Establish a transparent federal process for approving conversions of for-profit schools to nonprofit schools, with certification requirements to prevent private profiteering.

Establish a transparent process for approving the conversion of a for-profit school to a nonprofit school, including requiring institutions to certify that: The institution is a nonprofit, and maintains 501(c)(3) status with the IRS; Assets and services acquired from previous owners of the institution were not acquired for more than their fair value, demonstrated by a third-party appraisal, independent financing of the acquisition or full and open competition in the acquisition process; No member of the board or person with the power to appoint board members receives any economic benefit from the institution; and None of the core functions of the institution are controlled by a for-profit entity.

The press release says the Students Not Profits Act, sponsored by Rashida Tlaib, would create a transparent approval process for for-profit-to-nonprofit school conversions and require safeguards against private economic benefit or for-profit control.

Jayapal Introduces the Students Not Profits Act - Congresswoman Pramila Jayapal
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