Bureau of Proprietary School Supervision (518) 474-3969
Room 974, Education Building Addition
Albany, New York 12234

Any transfer or assignment of interest totaling 10 percent or more, whether direct or indirect, in the total equity or assets of a school is considered a transfer of the license or registration. A school license or registration can not be transferred without the approval of the Commissioner. The new owner must submit the following items before a change in ownership occurs.

• "Application for a Transfer of a License or Registration to Operate a Private School in New York State" (BPSS-3).

• A fee based on the gross tuition income from the school's most recent fiscal year. See Section 5001(4)(g) of the Education Law to determine the correct fee.

• The original sales or transfer agreement that outlines the terms and conditions under which the school will be acquired.  The agreement must contain the original signatures of all parties involved in the sale or transfer.

• A photocopy of the financial statement for the school's most recent fiscal year as required in Section 5001(4)(e) of the Education Law and the evidence regarding adequacy of resources that is detailed in Section 126.8 of the Commissioner's Regulations. If the transfer of ownership occurs within an existing corporation, only the most recent financial statement is required.
   
• The seller's income statement from the end of the previous fiscal year to the date of the sale including all tuition income received and all student refunds made.  If the date of the sale is in the future, an income statement from the end of the fiscal year to the date of filing the transfer application and an attestation that, within 60 days following the date of the sale, the full income statement described above will be sent.
   
• A listing of approved teachers and their license/permit numbers; agents and their certificate numbers; director(s) and the corresponding license/permit number(s); and all approved curricula including the effective and expiration dates.
  
  
• A letter, from the previous owner, giving permission to the new owner to take possession of all approved curriculum/courses.

To document ownership, the items indicated must be submitted if the transfer being processed is for a:

Change in the composition of an existing corporation

1. Secretary's Certificate
2. If the transfer has already taken place, copies of cancelled stock certificates, newly issued certificates, and next blank certificate must be submitted.
3. If the transfer has yet to occur, the following must be submitted once the transfer is completed: A copy of the updated stock ledger or copies of all stock certificates, issued and canceled, up to and including the next blank certificate.

Partnership

1. Business certificate from County Clerk (county where school is located)
2. Partnership agreement

Sole Proprietor

1. Business certificate from County Clerk (county where school is located)