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Model Financial Memorandum between HEFCE and institutions: Terms and conditions for payment of HEFCE grants to higher education institutions

July 2010 | ref: 2010/19


Heads of HEFCE-funded higher education institutions
The 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 supersedes HEFCE 2008/19 issued in August 2008.


  • Foreword
  • Model Financial Memorandum between HEFCE and institutions
    • Purpose of this document
    • Our responsibilities to institutions
    • Institutions' responsibilities to HEFCE
    • Financial management and sustainability
    • Other requirements on institutions
    • Accountability and risk assessment
    • Revisions to the Financial Memorandum
  • Annex A Mandatory requirements of the Financial Memorandum and Audit Code of Practice 13
  • Annex B Audit Code of Practice
  • Annex C Allocating and paying funds
  • Annex D Institutional engagement and support strategy
  • Annex E Model annual assurance return from institutions
  • Annex F Consent for financial commitments
  • Annex G Exchequer interests
  • Annex H Information requirements for HEIs that are exempt charities
  • Annex I Summary of responsibilities of members of governing bodies
  • Annex J Model letters of appointment for new head of institution and the accountable officer
  • Annex K Model letter of appointment for new chair of a governing body
  • Definitions and abbreviations

Page last updated 26 March 2012

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