Reporting of 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 Act 1992 (section 7a) 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.
From 2012, this information will be collected at least twice per year.
The template contains an Instructions and Definitions sheet to assist with completion, and the Financial Performance Guidelines document provides additional information.
The template includes a Sign-Off and Process sheet that functions as the attestation of financial performance required by the TEC Condition MOR114.
ITO Financial Performance template
Financial Performance Guidelines
Due date for second 2012 submission
The second 2012 template submission should be submitted to TEC by 15 December 2012. Please send the completed template via email to email@example.com with the subject line 'ITO financial reporting', with a copy to your Investment Manager.
The template includes year to date 2012 results. TEC expects that this will include the period ending 31 October 2012. If your template is for any other period please note this in the comments section of the sign-off page.
In addition, the template also collects indicative budget information for the 2013 year.
Due dates for 2013 submission
In 2013, the template will be collected at least three times per year. Indicative due dates are outlined below along with details of the information to be provided.
- 15 February 2013 – Indicative year-end 2012, and Board approved budget 2013;
- 15 June 2013 – Audited actual 2012 and reforecast 2013; and
- 15 October 2013 – Year to Date and Reforecast 2013.
Investment Managers will also work with individual ITOs to ascertain if more frequent reporting is required, for example, due to mergers or significant restructure.
7 June 2012