PI 35.15(6)(c)(c) The amount of the bond required under par. (b) shall be equal to 25 percent of the total current school year payment amount as determined under s. 119.23 (4) and (4m), Stats. PI 35.15(6)(d)(d) The bond shall remain in force until all of the following occur: PI 35.15(6)(d)1.1. The school has a positive net asset balance for two consecutive school years, as indicated in the school’s financial audit. The net asset balance used for this determination may only include pledge receivables or other receivables for which the school receives cash payments within one year of the date pledged or within one year of the date the amount is included as a receivable. PI 35.15(6)(d)2.2. The school has a positive net current obligation for two consecutive school years, as shown by the school’s financial audit. The net current obligation shall be calculated as the current assets less the current liabilities. The asset balance used for this determination 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 35.15(6)(d)3.3. The school has net income for two consecutive school years, as indicated in the school’s financial audit. The net income used for this determination 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 35.15(6)(d)4.4. The school pays all amounts owed to the U.S. internal revenue service, Wisconsin department of revenue, and Wisconsin department of workforce development on a timely basis for two consecutive school years, including full payment of any wage claims and past due amounts, interest, and penalties. The school shall submit to the department a letter from each of these entities indicating compliance with this requirement and provide the department the authority necessary to speak directly to these agencies to confirm compliance. PI 35.15(6)(d)6.6. 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 for two consecutive school years. PI 35.15(6)(d)7.7. If the school’s financial audit does not include all revenues, expenditures, assets, and liabilities of the legal operating organization of the school, the school shall submit to the department financial statements for the school’s legal operating organization prepared in accordance with generally accepted accounting principles that meet all of the following requirements: PI 35.15(6)(d)7.a.a. The financial statements do not contain a qualified audit opinion or an expression of the auditor’s doubt as to the organization’s ability to continue as a going concern. PI 35.15(6)(d)7.b.b. The financial statements are two-year comparative financial statements that include the audit of the full-year financial information for the school years in which the requirements in subds. 1. to 6. are satisfied. PI 35.15(6)(d)7.c.c. The financial statements show that the legal operating organization of the school also meets the requirements under subds. 1. to 5. PI 35.15(6)(e)(e) If the school is unable to complete the requirements in par. (d) within 5 years from the date the department initially requires a surety bond or if the school’s financial position worsens, the department may terminate the school from the choice program. PI 35.15(6)(f)(f) Upon the request of the department, a school that is required to provide a surety bond under par. (b) shall do all of the following: PI 35.15(6)(f)2.2. Submit to the department budget and cash flow reports and turnaround plans as prescribed by the department. PI 35.15 HistoryHistory: CR 16-004: cr. Register July 2016 No. 727, eff. 8-1-16; correction in (1) (intro.), (a), (2) made under s. 35.17, Stats., Register July 2016 No. 727; CR 19-120: am. (1) (intro.), (a), (b), (f) to (h), (6) (b) (intro.), (c), (d) 4. to 6., (e) Register May 2020 No. 773, eff. 6-1-20. PI 35.16PI 35.16 Administrator, teacher and teacher aide requirements. PI 35.16(1)(a)(a) “Accredited institution of higher education” means an institution that is listed on the U.S. Department of Education Database of Accredited Postsecondary Institutions and Programs. PI 35.16(1)(d)(d) “Teacher aide” means any individual assisting with educational programming who is not a teacher or volunteer. PI 35.16(2)(2) Administrator and teacher requirements. Except as provided under s. 119.23 (2) (c), Stats., all administrators and teachers at a school shall comply with the requirements under s. 119.23 (2) (a) 6., Stats., whether they are a paid employee, substitute, independent contractor, or uncompensated volunteer. PI 35.16(3)(3) Teacher aide requirements. All teacher aides at the school shall comply with the requirements under s. 119.23 (7) (b) 3., Stats., whether they are a compensated or uncompensated employee, substitute, or independent contractor. PI 35.16(4)(4) Foreign degree transcript evaluation. If an individual requires a bachelor’s degree under s. 119.23 (2) (a) 6., Stats., and has a degree or educational credential from a foreign institution, the individual shall have the degree or educational credential, transcripts, and pattern of training evaluated by one of the following professional evaluation services to determine if the degree or credential is equivalent to a bachelor’s degree from an accredited institution of higher education in the United States: