The University of Arkansas system formed a nonprofit that could purchase the for-profit online university
On Wednesday, the faculty senate at the flagship University of Arkansas in Fayetteville sent UA System President Donald Bobbitt a letter imploring him to reconsider the proposed union.
But Bobbitt said that when a consulting firm approached UA about taking a look at Phoenix nearly two years ago, he saw an opportunity for unparalleled growth. The Arkansas system formed a nonprofit in August called Transformative Education Services Inc., or TES Inc., to acquire Phoenix. The nonprofit’s board of trustees will include appointees from the UA board.
By putting distance between Phoenix and the Arkansas system, university leadership is trying to shield its state schools from the debt and liabilities of the for-profit giant. If Phoenix became a member school, it could influence the bond rating of the entire system and impact other institutions’ ability to borrow.
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