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Updates to funds management and payments processes

Updates to funds management and payments processes

Last updated 25 June 2019
Last updated 25 June 2019

As part of our commitment to delivering effective and efficient service and support to TEOs, we've made some changes to provide more consistency and accountability to the way we work.

Our engagement model - Relationship Managers, Relationship Advisors and the Customer Contract Group.

We have re-organised our teams and changed our engagement model. Going forward:

  • TEOs with total funding greater than $5m have a dedicated Relationship Manager.
  • TEOs with total funding less than $5m have a Relationship Advisor.
  • The role of the Customer Contact Group is two-fold. They provide relationship advisory services as well day to day support.

Your relationship manager or relationship advisor is the person you should talk to with any queries about funding or your funding allocations. Contact the Customer Contact support desk if you have more operational questions.

Ask your Relationship Manager, Relationship Advisor or the Customer Contact Group if you have any questions. 

 Changes made to funding allocation amendments process

We have improved our process for making funding allocation amendments (in-year amendments). The new process is consistent for all TEOs and we will let you know early about when you can expect to receive a response.

We’ve built flexibility into our processes so that we will continue to meet the diverse needs of TEOs and our different funds whilst maintaining a strong alignment to TEC investment priorities.

What you need to do:

  • Firstly, talk with your Relationship Manager or Relationship Advisor at the outset, they’ll be able to give you advice about TEC investment priorities and support you through the process.
  • If you are requesting additional funds, complete the Request for Additional Funding template (Excel – 62 KB) on the TEC website. This is the same form you use to request additional funding during the investment round. Load the completed request onto Workspace2 and notify Customer Contact that it’s there. The new request form includes prompts for the information we’ll need to assess your request.
  • Once we receive your completed request Customer Contact will let you know when you can expect to receive a response.
  • If you are requesting a reduction to your funding allocation, just email customer contact. We’ll be in touch if we have any questions.

More information and the Request for Additional Funding template can be found on TEC website in the Investment Toolkit section.

Mix of Provision must be approved before payment is released

  • Legislation requires TEOs to submit Investment Plans when requesting funding - where applicable this includes the Mix of Provision (MoP).
  • From 1 August 2019 payments will not be released until TEC has received and approved MoPs for final allocations and amendments.
  • This includes MoPs for all final allocations and 2019 amendments received after this date’  

What you need to do:

Submit your completed MoP onto Workspace2 within the stipulated timeframe so that we can review and approve it and your payment can be released on time.

Funding allocation information and payment schedules are moving to Ngā Kete.

From 1 October 2019 you will find your funding allocation and payment schedules in the new Funding Allocations and Payments Information Product in Ngā Kete.

  • The data is refreshed nightly, so your information will always be up to date.
  • The new Information Product will replace payment schedules on Workspace 2. We will however keep existing payment schedules on Workspace 2 until the end of March 2020, so you will have plenty of time to get set up.
  • We will provide training on how to use the new Information Product, and the Customer Contact Group will be available to support you through this change.

What you need to do:

  • Set up or update your access to Ngā Kete.
  • Refer to the Ngā Kete website support page for more information about how to use Ngā Kete and the user access request form.
  • Learn about the new Information Product – we’ll let you know more about training in the coming weeks.
  • Begin to use the Information Product for funding allocation and payment Schedule information from 1 October 2019 onwards.
  • Note that no further payments schedules will be added to Workspace2 after 31 March 2020. Existing payment schedules on Workspace2 will be archived.