15 March 2016
As part of our Investment Approach we identified six ‘quick wins’ that we would focus on in 2016, for the 2017/2018 investment round. One of these was a proposal to exempt small to medium-sized providers from the requirement to submit a proposed Investment Plan (Plan).
We also proposed simplifying Plan processes for those organisations that continue to have a Plan. These changes are intended to reduce your compliance requirements while helping us to better manage our investment with your organisation.
Who is exempt
Most PTEs, schools and CEPs that receive less than $3 million in TEC funding and meet organisation performance requirements will be exempt from the requirement to submit a Plan in 2016.
Exempt organisations will have funding agreed through simplified business processes, and approved through a funding approval letter from us. This letter will set out your approved funding allocations along with the conditions of funding.
Exempt organisations will still be required to submit their mix of provision and performance commitments information (depending on the funds you receive). More information about requirements for exempt organisations will be available on our website in April.
Exemption will be based on the amount of TEC funding your individual organisation receives, even if it is part of a group of organisations with a shared ownership structure.
Organisations that will be required to submit a Plan in 2016 are those that, as at 30 April 2016, are:
- organisations with TEC-approved funding totalling $3 million or more in 2016
- organisations that have not met organisation performance requirements. This means they:
– have a NZQA EER rating of Category 3 or Category 4, or have not yet received a rating (except for schools and CEPs), or
– are on a financial viability action plan, or
– are currently under TEC review or TEC investigation
- organisations that have not previously received TEC funding (for at least the first year of funding), and
- all tertiary education institutions.
We are simplifying our Plan processes and will provide you with more information on how to develop your Plan, including a Plan template.
We will work with the Investment Approach Sector Reference Group to develop these resources and provide more information in April 2016.
We will be in touch shortly to let you know if you need to submit a Plan this year.
If you have any questions, please contact the Sector Help Desk.