The following words and phrases used in this chapter shall have the following meanings unless the context clearly indicates otherwise:

(1)  “High School Graduation Rate” is defined as the percentage of the “four (4) year adjusted cohort” who attended high school in the school district, and earned a regular high school diploma “on time” as calculated using the “graduation rate formula.”

(2)  “Graduation Rate Formula” defines the formula for calculating the graduation rate as the number of students who earned an “on time” diploma divided by the number of students who formed the four (4) year adjusted cohort for that graduation class. It may be expressed as follows: Graduation rate= (On time graduates in year x) divided by (the number of students who entered grade 9 together in year x-4) + (transfers) — (transfers out and deceased).

(3)  “On Time” means that students who earned a regular high school diploma from the district at the conclusion of their fourth (4th) year or before. This may include graduates who earned their diploma during a senior summer session in those districts offering summer sessions for seniors.

(4)  “Four-Year Adjusted Cohort” is defined as the students who entered grade 9 together; and, any students that transferred into the district in grade 10 through 12. Students that the district can confirm have either transferred out of the district, or are deceased, are removed from the cohort. All other students, including those retained in grade, those who enroll in a GED program, or take leave of school for any other reason, are not counted as transfers and remain in the “four-year adjusted cohort.” Students who are retained in grade, or take leave of school and return are counted only once as part of their initial “four-year adjusted cohort.”

(5)  “Transfers In” are students who entered any high school after the beginning of the entering cohort’s first year in high school in the district up to and including grade 12.

(6)  “Transfers Out” are students the district can confirm with supporting documentation as having transferred out of the district to enroll in another high school outside the district, or other educational program for which they are expected to receive a regular high school diploma. Confirmation of transfer to another school/program shall be in the form of formal, written documentation that the student enrolled in the receiving school. “Transfers Out” does not include students enrolled in a GED or other alternative educational program that does not issue or provide credits toward the issuance of a regular high school diploma.

(7)  “Board of Regents” means the state board of regents for elementary and secondary education established in chapter 16-60.