Item 8.01 Other Information.
OnFebruary 1, 2023 ,Aspen Group, Inc. ("AGI") received notification that itsAspen University institution ("Aspen" or the "Institution") had been issued a Show Cause Directive by theDistance Education Accrediting Commission ("DEAC" or "the Commission") requiringAspen to prove why its current accreditation should not be withdrawn and to requireAspen to undergo a special visit by a team of DEAC evaluators. Show Cause is a procedural order that places the burden onAspen to prove it remains an entity that meets DEAC's accreditation standards. DEAC informedAspen that certain areas of concern raise serious questions as toAspen's ongoing compliance with DEAC Accreditation Standards III.D., V.A., X.B., XI.E., and DEAC Procedures under Part Two, Section XVII.E, including curricula and instructional materials; student achievement; reputation; operations; and notifications. These call into questionAspen's organizational integrity, administrative capacity, and ability to serve students in a manner that complies with DEAC standards. The letter also requires the Institution to submit certain information to DEAC prior toFebruary 16, 2023 , and to constituents within seven business days, and permits continuance of DEAC's monitoring of monthly financial reports. To date,Aspen has provided multiple regulatory bodies with requested records and data and the Institution will willingly comply with the Commission's continued oversight through the show cause period. The maximum length of the show cause remediation period is up to two years or 150% of the length of the Institution's longest program. DEAC expects to schedule the Commission's review ofAspen's response to the show cause directive and the associated record within the next six to nine months. During the show cause remediation period,Aspen will remain fully accredited.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits Filed or Exhibit Incorporated by Reference Furnished # Exhibit Description Form Date Number Herewith
104 Cover Page Interactive Data File (embedded
within the Inline XBRL document
© Edgar Online, source