Financial Statements
The following table summarizes the Financial
Statement mandates listed in Education Law and Commissioner's
Regulations.
Please note that all financial statements must be completed
in accordance with generally accepted accounting/auditing standards.
(actual citations are listed below the table)
| Statement | Standards |
|---|---|
| Audited Financial Statement | Can be used for all schools but must be used
for schools which have:
|
| Unaudited Reviewed Financial Statement | Can be used for schools requiring an unaudited
compiled financial statement but must be used for schools
which have:
Remember to check above items #2 and #3 listed under the Audited Financial Statement requirements to determine if, in spite of earning between $100,000 and 250,000 gross tuition income, the school must still submit an audited financial statement. |
| Unaudited Compiled Financial Statement | May only be used for school which have:
Remember to check above item #3 listed under the Audited Financial Statement requirements to determine if, in spite of earning less than $100,000 gross tuition income, the school must still submit an audited financial statement. |
For more information, you may contact the Bureau regarding the type of financial statement you must submit. Be sure to include a good estimate of your gross tuition income for the most recent fiscal year, the gross tuition income for your previous fiscal year, and the combined total amount of Federal and State student aid that you received during your most recent fiscal year. Otherwise, BPSS will not be able to advise you regarding the appropriate financial statement.
Education Law
Education Law Section 5001(4)(e)(i) states in part that "Licensed private schools and registered business schools shall submit such certified statistical reports and annual financial statements as required by the commissioner. The commissioner may require audited statistical reports upon a determination that a school has provided false or inaccurate certified statistical reports. The financial statements shall be based on the fiscal year of the school and shall also include an itemized account of tuition refunds due and owing to past or presently enrolled students."
Commissioner's Regulations
Commissioner's Regulations Section 126.8(b)(3) states,
"Pursuant to section 500l(4)(e) of the Education Law, schools shall be required to submit to the commissioner an annual financial statement and shall meet the following requirements with respect to the submission of such annual financial statement:
- Any school which received in excess of $250,000 in gross tuition in a school fiscal year shall submit an audited financial statement to the commissioner for that fiscal year.
- Any school which received in excess of $100,000 in combined Federal and State student financial aid in a school fiscal year shall submit an audited financial statement to the commissioner for that fiscal year.
- Any school which received between $100,000 and $250,000 in gross tuition and $100,000 or less in combined State and Federal student financial aid in a school fiscal year shall submit an unaudited reviewed financial statement to the commissioner for that fiscal year.
- Any school which received less than $100,000 in gross tuition and $100,000 or less in combined State and Federal student financial aid in a school fiscal year shall submit an unaudited compiled financial statement to the commissioner for that fiscal year.
- Any school which received in excess of $50,000 but no more than $250,000 in gross tuition and $100,000 or less in combined State and Federal student financial aid in a school fiscal year shall submit an audited financial statement to the commissioner for the next school fiscal year, provided that such school has not filed at least one audited financial statement since its first year of operation.
- Any school may satisfy the requirement for an unaudited compiled financial statement with either an unaudited reviewed financial statement or an audited financial statement; and may satisfy the requirement for an unaudited reviewed financial statement with an audited financial statement.