Section 394.140 - Evidence of financial stability; audit; declaration of tax-exempt status1. Applicants for an initial private school license or for renewal of a private school license shall submit a proposed budget showing estimated revenues and expenditures for each of the 2 years of operation authorized by the private school license to establish reasonable financial stability.2. An applicant shall:(a) Fully disclose to the Department all owners, directors, officers, shareholders, trustees and any other parties maintaining a financial interest in the private school, and the basis upon which the organization is legally constituted. An incorporated private school shall submit a certificate of authorization to do business from the Secretary of State and a copy of its articles of incorporation and bylaws. Any changes in the articles or bylaws must be reported to the Board.(b) Submit a financial statement. A private school with an enrollment of at least 30 pupils but not more than 150 pupils shall have a certified public accountant or public accountant compile the statement. A private school with an enrollment of more than 150 pupils shall have a certified public accountant review the statement and sign it.3. If circumstances reflect adversely on the financial stability of the private school, the Board may order that an audit be performed at the expense of the applicant.4. Evidence of an official declaration of tax-exempt status by the Internal Revenue Service must be submitted with an application from a nonprofit organization.Nev. Admin. Code § 394.140
Dep't of Education, §§ 8.1-8.1.2, eff. 6-19-76-NAC A by Bd. of Education, 9-13-85; R087-99, 9-27-99NRS 385.080, 394.221, 394.241