loans, that make it subject to certain DOE disclosure requirements. This means that it is required to provide certain very high-level information. I believe this is under the Higher Education Act of 1965, but don’t hold me to that.

However, the required disclosures are very broad so we really don’t know much behind a lot of the numbers. The $37M in unallocated revenue is an example of this. Public schools do generally provide much more detailed information because there are usually regular public departmental audits. That said, even those numbers are tricky to compare because, as with any large entity with diverse cash flows, revenues and expenses from one school to another can be classified in very different ways.