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TEI Financial Monitoring (TEI FM)

TEI Financial Monitoring is responsible for managing the Crown's ownership interest in the 31 public tertiary education institutions.

Established in 1998 as part of the Ministry of Education, TEI Financial Monitoring (previously the Tertiary Advisory Monitoring Unit  or TAMU) transferred to the Tertiary Education Commission (TEC) on 1 September 2006.

TEI Financial Monitoring's (TEI FM) main functions are to monitor TEIs’ finances, governance and management; advise the Minister on appointments to the TEI councils; build TEIs’ governance and management capability as well as take the lead on TEI risk assessments, provide intervention advice to the Minister and implement any decisions made.

What are TEI FM's functions?

TEI FM's functions include:

  • reviewing audited financial statements
  • monitoring budgeted and actual quarterly statements of all public tertiary education institutions
  • reporting to the Minister of Education on financial trends in the tertiary education sector and on any risks to the viability of specific institutions. The role also involves developing courses of action to remedy any material problems that have been identified
  • undertaking ownership monitoring discussions covering the strategic and business planning of tertiary education institutions
  • consideration of applications for capital injections from tertiary institutions
  • processing investment applications
  • assessing merger applications from tertiary institutions and requests for change in status
  • approvals under section 192 of the Education Act 1989 (eg. borrowing)
  • managing the appointment of ministerial representatives to councils of tertiary institutions

What are TEI FM's monitoring principles?

The monitoring roles of TEI FM and the TEC follow a number of general principles that guide which agency has the primary responsibility for each of the monitoring roles. Those principles are as follows:

  • The TEC allocates funds based on investment plans, or by other means focused on the achievement of the strategic priorities.
  • TEI FM is the ownership monitor and ownership adviser to the Crown. All ownership data collected by TEI FM will be held in confidence and protected from inappropriate access and use.

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