An institution of higher education shall be determined to be a private nonprofit institution of higher education under §10-101 of the Education Article if it: Benefits no person or entity through any part of its net earnings; Is legally authorized to operate as a nonprofit organization by each state in which it is physically located; Has been determined by the IRS to be an organization to which contributions are tax deductible in accordance with 26 U.S.C. §501(c)(3); Had no reportable incidents in the previous calendar year that: Are determined by the Secretary to constitute private inurement; and Were not satisfactorily corrected prior to the submission of the report in Regulation .05 of this chapter; and Timely files the report required under Regulation .05 of this chapter. An institution shall be determined to be a for-profit institution of higher education under Education Article, §10-101, Annotated Code of Maryland, if it: Does not request classification as a private nonprofit institution of higher education by filing the report required under Regulation .05 of this chapter; Benefits any person or entity through any part of its net earnings; Is not legally authorized to operate as a nonprofit organization by each state in which it is physically located; Has not been determined by the IRS to be an organization to which contributions are tax deductible in accordance with 26 U.S.C. §501(c)(3); Had any reportable incidents in the previous calendar year that: Are determined by the Secretary to constitute private inurement; and Were not satisfactorily corrected prior to the submission of the report in Regulation .05 of this chapter; Knowingly fails to disclose a reportable incident in the report required under Regulation .05 of this chapter; or Does not timely file the report required under Regulation .05 of this chapter.