Financial monitoring and reporting
One of the Tertiary Education Commission's core functions is to monitor tertiary education institutions (TEIs) and report to the Minister for Tertiary Education, Skills and Employment on the financial performance of the tertiary sector (s159KBA Education Act 1989).
This is done to ensure the public can have confidence in the stability of the tertiary education sector in New Zealand and to minimise risks to the Crown.
To do this, we require all TEIs to supply us with financial information twice per year:
- the first submission of information is focused on the unaudited financial results for the year ending in December plus the budget for the upcoming year and two-year forecasts
- the second submission is focused on audited results, re-forecasts and 10-year Capital Intentions Reporting.
Both submissions provide a current and forward looking view of financial performance.
A separate submission of half yearly data is required in approximately July to enable the preparation of the Crown Consolidated accounts.
Additional reporting may be required for individual TEIs with specific agreements in place, such as consents issued under s192 of the Education Act 1989. We may also request more frequent and targeted reporting for TEIs assessed as being at risk via the Financial Monitoring Framework.
Annual financial reporting calendar and templates
|Reporting required ||Template to be used ||Due date for submission|
- Unaudited Actual results for last year (2015)
- Council Approved budget for current year (2016), and two-years forecasts (2017 and 2018)
| ||29 February 2016|
- Final audited financial results for 2015
- Optional Re-forecast for 2016, 2017 and 2018
- Capital intentions reporting 2015–2025
- Template to be provided in late March 2016
|Approx 30 May 2016|
- Information for use in Crown fiscal financial accounts as at
30 June 2016
To be provided
|Approx mid July 2016|
22 December 2015
22 December 2015