Ohio Autism Scholarship Program Bond
What is an Ohio autism scholarship program bond?
An Autism Scholarship Program bond is a type of surety bond required for any provider of the Autism Scholarship Program (ASP) in Ohio. This bond serves as a financial guarantee that the principal (bonded party) will adhere to all rules, regulations, and laws related to the program. It also ensures that the program provider won’t engage in any fraudulent activities related to the program.
The Ohio Autism Scholarship Program bond protects against financial losses that may occur due to a provider’s failure to fulfill their obligations under the program. This may include failure to provide the appropriate educational services or misusing program funds.
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Quick Takeaways
- An Autism Scholarship Program bond is a type of surety bond required for any provider of the Autism Scholarship Program (ASP) in Ohio.
- The Ohio ASP bond protects against financial losses that may occur due to a provider’s failure to fulfill their obligations under the program.
- The required bond amount is based on 1/12 of the funds the provider received from the scholarship the previous year.
- The bond requirement can range from $10,000 to $250,000.
How much does an Ohio Autism Scholarship Program bond cost?
The cost of an Ohio Autism Scholarship Program Bond varies depending on several factors, including the bond amount and the provider’s credit score. The required bond amount is determined by the Ohio Department of Education and is based on 1/12 of the funds the provider receives from the scholarship throughout the previous year. The bond can range from $10,000 to $250,000.
The bond premium (the amount applicants pay to a surety provider) can be as low as 1% of the bond amount for providers with excellent credit ($100 – $2,500).
How needs this bond and why?
Any provider of the Ohio Autism Scholarship Program must obtain a surety bond. The bond is necessary to ensure that providers adhere to all program requirements and don’t engage in fraudulent activities related to the program. It protects the Ohio Department of Education if the provider violates the bond terms, ensuring funds are always available for the program.
How do I become an Autism Scholarship Program provider?
To become an Autism Scholarship Program Provider in Ohio, you must meet specific qualifications and apply to the Ohio Department of Education. Once approved, you must obtain an Ohio Autism Scholarship Program bond and comply with all other program regulations. Here are the basic steps to qualify:
- Determine if you meet the eligibility requirements: The Ohio Department of Education provides a list of eligibility requirements on its website, including holding a valid Ohio Department of Education teaching certificate or license, having experience working with students with autism, and having liability insurance.
- Obtain liability insurance: As mentioned, providers must have liability insurance to participate in the program.
- Register with the Ohio Department of Education: You can complete an online registration form on the department’s website.
- Obtain an Autism Scholarship Program bond: You can get a bond through a surety bond company like ZipBonds.
- Submit all required documentation: This may include proof of liability insurance, your surety bond, and other required documents.
- Wait for approval: The Ohio Department of Education will review your application. They will then notify you if you’re approved to participate in the program.
Keep in mind that the steps to become an Autism Scholarship Program Provider in Ohio may vary depending on your specific situation. Check with the Ohio Department of Education for the most up-to-date requirements and instructions.
Frequently Asked Questions
How do I renew my bond?
To renew an Ohio Autism Scholarship Program Bond, providers must submit a renewal application and pay the required premium. You must renew your bond annually.
ZipBonds will notify you annually when it’s time to renew your bond so you don’t miss the deadline!
How do bond claims work?
If a provider fails to fulfill their obligations under the Ohio Autism Scholarship Program, someone could file a claim. If the bond claim is valid, the surety bond provider will pay out the claim up to the bond amount. The provider is then responsible for reimbursing the surety bond provider for the claim paid out.
How do I file my bond?
To file for an Ohio Autism Scholarship Program Bond, providers must obtain a quote from a surety bond company. Once the quote is accepted, the provider must apply and submit any required documents to the surety company. If approved, the provider must pay a premium to activate the bond.
ZipBonds can submit your bond for you, or you can send it yourself to the following address:
- Ohio Department of Education
- 25 South Front Street
- Columbus, OH 43215-4183
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ZipBonds offers the fastest and most secure option for getting the surety bonds you need. Our all-digital platform is intuitive and straightforward. Apply online or call us at (888) 435-4191 to get bonded in a flash!
About ZipBonds.com
Founders Ryan Swalve and Zach Mefferd formed the vision for ZipBonds.com when they realized how overly complicated it was to help clients place surety. The frustration of being unable to incorporate the technology they’d used in other insurance-focused projects left them thinking “there has to be a better way.”
Fast forward a couple of years, and that better way is the impetus of everything we do at ZipBonds. We constantly look for innovative ways to improve the bonding process for our clients and agents. Our team comprises individuals who understand all angles of surety – for companies, agencies, and individuals. Incorporating everyone’s point of view to improve the process while simultaneously integrating cutting-edge technology is what sets our business apart.