eZ-Audit Step-by-Step forprofit_manual

eZ-Audit: Electronic Submission of Financial Statements and Compliance Audits

eZ-Audit Step-by-Step forprofit_manual

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
TABLE OF CONTENTS

EZ-AUDIT OVERVIEW .................................................................................................................... 3

Frequently Asked Questions…................................................................................................ 3
eZ-Audit Technical Requirements........................................................................................... 4
School Group Submissions ..................................................................................................... 5
eZ-Audit Submission Requirements ........................................................................................ 6
eZ-Audit Rules of Behavior..................................................................................................... 7
Questions/Concerns ................................................................................................................ 7
EZ-AUDIT REGISTRATION .............................................................................................................. 8
ADMINISTRATIVE TASKS/SECURITY ................................................................................................. 9
Login ....................................................................................................................................... 9
New User Login .................................................................................................................... 10
Forgot Password................................................................................................................... 14
Logout ................................................................................................................................... 17
My Profile ............................................................................................................................. 19
Change Challenge Questions................................................................................................ 21
Change Password ................................................................................................................. 22
Navigation............................................................................................................................. 23
Data Edits ............................................................................................................................. 24
eZ-Audit Security .................................................................................................................. 25
MANAGE USERS .......................................................................................................................... 26
Types of Users and Responsibilities ..................................................................................... 26
Institution Administrator Homepage .................................................................................... 26
Creating Data Entry/Submitter Users .................................................................................. 27
INSTITUTION PROFILE PAGE/STATUS ........................................................................................... 28
Institution Profile .................................................................................................................. 28
Historical Submissions.......................................................................................................... 29
Notifications.......................................................................................................................... 30
ANNUAL SUBMISSIONS ................................................................................................................. 31
Financial Statement .............................................................................................................. 31
FSA Annual Submission – Financial Statements .................................................................. 32
FSA Annual Submission – Financial Statements page continues:........................................ 33
Balance Sheet........................................................................................................................ 34
Income Statement .................................................................................................................. 37
Compliance Audit.................................................................................................................. 38
Completeness Checklist ........................................................................................................ 39
Upload Attachments.............................................................................................................. 42
FSA Annual Submission-Submit ........................................................................................... 44
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NO TITLE IV ACTIVITY ................................................................................................................. 46
Financial Statement .............................................................................................................. 46
MERGER/CHANGE IN OWNERSHIP ................................................................................................ 47
Financial Statement .............................................................................................................. 47
Balance Sheet........................................................................................................................ 48
Upload Attachments.............................................................................................................. 49
Merger/Change in Ownership Submission-Submit............................................................... 51
NEW INSTITUTION/REINSTATEMENT SUBMISSION .......................................................................... 52
Financial Statement .............................................................................................................. 52
Balance Sheet........................................................................................................................ 54
Income Statement .................................................................................................................. 54
Completeness Checklist ........................................................................................................ 55
Upload Attachments.............................................................................................................. 57
New Institution/Reinstatement Submission-Submit............................................................... 59
STUB AUDIT SUBMISSION............................................................................................................. 60
Compliance Audit.................................................................................................................. 60
Completeness Checklist ........................................................................................................ 62
Upload Attachments.............................................................................................................. 63
Stub Audit Submission-Submit .............................................................................................. 65
CLOSEOUT AUDIT SUBMISSION .................................................................................................... 66
Compliance Audit.................................................................................................................. 66
Completeness Checklist ........................................................................................................ 68
Upload Attachments.............................................................................................................. 70
Closeout Audit Submission-Submit ....................................................................................... 72
CHANGE IN FY END .................................................................................................................... 73
Change in FY END Submission ............................................................................................ 73
WAIVER ...................................................................................................................................... 75
Create Waiver Request ......................................................................................................... 75
ADDITIONAL INFORMATION ......................................................................................................... 78
Additional Information Submission ...................................................................................... 78
RESUBMISSION ............................................................................................................................ 79
DELINQUENT LETTER .................................................................................................................. 81
REMINDER EMAIL........................................................................................................................ 83
APPENDIX ................................................................................................................................... 84
Rules of Behavior.................................................................................................................. 84
Balance Sheet Mapping and References for eZ-Audit .......................................................... 85
Income Statement Mapping and References for eZ-Audit .................................................... 94

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eZ-Audit Overview
Frequently Asked Questions…
What is eZ-Audit?
eZ-Audit is a web based paperless single point of submission for financial statements and compliance audits. A
designee from your school simply signs on to eZ-Audit, enters summary audit and financial data directly from your
report into a web form, attaches an electronic version of the report, and hits the submit button. Your submission
through eZ-Audit will allow for more rapid and efficient processing by the Department of Education (ED) and
therefore provide you with immediate feedback.
How does eZ-Audit work?
1. Your school submits its compliance audit data and summary financial data via an Internet web form
(follow this manual for complete instructions).
2. Your school also attaches an electronic copy of your financial statement and compliance audit in a noneditable PDF format (using Adobe Acrobat).
3. The eZ-Audit system automatically forwards flagged financials and deficient audits to FSA’s School
Participation Management Team for resolution.
4. School Participation Teams communicate with you to reach resolution.
5. As desired, you can periodically check eZ-Audit for the status of your report.
How does eZ-Audit Benefit You?
• You will receive instant acknowledgement of receipt – no more lost reports!
• You will no longer need to make any copies or send reports in the mail to ED.
• Processing times will be greatly reduced, thus allowing for quicker remediation of findings.
• Web forms will contain pre-populated fields.
• There are no new reporting requirements – data entry will be limited to the same data already contained in the
reports.
• The time spent submitting these forms should be less than 1 hour.
• Status of your submissions will be accessible to you online at anytime.
• A Help Desk will be available for assistance at 1-877-263-0780.
Who at my school will use eZ-Audit?
• eZ-Audit Institution/School Administrator, selected by your school, is responsible for:
o Registering your school with eZ-Audit
o Providing/managing access to data entry and submission approval personnel, as identified
by your school
o Maintaining security information regarding schools users as required
• eZ-Audit Data Entry Users, selected by your school, are responsible for:
o Entering data into the eZ-Audit system
o Attaching non-editable, PDF files of financial statements and compliance audits
• eZ-Audit Submission Approvers, selected by your school, are responsible for:
o Reviewing the submission prior to “submit”
o Approving the submission via the “submit” action
What role should my auditor play in eZ-Audit?

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You may choose to ask your auditor to serve as a Data Entry User of eZ-Audit. This means that your auditor
would complete the fields in the system, and attach the audited documents in the non-editable, PDF format.
It your auditor is not selected as a Data Entry User, you may request that your auditor electronically sends you
your financial statements and compliance audits in the non-editable, PDF format using Adobe Acrobat.
Please note that attestation of your financial statements and compliance audits will be in the attachments of your
documents – additional electronic signatures are not required.

eZ-Audit Technical Requirements
eZ-Audit is a web-based application. This means you will not need to load a new application on your computer.
You will simply need to ensure that you have an Internet browser – either Netscape 4.76 or 6.2 or Internet
Explorer 5.0 or higher.

NOTE

If you receive an error that does not allow you to access eZ-Audit when you type in the URL
from your internet browser, please contact your network administrator and request that
he/she do one of the following:
•
•

Open your firewall to allow all 165.224.xxx.xxx addresses through, which would allow your
school access to all ed.gov sites
Conduct an nslookup on ezaudit.ed.gov which will allow your school access to eZ-Audit

eZ-Audit requires you to attach a non-editable PDF version of your annual submissions. Adobe Acrobat must be
used to create this attachment. You have several options for obtaining Adobe Acrobat:
•
•
•

Purchase Adobe Acrobat 5.0 software that will allow you to scan paper copies of your submissions and
convert them to PDF. (The retail cost of the software is approximately $250)
Convert an electronic version of your submission (word, excel, etc) to PDF format using www.adobe.com
online. (Adobe provides this conversion capability for $9.99 for one month with unlimited use.)
Bring paper copies of your submissions to your local copying center (Kinkos, etc.) and request that they
create a PDF version of your submission. (The cost of this option will vary, however $30 - $50 is a
reasonable estimate.)

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School Group Submissions
ED considers a school group as a collection of schools whereby a single school within the group (what ED calls
the submitting institution (Locator) or a designated representative (such as a State Auditor) submits a single
consolidated financial statement and compliance audit together to ED (For example; ITT, State of Louisiana (who
submits for all the state schools in Louisiana), etc.).
The submitting institution (Locator) must be located in the same state/region as the Corporate
Headquarters. If there are no schools located in the same state/region, the lowest OPEID in the group will
continue to be the submitting institution (Locator).
Schools that submit consolidated (covering more than one OPEID) financial statements and multiple
compliance audits will complete the Compliance Audit Information, Checklist and Upload pages for each
(OPEID) school in the group. The submitting institution (Locator) can submit for all OPEIDs or the
member school can complete and submit their own information. The member school must be registered
(See Registration Instructions).
School Group Compliance Audit Information Page:

NOTE

If you have additional questions regarding school groups, please send an email to
[email protected] or contact the eZ-Audit Help Desk at 1-877-263-0780.

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eZ-Audit Submission Requirements
Effective, June 16, 2003 all schools required to submit financial statements and compliance audits must
submit via eZ-Audit. The Department of Education will no longer accept paper submissions of financial
statements and compliance audits.
When must an institution submit financial statements and/or compliance audit?
¾

All participating institutions must submit financial statements and compliance audits
annually. (34 CFR 668.23 and OMB Circular A-133)
o Proprietary institutions’ financial statements and compliance audit is due six months after the end
of the fiscal year (34 CFR 668.23).
o All the Proprietary institutions will have to answer a question “Have you disbursed Title IV funds?”
before starting a submission.
** If your school did not disburse any Title IV funds, then you answer NO to the question
“Have you disbursed Title IV funds?” and you only have to submit financial statements
portion of the Annual Submission known as “No Title IV Activity Financial Statement
Submission.”
** If your school did disburse any Title IV funds then you answer YES to the question “Have
you disbursed Title IV funds?” and you have to submit both financial statements and
compliance Audit portion of the Annual Submission known as “Annual Submission.”
** If your school did not disburse $500,000 or more in Title IV funds during each of the two
completed award years you may request a waiver.

¾

If you are seeking initial participation in the Title IV Program.
o Please note that an Application for Approval to Participate in Federal Student Aid Programs
(www.eligcert.ed.gov) should be filed at the time of your submission.

¾

If you undergo a change in ownership, merger or change in structure.
o Please note that an Application for Approval to Participate in Federal Student Aid Programs
(www.eligcert.ed.gov) should be filed at the time of your submission.

¾

If you wish to be reinstated to participate in Title IV program(s).
o Please note that an Application for Approval to Participate in Federal Student Aid Programs
(www.eligcert.ed.gov) should be filed at the time of your submission.

