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Page 1

2022 ACEN Annual Financial Responsibility Review

Please Download and Print a Copy of the 2022 Annual Financial Responsibility Report Instruction Manual
The Manual Can be Accessed Here: Instruction Manual


Welcome to the ACEN Annual Financial Responsibility Review for programs that qualify for Title IV eligibility through the ACEN serving as Gatekeeper. The purpose of this financial audit is to provide each program with an opportunity to present financial information for review to demonstrate compliance relative to the receipt and usage of Title IV funding.

 

According to Policy #33 the governing organization/nursing program is responsible for ensuring that it has, and maintains, the fiscal resources and financial stability necessary to provide a quality education to its students. This responsibility includes the appropriate management of Federal Title IV programs. The governing organization/nursing program shall provide evidence of compliance to the ACEN as outlined below. Where the governing organization/nursing program is a component of a larger system, information and evidence shall be for the organizational unit having direct responsibility and control over the nursing program and not the larger system.




Completing the Annual Financial Responsibility Review is critical to your program's continued participation in, and your students' continued receipt of, various types of federal financial aid (e.g., Perkins, HRSA, Federal Pell Grant, Federal Supplemental Education Opportunity Grant, Federal Work Study, Unsubsidized Stafford Loan, Subsidized Stafford Loan, etc...)

The Annual Financial Responsibility Review is applicable to any program for which the ACEN serves as Title IV gatekeeper and receives ANY type of Federal Funds.

Failure to provide the requested information completely and accurately:
  • may result in the program being found in non-compliance with Standard 5 Resources;
  • may result in a voluntary withdrawal of ACEN accreditation per Policy 7 hence, the program will no longer be an ACEN accredited program; or
  • may necessitate the ACEN reporting the program to the U.S. Secretary of Education for failure to meet its federal financial aid responsibilities.


Section 1: General Information

Governing Organization

3 or 4 digit number provided by ACEN


























































Section 2: Financial Information


The governing organization/nursing program shall report, at the time of the ACEN Annual Report, the sufficiency of its financial resources and its compliance with Title IV requirements in accordance with Policy #24 Assessment of Adequacy of Standards and Criteria, ACEN Process, and Practices.

Fiscal Cycle and Current Reporting Period


FISCAL CYCLE


Select from the options below the appropriate fiscal cycle for the governing organization:



Format: mm/dd/yyyy - mm/dd/yyyy


The reporting period for the Annual Financial Responsibility Report --and all response information, requested uploads, and supporting evidence--shall be the timeframe resulting in the Governing Organization's MOST RECENT completed and available AUDIT(s)


CURRENT REPORTING PERIOD


Based on the governing organization's fiscal cycle as defined above (which should be the same as the nursing program's), please choose the timeframe for the MOST RECENT complete and available audited financials (NOT drafts) from the options below. :



Format: mm/dd/yyyy - mm/dd/yyyy



Please identify the sources and amounts of revenue and financial support received to support the operations of the nursing program for the relevant reporting year, i.e., the most recent completed audited fiscal period for which the finalized audit(s) are available (as defined above)


**Please Note: Federal, State, and local financial aid, scholarships, and third party sponsorships are methods of payment for tuition and fees and are not considered operating revenues. Tuition and fees PAID using these sources should be reported in the "Students Pay Tuition" and "Students Pay Fees" sections below.


Where applicable, include operational support from a governing organization or other external entity


PLEASE BE AWARE... Amounts for Revenue and Expenses entered into the form below *MUST* correspond to and be easily identifiable within the relevant information provided as supporting evidence (e.g., financial statements, balance sheets, etc...)


For example...if "Reporting Year Actual Total Revenue for Nursing Program" (below) is $100,000, then the corresponding Total Reporting Year revenues in the supporting evidence uploaded MUST equal $100,000.


