40 Tex. Admin. Code § 807.342 - Tuition Trust Account
Current through Reg. 46, No. 53; December 31, 2021
(a) In
a year in which the Commission determines it is necessary to charge a fee under
§132.2415(b) of the Act, each school shall make a payment to the tuition
trust account at the time the school renewal fee is paid.
(b) The amount in the tuition trust account,
as provided in the Act, is an accrued balance. The accrued balance is the cash
balance of the tuition trust account less the sum of the accrued liabilities
from unpaid student refunds and teach-out claims.
(c) Disbursements shall be made from the
tuition trust account for student refunds and reimbursable teach-out expenses
incurred during each 12-month period ending August 31, and shall be:
(1) made first for student refunds in
accordance with §132.2415(d) of the Act and §
807.262 of
this chapter;
(2) calculated after
refunds or discharges from other funding sources have been determined;
(3) disbursed to other funding
sources from any amount remaining under the limitation of §132.242(e) of
the Act; and
(4) disbursed for
reimbursable teach-out expenses based upon remaining funds in the
account.
(d) Following
the graduation or termination of the students from the teach-out school, the
teach-out school shall determine actual expenses and submit a claim for
reimbursement to the Commission on or before the date provided in the
application packet. The teach-out school shall:
(1) not claim expenses for facilities,
equipment, utilities, or other items which were owned, rented, used, or
otherwise obligated by the school prior to the Commission's approval of the
teach-out program, even though such items may be used for the teach-out
program;
(2) be limited to expenses
for tuition and fees that are non-recoverable from all financial resources,
including grants and loans; and
(3)
ensure that the sum of the tuition and fees paid to the student's account at
the closed school and the teach-out school is the lesser amount the student
would have been charged for the complete program at the closed school or the
teach-out school.
(e)
For schools in their first two years of operation that have not been required
to furnish financial statements to comply with §807.35(b), the payment to
the tuition trust account shall be calculated at the rate determined by the
Commission using the projected gross amount of tuition and fees, as required in
§807.33(c), to be charged by the school for the year in which the payment
is collected. Once the school has submitted the actual amount of tuition and
fees collected by the school in compliance with §807.35(b), the Commission
shall reconcile the projected and actual amounts of tuition and fees collected.
Upon reconciliation, the Commission shall determine if the school is entitled
to a refund or must pay an additional amount to the tuition trust
account.
Notes
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