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The university will still be governed by its 25-member Board of Trustees.
The university is now listed as a 501(c)(3) nonprofit on the IRS website, said Michael Dobzinski, IRS spokesman.
What it means Until now, if members of the community or alumni wanted to donate to the university, their gifts were only tax deductible if they gave to certain nonprofit arms of the university, such as its scholarship fund, art museum or athletic foundation.
The for-profit arm of the university – Bob Jones Education Group, Inc.
– will include the BJU Press, University Cleaners and the Bob Jones Academy middle and high schools.
The university’s assets will effectively be split between the two organizations. will include the university and most of its facilities, the art museum, elementary school and child development center.
BJU Press writers also will come under the umbrella of BJU, Inc.“Organizing as a tax-exempt entity is something BJU has needed to do for quite some time,” Pettit said.In his first meeting with the university’s Cabinet, Pettit said he believed it was appropriate for BJU to seek its tax-exempt status because the university doesn’t believe the positions it once held about race.Pettit called the university’s racist policies a social issue that was not biblical.“The Bible is very clear,” Pettit said as he announced the change to the university Wednesday night.It also moves BJU from a for-profit college to a nonprofit classification with the U. Department of Education, “which is frequently perceived more favorably by the public,” Page said. And though the university operates debt-free and doesn’t plan to take on debt, it could potentially save through lower interest rates if it chose to take on debt, Page said.Tags: Adult Dating, affair dating, sex dating