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HEFCE

July 2006/24 (web only)
Core funding/operations
Report

Effective 1 August 2006


Model financial memorandum between HEFCE and institutions

This version of the memorandum is superseded by HEFCE 2008/19 from 1 August 2008.

The model financial memorandum, between HEFCE and the institutions we fund, sets out the terms and conditions for payment of HEFCE grants. The memorandum should be read in conjunction with Part 2, the schedule, which gives conditions specific to the institution, the funds available to the institution, and the educational provision the institution has agreed in return for those funds. This document replaces HEFCE 2003/54 issued in December 2003.

The differences between HEFCE 2003/54 and this document are explained in Circular Letter 12/2006.


Contents (read on-line)



Contents

 Paragraph
Introduction1-9
General1
Definitions2
Application3-4
Scope5-7
Compliance with financial memorandum8-9
Responsibilities of the Council10-15
Responsibilities of the institution16-31
Stewardship16-17
Designation of principal officer18-19
Financial management20-24
Value for money25
Provision of information26-30
Legislative requirements31
Subscription to HESA, QAA and the Higher Education Academy32
Connection to JANET or SuperJANET33-34
Risk management35
Allocation and payment of funds36-48
Estate management49-52
Exchequer interests53-67
Financial commitments68-73
General68
Long-term financial commitments69-71
Short-term financial commitments72-73
Monitoring of estate management and financial commitments 74
Costing and pricing of activities75-77
Financial statements78-80
Audit81-86
Other matters87-91
Consultation with HEFCE on mergers87
Revision88
Interpretation89-90
Effective date91
Signature of designated office holder92
Appendices
Appendix 1 Flow chart for prior Council consent
Appendix 2 Areas where prior Council consent is required
Appendix 3 Decision-making delegated to the institution
Appendix 4 Clarification of annualised servicing cost (ASC) calculations
Appendix 5 Scope of the financial memorandum