(a)

1. (1) Schools shall have finances to establish and carry out a program of education on a continuing basis.
2. (2) The finances shall be sufficient to provide for not less than the following: rent paid, utilities (light, gas, water, and telephone) paid, appropriate textbooks and supplies available at the start of a term, payroll made and available for cashing as scheduled, etc.

(c) When requested, an annual report shall be submitted to the State Board of Private Career Education staff providing, but not limited to:

1. (1) Total tuition contracted for;
2. (2) Total number of employees, including staff and faculty;
3. (3) Approximate market value of real estate, equipment, and inventory; and
4. (4) Total annual wages, salaries, and commissions.

(g) Schools seeking license renewal shall provide:

1. (1) Hospital-based schools shall submit copies of the departmental budgets;

2. (2) Schools with tuition in excess of one-thousand dollars ($1,000) shall annually provide not less than a copy of the most recent financial statement that was prepared by a certified public accountant or public accountant registered with the appropriate board of public accountancy and includes:

   1. (A) A balance sheet;
   2. (B) A statement of income and retained earnings;
   3. (C) Statement of cash flows;
   4. (D) Gross amount of annual student tuition and fees for each school; and
   5. (E) Accountant notes to the financial statement;
3. (3) Schools with tuition equal to or less than one thousand dollars ($1,000) shall submit annual financial information to include a balance sheet and an income statement.

(h) Schools seeking original licensure shall provide not less than:

1. (1) Hospital-based schools shall submit copies of the departmental budgets;

2. (2)

   1. (A) Schools with tuition in excess of one thousand dollars ($1,000) shall provide not less than a financial statement that was prepared by a certified public accountant or public accountant registered with the appropriate board of public accountancy and includes not less than a balance sheet.
   2. (B) In addition to the balance sheet, the following shall be included for any school that is licensed in other states:

(i) A statement of income and retained earnings;

1. (ii) Statement of cash flows;

   1. (iii) Gross amount of annual student tuition and fees for each school; and

      1. (iv) Accountant notes to the financial statement;

2. (3)

   1. (A) Schools with tuition equal to or less than one thousand dollars ($1,000) shall submit a balance sheet.

   2. (B) In addition to the balance sheet, the following shall be included for any school that is licensed in other states:

      1. (i) A statement of income and retained earnings;
      2. (ii) Statement of cash flows;
      3. (iii) Gross amount of annual student tuition and fees for each school; and
      4. (vi) If the financials were completed by an accountant, include accountant notes to the financial statement.