Finance Models

Finance Models

This page enables you to create or update a Finance Model. Finance models are used for Programs where the payment of fees are paid between the student, their employer and any other parties.

Basic Steps

  1. Choose Finance > Finance Models

  2. Click Create New Finance Model link. 

  3. The Finance Models page will display. 
  4. Populate fields in each section of the Finance Model form. For more information, see Note For Specific Fields

  5. Click Submit

Notes For Specific Fields

Field Name
Field Notes
Finance Model form
NameEnter the Name of the Finance Model. Required field.
ProgramSelect the Program that you wish to link the model to from the drop-down list. Required field.
Program CostThe Program Cost should be displayed by default. If not, click the link that will appear to edit the cost setup. This Program Cost field only applies to Finance Models that use a percentage-based distribution. For value-based distributions, you will set the cost under each payer.
StateSelect the State where the Program is to be delivered. Required field.
Cost Distribution

Required field. There are 2 options:

  • Percentage-based (%): With this type of Finance Model, you set the cost for the Program and then distribute a percentage of that cost among students, employers or other parties. At the end, the total amount of distribution must add up to 100%.
  • Value-based ($): With a value-based model, you set an explicit value among each party. The final value that will be calculated per enrolment will be based on what you select under Type for each party below.
Values CombinedIf checked, contributions from the student, employer and other will be combined when calculating the AVETMISS client tuition fee field. If unchecked, only the student contribution will be used for the client tuition fee.
Other Funded form - The Other Funded form should be ticked if an Organisation is partly or fully funding the Program. Example: An Industry Body Agency.
OrganisationUnder Organisation, use the icon to select a point of contact for the Organisation,
CostEnter the Cost that will be funded by the Organisation. The cost can be entered as a percentage or dollar value of the total Program Cost.
TypeUse the drop-down list to select the Type of cost that is to be incurred. Each option is displayed below:
  • Per Program refers to the cost of the Total Program. This is the only option if using a percentage-based model.
  • Per Unit refers to cost for each unit completed in the Program.
  • Per Hour refers to the cost per nominal hour of the Program.
Additional ItemsUnder the Additional Items, select a billable item from the drop-down list. Click the  icon if you wish to add an Additional Item.
Item FormItem Description displays the Additional Item. The cost of the item should be displayed in brackets in this field.
  • Enter the minimum cost (Min. $) the Organisation will be charged for the Item.
  • Select the Type of cost to be incurred from the drop-down menu.
  • Enter the maximum cost (Max. $) the Organisation will be charged for the item.
  • Enter the Quantity (Qty) of the Item required.
  • Click the  icon to delete an item from a Finance Model
Employer Fund form - The Employer Funded form should be ticked if a Student's Employer is partly or fully funding the Program.
OrganisationUnder Organisation, use the icon to select a point of contact for the Employer.
CostEnter the Cost that will be funded by the Employer. The cost can be entered as a percentage or dollar value of the total Program cost
TypeUse the drop-down list to select the Type of cost that is to be incurred. Each option is displayed below:
  • Per Program refers to the cost of the Total Program. This is the only option if using a percentage-based model.
  • Per Unit refers to cost for each unit completed in the Program.
  • Per Hour refers to the cost per nominal hour of the Qualification.
Additional ItemsUnder the Additional Items, select a billable item from the drop-down list. Click the  icon if you wish to add an Additional Item.
Item FormItem Description displays the Additional Item. The cost of the item should be displayed in brackets in this field.
  • Enter the minimum cost (Min. $) the Organisation will be charged for the Item.
  • Select the Type of cost to be incurred from the drop-down menu.
  • Enter the maximum cost (Max. $) the Organisation will be charged for the item.
  • Enter the Quantity (Qty) of the Item required.
  • Click the  icon to delete an item from a Finance Model.
Student Funded form - The Student Funded form should be ticked if a Student is partly or fully funding the Qualification
Tuition FeeEnter the Tuition Fee that will be funded by the Employer. The cost can be entered as a percentage or dollar value of the total Qualification cost.
TypeUse the drop-down list to select the Type of cost that is to be incurred. Each option is displayed below:
  • Per Qualification refers to the cost of the Total Qualification. This is the only option if using a percentage-based model.
  • Per Unit refers to cost for each unit completed in the Qualification.
  • Per Hour refers to the cost per nominal hour of the Qualification.
Additional ItemsUnder the Additional Items select a billable item from the drop-down list. Click the  icon if you wish to add an Additional Item.
Item FormItem Description displays the Additional Item. The cost of the item should be displayed in brackets in this field.
  • Enter the minimum cost (Min. $) the Organisation will be charged for the Item.
  • Select the Type of cost to be incurred from the drop-down menu.
  • Enter the maximum cost (Max. $) the Organisation will be charged for the item.
  • Enter the Quantity (Qty) of the Item required.
  • Click the  icon to delete an item from a Finance Model.