Higher Education Provider Approval No. 5 of 2014

Link to law: https://www.comlaw.gov.au/Details/F2014L01578

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NOTICE OF APPROVAL
 
COMMONWEALTH OF AUSTRALIA
 
Higher Education Support Act 2003
 
Higher Education Provider Approval No 5 of 2014
 
Approval under section 16-25, decision under paragraph 16-50(1)(a), and Notice of Approval under paragraph 16-50(1)(b) of the Higher Education Support Act 2003.
 
I, Alison Cleary, a delegate of the Minister for Education for the purposes of sections 16-25 and 16-50 of the Higher Education Support Act 2003 (the Act):
(a)           approve the application of MHM Higher Education Pty Ltd (ACN: 139 036 721  ABN: 16 139 036 721) as a Higher Education Provider in accordance with section 16‑25 of the Act; and
(b)         impose conditions on the approval of MHM Higher Education Pty Ltd in accordance with section 16-60 of the Act; and
(c)          note that this approval decides the application of MHM Higher Education Pty Ltd as required by paragraph 16‑50(1)(a) of the Act; and
(d)         hereby give MHM Higher Education Pty Ltd written notice of my approval as required by paragraph 16‑50(1)(b) of the Act.
Conditions
1.              MHM Higher Education Pty Ltd must provide to the Department responsible for administering the Act (the Department), year to date interim management reports on a six monthly basis including, but not limited to, standard balance sheet and detailed profit and loss statements for MHM Higher Education Pty Ltd and MHM Australasia Pty Limited.  The management reports must be attested to by a Director of the respective company that they present a true and fair view of the financial position of that company. The management reports must be provided each year by 5.00pm on:
a)             31 January – covering the period 1 July to 31 December; and
b)             31 July – covering the period 1 January to 30 June, including year to date figures covering the period from 1 July to 30 June.
2.              MHM Higher Education Pty Ltd must provide to the Department revised projected student enrolments and budget forecast reports for the current and next financial reporting year. The forecasts must be provided with the provision of the interim management reports.
3.              At the time of provision of interim management reports, MHM Higher Education Pty Ltd must also provide to the Department:
a)             a progress report comparing actual student enrolments against projected student enrolments and actual income and expenses against budget forecasts for the same period as the interim management reports; and
b)             an explanation of variances of 10 per cent or more between actual and projected student enrolments and actual income and expenses and budget forecasts;
4.              MHM Higher Education Pty Ltd will receive payments for FEE-HELP in arrears for the first 36 months after being approved as a Higher Education provider (ie lump sum payments will be made based on actual student liabilities reported in HEIMS after each census date).
5.              MHM Higher Education Pty Ltd must not pay  any dividends  for  a period of at least 36 months after being approved as a Higher Education provider and until such time as retained earnings are positive;
6.              MHM Higher Education Pty Ltd must not provide any new guarantees or loans to its directors, related entities, related persons or employees.
7.              MHM Higher Education Pty Ltd must not offer its assets as security for the benefit of any other person or entity including related entities except as a consequence of any commercial loan arrangements with a recognised financial institution.
8.              MHM Higher Education Pty Ltd must inform the Department in writing of changes to directors, company structure and/or its constitution at the time any changes occur.
9.              MHM Higher Education Pty Ltd will provide the Department with all required financial information as specified in the Financial Viability Instructions, on an annual basis and no later than 31 December each year.
Conditions 1 to 4 will remain in place for a period of 36 months from the date of commencement of the notice of approval. Condition 5 will remain in place for a period of at least 36 months from the date of commencement of the notice of approval and continue thereafter until such time as retained earnings are positive.
Conditions 6 to 9 will remain in place for such time as MHM Higher Education Pty Ltd continues to be an approved FEE-HELP provider.
In accordance with paragraph 16‑55(2) of the Act this Notice of Approval commences on the day after it is registered on the Federal Register of Legislative Instruments.
 
Dated this ……………………17th........................…. day of ………….November.....……………………….. 2014
 
Alison Cleary
A/g Branch Manager
Delegate of the Minister for Education