Annual financial reporting calendar and templates
The level of reporting the TEC requires from each TEI[1] is determined by the TEI's risk assessment for that year. Low risk TEIs are only required to submit financial information to meet statutory reporting requirements. Moderate and high risk TEIs need to submit financial information that allows more in-depth monitoring.
Additional reporting may be required for individual TEIs with specific agreements in place, such as loans and other consents issued by the Secretary for Education under s192 of the Education Act 1989.
The TEC may request more frequent and targeted reporting such as regular copies of management accounts - particularly for TEIs assessed as being at higher risk. The TEC will confirm any additional reporting requirement in writing with each TEI.
| Item | Who | Template to be used | Provide once information is available with a final due date of: |
| Low risk | Moderate risk | High risk |
| Reforecast for current year 2011, 3-year financial projections (2012, 2013, 2014) (consolidated) | 
|
| | Annual Return of Forecast Information (XLS, 618 Kb) Forecast guidelines and assumptions are available on request from teifm@tec.govt.nz | 16 December 2011 |
| Provisional 2011 financial statements and Council approved budget for 2012 | |
|
| TEIFM Provisional Results and Current Year Budget
template to be provided
Or
Electronic versions of TEI generated 2011 financial statements and 2012 Council approved budgets | 28 February 2012 |
- Final audited financial statements for 2011
- Council approved budget for 2012
- Capital intentions reporting 2012 - 2021
|
|
|
| TEIFM Audited Results and Current Year Budget (ZIP, 240 Kb) | 18 May 2012 |
| Information for use in Crown Fiscal financial accounts as at 30 June 2012 |
|
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| Crown accounts 2011 Half-yearly Template for Crown Accounts (XLS, 132 Kb) | 27 July 2012 |
| Reforecast for current year 2012, 3-year financial projections (2013, 2014, 2015) (consolidated) |
|
|
| Financial forecasting
template to be provided Forecast guidelines and assumptions are available on request from teifm.info@tec.govt.nz | 14 December 2012 |
| Management accounts or other forms of regular monitoring | | As required |
| TEI's own format | As agreed |
Tertiary Education Institution Annual Reports – Statutory Requirement
The Education Act 1989 and the Crown Entities Act 2004 set out the main statutory requirements for TEIs relating to the preparation of annual financial reports. In summary, statutory requirements are:
- TEIs must prepare an annual report (and accompanying financial statements) within three months of the end of the academic year – by 31 March (s156(1)(a) of the Crown Entities Act 2004).
- An auditor appointed by the Office of the Auditor General must carry out an audit of the financial statements by 30 April (s156(2) of the Crown Entities Act 2004).
- TEIs must provide 47 copies of their annual report to the Minister of Tertiary Education as soon as possible after the end of each academic year (section 220(3) of Education Act) - this would need to allow time for finalisation of annual report (audit, signing etc), printing and mailing. Usually this occurs within two weeks of completion of audit and by mid-late May at the latest.
Annual reports for TEC
TEIs should send four copies of their annual reports within two weeks of the completion of audit to:
Chief Advisor
University, Polytechnics and Wānanga Investment Team (as relevant)
Tertiary Education Commission
44 The Terrace
P.O. Box 27 048,
Wellington 6141
Monitoring – Meeting Frequency
The TEC will wish to meet with TEIs to discuss their financial performance. The frequency of these meetings will depend upon the TEI’s overall risk rating and will be confirmed in writing with each TEI. The meeting dates will also be agreed through each TEI’s Investment Manager.