Funding and payments

Funding and payments

Last updated 31 May 2019
Last updated 31 May 2019

How Entrepreneurial Universities funding is set and payments are made. Also includes funding allocation and funding recoveries information.

The funding mechanism for Entrepreneurial Universities is issued by the Minister responsible for tertiary education. The funding mechanism outlines the general form and essential components of the fund. It provides the mandate for us to allocate the funding and what the funding can be used for, and details how we administer the fund.

Universities that are allocated funding under the Entrepreneurial Universities initiative are funded via a funding confirmation letter.

A university that receives Entrepreneurial Universities funding is required to:

The funding supports academics to undertake research, and innovative and collaborative activities with industry. It may not be used to meet overhead or capital costs.

Funding allocation 

Budget 2016 allocated $35 million over four years for the Entrepreneurial Universities initiative as well as out-year funding.

Entrepreneurial Universities funding is allocated via a competitive selection process.

A university can apply for up to $1.5 million per year to fund its entrepreneurial research programme. Government funding will at least be matched or exceeded by a university’s contribution, and we will consider the university’s contribution when we assess the programme’s value for money. 

Payment

Entrepreneurial Universities funding is paid in quarterly instalments. Payments are made after we have approved the university’s yearly reports as set out in the Outcome Assessment Framework.

Funding recoveries

If you receive Entrepreneurial Universities funding that is greater than it should have been, or that you were not entitled to receive, we will recover the extra funding.

See Condition: Repayment of over-funding.

Suspending or revoking Entrepreneurial Universities funding

If we are satisfied on reasonable grounds that a university has not met or is not meeting the conditions on funding we may revoke or suspend the funding under section 159ZF of the Education Act 1989.

See Condition: Repayment of funding following revocation of funding approval.