Financial management and business systems have been described as the backbone of an effectively resourced capacity for governance. However, financial management without understanding principles of good governance and having a strategic direction is like a backbone without muscle and heart.

The importance for Boards of Directors to have an understanding of financial reports cannot be understated, and is a fundamental issue to community decision-making and self-determination. Easy to interpret and follow financial reporting systems are vital for budget allocations, monitoring performance, ensuring appropriate delegated financial controls and a funds accountability environment is adhered to.

Good governance requires organisations to be vigilant in how financial risks are being managed and for indigenous communities to achieve self-determination, how can financial skills be developed within their communities?

This presentation highlights the best practice principles to guide indigenous organisations, what are barriers to getting financial best practice and how should sound financial management be sustained in a community. An insight into the Yarnteen ATSI Corp is presented as a practical example of a capacity building model.