Some owners of private colleges turn tidy profit by going nonprofit

After a multimillion-dollar government crackdown on the career-training industry, many for-profit private colleges have been forced to shut down.

However, a few schools have decided to move out of that side and into the more traditional higher education institutions. Take for example, Keiser University. In 2011, the Keiser family, who owned and founded the university, sold it to a nonprofit school called Everglades College. As a result of that, Arthur Keiser, the new president of Everglades, earned $856,000 more than the president at Harvard.

The main reason for the increase in salary - nonprofits do not have to pay taxes, according to the New York Times. Keiser University is currently valued at $521 million.

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