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Procedures for Authorization

Irrevocable Letter of Credit

No certificate to operate a new postsecondary career school (herein after referred to as school) shall be issued by the Executive Director of the Office of Higher Education pursuant to section 10a-22c(d) of Connecticut’s General Statutes, until such school seeking authorization files with the Executive Director an irrevocable letter of credit in the penal amount of $40,000 guaranteeing the payments required of the school to the private occupational school student protection account in accordance with the provisions of section 10a-22u. The letter of credit shall be payable to the private occupational school student protection account in the event that such school fails to make payments to the account as provided in subsection (a) of section 10a-22u or in the event the state takes action to reimburse the account for a tuition refund paid to a student pursuant to the provisions of section 10a-22v provided the amount of the letter of credit to be paid into the private occupational school student protection account shall not exceed the amounts owed to the account. The letter of credit required by this subsection shall be released 12 years after the date of initial approval, provided evidence of fiscal soundness has been verified.

AP Page 10 Letter of Credit Information (PDF document)

AP Page 11-12 Letter of Credit Sample (PDF document)

 

Administrative Capability

Each authorized school and each branch of the school located in Connecticut must have a director located at the school or branch who is responsible for daily oversight of the school's or branch's operation. 

Financial Forecast

Prospective financial statements will present, to the best of the responsible party’s knowledge and belief, an entity’s expected financial position, results of operation, and changes in financial position.  A financial forecast is based on the responsible party’s assumptions reflecting conditions it expects to exist and the course of action it expects to take.  A financial forecast may also be expressed in specific monetary amounts, as a single estimate of forecasted results or as a range where the responsible party selects key assumptions to form a range within which reasonably expects the items subject to the assumption to actually fall.  A forecast represents what the responsible party thinks is going to happen for the first 12 months of operation.

The financial forecast must be prepared by management and reviewed by a CPA or licensed public accountant, conform to Generally Accepted Accounting Procedures, and use accrual basis of accounting.

Minimum items for submission:

  • Balance sheet

  • Income statement

  • Statement of change in equity or fund balance

  • Statement of cash flows

  • Footnotes or notes to financial statements

  • Cover letter prepared by the licensed certified public accountant or licensed public accountant stating the scope of the review or audit, any opinions, and standards and principles followed

  • FIN Page 13 Affirmation of Statement of Position (PDF document)

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