And the so call non-profits make a huge amount of money.
Non-profit in name only.
It was taken over by ITT when the predecessor school went bankrupt in 2009.
All in all, they delivered a good product in the classroom and online.
However, they committed the unpardonable sin of being a non-union company.
Hence, the Obama Dept. of Education executed them in September of 2016.
They may not be in it for the profit, but they are in it for all the money they can stuff into their endowments.
Excellent article.
In what way are the vaunted “not for profits” not raking in monies?
accounting practices do not make virtue.
Consider a tax of 2 percent on endowments that exceed $100,000 per enrolled student, stepping up progressively to a maximum of 5 percent for endowments that exceed $1 million per student.
Example: Harvard’s per student endowment is $1.8 million per student. Yale’s is $1.9 million. Both would thus qualify for the 5 percent endowment tax. Their combined endowments are $50 billion. My proposed tax thus provides the federal government with $2.5 billion in tax revenue earmarked for education. This would help de-concentrate the power held by the leftist institutions of the elite.
The admissions scandal has reveal an interesting fact about these elite colleges; they are high priced diploma mills.
Parents were willing to commit criminal acts and paid the bribes with no fear their academically unqualified child would flunk out. They knew if the school collected enough tuition, a diploma would be given.
“If the goals of Title IV and other federal programs,” they write, “are to make it easier for marginal students to pursue educational opportunities, then pulling loan and grant money from only those programs that are disproportionately likely to serve marginal (and often marginalized) students is counterproductive.”
Careful. A thought like that and a cold drink of water could kill an education bureaucrat.
Mostly useless majors AND expensive. You can always tell the left is in charge.