Private school bond cost
The Wyoming Department of Education requires private post secondary schools to post $10,000 surety bonds. Because these bonds are school-related, most surety underwriting companies will require current business financials and a personal financial statement during the underwriting process.
These bonds are subject to underwriting, so the price you’ll pay depends on a review of your personal credit report. Qualified applicants could pay as low as 1% of the bond amount, or just $100!
Why this bond
Wyoming private school performance surety bonds are put in place to ensure the protection of students if a principal (school) fails to provide services that have been contracted or already paid for. If the school ceases to operate or cannot fulfill duties for any reason, students will be protected for any losses up to the full penal sum of the bond ($10,000). The principal must the reimburse the surety for all damages paid out.
Private school performance bond details
Wyoming private school performance bonds are valid for a 1-year term and must be renewed annually. If the surety decides to cancel this bond prior to the end of the year term, it must provide ample notice to both the principal and the Wyoming Department of Education.
Start a private school
Wyoming Statutes 21-2-401 through 21-2-407 and WDE Rules and Regulations Chapters 1, 18 and 30 require that all trade, correspondence, distance education, technical, vocational, business or other private schools are licensed prior to operating or doing business in the State of Wyoming. Private, non-degree granting, post secondary schools are regulated by Chapter 1 of the Wyoming Department of Education Rules and Regulations.
The following materials must be submitting with the registration application:
- $10,000 original performance bond or irrevocable standby letter of credit with valid dates of July 1-June 30 of the registration year
- $200 license fee
- $100 registered agent fee per agent
- attendance record form
- enrollment contract
- current financial statement
- refund schedule
- mission statement
- copy of graduation certificate
- and more
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