¾

If your institution closes or loses eligibility to participate in the Title IV programs
o Please note that you need only submit a close out audit.

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eZ-Audit Rules of Behavior
eZ-Audit is a Department of Education system. Department of Education computer systems are provided for the
processing of Official U.S. Government information only. All data contained on Department of Education
computer systems is owned by the Department of Education and may be monitored, intercepted, recorded, read,
copied or captured in any manner and disclosed in any manner, by authorized personnel. THERE IS NO RIGHT
OF PRIVACY IN THIS SYSTEM. System personnel may give to law enforcement officials any potential evidence
of crime found on Department of Education computer systems. Unauthorized use of this system is a violation of
Federal law and can be punished with fines or imprisonment (P.L. 99-474). “Use of this system by any user,
authorized or unauthorized, constitutes consent to this monitoring, interception, recording, reading, copying, or
capturing and disclosure.”
You may decide to send FSA information, including personally identifying information. The information you supply
– whether through a secure Web form, a standard Web form, or by sending an electronic mail message – is
maintained by FSA for the purpose of processing your request or inquiry. Various employees of FSA may see the
information you submit in the course of their official duties. The information may also be shared by FSA with third
parties to advance the purpose for which you provide the information, including other federal or state government
agencies. For example, if you file a complaint, it may be sent to a financial institution for action, or information
may be supplied to the Department of Justice in the event it appears that federal criminal statutes have been
violated by an entity you are reporting to FSA.
The primary use of personally identifying information will be to enable the government to contact you in the event
we have questions regarding the information you have reported. If you are concerned about how information
about you may have been used in connection with the eZ-Audit web site, or you have questions about FSA’s
privacy policy and information practices, you should e-mail us at [email protected]. Electronic mail is not
necessarily secure. You are advised to be cautious when sending electronic mail containing sensitive,
confidential information. As an alternative, we advise users to give consideration to using postal mail.

NOTE

All eZ-Audit users are required to carefully read and sign the eZ-Audit Rules of Behavior
document that can be accessed via the web at http://ifap.ed.gov. Each user of the eZ-Audit
system must download a copy of the Rules of Behavior document, sign it and retain the
copy in the institution’s files.

Questions/Concerns
o

eZ-Audit will continue to post updates and critical information to IFAP at http://ifap.ed.gov.

o

You can send an email to [email protected]

o

Contact the eZ-Audit Help Desk at 1-877-263-0780.

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eZ-Audit Registration
All institutions must submit a registration request letter to the Department of Education in order to gain
access to eZ-Audit. For more information on registration please see eZ-Audit Welcome Page and click on
Registration Instructions.
To register, please mail a letter on your school’s letterhead that includes the following:
1.
2.
3.
4.
5.
6.
7.
8.
9.

First and Last Name of appropriate person in authority (e.g. President/CEO/Chancellor)
Signature of person named in #1 above
First and Last Name of eZ-Audit Institution Administrator
Signature of designated eZ-Audit Institution Administrator
e-mail address of eZ-Audit Institution Administrator
Phone number and extension (if necessary) of eZ-Audit Institution Administrator
Fax Number
OPE ID
Fiscal Year End Date

Where do I send my Registration Request Letter?
Registration Request Letters should be printed on school or corporate letterhead and mailed to:
The United States Department of Education
Federal Student Aid
Attention: Ti Baker
Integrated Partner Management
830 First Street, NE
RM 81F2
Washington, DC 20202
Fax to: 202-275-5726
How will I receive my registration confirmation and eZ-Audit Institution Administrator user ID and password?
Your registration confirmation and eZ-Audit Institution Administrator user ID and temporary password will be sent
to the email address provided in the registration request letter that you mailed to the Department of Education.
You will receive two registration confirmation emails. The first email from eZ-Audit will include your user name
and instructions for accessing the eZ-Audit website. For security purposes, your temporary password will be
delivered in a second email from eZ-Audit.
Once I have sent in my Registration Request letter and have received my registration confirmation emails, when
and how do I begin using eZ-Audit?
To access eZ-Audit on or after April 1, 2003 simply type in the URL, www.ezaudit.ed.gov in your internet
browser, and when the eZ-Audit login screen appears, type in the user name and temporary password you
received through email from eZ-Audit.
Even if you are not required to submit on April 1, please be sure to log on to the eZ-Audit system immediately, in
order to change your temporary password and ensure your access to the site is secure.

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What if I need to change my Institution Administrator?
To change your Institution Administrator a new registration letter, following registration instructions, must be
submitted. The new Institution Administrator will receive a username and password within 48 hours of receipt.

Administrative Tasks/Security
Login
After typing in the URL www.ezaudit.ed.gov in your Internet browser, the “Welcome to eZ-Audit” screen below
should appear:

1
2
3

1. Enter the username provided to you during the registration process by email.
2. Enter in your password or your temporary password if this is your first time using this site.
3. Single click the LOGIN button-this will take you to your institution’s homepage.

NOTE

Your user name will be the first letter of your first name, the first five letters of your last
name and 2 numeric characters.

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**If you have an existing users logging in for the first time, you will be presented with the challenge
questions and answers page where you will select the questions and answer them accordingly.

New User Login
If you are a new eZ-Audit user and have successfully logged into eZ-Audit for the first time, you will be presented
with the following screen after the Password Reset Functionality has been implemented:

1

2

3

4

There are two sets of challenge questions to choose and answer accordingly.
1. Select a challenge question from the first drop down list. You will have the following selection:
Challenge Question List 1:
• What month is your mother born?
• What is your father’s middle name?
• In what city was your mother born?
• Which hospital were you born in?
• Who is your favorite author?
2. Type your answer to the question you have selected.
3. Select a challenge question from the first drop down list. You will have the following selection:
Challenge Question List 2:
• What is your favorite color?
10
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•
•
•
•

What is your favorite flower?
What is your child’s middle name?
Who is your favorite athlete?
What is your favorite movie?

4. Type your answer to the question you have selected.
5. Click on the SUBMIT button. This will take you to the Update My Profile page where you will type in you new
password.

NOTE

All answers are case sensitive. You will not be able to view the answers as you type them
in.

Update My Profile Page
After you successfully login by clicking on the Submit button from the Challenge Questions page the following
screen will appear on the screen. Enter your new password:

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1
2
1.
2.

Type in your new password.
Re-type in your new password.

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3

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3. Click the SAVE button to ensure all changes are successfully captured by the system.
4. Click the RESET button to cancel entries and begin again.

Forgot Password
If you forget your password, click on the “Forgot Password?” link from the login page.

1

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By clicking on “Forgot Password?” link, the Password Reset page should appear requesting your user
information:

1

2
4

3
5

1.
2.
3.
4.

Click on the check box to indicate that you are an institution user.
Enter your username.
Enter the OPEID of your institution.
Click the SUBMIT button. This will take to the Password Reset page with the challenge
questions.
5. Click the RESET button to cancel current entries and begin again.

Challenge Questions
After eZ-Audit validates your username, the questions you initially chose will appear:

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1
2
3

4

1. Please type your answer to the first question.
2. Please type your answer to the second question.
3. Click the SUBMIT button. This will take you to a page that informs you a temporary password has been sent
to your email.
4. Click the RESET button to cancel current entries and begin again.

NOTE

The answers are case sensitive.

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Logout
If you clicked on the LOGIN button from the page above, this will bring you to your institution’s homepage. The
screen below should appear with your institution’s name:

1

1. To logout of the eZ-Audit system, click on the LOGOUT button at the top of this page. The screen
shown on the next page should appear if you have successfully logged out of the system.

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2

2. To log back into the eZ-Audit system click on the underlined link above and repeat the LOGIN step.

NOTE

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Your eZ-Audit session will automatically expire after 30 minutes of inactivity.

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My Profile
To update your profile (i.e. username, email address, phone number, password, challenge questions etc.),
repeat the LOGIN step. This will take you to your institution’s eZ-Audit homepage. The screen below should
appear with your institution’s name and OPEID number:

1

1. Click on the underlined text “Update My User profile” located on the lower left hand side of the
screen. This will take you to the Update My Profile page shown on the next page.

NOTE

April 2008

This page is used to update your user profile information such as name, email
address, phone, password, challenge questions etc.

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If you clicked on the underlined text “Update My User profile” on your institution’s homepage, the screen below
should appear:

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NOTE

Take a moment to review the information on this screen for accuracy. If changes need to
be made, update the information as necessary and enter any missing information.
Remember to SAVE your changes!!!

Change Challenge Questions
To change your challenge questions, repeat the My Profile step, taking you to the Update My Profile page. The
screen shown below appears at the bottom of that page:

1

3

2

4

1.
2.
3.
4.
5.
6.

Select a question from the first drop down list.
Select a question from the second drop down list.
Enter your answer to the first question you have selected.
Enter your answer to the second question you have selected.
Click the SAVE button to ensure all changes are successfully captured by the system.
Click the RESET button to cancel current entries and begin again.

NOTE

All answers are case sensitive. You will not be able to view the answers as you type
them in.

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Change Password
To change your password, repeat the My Profile step to get to the Update My Profile page. The screen shown
below should appear at the midsection of that page:

1
2
3

4

1.
2.
3.
4.
5.

5

Enter your old or temporary password.
Enter your new password.
Retype your new password.
Click the SAVE button to ensure all changes are successfully captured by the system.
Click the RESET button to cancel current entries and begin again.

NOTE

The password must be 8-15 characters in length and must include uppercase, lowercase
letters and numeric values. Clicking the SAVE button ensures all information has been
saved by the system. Please note that the system will automatically prompt you to
change your password every 90 days. Follow the same process described above to
make this change. If you require additional help, contact the Help Desk at 1-877-2630780.

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Navigation
To move from field to field in the eZ-Audit system, simply press the Tab button on your computer. This takes you
from one field to the next.

1

2

1. To go back to a previous screen or action, simply click on the back or forward button.
2. To move across forms or sections in the system, click the underlined text of interest.

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Data Edits
Edit checks will be automatically performed on each page when you click on any of the transaction buttons such
as the “SAVE or SAVE and PROCEED” buttons. If any invalid data entries are detected, the page will redisplay
with error message(s) at the top indicating the field that needs to be corrected and the correction to be made. To
continue, make the changes indicated by the message(s) displayed and click the “SAVE or SAVE and
PROCEED” buttons. This will allow for the submission process to continue. The system will not allow you to
submit to the Department of Education without correcting the errors. See sample screens below:

NOTE

The eZ-Audit system does not allow punctuation marks in the fields. For example, “$” dollar,
“:”colon and “,” comma signs input into the system will result in an error message. Also
please note that all fields must be completed. Enter “0” for any null response.

