What information must I provide for financial monitoring?
This section answers these questions
|
Registered private training establishments
Education organisations must submit the Private Training Establishment/Recognised Course Owner Attestation (Form A below) and the Chartered Accountant Professional Attestation (Form B below) plus financial statements to the New Zealand Qualifications Authority (NZQA) each year.
Recognised course owners
Recognised course owners are not required to submit financial statements and are therefore exempt from completing Form B. However, course owners are required to provide a declaration of their financial viability using Form A below.
Applicants for registration
Organisations applying for registration must provide the following on application, plus Form B.
- For a new applicant for registration that has not operated before:
Form A, plus forecast financial statements for the next financial year (including a statement of financial performance, statement of cash flows and statement of financial position). These are to be reviewed by an independent chartered accountant, using Form B.
- For a new applicant for registration that has been operating for some time:
Form A, plus either audited financial statements covering the most recent financial year, or where the establishment is not subject to audit, unaudited financial statements covering the most recent financial year plus forecast financial statements for the next financial year (including a statement of financial performance, statement of cash flows and statement of financial position). These are to be reviewed by an independent chartered accountant, using Form B.
Forward these documents to NZQA with your registration application, and annually thereafter.
Notes
- For new applicants for registration, where the financial year-end is more than three months before the application date, a set of interim financial statements covering the period since the financial year-end date should be provided
- Providers that are part of a larger organisation and do not have separate accounting and reporting systems should supply the consolidated financial statements of the parent organisation.
| What | When | ||
|---|---|---|---|
| Form A | Annually, within three months of your financial year-end |  |
 |
| Form B | Annually, within three months of your financial year-end | |
|
| Financial statements (providers that have operated before) |
Annually, within three months of your financial year-end | ||
| Financial forecasts (providers that have not operated before) |
With application documents for registration | ||
I already provide financial reporting templates to the Tertiary Education Commission
If you are funded by the Tertiary Education Commission (TEC) or receive student loans and allowances, TEC is responsible for financial monitoring. If you are financially monitored by TEC you need only submit the following to NZQA.
| What | When | ||
|---|---|---|---|
| Form A | Annually, within three months of your financial year-end | |
|
| Form B | Annually, within three months of your financial year-end | |
|
Exemptions
In certain circumstances, NZQA may grant an exemption to the completion of Form B. In such cases, the following minimum criteria must apply:
- courses are of five days duration or less
- fees are billed on completion of the course
- total course fees are $500 or less.
An application may be made in writing to:
Deputy Chief Executive
Quality Assurance Division
PO Box 160
New Zealand Qualifications Authority
Welllington 6140