These policies support and extend COMTA Accreditation Standard XII. As such, institutions must demonstrate compliance to both.
STATEMENT OF PURPOSE: All new institutional applicants for accreditation, applicants for reaccreditation, and applicants for change of ownership must provide a financial statement prepared by an outside accountant, together with full disclosures in accordance with generally accepted accounting practices (GAAP). A fully audited or reviewed financial report is required by the Commission. An independent Compilation with Disclosures will also be considered for schools generating less than $400,000 in gross revenue. Those who believe their schools fall into this category should contact COMTA staff for further directions. This document is intended to serve as a financial glossary and guideline for preparing financial documents for accreditation.
To view and download the complete COMTA Financial Guidelines Policy handout, click here.