The Institute of Banking & Finance Singapore INDUSTRY BRIEFING FOR FTS AND IBF-STS CLAIM SUBMISSIONS (COMPANY SPONSORED TRACK) 1
This briefing is for the claims submission of programmes undertaken under the Financial Training Scheme ( FTS ) and IBF Standards Training Scheme ( IBF-STS ) Agenda 1 Revisions to the FTS& IBF-STS 2 for FTS & IBF-STS 3 Claimants To-Do-List 4 What s Coming Up Next On TheIBF Portal? 5 Q & A 2
Agenda Item 1 Revisions to the FTS and IBF-STS 1. From 1 January 2014,IBF will be the single point of contactfor all matters related to the funding of FTS and IBF-STS programmes; 2. The following revisions to FTS/ IBF-STS will apply to programmes with start date from 1 January 2014: Scheme FTS IBF-STS (i) (ii) (iii) (iv) Funding Level (No Change) Grant Cap (Revised) Eligible Individuals (Revised) Eligible Costs (Revised) 50% 70% S$2,000 per participant per programme S$7,000 per participant per programme Singapore Citizens (SC) and Singapore Permanent Residents (PR) Direct training costs only (Excludes ancillary and travel-related expenses) 3
Agenda Item 1 Revisions to the FTS and IBF-STS 3. The change in Funding Administrator will also be based on ProgrammeStart Date: Programme Start Date Administrator Eligible Programmes Submission Platform Before 1 Jan 2014 FSDF Secretariat No pre-approval required FSDF s claims system From1 Jan 2014 IBF Must be pre-approved by IBF and published on the FTS/ IBF Accredited Programmes Directory [1] The IBF Portal 4. The Claim Cycle will change from the previous end of claimant s Financial Year to 2 Claim Cycles within the calendar year. Claims are to be compiled and submitted based on table below: Claim Cycle Qualifying Period Submission Period Submission Period for Transition year of 2014 [2] #1 Programmes completed from January to June #2 Programmes completed from July to December Jul to Sep of same calendar year 3 rd to 17 th Nov 2014 Jan to Mar of next calendar year Jan to Mar 2015 Note: [1] Directories will only list programmes offered for public runs. [2] For transition year of 2014, claimants with Financial Years Ending: Jan to Jul 2014must submit in Nov; Aug to Dec 2014may opt to submit either in Nov or as a consolidated full year claim in Jan to Mar 2015. 4
Three steps to claims submission: 1 2 3 Sign Up For Corporate Account Login Submit Claims for Programmes View Claims Status Controls Management Representatives GIRO Details Administrators Documents for Submission Auditor Checklist Pre-verification Tool Errors & Re-submission View Claims Status to Check Progress Email Notifications on Review Outcomes and Disbursements 5
Organization Applicant s Roles and Responsibilities for The IBF Portal: Designation: Organization CEO Action Required: Approval sign-off for Corporate Account Login Appoint and Authorise 2 Management Representatives CEO Role: Management Representative [1] Access Rights: IBF Portal Super-user (Access to staff records) Create and manage organization details (e.g. Address, emails etc.) Appoint and change module Administrators Will be copied in email correspondences between IBF and Administrators (with the option to disable notifications) Management Representative (MR1) Management Representative (MR2) Role: Funding Claim Admin Staff Access Rights: Submit Claims for Programmes View Claim Status Funding Administrator (Admin1) Funding Administrator (Admin2) Funding Administrator (Admin3) Administrators for other modules Note: [1] The Management Rep: (i) Has to be a member of management with designation of Department Head or above (ii) Can also either be the Authorized Signatory for the Management Declaration Form orclaims Certification if performing the role of Head of Internal Audit/ Compliance (but not both) 6
1 (i) This is a once-off process to create a corporate account login for the IBF Portal (ii) Applicants will be required to provide their organization s Company Registration Number as a Unique Entity Number (UEN) (ii) Details for existing IBF Corporate members will be auto-populated and applicants are required to check and update details as required (iii) Otherwise, applicants will be required to fill in all required fields. 7
1 CEO's authorisation and sign-off required for initial account set-up. Thereafter, the appointed Management Representatives would take over to manage the corporate account. 8
1 Organizations intending to submit claims under the Company Sponsored Track will be required to complete the GIRO Form for reimbursement of claims. 9
1 (i) Applicants will have to print both the completed (1) [Corporate Account] Application Form and(2) FI - [Corporate Account] IBF GIRO Formfor endorsement by CEO/ official signatory, affix organisation stamp and mail signed original hardcopies to IBF (ii) For the November submission, claimants will have to: Step 1:Download Forms on the IBF website from Mid-Sep Step 2: Complete, endorse and mail forms to IBF Step 3: Submit details online from 16 th to 20 th Oct 10
1 Login After IBF has approved the application for Corporate Account Login, Management Representatives will be able to Login to the IBF Portal. 11
