PI 48.14(6)(d)(d) The school failed to timely refund the department any other money owed to the department for any other reason under s. 118.60 or 119.23, Stats., this chapter, or ch. PI 35. PI 48.14(7)(7) Bond removal requirements. A school that selected the surety bond option the first school year it participated in the choice program must submit a bond by May 1 annually until all of the following apply: PI 48.14(7)(a)(a) The school provides a standard financial audit prepared at the consolidated level as required by generally accepted accounting principles that meets all of the following requirements: PI 48.14(7)(a)1.1. The financial statements are two-year comparative financial statements that include the audit of the full-year financial information for both school years. PI 48.14(7)(a)3.3. The net current obligation for both school years is positive. PI 48.14(7)(a)4.b.b. The change in net assets for both school years is greater than or equal to negative $25,000, the net asset balance for both school years is greater than $50,000, and the net current obligation for both school years is greater than $50,000. PI 48.14(7)(a)5.5. The school’s financial audit does not contain an emphasis of matter or an expression of the auditor’s doubt as to the school’s ability to continue as a going concern. PI 48.14(7)(b)(b) The school’s fiscal and internal control practices report for the most recent school year included in the financial audit in par. (a) and the subsequent school year, and any other information available to the department, indicates that the school has complied with all of the following: PI 48.14(7)(b)1.1. The school paid all amounts owed to the U.S. internal revenue service, Wisconsin department of revenue, and Wisconsin department of workforce development on a timely basis. This requirement shall not be considered met if the school had either of the following for the school years included in the financial audit in par. (a): PI 48.14(7)(b)1.a.a. Any wage claims with the Wisconsin department of workforce development. PI 48.14(7)(b)1.b.b. Any past due amounts, interest, and penalties with the U.S. internal revenue service, Wisconsin department of revenue, or Wisconsin department of workforce development. PI 48.14(7)(b)2.2. The school has paid all vendors as required by ss. PI 35.13 (3) and 48.13 (3). An amount in dispute shall not be an indicator that the school does not meet the requirements to remove the bond if all of the following are true: PI 48.14(7)(b)2.a.a. The school provided the department with written correspondence between the school and the vendor evidencing that the amount is in dispute. PI 48.14(7)(b)2.b.b. The school has sufficient cash available to pay the amount in dispute. PI 48.14(7)(b)2.c.c. The disputed amount is included in the financial audit as a current liability. PI 48.14(8)(8) Required audit balances and activity. An audit that only includes school-only balances and activity shall not be sufficient to meet the requirement in sub. (7) (a). PI 48.14(9)(9) Asset balance. The asset balance used for the determinations under sub. (7) (a) may only include pledge receivables or other receivables for which the school received cash payments within one year of the date pledged or within one year of the date the amount is included as a receivable. PI 48.14(10)(10) Revenue. The revenue used for the determinations under sub. (7) (a) may only include revenue for which the school receives cash payments within one year of the date pledged or within one year of the date the school includes the amount as revenue. PI 48.14(11)(11) Insurance and fidelity bond evidence. A first time participant shall file with the department a certificate of insurance or other evidence of having obtained the required insurance under s. PI 48.13 (7) and the fidelity bond under s. PI 48.13 (11). A first time participant shall file the information required under this subsection with the department by the first weekday in August if the school does not provide summer school under this chapter or ch. PI 35. A first time participant shall file the information required under this subsection with the department by the first weekday in May of the school year immediately preceding the first school year in which a first time participant intends to participate in the choice program if the school provides summer school under this chapter or ch. PI 35. PI 48.14 HistoryHistory: EmR1608: emerg. cr. eff. 1-30-16; CR 16-006: cr. Register July 2016 No. 727, eff. 8-1-16; CR 19-121: renum. (1) (intro.), (a) to (c) to (1r), (3) (a) to (c) and, as renumbered, am. (1r), cr. (1g), r. (2), cr. (3) (intro.), (a) 6m., (4) to (11) Register May 2020 No. 773, eff. 6-1-20; correction in (6) (b) made under s. 35.17, Stats., Register May 2020 No. 773. PI 48.15PI 48.15 Lack of financial viability and going concern determinations. PI 48.15(1)(1) Indicators. Any of the following shall be indicators that a school does not have the ability to continue as a going concern or that the school does not meet the financial viability requirements under s. 118.60 (7) (am) 2m. b. or (7m) (c), Stats.: PI 48.15(1)(a)(a) The budget and statement of cash flows required under s. PI 48.13 (2) or 48.14 (3) show the school has inadequate revenues and other financial resources to fund current operations, has negative cash flows, has a negative net asset balance, or has a net loss. PI 48.15(1)(b)(b) The audit opinion statement included in the financial audit, or in a financial audit submitted under s. 115.7915, Stats., contains an emphasis of matter regarding the school’s ability to continue as a going concern.