Owens Co-Sponsors the Change of Ownership and Conversion Improvement Act

WASHINGTON, D.C. – Today, Rep. Burgess Owens (UT-04) co-sponsored Rep. Fred Keller’s (PA-12) Change of Ownership and Conversion Improvement Act, legislation to ensure that institutions of higher education that are interested in changing ownership or converting from for-profit to nonprofit or public status are not slowed down by the U.S. Department of Education’s broken application process.

“Education is the greatest gift we can provide to the next generation of Americans, and supporting our nation’s higher education institutions should be a top priority.” Said Rep. Owens. “I’m a proud co-sponsor of Congressman Keller’s Change of Ownership and Conversion Improvement Act to increase accountability and add transparency in the Department of Education’s change of ownership and conversion to nonprofit status evaluations.”

Specifically, the Change of Ownership and Conversion Improvement Act would:

  • Shift the burden of processing applications from taxpayers to institutions by requiring the institution to pay an administrative fee when applying. The Department of Education will use these fees to hire staff to reduce the application processing time.
  • Create numerous safeguards to ensure that any application for a conversion is rigorously evaluated. Specifically, it requires all sales to be at or below fair market value and that any transaction involving an insider to be approved by an independent committee of directors for the institution.
  • Prohibit institutions from advertising as a nonprofit until after the Department has approved the transaction.
  • Require any institution that has recently converted to be subject to a five-year monitoring period and pay a fee to the Department and the IRS to fund monitoring costs.

The bill’s full text is available here.


Recent Posts

Feb 5, 2024

Utah Congressional Delegation Announces Passport Fairs in Coordination with State Department

Utahns can obtain passport services at five events throughout the state from February 13 – 17 Representative Burgess Owens (UT-04) joined U.S. Senators Mike Lee (R-UT) and Mitt Romney (R-UT), and Representatives John Curtis (UT-03), Blake Moore (UT-01), and Celeste Maloy (UT-02), in coordination with the Department of State, to announce five “Passport Fairs” throughout the […]

Feb 1, 2024

Owens Water Quality Bill Clears T&I Committee

WASHINGTON – The House Transportation and Infrastructure Committee included the Water Quality Criteria Development and Transparency Act, introduced by Rep. Burgess Owens (UT-04), in H.R. 7023, the Creating Confidence in Clean Water Permitting Act, which passed out of committee with bipartisan support. Owens’ legislation sets forth clearer procedures for the U.S. Environmental Protection Agency (EPA) […]

Jan 31, 2024

Ed Committee Approves Owens Amendment Enhancing College Cost Reduction Act 

WASHINGTON – Today, the Education and the Workforce Committee passed the College Cost Reduction Act, which includes an amendment by Rep. Burgess Owens (UT-04), chair of the Higher Education and Workforce Development Subcommittee. Owens’ amendment clarifies the calculation of reimbursement payments, improves college transparency provisions, and changes the funding structure of the PROMISE program. “The […]