What is an Arizona Private Post-Secondary School Bond?
The Arizona Private Post-Secondary School Bond is a pledge with monetary value guaranteeing that the bond holder will not conduct any activity, make any decisions, or perform acts that could lead to financial loss, turpitude, damage to another person’s name and integrity, and physical harm.
This bond likewise assures its clients that it will not hire unqualified educators, condone sexual harassment/misconduct, tolerate verbal abuse against students and employees, and disregard threats concerning the lives of both students and staff, and fail to furnish its licensure requirements correctly.
Why do you need the Arizona Private Post Secondary School Bond?
You need an Arizona Private Post-Secondary School Bond because you care for your institution and what it stands for. You also want to protect your investments. The bond can boost your organization’s integrity and will allow you to be recognized as a trustworthy academic establishment. It can also make the institution appealing not just to students and other types of users but also to investors and potential stockholders.
They will naturally want to associate themselves with someone they see as reliable. The bond will provide you the image of authority and competence that will make you stand out in the competition.
More details about the Arizona Private Post Secondary School Bond
This bond, together with the applicable license application, needs to be accompanied by the following official papers before an applicant can be actually be considered as a legitimately bonded enterprise: 1) financial accounts; 2) matriculation contract; 3) course prospectus; 4) authorization and/or endorsement; 5) board members’ and employees’ employment record, and 6) fire assessment certification.
Another benefit that this bond provides is that it assures the full implementation of the Student Tuition Recovery Fund (STRF) which is employed to reimburse undergraduates if an accredited institution ceases operation before a learner completes his/her agreed coursework.
What is the cost of a Private Post Secondary School Bond?
The Arizona Private Post-Secondary School Bond amounts are usually determined by how much is the institution’s overall total revenue. It also depends on whether the institution has accreditation and if it makes more than $400,000 overall revenue each year.
Another determining factor of the bond’s amount is the applicant institution's credit score and financial history. A surety company will often demand an applicant to furnish the following information – 1) the way school fees (tuition) are computed, 2) the volume of registered students, 3) duration of each semester and 4) whether or not the government has offered monetary assistance.
How do I get a Private Post Secondary School Bond?
Obtaining a bond is a straightforward process. Just carefully choose the services of a certified surety professional and give them a call ASAP! With Surety Bond Authority, you will have the answers to your frequently asked questions to get you to your solution in protecting your business.