Get Form Ps-016. Form Ps-016 - Twc State Tx

Form PS-016 is a critical document for establishing financial stability for new career schools and colleges in Texas. This guide will provide clear and step-by-step instructions on how to effectively fill out the form online, ensuring compliance with the Texas Workforce Commission's requirements.

Follow the steps to fill out Form PS-016 effectively.

1. Press the ‘Get Form’ button to access the form and open it in your chosen editor.
2. Identify the ownership type of your school, as this will determine the financial statements required. You will need to choose between sole proprietorship, partnership, or corporation.
3. If operating as a sole proprietorship, prepare a reviewed statement of financial position (balance sheet) established by a certified public accountant, detailing the financial condition and including a report from the accountant.
4. For partnerships or corporations, provide an audited balance sheet prepared in accordance with GAAP, also accompanied by an accountant's report.
5. Outline the expected expenses for the first three months of operation, detailing categories such as salaries, lease payments, and professional fees.
6. Project the gross amount of tuition and fees anticipated to be collected during the first two years.
7. Identify the fiscal year end you will use for future financial statements.
8. Ensure there is sufficient cash on the balance sheet to cover projected expenses, or provide a sworn affidavit confirming cash availability.
9. Complete all sections of the form and review for accuracy.
10. Once all fields are filled, save the changes, download the completed form, and prepare it for submission or sharing as necessary.

Complete your forms online today for streamlined processing and compliance.