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Created 27 September 2022 15:12
If this figure is over 100% does that mean we need to return the amount that is over 100?
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Yes and no. If the apprenticeship has fully completed/withdrawn, then probably yes. If they're still on programme, then no. We collect the whole co-investment up front in most cases, so they appear as over 100% right up until the completion payment has been triggered. We double check the refunds required once a quarter, though we do process refunds as and when we withdraw apprentices, or they change employer.
We have a few that sit at 101%/102% because of change of employers and rounding to whole pounds, and that's fine. You don't want to round up your refunds, and end up at 99% contribution and lose your entire completion element for the sake of £1.38.
27 September 2022 16:08
Thanks for your reply. Just want to query what you mean by "If they're still on programme, then no. We collect the whole co-investment up front in most cases, so they appear as over 100% right up until the completion payment has been triggered"
If you collect the 5% as a whole up front why would it show as over 100 until completion payment is triggered?
Sorry i'm new to co-investment and am still getting to grips with how it all works.
28 September 2022 08:44
In the co-investment report, column T (% of co-investment collected), is how much you're recorded as PMR overall so far (columns P and R), compared with column Q (co-investment due from previous years) and column S (co-investment due in this year). Column S, the amount due in this year, only considers the money "due" one month at a time, as ESFA pay us the 95%. Look at one student across several reports, and you'll see column S increase each month (whilst they're still on programme).
If a student starts in Sep on a 20 month app that's total £12,500 (£10k on programme payments), our total on programme income each month is £500. That's £475 from ESFA and £25 from the employer. We choose to collect the whole 5% up front, which is £600. 6 months in, column S will show we are only "due" £150 (£25 x 6). £600 is 400% of £150. We've collected 400% of what is due so far. As the amount due goes up, but the amount you collected stays the same, the % slowly comes down each month, until you finally hit 100% once the completion element becomes "due" (the same month ESFA pay us the completion element).
28 September 2022 14:51 (Edited)
It all makes sense now. Thanks for taking the time to type all of the above out, I really appreciate it.
28 September 2022 14:28
Samuel Bridge It's a lot to learn! It's always nice when you can benefit from someone else's experience. I was doing this when the changes first came in and we were all finding our way through it. Also, rather sadly, I find this quite interesting...
And I just noticed my numbers above were wrong (5% of £12,500 is £625), but you get the jist!
28 September 2022 15:00