Annual Financial Statement Reporting

Date: 
Friday, February 12, 2021
News Description: 

All schools are required to submit an annual financial statement according to the following deadlines:

  • Schools with a fiscal year end date of December 31, 2020 shall submit their required annual financial report for the school’s 2020 fiscal year on or before July 1, 2021.
  • Schools with a fiscal year end date on or after January 1, 2021 shall submit their required annual financial report for the school’s 2020-2021 fiscal year no later than 120 days from their fiscal year end date. For example:
    • Schools with a March 31, 2021 fiscal year end date shall submit their required annual financial report for the fiscal year ending March 31, 2021 on or before September 1, 2021.
    • Schools with a June 30, 2021 fiscal year end date shall submit their required annual financial report for the fiscal year ending June 30, 2021 on or before November 1, 2021.
    • Schools that have not submitted an annual financial statement for the school’s fiscal year beginning in 2019, must include both the 2019-2020 and 2020-2021 fiscal years in the annual financial statement reporting. A single audited financial statement covering both fiscal years shall be due no later than 120 days after the end of the school’s 2020-2021 fiscal year.

Schools failing to meet the submission deadlines for annual financial statement reporting will be subject to penalties pursuant to section 5003(6)(a) of the Education Law.

Note: For the subsequent annual reporting periods (reports due in 2022 and thereafter), all schools will be required to submit the annual financial statements no later than 120 days from the school’s fiscal year end date.

Submission Guidance

Instructions for submitting the annual financial statement are available on the BPSS web-based system:

  1. Log-in to the BPSS system
  2. After selecting School Administrator role, click the Help link on the top green tool bar of the BPSS web-based system.
  3. From the BPSS Help Documents window, select Financial Statement Application. This document will provide step-by-step instructions for financial submissions.

Questions

Additional questions related to annual financial reporting can be directed to: bpssschoolreviews@nysed.gov