Utah Admin. Code 152-34-4

Current through Bulletin 2024-23, December 1, 2024

Section 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.

Utah Admin. Code R152-34-4

Adopted by Utah State Bulletin Number 2024-01, effective 1/1/2024

Amended by Utah State Bulletin Number 2024-13, effective 6/21/2024