Deadline for Filing Annual Financial Statements
Education Law Section 5001(4)(e)(i) states, in part, “Licensed private schools and candidate schools shall submit such certified statistical reports and annual financial statements as required by the commissioner. The commissioner may require audited statistical reports upon a determination that a school has provided false or inaccurate certified statistical reports. The financial statements shall be based on the fiscal year of the school and shall also include an itemized account of tuition refunds due and owing to past or presently enrolled students.”
Annually, all schools licensed and registered by the Bureau of Proprietary School Supervision must submit financial documents to this office. Each year, around March 1, form BPSS-100 will be sent to all licensed private career schools and candidate schools 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 July 1 of each year 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.
Any questions regarding the financial statements themselves, can be sent to Ruth Singer at firstname.lastname@example.org. Questions regarding actual billing or payments should be directed to Barbara Ruchel at email@example.com. Requests for appointments to discuss filing the forms after the deadline should be forwarded to Jerome McAvoy at firstname.lastname@example.org.