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Notwithstanding any other condition, tertiary education organisations seeking access to Tertiary Education Commission (TEC) funding for the first time, and not submitting financial performance information to another Government agency, must submit their financial viability documentation to the TEC at least three months before the first intake of learners for whom they are seeking TEC funding.
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Tertiary education institutions (TEIs) must submit the following to the Tertiary Education Commission (TEC) using TEI Financial Monitoring electronic templates, by the dates specified in the Statutory Requirements section of the TEC website: Financial statements Current year budget Three year financial forecasts Such other financial reports as required by the TEC (for example management…
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Private training establishments (PTEs) seeking funding, or a continuation of funding, must provide the Tertiary Education Commission with the following: Company Registration Certificate, Certificate of Incorporation or other recognition of legal status New Zealand Qualifications Authority (NZQA) registration and accreditation – PTEs must obtain registration and accreditation from NZQA before…
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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 tha…
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A change of ownership or governance is any change to the ownership or governance structure of a private training establishment (PTE) that results in a difference from the ownership or governance structure that existed at the time the Tertiary Education Commission approved funding for the Investment Plan or issued the funding approval. These changes include, for example: change to the legal enti…
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Private training establishments (PTEs) must notify the relevant government agencies at least 28 days before the planned date of a change of ownership or governance.
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If a private training establishment (PTE) is funded for education and services (the provision) as a result of purchasing another PTE's business, the purchasing PTE is liable to the Tertiary Education Commission (TEC) for any debt owed to the TEC in relation to that provision by the vendor PTE.
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Tertiary education organisations (TEOs) must: not seek or obtain funding from any other Crown source to fund the same part of the TEO's activities funded by the Tertiary Education Commission (TEC), unless authorised by the TEC notify the TEC immediately the TEO becomes aware of any circumstances that might result in a breach of this condition.
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Where funding is owed by a tertiary education organisation (TEO) to the Tertiary Education Commission (TEC), it will be recovered by one or more of the following methods: A reduction in the next payment due If the next payment due is not large enough, then the TEC will also issue a 'letter of demand' for the remaining funding to be repaid Set-off against any funding or money payable to the TEO …
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Every tertiary education organisation (TEO) to which funding is payable by the Tertiary Education Commission (TEC) must, if required on reasonable grounds, satisfy the TEC that the TEO's financial viability or other circumstances: will not put funding paid to the TEO at risk are not such that payments to the TEO may be unjustified will not put the delivery of funded courses and qualifications t…