To make any revisions to your authorization if you are a school approved by the Office of Higher Education please log in to your Veoci account. Remember to submit these revisions at 60 days in advance to the Office of Higher Education for approval. The revisions can include changes such as program updates, school name changes establishing branch campuses or classroom sites and relocation of the school or its branches.
In case there is a change in school ownership the owner or director must inform the Office of Higher Education about it through a letter. This notification should be sent least 60 days before the proposed sale. Upon receiving this information the Office will respond with a letter requesting documents from the present owner. These documents include a draft copy of the proposed sales agreement for review, before finalization.
The initial review aims to ensure that important regulatory matters related to school and student records maintenance, the continuation of teaching students who haven’t completed their program and issuing tuition refunds are properly addressed.
Please provide the copy of the completed and signed sales agreement along with any relevant attachments and agreements.
Additionally make sure to settle any documents or payments you may owe before executing the proposed changes in ownership. This includes payments toward occupational school student protection account fund, annual fees, as well as providing annually reviewed or audited financial statements.
If the transfer of ownership date does not align with your fiscal year end please submit management prepared statements covering the period until the transfer takes place.
From the Proposed New Owner
Evidence is required that the proposed new owners have liquid assets or other evidence of financial stability to operate the school for the approved period of time as required by Section 10a 22k 5(i) of the state agency regulations. The evidence should be as follows;
If your school is part of an existing corporation, partnership or proprietorship please submit a forecast for the twelve month period following the proposed transfer date.
If the school plans to become part of a company, partnership or sole proprietorship they need to provide a detailed financial forecast for the schools operations for the twelve month period after the proposed transfer.
To apply for this change submit a complete application along with a non refundable application fee of $2,000. Additionally submit a refundable application fee of $200 for each branch campus.
As part of the ownership transfer process it is required to provide an Irrevocable Letter of Credit worth $40,000. This letter must be held for 12 years, from the date of ownership change. Should be issued by a bank located within the State of Connecticut.
