Institutional finance and governance
SFC is a Non-Departmental Public Body of the Scottish Government. The relationship between SFC and the Scottish Government is governed by a Framework Document [PDF] agreed in July 2018.
The Financial Memoranda with colleges and universities set out the formal accountability relationship between SFC and institutions, and the requirements that institutions are expected to comply with in return for funding.
The Memoranda are an important part of the governance framework within which SFC and institutions operate and they ensure that we are able to meet our statutory duties in relation to the Public Finance and Accountability (Scotland) Act 2000 and other legislation.
The Memoranda make reference to further documents which set out detailed mandatory requirements:
Disposal of Exchequer Funded Assets
Incorporated colleges only
Universities and non-incorporated colleges
Guidance on severance arrangements for universities [PDF] and non-incorporated colleges [PDF] are included in the Financial Memoranda.