Wis. Admin. Code Department of Public Instruction § PI 35.048 - Going concern determination

Current through November 29, 2021

(1) The following shall be considered indicators that a private school under this chapter may not meet the requirements of under s. 119.23(7) (am) 2. or (d) 2., Stats., or have the financial ability to continue:
(a) The budget and statement of cash flows required under s. PI 35.047(2) show the private school has inadequate revenues and other financial resources to fund current operations.
(b) The audit opinion statement required by s. PI 35.046(1) (a) contains a qualification as to the private school's ability to continue as a going concern.
(c) Failure to make payments as required by s. PI 35.047(3) or (4) as identified in the notarized statement or report required by s. PI 35.047(12) and (13) or a written communication from a vendor or employee.
(d) Failure to make filings with or withholdings payments to the federal internal revenue service as required by s. PI 35.047(6) (a), to the Wisconsin department of revenue as required in s. PI 35.047(6) (b), or to the Wisconsin department of workforce development as required by s. PI 35.047(6) (c) is identified in a written communication from these agencies or in the notarized statement required under s. PI 35.047(12) or report required by s. PI 35.047(13).
(e) Audit reports provided as required in s. PI 35.047(6) (f) contain questioned costs or compliance findings that may affect the private school's ability to continue.
(f) Failure of the private school to make payment to the department as required by s. PI 35.045(1) (g) 3. or 35.04(9) (f).
(2) A private school under this section shall provide to the department any information the department requires, including an audit of the private school's financial statements in accordance with generally accepted accounting principles, to determine the ability of the private school to continue financially and shall promptly notify the department of impairments in the private school's ability to finance its operations.
(3) A private school participating in the choice program shall notify the department immediately of a decision to cease educational program operations.

Notes

Wis. Admin. Code Department of Public Instruction § PI 35.048
CR 04-076: cr. Register October 2005 No. 598, eff. 11-1-05.

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