A substantive change may require a visit by representatives of the Commission. When a visit is required, the team may evaluate the institution for compliance of any of the standards, criteria, and conditions adopted by the Council. Fees shall be assessed according to the schedule below. All fees shall be non-refundable. In addition to the penalty, failure to notify the Commission may cause loss of candidate or accredited status.
Person includes an individual, trust, estate, partnership, association, company, or corporation.
If the owner of an institution dies and the owner's interest is sold or transferred to either a family member or a current stockholder of the corporation, it will not be treated as a change of control or ownership. Accreditation does not transfer with a change of ownership of an institution. Current financial statements, including notes, audited by an independent certified public accountant and completed financial statement form, furnished by the Commission, must accompany the application. Financial statements shall adhere to Generally Accepted Accounting Principles. At the time of review of the Change of Ownership Application, the Commission considers the change in ownership final.