Ohio Autism Scholarship Program Bond
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Autism Scholarship Program
The Ohio autism scholarship program allows parents who have a child who is autistic to qualify for funds to send their child to schools designed to meet the needs of autistic children.
The autism scholarship program rules are outlined by law under 3310.41 of the Ohio laws and rules.
The surety bond requirement is found under 3301-103-06 of the Ohio Administrative Code.
Ohio Autism Scholarship Program Bond: The Amount Required
According to Ohio state law, the amount of the Ohio autism scholarship program surety bond required is:
The GREATER of
1/12 of the scholarship funds received for that school for the prior school year;
With a cap NOT TO EXCEED;
Ohio Autism Scholarship Program Bond: Purpose
The purpose of the autism scholarship program surety bond is a financial promise which guarantees compliance with all rules and statutes governing participation in the scholarship program.
The surety bond’s existence protects the Ohio Department of Education from any acts of fraud, criminal misappropriation of funds, theft, or embezzlement committed by a licensed participant in the Ohio program.
The bond allows those who can demonstrate harm to recover losses up to the bond amount.
But it is not an insurance policy that you are purchasing; it is really a surety.
As such, any claims paid against your surety bond — were that ever the case — become your legal liability to reimburse in full, including all costs and fees involved in the settlement of your claim.
Ohio Autism Scholarship Program Bond: Duration
Once purchased, the bond is active for one year from the effective date.
Your autism scholarship bond renews annually.
Additionally, if you cease participation in the program, you are required to maintain an active surety bond for one year after your participation in the program ends. This allows for any claims to be made on your surety bond.
Autism Scholarship Bond: Its Premium
The premium represents the price of the bond’s issuance.
The premium will be determined by the following:
- The amount of the surety bond you are required to purchase (minimum of $10,000 with a cap of $250,000);
- Information provided on your surety application;
- A standard credit check.
A $10,000 Ohio autism program bond may cost as little as $150 annually; however, the amount you will be asked to pay will be determined by the criteria outlined above.
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