Financial management guidance

There is a great deal of financial management related guidance available generally and it is impractical to list all of this here. Consequently, we have restricted our view to guidance that is quite specific to the HE sector.

Issued by HEFCE:

Model financial memorandum between HEFCE and institutions (HEFCE 2010/19)
The financial memorandum, between HEFCE and the institutions we fund, sets out the terms and conditions for payment of HEFCE grants.
Effective financial management in higher education (HEFCE 1998/29)
This is a self-assessment tool for governors and managers to review how they strategically manage the financial affairs of their own institution. HEIs are encouraged to assess themselves periodically and present the results to the governing body. The HEFCE Audit Service will seek to rely on a recent self-assessment when reviewing the financial management arrangements at HEI's.
Financial strategy in higher education institutions (HEFCE 2002/34)
This guide identifies the principles of developing and implementing a financial strategy in higher education, and provides suggestions and self-challenge questions that institutions can adapt to meet their priorities and circumstances.
Practical guide to PFI for higher education institutions (HEFCE 1998/69)
This guide is intended for people in higher education institutions who are involved in procuring projects using the Private Finance Initiative (PFI). PFI is a method of procurement which seeks to achieve best value for money by focusing on the delivery of a service, rather than the acquisition of an asset.
Investment decision making: a guide to good practice (HEFCE 2003/17)
This good practice guide is aimed at anyone in higher education who is involved in making decisions on investments..
Circular letter 20/2011 - HEFCE's Accounts Direction to higher education institutions for 2011-12 financial statements
The Accounts Direction updates HEIs on changes to HEFCE's requirements on the preparation of HEI's annual financial statements for 2009-10.

Other web sites of general interest:

(HEFCE is not responsible for the content of other web-sites)

The British Universities Finance Directors Group
BUFDG is the representative body for finance staff in the higher education sector in the United Kingdom. It provides support and advice to the sector on a wide range of issues.
The Joint Costing and Pricing Steering Group
The JCPSG completed its work in 2005 but its web-site provides guidance on costing and pricing of HEI activities, including the Transparent approach to costing (TRAC).
JISC Procureweb
A source of tools, information and support to anyone who participates in the procurement process.
Chartered Institute of Public Finance & Accountancy
Institute of Chartered Accountants in England & Wales