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New TRAC guidance that applies from 2014-15 has now been published. This is hosted on the HEFCE web site on behalf of all funders. The current TRAC requirements continue to apply for TRAC reporting for the year ending 31 July 2014, but once the 2013-14 TRAC reporting is complete, the HEFCE web site will become the sole resource for TRAC as well as financial sustainability materials.

Costing and pricing groups

The Joint Costing and Pricing Steering Group was a representative group, bringing together members from universities and colleges, from the funding bodies for UK higher education and from Universities UK, Standing Conference of Principals, Universities Scotland and Higher Education Wales (see list of members).

In phase one of its work, during the period 1997 to 2002, JCPSG developed the TRAC costing methodology with the aid of J M Consulting Ltd to ensure that there was a consistent costing framework across the sector. This also ensured the requirements of the Transparency Review were met. During the second phase ending 31 July 2005, JCPSG established a strategy to support the development of embedding good practice in costing and pricing in HEIs. Its primary aim during this period was to ensure that by 31 July 2005, all HEIs should have embedded costing and pricing processes that are integrated with their financial and academic decision-making, and form part of a financial strategy and management process that ensures that activities are sustainable in the long term. Complementary aims were:

  1. All institutions should be able to determine the full economic cost of all their activities at a level appropriate to their decision-making
  2. All institutions should be able to set a price for their activities using market-based pricing (taking account of markets, customers, competition and risks) or cost-based pricing where appropriate.

These aims were largely met as shown in the final JCPSG annual report (to follow, in September 2005).

The key outputs of JCPSG activity since 1997 can be identified as:

In its final year, the JCPSG established an downloadexit strategy to ensure that a suitable level of support would continue beyond 31 July 2005

A final report from the JCPSG will be available here in Autumn 2005.

BUFDG costing and pricing group

As part of the Exit Strategy, a new BUFDG group (including representatives from other sector bodies) was set up to review the need for changes to guidance and finalised terms of reference will be shown here in due course. For more information on the group and current activity, see the BUFDG costing and pricing group page.