![]() ![]() Some examples of reporting deadlines based on fiscal year end dates are as follows: Pursuant to § 126.8(e)(3)(iii) of the Commissioner’s regulations, a school’s financial statements must be submitted to BPSS no later than 120 days after the school’s fiscal year end date. The commissioner may extend this deadline for up to 60 days for good cause shown, as determined by the commissioner. If BPSS determines that an LPCS or ESL school has submitted false or inaccurate statements or that a significant, unsubstantiated decline in gross tuition has occurred, the Commissioner may require the school to file an audited financial statement even during alternate years when an unaudited reviewed financial statement would ordinarily be allowed. Filed an audited financial statement for the previous fiscal year (unless the school’s license or certification is due for renewal, in which case an audited financial statement must be provided for the prior fiscal year). Combined Federal and State student financial aid is less than $100,000 in a school fiscal year andģ. In the year that a school is due for a licensure or certification renewal determination, an audited financial statement must be provided for the prior fiscal year.Ģ.GTI less than $500,000 but the school filed a reviewed financial statement for the previous fiscal year and/or.Combined Federal and State student financial aid in excess of $100,000 in a school fiscal year and/or.Gross tuition income (GTI) of $500,000 or more and/or.Must be used for schools which meet the following requirements: Prepared in accordance with Generally Accepted Accounting Principles (GAAP) The following table summarizes the financial statement reporting mandates listed in the Education Law and Commissioner's Regulations for LPCS and ESL schools:Ĭriteria for Determining Type of Statement Required Annual Financial Statements for Licensed Private Career Schools (LPCS) and English As A Second Language (ESL) SchoolsĪnnual financial statements and statistical reports are used for the purposes of school licensure, establishing fees or assessments pursuant to the New York Education Law (Education Law) as well as to document a school's financial viability. ![]()
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