C.M.R. 05, 071, ch. 149, app 071-149-C
The institution can document that it has the financial resources necessary to support its purposes, implement its program and maintain its continuity for a minimum of five (5) years by providing its most recent audited financial statement and evidence of long range financial planning and viability.
1.For Initial Degree-Granting Authority
a. List all projected expenses and data which give evidence of the reasonableness of such expenses. Such expenses and supporting evidence should at least include the following:
Instructor expense showing the expected instructor/student ratio and instructor compensation. Each item should be supported by appropriate benchmarks or evidence. Administrative and support service expense including evidence of the reasonableness of such items. Any other expected and necessary expense with appropriate evidence of reasonableness.b. Identify the expected sources of income to cover anticipated expenses. Sources of income could include:
Tuition amounts. Evidence should be included that realistically shows the number of students that are expected to enroll. The amount of tuition should be justified by showing some benchmark comparisons. Amounts provided by fund raising, gifts and grants. There should be evidence of the ability of the institution to raise such funds. Amounts, if any, to be borrowed. Commitments from lenders, including terms of repayment, should be included. Any additional sources of income should be identified and supported by evidence of reasonability.c. Using the elements described above, along with any other data, the resulting Five-Year Plan must show the ability of the institution to financially support the proposed degree program(s). The intent of the Five-Year Plan is to insure that prospective students enrolling in the proposed degree program are not placed in a position of undue financial risk.
2.For Renewal of Degree-Granting Authority
a. The application from an existing degree-granting institution clearly documents that it has the financial resources necessary to support its purposes, implement its program in Maine and maintain its continuity for a minimum of five years by providing its most recent audited financial statement, and that evidence exists of long range financial planning and viability.
C.M.R. 05, 071, ch. 149, app 071-149-C