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Annual Financial Report (AFR)

Relevant Downloads: 
    wingding Quarterly Financial Report
    wingding Financial Improvement Plan
    wingding Guidelines for Filing Financial Reports
    wingding Complete and Submit the AFR 

Each accredited institution must submit the Annual Financial Report (AFR) online. In accordance with sections 2-1-802 and 2-1-803 of the Accreditation Criteria, institutions are required to prepare and submit both the AFR online and audited financial statements within 180 days after the end of the fiscal year. An online report must be received from each main and branch campus. The online version is identical to the previous AFR form.

For further details, please review the Guidelines for Filing Financial Reports. 

Annual Reporting

All ACICS-accredited institutions are required to submit an Annual Financial Report (AFR), Ownership/Control Disclosure Form, and audited financial statements 180 days following the end of the institution's financial year. The requirement exists for all institutions without regard to the type of corporation that owns the institution (profit or not-for-profit) or the location of the institution (domestic or international). Likewise, any deadlines, extensions, or requirements established by other accrediting bodies or agencies do not change the Council’s requirements. The AFR must be submitted online.

You must submit the AFR, the Audited Statements and the Ownership/ Control Disclosure Form for each main and branch campus to ACICS.

All ACICS-accredited institutions should submit to the Council an audited financial statement that includes the U.S. Department of Education financial ratio composite score. Institutions are required to submit an Income Statement (Part 1 of the Annual Financial Report) for each main and branch campus.

The Council will accept, in lieu of the Balance Sheet (Part 2) of the Annual Financial Report, each institution’s audited financial statement that includes the institution’s U.S. Department of Education financial ratio composite score.

 

Late Filings

A $500 late fee will be charged if the AFR is received after the due date. In accordance with Section 2-3-401 of the Accreditation Criteria, failure to submit an AFR may result in the irreversible revocation of an institution’s accreditation without a hearing or opportunity for appeal.

If you need additional information, please contact Ms. Terron King, Assistant Manager, Policy and Institutional Review, at (202) 336-6771 or tking@acics.org. 


Interim Reporting

The Council occasionally requires accredited institutions to submit additional financial information based on the school’s reported financial position. This information can take the form of a Quarterly Financial Report, a Financial Improvement Plan, additional audited or compiled financial information completed by an outside accountant, or a combination of all three. Institutions in this status are considered “on financial review” and are prevented from initiating new programs or submitting non-main campus applications without prior permission from the Financial Review Committee.