(1) The following
shall be considered indicators that a private school under this chapter may not
meet the requirements of under s.
119.23(7) (am) 2. or (d) 2., Stats., or have the financial
ability to continue:
(a) The budget and
statement of cash flows required under s.
PI 35.047(2) show the private school has
inadequate revenues and other financial resources to fund current
operations.
(b) The audit opinion
statement required by s.
PI 35.046(1)
(a) contains a qualification as to the
private school's ability to continue as a going concern.
(c) Failure to make payments as required by
s.
PI 35.047(3) or
(4) as identified in the notarized statement
or report required by s.
PI 35.047(12) and
(13) or a written communication from a vendor
or employee.
(d) Failure to make
filings with or withholdings payments to the federal internal revenue service
as required by s.
PI 35.047(6)
(a), to the Wisconsin department of revenue
as required in s.
PI 35.047(6)
(b), or to the Wisconsin department of
workforce development as required by s.
PI 35.047(6)
(c) is identified in a written communication
from these agencies or in the notarized statement required under s.
PI 35.047(12) or report required by s.
PI 35.047(13).
(e) Audit reports provided as required in s.
PI 35.047(6)
(f) contain questioned costs or compliance
findings that may affect the private school's ability to continue.
(f) Failure of the private school to make
payment to the department as required by s.
PI 35.045(1) (g) 3. or 35.04(9)
(f).
(2) A private school under this section shall
provide to the department any information the department requires, including an
audit of the private school's financial statements in accordance with generally
accepted accounting principles, to determine the ability of the private school
to continue financially and shall promptly notify the department of impairments
in the private school's ability to finance its operations.
(3) A private school participating in the
choice program shall notify the department immediately of a decision to cease
educational program operations.
