State Education Department

Tuition Reimbursement Fund Financial Statements

The Tuition Reimbursement Fund 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 tuition revenue of the schools as well as fines and penalties assessed against schools that violate the Education Law. As of March 31, 1995, the Fund balance totaled $1.9 million. We audited the Fund's balance sheet as of March 31, 1995, as well as the related statements of revenue, expenditures and fund balance and the cash flows for the year then ended. We concluded that the financial statements were presented fairly in all material respects.

For a complete copy of 95-S-67 click here.
For a copy of the 90-day response click here.