Department to only accept electronic copies of statements and audits
July 21, 2020
In a move that's bound to save paper and ink, the Department of Education has announced that as of next month it will no longer accept hard copies of financial statements and compliance audits.
In a July 17 Electronic Announcement, the Department said that following an August 2 update to the eZ-Audit system, all schools and other organizations will be required to submit financial statements and compliance audits electronically.
According to the Department, this is a significant change for foreign schools, third-party servicers, Federal Family Education Loan (FFEL) Program lenders, FFEL lender servicers, guaranty agencies (GAs), and GA servicers. These entities are new to eZ-Audit and must first complete a registration process before gaining access to the system.
In the Electronic Announcement, the Department provides details about the change, including an overview of eZ-Audit for new users and the required steps to complete the registration process.
Anyone with questions about eZ-Audit, including questions about the registration process or submission requirements, should contact the eZ-Audit Support Team at 1-877-263-0780 or by email at email@example.com.