Developing approaches to financial sustainability

A formal governance structure is in place to lead and oversee the development of financial and academic sustainability, including TRAC.

Financial Sustainability Strategy Group (FSSG)

The FSSG is a high-level forum established to consider the strategic, policy, cultural and technical issues around the sustainability agenda in the HE sector.

The aim of this group is to contribute to the higher education (HE) sector, improving its understanding, management and communication of its academic and financial sustainability. It will also support and enhance the understanding and development of management, governance and risk processes in the new regulatory and funding environment for HE.

The FSSG forms part of a two-tier governance structure and is supported by the TRAC Development Group (TDG).

Membership and terms of reference

The FSSG is chaired by Professor Geoffrey Crossick, Vice-Chancellor, University of London. The June 2011 letter from Professor Crossick examines the implications of the report on assessing the sustainability of higher education institutions and discusses how the sector should use this work

FSSG terms of reference, aims and objectives

Download the FSSG terms of reference, aims and objectives as PDF (51 KB)

FSSG membership

Download the FSSG membership as PDF (68 KB)

More information on TRAC for senior managers

TRAC Development Group (TDG)

The group considers developmental issues and supports the use of TRAC in understanding and managing financial sustainability.

The main role of the group is to embed the TRAC methodology throughout the UK higher education (HE) sector, by ensuring that it meets both institutions' and funders' needs.

In outline, the group aims to:

understand the requirements of institutions and funders in their use of TRAC
take ownership of the TRAC guidance, and develop support to institutions
work with the Financial Sustainability Strategy Group (FSSG) to ensure ownership of the TRAC principles within the UK HE sector, and with its funders.

The group works with a range of organisations but in particular aims to serve the interests of TRAC practitioners, policy and strategic managers at institutions, and funding organisations.

Professor Stuart Palmer chairs the group.

Work with the Financial Sustainability Strategy Group

The TRAC Development Group works with the FSSG to address many of the key issues about sustainability, future funding, and stakeholder confidence in the sector. Between them, the two groups also oversee TRAC and other related financial management information to help institutions manage their funding and costs in an increasingly challenging financial context.