Funding and Contracting Services Sample Clauses

Funding and Contracting Services. Funding and Contracting Services are essential core functions of the Agency. They ensure the Further Education system can fulfil its role in meeting the skills needs of the economy by managing the allocation of £3.6bn per year for over 3 million learners through agreements and contracts with over:  350 General FE Colleges, Sixth Form Colleges and Specialist Designated institutions.  1000 private training providers.  200 public training providers (e.g. Local Authorities).  35 Higher Education Institutions (HEIs) offering Further Education Courses.  2,470 schools, including Maintained, Academies and Special. The Agency issues contracts with providers and employers. Contracts vary in detail, but there are two general types:  ‘Pay on Profile’ where standardised payments are regularly made, with annual reconciliation undertaken to review delivery  ‘Payment by Results’ where payments are made based on actual delivery information that is returned to the Agency on a regular basis, generally monthly. These contracts enable regular performance management to be undertaken, with contracts being varied as required. The Agency manages the relationship and financial interactions with the European Social Fund (ESF). This fund supports the provision of learning that meets agreed qualifying criteria. The Agency submits claims to ESF when eligible training has been delivered. The Agency has a responsibility to ensure eligible funding is claimed according to the ESF governance rules. Key aspects of these rules are that the claims are timely, can be evidenced through management information and audited.