NOTICE OF APPROVAL
COMMONWEALTH OF AUSTRALIA
Higher Education Support Act 2003
VET Provider Approval No 17 of 2015
Approval under subclause 6(1), decision under paragraph 11(1)(a), and notice of approval under paragraph 11(1)(b) of Schedule 1A to the Higher Education Support Act 2003 (the Act).
I, Shelley Owen, a delegate of the Minister for Education and Training
(a) approve the application of Royal Queensland Aero Club Limited (ACN: 009 660 806 ABN: 38 009 660 806) as a VET provider in accordance with subclause 6(1) of Schedule 1A to the Act; and
(b) impose conditions on the approval of Royal Queensland Aero Club Limited as a VET Provider in accordance with subclause 12A(1) of Schedule 1A to the Act; and
(c) note that this approval decides the application of Royal Queensland Aero Club Limited as required by paragraph 11(1)(a) of Schedule 1A to the Act; and
(d) hereby give Royal Queensland Aero Club Limited written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to the Act.
Conditions
1. Royal Queensland Aero Club Limited must achieve, and thereafter maintain, a current ratio score of 1.00, following the exclusion of income received in advance from current liabilities, on or before 30 June 2017.
2. Royal Queensland Aero Club Limited must maintain a positive equity position for the period of its approval.
3. Royal Queensland Aero Club Limited will not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances for the period of its approval.
4. Royal Queensland Aero Club Limited must not offer its assets as security for the benefit of any other person or entity including associated entities except as a consequence of any commercial loan arrangements with a recognised financial institution for the period of its approval. Associated entity has the meaning given by section 50AAA of the Corporations Act 2001.
5. Royal Queensland Aero Club Limited must provide the Department responsible for administering the Higher Education Support Act 2003 with all required financial information as specified in the Financial Viability Instructions, on an annual basis by no later than 31 December each year for the period of its approval.
6. Royal Queensland Aero Club Limited must, in writing, advise the Department responsible for administering the Higher Education Support Act 2003 of any events affecting Royal Queensland Aero Club Limited or a related entity that may significantly affect the capacity of Royal Queensland Aero Club Limited to meet the VET quality and accountability requirements under the Act for the period of its approval. The written advice must be provided within 10 working days of the event occurring.
7. Royal Queensland Aero Club Limited must inform the Department responsible for administering the Higher Education Support Act 2003 in writing of changes to directors, company structure and/or its constitution for the period of its approval. The written advice must be provided within 10 working days of the event occurring.
8. Royal Queensland Aero Club Limited must not include in VET units of study, any units of competency that are not listed as part of the diploma or above level qualification in the relevant Training Package or VET Accredited Course for the period of its approval.
9. Royal Queensland Aero Club Limited will provide the Department responsible for administering the Higher Education Support Act 2003 with year to date interim management reports on a six monthly basis including, but not limited to, a standard Balance Sheet and Detailed Profit & Loss statement for Royal Queensland Aero Club Limited. The management reports will be attested to by a Director of Royal Queensland Aero Club Limited that they present a true and fair view of the financial position of Royal Queensland Aero Club Limited. The management reports will be provided each year by:
· 31 January – covering the period 1 July to 31 December, and
· 31 July - covering the period 1 July to 30 June.
The provision of these reports is required to continue until such time as Royal Queensland Aero Club Limited is notified in writing by the Department responsible for administering the Higher Education Support Act 2003 that the submission of interim reports is no longer necessary. It is acknowledged the requirements in this clause are in addition to the annual reporting requirements specified in clause 5.
10. Royal Queensland Aero Club Limited will receive payments in arrears based on reported student data in respect of all VET FEE-HELP liabilities until notified in writing by the Department responsible for administering the Higher Education Support Act 2003 that an alternative payments arrangement is required.
11. Royal Queensland Aero Club Limited must advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity undertaken or being undertaken by ASQA relating to non-compliance with the Standards for NVR Registered Training Organisations for five years from the date of approval.
12. Royal Queensland Aero Club Limited must advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity that has been or is being undertaken in relation to Australian Consumer Law and/or fair trading laws for five years from the date of approval.
13. Royal Queensland Aero Club Limited must report data monthly for two years from the date of approval.
In accordance with subclause 12(2) of Schedule 1A to the Act this notice of approval commences on the day after it is registered on the Federal Register of Legislative Instruments.
Dated this 11th day of September 2015
Shelley Owen
A/g Branch Manager
Delegate of the Minister for Education and Training
