Assessment of TEI application to transfer ownership
of Crown title assets (internal document)
This form should be used to assess whether an institution has met certain criteria
necessary to transfer Crown title assets into its ownership. For an application to be
approved, the application must show that the institution’s Crown title assets are
required to support its investment plan, capital asset management plan, and required
for ongoing educational activities.
Key points
The core principles on which the policy is based are:
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o Decisions about transfers should be fair and transparent, and like cases
should be treated alike.
o When TEIs approach the Crown to initiate transfers, they should understand
what the process involves, and what decisions have to be made and why.
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o TEIs are autonomous and, provided the public interest is protected, they
should manage their own assets in the way they believe best supports their
institution in achieving its goals.
o TEIs should manage their capital strategically and efficiently, in a way that
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supports their Investment Plans and preserves the value of the tertiary asset
base in the long term.
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Key things to note about this policy are that:
o The new policy will make it easier for TEIs managing Crown-owned property
to maximise the value of their capital assets, by acquiring legal title of Crown
assets for which they have an ongoing educational need, and allowing them to
dispose of assets that are surplus to their needs.
o The Minister of Finance and the Minister for Tertiary Education (joint Ministers)
will give agreement in principle for transfers to go ahead, based on advice
from officials. The transfers and disposals will then be subject to the usual
existing statutory and policy clearances, which the new policy does not
change. These clearances can take up to three years to complete.
o The policy allows TEIs to acquire full legal title of assets in Crown title that
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they manage, providing there are no over-riding reasons to retain the asset in
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Crown title (as assessed by joint Ministers). If there are over-riding reasons to
retain the land in Crown title, the Crown and TEI will identify a satisfactory
outcome on a case-by-case basis. If the TEI wishes, it will be issued with a
long-term registered head lease for the asset at a nominal rental, which will
give the TEI similar benefits to ownership.
o As is currently the case, all external costs of transfers will be met by TEIs.
External costs include the cost of contracting a Land Information New Zealand
accredited agent, as well as any surveying costs (e.g. for obtaining a title or
subdividing land).
1
link to page 2
o The policy only applies to Crown assets managed by TEIs since 1990.
o A prerequisite for any transfer or disposal of Crown assets is that the TEI
obtains an independent verification and improvement plan related to its capital
asset management systems. At minimum this verification and improvement
plan will assess a TEI’s CAM systems against the TEI CAM Standard.
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Process
The process for a Crown title asset transfers is outlined below.
START HERE
TEI sends Crown title verification and application to
transfer to TEC
TEC Assessment panel convened to consider financial performance, educational performance, Official
CAM systems and processes and educational purpose of assets to be transferred. Assessment
panel comprised of:
- TEIFM
- Investment Manager
- Senior Adviser Investment Team (plus senior adviser from ITP team in VUW application)
- Ministerial report writer
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Report prepared for Ministers recommending assets be transferred in principle subject to detailed
review of title (by LINZ) and review by Ministry of Education regarding Treaty of Waitangi interests
Report forwarded to MOE/Treasury
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MOE contact OTS and make assessment of whether asset should be retained in Crown title based on Treaty claims in area.
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TEI consulted if decision made that does not align with TEI’s request (i.e. transfer of all assets) and TEI given an
opportunity to make new request regarding assets.
Transferred
Retained
No
Status Quo
No
Report forwarded to joint
MOE prepares report for
Ministers
Minister’s office
Assets left ‘as is’ but recorded in cental database
maintained by MOE
Do Ministers Approve?
Do Ministers Approve?
