W. Va. Code R. § 133-64-2

Current through Register Vol. XLI, No. 50, December 13, 2024

Section 133-64-2 - Definitions

2.1. "Administratively exempted schools" means state colleges and universities that achieve and maintain three of the five of the following:

2.1.a. Graduation rate: A three-year average graduation rate of not less than 45 percent;

2.1.b. Retention rate: A three-year average retention rate of not less than 60 percent;

2.1.c. Credit head count enrollment: A three-year credit head count enrollment increase, or a decrease of not more than five percent over the same period;

2.1.d. Days of cash reserved: A three-year average of not less than 50 days cash reserved;

2.1.e. Composite Financial Index: A Composite Financial Index of not less than one as reported in the college and university's audited financial statements; or

2.1.f. Whose governing board requests a review by the chancellor of any special circumstances and the Commission grants administratively exempted status based on those special circumstances as verified by the chancellor after his or her review.

2.2. "Composite Financial Index" means the benchmarking tool used by the Higher Learning Commission as a financial indicator and developed specifically for the higher education industry and is a combination of several different ratios, each of which is comprised of data that, when analyzed further, can provide insight into an institution's financial health and inform decision-making processes;

2.3. "Credit headcount enrollment" means the total number of unique students, but not counting dual-enrolled high school students, who enrolled in credit-bearing classes during die fall, spring, and summer terms in a given academic year at a specific institution;

2.4. "Days of cash reserved" means the audited end of fiscal year cash balance, multiplied by 365, and then divided by the audited total expenses less depreciation, and less other post-employment benefit and pension liability expenses;

2.5. "Graduation rates" means the proportion of first time in college students who obtain a bachelor's degree within six years, as further defined by and reported to the Commission;

2.6. "Retention rates" means the proportion of first-time, fall term, full-time freshmen students who are in continuing enrollment in the fall term of the next succeeding year;

2.7. "State college and university" shall have the same meaning as provided in West Virginia Code § 18B-1-2.

W. Va. Code R. § 133-64-2