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/auditing principles.
In an ongoing effort to assist schools with this process and to ensure that a school's gross tuition income is reported accurately, BPSS has developed a table listing the appropriate type of financial statement that is required for each school based on the information contained in Education Law and Commissioner's Regulations.
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.
This policy guideline will be effective immediately and should assist schools in reporting the needed financial information to BPSS.