Yes
Yes
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Information
MOE prepares MOU for
TEC IM advises TEI of
MOE drafts head lease
transfer and provides TEC
outcome and indicates
and provides TEC with
with indicative timeframes
indicative process and
indicative timeframes
and outline of process
timeframes to TEI.
and outline of process
1 TEI CAM Standard currently in draft awaiting further sector consultation as at November 2010.
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TEI details
Institution Name
Victoria University of Wellington
Contact Person
Stephanie Forrest, Associate Director, Facilities Management
10 November 2010
Date of
Assessment
Updated July 2011
Date of follow up
TBA
assessment
Notes
o The TEC will need to seek an affirmation from VUW that it is
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not aware of any other institution with claims over any of its
assets (an affirmation was not present in its application and
this is a Cabinet mandated requirement). Affirmation
provided in letter dated 13 January 2011.
This assessment write-up was updated by the panel in July 2011 to
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recognise the additional information provided by VUW and the
additional analysis and due diligence undertaken as a result of
discussions with the Treasury. The new information and results if
the additional analysis are presented in blue in this report.
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Information
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1 - Assessment of Ownership Status and impact of potential Treaty claims
Overview
The purpose of this test is to determine before an assessment
begins whether any ownership or control issues exist (or could
exist) that may invalidate or affect this application (i.e. contested
ownership, Treaty claims etc)
Primary
Investment Manager (supported by Investment Team Advisor).
Assessor
Primary
All documents determined as necessary by Investment Manager.
Evidence
What an
There is no known unresolved claim from a third party which
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approval looks
contests ownership or rights to use assets in the future (note that
like
all applications will subsequently be considered by the Office of
Treaty Settlements). A review by individual title may need to be
considered.
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What a request
Additional information will be sought if the TEC is aware that
for additional
another TEI may contest ownership of assets or if some or all of
information looks the assets in question may not have been under a TEI’s
like
management since 1990
What a non-
Non-approval only considered in very rare or extreme cases
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approval looks
where additional information cannot be obtained or clearly shows
like
that a TEI does not meet policy criteria for an asset transfer.
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Guidance
The assessment panel should note any possible issues regarding
the claim over assets by the TEI and the likelihood of another
third party (including iwi) claiming an interest in the land (and the
likely impact of this on the TEI’s application).
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Information
4
link to page 5 link to page 5
Ownership status
1. Have the assets to be transferred set out in the TEI’s application and asset
verification spreadsheet been managed by the TEI since 1990?
Yes / No / Unknown
2 (
please circle one)
o VUW’s application included an affirmation that it has managed all
assets identified in its verification exercise as being managed by the
institution since 1990.
2. Has the TEC declared, or is the TEC aware, that no other TEI has or is likely
to claim ownership over any of the assets in question?
3
Official
Agree / Disagree / More Information Required (
please circle one)
o VUW confirmed that it has no disagreements with any other tertiary
institution over any assets where title transfer is requested. VUW letter
of 13 January 2011 refers.
the
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3. What is the status of Treaty of Waitangi claims in the area and is the TEI or
the TEC aware of any likely implications of this application being considered
further?
Act Note any issues
o Note that a number of Crown owned university administered properties on the
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Kelburn Campus are subject ot a first right of refusal as part of the Taranaki
Whānui Claim Settlement. The right of first refusal, which is effective for 100
years from 9 September 2009, can only be enacted upon sale of the assets
and will still result in VUW achieving market value for assets disposed of. The
TEC is not aware of any other claims from Iwi or Hapu over any VUW
administered Crown properties. OTS has confirmed this.
Notes
1. All assets (with the exception of some leased assets) have been managed by
VUW since 1990. This will be subject to a detailed review by Land Information
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New Zealand and the assessment panel does not need to be assured of this
point before an ‘in-principle’ discussion can be made.
2. There does not appear to be any TEI that has a claim to the use of the land
and/or buildings in question although this will be confirmed during the transfer
process
2 Ownership and management of assets will be determined at a later stage by Land Information New
Zealand (LINZ). If the date of ownership is unknown, this should be indicated in the report to Ministers
but will not necessarily compromise the application.
