Staff Help Centre
Financial Management Policy & Procedure – (Condition 5)
| Effective Date: | August 2021 | Review Date: | August 2026 or as required. |
| Document Status: | UNDER REVIEW | Original Version: | 2012.1 |
| Authorised by: | Chief Executive Officer | Document Owner: | Intelligent Training Solutions |
WARNING! – UNCONTROLLED WHEN PRINTED! – THE CURRENT VERSION OF THIS DOCUMENT IS KEPT ON THE STAFF PORTAL OF THE INTELLIGENT TRAINING SOLUTIONS WEBSITE
1. Policy Statement
Intelligent Training Solutions maintains financial policies. This policy defines the system used to manage the Intelligent Training Solutions fee collection and refund arrangements in accordance with Condition 5 – Financial Management of the AQTF Essential Conditions and Standards for Continuing Registration.
NOTE: Intelligent Training Solutions enrolment terms and conditions and the availability of our complaints and appeals process, together with our financial management policy, do not remove a student’s right under Australia’s consumer protection laws.
2. Responsibility
| 2.1 | The Chief Executive Officer is responsible for implementing this policy and ensuring that staff involved with the invoicing, receipt, and collection of funds know its application and enforce its requirements. |
| 2.2 | The Administration Manager is responsible for the administration support and the operational implementation of this policy. |
| 2.3 | Only authorised collectors are permitted to collect revenue and issue official receipts on behalf of Intelligent Training Solutions. |
| 2.4 | An authorised collector is a full-time or part-time/casual staff/ member of Intelligent Training Solutions, nominated and approved by the Chief Executive Officer to collect revenue on behalf of Intelligent Training Solutions. |
| 2.5 | The authorised collector will be required to accept responsibility for collecting revenue on behalf of Intelligent Training Solutions according to the financial procedures and taxation requirements. |
| 2.6 | Authorised collectors are required to acquaint themselves with what sources of income are GST-free and what are GST-payable for their collection point. They should seek information on applying GST to revenue to be collected at their collection point from their supervisor or Finance. |
| 2.7 | Intelligent Training Solutions may perform police checks before employing staff or assigning regular cash handling and receipting responsibilities to an individual/s involved in other critical cash handling positions. |
| 2.8 | Intelligent Training Solutions must seek an explanation for any reported felonies, misdemeanours, or judgements due to fraud related to cash, stocks, or any other financial transactions before hiring or upon learning such information. Any individual with revenue collection responsibilities must continuously maintain a clear status. |
| 2.9 | If an employee with revenue collection responsibilities is convicted of a crime, that conviction must be reported to the Chief Executive Officer or the directors of the company. If a revenue collection employee loses this status, their cash-handling responsibilities must be terminated. |
| 2.10 | The Chief Executive Officer is responsible for Intelligent Training Solutions’ financial procedures and accountabilities. |
| 2.11 | An independent and qualified accountant, Spadaro and Associates, is to prepare the annual accounts yearly. |
| 2.12 | If requested by the Australian Skills Quality Authority (ASQA), The Chief Executive Officer will obtain, and make available a full audit report from a qualified independent accountant with membership of CPA Australia or ICA Australia. |
| 2.13 | Protection of student fees paid in advance by a student is undertaken in accordance with AQTF Essential Conditions and Standards for Continuing Registration by meeting Option 3 of Condition 5 of these standards. |
EXTRACT FROM THE AQTF STANDARDS:
(Option 3) the RTO may accept payment of no more than $1000 from each individual student before the commencement of the course. Following course commencement, the RTO may require payment of additional fees in advance from the student but only such that at any given time, the total amount required to be paid, which is attributable to tuition or other services yet to be delivered to the student does not exceed $1,500
3. External Governance
