comprehensive services ensure that all aspects of Beneficial Ownership Information Reporting are covered, including identifying any applicable filing exceptions for your business. As part of our filing services, we will consult with you to determine which entities need to file and identify who qualifies as a Beneficial Owner.

The consequences for non-compliance are too steep to delay checking this off your list.

Purchase REDW's BOI Reporting services in a matter of minutes.

Do you have more than seven entities to report on? Schedule a Complimentary BOI Reporting Consultation. We help Tribal entities determine their reporting obligations and provide guidance throughout the process.

Get connected to expert insights for Tribal Nations. Subscribe to the Insight in Indian Country Newsletter.

REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!

Becerra v. San Carlos Apache Tribe is a landmark Supreme Court case centered around the Indian Self-Determination and Education Assistance Act (ISDEAA), which enables Tribes to enter into contracts with the Federal Government to operate their own health programs. The court's recent decision in favor of the San Carlos Apache Tribe affirmed the government's obligation to fully fund these contracts, including paying contract support costs. To dive deeper into the case and its impact for Indian Country, host and REDW National Tribal Practice Leader Wesley Benally welcomes Kevin Cronk, CPA, and Lloyd B. Miller of Sonosky, Chambers, Sachse, Miller & Monkman, LLP to the podcast.

Chapters

• 00:00 - Introduction to the Becerra v. San Carlos Apache Tribe Ruling
• 04:14 - The Importance of Contract Support Costs for Tribal Self-Determination
• 06:33 - Documentation Challenges and Tips for Making Successful Claims
• 15:03 - Expanding Programs and Negotiating Better Terms with Federal Agencies

Takeaways

• The recent Supreme Court ruling in Becerra v. San Carlos Apache Tribe is a significant win for tribal sovereignty and self-determination.
• Contract support costs are crucial for Tribes operating health programs under self-determination, as they cover the overhead expenses of running the program.
• Tribes should gather the necessary documentation, such as indirect cost agreements, proposals, and amendments, to support their claims for contract support costs.
• The ruling provides an opportunity for Tribes to negotiate better terms with federal agencies and expand their programs to better serve their communities.
• Tribes should consult with legal counsel to ensure their claims are properly prepared and comply with the requirements of the Contract Disputes Act.

Get connected to expert insights for Tribal Nations. Subscribe to the Insight in Indian Country Newsletter.

REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!

The Tribal Leadership Council is a board-governed not-for-profit business that proudly supports tribal leaders and executives with continuing education and provides tools to better their organizations. Intent on building capacity in Indian Country, the council's primary focus is empowering leadership and promoting economic growth and prosperity for tribal communities. This episode, REDW National Tribal Practice Leader Wes Benally sits down with the organization's Chairman and Co-Founder Justin Barrett (Eastern Shawnee Tribe of Oklahoma) to talk about the council's vision, accelerating growth, and upcoming conference. Tribal leaders won't want to miss the conference taking place July 15-18! WONDR NATION and the Mashantucket Pequot Tribal Nation have created a grant funding opportunity for five Tribal Leaders to attend the conference. Listen in for details.

Chapters

• 00:00 - Introductions
• 04:22 - The Importance of Tools and Knowledge for Tribal Leaders
• 07:42 - Creating a Collaborative Network for Tribal Leaders
• 10:04 - Tribal Leadership Conference Dates and Registration
• 13:54 - Opportunities for Younger Leaders to Get Involved
• 15:36 - Collaborating with Companies like Amazon and AT&T

Takeaways

• The Tribal Leadership Council Conference aims to accelerate the growth of tribal leaders and provide them with the tools and knowledge to make the most of their time in office.
• The conference will cover topics such as energy sovereignty, economic development, and finance, with a focus on sharing ideas and best practices among tribal leaders.
• Networking and collaboration are essential for tribal leaders to learn from each other and build capacity in Indian Country.
• The conference dates are July 15th-18th, 2024, at the Morongo Casino Resort in Palm Springs. There are still seats available, and sponsorship opportunities are also available.

References

• Register for the Tribal Leadership Conference 2024 | July 15 - 18, Morongo Casino, Resort & Spa
• Learn more about the Tribal Leadership Council
• Learn more about Tribal Leadership Council Chairman and Co-Founder, Justin Barrett
• Learn more about the Oklahoma Native Impact Report

Get connected to expert insights for Tribal Nations. Subscribe to the Insight in Indian Country Newsletter.

REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!

The need for consistency, collaboration, and good internal controls cannot be overstated for implementing GASB 96, which establishes uniform accounting and financial reporting for subscription-based information technology agreements (SBITAs).

With upcoming fiscal years ends on the horizon, REDW National Tribal Practice Leader Wes Benally and Audit Principal Chris Bitakis take some time to discuss GASB 96 implementation thus far and provide insights for tribal organizations to consider. They cover some of the challenges some Tribes have experienced during implementation and the similarities and differences between GASB 87 and GASB 96. They also discuss the importance of centralizing contracts and agreements, calculating liabilities, and creating disclosures. Professionals that are in need of a brief check in (and maybe a few laughs) while navigating the implementation of GASB 96 will find practical guidance in this episode.