3 This could include individual Crown title assets.
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3. A number of Crown owned university administered properties on Kelburn
Campus are subject to a first right of refusal as part of the Taranaki Whānui
Claim Settlement, legalised by way of the Port Nicholson Block Claims
Settlement Act 2009. The right of refusal is effective for 100 years from 2
September 2009. The implications of this will need to be assessed prior to the
report going to joint Ministers. The likely outcome is that a caveat will be
placed on title stating that if assets are disposed of the Iwi has first right to
purchase at market rates.
4. It was noted that (as identified in VUW’s application of 14 September 2010)
Helen Lowry Hall properties at 321 and 325 Karori Road have been included
in the application but to VUW’s knowledge there is no title attached to these
properties. These assets are managed by a private third party trust (Helen
Lowry Hall Board Inc) but are Crown owned. VUW has indicated a willingness
to work with all parties to clarify ongoing ownership and control issues. VUW
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has confirmed that it is not seeking to transfer the properties at 321 and 325
Karori Road. Their letter of 13 January 2011 refers.
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Information
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2 - Assessment of Ongoing Educational Need
Overview
The purpose of the educational need test is to ensure that the
assets will continue to be used for an educational purpose and/or
contribute towards the TEI achieving the objectives outlined in its
investment plan.
Primary Assessor Investment Manager (supported by Investment Team Advisor).
Primary Evidence Investment Plan, Strategic Plan.
Secondary
Master Capital Plan and any other documents as determined by
Evidence
Investment Manager.
Official
What an approval Institutions would receive an approval for this point if they have an
looks like
agreed investment plan in place which utilises its Crown title assets
to achieve Educational Performance Indicators agreed to with the
TEC.
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What a request
Additional information will be sought if either (a) the TEC does not
for additional
have a copy of a TEI’s Investment Plan and/or Strategic Plan or (b)
information looks
if the aims of these two documents do not align with the use of
like
assets being requested.
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What a non-
Outstanding questions over TEI’s continuation (i.e. merger or
approval looks
closure options being considered) or serious concerns about
like
alignment of a TEI’s Investment Plan and need for its asset base.
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Assessors should assess whether the assets are needed for
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ongoing education provision. The test for this should be based on
an investment manager's views as to whether the institution is an
'ongoing educational concern' (i.e. it will continue to function in its
current form with no foreseeable 'material' change to its mix of
assets). Evidence for this could be taken from Strategic Plans and
a subjective assessment from an Investment Manager that the TEI
would continue operating with no foreseeable change in provision
(such as a merger).
If the TEI is likely to sell or change its mix of assets, the second
test is concerned with whether the existing land and/or buildings
will contribute to the achievement of the objectives as currently
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articulated in its Strategic and Investment Plans. In this case an
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investment manager would need to be satisfied that a TEI plans to
reinvest any proceeds from asset sales into strategic assets.
Alternatively, if assets are to be demolished or substantially
transformed, transfer of existing assets will need to be able to
assist in the development of strategic assets (i.e. the demolition of
a non-fit for purpose building and reconstruction of a new building
on the site). An investment manager may need to visit a site or
meet with TEI representatives to discuss.
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Educational Need
1. The TEC agrees that the institution will continue to operate in the foreseeable
future as a viable educational institution funded by government to implement
the aims of the Tertiary Education Strategy through an agreed investment
plan.
Agree / Disagree / More Information Required (
please circle one)
o Assessment panel members noted the difficulty in assessing this aspect of the
application due to challenges in aligning the specific use of assets with
objectives identified in VUW’s strategic and investment plans. The wording
and level of assessment has therefore been altered to test VUW as an
‘ongoing educational concern’.
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o VUW has provided further information outlining the current and planned future
educational use of the assets for which transfer is sought. The information was
provided by way of an updated asset verification spreadsheet (received on 17
March 2011) which allocated each land and building asset to an educational
purpose. The educational purpose categories were developed by the TEC in
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liaison with the tertiary education sector. The following table illustrates the
educational purposes for which the assets are currently used and for which
VUW states they will be used in the future.
