Treasurer: Cherokee Nation single audit on schedule; budgets due while IDC rate remains unsettled

Janice Taylor, treasurer for the Cherokee Nation, told the Executive and Finance Committee on May 29 that the office of financial resources is wrapping up the single audit of federal funds, which she said is due in June, and that auditors are expected to brief the committee in July.

Taylor presented two documents: a popular annual financial report intended for lay readers and a more detailed annual comprehensive financial report. Both documents are posted on cherokee.org, she said, and she noted the finance office repeatedly wins awards for the reports and for clean audits.

On budgeting, Taylor said departmental budgets are due back to the finance office "tomorrow," and the office is monitoring federal developments that affect revenues. She said the Nation had not yet received its indirect cost (IDC) rate and that her office asked departments to draft budgets assuming an increase in the IDC rate; if the final rate differs, budgets will be adjusted.

"As far as the uncertain budgets go ... budget what you got last year," Taylor said, describing guidance for continuing grants. She told the committee that for grants told not to expect renewal, departments must identify alternative funding sources.

Councilor Condesa Teehee asked where the reports are posted; Taylor directed members to cherokee.org under the Office of Financial Resources. Taylor said auditors usually visit in July to review both audits and answer questions from an independent third party.

Taylor closed by stressing stewardship of public dollars and the staff work required to maintain compliance and transparency.