May 2008 | ref: Circular letter 10/2008
Dear Vice-Chancellor or Principal
1. The attached letter from Professor Smith reports on the work of the Transparent Approach to Costing (TRAC) Strategy Group and raises important issues for all higher education institutions.
2. In early 2007 we established the TRAC Strategy Group, chaired by Professor Steve Smith, Vice-Chancellor, University of Exeter. The group is leading this important area of work to support the higher education sector in its use of TRAC as part of its strategic financial management information, and in helping ensure that the use of TRAC in informing forthcoming funding reviews is robust and the data compelling. These forthcoming reviews include the review of fees, the Comprehensive Spending Review in 2009, and the Research Councils UK review of the full economic costs for funding of research.
3. I would draw your attention to the invitation for members to serve on the new group that will support the TRAC Strategy Group and take responsibility for overseeing the development and implementation of TRAC in institutions and its use by stakeholders. Further information is on the HEFCE web-site.
4. I strongly urge you to discuss these issues with your senior management team.
Professor David Eastwood
Letter from Professor Steve Smith
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