For-profit Grand Canyon U may become nonprofit
- For-profit Christian institution Grand Canyon University is considering making the transition to nonprofit.
- Inside Higher Ed reports that the move is being considered due to "stigma" that being a for-profit university carries, and that such a move would also be the first for a publicly traded higher ed provider.
- With 68,000 students, GCU is worth $2 billion, making it one of the only successful companies in the sector right now.
Other reasons the university is considering the move: its stock price is idling, it would have a lower tax burden, and it would be able to offer tax write-offs to donors.
Inside Higher Ed points out that going nonprofit could successfully combat criticism related to its for-profit status from the likes of Arizona State University President Michael Crow, and it wouldn't be alone in making such a move. Kaiser University, Rasmussen College, and Remington College all made similar moves — but they weren't publicly traded. GCU would find itself with the unique predicament of having to seek shareholder approval and buy back shares from investors.
- Inside Higher Ed Grand Canyon Rethinks For-Profit Status
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