POSTED DATE July 11, 2024
AUTHOR Federal Student Aid
ELECTRONIC ANNOUNCEMENT ID GENERAL-24-85
SUBJECT Updates on the Availability of eZ-Audit for the Electronic Submission of Annual Financial and Compliance Audit Statements for Proprietary Institutions
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This Electronic Announcement outlines annual financial statements and compliance audit submission guidance, including the 90/10 revenue footnote disclosure, for proprietary institutions with fiscal years that begin on or after January 1, 2023, with completed financial statements and compliance audits ready for submission to the U.S. Department of Education (the Department). This Electronic Announcement also applies to proprietary institutions that have gone through, or are in the process of, a change in ownership to become a nonprofit or public institution and are required to report 90/10 revenue calculation. This announcement supersedes the guidance provided in Electronic Announcement-GENERAL-24-70.
On October 28, 2022, the final regulations amending the 90/10 revenue reporting requirements and calculation were published in the Federal Register with an effective date of July 1, 2023. More information may be found in:
- The Electronic Code of Federal Regulations: § 668.28 Non-Federal revenue (90/10).
- The Department’s list of 90/10 – Questions and Answers.
In order to accommodate the updated 90/10 regulations in eZ-Audit, extensive development updates were required, and those developments have been completed. Therefore, proprietary institutions may begin submitting their annual financial statements and compliance audits in eZ-Audit.
For proprietary institutions that already submitted their Annual Submissions through the Document Center available on the Common Origination and Disbursement website or via email at FSAFinancialAnalysisDivision@ed.gov, as described in Electronic Announcement-GENERAL-24-70, please resubmit your Annual Submission through eZ-Audit within three weeks of this notification.
Contact
For questions concerning the Electronic Submission of Annual Financial and Compliance Audit Statements for Proprietary Institutions into eZ-Audit, please send an email to: fsaezaudit@ed.gov.
