Section 9-7-2-2.15 - APPLICATION REVIEWA.The commission will only consider complete applications. Applicants who submit incomplete applications will be notified and allowed fourteen (14) calendar days to submit the required information. If this information is not received within the fourteen (14) days, denial or postponement of the application will be recommended to the commission at the next commission meeting.B. The information provided in all sections of any application must be deemed sufficient and appropriate prior to application approval. If any section of any application is deemed insufficient or inappropriate, the applicant will be notified of the deficiency, and the commission may request additional information from the said applicant. Applications will be reviewed based on statutory and regulatory requirements. After the review of an application, the commission will be informed of any significant findings.C. Applications for Certificates of Registration must contain sufficient financial information to allow determination of financial stability.a. Financial resources and practices must be such that: i. There is a reasonable expectation of sound financial practices.ii. There is evidence presented to suggest that the potential exists for the business to be successful.iii. There is reasonable expectation that the business will continue to exist.iv. There is evidence that sufficient planning has been conducted to provide for the necessary financial obligations required to assume the essential costs associated with operating the business.b. The following indicators of financial stability will also be examined: iv. Stockholder equity or net worthD. The institution will adhere to generally accepted accounting principles (GAAP) in the maintenance of its financial records and provides an income/expense statement and a balance sheet annually using the financial form provided by CPSCR.a. Institutions reporting gross tuition between $500,000 and $1,000,000 are required to submit a Certified Public Accountant (CPA) financial review of the most recently completed fiscal year.b. Institutions reporting gross tuition over $1,000,000 are required to submit a CPA-prepared independent financial audit of the most recently completed fiscal year. i. All accredited Title IV institutions must submit CPA-prepared independent financial audits for the previous two-years of operation.E. A non-accredited institution seeking initial authorization: a. Must have unrestricted cash on hand in the amount of 120 days projected expenses available and: b. Provide a projected income/expense statement and a balance sheet for two 12-month fiscal years using the financial form provided by CPSCR.F. Instructional resources must be adequate and available for individual student use.G. Any registered institution wishing to offer occupational associate degree programs must provide proof of current unencumbered accreditation by an accrediting agency recognized/authorized by the United States Department of Education.H. Initial and Renewal Applications include the submission of up to five new programs. Institutions adding additional programs will have to add the applicable fees according to the published Schedule of Fees (Appendix A).9 Miss. Code. R. § 7-2-2.15