| (D) A school shall maintain records of each student enrolled in any course for a minimum of four years. The full class file, including course and instructor evaluations and student enrollment agreements must be retained for at least 24 months following completion of the class. Records may be maintained electronically but must be in a common format, such as pdf or html, that may be legibly and easily printed or viewed without additional manipulation or unusual software. (E) A school shall maintain financial records sufficient to reflect at any time the financial condition of the school. A school's financial statement and balance sheets must be available for audit by commission personnel, and the commission may require presentation of financial statements or other financial records. (10) Instructor and Course Evaluations. A school shall provide instructor and course evaluation forms for completion by students in every course. A school shall, at a minimum, use evaluation criteria approved by the commission. The school shall file in the school records any comments by the school's management relevant to instructor or course evaluations. On demand by the commission the school shall produce instructor and course evaluation forms for inspection. (11) Changes in Ownership or Operation. A school shall obtain the approval of the commission in advance of any material change in the operation of the school, including but not limited to, ownership, location of main office and any other locations where courses are offered, management, and course formats. A request for approval of a change of ownership will be considered as if each proposed new owner had applied for accreditation of the school, and each new owner must meet the standards imposed by §535.63 of this title (relating to Accreditation of Core Education Schools). A school requesting approval of a change in ownership shall provide all of the following information or documents to the commission: (A) the proportion of ownership of each proposed new owner; (B) a professional resume of each proposed new owner who would hold at least a 10% interest in the school; (C) business financial statements of each proposed new owner who would hold at least a 10% interest in the school, which shall include the statement of financial condition and statement of net worth for the accounting period in which the application is made, prepared in accordance with generally accepted accounting principles; (D) a statement of any proposed changes in the operation or location of the school; (E) a new bond in the amount of $20,000 for the proposed new owner(s), a statement from the bonding company indicating that the former bond will transfer to the proposed new owner(s), or other security acceptable to the commission under §1101.302 of the Act; (F) a completed Education Provider Application reflecting all required information for the proposed new owner(s); and (G) a completed Principal Information Form for each proposed new owner who would hold at least a 10% interest in the school. |
