A Buffalo, NY for-profit college is converting to a nonprofit college. We know of course that for-profit colleges generally have a reputation for failing to deliver a quality education or at least an education that results in jobs. We know also that for-profits tend to charge more and more goes into the pockets of the owners. I do not however know how much of this is true for this particular college. Just the same, it's going to change. Interestingly, there's no mention of who will be this colleges new board/trustees/governors. Historically, institutions of higher learning do not have strong reputations for maintaining a community/student role in governance. That would be my suggestion especially now that the school is off the tax roles.
Anyway, here's the bizjournals story
Leadership at Bryant & Stratton says benefits of switch to nonprofit status are plentiful
Amid a year of change for Bryant & Stratton College, the final steps of perhaps the biggest switch are soon at hand.
Administrators at the Buffalo-based college say a switch to nonprofit status should be finalized by early summer with final federal approvals.
The for-profit college has been in the hands of the family of Bryant H. Prentice III since its founding in 1854. Now 80 and without any family members who want to take over, Prentice decided the time has come to turn over the college to a nonprofit foundation for the sake of current and future students, President Fran Felser said. The Buffalo-based Prentice Family Foundation, which was established in 2005 to invest in workforce development and college scholarships, will receive a substantial donation. Administrators would not disclosed the operation's estimated value.
"He and his wife have been reflecting on, 'What is in the best interest of the college?' " said Felser, who serves on the foundation. "We're doing this now while Mr. Prentice can participate in managing the process. It's broad. It will have a profound impact on Western New York."
Then, of course, there's the money. As a nonprofit, the college would no longer have to pay federal income tax. And accompanying the transition is a strategic plan that will help identify ways to run more efficiently, Felser said. That could result in cost savings for the administration that may, in turn, result in lower tuition costs. Some grant opportunities may open up due to the college's new status, Felser said, and more fundraising opportunities will open up, with reduced costs accompanying them.