The effective operation of independent schools is underpinned by sound financial management. This requires a proactive approach to preventing, detecting and treating any signs of financial stress.
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.
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.
Financial Management Resource
The VRQA and Somerset Education have jointly produced the
Financial Management for Independent Schools booklet for independent schools operating in Victoria. The booklet outlines some important factors that contribute to financial sustainability, common causes of financial stress, and methods for diagnosing the financial health of independent schools.
- Download the
Financial Management for Independent Schools booklet:
- Download the Financial capability assessment (Schedule 1)