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This version of the memorandum is superseded by HEFCE 2010/19 from 1 August 2010.
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
| Paragraph | |
|---|---|
| Introduction | 1-9 |
| General | 1 |
| Definitions | 2 |
| Application | 3-4 |
| Scope | 5-7 |
| Compliance with financial memorandum | 8-9 |
| Responsibilities of the Council | 10-15 |
| Responsibilities of the institution | 16-31 |
| Stewardship | 16-17 |
| Designation of principal officer | 18-19 |
| Financial management | 20-24 |
| Value for money | 25 |
| Provision of information | 26-30 |
| Legislative requirements | 31 |
| Subscription to HESA, QAA and the Higher Education Academy | 32 |
| Connection to JANET or SuperJANET | 33-34 |
| Risk management | 35 |
| Allocation and payment of funds | 36-48 |
| Estate management | 49-52 |
| Exchequer interests | 53-67 |
| Financial commitments | 68-73 |
| General | 68 |
| Long-term financial commitments | 69-71 |
| Short-term financial commitments | 72-73 |
| Monitoring of estate management and financial commitments | 74 |
| Costing and pricing of activities | 75-77 |
| Financial statements | 78-80 |
| Audit | 81-86 |
| Other matters | 87-91 |
| Consultation with HEFCE on mergers | 87 |
| Revision | 88 |
| Interpretation | 89-90 |
| Effective date | 91 |
| Signature of designated office holder | 92 |
| 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 | |