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eZ-Audit Security
System Security and Use: All eZ-Audit users are required to carefully read and sign the eZ-Audit Rules
of Behavior document that can be accessed via the web at http://ifap.ed.gov. Each user of the eZ-Audit
system must download a copy of the Rules of Behavior document, sign it and retain the copy in the
institution’s files. This document (Rules of Behavior), clearly defines acceptable behavior and the
consequences for flouting such behavior as contained in P.L. 99-474.
To ensure that you as a user are protected from unauthorized users having access to your system, the
following points should be considered and adhered to diligently:
o
o
o
o
o
o
o
o
o

Do not leave computers unattended when processing sensitive data.
Place sensitive information out of sight when visitors are present.
Verify that you are completely logged off from an active session.
Invoke screensaver password when leaving a workstation.
Only authorized employees within your institution should have access to the eZ-Audit system.
Do not write your password down on paper.
Passwords should be no less than eight characters and should contain both alpha and numeric
characters.
Avoid creating passwords that can be easily guessed (e.g., names of children, pets, etc.).
Do not disclose your password to others (e.g., to a coworker in order to share files).

Privacy: THERE IS NO RIGHT OF PRIVACY IN THIS SYSTEM. System personnel may give to law
enforcement officials any potential evidence of crime found on Department of Education computer
systems. Unauthorized use of this system is a violation of Federal law and can be punished with fines or
imprisonment (P.L. 99-474). “Use of this system by any user, authorized or unauthorized, constitutes
consent to this monitoring, interception, recording, reading, copying, or capturing and disclosure.”

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Manage Users
Types of Users and Responsibilities
1. The eZ-Audit Institution/School Administrator, selected by your school, is responsible for:
Registering your school with eZ-Audit
Providing/managing access to data entry and submission approval personnel, as identified
by your school
o Maintaining security information regarding schools users as required
2. The eZ-Audit Data Entry Users, selected by your school are responsible for:
o Entering data into the eZ-Audit system
o Attaching non-editable, PDF files of audited financial statements and compliance audits
3. The eZ-Audit Submission Approvers, selected by your school, are responsible for:
o Reviewing the submission prior to “submit”
o Approving the submission via the “submit” action
o
o

Institution Administrator Homepage
To log into the eZ-Audit system as your institution’s administrator, repeat the LOGIN step. The screen below
should appear once your administrator’s username and password has been entered and verified by the system.
This screen below is different between persons having administrator or user’s rights:

1

2

1. The MANAGE USERS button should be displayed if you have administrator’s rights to this
system. Click on it to perform any of the manage users tasks such as adding or deleting a user.
The screen on the next page should appear.
2. This should read the name of your institution. Confirm that this is correct.

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Creating Data Entry/Submitter Users
If you clicked on the “Manage Users” button, the screen below should appear:

1
2

1. Click on the DELETE USER button to delete a user from the system
2. Click on the ADD USER button to add a user to the system.

3

5

4

3. Complete all required fields providing the name and contact information for the “New User”.
4. Do not forget to specify the New User’s role (see “Manage Users” for role definition).
5. Remember to click on the “ADD USER” button to save all entries. Submitter must be selected as a
user role to access to the “Submit To ED” button.
Each registered institution’s administrator will have the capability to add or delete a user
NOTE
for their institution. When a new user is added, the user will receive 2 email notifications,
one containing their username and the other containing the user’s temporary password.
One user can have all three roles.
27
April 2008

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

Institution Profile Page/Status
Institution Profile
This is a sample of what an institution’s profile page should look like. Institutions should confirm that the
information is correct.

NOTE

Changes to the Institution’s Profile can only be made via the eAPP. This can be accessed
at www.eligcert.ed.gov.
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April 2008

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Historical Submissions
This page provides a history of the institution’s three past transactions as available in the eZ-Audit system. You may
view prior submissions at anytime. Please note that you will have “read” only access to these historical
submissions.

1. To view a historical submission, click on the type of submission link.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Notifications
At anytime you will be able to view your institution’s review status by viewing the notification section of your
homepage. This can be reached by repeating the step LOGIN. This will bring you to your institution’s eZ-Audit
homepage and the screen below should appear:

1
2

1. This should read the name of your institution and OPEID number. Confirm that this is correct.
2. This is the Notification section. Most recent institution’s submission status and other notifications will be
displayed.

NOTE

If ED has deemed a submission incomplete, the Incomplete Letter will be posted to
Notifications.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

Annual Submissions
Financial Statement
To complete your institution’s annual submission, complete the LOGIN step. This will take you to your institution’s
eZ-Audit homepage. On the upper left hand side of the page, you will see a section “Create Annual Submissions”.
Please check to see that the FYE on the link matches the FYE of the submission that you wish to create. If it does
not, please contact the help desk at 1-877-263-0780 so that this problem can be rectified. Please note that
submissions created on the incorrect link cannot be accepted. If the link for the correct FYE appears, click on the
underlined text “Create FYE----Annual Submission”, and then the screen below should appear with your
institution’s name:

3

1

2

1. Select YES if the institution has disbursed Title IV funds, and click on the Cancel button, Institution homepage
will be displayed.
2. Select YES, and click on the Reset button, the selection will reset.
3. Select YES, and click on the Submit button, the screen below will be displayed.

If you are submitting for a school group (your financial statements covers more than one
OPEID) only one institution (OPEID) in the group should be used to satisfy the reporting
requirement for all institutions that are part of the school group. Remember, do not use
commas or other punctuation and place a “0” in any fields with a null value.
31
April 2008

NOTE

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
FSA Annual Submission – Financial Statements

1
2
3
4
5

6
7
8

9
10
11
12

April 2008

13

14

32

15

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
FSA Annual Submission – Financial Statements page continues:
1.
2.
3.
4.
5.
6.
7.
8.

9.

10.
11.
12.
13.
14.
15.

This should read the name of your institution and OPEID. Confirm that this is correct.
Begin date is the beginning of the audit period.
End date is the end of the audit period.
Provide a reason if your audit period is less than a year.
This is the auditor on file with the Department of Education.
If the auditor’s information is correct, no action is required. If incorrect or blank, select No.
This field should be pre-populated. Please enter the auditor’s Tax Identification Number (TIN) if this
information is incorrect or missing. DO NOT USE HYPHENS.
Please select appropriate opinion type from the drop down list based on your auditor’s opinion. This
information is presented in the opinion paragraph of the Independent Auditor’s Report. If the opinion
paragraph states that the financial statements “present fairly, in all material respects”, the type of opinion
should be “Unqualified”.
Please indicate “yes” or “no” if your institutions’ submission contains a going concern explanatory
paragraph included in either the independent auditor’s report or if a going concern has been disclosed in
the notes to the financial statements.
Under this section, please click on each of the types of statements and complete the fields requested.
Click on Balance Sheet – (see section on completing the Balance Sheet).
Click on Income Statement – (see section on completing the Income Statement).
Click the CANCEL button to make changes to all entries.
Click the SAVE button to ensure all entries are successfully stored by the system on this page.
Click the SAVE and PROCEED button to go to the Program and Audit Information page. This is the next
stage in the submission process.

NOTE

April 2008

Do not leave any field blank.

33

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Balance Sheet
If you clicked on the underlined text “Balance Sheet” on the Financial Statements page, the screen below should
appear. This page can also be reached by repeating the LOGIN step. This will take you to your institution’s eZAudit homepage. On the upper left hand side of the page, you will see a section “Create Annual Submissions”.
Click on the underlined text “Financial Statements”, and then click on the underlined text “Balance Sheet” on the
lower part of the page. The screen below should appear:

NOTE

All data entered on this page should come directly from the balance sheet and/or notes that
will be attached with your submission. Remember, do not use commas or other punctuation
and place a “0” in any fields with a null value. Because the system times out every 30
minutes, it is advisable to print these screens out in advance and prepare your answers on
paper, then when you return to the system, you simply have to type in the figures.
Alternatively, click save at the base of this page if you need more time, while this will
return error messages if the work is not complete, it will save your work and start the 30
minute clock again.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Balance Sheet Information Continues:

1

2
3
4
5
6
7
8
9
10
11
12
13
16
15

14
17

1. All amounts due from management employee borrowings from the institution or employee advances. See
SFAC NO 6.
2. All amounts due from related parties [owners, shareholders and affiliates] on account in the form of
promissory notes that are not collateralized or subject to a security agreement. See SFAC NO 6 & SFAS
57.
3. All amounts due from related parties [owners, shareholders and affiliates] on account in the form of
promissory notes that are not collateralized or subject to a security agreement. See SFAC NO 6 & SFAS
57.
4. All amounts on account in the form of promissory notes not included in line items 2 and 3 above. See
SFAC NO 6.

April 2008

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Balance Sheet Information Continues:
5. Property, Plant and Equipment including capitalized leases net of accumulated depreciation.
6. Construction in Progress.
7. All purchased intangibles including patents, franchises, copyrights, trademarks, brand names, covenants
not to compete, accreditation costs, program development costs; and, any advertising costs not resulting
from direct response advertising. See APB 17 & SFAS 142.
8. The excess of costs over the market [fair] value of specific assets acquired in a business combination.
See APB 17 & SFAS 142.
9. Please enter Total Assets. Check this total against the information on your PDF. Your submission will not
be accepted if this total does not match the attached PDF.
10. Portion of debt used for long-term purposes maturing during the next fiscal year plus amounts owed due
to lines of credit with banks. See SFAS NO. 6.
Portion of the net present value of minimum lease payments maturing during the next fiscal year. See
SFAS NO. 13/98.
11. All formal debt instruments and any other debt instruments used for long-term purposes. See SFAS 47.
12. Net present value of minimum lease payments not maturing during the next fiscal year. See SFAS 13/98.
13. All amounts owned on plans that pay employees or their beneficiaries for post reemployment or post
retirement benefits other than pensions; must be shown on face of the balance sheet. SFAS 106, 112 and
132.
14. Please enter Total Liabilities. Check this total against the information on your PDF. Your submission will
not be accepted if this total does not match the attached PDF.
15. Click the CANCEL button to erase all entries
16. Click the SAVE button for eZ-Audit to save the entries
17. Click the SAVE and PROCEED button to save all entries and then take you the Income Statement page.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Income Statement
If you clicked on the underlined text “Income statement” from the Financial Statements page, the screen below
should appear. This page can also be reached by repeating the LOGIN step. This will take you to your institution’s
eZ-Audit homepage. On the upper left hand side of the page, you will see a section “Create Annual Submissions”.
Click on the underlined text “Financial Statements”, and then click on the underlined text “Income Statement” on
the lower part of the page. The screen below should appear:

1
2
3
1.
2.
3.
4.
5.

5
4

Sum of Total revenues.
Total of all expenses.
Click the CANCEL button to erase all entries
Click the SAVE button for eZ-Audit to save the entries
Click the SAVE and PROCEED button to save all entries and then take you back to the Financial
Statement page.

