Burden of providing costing information to be reduced

A review of TRAC (the activity-costing method used by UK universities and colleges) has found strong support for the method across the sector, but suggests some important improvements to streamline the process and save money.
HEFCE has agreed with Research Councils UK a change to dispensation compliance requirements. From 2013-14 the threshold at which higher education institutions (HEIs) will be eligible to claim dispensation from the need to comply with the full TRAC requirements will increase from £0.5 million to £3 million. This significant change will allow up to 60 institutions across the UK to benefit from reduced compliance requirements.
The Transparent Approach to Costing (TRAC) is an activity-costing methodology which has been used by UK HEIs since 2002. The purpose of the review, which was carried out by the TRAC Review Group, was to provide greater transparency for students and taxpayers, and reduce the administrative burden to universities of providing the information. Read more...