Welcome to The Yield Exchange Advantage!
We are so excited to announce the launch of our new podcast where we take a seat with some amazing folks shaking up and making impact in the field of finance.
For our first episode, we are honored to have had the opportunity to chat with Jenn Schofield, Partner, Indigenous Services at MNP.
Jenn has been working with Indigenous communities on and off for 20 years, including working with Tla-o-qui-aht First Nation as their CFO between the years from November 2015 to May 2017. She currently focuses on Indigenous financial management.
Here's some of the key takeaways from the episode!
Key Takeaways
There's already a shortage of CPAs but with Indigenous communities, especially those in remote areas, the impact is magnified. This can leave chief and council waiting on their financial management reports, which is how MNP often comes into support to help catch things up and provide support to those already navigating those financial roles.
Since COVID and with the finalizing of various settlements, the conversation about how to manage cash has been top of mind for many communities. Especially when financial reporting may be delayed due to a lack of available capacity, there can grow a fear about spending or using the money, much less to think about investing it. That support around financial reporting can help give decision makers more security to know that everything is caught up, what is being spent on, and how it's furthering the progress on strategic plans.
One of the challenges when there's a fear of using cash or there isn't anyone available to monitor the funds, is that it can often end up sitting in a low-interest chequings account for months. Since finances typically arrive in a large chunk at the beginning of the fiscal year, there is often an opportunity to generate additional revenue through secure investments like term deposits or GICs, until that money needs to be used.
Jenn does stress the importance of working with your investment planner or financial manager to really think about where each dollar is going, and how we can maximize the amount we have to deliver more programs and services to the community.
If you want to here more about what Jenn has to say, click on the link below to listen to the whole episode hosted on your choice of Spotify, Apple, and Google podcasts! Be sure to follow and stay tuned for all the new episodes we have coming down pipeline, and check out Yield Exchange if you're interested in learning how we can help support your fixed-income needs!