April 2008

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Compliance Audit
If you successfully entered or saved the information inputted on the Financial Statements page by clicking on the
SAVE and PROCEED button, the screen below should appear. This page can also be reached by repeating the
LOGIN step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand side of the page,
you will see a section “Create Annual Submissions”. Please check to see that the FYE on the link matches the
FYE of the submission that you wish to create. If it does not, please contact the help desk at 1-877-263-0780 so
that this problem can be resolved. Please note that submissions created on an incorrect link cannot be accepted.
If the link for the correct FYE appears, click on the underlined text “Create FYE----Annual Submission”, and then
click on the underlined text “Program and Audit Info”. The screen below should appear:

NOTE

If you are submitting for a school group (i.e. you are the submitting institution for multiple
schools), please complete a Compliance Audit Information page for each school in the
group. Click on the name of the school to access the appropriate Compliance Audit
Information Page.

1

2
3
4

5
6
7
8

9
10

April 2008

11

12

38

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

12.

Compliance Audit Information Continues:
This should read your institution’s name and OPE ID number. Confirm that this is correct.
Please indicate period audited in specified format.
Begin date is the beginning of the audit period.
End date is the end of the audit period.
Provide a reason if your audit period is less than a year.
This is the auditor on file with the Department of Education. If the auditor’s information is correct, no
action is required. If incorrect, click NO.
Enter audit firm’s TIN (Tax Identification Number). DO NOT USE HYPHENS.
Indicate whether your audit contains any findings related to Title IV.
Select appropriate opinion from the drop down list based on your auditor’s opinion. This information is
contained within the Report on Compliance with Specified Requirements Applicable to SFA Programs.
Click the CANCEL button to make changes to all entries.
Click the SAVE button to ensure all entries are successfully stored by the system for this page. To
complete Compliance Audit Information page for member school(s), click on the name of the
school. Complete the Compliance Audit Information page following the steps above.
Click the SAVE and PROCEED button to go to the FSA Annual Submission-Completeness Checklist
page. This is the next stage in the submission process. If you are a school group this will take you to
the Checklist page for the school you have selected.

School Group Submissions:
9
9

To complete the Compliance Audit Information page for member school(s), click on the name of
the school.
Complete the Compliance Audit Information page following the steps above.

Completeness Checklist
If you successfully entered or saved the information inputted on the Compliance Audit Information page by
clicking on the SAVE AND PROCEED button, the screen below should appear. This page can also be reached
by repeating the LOGIN step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand
side of the page, you will see a section “Create Annual Submissions”. Please check to see that the FYE on the
link matches the FYE of the submission that you wish to create. If it does not, please contact the help desk at 1877-263-0780 so that this problem can be rectified. Please note that submissions created on the incorrect link
cannot be accepted. If the link for the correct FYE appears, click on the underlined text “Create FYE----Annual
Submission”, and then click on the underlined text “Completeness Checklist”. The screen below should appear:

NOTE

If you are submitting for a school group (i.e. you are the submitting institution for multiple
schools), please complete Checklist page for each school in the group. Click on the name
of the school to access the appropriate Checklist page.

April 2008

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

1

2

3

5
4

April 2008

40

6

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
1. This should read your institution’s name and OPE ID number. Confirm that this is correct.
2. Ensure all applicable documents are included with your submission.
3. Provide contact information (name, phone, email) for who should be contacted regarding the submission
and/or additional notes as necessary. Please feel free to attach any additional document(s). If you do
attach these additional documents, please write a note in this field advising that you have attached
additional information not required in this process.
4. IMPORTANT WARNING: Click the CANCEL button to erase/delete all entries since the last time you
saved your work.
5. Click the SAVE button to save all entries currently on screen. To complete the Checklist page for
member school(s), click on the name of the school. Complete the Checklist page following the
steps above.
6. Click the SAVE and PROCEED button to save all entries and to take you to the Upload Attachment
page. If you are a school group this will take you to the Upload page for the school you have
selected.

NOTE

Change in Equity documentation may be included as part of the Income Statement, or
may be included as a separate document. Consolidated Statements will only be
included with the submission if the financial statements reflect totals.

School Group Submissions:
9
9

To complete the Checklist page for member school(s), click on the name of the school.
Complete the Checklist page following the steps above.

NOTE

Independent Auditors Report on Financial Statements, Report on Compliance and Internal
Controls Over Financial Reporting Based on an Audit of Financial Statements Performed in
Accordance with Government Auditing Standards, Report on Internal Control Over
Compliance, Report on Compliance with Specified Requirements Applicable to FSA
Programs must be prepared and presented on auditor letterhead. Signatures (scanned) are
required on Independent Auditors Report on Financial Statements, Report on Compliance
and Internal Controls Over Financial Reporting Based on an Audit of Financial Statements
Performed in Accordance with Government Auditing Standards, Report on Internal Control
Over Compliance, Report on Compliance with Specified Requirements Applicable to FSA
Programs. Signatures created using a word processing application are not acceptable.

April 2008

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Upload Attachments
If you successfully entered or saved the information inputted on the Completeness Checklist page by clicking on
the SAVE and PROCEED button, the screen below should appear. This page can also be reached by repeating
the LOGIN step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand side of the
page, you will see a section “Create Annual Submissions”. Please check to see that the FYE on the link matches
the FYE of the submission that you wish to create. If it does not, please contact the help desk at 1-877-263-0780
so that this problem can be rectified. Please note that submissions created on the incorrect link cannot be
accepted. If the link for the correct FYE appears, click on the underlined text “Create FYE----Annual Submission”,
and then click on the underlined text “Upload Attachments”. The screen below should appear:

1

2
3
4
5

6

7

1. This should read the name of your institution and OPE ID number. Confirm that this is correct.
2. Click on the Browse button to search for document(s) to be attached. Then follow instructions searching
and attaching document(s).
A. Scroll down to locate correct directory.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

B. Select correct folder or
directory to locate file.

C. Ensure the correct file
name is displayed.

D. Click on the Open
button to attach file.

3. Check all appropriate boxes for the document(s) you attached.
4. After the document(s) has been attached and the file type identified by checking the box, click the “ADD”
button to ensure that the document(s) has been successfully attached to your compliance audit
submission.
5. Click the CANCEL button to erase all entries.
6. Click the SAVE button to save all entries currently on screen. To Upload the Compliance Audit and/or
Corrective Action Plan for member school(s), click on the name of the school. Follow steps
above.
7. Click the SAVE and PROCEED button to take you to the FSA Annual submission-submit page.
School Group Submissions:
9
9

To Upload the Compliance Audit and/or Corrective Action Plan for member school(s), click on the
name of the school.
Follow the steps above.

NOTE

As part of your annual submission, you must include an electronic copy of your audited
financial statements and compliance audit. Please note that all files must be in a noneditable PDF format and no personal information such as Social Security Numbers
should be contained in attachments. Remember, you can attach additional information
not required during this process. If you do attach additional information, please make a
note in the “Notes” field on the Completeness Checklist page

April 2008

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
FSA Annual Submission-Submit
If you successfully entered, saved and attached an electronic copy of your submissions by clicking on the SAVE
and PROCEED button, the screen below should appear. This page can also be reached by repeating the LOGIN
step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand side of the page, you will
see a section “Create Annual Submissions”. Please check to see that the FYE on the link matches the FYE of the
submission that you wish to create. If it does not, please contact the help desk at 1-877-263-0780 so that this
problem can be rectified. Please note that submissions created on the incorrect link cannot be accepted. If the link
for the correct FYE appears, click on the underlined text “Create FYE----Annual Submission”, and then click on
the underlined text “Submit”. The screen below should appear:

1

2

3
1. This should read the name of you institution and OPE ID number. Confirm that this is correct.
2. Read to understand and attest that you have met all requirements.
3. Click on the “SUBMIT TO ED” button to complete your FSA Annual Submission process. This will then
take you to your institution’s homepage with a displayed confirmation of your audit submission. If you do
not see the “Submit To ED” button, please verify that submitter is selected as a user role.

NOTE

You will have “read” access only once submitted.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
If you are submitting for a school group the following screen on the next page will appear.
FSA Annual Submission-Submit continued:

1
2

1. To submit for all schools in the group click Select All.
2. Click the Submit indicator to submit for individual schools.
3. Click on the “SUBMIT TO ED” button to complete your FSA Annual Submission process. This will then take
you to your institution’s homepage with a displayed confirmation of your audit submission(s). If you do not
see the “Submit To ED” button, please verify that submitter is selected as a user role.

NOTE

You will have “read” access only once submitted.

April 2008

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

No Title IV Activity
Financial Statement
To complete your institution’s annual submission, complete the LOGIN step. This will take you to your institution’s
eZ-Audit homepage. On the upper left hand side of the page, you will see a section “Create Annual Submissions”.
Please check to see that the FYE on the link matches the FYE of the submission that you wish to create. If it does
not, please contact the help desk at 1-877-263-0780 so that this problem can be rectified. Please note that
submissions created on the incorrect link cannot be accepted. If the link for the correct FYE appears, click on the
underlined text “Create FYE----Annual Submission”, and then the screen below should appear with your
institution’s name:

3

1

2

1. Select NO if the institution hasn’t disbursed Title IV funds, and click on the Cancel button, Institution
homepage will be displayed.
2. Select NO, and click on the Reset button, the selection will reset.
3. Select NO, and click on the Submit button, the screen below will be displayed.
Screens and Steps after step 3 are same as in the Annual Submission section, except the
Compliance Audit part. With the ‘No Title IV Activity,’ schools are required to submit only
NOTE
Financial Statement.

April 2008

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

Merger/Change in Ownership
Financial Statement
To complete a Change in Ownership Submission, complete the LOGIN step. This will take you to your institution’s
eZ-Audit homepage. On the upper left hand side of the page, you will see a section “Other Submissions”. Click on
the underlined text “Create Merger/Change in Ownership Submission”, and then the screen below should appear:
If your fiscal year end changes as a result of the change in ownership, please submit a
NOTE
Change in FY end submission.

1
STOP

2
3

4
5

8

7
6

1.
2.
3.
4.
5.
6.
7.
8.

