Glossary
Kuputaka
Financial performance monitoring
The Tertiary Education Commission is required to monitor tertiary education organisations (TEOs) which receive funding from the TEC.
FMF
Financial Monitoring Framework. The FMF provides an initial assessment of the financial wellbeing of a TEI or TEO.
Fund owner
Has overall decision-making responsibility for administration of the fund across the sectors that access the fund (eg, ILN fund owner decisions are applied to PTE and TEI sub-sectors) and for the success of the fund.
Fund recovery
A recovery payable to the Tertiary Education Commission by a tertiary education organisation (TEO) for under-delivery, over-funding or revocation of funding.
Fund schedule
Was previously used for funds that were not approved via Investment Plan Approval. It contained any fund–specific terms and conditions. It was an appendix in a funding approval letter.Funding
The funding administered by the TEC pursuant to a funding mechanism.
Funding agreement
An agreement used for funding that is not provided in accordance with a funding mechanism under Section 419 of the Education and Training Act 2020. The agreement sets out the terms and conditions on which funding is provided.
Funding approval
A decision we made under Section 425 of the Education and Training Act 2020 to fund some or all of the tertiary education programmes and activities described in an organisation's proposed Plan.
Funding category
A grouping of course classifications into bands for the purpose of funding courses and programmes. The funding category is based on subject and the level of study.
Funding condition
An enforceable requirement imposed by the Education and Training Act and/or the TEC that attaches to funding.