12 2 STA T .3 31 0PUBLIC LA W 110 – 31 5— AU G .1 4, 200 8(1)byred e signat ing s u bse c ti o ns (d) and (e) as subsections (i) and ( j ) , res p ecti v e l y
and ( 2 ) by inserting a f ter subsection (c) t h e follo w ing
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‘(d) IMPLE ME NTA T IO NO FN ON -T ITLE I VR E V EN U ERE Q UI R E- MENT .— ‘‘(1) C AL C ULATION.—In m a k ing calculations under sub- section (a)(2 4 ), a proprietary institution of higher education shall— ‘‘( A ) use the cash basis of accounting, e x cept in the case of loans described in subparagraph ( D )(i) that are made by the proprietary institution of higher education; ‘‘( B ) consider as revenue only those funds generated by the institution from— ‘‘(i) tuition, fees, and other institutional charges for students enrolled in programs eligible for assistance under this title; ‘‘(ii) activities conducted by the institution that are necessary for the education and training of the institution ’ s students, if such activities are— ‘‘(I) conducted on campus or at a facility under the control of the institution; ‘‘(II) performed under the supervision of a member of the institution’s faculty; and ‘‘(III) re q uired to be performed by all students in a specific educational program at the institution; and ‘‘(iii) funds paid by a student, or on behalf of a student by a party other than the institution, for an education or training program that is not eligible for funds under this title, if the program— ‘‘(I) is approved or licensed by the appropriate S tate agency; ‘‘(II) is accredited by an accrediting agency recogni z ed by the Secretary; or ‘‘(III) provides an industry-recognized creden- tial or certification; ‘‘(C) presume that any funds for a program under this title that are disbursed or delivered to or on behalf of a student will be used to pay the student’s tuition, fees, or other institutional charges, regardless of whether the institution credits those funds to the student’s account or pays those funds directly to the student, except to the extent that the student’s tuition, fees, or other institutional charges are satisfied by— ‘‘(i) grant funds provided by non- F ederal public agencies or private sources independent of the institu- tion; ‘‘(ii) funds provided under a contractual arrange- ment with a Federal, State, or local government agency for the purpose of providing job training to low-income individuals who are in need of that training; ‘‘(iii) funds used by a student from savings plans for educational expenses established by or on behalf of the student and which qualify for special tax treat- ment under the Internal Revenue Code of 1 986
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‘‘(iv) institutional scholarships described in subparagraph (D)(iii);
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