Initial Statement of Internal Controls

Schools must submit an initial statement on the status of management and financial controls within 60 days of the effective date of the charter.

An independent Certified Public Accountant licensed in New York State must be retained by the school to perform an evaluation of the initial statement. This evaluation must commence within 45 days after the school receives and disburses more than $50,000.  Within 45 days of the commencement of the evaluation, a report must be provided to the Institute.