that we made on march 19 , 2015 pursuant to the terms of the fifth amendment to cuso rsa . -46- we believe that the vast majority of the $ 78.7 million of estimated payments projected to be paid after 2017 will be made by us in 2018. the estimated future payment amounts and timing related to the cuso rsa assume , among other factors , that we do not make any discharge payments in 2015 , 2016 or 2017 ( other than the discharge payment made in march 2015 pursuant to the terms of the fifth amendment to cuso rsa ) and do make discharge payments to the fullest extent possible in 2018 and later years . if we do not make the discharge payments as assumed in 2018 and later years , we estimate that we would make approximately $ 100.3 million of regular payments in 2018 through approximately 2026. of this amount , approximately $ 18.6 million to $ 20.0 million would be paid annually in each of 2018 through 2021 , and approximately $ 22.7 million in the aggregate , would be paid in 2022 through 2026. we also have debt service and principal repayment obligations under the financing agreement . we estimate that in 2015 , the amount of those cash payment obligations will be approximately $ 19.3 million . in the event of a default by us under the financing agreement , the lenders could declare the full amount of the term loans then outstanding to be immediately due and payable in full . our obligations under the financing agreement are secured by a security interest in substantially all of our and our subsidiaries ' assets , including a mortgage on all of our and our subsidiaries ' owned real estate . the covenants under the financing agreement could have a material adverse effect on our business by limiting our ability to take advantage of financing , merger and acquisition or other corporate opportunities and or to make certain payments under the rsas . continued enrollment declines and or continued increases in use of institutional scholarships and awards would have a negative impact on our revenue , cash flows and financial condition . based on our current projections , we believe that cash generated from operations will be sufficient for us to satisfy our cuso rsa and peaks guarantee payments , working capital , loan repayment and capital expenditure requirements over the 12-month period following the date that this annual report on form 10-k was filed with the sec . we also believe that any reduction in cash and cash equivalents that may result from their use to make payments under the cuso rsa and peaks guarantee or repay loans will not have a material adverse effect on our planned capital expenditures , ability to meet any applicable regulatory financial responsibility standards , ability to satisfy the financial covenants under the financing agreement or ability to conduct normal operations over the 12-month period following the date that this annual report on form 10-k was filed with the sec . our projections , however , are estimates , which are based on numerous assumptions and , therefore , may not prove to be accurate or reliable and involve a number of risks and uncertainties . see part i , item 1 , risk factors and note 16  risks and uncertainties of the notes to consolidated financial statements for a further discussion of those risks and uncertainties . consolidations and core operations our consolidated financial statements as of and for the fiscal year ended december 31 , 2014 include the results of operations , financial condition and cash flows of the cuso and the peaks trust , two variable interest entities that we were required to consolidate in our consolidated financial statements . beginning on september 30 , 2014 , our consolidated financial statements include the cuso , and beginning on february 28 , 2013 , our consolidated financial statements include the peaks trust . we included the cuso in our consolidated financial statements beginning on september 30 , 2014 , because we were considered to have the power to direct the activities that most significantly impact the economic performance of the cuso under asc 810 , consolidation ( asc 810 ) , on that date . we determined that the activities that most significantly impact the economic performance of the cuso involve the servicing ( which includes the collection ) of the private education loans made under the cuso program ( the cuso student loans ) . we were considered to have the power to direct the servicing activities of the cuso student loans as a result of our substantive ability to terminate the servicing agreement that governs the servicing activities of the cuso student loans ( the cuso servicing agreement ) . pursuant to the cuso servicing agreement , if the entity that performs the servicing activities on behalf of the cuso ( the cuso program servicer ) fails to meet certain performance criteria specified in the cuso servicing agreement , and the cuso program servicer does not affect a cure of that failure during a specified cure period , we would have the right to terminate the cuso servicing agreement . we believe that the cuso program servicer failed to meet the