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Virginia%20Surety%20Bond%20Calculation%20Tool%20for%20Educational%20Institutions

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Virginia%20Surety%20Bond%20Calculation%20Tool%20for%20Educational%20Institutions Powered By Docstoc
					SCHEV                                                                                             Phone: (804) 225-2600
James Monroe Building                                                                               Fax: (804) 225-2604
101 North Fourteenth Street                                                                        TDD: (804) 371-8017
Richmond, Virginia 23219                                                                           Web: www.schev.edu




                                    Surety Instrument Calculation Worksheet
SCHOOL NAME:

Pursuant to 8VAC 40-31-160(I), schools are required to have and maintain a surety instrument adequate to
provide refunds to student for the unearned non-Title IV post of tuition and fees for any given semester, quarter or
term and to cover the administrative cost associated with the instrument claim. This form provides a calculation to
determine the required surety instrument value. The minimum acceptable surety amount is $5,000. Formulas are
embedded within the worksheet.

STUDENT LIABILITY
# Projected Enrollment
(max. number of students for any term of the academic year)
                                                                                             X
$ Tuition/Fees collected for the enrollment term above
(include all non-Title IV funds collected)
                                                                        $                                        -
                                                                                          Minus
INSTITUTION DEDUCTIONS
# Students with Scholarships                                                                                            0
                                                                                             X
$ Scholarship (average is ok for total # students >25)
                                                                        $                                        -



                                                                                           Plus
# Students with partial payments
                                                                                             X
$Student Tuition/Fee
                                                                                             ÷
# Partial Payments
                                                                                          FALSE
Total partial payment liability                                         $                                        -
Total Student Tuition/Fess                                              $                                        -
Total Discounts/Scholarships/Partial Payments                           $                                        -
TOTAL SURETY REQUIRED                                                   $                                        -
                                                                                                    Revised: 2/23/11




Institutional Certification
Surety Instrument Calculation Worksheet                                                                              Revised: April, 2006

				
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