Annual Financial Report

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

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

You must submit the Annual Financial Report, the Audited Statements and the Ownership/ Control Disclosure Form for each main campus and additional locations to ACICS.

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

Late Filings
An initial late fee of $1,000 will be assessed the day following the deadline (first day late), and then a $100 per day will be accrued until submitted, for up to a maximum of 20 days. However, in accordance with Section 2-3-401 of the Accreditation Criteria, failure to submit an AFR by the due date may result in the irreversible revocation of an institution’s accreditation without a hearing or opportunity for appeal. 

Interim Reporting

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

Download the Quarterly Financial Report
Download the Financial Improvement Plan
Download the Quarterly 90/10 Form

Guidelines for Financial Reporting
The Guidelines for Filing Financial Reports is a document designed to assist member institutions to prepare financial statements required by the Council and better understand how ACICS monitors the financial position of prospective and currently accredited members. These guidelines also describe the restrictions that accompany the placement of an institution on financial review.

Restrictions on New Activities

Institutions that are placed by ACICS on “financial review” are restricted from initiating new programs or submitting non-main campus applications without an official waiver from the Financial Review Committee.