performance criteria specified in the cuso servicing agreement on september 30 , 2014 , and that it was not reasonably possible that the cuso program servicer would be able to affect a cure during the 90-day cure period . story_separator_special_tag -55- general as of december 31 , 2014 , we had 144 college locations in 39 states , which were providing education programs to approximately 53,000 students . in 2014 , we derived approximately 97 % of our revenue from the core operations from tuition and approximately 3 % from the sale of tool kits and fees , charged to and paid by , or on behalf of , our students . most students enrolled in our education programs at our institutions pay a substantial portion of their tuition and other education-related expenses with funds received under various government-sponsored student financial aid programs , especially title iv programs . our revenue from the core operations varies based primarily on the following factors : the aggregate student population , which is influenced by the number of students attending our institutions at the beginning of a fiscal period and student retention rates ; the amount of tuition charged to our students ; and the levels of availability and utilization of institutional scholarships , grants and awards . new students generally enter our education programs at the beginning of an academic term that typically begins for most education programs in early march , mid-june , early september and late november or early december . we believe that the changes to our institutions ' aggregate student population in recent years was primarily due to : our prospective students ' greater sensitivity to the cost of a postsecondary education ; our prospective students ' uncertainty about the value of a postsecondary education due to the prolonged economic and labor market disruptions ; changes that we made to education program offerings at select campuses , which resulted in a more significant decline in new student enrollment in the criminal justice programs of study compared to our institutions ' other curricula ; and the discontinuation or suspension of new student enrollments at select locations . in order to participate in title iv programs , a new campus must be authorized by the state in which it will operate , accredited by an accrediting commission recognized by the ed , and certified by the ed to participate in title iv programs . the ed 's certification process can not commence until the location receives its state authorization and accreditation . we generally earn tuition revenue on a straight-line basis over the length of each of four , 12-week academic quarters in each fiscal year . state regulations , accrediting commission criteria and our policies generally require us to refund a portion of the tuition and fee payments received from a student who withdraws from one of our institutions during an academic term . we recognize immediately the amount of tuition and fees , if any , that we may retain after payment of any refund . revenue that we recognize after each consolidation also includes student loan interest income on the related private education loans , which is the accretion of the accretable yield on those private education loans . we incur expenses throughout a fiscal period in connection with the operation of our institutions . the cost of educational services includes salaries of faculty and institution administrators , cost of course materials , occupancy costs , depreciation and amortization of equipment costs , facilities and leasehold improvements , and other miscellaneous costs incurred by our institutions . student services and administrative expenses from the core operations include marketing expenses , an expense for uncollectible accounts and administrative expenses incurred primarily at our corporate headquarters . marketing expenses include advertising expenses and salaries and employee benefits for recruiting representatives . after each consolidation , student services and administrative expenses also include expenses incurred by the peaks trust and the cuso , as applicable , primarily related to fees for servicing the private education loans held by that entity and various other administrative fees and expenses of that entity . in 2014 , we continued to add education program offerings among existing campuses . we also continued our efforts to diversify our education program offerings by developing education programs at different degree levels in both technology and non-technology fields of study that we intend to offer at our campuses and deliver entirely in residence , entirely online over the internet or partially in residence and partially online . in 2014 , we did not begin operations at any new itt technical institute campuses or learning sites . as part of our efforts to maximize the efficiency and effectiveness of our current campus locations , during 2014 , we : relocated three of our campuses into existing facilities of other itt technical institute campuses ; converted one of our learning sites into an itt technical institute campus ; closed