|Regulations Governing Certification of Certain Institutions to Confer Degrees, Diplomas, and Certifi
|Ended on 1/15/2014
8VAC40-31-160. Certification criteria for all postsecondary schools.
Section H.1 indicates that compiled financial statements are sufficient to report financial standing to SCHEV, but section I requires that the Current (non-Title IV) Tuition Liability be indicated in an audited financial statement, not a reviewed or compiled financial statement. Also, section I.3 requires an audited financial statement to qualify for a surety instrument waiver.
Financial audits for small businesses cost a minimum of around $10,000, which can present a significant burden to a small institution.
Please consider one or more of these alternative approaches: