R152-34-4. Registration Statement -- Required Documents and Information

(1) A postsecondary school shall submit a complete registration statement on a form approved by the division, including all information required by the form and Subsection R152-34-4(2): (a) each year, if the postsecondary school is an unaccredited postsecondary school; (b) every two years, if the postsecondary school is an accredited postsecondary school; and (c) within 30 days of any change to material information required by the registration statement. (2) A postsecondary school shall include with its registration statement: (a) if the postsecondary school is an accredited postsecondary school, a copy of its most recent and active accreditation statement; (b) if the postsecondary school is a longstanding nonprofit accredited postsecondary school, a copy of its determination letter from the Internal Revenue Service demonstrating its nonprofit status, and documentation sufficient to demonstrate that it has continuously operated as a nonprofit for 20 years; (c) financial documentation demonstrating it is fiscally responsible, including: (i) for a postsecondary school that collected $500,000 or more in gross tuition revenue, the two most recent fiscal year end audited financial statements completed by a certified public accountant in accordance with GAAP; (ii) for a postsecondary school that collected $250,000 - $499,999.99 in gross tuition revenue, the two most recent fiscal year end: (A) audited financial statements completed by an external certified public accountant in accordance with GAAP; or (B) reviewed financial statements completed by an external certified public accountant; (iii) for a postsecondary school that collected $0 - $249,999 in gross tuition revenue: (A)(I) the two most recent fiscal year end audited financial statements completed by an external certified public accountant in accordance with GAAP; (II) the two most recent fiscal year end reviewed financial statements completed by an external certified public accountant; or (III) unaudited financial statements for each of the two most recent fiscal years, a commercial credit report, and a personal credit report for each of the postsecondary school's owners; (iv) for a postsecondary school that has not previously operated: (A) pro forma financial projections, in a form satisfactory to the division, for the postsecondary school's first 12 months of operation; and (B) a personal credit report for each of the postsecondary school's owners; (d) a current certificate of existence or good standing; (e) a disclosure indicating whether the postsecondary school, its owner, officer, director, or administrator: (i) has violated, in the preceding 10 years, any state or federal law or rule, not including traffic violations, as determined in a criminal, civil, or administrative proceeding; (ii) is presently being investigated for alleged violations of state or federal law or rule, not including traffic violations; (iii) has been subject to a negative action by an accrediting agency in the preceding 24 months; or (iv) is presently being investigated or is subject to any other proceeding by the postsecondary school's accrediting agency; (f) a list of programs offered by the postsecondary school, including the total program cost for each program; and (g) the number of students enrolled in the postsecondary school. (3) A credit report provided to the division shall: (a) be no more than 60 days old; (b) include reports from Equifax, Experian, and Transunion, if available. (4) Notwithstanding Subsection R152-34-4(1)(b), an accredited postsecondary school shall annually provide to the division financial documentation in accordance with Subsection R152-34-4(2)(c). (5) A postsecondary school shall submit a renewal registration statement 30 days before its registration certificate or state authorization certificate expires. (6)(a) A registration statement submitted to the division in accordance with Subsection R152-34-4(1)(c) shall, at the division's discretion, be submitted using: (i) electronic mail; or (ii) other electronic means approved by the division. (b) If non-material information included in a registration statement becomes incorrect or incomplete, a postsecondary school shall correct the information within 30 days using electronic mail sent to the division.