N.H. Admin. Code § Pos 1104.08 - Other Fiscal Requirements
(a) Insurance shall be carried to
protect the school's financial interest. The amount of insurance
shall be sufficient to maintain the solvency of the school in case of
loss by fire or other causes, and to protect it from instances of
personal and public liability.
(b) The school shall meet the
student tuition protection criteria as specified in RSA 188-D:20-a
and b, as applicable.
(c)
A budget of estimated income and expenditures for each fiscal year
shall be prepared in advance of the beginning of such fiscal year and
shall be maintained and, to the extent needed, revised during the
course of such fiscal year. Such budget shall be prepared in
sufficient detail to promote proper operations, and shall at a
minimum include categories for general administration and general
expense, instruction, libraries, and operation and maintenance of the
physical plant.
(d) If
the school has or plans to incur debt, it shall maintain and update
as needed a plan, covering the period such debt will be outstanding,
that shall show the anticipated interest and principal payments due
on such debt during such period and the planned provision for payment
of such interest and principal as it shall become due and
payable.
(e) The school
shall maintain financial resources or a credit rating sufficient to
enable it to borrow funds adequate to provide for a teachout of
currently enrolled students if the school's license is revoked or
suspended or if the school advises the director that it intends to
discontinue operations.
Notes
#8221, eff 12-16-04
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