How we support Private Universities
Postsecondary educational institutions have unique requirements and regulations that standard service providers may not be able to meet. At Ortega Accountancy, we understand the trends and regulations in postsecondary education markets and keep up-to-date with federal financial assistance programs, accrediting commissions, and relevant licensing agencies. We provide financial statement and compliance audits and tax services that are in compliance with current requirements and changes in regulation.
Services we offer
We can help with annual institutional audits and special attestations needed by the U.S. Department of Education, advise on mergers and acquisitions, and give tax advice.
Our Firm has a long history of successfully handling special projects, including:
- Performing attestations as requested by the ED, OIG, or for change-of-control purposes
- Ensuring compliance with 90/10 requirements
- Conducting financial and student financial aid due diligence on behalf of purchasers and sellers of educational institutions
Private and Post Secondary Audit Process
What to Expect
Audit Process
We work with many private for-profit universities and know the ins and out of the financial statement audit process.
Audit Financial Statements
The university presents all of the financial reporting for the year to Ortega Accountancy and we review the reports internally.
Request additional documentation
Our team may request additional documentation when necessary.
Build the final opinion on your financial statements.
We provide the letter that states that your financial statements are presented in accordance with GAAP.
In Government Audits we add reporting to verify that the university is in compliance with the specific rules and regulations that apply to their unique situation.
We provide the letter on material compliance with stated rules and regulations.
Our process takes approximately 3 – 4 weeks.
What happens if my audit returns concerns or problems?
Update policy and procedures manual
When findings indicate a need for updated policies and procedures, NASFAA members can access the Policies & Procedures Builder.
Identify key dates
When changes take place there is often a warning period in which your organization can learn and develop the new standards internally. Be sure to identify the dates on which those regulations become effective.
Train staff and assign accountabilities
Get your team on board to keep up-to-date and compliant with new regulations. Quarterly meetings can ensure your entire staff knows what to do and how to record activities to remain compliant at all times.
Stay on top of the latest updates
Follow industry groups and associations for news, and attend conferences, and webinars to stay on top of what’s new.
Audit Resolutions
Process of remediation