What You Need To Know
Today, the Department released an Electronic Announcement which informs proprietary institutions that the eZ-Audit system is now ready to receive annual financial statements and compliance audits. Even if a proprietary institution has already submitted its documentation via the Common Origination and Disbursement website or via email at FSAFinancialAnalysisDivision@ed.gov, it still is required to resubmit the Annual Submission through eZ-Audit within three weeks of the notification (July 11, 2024).
Why This Is Important
The revised 90/10 regulations took effect on July 1, 2023. The new 90/10 Rule requires institutions to submit annual financial statements and compliance audit submission guidance, including the 90/10 revenue footnote disclosure, to the Department via the eZ-Audit system.
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