Higher Education Support Act 2003 - VET Provider Approval No. 21 of 2015 (Cth)

NOTICE OF APPROVAL
COMMONWEALTH OF AUSTRALIA
Higher Education Support Act 2003
VET Provider Approval No 21 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 (HESA).

I, Dean Woodgate, a delegate of the Minister for Education and Training

(a)approve the application of Passmores’ Foundation Limited (ACN:  083 155 659 ABN:  97 083 155 659) as a VET provider in accordance with subclause 6(1) of Schedule 1A to HESA; and

(b)imposes conditions on the approval of Passmores’ Foundation Limited as a VET Provider in accordance with subclause 12A(1) of Schedule 1A to HESA; and

(c)note that this approval decides the application of Passmores’ Foundation Limited as required by paragraph 11(1)(a) of Schedule 1A to HESA; and

(d)hereby give Passmores’ Foundation Limited written notice of my approval as required by paragraph 11(1)(b) of Schedule 1A to HESA.

Conditions

In accordance with subclause 12A(1) of Schedule 1A to HESA the Minister may impose conditions on a Body’s approval as a VET provider. The proposed conditions to be imposed on the approval of Passmores’ Foundation Limited as a VET provider are listed below.

1. Passmores’ Foundation Limited must maintain adequate liquidity levels as measured by a current ratio of 1.0 or above for the period of its approval.

2. Passmores’ Foundation Limited must maintain a positive equity position for the period of its approval.

3. Passmores’ Foundation 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. Passmores’ Foundation 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. Passmores’ Foundation 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. Passmores’ Foundation Limited must, in writing, advise the Department responsible for administering the Higher Education Support Act 2003 of any events affecting Passmores’ Foundation Limited or a related entity that may significantly affect the capacity of Passmores’ Foundation Limited to meet the VET quality and accountability requirements under the Higher Education Support Act 2003 for the period of its approval. The written advice must be provided within 10 working days of the event occurring.

7. Passmores’ Foundation 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. Passmores’ Foundation 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. Passmores’ Foundation 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.

10. Passmores’ Foundation 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.

11. Passmores’ Foundation Limited must report data monthly for two years from the date of approval.

In accordance with subclause 12(2) of Schedule 1A to HESA this notice of approval commences on the day after it is registered on the Federal Register of Legislative Instruments.

Dated this 30th day of October 2015

Dean Woodgate
A/g Branch Manager

Delegate of the Minister for Education and Training