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 tuition revenue of the schools as well as fines and penalties assessed against schools that violate the Education Law. As of March 31, 1998, the Fund balance totaled $1.3 million. We audited the Fund's balance sheets as of March 31, 1996, March 31, 1997 and March 31, 1998, as well as the related statements of revenue, expenditures and changes in Fund balance and the cash flows for the years then ended. We concluded that the financial statements were presented fairly in all material respects.
For a complete copy of Report 98-S-40 click here.