Introduction to TRAC
Location: Woburn House, 20 Tavistock Square, London, WC1H 9HQEvent Description:
TRAC, Transparent Approach for Costing, was introduced into UK HEIs to provide the Government with hard evidence to prove the costs of running universities. It has now evolved and is an obligatory part of a HEIs financial administration, with a TRAC return being submitted to the Funding Councils annually in January.
This course introduces those new to HE and/or new to TRAC to the key concepts and compliance requirements and explores the difficulties and challenges that might arise, together with some possible solutions and good practice.
Who should attend?
This course is for practitioners who will be required to work with or prepare TRAC returns, but are new to TRAC and/or HE.
It is expected that delegates will be qualified or part-qualified accountants, although non-qualified staff who have worked in Planning or Finance Offices for a number of years and who are involved in supporting management accountants may find the course useful.
Staff attending this course will be part of the central finance office or in a faculty or department with responsibility for management accounting or resource management.
What does the course aim to do?
This full day course is designed to provide you with a comprehensive introduction to the TRAC process and requirements. It will take you through:
- The aims, principles, operation and benefits of TRAC;
- The annual TRAC reporting process and requirements;
- TRAC for teaching;
- Full economic costing;
- Approaches to staff time allocation;
- Calculating the TRAC cost rates;
- Accounting for research facilities; and
- Sources of further guidance and support.
The course will allow you to share your own experience of TRAC and to learn from the experience of your peers. It also provides you with the opportunity to ask questions and to discuss any TRAC-related challenges that your institution may be facing.
Who is presenting the course?
Simon Perks is a chartered accountant and consultant with over fifteen years’ experience of working in the higher education sector.
He has been involved closely with TRAC and full economic costing since their inception and has worked with funding councils, individual higher education institutions and other organisations across the sector to help them to respond to the requirements of the TRAC process efficiently and effectively.
Much of Simon’s work focuses on helping institutions to collect high quality management information and to use it to make better decisions.
He lives in North Somerset with his wife, Natalie, and Molly, his Labrador dog.
Please note this event is for BUFDG members only. If you have a query about whether you are eligible to book a place, please email Gill at firstname.lastname@example.org
Date : 21/11/2019