Table 1: Crown Assets to be Transferred
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Educational Purpose-
Area
Land Book
Building
Total
Proportion
Notes
Current and Future
(ha)
Value
Net Book
Values
31/12/09
Value 31/12/09
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$000
31/12/09 $000
$000
Academic space
6.2851
14,682
68,224
82,906
54.50% Includes total land value of main
(including dedicated
Kelburn and Karori campuses as is
teaching and research
predominant purpose at both sites.
space, academic and
Value of individual buildings on
general support offices)
each site is attributed to the
Centrally timetabled
6,232
4.10%
teaching space (lecture
6,232
theatres, seminar and
tutorial rooms)
Student and staff
3.9842
24,826
32,565
57,392
37.70%
services space, including
counselling and sports
Purpose built student
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and recreation, student
accommodation - Weir Hse and
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accommodation etc
Helen Lowry flats - makes
Of which:
3.5348
23,198
27,094
50,292
33.05% $21,495,000 (43%) of the value of
Student accommodation
student accommodation properties
Commercial space,
0.1875
930
359
1,289
0.90% Future use for this space is
including space leased
identified as academic
or rented to others,
bookshops, cafeteria etc
Central administrative
0.0456
137
1,975
2,112
1.30%
support
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Other considered on a
0.6524
1,489
752
2,241
1.50% With the exception of the
case by case basis
workshops which remain as other,
(anything not included
all other assets identified in this
elsewhere including
category are identified as having
transition, decanting and
future uses as academic space or
vacant space)
student and staff services space.
TOTALS
11.1548
42,064
110,108
152,172
100.00%
o Over half of the assets (in area and value) requested for transfer are identified
both now and in the future as academic space. This is consistent with VUW’s
strategic goals of improving overall research performance and strengthening
its high quality research-led learning and teaching environment. A further
significant proportion of the assets by value is devoted to student and staff
services. These include general student support facilities with the bulk being
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made up of student accommodation. In addition to purpose built fully catered
accommodation for first year students, the portfolio includes a number of
residential properties on individual titles. Student accommodation is seen as a
key component of the student experience and as a tool for the recruitment,
retention and performance of students and researchers. VUW’s supply of
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beds, as a proportion of EFTS compares favourably with other universities.
o In 2010 VUW developed a student accommodation strategy which indicated
that accommodation demand from domestic first year students and new
international students would continue to grow in the foreseeable future. In
each of the last five years there has been a shortfall against demand,
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averaging 535 beds. It is noted that VUW research shows that academic
performance is better from students from outside the Wellington region, and
that the provision of student accommodation is a key factor in out of town
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students enrolling at the institution. The strategy recognises that the portfolio
of houses currently operated as University Hall is a large value asset with
significant deferred maintenance and unrealised potential for beds. Many
houses are poorly configured and have structural constraints which make
normal refurbishment expensive and ineffective.
o VUW considers that the transfer of those residential assets in Crown
ownership, together with a pool of university owned residential sites, will
enable it to consider a longer term higher impact strategy to optimise bed
potential while minimising capital requirements. The strategy recommends
reviewing the status of assets previously identified as non strategic/inefficient
to determine whether they can be redeveloped or sold, investigating in detail
options to intensify site development and running an EOI campaign to
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determine whether property market participants can devise an innovative
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option for consideration to address longer term bed demand.
o The TEC agrees that, on the basis of VUW’s strategic planning, the assets will
support on-going educational purposes. An independent Land Information
New Zealand (LINZ) accredited supplier has verified the current use of a
sample of the assets representing each educational purpose as submitted on
the asset verification spreadsheet. Their report notes that the assets inspected
are fully utilised and appropriate for the future uses identified.
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o The TEC considers that there are no matters of national educational interest
that would be served by retaining any assets under VUW’s management in
Crown title.
o It was noted that VUW has its own strategic disposal and development plan
identified in its Strategic Capital Asset Management plan which was reviewed
during this assessment.
o The TEC will include specific evidence for this point from the content’s of
VUW’s strategic and investment plans. See above.
