OHE Left Border Timothy D. Larson

Timothy D. Larson

Executive Director



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Financial Requirements

Required Documents for Financial Statement Submission

A copy of the school’s audited and reviewed annual financial statements must be filed each year with the Executive Director of the Office of Higher Education.  Each school shall keep financial records in conformity with generally accepted accounting principles. An annual financial statement detailing the financial status of the school shall be prepared by school management and reviewed or audited by a licensed certified public accountant or licensed public accountant in accordance with standards established by the American Institute of Certified Public Accountants. A copy of such financial statement shall be filed with the Executive Director on or before the last day of the fourth month following the end of the school's fiscal year, except in the case of a nationally accredited school recognized by the U.S. Department of Education, in which case such financial statement shall be due on or before the last day of the sixth month following the end of the school's fiscal year. Only audited financial statements shall be accepted from a nationally accredited school. Upon a nonaccredited school's written request, the Executive Director may authorize, for good cause shown, a filing extension for a period not to exceed sixty days. No filing extensions shall be granted to a nationally accredited school.

Required Documents for Submission:

  • Balance sheet

  • Income statement

  • Statement of change in equity or fund balance

  • Statement of cash flows

  • Footnotes or notes to financial statements

  • Cover letter prepared by the licensed certified public accountant or licensed public accountant stating the scope of the review or audit, any opinions, and standards and principles followed

Composite Scoring System for Financial Review

Composite Scoring System:  The U.S. Department of Education, with the help of KPMG Peat Marwick, LLP (Dec. 1997), developed a composite scoring system for schools seeking to participate in the federal Title IV student assistance programs.  The scoring system is made up of three ratios which measure five fundamental elements of financial health: viability, profitability, liquidity, ability to borrow, and capital resources.  Each private occupational school’s passing financial ratio score is the same as required by 34 CFR 668, as amended from time to time.

  • Primary Reserve Ratio - measures viability and liquidity.

  • Equity Ratio - measured ability to borrow and capital resources

  • Net Income Ratio - measures profitability

A weighted average of the three ratios is derived resulting in one final score for the school.

Fee Schedule

Application Fee – New Schools:  $2,000; New Branch:  $200

Annual Fee:  $200 per school, $200 per branch

Renewal of Authorization:  $200 per school, $200 per branch

Change of Location:  No Fee

Quarterly Payments into the Student Protection Account:  .004% of Net Quarterly Tuition Revenue

Change of Ownership:  Application Fee – $2,000; Each Branch:  $200

Annual Out-of-State School Representative Fee – $500


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