Financial monitoring and reporting
The tertiary education sector in New Zealand includes both public Tertiary Education Institutions (TEIs) and private education providers. The public TEIs[1] (Universities, Polytechnics and Wananga) are Crown entities that operate independently and receive a significant amount of Crown funding.
The TEC monitors TEIs to ensure:
- that the public can have confidence in the stability of the tertiary education sector in New Zealand, and
- that Crown funds are focused on the basis of investment plans agreed between the TEC and each TEI, and
- that the TEC can obtain the necessary actual and forecast financial information to assess TEIs’ financial performance and minimise risks to the Crown.
The TEC requires all TEIs to supply it with financial information twice per year. The first submission of information is focused on the audited financial results for the year ending in December plus the budget for the upcoming year. The second submission is focused on TEI forecasts for the next three years. Both submissions provide a current and forward looking view of financial performance.
Consolidated Crown Financial Reporting
The TEC works with the Ministry of Education to collect financial information as at 30 June for use in the Crown consolidated accounts.
The Financial Monitoring Framework
On 1 January 2010 the TEC implemented a framework for monitoring TEIs’ financial performance. This framework makes use of historical audited financial results and forecast financial information to establish a risk rating for each TEI. This rating allows the TEC to focus resources on assisting TEIs in the greatest need of support.
More information on our Financial Monitoring Framework and TEIs’ annual reporting requirements can be found on the following pages:
For any enquiries on financial monitoring please contact:
Chief Advisor – Tertiary Performance Group
Tertiary Education Commission
PO Box 27048
Wellington 6141
Telephone: (04) 462 5200
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Last changed:
30 March 2010