The institution must meet ACICS requirements by submitting audited financial statements for the most recently completed fiscal year that demonstrate:
1. Positive net assets
2. Current ratio of current liabilities to current assets at or above 1:1
3. Annual loss, if any, of no more than the net assets reported
If the institution fails to meet the final requirements, its application will be deferred until such time as it can reasonably demonstrate through audited financial statements that it can meet these standards. If the financial condition of the institution does not improve after deferral, the application will be denied.