Any institution undergoing an acquisition, transfer, sale of assets if more than 25%, or merger, shall inform the commission by submitting the following:

1. (a) A letter explaining the reason for the change; and

2. (b) A transition plan and timetable that includes, but is not limited to:

   1. (1) Public disclosure and student and donor notification;
   2. (2) Evidence of sufficient fiscal resources to support the transition;
   3. (3) Accreditor(s) expectations;
   4. (4) Any correspondence to and from institutional accrediting agencies;
   5. (5) Legal documents related to the transition;
   6. (6) Most recent audited financial statement;

   7. (7) Any changes in:

      1. a. Mission;
      2. b. Board appointments;
      3. c. Internal governance and leadership structure;
      4. d. Institutional leadership appointments;
      5. e. Faculty and staff appointments, along with terms of employment, including, but not limited to, working conditions and benefits;
      6. f. Enrollment;
      7. g. Program offerings; and
      8. h. Facilities; and
   8. (8) Any other substantive changes altering the current activity in Hedc 405.

Source. #10429, eff 10-5-1313 (See Revision Note at chapter heading for Hedc 400); ss by #13802, eff 11-2-23