Teachers Federation Health Ltd operates a not-for-profit health fund for Education Union members and their families. Established in 1954, it remains committed to its original vision - the simple premise of caring for the health needs of teachers. Over the years, Teachers Federation Health Ltd has grown to become the largest of the 'restricted membership' health funds, with over 100,00 policy holders covering over 200,000 lives.
Teachers Federation Health Ltd has been a client of Grant Thornton for over 20 years. In that time Grant Thornton has conducted annual statutory audits under the Corporations Act and also audited the various regulatory returns required by the Private Health Insurance Administration Council under the National Health Act (now the Private Health Insurance Act 2007).
In addition, Grant Thornton ahs provided tax advice, including FBT and GST, as well as assistnace in the preparation of statutory financial statements and the application of the requirements of the insurance specific accounting standards under A-IFRS.
Grant Thornton also recently assisted Teachers Federation Health Ltd with two strategically important projects folloiwng their decision to outsource part of their investment management responsibilities. Grant Thornton assisted with the tender and selection of a new fund management team for the fund's almost $200m in investment funds. Also Grant Thornton advised and assisted in the tender and selection of the best transactional banking products and services in the industry to meet Teachers Federation Health Ltd's goal of being one of the most efficient health insurers in the market.
Brad Joyce, CEO of Teacher's Federation Health Ltd details his experience with Grant Thornton:
"The fact that Teachers Federation Health has remained a client of Grant Thornton for so long is a testament to the great service they provide. Grant Thornton have provided us with a holistic service, not just reactive compliance.
"They've sought to truly understand our business and the highly specialised industry in which we operate and in doing so have added value through the audit process and other advice, helping us identify ways we can improve and create efficiencies, as well as assisting us to ensure that we comply with complex reporting obligations.
"In addition, Grant Thornton recently assisted us with the tender and selection of our banking and fund management service providers at an important juncture in the company's development. They have also been able to provide a wide breadth of general business advice, proving the diversity of Grant Thornton's skills and experience.
"The team at Grant Thornton are always helpful, proactive and easy to work with. They understand that because of our specific industry requirements, consistency of team members is important, and they've delivered that every year, for the last 20 years. As a result, our relationship is ongoing - not just once a year."