one of our learning sites ; closed four of our itt technical institute campuses ; and decreased the number of our campuses that offer bachelor degree programs from 134 to 130. the following table sets forth select operating statistics for the periods indicated : replace_table_token_15_th -56- in 2015 , we intend to add more of our current education program offerings among most of our institutions ' locations . we also plan to continue developing new education programs in both technology and non-technology fields , but primarily in technology-and healthcare-related disciplines . we believe that those programs of study will be at different education levels and delivered in a variety of formats , including entirely in residence , entirely online or partially in residence and partially online . in december 2014 , the ed did not approve our application to offer four new degree programs at the itt technical institutes due to administrative capability issues reported in recent compliance audits and ed program reviews . in march 2015 , the ed approved six and denied two new degree programs that we had applied to offer at daniel webster college . the basis for disapproval was due to administrative capability issues reported in recent compliance audits and ed program reviews . while our

capital resources . our cash flows are highly dependent upon the receipt of title iv program funds . the primary title iv programs from which the students at our campuses receive grants , loans and other aid to fund the cost of their education include : the fdl program , which represented , in aggregate , approximately 57 % of our cash receipts in 2014 and 58 % of our cash receipts in 2013 ; and the pell program , which represented , in aggregate , approximately 24 % of our cash receipts in 2014 and 24 % of our cash receipts in 2013 . -65- we also receive funds on behalf of our students from state financial aid programs , veterans ' and military service member benefit programs and other sources , which represented , in aggregate , approximately 14 % of our cash receipts in 2014 and approximately 13 % in 2013. under a provision of the hea commonly referred to as the 90/10 rule , a proprietary institution , such as each of our institutions , must not derive more than 90 % of its applicable revenue in a fiscal year , on a cash accounting basis , from title iv programs . if an institution exceeds the 90 % threshold for any single fiscal year , that institution would be placed on provisional certification status for the institution 's following two fiscal years . in addition , if an institution exceeds the 90 % threshold for two consecutive fiscal years , it would be ineligible to participate in title iv programs as of the first day of the following fiscal year and would be unable to apply to regain its eligibility until the end of the second subsequent fiscal year . payments that we made under the 2007 rsa impact the 90/10 rule calculation by reducing the amount of cash receipts from sources other than title iv programs and total cash receipts .


 Write a concise suspicious activity report of the following text delimited by triple backquotes. Return your response as a formal report which covers the key points highlighting the location,dates,entity names and account holder information in chronological order of the text.
     ```capital resources . our cash flows are highly dependent upon the receipt of title iv program funds . the primary title iv programs from which the students at our campuses receive grants , loans and other aid to fund the cost of their education include : the fdl program , which represented , in aggregate , approximately 57 % of our cash receipts in 2014 and 58 % of our cash receipts in 2013 ; and the pell program , which represented , in aggregate , approximately 24 % of our cash receipts in 2014 and 24 % of our cash receipts in 2013 . -65- we also receive funds on behalf of our students from state financial aid programs , veterans ' and military service member benefit programs and other sources , which represented , in aggregate , approximately 14 % of our cash receipts in 2014 and approximately 13 % in 2013. under a provision of the hea commonly referred to as the 90/10 rule , a proprietary institution , such as each of our institutions , must not derive more than 90 % of its applicable revenue in a fiscal year , on a cash accounting basis , from title iv programs . if an institution exceeds the 90 % threshold for any single fiscal year , that institution would be placed on provisional certification status for the institution 's following two fiscal years . in addition , if an institution exceeds the 90 % threshold for two consecutive fiscal years , it would be ineligible to participate in title iv programs as of the first day of the following fiscal year and would be unable to apply to regain its eligibility until the end of the second subsequent fiscal year . payments that we made under the 2007 rsa impact the 90/10 rule calculation by reducing the amount of cash receipts from sources other than title iv programs and total cash receipts .
