The outreach event was held at the Indian Pueblo Cultural Center and consisted of two three-hour workshops designed to help people learn about managing their money, avoiding fraud, and investing. Interactive exercises, videos and presentations were used to provide information on financial topics. FIMO was established in 1992 by the U.S. Department of Interior to provide services to individual Navajo mineral owner beneficiaries regarding their mineral interests and rights. To date the organization has approved 70 of 344 pending negotiated leases worth about $195 million to over 20,000 people. There are also plans to auction off roughly 200 additional leases as a result of the current oil boom on the Navajo Nation.
The training began with a financial self-assessment and guided the participants through making goals, budgeting, tracking expenses and making a financial plan. The participants then learned about different types of fraud and effective means of combating fraud. First Nations Financial Consultant Shawn Spruce coordinated the event in partnership with Charles Felker from the SEC, Susan Arthur from the FINRA Foundation, and Leona Begay from FIMO. The event was partially funded by grants from the FINRA Investor Education Foundation and the W.K. Kellogg Foundation. The purpose of the event was to assist oil and gas lease beneficiaries with money management by promoting smart and informed decisions that will help with budgeting and protect beneficiaries from fraud. When asked about the training, many beneficiaries responded that the workshop was extremely valuable.
“It was really exciting to partner with staff from the FINRA Investor Education Foundation, the Securities and Exchange Commission, and the Federal Indian Minerals Office to provide this training,” Shawn said. “We look forward to providing many more, and having an even wider reach in the future enabling us to effectively build money management skills for this community.”
By Sarah Dewees, First Nations Senior Director of Research, Policy & Asset-Building Programs, and Rachel Vernon, First Nations Program Officer.