The U.S. Department of Education increased its monitoring of ITT Educational Services last month after the Securities and Exchange Commission filed civil fraud charges against the for-profit college giant and two executives, the companydisclosed Friday.
Education Department officials have required ITT to provide cash flow projections every two weeks, along with other information about “important financial transactions,” planned school closures and anticipated new program offerings.
The company also must provide the department with a monthly roster of its approximately 51,000 students, detailing their anticipated graduation date, enrollment status and individual contact information.
“We intend to compile the requested information and submit it to the [Education Department] according to the schedule specified,” the company told investors.
Read more at Inside Higher Ed: https://www.insidehighered.com/news/2015/06/01/itt-faces-new-scrutiny-education-department-and-states-wake-sec-charges