This should read your institution’s name and OPEID number. Confirm that this is correct.
Date of the Day One balance sheet.
Provide reason. Enter “Change In Ownership”.
Enter contact information and any additional notes that will assist in processing this submission.
Click on Balance Sheet- (see section on completing the Balance Sheet).
Click the CANCEL button to make changes to all entries.
Click the SAVE button to ensure all entries currently on the screen are successfully stored by the system.
Click the SAVE and PROCEED button to go to the Upload Attachments page. This is the next stage in
the submission process.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Balance Sheet

1
2
3
4
5
6
7
10
9

8
11

1. Cash on hand, demand deposits in banks and other accounts characteristic of demand deposits that may be
withdrawn without prior notice or substantial penalty. See SFAC NO.6 & FASB Technical Bulletin No. 81-4.
2. Net realizable value of accounts receivables. Equals gross accounts receivable less the allowance for
doubtful accounts. See SFAC No. 6.
3. Marketable debt securities classified either as held-to-maturity, trading or available-for-sale, and included in
current assets. See SFAC No. 6 & SFAS 115.
4. All amounts due from related parties (owners, shareholders, and affiliates) on account that are not
collateralized or subject to a security agreement. See SFAC No. 6.
5. The sum of all current liabilities.
6. The sum of all assets.
7. The sum of all purchased intangibles including patents, franchises, copyrights, trademarks, brand names,
covenants not to compete, accreditation costs, program development costs, and any advertising costs not
resulting from direct response advertising. Plus net goodwill.
8. The sum of all liabilities.
9. Click the CANCEL button to make changes to all entries.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Merger / Change in Ownership Continued
10. Click the SAVE button to ensure all entries are successfully stored by the system on this page.
11. Click the SAVE and PROCEED button to go to the Completeness Checklist. This is the next stage in the
submission process.

NOTE

With a Merger/Change in Ownership, schools are required to complete the Balance Sheet
only. Remember, do not use commas or other punctuation and place a “0” in any fields with
a null value

Upload Attachments
If you successfully entered or saved the information inputted on the Create Merger/Change in Ownership
Submission-Financial Statements page by clicking on the SAVE and PROCEED button, the screen below should
appear. This page can also be reached by repeating the LOGIN step. This will take you to your institution’s eZAudit homepage. On the upper left hand side of the page, you will see a section “Other Submissions”. Click on the
underlined text “Create Merger/Change in Ownership Submission”, and then click on the underlined text “Upload
Attachments”. The screen below should appear:

1

2

3

4
5

6

7

8

1. This should read the name of your institution and OPEID number. Confirm that this is correct.
49
April 2008

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
2. Read and follow instructions accordingly. If you do not have all of the required documents, please contact
your School Participation team representative or the help desk to discuss this matter. Add any notes
regarding these issues to financial statements screen as shown on the previous page.
3. Click on the Browse button to search for document(s) to be attached. Then follow instructions on the next
page on searching for and attaching document(s).

A. Scroll down to locate correct directory.

B. Select correct folder or
directory to locate file.

C. Ensure the correct file
name is displayed.

D. Click on the Open
button to attach file.

4. Check all appropriate documents attached.
5. After the document has been selected and the file type identified by checking the box, click the “ADD”
button to ensure that the document has been successfully attached to your compliance audit submission.
6. Click the CANCEL button to make changes to all entries.
7. Click the SAVE button to ensure all entries are successfully stored by the system on this page.
8. Click the SAVE and PROCEED button to save all entries and to take you to the Merger/Change in
Ownership Submission page. This is the next stage in the submission process.

NOTE

Please note that all files must be in a non-editable PDF format and no personal
information such as Social Security Numbers should be contained in attachments.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Merger/Change in Ownership Submission-Submit
If you successfully entered, saved and attached an electronic copy of your complete audited financial statements
by clicking on the SAVE and PROCEED button, the screen below should appear. This page can also be reached
by repeating the LOGIN step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand
side of the page, you will see a section “Other Submissions”. Click on the underlined text “Merger/Change in
Ownership”, and then click on the underlined text “Submit”. The screen below should appear:

1

2

3
1. This should read the name of your institution and OPE ID number. Confirm that this is correct.
2. Read to understand and attest that you have met all requirements.
3. Click on the “SUBMIT TO ED” button to complete your submission process. This will then take you to
your institution’s homepage with a displayed confirmation of your audit submission. If you do not have
the “Submit To ED” button, please verify that submitter is selected as user role. See Manage
Users in the eZ-Audit Step-by-Step guide by clicking on the Help button.

NOTE

You will have “read” access only once submitted.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

New Institution/Reinstatement Submission
Financial Statement
To submit your institution’s New Institution/Reinstatement Submission audit, complete the LOGIN step. This will
take you to your institution’s eZ-Audit homepage. On the upper left hand side of the page, you will see a section
“Other Submissions”. Click on the underlined text “Create New Institution Submission” (for institutions that have
not previously participated in Title IV programs) or “Create Reinstatement Submission” (for institutions that have
previously participated in Title IV programs), and then the screen below should appear with your institution’s
name:

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

1
2
3

4

6

7

8
9
10

11

13
12

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14

5

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Create New Institution/Reinstatement Submission – Financial Statement Continues:
Financial Statements Information Page should be completed using the current completed fiscal year end
financial statements data.
1. This should read your institutions name and OPEID number. Confirm that this is correct.
2. Enter Fiscal Year End 1(MM/DD/YYYY).
3. Fiscal Year End 2 will auto populated to exactly one year from the entered Fiscal Year End 1
(MM/DD/YYYY)
4. Begin date is the beginning of the audit period. End date will be audit populated with Fiscal Year End 1,
which is the end of the audit period.
5. Provide a reason if your audit period is less than a year.
6. Enter Audit Firm’s TIN.
7. Please select appropriate opinion type from the drop down lists based on your auditor’s opinion. This
information is presented in the opinion paragraph of the Independent Auditor’s Report. If the opinion
paragraph states that the financial statements “present fairly, in all material respects”, the type of opinion
should be “Unqualified”.
8. Please indicate “yes” or “no” if your institutions’ submission contains a going concern explanatory
paragraph included in either the independent auditor’s report or if a going concern has been disclosed in
the notes to the financial statements.
9. Under this section, please click on each of the types of statements and complete the fields requested.
10. Click on Balance Sheet – (see section on completing the Balance Sheet).
11. Click on Income Statement – (see section on completing the Income Statement).
12. Click the CANCEL button to make changes to all entries.
13. Click the SAVE button to ensure all entries are successfully stored by the system on this page.
14. Click the SAVE and PROCEED button to go to the Completeness Checklist. This is the next stage in the
submission process.

Balance Sheet
See “Balance Sheet” on the Financial Statements page under Annual Submissions for details in completing all
data fields. Please complete using current completed fiscal year end financial statements data.

Income Statement
See “Income Statement” on the Financial Statements page under Annual Submissions for details in completing all
data fields. Please complete using current completed fiscal year end financial statements data.

NOTE

The Balance Sheet, Income Statement and Cash Flow Statement must be completed.

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Completeness Checklist
If you successfully entered or saved the information inputted on the Income Statement page by clicking on the
SAVE AND PROCEED button, the screen below should appear. This page can also be reached by repeating the
LOGIN step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand side of the page,
you will see a section “Other Submissions”. Click on the underlined text “New Institution Submission” or
“Reinstatement Submission”, and then click on the underlined text “Completeness Checklist”. The screen below
should appear:

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

1
2

STOP

2a

3

5
4

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Completeness Checklist Continued
1. This should read your institution’s name and OPEID number. Confirm that this is correct.
2. Ensure all applicable documents are included with your submission.
3. Enter Contact Information. Provide additional notes as necessary. Please feel free to attach any
additional document(s). If you do attach these additional documents, please write a note in this field
advising that you have attached additional information not required in this process.
4. Click the CANCEL button to erase all entries.
5. Click the SAVE button to save all entries currently on screen.
6. Click the SAVE and PROCEED button to save all entries and to take you to the Upload Attachment
page.

Upload Attachments
If you successfully entered or saved the information inputted on the Completeness Checklist page by clicking on
the SAVE and PROCEED button, the screen below should appear. This page can also be reached by repeating
the LOGIN step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand side of the
page, you will see a section “Other Submissions”. Click on the underlined text “Create New Institution
Submission” or “Reinstatement Submission” and then click on the underlined text “Upload Attachments”. The
screen below should appear:

1

2
3
4

5

6

7

1. This should read the name of your institution and OPE ID number. Confirm that this is correct.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
2. Click on the Browse button to search for document(s) to be attached. Then follow instructions on the next
page on searching and attaching document(s).

NOTE

Audited Financial statements for the previous two fiscal years should be submitted.

A. Scroll down to locate correct directory.

B. Select correct folder or
directory to locate file.

C. Ensure the correct file
name is displayed

D. Click on the Open
button to attach file.

3. Check all appropriate document(s) attached.
4. After the document has been selected and the file type identified by checking the box, click the “ADD”
button to ensure that the document has been successfully attached to your compliance audit submission.
5. Click the CANCEL button to erase all entries.
6. Click the SAVE button to save all entries currently on the screen.
7. Click the SAVE and PROCEED button to take you to the New Institution Submission-submit page.

NOTE

As part of your New School/Reinstatement submission, you must include an electronic copy
of your two previously completed audited financial statements. Please note that all files
must be in a non-editable PDF format and no personal information such as Social Security
Numbers should be contained in attachments. Remember, you can attach additional
information not required during this process. If you do attach additional information, please
make a note in the “Notes” field on the Completeness Checklist page. Signature pages
must be scanned.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
New Institution/Reinstatement Submission-Submit
If you successfully entered, saved and attached an electronic copy of your submission by clicking on the SAVE
and PROCEED button, the screen below should appear. This page can also be reached by repeating the LOGIN
step. This will take you to your institutions eZ-Audit homepage. On the upper left hand side of the page, you will
see a section “Other Submissions”. Click on the underlined text “New Institution Submission” or “Reinstatement
Submission”, and then click on the underlined text “Submit”. The screen below should appear:

1

2

3
1. This should read the name of you institution and OPE ID number. Confirm that this is correct.
2. Please read to understand and attest that you have met all requirements.
3. Click on the “SUBMIT TO ED” button to complete your New Institution Submission process.

NOTE

You will have “read” access only once submitted.

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

Stub Audit Submission
Compliance Audit
To complete your institution’s Stub Audit Submission, complete the LOGIN step. This will take you to your
institution’s eZ-Audit homepage. On the upper left hand side of the page, you will see a section “Other
Submissions”. Click on the underlined text “Stub Audit Submission”, and then the screen below should appear
with your institution’s name:

1
2

3
4

5

6

7

8
9

10

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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

12.

This should read your institution’s name and OPE ID number. Confirm that this is correct.
Please indicate period audited in specified format.
Begin date is the beginning of the audit period.
End date is the end of the audit period.
Provide a reason if your audit period is less than a year.
This is the auditor on file with the Department of Education. If the auditor’s information is correct, no
action is required. If incorrect, click NO.
Enter audit firm’s TIN (Tax Identification Number). DO NOT USE HYPHENS.
Indicate whether your audit contains any findings.
Select appropriate opinion from the drop down list based on your auditor’s opinion. This information is
contained within the Report on Compliance with Specified Requirements Applicable to SFA Programs.
Click the CANCEL button to make changes to all entries.
Click the SAVE button to ensure all entries are successfully stored by the system for this page. To
complete Compliance Audit Information page for member school(s), click on the name of the
school. Complete the Compliance Audit Information page following the steps above.
Click the SAVE and PROCEED button to go to the FSA Annual Submission-Completeness Checklist
page. This is the next stage in the submission process. If you are a school group this will take you to
the Checklist page for the school you have selected.

