Herzing University Ltd (Formerly Herzing Educational Foundation Ltd)

“Henry herzing and ava youngblood are on the herzing inc. Board together.”

“A copy of the 990 is provided to each board member for review prior to submitting it to the internal revenue service.”

“All conflict of interest statements are reviewed by the executive director and the president.”

“Documents are available upon request.”

“During 2014, the foundation entered into an agreement to acquire the educational operations and assets of herzing, inc., by means of a corporate merger transaction. Under the agreement, the foundation planned to take over the operations of herzing university, an institution of higher learning accredited by the higher learning commission that operates in multiple states, in order to turn herzing university, previously a for-profit institution, into a nonprofit higher education institution. The foundation's becoming the operator of herzing university under this agreement furthers the foundation's stated purpose in its bylaws to provide "assistance to worthy and needy students" by "making available...such other activities as will result in the advancement of education." this expansion and refocusing of the foundation's activities also furthers the foundation's mission "to provide higher education opportunity and access to future leaders, digital citizens, thinkers and innovators," as stated in the foundation's original form 1023 application filed in 2009. During 2014, as part of the acquisition process, the foundation's board of directors appointed an independent executive committee of the board consisting solely of outside directors having no conflict of interest with respect to the transaction, in compliance with treas. Reg. 53.4958-6, in order to review and either approve or disapprove the transaction. This review process expressly included assuring the foundation would pay no more than fair market value for the herzing university assets, based on an independent professional appraisal. The independent executive committee, after reviewing the outside valuation appraisal and all other aspects of the proposed transaction, approved the transaction in december 2014, with an expected closing date of january 1, 2015. The transaction did occur on january 1, 2015, as approved by the foundation's independent executive committee. Therefore, as of january 1, 2015, the foundation was renamed herzing university, ltd., and it now operates herzing university as a nonprofit institution of higher education accredited by the higher learning commission. Additional details of the transaction and herzing university's activities will be disclosed in the organization's form 990 for the calendar year 2015, the year in which the transaction occurred and the year in which the organization began operating herzing university on a nonprofit basis.”