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How much does an Ohio autism scholarship program bond cost?
The cost of an Ohio autism scholarship program bond is determined by an underwriter and is based on the applicant’s qualifications. Applicants who are highly qualified may be approved for as little as 1-3% of the total amount of the bond, while less qualified applicants are generally approved at a higher rate.
The best way to find out exactly how much you’ll pay for your Ohio surety bond is to request your free bond quote now!
If you’re ready to purchase an autism scholarship program surety bond in Ohio, call SuretyBonds.com at 1 (800) 308-4358 or fill out our online bond request form now. We can provide your free, no-obligation bond quote within one business day of submitting your application!
Why do I need an autism scholarship program bond?
The Ohio Department of Education requires autism scholarship program providers to submit a surety bond pursuant to Ohio Admin. Code 3301-103-07. The bond amount is unique to each applicant and must be the greater amount of one-twelfth of the scholarship funds received during the previous year, or $10,000. Therefore, the minimum required bond amount is $10,000 and the maximum bond amount is $250,000. The bond is in place to guarantee to the Department that funds are available in the event that financial loss occurs as a result of the provider’s failure to adhere to all applicable rules and regulations.
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What’s the fine print?
Autism scholarship program bonds are continuous until canceled and must be renewed annually for as long as the provider wishes to participate in the program. However, the surety does have the right to cancel the bond at any point during the bond’s term by providing the Department with written notice at least 30 days prior to the proposed effective date of cancellation.
How to become an autism scholarship program provider in Ohio
To become a private autism scholarship program provider in Ohio, applicants must meet all requirements established in the Ohio Administrative Code. There are nine requirements that must be met to be registered with the Department of Education as a program provider:
- Complete application
- Provide signed affidavit committing to following requirements for private providers
- Meet minimum standards of applicable professional organization for individual or non-school providers
- Physically located in Ohio
- Comply with background check requirements
- Assure department that provider has written policy guaranteeing nondiscriminatory practices
- Demonstrate ability to provide services under autism scholarship program
- Meet all applicable state and local health and safety codes
- Provide quarterly reports to parents and school districts