The accrediting agency will require you to show that your college has a clear mission statement that is available to the public, and that your educational programs match the mission of the school. You also will have to show that you have enough administrators (board members, a CEO, deans, and the like) to meet local education laws and to run the school effectively. You also probably will have to show evidence that the administrators have the educational and career backgrounds necessary to do their jobs effectively, and that the college has a sound financial structure (for example, that you create an annual budget and have institutional insurance).
Any accrediting agency that is recognized by the Department of Education will visit your campus before issuing accreditation. The agency will want to see that you have enough space to create a decent learning environment for your students, and that you have all the equipment (such as stocked science laboratories) and resources (such as libraries and computer centers) that your students will need through the course of their studies.
Each agency has requirements for ensuring that the degrees you grant have value. For example, you might have requirements for how many courses are required for each degree, and a requirement to show that each degree program offers courses that lead to a comprehensive and meaningful education. You might have a requirement that each degree program has its own administrator or faculty adviser, or that each course has a syllabus.
You also might have to show that your college has procedures in place for grading students, for deciding which students cannot stay in your program because they are not progressing and for providing tutoring services.
Most of the accrediting agencies have graduation rate policies; if few of your students graduate from your college, you could lose your accreditation. The same is true if few of your students gain employment or graduate-school admissions upon completing their courses of study.
All the accrediting agencies require that you have enough instructors to effectively teach your students, and that each faculty member is qualified to teach at the college level. You need to keep records of your faculty members' resumes, degrees, and professional licenses. Some agencies also require that you provide teacher-training to the faculty.
The accrediting agency will want to see evidence that you are honest with students about how much their education will cost: that you disclose all tuition and fees before students enroll, that you have a fair refund policy, and that if you make changes to your fee structure, you give adequate advance notice to the students. Some accrediting agencies also require evidence that you encourage students to repay their student loans.
Although each accrediting agency phrases it differently, they each want evidence that you maintain "truth in advertising"--that you are honest when recruiting students, about the type of education you offer and how it might benefit them. Each agency also wants evidence that your recruiters act ethically--for example, that they do not try to lure students away from other colleges and that they do not offer cash prizes for enrollment. The agency will want to see a copy of your catalogue, both to check that it is accurate and that it provides comprehensive and realistic information to prospective students about what they can expect at your school. You also will have to show that your admissions policies are fair and legal.