• Section 1 - Accountability and Management
• Section 2 - Legislative Environment
• Section 3 - Commonwealth Funding Allocation and Distribution
• Section 4 - Financial Functions, Powers and Authorities of the University
• Section 5 - Responsible Officers

Section 1 - Accountability and Management

(1) Subject to accountability requirements specified in the relevant legislation, Council as the governing body of QUT is responsible for the management and control of the finances and assets of the University as referenced under Section 9, Queensland University of Technology Act 1998 (QUT Act).

(2) This includes responsibility for the adoption and review of a budget for the University (Section 54, QUT Act). Although Section 11 of the QUT Act permits Council to delegate certain of its powers and authorities, Council may not delegate its duties in relation to the annual adoption of a budget and the approval of the spending of funds available to the University by way of bequest, donation or special grant (Section 11 (2)).

(3) In accordance with its statutory requirements, the University:

1. prepares annual financial statements following the close of each financial year, certified by the Chancellor, the Vice-Chancellor and President and the Vice-President (Finance) and Chief Financial Officer;
2. submits annual financial statements to the Auditor-General;
3. prepares and maintains a Financial Management Practice and Procedures Manual of policy and procedures for the University's accounting and internal controls; and
4. prepares and submits an annual report including financial statements and authorised audit report to the appropriate State Government Minister within an agreed timeframe to allow the Minister to table the annual report in Parliament within the approved period as defined in the Financial Accountability Act 2009.

(4) Finance and Planning Committee is the University's senior financial and resource planning body and is comprised of representatives from Council, senior management, and the University community. The Committee assists and advises Council on financial and resource planning for the University and receives advice in turn from the Vice-President (Finance) and Chief Financial Officer, regarding the educational profile, strategic plans, resource allocation, and performance. The Committee also receives advice on the capital management plan, the implementation and administration of the financial operations of QUT including investment of funds, payroll, accounts and purchasing, and public accountability requirements.
 

(5) Risk and Audit Committee (A/3.3) assists and advises Council on risk management and audit related matters, including the performance or discharge of functions and duties under the Financial Accountability Act 2009, the Financial and Performance Management Standard 2019 and the University's Assurance and Audit charter.

(6) Finance Business Solutions prepares each year for approval through Finance and Planning Committee and Council the University’s Triennial Consolidated Budget and five year Capital Management Plan.

(7) Finance Business Solutions prepares other internal financial management reports including: Mid-year Reforecast; Financial Management Report (monthly); Final Outcome Report (annual); and, for external reporting obligations, the Annual Financial Statements which are included within the University’s Annual Report.

Section 2 - Legislative Environment

(8) The financial management of the University is governed by:

1. its enabling legislation - the Queensland University of Technology Act 1998;
2. the Financial Accountability Act 2009;
3. the Financial Accountability Regulation 2019;
4. the Financial and Performance Management Standard 2019 issued in terms of the Financial Accountability Act 2009 Section 57;
5. the Statutory Bodies Financial Arrangements Act 1982;
6. the Statutory Bodies Financial Arrangements Regulation 2019;
7. the Higher Education Support Act 2003.

(9) The accounting concepts and standards used by QUT are in accordance with the Australian Accounting Standards.

(10) The University's annual financial statements and internal controls framework are audited by the Auditor-General of Queensland in accordance with the Auditor-General Act 2009 and Financial and Performance Management Standard 2019 Sections 43 and 45.

(11) Members of the University community are responsible for assisting with the satisfactory conduct of the audit as necessary and for complying with the legislative requirements.

Section 3 - Commonwealth Funding Allocation and Distribution

(12) The Higher Education Support Act 2003 outlines the funding arrangements for higher education providers including QUT.  Under the Commonwealth Grant Scheme (CGS), the Australian Government contributes funding toward the cost of student places.

(13) Commonwealth supported students contribute through the Higher Education Contribution Scheme (HECS) or Higher Education Loan Program (HELP) scheme with payments made by the student or on the students' behalf through the HECS trust fund. Contribution amounts are determined on a discipline basis. 

(14) Additional Commonwealth funding is available through grants for a variety of purposes. These include:

1. capital development;
2. collaboration and reform;
3. substantial support for specific research projects with grant funds channelled through other agencies, for example, the Australian Research Council (ARC). Such agencies award grants to the University for use by individual members of staff or a research team for a project approved by the granting agency (External research funding);
4. grants to enhance teaching and learning;
5. grants for purposes such as promotion of equal opportunity, Aboriginal and Torres Strait Islander peoples participation projects and projects of national priority, and
6. grants for unspecified research or other purposes.

(15) Internally, funds are distributed on a monthly basis across QUT based on the Consolidated Budget, updated in a mid-year reforecast.

(16) The Triennial Consolidated Budget development is tied closely to the University's planning process and is approved by Council before the end of the year prior to its implementation.

Section 4 - Financial Functions, Powers and Authorities of the University

(17) QUT is a body corporate, has a seal, and may sue and be sued in its corporate name. Under the QUT Act, the University may:

1. enter into contracts;
2. acquire, hold, dispose of, and deal with property;
3. appoint agents and attorneys;
4. engage consultants;
5. fix charges, and other terms, for services and other facilities it supplies;
6. establish or administer trust funds.

(18) In addition to its main teaching, research and service functions, the University is also empowered to exploit commercially any of its facilities or resources for the benefit of the University.

Section 5 - Responsible Officers

(19) The Vice-Chancellor and President, as chief executive officer, is responsible to Council for all aspects of the institution's management, including its financial affairs. The Vice-Chancellor and President is assisted in this duty by the following direct reports:

1. the Vice-President (Administration) and University Registrar - for administrative aspects
2. the Vice-President (Finance) and Chief Financial Officer - for planning, resource allocation and financial management.

(20) The Vice-President (Finance) and Chief Financial Officer, is responsible for ensuring that the financial management accountability obligations of QUT are met.

Heads of individual responsibility centres are responsible for the efficient and effective management of all funds under their control and are bound by the policies and practices set down by QUT in line with its financial obligations.

(21) The Register of Authorities and Delegations (QUT staff access only) identifies financial responsibilities, delegations and signing authorities.