Supplemental Information Print this PDF

Name: Financial Responsibility Reporting Policy
Responsible Office: General Counsel

Applies to: (examples; Faculty,Staff, Students, etc)

Faculty , Staff

Policy Overview:

Issued: 01-01-2020
Next Review Date: 01-31-2021
Frequency of Reviews: Annually

This policy establishes guidelines for complying with the Department of Education’s (“DOE”) regulations requiring the College to notify DOE of certain events that might materially impact the College’s financial position, accreditation status, or legal authority to conduct business operations.


Details:

In order to fulfill its obligations as a federal financial aid program participant, the St. Louis College of Pharmacy must notify the Department of Education within 10 days of any of the following events:

  1. a liability incurred as a result of a settlement, final judgment, or final determination entered in an administrative or judicial action or proceeding initiated by a federal or state entity;
  2. receipt of notice of any action or proceeding from an accrediting agency relating to the withdrawal, revocation or suspension of institutional accreditation;
  3. an alleged violation of a security or loan agreement by a creditor and any related waiver, sanctions or penalties; and
  4. receipt of notice of any action or proceeding from a state agency relating to the potential termination of the College’s license or authority to conduct business in the state.

Procedures:

All personnel must immediately notify the General Counsel and Chief Financial Officer of a mandatory reporting event.

The General Counsel and Chief Financial Officer will coordinate submission of a timely notice to the Secretary of the Department of Education.

The notice will include an explanation of the precipitating event, assurances that the matter has been resolved or that adequate insurance or resources exist to satisfy all or part of any liabilities, and demonstrate that the event will not have a material adverse effect on the College.  

Responsibilities:

Position/Office/Department

Responsibility

Vice President & Chief Financial Officer

Socialize policy and coordinate notice to Department of Education

General Counsel

Socialize policy and coordinate notice to Department of Education

Resources:

34 CFR Part 668, Student Assistance General Provisions

Supplemental Information:

None