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Completeness Checklist
If you successfully entered or saved the information inputted on the Compliance Audit page by clicking on the SAVE
AND PROCEED button, the screen below should appear. This page can also be reached by repeating the LOGIN
step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand side of the page, you will
see a section “Other Submissions”. Click on the underlined text “Stub Audit Submission”, and then click on the
underlined text “Completeness Checklist”. The screen below should appear:

1
2

2a

3

5

6

4

1. This should read your institution’s name and OPEID number. Confirm that this is correct.

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2. Ensure all applicable documents are included with your submission
3. Enter contact information. Provide additional notes as necessary. Please feel free to attach any
additional document(s). If you do attach these additional documents, please write a note in this field
advising that you have attached additional information not required in this process.
4. Click the CANCEL button to erase all entries.
5. Click the SAVE button to save all entries currently on screen.
6. Click the SAVE and PROCEED button to take you to the Upload Attachment page.

Upload Attachments
If you successfully entered or saved the information inputted on the Completeness Checklist page by clicking on
the SAVE and PROCEED button, the screen below should appear. This page can also be reached by
repeating the LOGIN step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand
side of the page, you will see a section “Other Submissions”. Click on the underlined text “Stub Audit
Submission”, and then click on the underlined text “Upload Attachments”. The screen below should appear:

1

2

3
4
6

7

5

1. This should read the name of your institution and OPEID number. Confirm that this is correct.
2. Click on the Browse button to search for document(s) to be attached. Then follow instructions on the next
page on searching and attaching document(s).

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A. Scroll down to locate correct directory.

B. Select correct folder or
directory to locate file.

C. Ensure the correct file
name is displayed.

D. Click on the Open
button to attach file.

3. Check all appropriate document(s) attached.
4. After the document has been selected identify the file type by checking the box, click the “ADD” button to
ensure that the document has been successfully attached to your compliance audit submission.
5. Click the CANCEL button to erase all entries.
6. Click the SAVE button to save the uploaded document currently on the screen. Repeat steps 2-6 as
necessary
7. Click the SAVE and PROCEED button to take you to the Stub Audit Submission-submit page.

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Stub Audit Submission-Submit
If you successfully entered, saved and attached an electronic copy of your submission by clicking on the SAVE
and PROCEED button, the screen below should appear. This page can also be reached by repeating the LOGIN
step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand side of the page, you will
see a section “Other Submissions”. Click on the underlined text “Stub Audit Submission”, and then click on the
underlined text “Submit”. The screen below should appear:

1

2

3
1. This should read the name of your institution and OPEID number. Confirm that this is correct.
2. Please read to understand and attest that you have met all requirements.
3. Click on the “SUBMIT TO ED” button to complete your Stub Audit Submission process. If you do not
have access to the “Submit To ED” button, submitter is not selected as a user role.

NOTE

You will have read access only once submitted.

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Closeout Audit Submission
Compliance Audit
This page can also be reached by repeating the LOGIN step. This will take you to your institution’s eZ-Audit
homepage. On the upper left hand side of the page, you will see a section “Other Submission”. Click on the
underlined text “Closeout Audit Submission”, and then click on the underlined text “Compliance Audit Info”. The
screen below should appear:

1
STOP

3

2

4
5

7

8
9
11

10

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6

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
1.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.

12.

This should read your institution’s name and OPE ID number. Confirm that this is correct.
Please indicate period audited in specified format.
Begin date is the beginning of the audit period.
End date is the end of the audit period.
Provide a reason if your audit period is less than a year.
This is the auditor on file with the Department of Education. If the auditor’s information is correct, no
action is required. If incorrect, click NO.
Enter audit firm’s TIN (Tax Identification Number). DO NOT USE HYPHENS.
Indicate whether your audit contains any findings.
Select appropriate opinion from the drop down list based on your auditor’s opinion. This information is
contained within the Report on Compliance with Specified Requirements Applicable to SFA Programs.
Click the CANCEL button to make changes to all entries.
Click the SAVE button to ensure all entries are successfully stored by the system for this page. To
complete Compliance Audit Information page for member school(s), click on the name of the
school. Complete the Compliance Audit Information page following the steps above.
Click the SAVE and PROCEED button to go to the FSA Annual Submission-Completeness Checklist
page. This is the next stage in the submission process. If you are a school group this will take you to
the Checklist page for the school you have selected.

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Completeness Checklist
If you successfully entered or saved the information inputted on the Compliance Audit Information page by
clicking on the SAVE AND PROCEED button, the screen below should appear. This page can also be reached
by repeating the LOGIN step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand
side of the page, you will see a section “Other Submissions”. Click on the underlined text “Closeout Audit
Submission”, and then click on the underlined text “Completeness Checklist”. The screen below should appear:

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1
2

2a

3

4

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6

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
1. This should read your institution’s name and OPEID number. Confirm that this is correct.
2. Ensure all applicable documents are included with your submission
3. Enter contact information. Provide additional notes as necessary. Please feel free to attach any
additional document(s). If you do attach these additional documents, please write a note in this field
advising that you have attached additional information not required in this process.
4. Click the CANCEL button to erase all entries.
5. Click the SAVE button to save all entries currently on screen.
6. Click the SAVE and PROCEED button to take you to the Upload Attachment page

Upload Attachments
If you successfully entered or saved the information inputted on the Completeness Checklist page by clicking on
the SAVE and PROCEED button, the screen below should appear. This page can also be reached by repeating
the LOGIN step. This will take you to your institution’s eZ-Audit homepage. On the upper left hand side of the
page, you will see a section “Other Submissions”. Click on the underlined text “Closed Audit Submission”, and
then click on the underlined text “Upload Attachments”. The screen below should appear:

1

2

3
4

5

6

7

1. This should read the name of your institution and OPEID number. Confirm that this is correct.
2. Click on the Browse button to search for document(s) to be attached. Then follow instructions on the next
page on searching and attaching document(s).

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A. Scroll down to locate correct directory.

B. Select correct folder or
directory to locate file.

C. Ensure the correct file
name is displayed.

D. Click on the Open
button to attach file.

3. Check all appropriate document(s) attached.
4. After the document has been selected and the file type identified by checking the box, click the “ADD”
button to ensure that the document has been successfully attached to your compliance audit submission.
5. Click the CANCEL button to erase all entries.
6. Click the SAVE button to save all entries currently on the screen.
7. Click the SAVE and PROCEED button to take you to the Closeout Audit Submission-submit page.

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Closeout Audit Submission-Submit
If you successfully entered, saved and attached an electronic copy of your submission by clicking on the SAVE and
PROCEED button, the screen below should appear. This page can also be reached by repeating the LOGIN step.
This will take you to your institution’s eZ-Audit homepage. On the upper left hand side of the page, you will see a
section “Other Submissions”. Click on the underlined text “Closeout Audit Submission”, and then click on the
underlined text “Submit”. The screen below should appear:

1

2

3
1. This should read the name of your institution and OPE ID number. Confirm that this is correct.
2. Read to understand and attest that you have met all requirements.
3. Click on the SUBMIT TO ED button to complete your FSA Annual Submission process. This will then take
you to your institution’s homepage with a displayed confirmation of your audit submission.

NOTE

You will have “read” access only once submitted.

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Change in FY End
Change in FY END Submission
This page can be reached by repeating the LOGIN step. This will take you to your institution’s eZ-Audit
homepage. On the upper left hand side of the page, you will see a section “Other Submissions”. Click on the
underlined text “Change Fiscal Year End Date”, and then click on the underlined text “Change in FY End”. The
screen below should appear:

1
2
3

4

1.
2.
3.
4.

This should read the name of your institution and OPE ID number. Confirm that this is correct.
This represents information on file with ED concerning current fiscal year.
Click on the drop down list to change month as desired.
Click on the “SUBMIT TO ED” button to ensure that date change is captured by the eZ-Audit system.

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When notifying ED of a change in fiscal year end, please submit change 90 days prior to
your current fiscal year end date. Contact your School Participation Team
Representative for information regarding additional submission requirements. Please
note that this submission will not successfully change the link available for your annual submission
unless there has been an actual change in fiscal year end. If the incorrect submission link is available
and there has been no change in FYE, please contact the help desk.

NOTE

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Waiver
Create Waiver Request
This page can be reached by repeating the LOGIN step. This will take you to your institution’s eZ-Audit
homepage. On the upper left hand side of the page, you will see a section “Other Submissions”. Click on the
underlined text “Other Submissions”, and then click on the underlined text “Create Waiver/Exemption Request”.
The screen below should appear:

1

2
3
4

6

5

1. This should read the name of your institution and OPEID number. Confirm that this is correct.

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2. Click on the Browse button to search for document(s) to be attached. The screen below should appear.
A. Scroll down to locate correct directory.

B. Select correct folder or
directory to locate file.

C. Ensure the correct file
name is displayed.

D. Click on the Open
button to attach file.

3. After the document(s) has been attached and the file type identified by checking the box, click the “ADD”
button to ensure that the document(s) has been successfully attached. The screen will then change to the
screen on the next page. Please note that documents being added to this request should be on letterhead
and signed.

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1

2

3
4

5

6

4. Select the Fiscal Year End date from the drop down menu for which you are requesting a waiver.
5. Click the CANCEL button to erase all entries.
6. Click the “SUBMIT TO ED” button to submit your Waiver Request. This will then take you to your
institution’s homepage with a displayed confirmation of your transaction.

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Additional Information
Additional Information Submission
This page can be reached by repeating the LOGIN step. This will take you to your institution’s eZ-Audit
homepage. On the upper left hand side of the page, you will see a section “Other Submissions”. Click on the
underlined text “Other Submissions”, and then click on the underlined text “Submit Additional Information”. The
screen below should appear:

1
2

3
4

1. This should read the name of your institution and OPE ID number. Confirm that this is correct.
2. Select a submission type.
3. Click on the Browse button to search for document(s) to be attached. The screen below should appear:
A. Scroll down to locate correct directory.

B. Select correct folder or
directory to locate file.

C. Ensure the correct file
name is displayed.

D. Click on the Open
button to attach file.

4. After the document(s) has been attached and the file type identified by checking the box, click the “ADD”
button to ensure that the document(s) has been successfully attached to your compliance audit
submission.
To submit additional information the submission must still be under FSA review.
NOTE
78
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Step-by-Step Guide to Using eZ-Audit for For-Profit Schools

Resubmission
If your submission has been deemed incomplete you will be required to Resubmit. An email will be sent to the
person(s) as listed on the Checklists page in Contacts informing them that the submission has been deemed
incomplete. A copy will also be sent to the Institution’s President and Financial Aid Administrator.
Resubmissions should be submitted 15 calendar days from receipt of email/letter.
To resubmit you must first view your incomplete letter posted to the Notifications section of your Institution
Home Page. To begin your resubmission, follow steps below.
1. Login to eZ-Audit. This will take you to your Institution’s Home Page. The screen below should appear.
Verify the name on your institution and OPEID.