| 3.1 | Accounting records of debtors, creditors, assets and liabilities, and financial statements are prepared quarterly by the Chief Financial Officer and annually by Spadaro & Associates, Level 1, Suite 108/12 Ormond Blvd, Bundoora VIC 3083, Telephone: (03) 9404 3474 Facsimile (03) 9404 3321 e-mail: spadarog@ozemail.com.au as required by ASIC for a private company and by the Australian Taxation Office. |
| 3.2 | Debt Collection of overdue invoices, fees, and charges is outsourced to Prushka Commerical Recovery (Fast Debt Recovery) (Recoveriescorp) and Mason Black + Mendelsons Lawyers. |
4. Definitions
| 4.1 | Authorised collector
A staff member working in the administration department/section of Intelligent Training Solutions. |
| 4.2 | Short courses
Short courses refer to individual units delivered over one or two days whereby, once completed, the student ends up with a Statement of Attainment for the units completed. |
| 4.3 | Qualification courses
The term qualification courses refer to courses that contain multiple units of competence whereby once completed, the student ends up with a Certificate of Completion for a qualification. |
5. Scope
| 5.1 | This procedure applies to all staff involved in the administration and management of Intelligent Training Solutions funds. |
6. Related Documents/References
7. Procedure
7.1 ACCOUNTING RECORDS
| 7.1.1 | At the end of each financial year, the Chief Executive Officer ensures that the accounts are prepared by Spadaro & Associates to indicate the financial performance and financial position of Intelligent Training Solutions Pty Ltd. |
| 7.1.2 | At the end of each financial year, the Chief Executive Officer will ensure that tax returns are prepared and lodged by Spadaro & Associates by the required date. |
7.2 COURSE FEES PAID BY EMPLOYEES
| 7.2.1 | For Intelligent Training Solutions employees, reduced course fees may be charged for training, subject to approval by the Chief Executive Officer or a company director. |
| 7.2.2 | The fee payment schedule for publicly offered courses and courses paid for by employers will be in accordance with Condition 5, Option 3 of the AQTF Essential Conditions and Standards for Continuing Registration. |
7.3 COURSE FEES PAID BY STUDENTS/CLIENTS OF INTELLIGENT TRAINING SOLUTIONS
| 7.3.1 | Course fees and payment schedules for every course delivered by Intelligent Training Solutions, both accredited and non-accredited, must be made publicly available via the Intelligent Training Solutions website (www.its.edu.au) |
| 7.3.2 | Before the commencement of the course, a maximum fee of $1,000 (the commencement amount) or the total course fee, whichever is the lesser amount, will be paid in advance. |
| 7.3.3 | After course commencement, an instalment payment schedule will be followed. This is known as the fee statement and is documented via a PDS or Agreed Program Delivery plan. |
| NOTE: Short courses do not have a payment scheduled as their fees are under $1,000.00 | |
| 7.3.4 | The instalment payment amount will equal the balance of fees owing after payment of the commencement amount and divided by the number of instalment payments to be made. Each instalment payment amount will not exceed $1,500 as per the requirements of the AQTF Standards, Condition 5, Option 3. |
| 7.3.5 | Fees collected are to be paid into an Intelligent Training Solutions bank account. |
| 7.3.6 | An authorised collector will issue a receipt to the student at the time or immediately after fees are received and cleared by the bank. |
| 7.3.7 | Fees paid will be recorded in our Xero Accounting system so that each student’s or client’s financial status is always known. |
7.4 FEES FOR SHORT COURSES
| 7.4.1 | The fee schedule for all short courses will have their associated course fees present on the enrolment form and an agreed program delivery form to be completed by each student. |
| 7.4.2 | Fee payments will be negotiated at the time of enrolment between the student and the training manager or program coordinator and then documented via the enrolment form or the agreed program delivery plan. |
7.5 FEES FOR QUALIFICATION COURSES
| 7.5.1 | The fee schedule for all qualification courses will have their associated course fees and payment schedules present on the product disclosure statement (PDS) to be completed by each student. |
| 7.5.2 | Fee payments will be negotiated at the time of enrolment between the student and the training manager or program coordinator and then documented in the PDS before the student signs the PDS. |
7.6 APPROVED METHODS OF PAYMENT
The Chief Executive Officer has authorised the subsequent payment methods for students or clients to settle invoices issued by Intelligent Training Solutions.