Notes
1. There do not appear to be any ongoing questions about VUW’s continuation.
A key consideration for the investment team (and the wider assessment panel)
is whether the strategic objectives outlined by VUW in various planning
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documents are aligned with the use of its Crown title assets. See above.
2. The investment manager may seek a meeting with individuals at VUW to
discuss, possibly combined with a visit and walk around the campus
(recommended). This could occur following an in-principle decision to approve
the
an application. Following further discussion with The Treasury it was agreed
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that a sight inspection to confirm the educational use of the assets to be
transferred be undertaken by a third party prior to the recommendation to
Ministers.
3. Darroch, the LINZ accredited supplier that will undertake the PWA transfer
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processes for the Ministry of Education was asked to undertake this
inspection. The TEC selected the sample to cover all educational uses
identified by VUW as follows:
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Land/building
Educational Purpose
Value
Proportion of total value of
$000
land and buildings for that
purpose
Murphy
Academic space
22,495 (Bld)
27%
6 Kelburn Parade
Academic space
624
0.75%
Karori Theatre
Centrally Timetabled
1470 (Bld)
24%
teaching
Te Herenga Waka Marae
Student and staff services
351 (Bld)
0.6%
Alan Ward Hal
Student and staff services
2526 (Bld)
4.5%
71 Fairlie Tce (Childcare centre)
Student and staff services
329
0.6%
4 houses/sites in either Fairlie Tce, Landcross St or Adams Student and staff services
2100
3.7%
Tce which are representative of houses that have been
(Accommodation)
(4 x 525 (av))
refurbished, houses that have been designated as
opportunity for higher intensity development, sites that are
adjacent to university titled property
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29 Campbell St
Commercial space
660
50%
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14,16or 18 Kelburn Pde
Central Admin Support
500 (Bld av)
24%
Grassed area to the North of School; of Music
Other
507 (Land)
23%
In the event only three houses used as student accommodation were fully inspected.
A number of others were viewed from the outside.
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General Notes
1. It was noted that the educational assessment in some (particularly ITP)
applications may be influenced by concerns of national interest where an ITP
administers Crown title assets used as hubs for regional educational delivery.
The assessment panel will work together on future applications to ensure that
matters of national interest are sufficiently assessed as part of any educational
need test.
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3 - Assessment of Capital Asset Management Integration
Overview
The purpose of the CAM test is to ensure that the TEI’s wider
portfolio of assets is being managed according to relevant
industry and government standards to ensure service level
requirements are being met and the asset base is sustainable
in the long-term.
Primary
TEIFM Analyst/Investment Manager/Advisers with CAM
Assessor
knowledge.
Primary
Asset Verification Document, CAM Asset Purchasing Intentions
Evidence
Report, CAM Improvement Plan based on independent
Official
assessment
Secondary
TEI’s Strategic Plan, Investment Plan and any other documents
Evidence
as determined by TEIFM Analyst/Investment Manager/Adviser.
the
What an
Institutions would receive an approval if they have: 1982
approval looks
o Provided asset purchasing intentions information to the TEC.
like
o Verified the Crown Assets under their management to a level
which allows the TEC to identify assets at an individual level
(i.e. certificate of title information, address, valuation etc).
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o Submitted a copy of a CAM Improvement Plan to the TEC
which outlines current and planed CAM performance against
an agreed standard and possibly developed an asset
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management plan.
What a request
If any of the information above has not been submitted or it is
for additional
not of a standard normally expected of a TEI.
information looks
like
What a non-
If a TEI is unable or unwilling to provide any of the required
approval looks
CAM information to support its application.
like
Guidance
A prerequisite for any transfer or disposal of Crown assets is
that the TEI obtains an independent assessment of its capital
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asset management systems and improvement plan related to its
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capital asset management systems. At minimum this
independent assessment will look at a TEI’s CAM systems
against the TEI CAM Standard. The TEC can approve a TEI’s
Crown asset transfer in principle and subject to the
development of an improvement plan if one has not be
prepared.
