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NSFAS ANNUAL REPORT 2013

NSFAS ANNUAL REPORT 2013. PRESENTATION TO PORTFOLIO COMMITTEE ON HIGHER EDUCATION & TRAINING 08 OCTOBER 2013. Agenda. NSFAS Annual Report 2013 Board Chairperson’s Report Executive Officer’s Report Annual Financial Statements Annual Performance Report Progress in 2013

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NSFAS ANNUAL REPORT 2013

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  1. NSFAS ANNUAL REPORT 2013 PRESENTATION TO PORTFOLIO COMMITTEE ON HIGHER EDUCATION & TRAINING 08 OCTOBER 2013

  2. Agenda • NSFAS Annual Report 2013 • Board Chairperson’s Report • Executive Officer’s Report • Annual Financial Statements • Annual Performance Report • Progress in 2013 • Plans for 2014

  3. Board Chairperson’s Report In terms of the NSFAS Act (56 of 1999), NSFAS is a public entity which has 7 functions: • To develop criteria and conditions for the granting of loans and bursaries to eligible students in consultation with the Minister • To raise funds • To allocate funds for loans and bursaries to eligible students • To recover loans • To maintain and analyse a database and undertake research for the better utilisation of financial resources • To advise the Minister on matters relating to student financial aid • To perform other functions assigned to it by the NSFAS Act or by the Minister

  4. Board Chairperson’s Report NSFAS has made significant progress in the year under review to carry out this mandate • All board positions filled and committees fully functional • Initiated Transformation Programme for new student-centred model • Developed comprehensive policies for IT governance, systems and operations, financial and human resources management • Prioritised compliance with legislation and regulation, including the NSFAS Act, Public Finance Management Act (PFMA)(1 of 1999) and National Credit Act (34 of 2005) • Appointed executive managers • Achieved an unqualified audit for third year in succession since embarking on turnaround

  5. Board – composition & committees Board – 18 appointed and co-opted members 5 Board committees were fully functional during 2012 • Executive Committee - 11 meetings - chairperson Mr Zamayedwa Sogayise • Finance Committee - 6 meetings - Ms Kirti Menon • Audit and Risk Committee - 6 meetings - chairperson Mr Stephen Smith • Information and Communications Technology Committee – 2 meetings - chairperson Dr Tim Brown • Human Resource and Remuneration Committee – 4 meetings - chairperson Ms Sibongile Masinga

  6. Executive Officer’s Report The core business of NSFAS is to allocate funds for loans and bursaries to eligible students • In 2012, disbursements increased from R5,9 to R7,7 billion, an increase of R1,8 billion over 2011 • The number of students assisted increased to 382 943, in line with the funding increase from DHET and other departments • This is an increase of 93 771 students over the total of 289 172 supported in 2011

  7. Executive Officer’s Report • The NSFAS Act requires the entity to: “Develop criteria and conditions for the granting of loans and bursaries to eligible students in consultation with the Minister…..” • This mandate was achieved in 2012 by: • Laying the foundation for the Transformation Programme • Procuring a new loans and bursaries management system to replace the old TEFSA system used since 1991 • Appointing senior managers

  8. Annual Financial Statements The Annual Financial Statements (p63) show in detail what NSFAS does and how it fulfils its mandate. The following are some highlights from the year under review: • In 2012, NSFAS distributed financial aid of R7,7 billion to 382 943 students – an increase of 15% from 2011 • NSFAS provided funding to students at the 23 public universities and 50 public Further Education and Training (FET) colleges • University students 194 504 • FET college students 188 182 • Students at agricultural colleges and the two National Institutes of Higher Education also received funding

  9. Annual Financial Statements Since inception in 1991, NSFAS has provided R32,8 billion in student financial aid to more than 1 million students. NSFAS contributes to free education for students from poor and working class families by providing full bursaries and converting loans to bursaries to incentivise good academic performance. • N

  10. Annual Financial Statements • The Annual Financial Statements were approved by the NSFAS Board on 15 August 2013. • The delay was due to a decision taken by the Auditor-General on 30 July 2013 to conduct an actuarial review of the loan book value (Auditor-General’s Report, p66) • Restatement of corresponding figures • Note 2 (p92) Prior Period Error • the loan book value was calculated incorrectly prior to 2012 • the error was corrected after an actuarial review during the 2013 audit to the satisfaction of the Auditor-General

  11. AFS- Balance Sheet (p77)

  12. Expenditure

  13. Irregular expenditure *R4,8m from previous year irregular expenditure

  14. Irregular expenditure remediation Remedial steps • As part of our audit improvement plan, NSFAS put in place the following measures to enable management to adequately monitor compliance with laws and regulations relating to supply chain management. • Established a Supply Chain Management office • Appointed a Senior Manager: Supply Chain Management • Appointed SCM staff • Trained all staff on SCM compliance • Introduced an automated procurement system • Implemented a supplier rotation system • Conducted quarterly Internal Audit reviews • The full benefit of these audit improvement measures will be visible in the next audit period.

  15. Annual Performance Report (p20)Strategic Goal 1 - achieved

  16. Strategic Goal 2 - achieved • 2012 - Students assisted increased to 382 943 • - Increase of 93 771 over 289 172 students assisted in 2011

  17. Strategic Goal 3 - achieved • In 2012, disbursements increased from R5,9 to R7,7 billion, an increase of R1,8 billion over 2011

  18. Progress in 2013 • Transformation project is nearing completion as promised • New loan management system developed and in the process of being implemented in October 2013 • MoUs signed with government departments to share information to ensure funding reaches intended beneficiaries • DBE - to identify eligible learners from rural, Q1-3 schools; • Umalusi to obtain school results • DoHA - student and family ID validation • DSD - Access to SASSA database to confirm social grant recipients • New organisational structure approved by the Board • staff to increase from 166 to 299 incrementally as new model implemented nationally over three years • Additional operational budget required to effectively administer and account for public funds of R8,5 billion

  19. Implementation Plan 2014 -16 • New student-centred model fully implemented • New core loans and bursaries management system operational • Pilot Phase in 2014 at 7 universities and 5 FET colleges

  20. The doors of learning and culture shall be opened! Freedom Charter, 1955 Green Paper for Post School Education and Training, 2012

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