PICS Funding Calculator for Skills Bootcamps

Owned by Tim Searle (Deactivated)
Jun 29, 2023
2 min read

The Funding Calculator generates funding values for Bootcamp learners for use in PICS reports (released June 2023).

The funding calculator report includes an FM37 Calculation Details sheet which gives a breakdown of the funding generated by the calculation process. Claim History records are generated as usual by running a final calculation process.

The Projected Funding Calculator will also calculate values for Skills Bootcamp funding.

Bootcamp funding is based on the Contract Item rate set in each Contract. The basic calculation principle is as follows:

Start Payment - 45% of the contract item rate.

  • Paid on the earliest eligible programme aim’s start date

Completion Payment - 35% of the contract item rate.

If there is a completed Aim NOT Representing Learning, this is paid on the Programme Aim’s Actual End date - otherwise it is paid at the same time as the Outcome Payment.

Paid when:

  • The Programme Aim is completed (Has an Actual End and Comp Status = 2).

  • There is a completed Aim Representing Learning.

  • The Programme Aim Actual End date is within six months of the Aim Representing Learning’s Actual End date.

  • There is a completed Aim NOT Representing Learning (LARS Category Ref 57, 58, or 59), or the aim is eligible for an Outcome Payment (see below).

Outcome Payment - 20% of the contract item rate.

This is paid on the later of the Programme Aim’s Achievement date or Actual End date.

Paid when:

  • The Programme Aim is Achieved.

  • There is a completed Aim Representing Learning.

  • The Programme Aim’s Achievement date is within six months of the Aim Representing Learning’s Actual End date.