In addition to the financial statements required to be submitted as described schools are also required to submit a copy of any of the following correspondences from the U.S. Department of Education, within 10 days of receipt: The school’s financial position (for example, any correspondence regarding a low composite score and/or a requirement to post additional financial assurances, such as letters of credit); The school’s actual or potential loss of eligibility to continue to participate in the IV Federal Student Aid program; Notice that the school will be, or may be, placed on heightened cash monitoring or otherwise be subject to a change in its Title IV status; A demand for the reimbursement or repayment of IV funds received by the school (unless such amounts are or de minimis); The assessment of a fine or penalty in an amount that is to or greater than the lesser of: 5% or more of: Shareholders’ equity (or corresponding equity accounts for non-corporate entities), or Net income, as such amounts are reflected on the most recent fiscal year-end financial statements. B. In accordance with the Section V (E)(1), Rules of Process and Procedure, Standards of Accreditation, school must notify ACCSC of any material event or circumstance that could affect the school’s financial status. Such notification must be in writing and made within 10 calendar days of the event’s occurrence. V. SUBMISSION DEADLINES FOR FISCAL YEAR END FINANCIAL STATEMENTS A. Each accredited institution must submit its audited fiscal year-end financial statements no than the earlier of: The date of the submission of such audited fiscal year-end financial statements to any State or Federal regulatory agency (such as the United States Department of Education or the Securities and Exchange Commission); The date of a submission to any state agency whom the school is required to make annual reports that include fiscal year-end financial statements or the inclusion of information/data extracted from fiscal year-end financial statements): The date of the submission of audited fiscal year-end financial statements to any other regulatory agency other than ACCSC; A date prescribed by ACCSC; or In any For private institutions, not later than 6 months following the end of the fiscal year and For public institutions whose audit is conducted by a government appointed auditor, not later than 20 days after the release of the audit.
In addition to the financial statements required to be submitted as described schools are also required to submit a copy of any of the following correspondences from the U.S. Department of Education, within 10 days of receipt: The school’s financial position (for example, any correspondence regarding a low composite score and/or a requirement to post additional financial assurances, such as letters of credit); The school’s actual or potential loss of eligibility to continue to participate in the IV Federal Student Aid program; Notice that the school will be, or may be, placed on heightened cash monitoring or otherwise be subject to a change in its Title IV status; A demand for the reimbursement or repayment of IV funds received by the school (unless such amounts are de minimis); or The assessment of a fine or penalty in an amount that is to or greater than the lesser of: 5% or more of: Shareholders’ equity (or corresponding equity accounts for non-corporate entities), or Net income, as such amounts are reflected on the most recent fiscal year-end financial statements. B. In accordance with Section V (E)(1), Rules of Process and Procedure, Standards of Accreditation, the school must notify ACCSC of any material event or circumstance that could affect the school’s financial status. Such notification must be in writing and made within 10 calendar days of the event’s occurrence. V. SUBMISSION DEADLINES FOR FISCAL YEAR END FINANCIAL STATEMENTS A. Each accredited institution must submit its audited fiscal year-end financial statements no than the earlier of: The date of the submission of such audited fiscal year-end financial statements to any State or Federal regulatory agency (such as the United States Department of Education or the Securities and Exchange Commission); The date of a submission to any state agency whom the school is required to make annual reports that include fiscal year-end financial statements or the inclusion of information/data extracted from fiscal year-end financial statements): The date of the submission of audited fiscal year-end financial statements to any other regulatory agency other than ACCSC; A date prescribed by ACCSC; or In any For private institutions, not later than 6 months following the end of the fiscal year and For public institutions whose audit is conducted by a government appointed auditor, not later than 20 days after the release of the audit.
Instructions%20for%20the%20Preparation%20and%20Submission%20of%20Financial%20Statements%20and%20Related%20Information%20070116.docx