What does auspicing mean?

"Auspicing", just like "auspiced", are not real words. They cannot be found in any reputable English dictionary. The terms have gained recent popularity within, ironically, the education sector - particularly in Australia - in an attempt to define funding arrangements with outside institutions. It has it's origins in the noun "auspice", meaning a type of wing, whereby funding or training is provided under the auspices of a larger accredited body. But, alas, there is no such thing as the verb "to auspice", only the noun.