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Financial Review Committee Waiver Request

REQUEST FOR INSTITUTIONS ON FINANCIAL REPORTING

If an institution is applying for a waiver request to submit a new program(s) and/or a nonmain location(s), and the institution is currently on financial reporting, the information below is requested 25 days prior to the first day of a scheduled Council meeting. The following information should be submitted to the Council to address the institution’s reporting status:

1. Reasons for submitting the waiver request.
2. Proposed budget that includes projected revenues and expenses over one fiscal year or more.
3. Provide a general description of the local area where the campus is located and any economic, social, demographic or other changes unique to this area if they have an impact on the financial stability of the institution.
4. Evidence of the local market demand for the new program(s) or nonmain location(s).
5. The institution’s most recent U.S. Department of Education composite score from its most recent Audit Determination.
6. The institution’s most recent Cohort Default Rate.
7. Please notify the Council if the institution is on retention and/or placement reporting with the Institutional Effectiveness Committee. Please include the institution’s most recent retention and placement rates.
8. If required, have the program(s)/nonmain location(s) been granted approval from the appropriate state agency?
Note: If approval is required and has not been granted, the waiver will not be approved until there is evidence of the approval.
9. Documentation of additional resources, if applicable, that are needed to begin the new program(s)/non main campus activity and how this will impact the current operation. If the institution is a branch campus or learning site, how will the main campus or corporate office contribute financial resources?
10. Any other documentation or narrative statements the institution may wish to include.

Please submit the above items to Steve Gelfound, Vice President of Operations at sgelfound@acics.org or directly to the Council office.