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Services should report on each category of funding received from the Ministry.
Services may choose how they report to their community on the spending of this funding. This can be done by detailing the information in a newsletter, a notice displayed at the service or by publishing their annual financial reports.
This information must be available at the service within 180 days of the end of the financial year.
Financial reports required by the Ministry
All services that have been in operation for a full financial year must provide the Ministry with copies of their audited financial reports. Community-based and private services have different reporting requirements. The types of financial reports required is outlined in 12-2: Types of Financial Reports.
12-2: Types of financial reports
Services that have not completed a full financial year of operation do not have to provide audited financial reports.
When to send your financial report
Services have until 30 June each year to send the Ministry their audited financial reports for the previous financial year.
The following table shows an example of financial years and when the information should be sent in.
| If your financial year was | You will need to send your financial information to the Ministry by |
|---|---|
| 1 April 2023 – 31 March 2024 | June 2025 |
| 1 July 2023 – 30 June 2024 | June 2025 |
| 1 October 2023 – 30 September 2024 | June 2025 |
| 1 January 2024 – 31 December 2024 | June 2025 |
| 1 April 2024 – 31 March 2025 | June 2026 |
Warning
Your service may have their advance funding withheld if:
- it misses the reporting deadline
- financial reports are not audited or do not meet the audit requirements. Refer to Section 12-4
- audited financial reports do not meet the Ministry’s reporting requirements (e.g. equity funding has not been reported separately). Refer to Section 12-2.
Change in requirements from 1 January 2011
An income threshold for financial reporting is being introduced from 1 January 2011.
For the purposes of the income threshold, ‘income’ is all funding received from the Ministry of Education (inclusive of GST).
Services with an income of less than $80,000 will not have to provide audited financial reports. Services with an income of more than $80,000 will still have to provide audited financial reports.
