S T A T E O F N E W Y O R K
________________________________________________________________________
3296
2021-2022 Regular Sessions
I N A S S E M B L Y
January 22, 2021
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Introduced by M. of A. EPSTEIN, GOTTFRIED, REYES, BARRON -- read once
and referred to the Committee on Higher Education
AN ACT to amend the education law, in relation to reporting and publish-
ing of certain financial statements and statistical reports received
by the commissioner of education
THE PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:
Section 1. The education law is amended by adding a new section 239-c
to read as follows:
§ 239-C. FOR-PROFIT HIGHER EDUCATION INSTITUTIONS; ENHANCED REPORTING.
1. AS USED IN THIS SECTION THE TERM "FOR-PROFIT INSTITUTION OF HIGHER
EDUCATION" MEANS A SCHOOL THAT:
(A) PROVIDES A PROGRAM LEADING TO AN ASSOCIATES OR BACCALAUREATE
DEGREE;
(B) IS LEGALLY AUTHORIZED IN NEW YORK STATE TO PROVIDE A PROGRAM OF
EDUCATION BEYOND SECONDARY EDUCATION; AND
(C) IS NEITHER A PUBLIC OR NONPROFIT INSTITUTION.
2. FOR SCHOOL FISCAL YEARS BEGINNING ON AND AFTER JULY FIRST, TWO
THOUSAND TWENTY-TWO, EACH FOR-PROFIT INSTITUTION OF HIGHER EDUCATION
SHALL FILE ANNUALLY AN AUDITED FINANCIAL STATEMENT AUDITED ACCORDING TO
GENERALLY ACCEPTED AUDITING STANDARDS BY AN INDEPENDENT CERTIFIED PUBLIC
ACCOUNTANT OR AN INDEPENDENT PUBLIC ACCOUNTANT AND STATISTICAL REPORTS
CERTIFIED BY THE OWNER OR OPERATOR OF THE INSTITUTION, AS REQUIRED BY
THE COMMISSIONER; PROVIDED, HOWEVER, THAT THE COMMISSIONER SHALL ACCEPT
A COPY OF A CURRENT FINANCIAL STATEMENT PREVIOUSLY FILED BY AN INSTITU-
TION WITH ANY OTHER GOVERNMENTAL AGENCY IN COMPLIANCE WITH THE
PROVISIONS OF ANY FEDERAL OR STATE LAWS, OR RULES OR REGULATIONS IF SUCH
STATEMENT CONTAINS ALL OF THE INFORMATION REQUIRED UNDER THIS SECTION
AND CONFORMS TO THIS SECTION'S REQUIREMENTS OF AUDITING, REVIEW AND
CERTIFICATION. ANY REQUIRED AUDIT OF THE FINANCIAL STATEMENT SHALL BE
EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
[ ] is old law to be omitted.
LBD02087-01-1
A. 3296 2
PAID FOR BY THE INSTITUTION, AND THE RESULTS OF SUCH AUDIT SHALL BE
FORWARDED TO THE COMMISSIONER.
3. THE COMMISSIONER MAY REQUIRE AUDITED STATISTICAL REPORTS UPON A
DETERMINATION THAT A FOR-PROFIT INSTITUTION OF HIGHER EDUCATION HAS
PROVIDED FALSE OR INACCURATE CERTIFIED STATISTICAL REPORTS. THE FINAN-
CIAL STATEMENTS SHALL BE BASED ON THE FISCAL YEAR OF THE INSTITUTION AND
SHALL ALSO INCLUDE AN ITEMIZED ACCOUNT OF TUITION REFUNDS DUE AND OWING
TO PAST OR PRESENTLY ENROLLED STUDENTS. STATISTICAL REPORTS SHALL
INCLUDE, BUT NOT BE LIMITED TO, ENROLLMENT, COMPLETION, AVERAGE STUDENT
DEBT AND PLACEMENT DATA.
4. FOR SCHOOL FISCAL YEARS BEGINNING ON AND AFTER JULY FIRST, TWO
THOUSAND TWENTY-TWO, THE COMMISSIONER SHALL MAKE PUBLICLY AVAILABLE AND
PUBLISH ON THE WEBSITE OF THE DEPARTMENT ALL ANNUAL FINANCIAL STATEMENTS
AND STATISTICAL REPORTS RECEIVED PURSUANT TO THIS SECTION WITHIN THIRTY
DAYS OF RECEIPT BY THE COMMISSIONER OF SUCH STATEMENTS AND REPORTS. THE
DEPARTMENT SHALL MAINTAIN AND MAKE PUBLICLY AVAILABLE SUCH RECORDS ON
ITS WEBSITE FOR A PERIOD OF NO LESS THAN TEN YEARS.
§ 2. Paragraph e of subdivision 4 of section 5001 of the education law
is amended by adding a new subparagraph (iv) to read as follows:
(IV) FOR SCHOOL FISCAL YEARS BEGINNING ON AND AFTER JULY FIRST, TWO
THOUSAND TWENTY-TWO, THE COMMISSIONER SHALL MAKE PUBLICLY AVAILABLE AND
PUBLISH ON THE WEBSITE OF THE DEPARTMENT ALL ANNUAL FINANCIAL STATEMENTS
AND STATISTICAL REPORTS RECEIVED PURSUANT TO THIS PARAGRAPH WITHIN THIR-
TY DAYS OF RECEIPT BY THE COMMISSIONER OF SUCH STATEMENTS AND REPORTS.
THE DEPARTMENT SHALL MAINTAIN AND MAKE PUBLICLY AVAILABLE SUCH RECORDS
ON ITS WEBSITE FOR A PERIOD OF NO LESS THAN TEN YEARS.
§ 3. This act shall take effect immediately.