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CAM Integration
1. The TEC agrees that the TEI has, or is about to have, an identified and
appropriate level of capital asset management practice to enable it to
effectively and efficiently manage its portfolio of assets.
Agree (in principle subject to a review of capital asset management practices
at VUW) / Disagree / More Information Required (
please circle one)
The assessment panel noted the existing asset management practices at VUW are
of a high standard. This was evidenced through the contents of an existing strategic
asset management plan. The assessment panel also noted that VUW has complied
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with the aspects of this assessment related to submitting capital intentions reporting
to the TEC and verification of Crown title assets managed by the institution.
However the assessment panel noted that the existing application required an
independent and expert review and assessment of its capital asset management
systems. This review could occur alongside the processing of any asset transfer and
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could be made a prerequisite of any approval. Therefore the assessment panel
agreed to an ‘in-principle’ approval related to this aspect of the assessment subject to
the TEC working with VUW to develop a fit for purpose external review of capital
asset management systems and practices along with the development of an
improvement plan to be shared with the TEC.
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Notes
under
1. VUW’s CAM systems are currently of a high standard relative to other
universities. However it is recommended that a prerequisite of any transfer be
an independent review of CAM systems and practices.
2. Note that Facilities managers at VUW and other TEIs have previously
suggested that an external CAM review be undertaken in each university.
There is still support from Universities for this to be completed.
3. Working with VUW will allow us to obtain an objective and independent fit for
purpose scope for reviewing CAM systems and processes in the university
sector. This fit for purpose scope could then potentially be endorsed by
Universities NZ and rolled out to other universities. CAM reviews in
universities would serve the dual purpose of fulfilling CAM requirements for
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Crown asset transfers plus likely Treasury requirements for CAM assurance
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for all capital intensive Crown agencies.
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4 – Assessment of Financial Risk
Primary
TEIFM Analyst/Investment Manager.
Assessor
Primary
3-Year Forecast Financial Information, FMF Rating.
Evidence
Secondary
TEI’s Investment Plan and any other documents as
Evidence
determined by TEIFM Analyst/Investment Manager.
What an
Institutions would receive an approval if they have:
approval looks
o A low or moderate FMF risk rating.
Official
like
o A high FMF risk rating which is improving, the TEC has
confidence in financial projections and the Investment
Manager is confident the TEI’s financial position is
improving.
the 1982
What a request
If the TEI has not submitted its most recent financial report to
for additional
the TEC (refer to annual reporting calendar) and/or the TEIFM
information looks Analyst requests updated financial information.
like
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What a non-
If the financial performance of the institution is of sufficiently
approval looks
high risk that its presents a significant risk to the Crown’s
like
assets following transfer. If a TEI is in this position a transfer
under
could be considered as part of a recovery plan that includes a
statutory intervention.
Guidance
Does the TEI meet the expected levels of performance for
financial viability and sustainability? A current FMF High Risk
rating is generally considered to be a significant risk. However,
TEC judgements may be made on a case-by-case basis that
may differ from this principle. It will be necessary for a more
detailed assessment of the nature of the risk to be undertaken
by TEIFM.
Other considerations where a transfer may not be
recommended include:
Does the TEI have a statutory intervention in place/or had one
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recently?
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Is a merger being considered for this TEI?
Is a closure being considered for this TEI?
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Financial Risk
1. The TEC agrees that the financial performance of the institution is of a
sufficient level that it will not present a significant risk to the Crown following
the transfer of the assets.
Agree / Disagree / More Information Required (
please circle one)
o The assessment panel noted that the TEC had no concerns about the
financial viability or sustainability of VUW as evidenced through historical
financial accounts plus VUW’s low/moderate risk rating as evidenced through
the TEC’s Financial Monitoring Framework.
