Clarification Regarding Deadlines for Submission of Annual Financial Report (AFR) to ACICS
In the most recent edition of “Standards Century,” reference was made to a November 1 deadline for submission of the Annual Financial Report (AFR). In fact, the deadline is a rolling date based on the end of the fiscal year of the reporting institution. For example, institutions with a fiscal year-end of June 30 must submit their AFR by December 31 of the same calendar year. Those with a December 31 year-end fiscal close must submit their AFR by June 30 of the following calendar year. Please excuse any confusion caused by the article.