State Education Department
Tuition Reimbursement Account Financial Statements The Tuition Reimbursement Account, 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 Account can be used to refund the tuition and student loans of the students who were attending the schools. The Account 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, 2007, the Account’s fund balance reportedly totaled $2,117,467. We audited the Account’s balance sheet as of March 31, 2006 and March 31, 2007, as well as the related statements of revenues, expenditures and changes in the Account’s fund balance for the years then ended. We concluded that the financial statements were presented fairly in all material respects.
For a complete copy of Report 2007-S-138 click here.