```    
 Suspicious Activity Report : that we made on march 19 , 2015 pursuant to the terms of the fifth amendment to cuso rsa . -46- we believe that the vast majority of the $ 78.7 million of estimated payments projected to be paid after 2017 will be made by us in 2018. the estimated future payment amounts and timing related to the cuso rsa assume , among other factors , that we do not make any discharge payments in 2015 , 2016 or 2017 ( other than the discharge payment made in march 2015 pursuant to the terms of the fifth amendment to cuso rsa ) and do make discharge payments to the fullest extent possible in 2018 and later years . if we do not make the discharge payments as assumed in 2018 and later years , we estimate that we would make approximately $ 100.3 million of regular payments in 2018 through approximately 2026. of this amount , approximately $ 18.6 million to $ 20.0 million would be paid annually in each of 2018 through 2021 , and approximately $ 22.7 million in the aggregate , would be paid in 2022 through 2026. we also have debt service and principal repayment obligations under the financing agreement . we estimate that in 2015 , the amount of those cash payment obligations will be approximately $ 19.3 million . in the event of a default by us under the financing agreement , the lenders could declare the full amount of the term loans then outstanding to be immediately due and payable in full . our obligations under the financing agreement are secured by a security interest in substantially all of our and our subsidiaries ' assets , including a mortgage on all of our and our subsidiaries ' owned real estate . the covenants under the financing agreement could have a material adverse effect on our business by limiting our ability to take advantage of financing , merger and acquisition or other corporate opportunities and or to make certain payments under the rsas . continued enrollment declines and or continued increases in use of institutional scholarships and awards would have a negative impact on our revenue , cash flows and financial condition . based on our current projections , we believe that cash generated from operations will be sufficient for us to satisfy our cuso rsa and peaks guarantee payments , working capital , loan repayment and capital expenditure requirements over the 12-month period following the date that this annual report on form 10-k was filed with the sec . we also believe that any reduction in cash and cash equivalents that may result from their use to make payments under the cuso rsa and peaks guarantee or repay loans will not have a material adverse effect on our planned capital expenditures , ability to meet any applicable regulatory financial responsibility standards , ability to satisfy the financial covenants under the financing agreement or ability to conduct normal operations over the 12-month period following the date that this annual report on form 10-k was filed with the sec . our projections , however , are estimates , which are based on numerous assumptions and , therefore , may not prove to be accurate or reliable and involve a number of risks and uncertainties . see part i , item 1 , risk factors and note 16  risks and uncertainties of the notes to consolidated financial statements for a further discussion of those risks and uncertainties . consolidations and core operations our consolidated financial statements as of and for the fiscal year ended december 31 , 2014 include the results of operations , financial condition and cash flows of the cuso and the peaks trust , two variable interest entities that we were required to consolidate in our consolidated financial statements . beginning on september 30 , 2014 , our consolidated financial statements include the cuso , and beginning on february 28 , 2013 , our consolidated financial statements include the peaks trust . we included the cuso in our consolidated financial statements beginning on september 30 , 2014 , because we were considered to have the power to direct the activities that most significantly impact the economic performance of the cuso under asc 810 , consolidation ( asc 810 ) , on that date . we determined that the activities that most significantly impact the economic performance of the cuso involve the servicing ( which includes the collection ) of the private education loans made under the cuso program ( the cuso student loans ) . we were considered to have the power to direct the servicing activities of the cuso student loans as a result of our substantive ability to terminate the servicing agreement that governs the servicing activities of the cuso student loans ( the cuso servicing agreement ) . pursuant to the cuso servicing agreement , if the entity that performs the servicing activities on behalf of the cuso ( the cuso program servicer ) fails to meet certain performance criteria specified in the cuso servicing agreement , and the cuso program servicer does not affect a cure of that failure during a specified cure period , we would have the right to terminate the cuso servicing agreement . we believe that the cuso program servicer failed to meet the performance criteria specified in the cuso servicing agreement on september 30 , 2014 , and that it was not reasonably possible that the cuso program servicer would be able to affect a cure during the 90-day cure period . story_separator_special_tag -55- general as of december 31 , 2014 , we had 144 college locations in 39 states , which were providing education programs to approximately 53,000 students . in 2014 , we derived approximately 97 % of our revenue from the core operations from tuition and approximately 3 % from the sale of tool kits and fees , charged to and paid by , or on behalf of , our students . most students