Higher Education Provider Approval No. 3 of 2017 (Cth)

NOTICE OF APPROVAL

COMMONWEALTH OF AUSTRALIA

Higher Education Support Act 2003

Higher Education Provider Approval No. 3 of 2017

Approval under section 16-25, decision under paragraph 16-50(1a), and Notice of Approval under paragraph 16-50(1b) to the Higher Education Support Act 2003 (the Act).

I, Andrew Herd, a delegate of the Minister for Education and Training for the purposes of 16-25,           16-50 and 16-60 of the Higher Education Support Act 2003 (the Act):

(a)approve Russo Business School Pty Ltd (ACN: 601 105 319; ABN: 34 601 105 319) as a higher education provider in accordance with section 16-25 of the Act; and

(b)impose conditions on the approval of Russo Business School Pty Ltd as a higher education provider in accordance with paragraph 16-60 of the Act;

(c)note that this approval decides the application of Russo Business School Pty Ltd as required by paragraph 16-50 (1a) of the Act; and

(d)hereby give Russo Business School Pty Ltd written notice of my approval as required by paragraph 16-50 (1b) of the Act.

Conditions

1.   Russo Business School Pty Ltd must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.

2.   Russo Business School Pty Ltd must maintain a positive equity position for the period of its approval.

3.   Russo Business School Pty Ltd must not provide any new guarantees or loans to its directors or related entities that could have a material effect on its finances.

4. Russo Business School Pty Ltd 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.   Russo Business School Pty Ltd must, on an annual basis for the period of its approval, by no later than 31 December each year, provide the department responsible for administering the Act with:

a) a financial statement that complies with section 19-10 of the Act; and

b)   a declaration by an external and independent public accountant or qualified auditor that Russo Business School Pty Ltd has, as at the date of the declaration, complied with all statutory obligations relating to the lodgement and payment of:

§company tax;

§goods and services tax;

§pay-as-you-go withholding tax for employees;

§payroll tax;

§superannuation guarantee for employees; and

§other withholding tax.

6.   Russo Business School Pty Ltd must, in writing, advise the department responsible for administering the Higher Education Support Act 2003 of any events affecting Russo Business School Pty Ltd or a related entity that may significantly affect the capacity of Russo Business School Pty Ltd to meet the 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.   Russo Business School Pty Ltd 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.   Russo Business School Pty Ltd must, as soon as practicable, advise the department responsible for administering the Higher Education Support Act 2003 of any regulatory activity undertaken or being undertaken by the Tertiary Education Quality and Standards Authority or any other regulatory body which may impact upon its operations for the period of its approval.

9.   Russo Business School Pty Ltd must, as soon as practicable, 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 the period of its approval.

10.       Russo Business School Pty Ltd must report data monthly for two years from the date of approval.

In accordance with section 16-55 of the Act and section 12 of the Legislation Act 2003 this notice of approval commences on the day after it is registered on the Federal Register of Legislation.

Date: 15 September 2017

Dr Andrew Herd

A/g Branch Manager  

Funding Policy and Legislation Branch

Higher Education Group

Delegate of the Minister for Education and Training