Reporting financial information
TEC requires each ITO to provide financial information each year via a template. The template is a mechanism for TEC to fulfil its obligations under the Education Act 1989 (section 159YD) to monitor the financial performance of ITOs in order to ensure that funding is spent in accordance with the purpose for which it was allocated. It also fulfils obligations under the Industry Training and Apprenticeships Act 1992 (sections 7a and 7b) to monitor the extent to which ITOs are funded by industry, and their capability.
These obligations support the strengthening of the industry training sector by ensuring that ITOs that receive government funding are financially viable and are able to fulfil their statutory role.
This information is collected at least twice per year.
Financial Performance Guidelines
Industry Cash Contribution
The Industry Cash Contribution (ICC) is calculated in the template. From 2014 the ICC rates are:
- 30% for trainees
- 20% for apprentices
The template still calculates just one rate and we will review the result for each ITO against the proportion of its trainees and apprentices.
1 July 2015
1 July 2015