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Accreditation is the process by which institutions of higher education are evaluated and qualified as such. There are various bodies that accredit universities in the United States.
Wikiversity does not confer academically accredited degrees, diplomas, certificates, titles, etc. The Wikimedia Foundation Board of Trustees has directed the Wikiversity community away from accreditation. See the feedback from the Board on the original Wikiversity project proposal.
Accreditation outside of Wikiversity 
United States 
Accreditation in the United States is a fairly simple process. Schools must show accreditors that they have clear academic goals and the financial and human resources to achieve those goals. The main purpose of accreditation is to ensure that the university doesn't go bankrupt while students get their degrees.
It's also probably unnecessary for Wikiversity. There are several ways of converting knowledge to degrees, that it's not necessary for Wikiversity IMHO to reinvent the wheel.
Roadrunner 21:27, 5 August 2006 (UTC)
See also 
- Wikiversity:FAQ#Credentials, diplomas & provenance
- Wikipedia: Educational accreditation
- Wikiversity:Creation of Free Online University