GNPEC requires that any change of an owner (as defined in the Glossary), regardless of level in the ownership hierarchy, adhere to the following required process for notifying the agency of the change and filing the required documentation to officially change the authorization status to the new owner. The institution's RS must be notified to receive the Change of Ownership form.

A change of control occurs when the majority ownership shifts from an existing entity to a newly introduced entity, or as determined by the Executive Director in his or her sole discretion. A change of control will require the reinstatement of the TGTF obligation and the submission of student records for those who matriculated under the former ownership.

In the event of an ownership change, the following steps must be taken in accordance with Policy 11 and O.C.G.A.§20-3-250.8(f):

  • Report the Change of Ownership to GNPEC

    The new owner must, within ten (10) business days of the change of ownership, notify GNPEC using the GNPEC Change of Ownership Form. Reach out to your institution's assigned Regulatory Specialist to request the form. The new owner may apply prior to the closing date.

    Please Note: If the new owner notifies GNPEC of the change more than ten (10) days after the date of the official change of ownership, the new owner will be required to initiate an Initial Authorization Application along with the Application Evaluation Fee.

  • Submit Renewal of Authorization Application

    The new owner must submit a complete Renewal of Authorization Application (including fees) within thirty (30) calendar days of the change of ownership. It is permissible to submit the Renewal of Authorization application in EDvera simultaneously with submitting the Change of Ownership form to the Regulatory Specialist.

    1. The new owner should use data from the last completed fiscal year to complete the GNPEC Financial Statement, required as part of the Renewal of Authorization Application. These figures will also be used to calculate fee amounts.
    2. Changes (to the institution’s policies, administrative structure, program offerings, etc.) will NOT be permitted during the Change of Institution Ownership process. The new owner may elect to make changes only after the authorization application has been approved.

  • Pay Change of Ownership Fee

    A $500.00 Change of Ownership Fee is required to be submitted along with the Renewal of Authorization Application. 

  • Review of Authorization Application

    If the new owner applies for Renewal of Authorization prior to the thirty (30) day deadline from the date of the official change of ownership, the RS will do the following: 

    1. Receive and evaluate the required application materials.
    2. Conduct a site visit to the institution (if applicable).

    Please Note: If the new owner applies for authorization after the thirty (30) day deadline from the date of the official change of ownership, the institution will be required to submit an Initial Authorization Application along with the Application Evaluation Fee.

  • Pay Renewal Fees

    The new owner is required to submit a full year’s annual Authorization fee (calculated based on the data from the last completed fiscal year of the previous ownership).

    Following a change of ownership, the institution may be required to restart participation in the Tuition Guarantee Trust Fund for a period of seven years, as determined by the Executive Director in his or her sole discretion.