Appendix 5.1: Due Diligence Implementation Plan
94
Financial Due Diligence Implementation Plan
Page 1
Issues raised
by professional
advisers
Agreed Action Responsibilities
1. FRS17
accounting for
pension.
Central College will request an actuarial report
for the financial year 2009-10 and fully
incorporate the results into the 2009-10 financial
statements.
Head of Finance
Central College.
Actuarial report
requested by May
2010
2. FRS15
accounting for
fixed assets
Central College will progress a comprehensive
FRS15 valuation report, which should be
incorporated into the 2009-10 financial
statements.
Head of Finance
Central College.
Valuation report
requested by May
2010
3. Re-enrolment of
full-time
students onto
part-time
courses and
claiming
additional
wSUMs.
The Merger Steering Group will review the
current practice of re-enrolling full-time students
onto other part-time courses. The review will be
completed by the end of April and include
recommendations for the use of wSUMs
allocations for the 2010-11 academic year. If
required, then assistance will be sought from the
SFC to clarify eligibility/appropriateness of 2010-
11 proposals.
MSG
Recommendations by
April 2010
4. Fee Waiver
grant accrual.
Accounting treatment will be consistent from
2010-11 and in line with the proposed policy for
the City of Glasgow College. Each college to
ensure that their 2010-11 budget reflects this
change.
Finance Working
Group and each
College's Head of
Finance.
5. Operating
surplus/deficit
2009-10
Each College will continue its existing measures
to contain expenditure and increase income. Any
significant (£100K+) adverse change to the
2009-10 projected operating surplus/deficit
Principals