Schools
Deadline for Filing Annual Financial Statements
(PG
28-0909)
Education Law Section 5001(4)(e)(i) states, in part, “Licensed private schools and registered business 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, registered, or certified 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 of the registered and/or licensed trade and business schools and computer training facilities 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. Therefore, schools with fiscal year ends between April 1, 2009 and March 31, 2010 must file their financial statement on or before July 1, 2010.
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.highered.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.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.
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 Gloria Daly at gdaly@mail.nysed.gov. Requests for appointments to discuss filing the forms after the deadline should be forwarded to Jerome McAvoy at jmcavoy@mail.nysed.gov.