This policy and procedure is to be used by Train N Trade to maintain its processes to meet its legal and financial responsibilities and business requirements.
Train N Trade is a registered company under the Corporations Act 2001 and is taken to be registered in New South Wales. The company is limited by shares and it is a proprietary company. It was incorporated in 24 September 2012.
Train N Trade will comply with financial management legislation required by ASIC and the ATO and the VET Quality Framework legislation and NVR Standards. The institute will engage the services of accounting professionals and qualified auditor to ensure financial reports are submitted accurately and on time and meet the ATO taxation requirements.
Train N Trade’s PEO will have risk management processes and procedures appropriate for the size of its operations to ensure the company complies with its financial management obligations. Sound financial planning, budgeting and cash flow management is necessary for the company to grow as a business and meet targets and financial viability requirements.
This policy covers all financial activities of Train N Trade.
1.1 Train N Trade appointed its Chief Financial Officer (CFO) who has defined responsibility and authority to:
1.2 Train N Trade will implement and maintain financial procedures to meet its legal and financial responsibilities
1.3 Train N Trade’s CFO will be the person responsible for the implementation and maintenance of the policy.
1.4 The Principal Executive Officer (PEO) may act or undertake duties of the CFO where necessary.
2.1 Train N Trade’s accounts will be certified, by a qualified accountant who holds membership with the necessary accounting body and/or institute such as Certified Practicing Accountants, National Tax and Accountants Association and the like.
Train N Trade will communicate clearly to participants and clients about financial arrangements as required by the VET Quality Framework and NVR standards (SNR).This includes pricing of course fees, other administration fees and refund policies. All fees and charges for the delivery of vocational training and assessment services must be approved by the PEO prior to their publication, quotation to clients.
4.1.3 The Enrolment Form is an agreement for the participant to sign that sets out the fees and terms and conditions of enrolment. Participants are required to sign an acceptance of the terms and conditions on the application form or acknowledge acceptance of the terms and conditions confirmation on the website.
4.1.4 The Company reserves the right to change its policy regarding fees and refunds with due notice to participants.
4.1.5 A full list of Train N Trade’s Fees and Charges can be found in Appendix A.
Train N Trade’s CFO will maintain procedures to:
Train N Trade’s Accountant/Payroll will maintain procedures to:
5.1 Course Fees will be at the published in the course brochures and on Train N Trade website.
5.2 Course fees can be found in Appendix B.
5.3 The application fee is non-refundable.
5.4 Other special offers and discounts may be marketed from time to time.
6.1 The standards adopted by the organisation will reflect the standards as set out by the Australian Accounting Standard Board (AASB) in line with the Accounting Standards and Accounting Practices issued by the Australian Society of Certified Practising Accountants and the Institute of Chartered Accountants in Australia.
7.1 Financial Reporting is designed as a performance and operational indicator for NVR RTO.
7.2 Train N Trade prepares its financial statements on an a cash basis in accordance with relevant accounting standards and requirements including:
7.3 Train N Trade will obtain a special purpose audit report when requested to do so by the Australian Skills Quality Authority.
8.1 Train N Trade has adopted an accounts receivable policy as per the requirement of Financial Management of Initial Registration in collecting student fees in advanced adopting option three (3) as follows:
8.2 Students may pay in EFT, by Credit Card or cheque to the organisation during business hours.
8.3 If paying by mail students are required to make their cheque and/or money order payable to Train N Trade and payment must be received prior to training commencement.
9.1 Train N Trade will protect any monies paid in advanced to ensure that in the very unlikely event a program cannot commence, the NVR RTO will be in a position to refund the course fees to the participant or account holder
9.2 If a student wishes to partially pay or pay in full for their chosen course, Train N Trade will only accept $1000 deposit in advance. This will also be communicated to the student in marketing brochures.
9.3 Train N Trade will also purchase ASTAS scheme for both certificate and diploma level courses if the RTO require participants to pay more than $1,500 directly from students or indirectly through a third party where Train N Trade will receive course fee in excess of $1,500 from the third party. This will provide further protection for all the fees collected in advance not only prior to the commencement of the course but also throughout the enrolment of students. ACPET’s ASTAS is currently the only tuition assurance scheme for domestic students that is currently approved and recognised by ASQA.
9.4 If Train N Trade has an agreement with a third party and the arrangement allows the third party to collect course fee in excess of $1,500 and where Train N Trade does not collect more than $1,500 from the third party:
9.5 The above protection measures will ensure that Train N Trade meets the financial management compliance requirements as a NVR RTO.
9.6 This policy and procedures will be reviewed at least annually.