A non-government school in NSW must have an NSW Education Standards Authority (NESA) approved body confirm its financial viability as a part of the NESA registration and accreditation process.
The regulatory requirement is contained in:
- the NSW Education Act
- The NSW Registration Systems and Member Non-government Schools Manual (Registration Manual)
CSNSW is a NESA-approved certifier and offers financial viability review services and certifications.
Financial Viability Services and Certification
The Registration Manual provides that the proprietor of a non-government school must maintain evidence to demonstrate the current financial viability of the school.
CSNSW:
- conducts the analysis and review
- attaches supporting evidence
- issues the required certification to demonstrate the current financial viability of a school.
The Resources and Stewardship directorate at CSNSW are finance and accounting professionals who carry out financial viability services on behalf of non-government schools.
The process is quick and valuable to those who avail themselves of the service.
Among other resources, CSNSW uses its School Insights platform to:
- assist in the analysis of the financial data
- prepare the dashboard reporting used in making the final determination.
CSNSW provides this service to schools in order to meet the NESA requirements, but also to enable a school to demonstrate:
- prudent financial management
- a sound business model
- proper stewardship of resources
- good governance.
At the completion of each assessment, the team provide a full dashboard report with supporting documentation and calculations and then discuss the findings with each school.
References
- Section 47 (1)(a1) of the Education Act and “Section B2.5 - Schools must be financially viable” of the NSW Education Standards Authority’s “Registered and Accredited Individual Non-government Schools (NSW) Manual”NSW Registered and Accredited Individual Non-government Schools Manual.
- Certification: NESA Financial Viability Certification.