Accountability

A community organisation must meet any accountability and reporting requirements specified under the relevant legislation, our funding information or any funding agreement with us.

Rule MOR106[1] records the situations where TEOs[2] must contact us.  Financial accounting requirements for community organisations are specified in Rule GEN009[3].

• [1]

  Condition MOR106: Notification of changes in circumstances

  Tertiary education organisations (TEOs) must contact the Tertiary Education Commission (TEC) in the following situations:

  • Any loss or damage to records that might affect the TEC’s ability to audit the TEO
  • Changes in circumstances that may impact on funding eligibility
  • Change in circumstances that may affect the TEO's ability to meet the conditions of the Investment Plan agreed with the TEC or the eligibility criteria or conditions related to funding.
• [2]

  Tertiary education organisation (TEO)

• [3]

  Rule GEN009: Financial reporting requirement if no other financial reporting

  To ensure ongoing eligibility for funding, tertiary education organisations (TEOs) other than institutions, not providing financial performance information to the Government, including Government agencies, must provide the Tertiary Education Commission (TEC) with an annual attestation, in the form of a Statutory Declaration, as to the financial stability of the TEO.

  Such TEOs receiving more than $50,000 (excl. GST) from the TEC must also provide a Chartered Accountant’s attestation.

  The attestation(s) must be provided to the TEC within 90 days of the TEO’s financial year end.