Touro College Online Division was sold to a private equity firm for $190 million.
Summit Partners was the buyer.
Touro University International is California-based, (we do things differently out here), independently accredited and an arm of the New York non-profit college.
So...I wonder...if a non-profit college makes a profit on the sale of one of its divisions...where does that profit go?
Into its endowment? Is that legit?
Touro College's endowment fund WAS $36 million. It's likely to be much more than that now.
So, why can nonprofits have HUGE savings accounts that make money through investments and interests but still NOT have to pay taxes?
Doesn't seem right to me.
What do you think?
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