Continuing Education and Training Act, 2006 (Act No. 16 of 2006)

Notices

National Norms and Standards for Funding Community Education and Training College

Funding Norms and Standards

Part l : College Bank Account and CLC Subsidiary Bank Account
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30.As of 1 April 2015, the CLCs do not have the authority to open bank accounts as was the position with the former PALCs under the AET Act, because CLCs are not juristic persons. A CET college must open only one main bank account in its name as a legal entity.

 

31.The CET college must make use of a paper budget in order to administer the allocation on behalf of each CLC under its administration. However, the CET college may open subsidiary bank accounts for CLCs should this be considered necessary and cost-effective. The subsidiary account must be linked to the main bank account of the college.

 

32. The Department will deposit funds allocated to a CET college into its main bank account on condition that:
(a) The CET college provides the Department with the written assurance that it implements effective, efficient and transparent financial, asset and information management as well as internal control systems annually, before the transfer of funds can occur; and
(b) The CET college implements council approved Supply Chain Management (SCM) policy and that SCM processes and procedures are in place.

 

33. The CET colleges must provide CLCs with petty cash or other suitable means as approved by council. The provision of petty cash must be in line with the council approved Petty Cash Policy of the college and not inferior to the Public Finance Management Act (PFMA), Act No.1 of 1999 and National Treasury Regulations.