Maintaining Accreditation
Once an institution has obtained a grant of accreditation, it must meet all of the additional standards listed in the Accreditation Criteria. Receiving initial accreditation is a difficult and complex process that requires a commitment to educational quality. There are a number of essential components for retaining accreditation. All forms are accessible through an institution’s membership website by selecting “instructions” from the menu.
ANNUAL FINANCIAL REPORTING
Annual Financial Reporting
Within 180 days after the conclusion of the institution’s fiscal year, all ICHE-accredited institutions must produce and submit an Annual Financial Report (AFR), an Ownership/Control Disclosure Form (see forms below), and audited financial statements. Each main campus and additional site is required to submit an online report containing an Income Statement (Part 1 of the AFR).
The mandate applies to all institutions, irrespective of their corporate ownership type (profit or non-profit) or location (domestic or international). Similarly, other accrediting bodies or agencies’ deadlines, extensions, or criteria do not affect the Council’s mandate.
The AFR submission must be made online. The USDE financial ratio composite score should be included in audited financial accounts.
Ownership Disclosure Forms:
- Limited Liability Corporation
- Limited Partnership with Corporate General Partner
- Not for Profit Corporation
- Privately Held
- Publicly Traded Corporation
Late Filings
A $1,000 first late charge will be levied the day after the deadline (first day late), followed by an additional $100 every day until the AFR is filed, for a maximum of 20 days.
Interim Reporting
On occasion, the Council requests authorized institutions to submit extra financial information based on the institution’s declared financial status. This information may be presented as a Quarterly Financial Report, a Financial Improvement Plan, further audited or compiled financial information provided by an external accountant, or a mix of the three. Institutions in this category are regarded to be undergoing “financial review” and are prohibited from launching new programs or submitting proposals for new campuses without the prior approval of the Financial Review Committee.
- Download the Quarterly Financial Report
- Download the Financial Improvement Plan
Guidelines for Financial Reporting
Member institutions may utilize the Guidelines for Submitting Financial Reports to create the financial statements required by the Council and to gain a better understanding of how ICHE monitors the financial standing of prospective and current members. These rules also clarify the limitations put on an institution’s financial evaluation.
Restrictions on New Activities
Institutions placed under financial review by the ICHE are prohibited from launching new programs or submitting applications for campuses other than the main campus without a formal waiver from the Financial Review Committee.
CHANGE OF LOCATION
The Council must be notified and grant approval prior to the initiation of educational activity when an institution changes its physical location or its address. An institution is required to justify, in narrative form, reasons for a change of location, including the effect on current students, administrative staff, and faculty.
CHANGE OF NAME
The Council must be notified and grant approval when an institution decides to change its name. If the name change applies to more than one campus, a separate application must be completed for each campus (main or branch).
CAMPUS CLOSURE
The institution has an obligation to make appropriate arrangements when closing a campus.
CHANGE OF OWNERSHIP OR CONTROL
The transfer of ownership or a change in the control of an institution is reviewed through the substantive change review process. In addition, any institution or owning corporation that is contemplating a transaction that may result in a change of ownership or control must notify the Council 30 days prior to the transfer of ownership or change in control transaction. A change of ownership application is required for the main campus and each branch campus.
DISTANCE EDUCATION
Institutions are required to submit a Distance Education Application for the following changes:
the initiation of an on-line delivery format for less than 50 percent of a program of study;
the initiation of an on-line delivery format for 50 percent or more of a program of study.
FACULTY ENHANCEMENT
Section 3-1-543 of the Accreditation Criteria requires institutions to establish faculty development plans including in-service and/or professional growth activities to enhance faculty expertise.
EVALUATION VISITS
Prior to any evaluation visit, an institution should forward the Evaluation Visit Update Report directly to each team member at least ten days prior to the scheduled visit.
PROGRAMS
The Council must be notified prior to the start of any new program and must issue its approval before an institution advertises, recruits, or enrolls students in the proposed program.
LATE FILINGS
An initial late fee of $1,000 will be assessed the day following the deadline (first day late), and then $100 per day will be accrued until day 20 of delinquency. On day 21, the institution will be presented before the Executive Committee, who may issue a show-cause directive.