159YD Accountability for funding received under section 159YA

(1)

An organisation that receives funding under section 159YA must ensure that—

(a)

it keeps records, in a form consistent with that required by the Commission, for the period to which the funding relates, that fully and fairly show—

(i)

the transactions, assets, liabilities, and funds of the organisation that are or were affected by the funding; and

(ii)

whether any conditions on which the funding approval was given have been complied with; and

(b)

the records are available for inspection by the Commission at all reasonable times.

(2)

As soon as practicable after the end of any year in which an organisation (other than an institution) receives funding under section 159YA, the organisation must provide the Commission with—

(a)

a financial report of the organisation for that year, including a statement of financial performance, a statement of financial position, a statement of movements in equity, a statement of cash flows, and a statement of service performance that compares the performance of the organisation with the outcomes specified in the organisation’s plan as measured by the performance indicators specified in the organisation’s plan; and

(b)

any financial reports, or statistical or other information, required by the Commission; and

(c)

any information necessary to demonstrate compliance with any condition attached to the funding.

(3)

A report required under subsection (2)(a) must be prepared in accordance with generally accepted accounting practice and must be audited by a qualified auditor (within the meaning of section 35 of the Financial Reporting Act 2013).

(4)

The Commission may exempt any organisation, group of organisations, or types of organisation from complying with 1 or more of the requirements set out in subsections (2) and (3).

(5)

In exercising the powers conferred on it by subsection (4), the Commission must have regard to—

(a)

the amount of funding sought by the organisation; and

(b)

the amount of funding received by the organisation; and

(c)

the type and size of the organisation; and

(d)

any other matters that the Commission considers relevant.

(6)

Section 203 sets out the accountability requirements for institutions.

Section 159YD: inserted, on 1 January 2008, by section 20 of the Education (Tertiary Reforms) Amendment Act 2007 (2007 No 106).

Section 159YD(1): amended, on 30 March 2018, by section 15 of the Education (Tertiary Education and Other Matters) Amendment Act 2018 (2018 No 6).

Section 159YD(3): amended, on 1 July 2015, by section 17 of the Financial Reporting Amendment Act 2014 (2014 No 64).