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Code of Federal Regulations Title 34. Education § 34.21.21 Determination of net worth and number of employees

Current as of January 02, 2025 | Updated by Findlaw Staff

(a) The adjudicative officer shall determine an applicant's net worth and number of employees as of the date the adversary adjudication was initiated.

(b) In determining eligibility, the adjudicative officer shall include the net worth and number of employees of the applicant and all of the affiliates of the applicant.

(c) For the purposes of paragraph (b) of this section, the adjudicative officer shall consider the following as an affiliate:

(1) Any individual, corporation, or other entity that directly or indirectly owns or controls a majority of the voting shares or other interest of the applicant;

(2) Any corporation or other entity of which the applicant directly or indirectly owns or controls a majority of the voting shares or other interest;  and

(3) Any entity with a financial relationship to the applicant that, in the determination of the adjudicative officer, constitutes an affiliation for the purposes of paragraph (b) of this section.

(d) In determining the number of employees of an applicant and its affiliates, the adjudicative officer shall count part-time employees on a proportional basis.

(Authority:  5 U.S.C. 504(c)(1))

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Cite this article: FindLaw.com - Code of Federal Regulations Title 34. Education § 34.21.21 Determination of net worth and number of employees - last updated January 02, 2025 | https://codes.findlaw.com/cfr/title-34-education/cfr-sect-34-21-21/

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