State Education Department
Tuition Reimbursement Fund Financial Statements The Tuition Reimbursement Fund, which is administered by the State Education Department, was created to protect the financial interests of students attending certain post-secondary private schools. When these schools close or are found to be in violation of the State Education Law, the Fund can be used to refund the tuition and student loans of the students who were attending the schools. The Fund is financed by an assessment levied on the schools' tuition revenue and by fines and penalties assessed against schools violating the Education Law. As of March 31, 1999, the Fund balance totaled $1.3 million. We audited the Fund's balance sheet as of March 31, 1999, as well as the related statements of revenue, expenditures and changes in Fund balance for the year then ended. We conclude that the financial statements are presented fairly in all material respects.
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