A. Each religious educational institution granted an exemption under this chapter shall submit to the Secretary every 2 years:
(1) An application and financial statements, both in the form required by the Secretary;
(2) The accompanying documentation required by the Secretary, including the current catalog of courses, and evidence from the State Department of Assessments and Taxation that the institution is in good standing; and
(3) A renewal application fee in the amount of $250.
B. Adequate Financial Resources.
(1) An institution seeking a renewal of its exemption as a religious educational institution shall demonstrate that it possesses adequate financial resources to support the institution's educational program.
(2) An institution shall submit a financial statement for the 2 most recent calendar years, compiled by an independent accountant, showing, at a minimum, that:
(a) The institution holds at least $250,000 in total assets in Maryland; and
(b) The total assets of the institution exceed its total liabilities.
C. If the Secretary is satisfied on the basis of the materials submitted that the institution qualifies for renewal of its exemption from the approval authority of the Commission, the Secretary shall grant the institution an exemption as a religious educational institution.
D. A renewal of an exemption is valid for 2 years.
E. Upon granting an institution a renewal of its exemption under this regulation, the Secretary shall designate the date on which the institutionís next renewal application shall be submitted to the Secretary.