Sec. 13b.01.01.17. Finances

A. A school shall be operated in accordance with sound principles of financial management.

B. A school shall maintain financial resources adequate for the satisfactory conduct of the school.

C. A school shall maintain adequate financial records to indicate accurately the school's cash receipts, disbursements, assets, liabilities, and capital. The financial records as well as all other records of the school shall be open for inspection at any reasonable time by the Secretary.

D. The accounts of the school shall be maintained in accordance with generally accepted accounting practices and procedures.

E. The Secretary may request an audited financial statement by an applicant or an approved school.

F. The existence of an unsatisfied judgment or a lien, whether the lien is a judgment lien or a statutory lien, against a school is a violation of these regulations and is sufficient cause to deny or revoke a school's certificate of approval if the lien or judgment threatens the financial or operational viability of a school.

G. Public liability insurance, property damage insurance, and workers' compensation insurance in the amounts required by the Secretary shall be carried by the school with a company approved by the Insurance Commissioner of the State. Evidence of insurance shall be submitted to the Secretary.

H. Without specific approval of the Secretary, other business may not be conducted on the school premises, nor may the school offer to the public any other services.

I. Fees or other charges for the services or products of students or instructors may be collected when, in the judgment of the Secretary, the fees or charges are necessary to facilitate adequate practice in the area for which training is being offered.