Financial Information Reporting

Number: 
4-0900
Date Issued: 
09/25/2000
Updated: 
02/12/2021

Education Law Sections 5001(4) and 5001(9) and Sections 126.8 and 126.10 of the Commissioner's Regulations require that schools submit various annual financial statements and reports to the Bureau of Proprietary School Supervision (BPSS) for review. These statements are used to calculate annual assessment fees as well as to document a school's financial viability. Please note that all financial statements must be completed according to generally accepted accounting principles.

Financial Report Required

School Type

Audited Financial Statement following Generally Accepted Accounting Principles (GAAP)

Licensed private career schools with:

  • gross tuition income $500,000 or more; or
  • combined Federal and State student financial aid in excess of $100,000 in a school fiscal year; or
  • gross tuition income less than $500,000 but the school filed a reviewed financial statement for the previous annual financial report.

 

Reviewed Financial Statement following Generally Accepted Accounting Principles (GAAP)

Licensed private career schools with:

  • gross tuition income of less than $500,000 and/or less than $100,000 combined Federal and State student financial aid in a school fiscal year; and,

Licensed private career schools with:

  • gross tuition income of less than $500,000 and/or less than $100,000 combined Federal and State student financial aid in the school fiscal year; and,
  • an audited financial statement was submitted for the previous annual financial report.

 

Audited Statement of Revenue

 

English as a Second Language schools with:

  • gross tuition income $500,000 or more;

Unaudited Statement of Revenue

English as a Second Language schools with:

  • gross tuition income less than $500,000 but the school filed an audited reviewed financial statement of revenue for the previous annual financial report.

If a corporate entity owns more than one licensed private career school and submits a single financial statement, BPSS requires that the tuition income (gross and net) for each licensed location be clearly traceable. A supplementary schedule may be used for this purpose. Our auditor must be able to clearly ascertain the gross tuition income for each location in order to accurately calculate fees and payments.

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