Company: LGCY
Filing Date: 2025-09-25
Form Type: 10-K
Source: 0001493152-25-014945
Chunk: 50

Company: Legacy Education Inc.
Filing Date: 2025-09-25
Form: 10-K
Item: Item 1
Chunk 50
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 certification as a condition of its participation and potentially impose
fines or other sanctions. On October 31, 2023, ED published new regulations revising and expanding its administrative capability standards.
Those revisions, effective July 1, 2024, modified the criteria for administrative capability such that they now include, among other
things, that the institution:

    ●
    comply with all applicable
    federal student financial aid requirements;

31

    ●
    have capable and sufficient
    personnel to administer the Title IV Programs;

    ●
    administer the Title IV
    Programs with adequate checks and balances in its system of internal controls over financial reporting;

    ●
    divide the function of
    authorizing and disbursing or delivering Title IV Program funds so that no office has the responsibility for both functions;

    ●
    establish and maintain
    records required under the Title IV Program regulations;

    ●
    develop and apply an adequate
    system to identify and resolve discrepancies in information from sources regarding a student’s application for financial aid
    under the Title IV Programs;

    ●
    have acceptable methods
    of defining and measuring the satisfactory academic progress of its students;

    ●
    refer to the Office of
    the Inspector General any credible information indicating that any applicant, student, employee, third party servicer or other agent
    of the school has been engaged in any fraud or other illegal conduct involving the Title IV Programs;

    ●
    not be, and not have any
    principal or affiliate who is, debarred or suspended from federal contracting or engaging in activity that is cause for debarment
    or suspension;

    ●
    provide adequate financial
    aid counseling to its students;

    ●
    submit in a timely manner
    all reports and financial statements required by the Title IV Program regulations;

    ●
    provide adequate career
    services and geographically accessible clinical or externship opportunities to its students;

    ●
    disburse funds to students
    in a timely manner that best meets their needs;

    ●
    does not have programs
    that “fail” gainful employment rates and measures and that represent 50 percent or more of its total receipts under the
    Title IV Programs in the most recent award year;

    ●
    does not engage in substantial
    misrepresentations or aggressive and deceptive recruitment tactics; and

    ●
    not otherwise appear to
    lack administrative capability.

Failure
by us to satisfy