2 1. Claim Applicants will have to prepare the claims using the FI Login -Doc[A] Funding Claims Worksheetwhich will be available on the IBF website (www.ibf.org.sg) from Mid-September. 2. All claims should be accompanied by the following supporting documents: Total Claim Amount For the Relevant Submission Cycle Required Supporting Document(s) S$100,000 and above Less than S$100,000 FI - Doc [D] External Audit Certificate(EA Cert) AND Signed FI - Doc [E] Management Declaration Form Supporting documents (any one of the following): (i) FI - Doc [D] External Audit Certificate(EA Cert); or (ii) FI - Doc [C] Internal Audit Certificate(IA/ Compliance Cert); or (iii) Individual Invoices, Certificate of Completion, exchange rate documentation for payments in foreign currencies[1]and FI -Doc [B] In-house Developed Programmes Form(if applicable). AND Signed FI - Doc [E] Management Declaration Form Note: [1]Foreign Exchange rate documentation should show exchange rate used when converting programme fee to SGD at point of invoice date or month. 12
2 FI - Doc [A] Funding Claims Worksheet for Claims under the Company Sponsored Track include the fields: (i) Trainee Name; (ii) Trainee NRIC; (iii) Singaporean Citizen/ Permanent Resident; (iv) ProgrammeName; (v) Training Provider Name; (vi) ProgrammePeriod (yyyymmdd); (vii) Programme Completion Date (yyyymmdd); (viii) Type of Scheme (FTS or IBF-STS)[1]; For In-house Developed Programmes [2]: (ix) Apportioned Basic Salaries of in-house staff who developed/ delivered training; (x) Fee Charged by External Training Provider; and For Programmes conducted by External Training Providers: (xi) Total Programme Fee *All cost in SGD (excluding GST) Login Note: [1] Based on Type of Scheme selected, Grant Support Amount will be auto-calculated [2] Must tally with FI - Doc [B] In-house Developed Programmes Form 13
2 1a. FI -Doc[D] ExternalAudit Certificate(EA Cert) 1b.FI -Doc[C] Login InternalAudit Certificate(IA/ Compliance Cert); (i) Mandatory for Claim Amount S$100,000 and above (i) Only for Claim Amount less than S$100,000 (ii) Signatory has to be from the Company s Internal Audit or Compliance department (in the absence of an Internal Audit department) [1] (iii) A member of the general management or finance department does not constitute an authorized signatory Auditor s Terms of reference: (a) Items and amounts claimed by the Company are in accordance withfi -[Annex A] FTS and IBF-STS Funding Guidelines; (b) Items claimed by the Company are for eligible Programmes within the programme validity period; (c) Items claimed by the Company are accurately recorded in the Funding Claims Worksheet, and in accordance with the books and records maintained by the Company; (d) Description of items are valid and authentic (e) Claims correspond to the appropriate supporting documents (f) Claims are made only for expenses incurred by and invoiced to the company; and (g) All items claimed are incurred within the qualifying period of claim Note: [1] Only individuals with managerial oversight performing the independent role of Internal Audit or Compliance can sign off on the Certification (e.g. individual who is the Head of Finance and Compliance cannot be the authorised signatory) 14
2 2. FI -Doc [B] Inhouse Developed Programmes Form Login (i) Each Form is meant for only one in-house developed programme; (ii) Completed and signed off by the applicant s authorised signatory, who should be a member of management, with a designation of Department Head or above. (iii) For applicants who are using an Auditor / Compliance to certify the claims, the signed Form has to be sighted as per the other invoices. (iv)for applicants who are submitting individual supporting documents to IBF, the signed Form is to be uploaded onto the Funding module as per the other invoices. 15
2 3. FI -Doc [E] Management Declaration Form Login Claimant s authorised signatory [1]will be required to declare that the all trainees in the batch of claims are/ have: (i) Singapore citizens or Singapore Permanent Residents; (ii) Executivelevel staff physically based in Singapore; (iii) Successfully completed the training programme being claimed for (including passing all relevant assessments and examinations); (iv) Not attended the programme being claimed for as an instructor or facilitator, e.g. presenter / speaker / panellist; and (v) Not in receipt of any previous or other grants or subsidies, provided either by FSDF and/or other government agencies, for the claims. Note: [1] Authorised Signatory for FI - Doc [C] Internal Audit Certificate cannot also sign off on FI - Doc [E] Management Declaration Form (i.e. If Head of Internal Audit/ Compliance signs off on the IA/CC, he cannot then sign off on FI -Doc [E] Management Declaration Form) 16
2 Login 1. Login (i) One of the Management Representatives will Login to create up to a maximum of 3 Funding Administrators (ii) By default, if no Funding Administrators account has been created, the Management Representatives will perform this role. 17
