Financial Accountability Collection – Australian Government

 

Do Schools need to comply?

Yes. Approved authorities who receive recurrent funding must complete the Financial Accountability collection.

Conditions of compliance:

The Financial Accountability (FA) collection enables all approved authorities to certify that the Australian Government financial assistance has been spent, or committed to be spent, for the purpose of providing school education. Approved authorities who receive recurrent funding must ensure the completion of the Financial Accountability collection to meet their requirements under the Australian Education Act 2013 (Cth) (the Act) and Australian Education Regulation 2013 (Cth) (the Regulation). The Financial Accountability consists of an Acquittal Certificate for all approved authorities and a Block Allocation Report for approved authorities that operate more than one school.

If you have to comply, what do you have to do?

Independent qualified accountants must submit the Financial Accountability collection via SchoolsHUB by 30 June annually for the previous calendar year’s financial assistance received.

What are the consequences if you don't comply?

Independent schools receive funding from the Australian Government under the Australian Education Act 2013 (Cth) subject to the conditions which are set out in the Act.

The completion of the Financial Accountability collection is a condition under the Act.

Useful links:

SchoolsHUB – Data Collections – Financial Accountability

 

For more information, please contact Dr Bronwyn Donaghey.