(GENERAL-24-30) Updates on the Use of eZ-Audit for the Electronic Submission of Annual Financial and Compliance Audit Statements for Proprietary Institutions

Federal Student Aid 

April 2, 2024

This Electronic Announcement outlines annual financial statements and compliance audit submission guidance, including the 90/10 revenue footnote disclosure, for proprietary institutions with fiscal years that begin on or after January 1, 2023, with completed financial statements and compliance audits ready for submission. This Electronic Announcement also applies to proprietary institutions that have gone through or are in the process of a change in ownership to become a nonprofit or public institution and are required to report 90/10 revenue calculation.

On October 28, 2022, final regulations amending the 90/10 revenue reporting requirements and calculation were published in the Federal Register with an effective date of July 1, 2023.  More information may be found in:

The Electronic Code of Federal Regulations: https://www.ecfr.gov/current/title-34/subtitle-B/chapter-VI/part-668/subpart-B/section-668.28.

Department of Education’s list of frequently asked questions and answers on the 90/10 requirements: https://www2.ed.gov/policy/highered/reg/hearulemaking/2009/90-10-q-and-a.html.