Additionally, relevant line items for revenues and expenses within the provided corroborating supporting evidence should be clearly indicated and identified

Revenue and other Financial Support

Select all that apply. To add addition revenue items, select "Other" and click "Add Another Response"






Total Actual Revenues and Financial Support


Note: Total Actual Revenues and Financial Support should be the sum of all the revenues and financial support reported in the previous section of this form


Upload each file individually. For multiple files, click "Add Another File" for each additional file
Total Prior Reporting Period Revenues and Financial Support


Upload each file individually. For multiple files, click "Add Another File" for each additional file
Current Reporting Period Budgeted Revenues and Financial Support


Upload each file individually. For multiple files, click "Add Another File" for each additional file
Total Revenue and Financial Support Variance
To calculate: Subtract [Prior Year Total Actual Revenues] from [Current Year Total Actual Revenues] then divide the result by [Prior Year Total Actual Revenues]



Operating Budget and Expenditures
Sources of Expenditures

Select all that apply. To add addition revenue items, select "Other" and click "Add Another Response"

Note: Personnel costs should include BOTH salary and fringe benefits.





Total Actual Expenditures


**Note: Total Actual Expenditures should be the sum of all the expenditures reported in the previous section of this form above**


Upload each file individually. For multiple files, click "Add Another File" for each additional file
Total Prior Reporting Period Expenditures


Upload each file individually. For multiple files, click "Add Another File" for each additional file
Current Reporting Year Total Budgeted Expenditures


Upload each file individually. For multiple files, click "Add Another File" for each additional file
Total Expenditure Variance
To calculate: Subtract [Prior Year Total Actual Expenses] from [Current Year Total Actual Expenses] then divide the result by [Prior Year Total Actual Expenses]


Total Net Revenue and Financial Support

To calculate: Subtract [Current Year Total Actual Expenses] from [Current Year Actual Total Revenue]


**Note: Net Revenue is the (Total Revenues and Financial Support) minus (Total Expenditures)**







Provide a complete copy of the Governing Organization’s most recent complete audited financial statements available (e.g., for the current reporting period).







The Federal Award Audit (sometimes referred to as a Single Audit, or, formerly OMB A-133 audit) is an audit of the amounts, types, and expenditures of *ANY* Federal Funds received.





Federal Award Audit


Please provide a complete copy of the Governing Organization’s most recent complete Financial Award Audit, including the Independent Auditors' Report on Internal Controls Over Financial Reporting and Internal Controls over Compliance.


Examples of Third-Party Service Providers can be found in the AFRR Instruction Manual on Page 18
















This document should be the current executed contract with the 3rd party service provider above



Provide a complete copy of the governing organization’s and/or third-party service provider’s MOST RECENT FEDERAL AWARD AUDIT available.


The Federal Award Audit provided *MUST INCLUDE* the Independent Auditor's Report on Internal Controls Over Financial Reporting and Internal Controls over Compliance






Enter the U.S. Department of Education’s calculated preliminary default rate (final if available) for the governing organization received during the current reporting period. Please upload evidence of the loan default rate.


Evidence of the most recent default rate may include a copy of any communications received by the governing organization/nursing program from the U.S. Department of Education or a copy of the information available for the governing organization/nursing program at:

 https://www2.ed.gov/offices/OSFAP/defaultmanagement/cdr.html








Provide the three most recent composite score calculations as reported by the Department of Education, as can be found here:


https://studentaid.gov/data-center/school/composite-scores



Composite Score less than 1.5

Provide the most current composite score calculation based on the governing organization's reporting fiscal year’s audited financial statements provided above in accordance with the U.S. Department of Education, Federal Student Aid Handbook. Use the appropriate financial ratios worksheet (Proprietary School, Private Non-Profit School) from the Information For Financial Aid Professionals (IFAP) Quality Assurance Program website and show all calculations. Include reference links to the audited financial statements for all amounts used in the calculation.


Please download and complete the Composite Score Worksheet found here: 


http://www.acenursing.com/annualreport/Activity5FM1718.doc


Where the composite score (above) is less than 1.5, provide the evidence of compliance with any cash monitoring requirements that have been placed on the governing organization/nursing program and, if applicable, evidence of a posted letter of credit if so required. See ACEN Policy #14 Substantive Changes


Provide copies of all correspondence between the governing organization/nursing program and the USDE since the nursing program’s last submitted ACEN annual report.



I, the undersigned, hereby attest that, to the best of my knowledge, belief, and ability, all information provided herein the entirety of this review is accurate and complete and provided in accordance with ACEN Policy #31 Integrity.






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