Apollo Group Inc. Announces the Completion of the Department of Education Office of the Inspector General (OIG) Audit.
PHOENIX--(BUSINESS WIRE)--March 28, 2000
Apollo Group Apollo Group, Inc. NASDAQ: APOL is an S&P 500 corporation based in Phoenix, Arizona. Apollo Group, Inc., through its subsidiaries, provides higher education to working adults. Inc. (Nasdaq: APOL APOL Asia Pacific Online
APOL Alternate Person on Line ) announced that it has reached an agreement with the Department of Education Office of Student Financial Assistance Programs.
The agreement reached with the Department acknowledges no admission that there were any issues of non-compliance or errors by the University of Phoenix (UOP (micro OPeration) The "u" is the substitute letter for the µ symbol. See microinstruction. ).
Todd Nelson Todd Nelson is the chief weather anchor for fox 21 news at 9 out of Duluth, MN. before he became a member of the fox 21 team, he was the morning weather anchor for the Northlands NewsCenter (also out of Duluth. , president, commented, "We are pleased that our dedication to regulatory compliance procedures and close work with the Department has resulted in the successful conclusion to this audit.
"Although we disagree with the audit findings concerning issues of interpretation and control over the University's educational processes, the agreement reached requires no change in our teaching learning model, thereby allowing us to focus all of our efforts on providing adult education programs of unparalleled quality in the marketplace."
To bring this audit to closure and settle all outstanding issues prior to the final OIG Noun 1. OIG - the investigative arm of the Federal Trade Commission
Office of Inspector General
independent agency - an agency of the United States government that is created by an act of Congress and is independent of the executive departments report, which will be issued on or before March 31, 2000, UOP agreed to make a slight modification to its student study group attendance log. This modification will have no negative impact either on the University of Phoenix or its students.
Reluctantly, we have agreed to pay the Department of Education $6 million although we believe there is no basis either in statute or regulation for this assessment. Given our past experience in dealing with the Department of Education, it is better for UOP to resolve this issue now than go through the additional expense, management distraction, and uncertainty of a lengthy appeal process.
Having resolved all outstanding issues, we look forward to continuing a positive relationship with the Department.
Apollo Group Inc., through its subsidiaries the University of Phoenix Inc., the Institute for Professional Development, the College for Financial Planning Financial planning
Evaluating the investing and financing options available to a firm. Planning includes attempting to make optimal decisions, projecting the consequences of these decisions for the firm in the form of a financial plan, and then comparing future performance against Institutes Corp., Western International University Inc. and Apollo Learning Group Inc., is a leading provider of higher education programs for working adults based on the number of working adults enrolled in its programs.
The consolidated enrollment in our educational programs would make us the largest private institution of higher education in the United States Higher education in the United States refers to colleges and universities within the United States. Overview
The American university system, like the American educational system in general, is highly decentralized because the U.S. . We currently offer our educational programs and services at 52 campuses and 89 learning centers in 35 states, Puerto Rico and Vancouver, British Columbia. Our combined degree enrollment was 94,046 students at Feb. 29, 2000.
For more information about Apollo Group, Inc. and its subsidiaries, call (800) 990-APOL or visit Apollo on the World Wide Web at http://www.apollogrp.edu.
This press release includes statements which may constitute forward-looking statements made pursuant to the safe harbor Safe Harbor
1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated.
2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provision of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This information may involve risk and uncertainties that could cause actual results to differ materially from the forward-looking statements.