What is a New Mexico Private Post-Secondary Institution Bond?
The New Mexico Private Post-Secondary Institution Bond is a requirement of the New Mexico Higher Education Department to private post-secondary institutions operating within the state of New Mexico.
The bond is a guarantee with monetary value assuring that the bondholder will not engage in 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 the institution will not hire incapable instructors, tolerate sexual harassment, disregard any misconduct, put up with verbal abuse against students and employees, and ignore threats to students’ and employees’ life. Further, the bond explicitly guarantees that the bondholder will adequately comply with all its licensure requirements.
Why do you need the New Mexico Private Post-Secondary Institution Bond?
You need the New Mexico Private Post-Secondary Institution Bond because you care about your school and what it stands for. You also want to protect your investments. The bond can boost the school’s integrity and allows you to be recognized as a trustworthy academic establishment owner. 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 further provides you the image of authority and competence making you stand out in the competition.
More details about the New Mexico Private Post-Secondary Institution Bond
Application for this bond needs to be accompanied by the following official papers before an institution can be truly be considered a lawfully 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.
The bond likewise assures the full implementation of the Student Tuition Recovery Fund (STRF) which is used to compensate undergraduates if the institution ceases to operate before a learner completes his/her agreed coursework.
What is the cost of a New Mexico Private Post-Secondary Institution Bond?
For in-state institutions, the mandatory bond amount cannot be less than $5,000 or more than 20% of the expected gross yearly tuition. The amount an institution pays for the bond will be based on an appraisal of the institution owner’s personal credit report.
How do I get a New Mexico Private Post-Secondary Institution Bond?
Obtaining the New Mexico Private Post-Secondary Institution Bond is an easy process. Just carefully choose the services of a genuine surety professional and give them a call ASAP! With a legitimate surety agency, you will have speedy responses to your needs and cost-effective solutions to whatever concerns you have in protecting your business.