Funding and payments

Funding and payments

Last updated 3 November 2016
Last updated 11/03/2016

This page provides information about funding and payments for the Joint Ventures and Amalgamation (JVAP) fund.

Allocation of funding

There are no dollar limits on the amount of funding available for any one Joint Ventures and Amalgamation Projects (JVAP) application.

When making funding decisions, the TEC will consider the following:

  • the scale and complexity of the project, including the number and size of the organisations involved
  • estimated cost of the project, and the amount of funding sought
  • strategic benefits of the project for industry, trainees and the Government
  • capacity of the organisations to meet costs of the project without TEC investment.

For applications regarding merger projects the TEC will also consider:

  • the ITOs’ cash reserves
  • any debt forgiveness the ITOs have received from the TEC
  • whether funding has been provided by the TEC for associated ITO mergers.

Funding letter

JVAP funding is off-plan under section 159ZC of the Education Act 1989 and is agreed via a funding letter.

The funding letter outlines the legislative requirements and conditions of funding the project, and includes a Schedule that details expected outcomes, reporting requirements and payment information.

Payments

Organisations must sign and return the funding letter before any funding will be paid.

Payment is made in instalments. It is triggered by evidence of achievement of milestones, as specified in the funding letter.

Funding recoveries

Funding must be used for the activities agreed in the funding letter.

The TEC must recover funding if an organisation receives funding that was greater than it should have been, or that it was not entitled to receive.

This may include:

  • using less funding than the amount paid for the activities
  • using funding for activities not agreed in the funding letter
  • non-compliance with conditions of funding.