Nebraska Administrative Code
Topic - EDUCATION, DEPARTMENT OF
Title 92 - NEBRASKA DEPARTMENT OF EDUCATION
Chapter 44 - PRIVATE POSTSECONDARY CAREER SCHOOLS TUITION RECOVERY CASH FUND
Section 92-44-005 - Procedures for the Administration of the Fund

Universal Citation: 92 NE Admin Rules and Regs ch 44 ยง 005

Current through March 20, 2024

005.01 Each private postsecondary career school authorized to operate in the state shall pay into the fund in each assessment year an amount equal to one-tenth of one percent (.001) of the school's gross tuition revenue for the assessment year.

005.02 All payments made into the fund shall be maintained by the State Treasurer.

005.02A The assets of the fund may not be expended for any purpose other than to pay bona fide claims made against the fund except as provided in section 008 of this rule.

005.02B The fund shall be administered by the Board with advice from the Commissioner.

005.03 Payment into the fund shall be made in the form of a company or cashier's check or money order made payable to the "Nebraska Department of Education" and received no later than the date the school's renewal application for authorization to operate is due under 92 NAC 41. For schools not authorized to operate by the Commissioner, the payment into the fund is due no later than 6 months after the end of the school's fiscal year.

005.03A Payment shall be forwarded to the Nebraska Department of Education.

005.03B The school director shall certify on forms provided by the Department that the school maintains for five years a verifiable set of records which document the reported gross tuition revenue collected and shall make such records available to the Department on request. Any such records made available to the Department may be withheld from the public to the extent allowed by Section 84-712.05 R.R.S..

005.04 A new school authorized to operate by the Department or by any other state agency after the effective date of this rule, shall not be assessed in its first fiscal year.

005.04A A new school shall be assessed each assessment year following its first fiscal year for four years or until the fund reaches the minimum level, whichever comes last.

005.04B A new school shall maintain the surety bonds required in Section 85-1639 R.R.S. for five years.

005.05 Schools already in operation on the effective date of this rule shall continue to maintain and service the bond requirements of Section 85-1639 R.R.S. until the fund reaches the minimum amount of $ 250, 000.00 at which time the bonding requirement shall be discontinued for schools not subject to section 005.04B of this Chapter.

005.06 Schools whether located inside or outside this state are not exempt from the agents' bond requirement of Section 85-1640 even when the fund reaches the minimum amount of $ 250, 000.00.

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