159ZE Accountability for funding received under section 159ZC

(1)

An organisation that receives funding under section 159ZC 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 grant was made 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 159ZC, 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 agreed with the Commission as measured by any performance indicators agreed with the Commission; 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 type 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 159ZE: replaced, on 1 January 2008, by section 21 of the Education (Tertiary Reforms) Amendment Act 2007 (2007 No 106).

Section 159ZE(1): amended, on 30 March 2018, by section 20 of the Education (Tertiary Education and Other Matters) Amendment Act 2018 (2018 No 6).

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