SAC3+027: TEO to repay Skills for Canterbury (SFC) funding in certain circumstances
If the dollar value of the delivery of both the SAC-funded provision at level 3 or above on the NZQF and SFC-funded provision delivered by the TEO:
a) together comprise less than 99% of the total SAC funding (i.e. excluding the SFC funding), the amount of overfunding that the TEO must repay the TEC is:
i) the difference between 99% of the total dollar value paid to the TEO for the SAC-funded provision and the dollar value of the SAC-funded provision actually delivered; and
ii) the total dollar amount of the SFC funding; or
b) together comprise between 99% to 100% of the TEO's SAC funding, the amount of overfunding that the TEO must repay the TEC is the total amount of SFC funding; or
c) is more than 100% of the SAC funding, and the dollar value of the SFC-funded provision is less than 100% of the total SFC funding, the amount of overfunding that the TEO must repay the TEC is the difference between 100% of the total dollar value paid to the TEO for the SFC funded provision and the dollar value of the SFC-funded provision actually delivered.
In each instance, the TEO must treat the amount of overfunding as a debt due to the Crown that:
a) is repayable on demand by the TEC; and
b) may be off-set against all or any funding, or any sum of money payable by the TEC to the TEO.
8 March 2016
8 March 2016