'NACCAS

 

                 February 28, 2014

 
Dear School Owner:
 
At the February, 2014 NACCAS Board of Commissioners meeting, the board adopted effective immediately, the following changes:

 

1. Electronic Submission of Financial Statements

Schools must have their independent CPA submit their audited financial statements electronically to NACCAS. Schools can create user profiles for their CPA’s through the member login portal. There will be a $250 processing fee assessed for schools who fail to submit their financial statements electronically. The $250 processing fee is waived until June 30, 2014. The fee for late submission of audited financial statements is not waived.

 

2. Regarding, Appendix #9 - Change Of Control Categories and Requirements

Requirements General to Categories 2 and 3
Section 1f:
A balance sheet for the institution as of the effective date of the Change of Control (to be submitted within 30 days after the effective date of the Change of Control, but prior to the Commission’s approval), audited by an independent certified public accountant on an accrual basis of accounting according to GAAP.

 

3. Notes to Audited Financial Statements

The following calculation must be included in the audit notes:
i. Calculated Composite Score
ii. Current Asset/Current Liability ratio
iii. Tangible Net Worth
iv. Profit in the current audit year, and the past 2 previous audit years

Who to ask….in Finance

Accounts Payable….Fortina (Tina) Waltower, x146
            
·         Vendor invoices
            ·         Vendor payments
            ·         Contractor/Consultant invoices
            ·         Contractor/Consultant payments
            ·         1099 Questions
Accounts Receivable…Lupeachra Davis, x131
            ·         Invoices to schools
            ·         Schools account payable/balances
            ·         Payments applied to school accounts
            ·         Payment plans
Pre-Screener…..Jeanette Walker, x 114
            ·         New candidate applications
            ·         Renewal candidate application
            ·         Incomplete/returned applications
General Accounting….Cynthia McKoy, x149
          ·         General Ledger inquiries
            ·         Subsidiary ledger inquiries
            ·         Payroll questions
            ·         Credit card issues

 Finance….Yetta L. Hughes, x132

            ·         Finance Operations
            ·         Financial Compliance/Audits
            ·         School Financial Statements
            ·         Standard VII
 
 

 

Reminder to NACCAS-accredited schools: Your school's email address may be important to NACCAS as a part of the requirement that you are able to receive all official communications relevant to your accreditation. Before you unsubscribe make sure that NACCAS has a valid email address for your school.

National Accrediting Commission of Career Arts & Sciences | 4401 Ford Ave. Suite 1300 | Alexandria, VA 22302
To not receive further emails from us, please
click here or reply to this email with "unlist" in the Subject line.