enrolled in our education programs at our institutions pay a substantial portion of their tuition and other education-related expenses with funds received under various government-sponsored student financial aid programs , especially title iv programs . our revenue from the core operations varies based primarily on the following factors : the aggregate student population , which is influenced by the number of students attending our institutions at the beginning of a fiscal period and student retention rates ; the amount of tuition charged to our students ; and the levels of availability and utilization of institutional scholarships , grants and awards . new students generally enter our education programs at the beginning of an academic term that typically begins for most education programs in early march , mid-june , early september and late november or early december . we believe that the changes to our institutions ' aggregate student population in recent years was primarily due to : our prospective students ' greater sensitivity to the cost of a postsecondary education ; our prospective students ' uncertainty about the value of a postsecondary education due to the prolonged economic and labor market disruptions ; changes that we made to education program offerings at select campuses , which resulted in a more significant decline in new student enrollment in the criminal justice programs of study compared to our institutions ' other curricula ; and the discontinuation or suspension of new student enrollments at select locations . in order to participate in title iv programs , a new campus must be authorized by the state in which it will operate , accredited by an accrediting commission recognized by the ed , and certified by the ed to participate in title iv programs . the ed 's certification process can not commence until the location receives its state authorization and accreditation . we generally earn tuition revenue on a straight-line basis over the length of each of four , 12-week academic quarters in each fiscal year . state regulations , accrediting commission criteria and our policies generally require us to refund a portion of the tuition and fee payments received from a student who withdraws from one of our institutions during an academic term . we recognize immediately the amount of tuition and fees , if any , that we may retain after payment of any refund . revenue that we recognize after each consolidation also includes student loan interest income on the related private education loans , which is the accretion of the accretable yield on those private education loans . we incur expenses throughout a fiscal period in connection with the operation of our institutions . the cost of educational services includes salaries of faculty and institution administrators , cost of course materials , occupancy costs , depreciation and amortization of equipment costs , facilities and leasehold improvements , and other miscellaneous costs incurred by our institutions . student services and administrative expenses from the core operations include marketing expenses , an expense for uncollectible accounts and administrative expenses incurred primarily at our corporate headquarters . marketing expenses include advertising expenses and salaries and employee benefits for recruiting representatives . after each consolidation , student services and administrative expenses also include expenses incurred by the peaks trust and the cuso , as applicable , primarily related to fees for servicing the private education loans held by that entity and various other administrative fees and expenses of that entity . in 2014 , we continued to add education program offerings among existing campuses . we also continued our efforts to diversify our education program offerings by developing education programs at different degree levels in both technology and non-technology fields of study that we intend to offer at our campuses and deliver entirely in residence , entirely online over the internet or partially in residence and partially online . in 2014 , we did not begin operations at any new itt technical institute campuses or learning sites . as part of our efforts to maximize the efficiency and effectiveness of our current campus locations , during 2014 , we : relocated three of our campuses into existing facilities of other itt technical institute campuses ; converted one of our learning sites into an itt technical institute campus ; closed one of our learning sites ; closed four of our itt technical institute campuses ; and decreased the number of our campuses that offer bachelor degree programs from 134 to 130. the following table sets forth select operating statistics for the periods indicated : replace_table_token_15_th -56- in 2015 , we intend to add more of our current education program offerings among most of our institutions ' locations . we also plan to continue developing new education programs in both technology and non-technology fields , but primarily in technology-and healthcare-related disciplines . we believe that those programs of study will be at different education levels and delivered in a variety of formats , including entirely in residence , entirely online or partially in residence and partially online . in december 2014 , the ed did not approve our application to offer four new degree programs at the itt technical institutes due to administrative capability issues reported in recent compliance audits and ed program reviews . in march 2015 , the ed approved six and denied two new degree programs that we had applied to offer at daniel webster college . the basis for disapproval was due to administrative capability issues reported in recent compliance audits and ed program reviews . while our