7.6.1 PAYMENT BY INVOICE
| 7.6.1.1 | Students may make payment via an issued invoice. Standard payment terms must not exceed 14 days with a 7-day preferred payment term. |
| 7.6.1.2 | A student’s enrolment/course fees must be paid in full prior to attending their course. |
| 7.6.1.3 | Payment terms may be extended by an authorised collector without approval from the Chief Executive Officer or Chief Financial Officer, providing that the payment terms remain within 14 days of the student and or clients course commencement. |
| 7.6.1.4 | An approved Intelligent Training Solutions invoice will contain an option for the student to pay via bank transfer, via PayID, or via a Credit Card using the Stripe payment service. A surcharge fee will be applied by Stripe and PayPal for any payments made through their service. |
| 7.6.1.5 | Any student wishing to withdraw from a course is subject to the Intelligent Training Solutions withdrawal and refund policies. |
7.6.2 PAYMENT VIA PAY ADVANTAGE – (DIRECT DEBIT)
| 7.6.2.1 | Intelligent Training Solutions is registered with PayAdvantage, an Australian financial institution that provides Intelligent Training Solutions with the ability to direct debit students for courses, goods and services. |
| 7.6.2.2 | Students enrolling in a qualification course are required to have their course fee instalments direct debited via the PayAdvantage system unless otherwise approved by the Training Manager. |
| 7.6.2.3 | Transaction fees will apply to students using this system, and those fees will be listed on the student’s PDS. |
| 7.6.2.4 | Any student wishing to withdraw from a course is subject to the Intelligent Training Solutions withdrawal and refund policies. |
7.6.3 PAYMENT VIA PAYRIGHT – (INTEREST-FREE STUDENT LOANS)
| 7.6.3.1 | Intelligent Training Solutions is registered with PayRight, an Australian financial institution that provides students with interest-free student loans for courses, goods and services. This service will provide students with the opportunity to pay off their course fees within a 6, 12, 18, or 24 month period, with repayments due monthly. |
| 7.6.3.2 | Students enrolling in a qualification course may elect to use PayRight for their course fees. |
| 7.6.3.3 | Students wishing to engage the services of PayRight, will incur a one-off merchant fee charged by PayRight. |
| 7.6.3.4 | Any PayRight merchant fees will be added to the student’s course enrolment fees. This will be documented on the student’s PDS. |
| 7.6.3.5 | A student who elects to use the PayRight system must agree to PayRight’s terms, conditions, and eligibility criteria. These criteria can be found on the PayRight system and are presented to the student before sign-up or approval. |
| 7.6.3.6 | Student’s using the PayRight system will be eligible to receive their Certificate of Completion once they have completed their course, regardless of the repayment option they have engaged. |
| 7.6.3.7 | Students who use the PayRight system have the right to withdraw or transfer from their course according to the relevant policies and procedures. |
| 7.6.3.8 | Any student wishing to withdraw from a course is subject to the Intelligent Training Solutions withdrawal and refund policies. |
| 7.6.3.9 | A student using the PayRight system can request a refund, if eligible, under Clause 4 of the Enrolment Terms and Conditions. |
7.6.4 PAYMENT VIA CREDIT CARD – (STRIPE)
| 7.6.4.1 | Intelligent Training Solutions is registered with Stripe, a financial institution that allows Intelligent Training Solutions to take payments via credit card from students and clients. |
| 7.6.4.2 | Students may pay course fees via their credit card. A student may choose to pay their fees over the phone or via a link on their invoice. |
| 7.6.4.3 | A transaction fee determined by Stripe is applied to all payments processed through the Stripe system. These fees are charged by Stripe directly and included on the student’s invoice. Student will have the ability to review and decide on weather to proceed with the transaction fees before making payment. |
7.7 FEE INFORMATION
Intelligent Training Solutions will provide the following information to each student:
| 7.7.1 | The total amount of all fees, including course fees, administration fees, materials fees and any other charges.* |
| 7.7.2 | Payment terms, including the timing and amount of fees to be paid and any non-refundable deposit / administration fee.* |
| 7.7.3 | The nature of the guarantee given by Intelligent Training Solutions to complete the training and/or assessment once the student has commenced study in their chosen qualification or course.* |
| 7.7.4 | The fees and charges for additional services, including such items as issuance of a replacement qualification testamur and the options available to students who are deemed not yet competent on completion of training and assessment* |
| 7.7.5 | Intelligent Training Solution’s refund policy.* |
*Reference: NOTE 1 – Prices, Products, or Goods are documented on the Intelligent Training Solutions website, agreed program delivery plan, or product disclosure statement.
