Bureau of Proprietary School Supervision Room 974 EBA Albany, NY 12234 www.highered.nysed.gov/bpss

April 22, 2005

TO: Licensed Trade and Business Schools/Computer Training Facilities, ESL Schools and Other Interested Parties

FROM: David K. Sherwood, Associate

SUBJECT: Financial Statement Submission Deadline

Annually, all schools licensed, registered, or certified by the Bureau of Proprietary School Supervision must submit financial documents to this office.  In March, form BPSS-100 was sent to all of the registered and/or licensed trade and business schools and computer training facilities advising them of the June 1 deadline to submit complete, appropriate financial statements.  At the same time, form BPSS-200 was sent to all of the registered ESL schools requesting their appropriate financial statements of revenue.

BPSS will no longer issue extensions beyond the June 1 filing deadline.  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.

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.highered.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.

The financial statement that is due for the 2005-06 assessment billing year will be for the school's fiscal year that ends anywhere between April 1, 2004 and March 31, 2005.  Therefore, for those schools that have a fiscal year end of December 31, the financial statement that will be due as of June 1, 2005 will be for their fiscal year ending December 31, 2004.

Any questions regarding the financial statements themselves, can be sent to David Sherwood at dsherwoo@mail.nysed.gov.  Questions regarding actual billing or payments should be directed to Mary Groat at mgroat@mail.nysed.gov.  Requests for appointments to discuss filing the forms after the deadline of June 1 should be forwarded to Jerome McAvoy at jmcavoy@mail.nysed.gov.