On December 12, 2003, the Department of Education (ED) requested that all not-for-profit and public institutions suspend audit submissions via eZ-Audit. The suspension was necessary to allow time for modifications to the eZ-Audit system templates. NACUBO and representatives from public accounting firms have been working with ED to ensure that instructions and templates were aligned with government regulations, generally accepted accounting principles and the audited financial statements of not-for-profit institutions. ED is hoping to complete modifications by March 1, 2004. Once the modified system is available, institutions with due dates on or before March 31 will have 60 days to make submissions.
This postponement only applies to eZ-Audit. Submissions of audit reports to the Federal Audit Clearinghouse are still required under the timeframes and procedures specified in OMB Circular A-133. The postponement will make the due date either April 30 or May 3, 2004. Notification will be provided via IFAP when the system is once again available for use. Because the source of eZ-Audit data is primarily the audited financial statements, NACUBO urges the business office to partner with financial services for eZ-Audit submission.
NACUBO staff link: Sue Menditto, senior manager, accounting and finance program, Sue.firstname.lastname@example.org.
Information for Financial Aid Professionals (IFAP) link: