Education Law Sections 5001(4) and 5001(9) and Sections 126.8 and 126.10 of the Commissioner's Regulations require that schools submit various annual financial statements and reports to the Bureau of Proprietary School Supervision (BPSS) for review. These statements are used to calculate annual assessment fees as well as to document a school's financial viability.  Please note that all financial statements must be completed according to generally accepted accounting/auditing principles.

In an ongoing effort to assist schools with this process and to ensure that a school's gross tuition income is reported accurately, BPSS has developed a table listing the appropriate type of financial statement that is required for each school based on the information contained in Education Law and Commissioner's Regulations.  That table can be found at www.highered.nysed.gov/bpss/financial_statements.htm

Additionally, BPSS has designed a Financial Statement Summary Worksheet form for schools to submit to their independent auditor or accountant to complete when drafting the school's financial statement review/audit.

Items included on this form are as follows:

BPSS recognizes that corporate audits may not break down gross tuition income by each school license or location, therefore, this form must be submitted with each financial statement. A separate form must be submitted for each school license. The SED code must be included on the form to credit the school for the correct submission.

This policy guideline will be effective immediately and should assist schools in reporting the needed financial information to BPSS. In addition, by submitting this completed form with the annual financial statement, any confusion in reporting the gross tuition by the school's auditor should be eliminated. You can make copies of the form by downloading it from the BPSS website.

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Last updated December 04, 2006