1

2

2. Click link to view Incomplete Letter. Incomplete letter will provide information regarding the reason(s)
your submission was deemed incomplete. Letter will open in separate window.

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3. Return to your home page.

4

4. Click the Resubmit link from left navigation area.
5. Correct submission as directed in Incomplete Letter. Portions of submission deemed complete will be
read-only.

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Delinquent Letter
If your submission is not received by its due date, a Delinquent Email will be sent to the Institution’s President,
CFO, and Institution’s Financial Aid Administrator. The email will indicate that a Delinquent Letter has been
posted to the Notifications section of your Institution’s Home Page. Once the Delinquent Email is received,
you will be directed to logon onto eZ-Audit to view the Delinquent Letter. The Delinquent Letter will disappear
once you have submitted the submission.

3

1

1. Click link to view Delinquent Letter. Delinquent letter will provide information regarding which annual
submission is over due. Letter will open in separate window.

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2. Close or minimize the browser to return to your home page.
3. Click on the Create Annual Submission link to submit your annual submission.

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Reminder Email
A Reminder email will be sent 60 and/or 30 days prior the submission due date. The Reminder Email will be
sent to the Institution’s President, CFO, Financial Aid Administrator and eZ-Audit Institution Administrator to
remind them that the Compliance Audit and/or Financial Statement due date is approaching.

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Appendix
Rules of Behavior

eZ-Audit System Rules of Behavior
Statement of Acceptance of User Responsibility
For Official, Approved Use Only – the eZ-Audit system is funded by the Government
to support various programmatic efforts needed to accomplish the Department of
Education/FSA mission. As such, these resources are to be used only for official
Government business.
Violations – It is critical that all users adhere to accepted user principles regarding
appropriate use (see principles below).
Accepted User Principles - Users’ access to computing resources indicates a level of
trust bestowed upon them by their management and ultimately by the Department of
Education/FSA. Users are responsible for their actions and must be aware of and
acknowledge their responsibilities.

At a minimum all users are responsible for these principles:
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ
ƒ

Ensuring that the eZ-Audit system is used only for official Government business.
Ensuring that the eZ-Audit system is used in compliance with Title IV program participation
agreements and other applicable regulatory requirements to ensure program integrity.
Protecting the information users are processing from access by, or disclosure to, unauthorized
personnel.
Immediately reporting all security incidents and potential threats and vulnerabilities involving
computing resources to eZ-Audit staff with a description of the event.
Protecting authenticators, such as passwords.
Reporting any compromise or suspected compromise of a password to eZ-Audit staff with a
description of the event.
Accessing only systems, networks, data, control information, and software for which they are
authorized.

I certify that I have read and understand the rules as stated above, and that I agree to comply with the government’s requirements
for the protection of any information covered by the privacy Act.

_________________________________
Signature
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Date

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Balance Sheet Mapping and References for eZ-Audit
# Item
1

Cash and Cash
Equivalents

2

Accounts
Receivable
- Students

3

Accounts
Receivable
- Employee

4

Accounts
Receivable,
- Related
Parties; secured

5

Accounts
Receivable, Related Parties:
unsecured

6

Accounts
Receivables,
- other

7

Allowance for
Doubtful
Accounts

April 2008

Description
Cash on hand, demand
deposits in banks and other
accounts characteristic of
demand deposits that may
be withdrawn without prior
notice or substantial penalty.
All amounts due from
students on account.

All amounts due from
employee borrowings from
the institution or employee
advances.

All amounts due from related
parties [owners,
shareholders and affiliates]
on account that are
collateralized or subject to a
security agreement.
All amounts due from related
parties [owners,
shareholders and affiliates]
on account that are not
collateralized or subject to a
security agreement.
All amounts on account not
included in line items 2 thru
5 above.

The amount of the
allowance recorded to
recognize the value of
uncollectible accounts.
85

Mapped
Reference
Balance
Sheet

Accounting
Reference
SFAC No.6
& FASB
Technical
Bulletin
NO. 81-4

Balance
Sheet

SFAC
No. 6

Balance
Sheet

SFAC
No. 6

Balance
Sheet and
Notes

SFAC
No. 6

Balance
Sheet and
Notes

SFAC
No. 6

Balance
Sheet and
Notes

SFAC
No. 6

Balance
Sheet and
Notes

SFAC
No. 6

Regulatory
Reference
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item

8

Net Accounts
Receivable

9

Prepaid
Expenses

10

Inventories

11

Notes
Receivable
- Related
Parties; secured

12

Notes
Receivable,
- Related
Parties;
unsecured

13

Notes
Receivable
- other

14

Investments

April 2008

Description

Mapped
Reference

Accounting
Reference

Net realizable value of
accounts receivables.
Equals gross accounts
receivable less the
allowance for doubtful
accounts [line items 2 thru 6
minus 7].
Expenses that result from a
cash outlay in a prior period;
and, has not yet been
consumed.

Balance
Sheet and
Notes

SFAC
No. 6

Balance
Sheet and
Notes

SFAC
No. 6

The cost of goods
purchased for resale in the
normal course of business.

Balance
Sheet and
Notes

SFAC
No. 6

All amounts due from related
parties [owners,
shareholders and affiliates]
on account in the form of
promissory notes that are
collateralized or subject to a
security agreement.
All amounts due from related
parties [owners,
shareholders and affiliates]
on account in the form of
promissory notes that are
not collateralized or subject
to a security agreement.
All amounts on account in
the form of promissory notes
not included in line items 11
and 12 above.

Balance
Sheet and
Notes

SFAC
No. 6
&
SFAS 57

Balance
Sheet and
Notes

SFAC
No. 6
&
SFAS 57

34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

Balance
Sheet and
Notes

SFAC
No. 6

Balance

SFAC

34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR

Marketable debt and equity
86

Regulatory
Reference
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item

Description
- current

Mapped
Reference
Sheet and
Notes

Accounting
Reference
No. 6
&
SFAS 115

Deferred [capitalized]
advertising costs resulting
from direct response
advertising, only.

Balance
Sheet and
Notes

SOP 93-7

securities classified either as
held-to-maturity, trading or
available-for-sale; and,
included in current assets.

15

Deferred
Advertising

16

Deferred
Income Taxes;
current

Deferred income tax benefits
that will reverse during the
next fiscal year.

Balance
Sheet and
Notes

SFAS 109

17

Other Current
Assets

All current assets not
included in line items 1 thru
16 above.

Balance
Sheet and
Notes

SFAC
No.6

18 Current Assets

Sum of all current assets
[line items 1 thru 17] above.

Balance
Sheet and
Notes

Calculate
d

19

Property, Plant
and Equipment,
including
capitalized
leases

Property, Plant and
Equipment used in
operations [placed in
service]; not to include
construction in progress.

Balance
Sheet and
Notes

SFAC
No. 6
&
SFAS 121

20

Accumulated
Depreciation

Balance
Sheet and
Notes

SFAC
No. 6
&
APB No 1

21

Net Property,

Cumulative total of all
depreciation expense
incurred on property, plant
and equipment including
capital leases used in
operations.
Property, Plant and

Balance

Calculate

April 2008

87

Regulatory
Reference
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item

22

Description

Plant and
Equipment,
including
capitalized
leases
Intangible
Assets, net of
accumulated
amortization
[excluding
goodwill]

Equipment including
capitalized leases net of
accumulated depreciation.

All purchased intangibles
including patents,
franchises, copyrights,
trademarks, brand names,
covenants not to compete,
accreditation costs, program
development costs; and, any
advertising costs not
resulting from direct
response advertising
The excess of costs over the
market [fair] value of specific
assets acquired in a
business combination.

Mapped
Reference
Sheet and
Notes

Accounting
Reference
d

Balance
Sheet and
Notes

APB 17
&
SFAS 142

Balance
Sheet and
Notes

APB 17
&
SFAS 142

Regulatory
Reference
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

23

Goodwill, net of
accumulated
amortization

24

Investments

Debt and equity securities,
facilities, land and other assets
held for long-term purposes.

Balance
Sheet and
Notes

SFAC
No. 6
&
SFAS 115

25

Notes
Receivable
- Related
Parties; secured

Balance
Sheet and
Notes

SFAC
No. 6
&
SFAS 57

26

Notes
Receivable
- Related
Parties;
unsecured

Balance
Sheet and
Notes

SFAC
No. 6
&
SFAS 57

34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

27

Notes

All amounts due from related
parties [owners, shareholders
and affiliates] on account in the
form of promissory notes that
are collateralized or subject to a
security agreement classified
as non-current.
All amounts due from related
parties [owners, shareholders
and affiliates] on account in the
form of promissory notes that
are not collateralized or subject
to a security agreement
classified as non-current.
All amounts on account in the

Balance

SFAC

34 CFR

April 2008

88

34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item

Description

Receivable
- other

Mapped
Accounting
Reference
Reference
form of promissory notes not
Sheet and
No. 6
Notes
included in line items 25 and 26
above classified as non-current.

28

Deferred
Income Taxes;
non-current

Deferred income tax benefits
that will reverse during the next
fiscal year.

Balance
Sheet and
Notes

SFAS 109

29

Other Noncurrent Assets

All non-current assets not
included in line items 19 thru 28
above.

Balance
Sheet and
Notes

SFAC
No. 6

30 Total Assets

Sum of all assets [line items 1
thru 29] above.

Balance
Sheet and
Notes

Calculate
d

31

Accounts
Payable

All amounts owed to suppliers
or providers of services from
normal operations.

Balance
Sheet and
Notes

SFAC
No. 6

32

Refunds
Payable

All amounts owed to students
and/or financial partners subject
to Title IV programs.

Balance
Sheet and
Notes

SFAC
No. 6

33

Student
Deposits and
advances

All amounts owed to students
from deposits and advance
payments.

Balance
Sheet and
Notes

SFAC
No. 6

34

Accrued

Balance

SFAC

April 2008

Current liabilities that result
89

Regulatory
Reference
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item
Expenses

Description
from the consumption of an
asset or service during the
fiscal year prior to payment.

Mapped
Accounting
Reference
Reference
Sheet and
No. 6
Notes

35

Current Portion
of Long-term
Debt

Portion of debt used for longterm purposes maturing during
the next fiscal year.

Balance
Sheet and
Notes

SFAC
No. 6

36

Deferred Tuition

Receipts on tuition not
recognized as revenue due to
Department policy requiring pro
rata recognition.

