GNPEC Staff Continuing Daily Operations Remotely
GNPEC encourages you to abide by local, state, and federal guidelines regarding in-person operations. If instruction is modified from what was previously approved, notify your RS immediately. Please continue timely submissions of all applications.
Standard Eight: Financial Resources
- The institution provides the appropriate fees and surety bonding.
- The institution adheres to generally accepted accounting principles (GAAP) in the maintenance of its financial records and provides an income/expense statement and a balance sheet annually using the financial form provided by NPEC.
- Institutions reporting gross tuition between $500,000 and $1,000,000 are required to submit a Certified Public Accountant (CPA) financial review of the most recently completed fiscal year.
- Institutions reporting gross tuition over $1,000,000 are required to submit a CPA prepared independent financial audit of the most recently completed fiscal year.
- The authorized institution:
- has unrestricted cash on hand available in the amount of 30 days expenses as indicated in the most recent NPEC Financial Statement;
- is not totally dependent on an increase in tuition or fees in order to remain solvent in the current year and the immediately ensuing year.
- The institution which is seeking initial authorization:
- has unrestricted cash on hand in the amount of 90 days projected expenses available;
- provides a projected income/expense statement and a balance sheet for the 12-month fiscal year using the financial form provided by NPEC.
- The institution keeps financial records that separately identify all income and expenditures including but not limited to tuition, fees, and income from ancillary sources.
- The institution that is a component of a business which also maintains non-instructional enterprises or functions ensures that income and expense records are maintained separately for the various functions.
- The institution provides supplemental documentation requested as part of the Financial Viability Assessment (ex. Financial Improvement Plan, Teach-Out Plan, CPA Review and/or CPA audit).