Official
Notes
1. VUW current risk rating is low/medium according to the TEC’s financial
monitoring framework. The TEC has no material concerns regarding VUW’s
financial viability or ongoing financial sustainability.
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5 - Assessment of Ongoing Educational Risk
Overview
The purpose of the educational test is to ensure that the
institution is of a sufficient level that it is not likely to be subject to
intervention or closure that could present a significant risk to
ongoing Crown ownership of the assets.
Primary
Investment Manager (supported by Investment Team Advisor).
Assessor
Primary
Investment Plan, Strategic Plan, Most recent EPIs and SDR
Evidence
return.
Secondary
Any other documents as determined by Investment Manager.
Official
Evidence
What an
Institutions would receive an approval against these criteria if
approval looks
they have an agreed investment plan in place which utilises its
like
Crown title assets to achieve educational KPIs agreed to with the
the 1982
TEC.
What a request
Additional information will be sought if either (a) the TEC does not
for additional
have a copy of a TEI’s Investment Plan and/or Strategic Plan or
information looks (b) if the aims of these two documents do not align with the use of
like
assets being requested.
Act
What a non-
o Outstanding questions over TEI’s continuation (i.e. merger or
approval looks
closure options being considered) or serious concerns about
under
like
alignment of a TEI’s Investment Plan and need for its asset
base.
o Serious concerns about a TEI’s educational performance as
evidenced by its EPIs and SDR returns.
Guidance
The assets should contribute towards the TEI achieving
objectives outlined in its investment plan and, where applicable,
its strategic plan.
Use the educational performance indicators set by TEC &
commitments as agreed in the TEI Investment Plan as your guide
in this section.
Investment Plan commitments (related to educational
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performance) and alignment with the TES need to be reviewed.
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Educational Risk
1. The TEC agrees that the educational performance of the institution is of a
sufficient level that it is not likely to be subject to intervention or closure that
could present a significant risk to ongoing Crown ownership of the assets.
Agree / Disagree / More Information Required (
please circle one)
o It was noted that the TEC has no concerns related to educational concerns at
VUW impacting on its viability and hence the ongoing Crown interest in land
and buildings administered by the institution. The assessment panel noted that
it would evidence this point by reference to performance linked funding models
plus reference to educational performance indicators.
Official
Notes
1. There do not appear to be any questions about educational risk factors for
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VUW. A key consideration for the investment team (and the wider assessment
panel) is whether VUW’s EPIs are in-line with TEC’s expectations.
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link to page 18
Assessment documents
The TEC has referred to the following documents in its assessment
New document
Existing
Date received or
supplied with this document
version number
Supporting documents
application
supplied to TEC
(please
(please tick)
(please tick)
complete)
Application from TEI
14/09/10
CAM reporting to TEC
30/06/10
3 year financial statement forecast
May 2010
Official
May 2011
Asset verification spreadsheet including
14/09/10
certificate of title information
17/03/11
the 1982
Strategic Capital Asset Plan
14/09/10
TEI Strategic Plan
On file
TEI Investment Plan
On file
Act
Other
4
08/06/11
under
Overall recommendation from assessment team
The TEC recommends in principle that the application to transfer Crown title assets be (tick
one) subject to a detailed review of title by Land Information New Zealand and any other
additional information being obtained as identified in this form:
o Approved
o Declined
o Further information required
Released
Information
4 Student Accommodation Strategy, May 2010 – Executive Summary
Student Accommodation Strategy Update, 2 August 2010
18
Guidance
If all sections of the application satisfy the criteria, then the application should be
recommended for approval in principle (subject to detailed assessments undertaken by MOE
etc).
If areas of the application have not been completed to a satisfactory standard or are unclear,
then the TEI may be asked to provide additional information or an investment manager may
need to visit an institution.
Any areas of concern the TEC has with the application should be included with the
justification. Where there is an intervention, merger or closure being considered, additional
comments may need to be made.
Official
the 1982
Act
under
Released
Information
19
Document Outline