Connecticut General Statutes 10a-34h – (Note: This section is effective July 1, 2023.) Financial screening of independent institutions of higher education
(a) For the purposes of this section:
Terms Used In Connecticut General Statutes 10a-34h
- Freedom of Information Act: A federal law that mandates that all the records created and kept by federal agencies in the executive branch of government must be open for public inspection and copying. The only exceptions are those records that fall into one of nine exempted categories listed in the statute. Source: OCC
(1) “Accrediting agency” means an accrediting association recognized by the Secretary of the United States Department of Education,
(2) “At risk of imminent closure” means a determination made by the Office of Higher Education as a result of an annual financial screening that an independent institution of higher education is at risk of being unable to continue operations or substantially fulfill its obligations to enrolled and admitted students for the balance of the current and subsequent academic year, and
(3) “Financial screening” means a review and evaluation of financial information for the purpose of determining whether the financial status of an institution of higher education indicates that such institution may be at risk of imminent closure.
(b) The Office of Higher Education shall enter into a memorandum of understanding with one or more accrediting agencies to conduct an annual financial screening of each independent institution of higher education in the state. If an independent institution of higher education does not complete an annual financial screening with an accrediting agency, such financial screening shall be conducted by the office in the form and manner prescribed by the executive director of said office. The office may determine that an independent institution of higher education is at risk of imminent closure through (1) a financial screening conducted by the office, or (2) acceptance by the office of such determination made by an accrediting agency. Upon determining that an independent institution of higher education is at risk of imminent closure, the office shall submit a summary of the reasons for such determination to such institution.
(c) Upon receiving a summary from the Office of Higher Education that an independent institution of higher education has been determined to be at risk of imminent closure, such institution shall submit to the office, in the form and manner prescribed by the executive director of said office, (1) notice of any known financial liability or risk, (2) any information necessary to accurately determine and monitor the institution’s financial status and risk of imminent closure, and (3) an updated closure plan approved by the governing board of such institution pursuant to subsection (c) of § 10a-34e.
(d) If any independent institution of higher education in the state fails to comply with the requirements of this section, the executive director of the Office of Higher Education may request the suspension of any state funding designated for such institution, establish a date to suspend or revoke such institution’s degree-granting authority or impose such other penalties the executive director deems appropriate.
(e) No financial information or record submitted to the Office of Higher Education pursuant to this section shall be deemed a public record for the purposes of the Freedom of Information Act, as defined in § 1-200, and shall not be subject to disclosure under the provisions of § 1-210.