University of Phoenix Announces Completion of Program Review
June 21 2010 - 8:00AM
Business Wire
Apollo Group, Inc. (NASDAQ:APOL) today announced that subsidiary
University of Phoenix has received the Final Program Review
Determination Letter associated with its February 2009 program
review by the U.S. Department of Education (Department) and that
the University has successfully completed the corrective actions
and satisfied the obligations arising from the review.
“We are pleased to have successfully resolved the findings
reported by the Department through a collaborative and productive
process,” said Joseph L. D’Amico, president and chief operating
officer of Apollo Group, Inc. “In so doing, we have adopted a
series of processes and procedures to further strengthen our
already rigorous internal controls and administrative
capability.”
As required, Apollo has posted a Letter of Credit in the amount
of approximately $125 million to comply with the Department’s
standards of financial responsibility. The Department’s regulations
require institutions to post a Letter of Credit where a program
review report cites untimely return of unearned Title IV funds for
more than 10 percent of the sampled students in a period covered by
the review.
Of the six findings contained in the Final Program Review
Determination Letter, three related to University of Phoenix’s
procedures for determining student withdrawal dates and associated
timing of the return of unearned Title IV funds, which averaged no
more than six days outside the required timeframe in the affected
sample files. Importantly, there were no findings that indicated
incorrect amounts of Title IV funds had been returned. In the
second quarter of fiscal year 2010, Apollo made payments totaling
$660,000 to reimburse the Department for the cost of Title IV funds
associated with these findings.
The remaining findings involved isolated clerical errors
verifying student-supplied information and, as self-reported by
University of Phoenix in 2008, the calculation of student financial
need where students were eligible for tuition and fee waivers and
discounts, and the use of Title IV funds for non-program purposes
such as transcripts, applications and late fees.
About Apollo Group, Inc.
Apollo Group, Inc. is one of the world’s largest private
education providers and has been in the education business for more
than 35 years. The Company offers innovative and distinctive
educational programs and services both online and on-campus at the
high school, undergraduate, master and doctoral levels through its
subsidiaries: University of Phoenix, Apollo Global, Institute for
Professional Development, College for Financial Planning and
Meritus University. The Company’s programs and services are
provided in 40 states and the District of Columbia; Puerto Rico;
Canada; Latin America; and Europe, as well as online throughout the
world (data as of February 28, 2010).
For more information about Apollo Group, Inc. and its
subsidiaries, call (800) 990-APOL or visit the Company's website at
www.apollogrp.edu.
About University of Phoenix
University of Phoenix is constantly innovating to help students
balance education and life in a rapidly changing world. Through
flexible schedules, challenging courses and interactive learning,
students achieve personal and career aspirations without putting
their lives on hold. During the quarter ended February 28, 2010,
458,600 students were enrolled at University of Phoenix, the
largest private university in North America. University of Phoenix
serves a diverse student population, offering associate,
bachelor’s, master’s, and doctoral degree programs from campuses
and learning centers across the U.S. as well as online throughout
the world.
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