Balance
Sheet and
Notes

SFAC
No. 6

37

Deferred
Income Taxes;
current

Deferred tax liabilities reversing
during the next fiscal year.

Balance
Sheet and
Notes

SFAS
109

38

Lines of Credit

Amounts owed due to lines of
credit with banks.

Balance
Sheet and
Notes

SFAC
No. 6

39

Current Portion
of Capital Lease
Obligations

Portion of the net present value
of minimum lease payments
maturing during the next fiscal
year.

Balance
Sheet and
Notes

SFAS
13/98

40

Other Current
Liabilities

All current liabilities not
included in line items 31 thru 39
above.

Balance
Sheet and
Notes

SFAC
No. 6

41 Current Liabilities

Sum of all current liabilities [line

Balance

Calculate

April 2008

90

Regulatory
Reference
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item

Description
items 31 thru 40 above.

Mapped
Accounting
Reference
Reference
Sheet and
d
Notes

42

Long-term Debt,
net of current
portion

All formal debt instruments and
any other debt instruments
used for long-term purposes.

Balance
Sheet and
Notes

SFAS 47

43

Deferred
Income Taxes;
non- current

Deferred tax liabilities not
reversing during the next fiscal
year.

Balance
Sheet and
Notes

SFAS 109

44

Capital Lease
Obligations

Net present value of minimum
lease payments not maturing
during the next fiscal year.

Balance
Sheet and
Notes

SFAS
13/98

45

Deferred
Compensation

All amounts owed for pensions,
retirements and other deferred
elements of compensation

Balance
Sheet and
Notes

SFAS
106, 112
and 132

46

Post
Employment &
Post Retirement
Benefits

Balance
Sheet and
Notes

SFAS
106, 112
and 132

47

Other Noncurrent
Liabilities

All amounts owed on plans that
pay employees or their
beneficiaries for post
reemployment or post
retirement benefits other than
pensions; must be shown on
face of the balance sheet.
All non-current liabilities not
included in line items 42 thru 46
above.

Balance
Sheet and
Notes

SFAC
No. 6

April 2008

91

Regulatory
Reference
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item
48

Total Liabilities

49

Contributed
Capital

50

Retained
Earnings

51

Description

Mapped
Accounting
Reference
Reference
Sum of all liabilities [line items
Balance
Calculate
41 thru 47] above.
Sheet and
d
Notes

All capital contributed or
donated by owners,
shareholders and donors.

Balance
Sheet and
Notes

SFAC
No. 6

Undistributed earnings and
profits maintained for internal
purposes.

Balance
Sheet and
Notes

SFAC
No. 6

Common Stock

Par value of all classes of
common stock, authorized and
outstanding.

Balance
Sheet and
Notes

SFAC
No. 6

52

Preferred Stock

Par value of all classes of
preferred stock, authorized and
outstanding.

Balance
Sheet and
Notes

SFAC
No. 6

53

Paid-in capital,
Excess of Par

Capital that results from the
sale of stock [common or
preferred] in excess of par.

Balance
Sheet and
Notes

SFAC
No. 6

54

Unrealized
Gains and
(Losses)

Unrealized gains or (losses)
from investments in avail-forsale securities.

Balance
Sheet and
Notes

SFAS 130

April 2008

92

Regulatory
Reference
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item

Description

Mapped
Accounting
Reference
Reference
Balance
SFAS 130
Sheet and
Notes

55

Comprehensive
Income [Loss]

Change in equity from
transactions and events not
resulting from investments by
or distribution to owners.

56

Treasury Stock

Value [cost or par] of stock
purchase and held after initial
issuance

Balance
Sheet and
Notes

SFAC
No. 6

57

Owner’s Equity

Sum of all owners’ equity
accounts [line items 49 thru 56]
above.

Balance
Sheet and
Notes

Calculate
d

58

Total Liabilities
and Owner’s
Equity

Sum of Total Liabilities and
Total Owner’s Equity [line item
48 plus line item 57 above].

Balance
Sheet and
Notes

Calculate
d

April 2008

93

Regulatory
Reference
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
Income Statement Mapping and References for eZ-Audit
# Item

Description

1

Operating
Income

2

Tuition and
Fees

3

Other

4

Total Operating
Income

5

Non-operating
Income

6

7

Mapped
Accounting
Reference
Reference
Income
APB
Income derived from activities
Statement
No. 9/30
that constitute the major focus
of the institution [e.g. tuition,
fees, etc. net of contra revenue
items including internal
scholarships].
Income
APB
Tuition and fees revenues
No. 9/30
Statement
included in operating income
received from students duly
enrolled in the institution per ED
income recognition policy.
Income
Statement

APB
No. 9/30

Income
Statement

Calculated

Income derived from activities
that do not constitute the major
focus of the institution [e.g.
gains on sale of investments,
interest income and other].

Income
Statement

APB
No. 9/30

Gains on Sale
of Investments

Gains on the sale of assets
classified as investments in the
accounts of the institution.

Income
Statement

APB
No. 9/30

Interest Income

Interest income derived from
debt securities or bank
accounts, etc. held by the

Income
Statement

APB
No. 9/30

April 2008

All operating revenues other
than tuition and fees included in
operating income received from
students duly enrolled in the
institution [e.g. rental, store and
services revenues, etc.]
Total of all operating income
elements shown above [line
items 2 thru 3].

94

Regulatory
Reference
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item

Description

Mapped
Reference

Accounting
Reference

All non-operating revenues
other than gains on sale of
investments and interest
income included in nonoperating income received
from activities not
constituting the major
activities of the institution
[e.g. space rental, etc.].
Total of all non-operating
income elements shown
above [line items 6 thru 8].

Income
Statement

APB
No. 9/30

Income
Statement

Calculated

institution.

8

Other

9

Total Nonoperating
Income

10

Total Income

Sum total of operating and
non-operating income
elements [line items 4 plus
line item 9 above].

Income
Statement

Calculated

11

Cost of Goods
Sold

Costs of all goods sold from
inventory during the fiscal
year [books, items of
clothing, accessories, etc.].

Income
Statement

APB
No. 9/30

12

Salaries
Expense

Wage and Salary expenses
and other expenses of
payroll for operating
personnel.

Income
Statement

APB
No. 9/30

13

Rent
expense

Expenses for the rental of
facilities and/or equipment
used in operations. Those
subject to operating lease
[rentals].

Income
Statement

APB
No. 9/30

April 2008

95

Regulatory
Reference
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item

Description

Mapped
Reference
Income
Statement

Accounting
Reference
APB
No. 9/30

14

Insurance
Expense

Expenses incurred to insure
facilities and personnel
involved in operations.

15

Administrative
Expenses

Expenses incurred by the
institution related to
administration activities [e.g.
wages, salaries, rent,
insurance, etc].

Income
Statement

APB
No. 9/30

16

Depreciation
and
Amortization
Expenses

Expenses for the systematic
expiration of tangible assets
[depreciation] and intangible
assets [amortization] used in
operations.

Income
Statement

APB
No. 9/30

17

Interest
Expense

Expenses on outstanding
debt securities of the
institution.

Income
Statement

APB
No. 9/30

18 Debt Expense

Expenses recognized to
account for the
uncollectibility of amounts
due on account.

Income
Statement

APB
No. 9/30

19

Marketing

Expenses of sales and other
marketing activities
conducted by the institution.

Income
Statement

APB
No. 9/30

20

Recruiting

Expenses from recruitment
activities conducted by the
institution.

Income
Statement

APB
No. 9/30

April 2008

96

Regulatory
Reference
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item
21

Other Expenses

Description
All expenses not include in
line items 11 thru 20 above
[e.g. losses on sale of
investments, other assets,
etc.].

Mapped
Reference
Income
Statement

Accounting
Reference
APB
No. 9/30

22 Expenses

Total of all expenses shown
above [line items 11 thru 21
above].

Income
Statement

Calculated

23

Net Income
[Loss] Before
Taxes

Total Income [line item 10]
minus Total Expenses [line
item 22].

Income
Statement

Calculated

24

Provision for
income Taxes

Income tax expense or
benefit for the current fiscal
year.

Income
Statement

APB
No. 9/30

25

Net Income
[Loss] After
Taxes

Net Income after income tax
expense of benefit for the
current fiscal year.

Income
Statement

Calculated

26

Extraordinary
Gain [Loss], net
of income taxes

Gains [Losses], which are
infrequent and unusual in
nature [e.g. early
extinguishment of debt].

Income
Statement

Gains [Losses] from the
discontinuance of a segment
of the business.

Income
Statement

APB
No.
9/26/30
&
SFAS
4/64/76
APB
No. 9/30

27

Gain [Loss]
from
Discontinue
d
Operations,
net of taxes

April 2008

97

Regulatory
Reference
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item
28

Description

Mapped
Reference
Income
Statement

Accounting
Reference
APB Nos.
9/20/30
&
FASB
Interpret
Nos. 1
and 20
&
FASB
Bulletin
No. 79-17
Calculated

Gain [Loss]
from a Change
in Accounting
Principle, net of
taxes

Income [Loss] due to change
from one GAAP compliant
accounting method or
practice to another.

Net Income

Net amount of income [loss]
after all regular and irregular
elements of income [line
items 25 thru 28 above].

Income
Statement

30 Retained
Earnings,
Beginning
of the year

Undistributed earnings and
profits maintained by the
institution for internal
purposes at beginning of the
fiscal year.

Income
Statement

SFAC
No. 6

31

Gain [Loss]
from Correction
of an Error, net
of taxes

Income or loss resultant from
an error in application or
calculation related to an
accounting practice during
the prior fiscal year [prior
period adjustment].

Income
Statement

SFAS
No. 16

32

Distribution to
Shareholders

Payments from fund or
corporate cash flow. May
include dividends from
earnings, capital gains
from sale of portfolio
holdings and return of
capital. Fund distributions
can be made by check or
by investing in additional
shares. Funds are
required to distribute
capital gains (if any) to

Income
Statement

29

(Loss)

April 2008

98

Regulatory
Reference
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172

34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172
34 CFR
668.23
34 CFR
668.171
34 CFR
668.172.

Step-by-Step Guide to Using eZ-Audit for For-Profit Schools
# Item

Description

Mapped
Reference

Accounting
Reference

Regulatory
Reference

shareholders at least once
per year. Some
corporations offer
Dividend Reinvestment
Plans (D.R.P.).
33

Retained
Earnings, end
of year

April 2008

Undistributed earnings and
profits maintained by the
institution for internal
purposes at end of the fiscal
year.

99

Income
Statement

SFAC
No. 6

34 CFR
668.23
34 CFR
668.171
34 CFR
668.172


File Typeapplication/pdf
File TitleeZ-Audit Proprietary School Users Manual
AuthorDipa Mistry
File Modified2023-04-13
File Created2008-04-22

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