Buffalo-based Bryant and Stratton College is in the process of converting to nonprofit status, according to school representatives and documents filed with the state Department of Education.
The change has already been made with the state Board of Regents and the Middle States Commission on Higher Education, the school’s accreditor. It is now waiting for final approval from the U.S. Education Department.
The switch from for-profit to nonprofit status will have little immediate impact on students or the school’s mission, President Fran Felser said in a video message posted to YouTube Nov. 23 and subsequently removed.
The main benefit, he said, is financial: namely, the opportunity to stop paying income taxes.
“The college needs to change and grow to remain viable and the college needs cash – all organizations need cash – to invest in those initiatives and change and grow to remain viable,” Felser said. “We will be able to invest more into the college for the benefit of our students.”