Income Threshold for ECE Financial Reporting
The Ministry of Education has introduced an income threshold for early childhood education (ECE) financial reporting.
The income threshold will mean that ECE services with a Ministry income of $80,000 (incl GST) or less will not have to provide audited financial reports. ECE services with a Ministry income of more than $80,000 (incl GST) will still have to meet the Ministry’s financial reporting requirements.
When does the income threshold come into effect?
The income threshold comes into effect on 1 January 2011 and will apply to the financial year ending in 2011.
The income threshold does not apply to the financial year ending in 2010. All ECE services, regardless of income, must send audited financial reports to the Ministry by 30 June 2011 for the financial year ending in 2010.
The timing of the introduction of the income threshold is outlined in the table below:
| Financial year ending... |
Financial reports due to the Ministry by... |
Income threshold status |
| 2010 |
30 June 2011 |
- Income threshold does not apply
- All ECE services, regardless of income, must submit audited financial reports for the financial year ending in 2010.
|
| 2011 |
30 June 2012 |
- Income threshold applies
- ECE services with a Ministry income of $80,000 (incl GST) must provide audited financial reports.
|
For more information
The Ministry will publish further information about the income threshold during 2011.
The financial reporting requirements are detailed in the ECE Funding Handbook. Information on the reporting requirements has been published in Circular 2012/04 on the Ministry's website.
For more information contact the Resourcing Contact Centre:
Ph (04) 463 8383, Fax (04) 463 8374, Email resourcing@minedu.govt.nz
PO Box 1666, Wellington 6140