Wednesday, March 11, 2015

The profit of nonprofit: Leaders of former for-profits raking in money - Tara García Mathewson, Education Dive

The New York Times investigated the shift to nonprofit status by a number of private colleges and universities and found that school leadership has earned millions in the process. In 2011, the owners of Florida-based Keiser University sold the school to the nonprofit Everglades College, which they had originally created, and then continued to run the university much as they had before. University President Arthur Keiser’s salary was $856,000 more than the Harvard president’s in 2012, according to the New York Times’ review of tax returns.Critics claim the move from for-profit to non-profit status is done to avoid federal regulations or, more benignly, the bad reputation for-profit colleges have earned in recent years.

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