(a)

(1) A private school shall notify the Department of Education of its intent to participate in the Succeed Scholarship Program.

(2) If the private school intends to enroll students with disabilities who have an individualized education program in accordance with the Individuals with Disabilities Education Act, 20 U.S.C. § 1400 et seq., the notice shall specify the grade levels and services that the private school has available for students with severe disabilities who are participating in the Succeed Scholarship Program.

(b) The department shall approve a private school as eligible to participate in the program if the private school:

(1) Either:

(A) Meets the accreditation requirements set by the State Board of Education, the Arkansas Nonpublic School Accrediting Association or its successor, or another accrediting association recognized by the State Board of Education as providing services to severely disabled individuals; or

(B)

(i) Is an associate member of or has applied for accreditation by the Arkansas Nonpublic School Accrediting Association or its successor, or another accrediting association recognized by the State Board of Education as providing services to severely disabled individuals.

(ii) A private school shall no longer be eligible if:

(a) The private school has not received accreditation within four (4) years of becoming eligible under subdivision (b)(1)(B)(i) of this section;

(b) The accrediting association determines that the private school is ineligible or unable to continue the accreditation process; or

(c) It becomes impossible for the private school to obtain accreditation within four (4) years.

(iii) A private school that becomes ineligible under subdivision (b)(1)(B)(ii) of this section shall regain eligibility when the private school receives accreditation;

(2)

(A) Demonstrates fiscal soundness by having been in operation for one (1) school year or providing the department with a statement by a certified public accountant confirming that the private school is insured and the private school has sufficient capital or credit to operate in the upcoming school year.

(B) In lieu of a statement, a surety bond or letter of credit for the amount equal to the scholarship funds for any quarter may be filed with the department;

(3) Complies with the antidiscrimination provisions of 42 U.S.C. § 2000d;

(4) Meets state and local health and safety requirements;

(5) Is academically accountable to the parent or legal guardian for meeting the educational needs of the student;

(6) Employs or contracts with teachers who hold baccalaureate or higher degrees;

(7) Complies with all state laws and regulations governing private schools; and

(8) Adheres to the tenets of its published disciplinary procedures before an expulsion of a student receiving a scholarship.

(c) The department shall maintain a list of private schools eligible to participate in the program and make the list available on the department's website.

(d)

(1) An eligible private school shall administer annually or make provisions for a student participating in the scholarship program to take a nationally recognized norm-referenced test as established by the State Board of Education.

(2) A student with an individual education plan that provides for an exemption to standardized testing is not required to take the test required under subdivision (d)(1) of this section.

(3) An eligible private school shall annually prepare a portfolio that provides information on a student's progress to the student's parent or guardian if a student is exempt from standardized testing as permitted under subdivision (d)(2) of this section.