This work dates back to the Joint Costing and Pricing Steering Group, which led the development of the method the higher education sector uses for costing its activities (the Transparent Approach to Costing - TRAC) from 1997. (See the History of TRAC.)
Changes to the funding arrangements for higher education have made it even more important for institutions to develop strategies and plans that support their financial sustainability.
The FSSG and TDG
FSSG brings together the sector, funders and Government over matters that concern sustainability, efficiency and funding. It recommends issues and developments that the funding councils, other public funders, institutions and sector bodies need to take forward.
The FSSG and TDG maintain the TRAC process. They also lead important and beneficial studies for the sector. These are summarised below.
Financial Sustainability Strategy Group:
- Review of the sustainability of learning and teaching in England 2014 (a live project).
- Annual assessment of institutional sustainability – report on a pilot project.
- Assessing the sustainability of higher education institutions.
- Policy overview of financial management information needs in HE and the role of TRAC.
- Review of the sustainability of learning and teaching in 2008.
TRAC Development Group:
TDG is responsible for overseeing the TRAC Guidance and has produced a number of useful good practice guides for the sector:
- An equipment and facility-sharing guide.
- Review of time-allocation methods.
- Management information projects on:
- course costing
- workload planning
- resource-allocation models
- departmental sustainability.
- Key messages about TRAC.
Copies of these reports are available under publications and good practice.