| (a) The prospective owner shall furnish the Agency
with the following:
(1) for a school owned by a sole proprietor, a reviewed
personal balance sheet with notes that disclose the amount of payments
for the next five years to meet debt agreements as required by GAAP;
or
(2) for all other ownership structures, an audited
balance sheet consistent with GAAP and GAAS.
(b) The school shall submit a balance sheet, a list
of the expected school-related expenses for the first three full calendar
months of operation of the school, and a sworn statement signed by
the owner affirming the availability of sufficient cash to cover projected
expenses at the date of licensure. Projected expenses may include
the following:
(1) employee salaries, including withholding, unemployment
taxes, and any other related expenses;
(2) lease payments for equipment;
(3) lease payments for facilities;
(4) accounting, legal, and other specifically identified
professional fees; and
(5) an estimate of other expenses such as advertising,
travel, textbooks, office supplies, classroom supplies, printing,
telephone, utilities, taxes, and sales commissions.
(c) The school shall submit a projection of the gross
amount of tuition and fees to be collected during each of the first
two years of operation.
(d) The prospective owner shall also furnish such other
evidence as may be deemed appropriate by the Agency to establish financial
stability.
|
| Source Note: The provisions of this §807.33 adopted to be effective August 16, 1998, 23 TexReg 8479; amended to be effective April 26, 2004, 29 TexReg 3970; amended to be effective November 28, 2022, 47 TexReg 7914 |
