What is the Nevada Private Post-Secondary Educational Institution Bond?
In the US, barely does a day go without an account of administrative transgressions and manipulation committed by the for-profit education industry. One good example is the story of how one of the biggest and established for-profit education corporations falsified job prospects to potential enrollees and existing students sometime in 2010. To avoid getting hurt and jeopardized by this type of misconduct, parents/guardians residing in Nevada need to see to it that the private post-secondary educational institution they choose for their children is covered by the Nevada Private Post-Secondary Educational Institution Bond.
The Nevada Private Post-Secondary School Bond is security with monetary value guaranteeing that the bondholder will not conduct any activity, make any decisions, or perform acts that could lead to financial damage, immorality, damage to another person’s name and integrity, and physical injury.
This bond likewise assures its clients and stakeholders that it will not employ teachers who are not proficient, tolerate sexual aggravation/misbehavior, allow verbal abuse against learners and workers, and ignore terrorization to students’ and employees’ life.
Why do you need the Nevada Private Post-Secondary Educational Institution Bond?
You need a Nevada 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.
More details about the Nevada Private Post-Secondary Educational Institution 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 institution – 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.
Is the Nevada Private Post-Secondary Educational Institution Bond expensive?
The Nevada 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 annually.
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 can I get a Nevada Private Post-Secondary Educational Institution Bond?
Getting a bond will be so much easier if you contact only genuine professionals. Give Surety Bond Authority specialists a call! You will have the answers you need and the solution you need to protect your business and your clients.