The Acumentis Asset Advisory team continues to set the benchmark in the valuation industry, recently being crowned the RICS Valuation Team of the Year 2024. When asked to provide a case study where the team has gone above and beyond, they had a long list of thankful clients, with one standing out: TAFE NSW.
At Acumentis, our Asset Advisory team are not your run-of-the-mill consultants. They are truly passionate about the future of the valuation industry, consistently delivering high-quality and compliant asset valuation and advisory services for complex assets across Australia and beyond.
The 2024 RICS Awards has provided a moment to pause and reflect on our Asset Advisory team's impact since its inception in 2022. We are thrilled to announce that the team has been awarded the prestigious 2024 RICS Valuation Team of the Year. It’s a recognition we couldn’t be prouder of.
As National Director of Asset Advisory Nick Funnell said, "It will take a while to wipe the smile from our faces." This achievement isn’t just a reflection of the Asset Advisory team alone; it’s a testament to the entire Acumentis family. The team is the first to acknowledge that “It takes a village,” crediting the support of the broader network of Acumentis experts and support teams for playing a key role in their overall success.
"We are truly humbled and honoured to receive this award on behalf of Acumentis. We thank everyone who has contributed to our success, and we won’t be resting on our laurels. We are excited for the chapters ahead and look forward to assisting more of our fantastic clients and partners as we continue to push the boundaries of what is possible." Nick Funnell (National Director – Asset Advisory).
Adding to the excitement, the Asset Advisory team is also a finalist for the 2024 API Excellence in Property Awards—Valuation Team of the Year. We hope their hard work shines through again, leading to another well-deserved victory!
TAFE NSW and Acumentis: Partnering up for success
The Acumentis Asset Advisory team continues to set the benchmark in the valuation industry. Their dedication to delivering expert advice, high standards, and client satisfaction is evident in every project they undertake. When asked to provide a case study where the team has gone above and beyond, they had a long list of thankful clients, with one standing out. TAFE NSW, a leading vocational education provider, has commended Acumentis Asset Advisory as a critical partner. This partnership showcases the team’s exceptional project management, compliance with best practices, and above all, their unwavering commitment to client success.
The Challenge
TAFE NSW required comprehensive financial reporting and insurance valuations for its extensive asset portfolio, spanning over 150 campuses. They sought a partner proficient in international valuation standards, Australian Accounting Standards, and state Treasury Guidelines, with strong project management and communication skills.
The Action Plan
A robust project management framework was established to ensure transparency and effective communication. This included Gantt charts, milestone reporting, SharePoint for document access, and structured client and team meeting schedules with clear escalation procedures. Drawing on expertise from 12 NSW offices and the broader Acumentis network, the team meticulously inspected over 1,800 buildings. They provided detailed asset descriptions, condition assessments, estimated useful lives, updated area data, and componentised financial asset records totalling around 10,000 items.
A rigorous quality management system was implemented throughout the project.
- During the Project Commencement phase, the fixed asset register was reviewed and updated, feedback on report templates and schedules was provided and a version control accompanied by delivery requirement protocols were established.
- The Draft Valuation Reports and Schedules included the maintenance of a central register to track and solve queries whilst being reviewed in minute detail by Acumentis' Risk and Quality Assurance team, as well as TAFE NSW stakeholders.
- For the Finalised Valuation Reports and Schedules, all stakeholder feedback was incorporated and final approval by Acumentis Directors were provided. As an additional step, an independent review was conducted by a Quantity Surveyor & building consultant.
The Result
Acumentis’ meticulous approach yielded outstanding results for TAFE NSW, helping them achieve their strongest financial accounting outcomes to date, even under strict audit scrutiny. The project not only met but exceeded expectations, setting a benchmark for future engagements.
From the outset, TAFE NSW’s emphasis on quality and error elimination drove Acumentis to adopt a phased approach to quality management, refining processes from procurement through to final review. This meticulous approach delivered robust outcomes and laid a foundation for ongoing application within the Acumentis Advisory team.
Through dedication to compliance, transparent processes, and service excellence, Acumentis met stringent audit requirements and strengthened its partnership with TAFE NSW, setting a standard for industry best practices and client satisfaction.