Radical Financial Requirements Changes – For the Good!

Today’s meeting at GNPEC headquarters was surprising, and very informative.  I was able to meet the newly appointed Executive Director, Kirk Shook, Deputy Director Laura Vieth, and Program Manager Adam Hawk.  All of the institutional representatives were given an info sheet that outlined recent changes approved by the commission, and there was one single item that stood out as an angels on high singing moment!

New institutions applying for authorization via GNPEC now only need to have 90 days of operating capital on hand (unrestricted reserves)!

Existing institutions need 30 days!  Ever since GNPEC was established, all educational institutions needed a full year’s worth of cash on hand to operate.  This is a very welcome change, and it makes sense too.

The remainder of the meeting was dedicated to the new xls spreadsheet, a welcomed change and a big step forward with the Authorization/Re-Authorization process. Previously, a cumbersome, fillable PDF was utilized.  Overall, the meeting was very productive, and informative.  Great job to the staff of GNPEC.

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