2 4. Populate claim details onto the FI - Doc [A] Funding Claims Worksheet 3. Download Documents 2. Click Submit Claims 5. Upload FI -Doc [A] Funding Claims Worksheet 18
2 Login 6. Pre-submission verification tool (i) The IBF Portal has in-built system checks for uploaded claims e.g. SC/PR, Grant Cap, Programmeeligibility, Duplicate claims, completion date within qualifying period etc. If any errors are found, system will return an excel file with errors flagged for amendment. (ii) Claimants are to ensure: Correct version is used (FI - Doc [A] Funding Claims Worksheet) Worksheet is password protected prior to upload Password is provided when system prompts for password after upload 19
2 Login 7a. Upload FI -Doc [E] Management Declaration Formand FI -Doc [D] External Audit Certificate/ FI - Doc [C] Internal Audit Certificate (Option of supporting document based on Total Claim Amount Submitted) 20
2 Login Data populated from Funding Claims Worksheet 7b. Attach Individual Invoices and Certificates of Completion (i) Documents to be uploaded under Invoice includes Invoices issued by training provider, Declaration for Inhouse Developed Programmes, Exchange rate documentation etc. (ii) All claims without proper proof of payment or with unclear/faded proof of payment are to be excluded from the application. 21
2 Login 8. Submit Claim (i) Claimants will be allowed to submit only once per claim cycle (ii) Once file has been successfully submitted, the IBF Portal will not accept additional claim records (iii) IBF reserves the right to reject claim submissions due to invalid documents provided 22
2 Login 9. Mailing of hardcopy documents to IBF Processing of the claims application will only commenceupon receipt of the signedoriginal hardcopy of the FI -Doc [E] Management Declaration Formand FI -Doc [D] ExternalAudit Certificate/FI -Doc [C] Internal Audit Certificate 23
3 Login 10. Return of claims (i) If any errors are spotted, IBF will return the claim and a notification email will be sent to claimant (ii) Claimant will be required to re-submit FI -Doc [A] Funding Claims Worksheet, FI -Doc [E] Management Declaration Formand FI -Doc [D] ExternalAudit Certificate/ FI - Doc [C] Internal Audit Certificate within 2 weeks (iii) IBF reserves the right to reject the resubmission if inaccurate or exceeds the stipulated 2 weeks 24
3 Login 11. View Submitted Claim Status (i) When claim is successfully approved, notification email will be sent to claimant (ii) Claimant will be able to check amount disbursed and track claims submission 25
Agenda Item 3 Claimants To-Do-List Timeline (2014) Now Action Required Take Stock of Total Claim Amount: (i) If >S$100,000, Appoint External Auditor for certification of claims (ii) If <S$100,000, Appoint Internal Audit/ Compliance for certification of claims; otherwise compile relevant claims and documents for upload to The IBF Portal Identify 2 Management Representatives Brief Funding Administrators and Auditors Mid- to End- Sep Check IBF website and download Templates and Forms Mid-Sep to 16 th Oct Complete, Endorse and Mail to IBF: (1) [Corporate Account] Application Formand(2) FI -[Corporate Account] IBF GIRO Form Mid-Septo 3 rd Nov Prepare FI -Doc [A] Funding Claims Worksheetand send for Audit (Claimants with Financial Years ending Jan to Jul 2014 must submit in Nov) 16 th to 20 th Oct Submit IBFCorporate Account Login Details online 3 rd to17 th Nov Once Corporate Login is setup, submitclaims via The IBF Portal 26
Agenda Item 3 Claimants To-Do-List List of Document for November Submission Requirement Authorized Signatory 1. [Corporate Account] Application Form By 16 th Oct: Complete, Endorse and Mail to IBF; and 16 th to 20 th Oct: Logonto IBF Portal to submit Details online 2. FI -[Corporate Account] IBF GIRO Form Applicant s CEO Applicant s CEO 3. FI - Doc [A] Funding Claims Worksheet By 3 rd Nov: Prepare and send for Audit; and 3 rd 17 th Nov: Upload to IBF Portal - 4. FI -Doc [B] In-house Developed Programmes Form By 3 rd Nov: Sighted by Auditor as per other invoices; or 3 rd 17 th Nov: Upload to IBF Portal as per other invoices HOD 5. FI - Doc [C] Internal Audit Certificate 6. FI - Doc [D] External Audit Certificate By 3 rd Nov: Mail original hardcopy to IBF; and 3 rd 17 th Nov: Upload to IBF Portal *Only for Claim Amount less than S$100,000 By 3 rd Nov: Mail original hardcopy to IBF; and 3 rd 17 th Nov: Upload to IBF Portal *Mandatory for Claim Amount S$100,000 and above Head of Internal Audit/ Compliance External Auditor 7. FI -Doc [E] Management Declaration Form By 3 rd Nov: Mail original hardcopy to IBF 3 rd 17 th Nov: Upload to IBF Portal HOD 8. FI -[Annex A] FTS and IBF-STS Funding Guidelines By 3 rd Nov: For reference by External Auditor/ Internal Audit/ Compliance during Certification of Claims - 27
Agenda Item 4 What s Coming Up Next On The IBF Portal? The IBF Portal will also offer other services online including: For Financial Institutions Application for Programmes Accreditation/ Recognition Staff s Training & Assessment Records For Individuals Monitor Training/ CPD Records Professional Development Roadmap CPD-tracking Registration for Examinations 28
Thank You 29