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Fasset

Fasset meets targets

Fri, 16 Sep 2011 09:13

Fasset’s eleventh year of operation and the sixth, and final year of Fasset’s functioning in terms of NSDS II, has proved another very good year.

“Fasset’s Management Board, Management Team, staff and stakeholders have an unrivalled passion for making a difference. This has enabled Fasset to establish an outstanding track record for delivery. Having met all of its NSDS II targets during the year under review, I can confirm that Fasset has met all of its NSDS I and NSDS II targets over the past eleven years,” says Fasset CEO, Cheryl James.

Fasset (the Seta for Finance, Accounting, Management Consulting and Other Financial Services) has established an impeccable track record for disbursing funds. All unclaimed funds, amounting to R 55 034 000 for the period under review, have been allocated to strategic projects identified by Fasset’s Management Board.

James cautions, however, that Generally Recognised Accounting Practice (GRAP) does not permit committed funds to be reported as a liability: “This unfortunately creates a misconception that there are unspent funds. This is not the case: 100% of budgeted funds have either been spent or allocated to approved projects, which are currently in progress and for which payment is only due on finalisation of all deliverables. The finalisation of all deliverables can take up to four years, during which time allocated funding is held in trust and is therefore, reflected in the Fasset bank accounts.”

Fasset has always positioned itself among the leaders in corporate governance within the public sector. It is not surprising therefore, that Fasset achieved an unqualified Audit Report for the eleventh year in succession. “Fasset welcomes the Auditor General’s annual audit. Befitting a custodian of public funds, Fasset has always been conservative in its investment approach, and this is reflected in the way in which the Seta manages funds, and identifies projects to be supported,” James explains.

As at 31 March 2011, Fasset had registered 29 learnerships. Of the 44 385 learners registered on Fasset learnerships, 3 982 learners were signed on during the year under review. Some 762 are 18.1 learners (previously employed) and 3 220 are 18.2 learners (drawn from the ranks of the previously unemployed).

Although Fasset’s records indicate that 22 955 learners have completed Fasset learnerships, the number is actually higher: “Fasset learnerships are typically of three-year duration. NSDS reporting mechanisms do not allow us to track all learners, who have completed their Fasset learnerships across different five-year strategies, specifically those learners signed onto Fasset learnerships in Year 4, or year 5, of NSDS I, and NSDS II.”

Transformation has always been top of the agenda within the Fasset (Finance, Accounting, Management Consulting and Other Financial Services) sector. Inroads have been made to improve the demographic profile of African, Coloured and Indian learners on Fasset learnerships. “The demographic profile of learners on Fasset learnerships continues to improve from 29% African, Coloured and Indian learners in Year 2, to 52% in Year 11,” James reveals.

Twenty-one Memoranda of Understanding (MoUs) with other Setas has facilitated the implementation of learnerships across sectors. There are currently 1 244 learners from other sectors on Fasset learnerships, of which 246 learners were registered during the period under review. Fasset employers have registered 1 017 learners on learnerships from other sectors.

Unclaimed grant monies are used to fund strategic projects, including Development Projects, which seek to address the poor demographic profile within the sector. Beneficiaries are in line with NSDS targets of 85% Black, 54% Women and 4% people with disabilities.

“Fasset continues to support fewer projects with larger amounts of funding, concentrating on projects that provide maximum ROI,” she informs.

During the period under review, Fasset’s Management Board funded projects at NQF level 4 to 8 based on skills needs identified in Fasset’s Sector Skills Plan (SSP). R31,5 million in funding was allocated, bringing the amount allocated to Development Projects over the past eleven years to just over R350 million, including NSF-funding for the Bonani and Thuthuka extensions.

Funding was approved for five projects: Independent Regulatory Board for Auditors (IRBA) 2011 Public Practice Exam (PPE) Support Programme; the Bonani 6 Work Readiness Programme, the SciMathUS 2011 Matric rewrite Bridging Programme and the Thuthuka Qualifying Exam (QE) Repeat Programme.

Lifelong learning remains a flagship initiative. This training, which is offered at no cost whatsoever to the employer, would otherwise be unaffordable for many of Fasset’s SMME stakeholders. Six events were held and 11 863 delegates attended these interventions. “Collectively, over the past eleven years, 67 841 delegates have participated in these interventions,” she reveals.

Having built best practice over the past eleven years, and having established a strong track record for delivery during this period, Fasset is well-positioned to deliver against NSDS III.

“Echoing Minister of Higher Education and Training, Dr Blade Nzimande’s words, Fasset, together with its sector firmly believes: ‘Never in the history of our democracy have we been better positioned to advance the vision of a truly comprehensive and differentiated post-school system, which is capable of contributing to the lives of individuals, to the economy and to the broader society,” James concludes.