Financial Statement Deadline - 2007
February 20, 2007
TO: Licensed Trade and Business Schools/Computer Training Facilities, ESL Schools and Other Interested Parties
FROM: David K. Sherwood, Associate
SUBJECT: Financial Statement Submission Deadline
Annually, all schools licensed, registered, or certified by the Bureau of Proprietary School Supervision must submit financial documents to this office. Shortly, form BPSS-100 will be sent to all of the registered and/or licensed trade and business schools and computer training facilities advising them of the requirement to submit complete, appropriate financial statements. At the same time, form BPSS-200 will be sent to all of the registered ESL schools requesting their appropriate financial statements of revenue. The deadline date for these submissions is June 1, 2007 with the exception that those schools with fiscal year ends of March 31, 2007 have until July 1, 2007 to submit the appropriate level financial statements.
BPSS does not issue extensions beyond the filing deadline set forth above. If a school is not able to provide its appropriate financial statement (financial statement of revenue for ESL schools) by that deadline, the director or owner must meet with our Office Counsel, Mr. McAvoy at our New York City office to establish a letter agreement and penalty (fine) for untimely filing the appropriate financial statements. That letter agreement will establish exactly when the financial statement will be expected, the amount of the penalty (fine) and the consequences if the new deadline agreed upon is not met. A listing of the schools which have failed to meet financial statement filing deadlines can be found at http://www.acces.nysed.gov/bpss/late_financials.htm.
In order to have the financial statement (financial statement of revenue) accepted, the statement must be at the appropriate level based upon the gross tuition (see financial statement table at http://www.acces.nysed.gov/bpss/financial_statements.htm), have a clearly identified gross tuition income for the individual school (SED number), identify student refunds even if they are $0, and be prepared, at minimum, in accordance with generally accepted accounting standards in the United States.
The financial statement that is due for the 2007-08 assessment billing year will be for the school's fiscal year that ends anywhere between April 1, 2006 and March 31, 2007. Therefore, for those schools that have a fiscal year end of December 31, the financial statement that will be due as of June 1, 2007 will be for their fiscal year ending December 31, 2006.
Any questions regarding the financial statements themselves, can be sent to David Sherwood at email@example.com. Questions regarding actual billing or payments should be directed to Barbara Ruchel at firstname.lastname@example.org. Requests for appointments to discuss filing the forms after the deadline should be forwarded to Jerome McAvoy at email@example.com.