SAN DIEGO, Feb. 15, 2019 /PRNewswire/ -- Ashford University announced today that AU NFP received determination from the Internal Revenue Service that it is exempt from federal income tax under Internal Revenue Code (IRC) Section 501 (c) (3). This determination is one of the steps needed in the process of separating from Bridgepoint Education and converting to an independent, self-governed institution. AU NFP is a nonprofit California public benefit corporation.
"We are pleased with the information we received from the Internal Revenue Service, bringing us closer to becoming an independent, self-governed institution," said Dr. Craig Swenson, Ashford University president and CEO. "Once completed, we will focus on what we do best— innovative curriculum and instruction, and providing access to learning to help students achieve their goals."
The final conversion and separation is subject to additional approvals.