Cleary Gottlieb recently assisted The Century Foundation in a report on “covert for-profit colleges” – institutions that become nonprofits to avoid federal regulations, while continuing to provide financial benefits to former owners. The report prompted an October 22 letter from several U.S. Senators to the Department of Education and the IRS, seeking regulatory action against these “sham non-profits”. The Century Foundation is a policy think tank established in 1919 by the founder of Filene’s department store.
