---
title: Bond Renewal Process
description: Process for managing bond renewals and new bonds, including tracking expirations, requesting renewals, and ensuring compliance with state requirements.
---
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# Bond Renewal Process
# Bond Renewal Process
**Assigned To:** Sarah Dungan
**Category:** School Life Cycle
**Department:** Compliance, Finance
**SOP Rule:** Cadence
**Status:** Approved by CEO and Implemented
## Purpose
This SOP outlines the process for managing bond renewals to ensure continuous regulatory compliance, including tracking expiration dates, requesting renewals, and filing required documentation.
## Scope
This procedure applies to all Zollege schools that require bonds for operational and regulatory compliance, including both renewals and new bond requests.
## Definitions
- **Surety Instrument:** Bond or letter of credit ensuring student refunds if a school closes.
- **Bond Renewal:** Extension of an existing bond to maintain compliance.
- **Bond Tracking Sheet:** Document used to monitor bond expiration dates.
- **New School Pipeline:** Process triggering bond requirements for new schools.
## Responsibilities
- **Compliance Team:**
- Track bond expirations using Smartsheet
- Request renewals at least one month prior to expiration
- Send invoices to Accounts Payable
- Route documents for signature
- Update tracking sheet
- Store and archive bond documents
- Handle new bond requests
- **Accounting Team:**
- Process bond invoice payments
- Ensure invoices are submitted correctly
## Procedure
### Trigger Events
- Bond renewal: One month before expiration based on tracking sheet
- New bond: Triggered by new school pipeline entry
### Bond Renewal Process
#### Step 1: Review Expiring Bonds
- Review Bond Tracking Sheet monthly
- Identify bonds expiring in the upcoming month
#### Step 2: Request Renewal
- Compile list of expiring bonds
- Send renewal request to insurance provider
#### Step 3: Obtain Signatures
- Send required documents for signature via DocuSign
#### Step 4: Receive Renewal
- Obtain renewal confirmation within one week
#### Step 5: Process Payment
- Forward invoices to Accounting team
#### Step 6: Update Records
- Update Bond Tracking Sheet
- Save renewed bond documents
- Archive expired bonds
### New Bond Process
#### Step 1: Initiate Request
- Identify new school in pipeline
- Obtain state-specific bond form
#### Step 2: Submit Request
- Send bond request with school details to insurance provider
#### Step 3: Receive Bond
- Receive processed bond within one week
#### Step 4: Process Payment
- Send invoice to Accounting
#### Step 5: Update Records
- Add bond to tracking sheet
- Store documentation in school folder
- Prepare for state submission
## Tools and Resources
- Bond Tracking Smartsheet
- New School Pipeline
- Bond SOP Documentation
## Revision History
- 1st Version - 03/21/25
- 2nd Version - TBD
- 3rd Version - TBD
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