7.8 REFUNDS
| 7.8.1 | Eligibility for a student to receive a refund will be assessed based on the services provided to the student and the costs incurred by Intelligent Training Solutions to provide those services and in strict accordance with the enrolment terms and conditions. |
| 7.8.2 | Applications for refunds must be made by completing the online Refund Application Form, publicly available to all students via the Intelligent Training Solutions website. |
| 7.8.3 | Intelligent Training Solutions will process refunds per the established terms and conditions. The view these terms and conditions, visit: https://www.its.vic.edu.au/knowledge-base/tcs-clause-4-refunds/ |
| 7.8.4 | For courses cancelled by Intelligent Training Solutions, not related to a government directive, restriction or lockdown, Intelligent Training Solutions will provide students with a refund where: |
| 7.8.4.1 – Intelligent Training Solutions is unable to offer the course, and where a suitable alternative cannot be provided; | |
| 7.8.4.2 – Intelligent Training Solutions refuses the application for enrolment. |
7.9 REFUNDS REQUESTED BY A STUDENT/CLIENT
Where a student requests a refund, the following policy and procedure will apply.
Once a deposit, instalment, or full payment has been made, the student’s enrollment is considered active. All refund requests must be in writing using the refund application form. This form must be signed by the enrolled student. For active enrolments, the following terms and conditions will apply:
| 7.9.1 | Refund requests must be made in writing using the online Refund Application Form available publicly on the Intelligent Training Solutions website. |
| 7.9.2 | Refunds will be investigated and processed within 30 days of a written refund submission being received by Intelligent Training Solutions. |
| 7.9.3 | The following methods of payment will be used to issue a refund: |
| 7.9.3.1 – If the student’s course fees were initially made via a Credit Card (Stripe), or PayPal, Intelligent Training Solutions will refund the student using the same method providing that option remains available to authorised collectors. | |
| 7.9.3.2 – If the student’s fees were paid via cash, cheque, direct debit, EFT, or a bank transfer, Intelligent Training Solutions will process the refund via Electonic Funds Transfer (EFT) using the details provided by the student on the online Refund Application Form. | |
| 7.9.4 | A company director, Administration Manager, Chief Executive Officer, or Chief Financial Officer must investigate and approve a student refund. |
| 7.9.5 | Refunds will be recorded in the company accounting software (XERO), allowing authorised staff to know each client’s financial status and any given time. |
| 7.9.6 | Intelligent Training Solutions will process refunds per the established terms and conditions. The view these terms and conditions, visit: https://www.its.vic.edu.au/knowledge-base/tcs-clause-4-refunds/ |
9. Promulgation
The financial management policy and procedure will be communicated throughout our RTO via:
| 9.1 | An announcement notice or email from the Chief Executive Officer and throughout the RTOs Policy, Procedure & Regulations webpage |
| 9.2 | Faculty executive and staff meetings |
10. Revision History
POLICY DOCUMENTATION REGISTER
| REVISION | DATE | DOCUMENT VERSION | DESCRIPTION OF MODIFICATION |
| 1 | October 2012 | 2012.1 |
|
| 2 | April 2019 | 2019.1 |
|
| 3 | August 2021 | 2021.1 |
|
| 4 | June 2023 | 2023.1 |
|
| 5 | February 2025 | currently under review…. | |
11. Approval
This policy has been approved by the Chief Executive Officer, Alexander Mueller.
 |
SIGNATURE | DATE: 16/06/2023