Takeaways

• Implementing GASB 96 can be challenging, especially for organizations that did not adequately plan for the implementation of GASB 87.
• Centralizing contracts and agreements is crucial for effectively implementing GASB 96.
• Calculating liabilities requires extracting significant data, determining the legally enforceable term, and using an appropriate interest rate.
• Creating disclosures for GASB 96 should include a separate right-to-use subscription asset, note payable roll forward, and a subscription liability footnote.
• Consistency, collaboration, and good internal controls are key to successfully implementing GASB 96.

Chapters

• 00:00 - Introduction and Overview
• 03:01 - Understanding SBITA and Its Importance
• 07:20 - Calculating Liabilities for GASB 96
• 09:48 - Centralizing Contracts and Agreements
• 12:42 - A Few Notes on Best Practices
• 16:26 - Creating Disclosures for GASB 96
• 21:44 - The Final Stretch for Implementing GASB 96
• 24:18 - Conclusion and Closing Remarks

References

• Contact Chris and the Audit team at REDW for questions.

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REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!

It's time to dust off those P&Ps! REDW's Internal Audit team is here to help you find the finish line with your organization's policies and procedures.

For all types of organizations, turnover and evolving roles are common issues that both contribute to outdated policies and procedures and require their updates. For Internal Audit Awareness Month, REDW National Tribal Practice Leader Wes Benally and Internal Audit Audit Senior Manager Cait Gutierrez discuss the importance of an internal audit and the role it plays in tribal organizations. They highlight the need for effective financial policies and procedures and the impact they can have on an organization's success. Cait shares examples of how noncompliance with financial regulations and the lack of proper policies and procedures can negatively impact organizations.

Takeaways

• Internal audit is a critical function in organizations, including tribal organizations, and plays a key role in risk mitigation.
• Financial policies and procedures are essential for the success of an organization and should be regularly reviewed and updated. Outdated policies and procedures can lead to inefficiencies, increased risks, and potential noncompliance with financial regulations.
• Common risks in organizations include turnover, fraud, bottlenecks, and loss of funding.
• Collaboration and buy-in from all levels of the organization are crucial for the successful development and implementation of policies and procedures.
• Regular reviews and updates of policies and procedures are recommended, and projects can be phased to manage resources effectively.

Chapters

• 00:00 - Introduction and Importance of Internal Audit
• 03:45 - The Role of Policies and Procedures in Risk Mitigation
• 07:30 - The Impact of Outdated Policies and Procedures
• 10:45 - Striking a Balance: Efficiency and Risk Mitigation in Policy and Procedure Design
• 14:13 - Common Risks and the Benefits of Regular Reviews and Updates
• 24:46 - Areas That Often Need Policy and Procedure Updates
• 27:35 - Next Steps and REDW's Expertise in Financial Policies and Procedures
• 31:19 - Don't miss the New Mexico Society of CPAs Tribal Conference!

References

• Contact Cait Gutierrez on REDW's Internal Audit team to set up a consult or for help assessing your organization's needs
• Event info: New Mexico Society of CPAs (NMSCPA) Second Annual Tribal Conference - May 16, 2024
• Register for in-person attendance for the Second Annual Tribal Conference hosted by NMSCPA and REDW
  • Address: 3400 Menaul Blvd NE, Albuquerque, NM 87107
• Register for virtual attendance for the Second Annual Tribal Conference hosted by NMSCPA and REDW

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REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!

On May 16, the New Mexico Society of CPAs (NMSCPA) is hosting their Second Annual Tribal Conference focused on tribal enterprises, cohosted by REDW Advisors and CPAs. Wes Benally is joined by fellow REDW Principals Victor Flores and Chris Henderson to touch on conference topics including tribal economics, entrepreneurship, and impact investing with native-owned businesses.

Victor and Cait Gutierrez, REDW Internal Audit Senior Manager, will join a lineup of respected speakers at the event. Their sessions will provide valuable perspectives and actionable knowledge on economic development and entrepreneurship within Native communities. The conference aims to foster learning, networking, and collaboration among tribal enterprises and professionals.

Not in New Mexico? Not a problem! Attendees can join in person or virtually.

This conference also offers up to 4.0 Continuing Professional Education (CPE) credits, adding extra value for attending professionals seeking to advance their knowledge and expertise.

Chapters
00:00 - Introduction to the NMSCPA Tribal Conference
06:58 - Tribal Enterprises and Other Industries in Indian Country
11:12 - Innovative Business Models in Tribal Enterprises
15:35 - Learning and Networking at Conferences
24:23 - Taking Action and Implementing Ideas

References

• Event info: New Mexico Society of CPAs (NMSCPA) Second Annual Tribal Conference - May 16, 2024
• Register for in-person attendance for the Second Annual Tribal Conference hosted by NMSCPA and REDW
  • Address: 3400 Menaul Blvd NE, Albuquerque, NM 87107
• Register for virtual attendance for the Second Annual Tribal Conference hosted by NMSCPA and REDW

Get connected to expert insights for Tribal Nations. Subscribe to the Insight in Indian Country Newsletter.

REDW Advisors and CPAs is proud to bring you the Insight in Indian Country Podcast, covering important advisory, accounting, and finance topics that impact Tribal Nations and business affairs. Thanks for listening!