The VRQA has newly expanded powers to conduct school financial capability assessments of independent schools.
The VRQA monitors and assesses the financial capability of independent schools and may take action to protect the interests of students as consumers if financial viability issues arise.
The VRQA Guideline – School Financial Capability Assessment (docx - 178.8kb) sets out the VRQA’s powers and the approach it takes in conducting financial capability assessments.
The Guideline on School Financial Capability Assessment reflects the new provisions incorporated in the Education and Training Reform Act 2016.The VRQA now has broadened powers to:
- conduct periodic financial capability assessments of a VRQA registered school and take action to protect the interests of students
- suspend or cancel the registration of schools which close or cease to operate, or where a proprietor becomes bankrupt or insolvent
- conduct a targeted review of the financial capability of a VRQA registered school where the VRQA has concerns about its financial viability.
The Guideline came into effect on 2 December 2015.