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 |
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Audited Financial Statement following Generally Accepted Accounting Principles (GAAP) |
Licensed private career schools with:
|
Reviewed Financial Statement following Generally Accepted Accounting Principles (GAAP) |
Licensed private career schools with:
Licensed private career schools with:
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Audited Statement of Revenue
|
English as a Second Language schools with:
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Unaudited Statement of Revenue |
English as a Second Language schools with:
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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.