Education Management Corporation#Recent history

Eighty percent of Education Management's funds came from US government funds, from US Department of Education Title IV programs (Pell Grants and federal student loans), the US Department of Defense, and the Veterans Administration. In 2009, EDMC allocated 21.6 percent of its revenue, or $435 million, to marketing and recruiting, and 16 percent, or $319 million, to profit.http://www.help.senate.gov/imo/media/for_profit_report/PartII/EDMC.pdf {{Bare URL PDF|date=March 2022}} EDMC spent over $500,000 per year on lobbyists between 2010 and 2015.{{cite web|url=http://www.opensecrets.org/lobby/clientsum.php?id=D000033384&year=2016|title=Lobbying Spending Database - Education Management Corp, 2016 - OpenSecrets|website=www.opensecrets.org|access-date=September 8, 2017}}

EDMC operated through four major groups of schools, Argosy University, The Art Institutes, Brown Mackie College, South University. It also owned a law school, Western State University College of Law.

Programs offered included doctoral, master's, bachelor's, associate and certificate level.{{cite news |url=https://www.nytimes.com/2006/03/06/business/06education.html?_r=1& |title=Education Management Said to Be Sold for $3.4 Billion |first=Andrew Ross |last=Sorkin |date=March 6, 2006 |newspaper=The New York Times |access-date=February 14, 2013}}{{cite news |url=http://www.post-gazette.com/stories/business/news/edmc-puts-plans-to-expand-on-hold-259326/ |title=EDMC puts plans to expand on hold |first=Ann |last=Belser |date=March 29, 2012 |work=Pittsburgh Post-Gazette |access-date=February 24, 2013}}

As of January 2013, EDMC operated 110 colleges and universities in 32 U.S. states and Canada.{{cite news |url=http://triblive.com/business/headlines/3558038-74/edmc-company-percent |title=Education Management CEO praises back-to-basics strategy |first=Andrew |last=Conte |date=February 28, 2013 |work=Pittsburgh Tribune-Review |access-date=March 4, 2013}}{{cite news |title=Education Management's profit falls 51%; sale-leaseback of Art Institute studied |first=Thomas |last=Olson |url=http://triblive.com/business/headlines/3394178-74/cents-million-company#axzz2O1YAYYkQ |work=Pittsburgh Tribune-Review |date=January 30, 2013 |access-date=March 20, 2013}}

Argosy University became part of EDMC in July 2001, when Education Management Corporation acquired Argosy Education Group.{{cite news |title=Company News |url=https://www.nytimes.com/2001/07/10/business/company-news-trade-school-operator-making-78-million-acquisition.html |work=The New York Times |date=10 July 2001 |access-date=7 August 2013 |archive-url=https://web.archive.org/web/20160305222259/http://www.nytimes.com/2001/07/10/business/company-news-trade-school-operator-making-78-million-acquisition.html |archive-date=March 5, 2016 |url-status=live |df=mdy-all }} Argosy schools were sold along with other EDMC schools to Dream Center in 2017.{{cite web|url=https://www.bizjournals.com/pittsburgh/news/2017/10/17/dmc-completes-sale-of-assets-to-dream-center.html|title=EDMC Completes Sale of Assets to Dream Center Foundation}} All Argosy campuses were officially closed on March 8, 2019.{{cite web|url=https://www.azcentral.com/story/news/local/arizona-education/2019/03/06/argosy-university-could-close-this-week-without-buyer-school-says/3086670002/|title=Argosy University may close campuses across the country as soon as Friday|website=azcentral|access-date=March 8, 2019}}

The Art Institutes, of which there were approximately 50 locations in the U.S. and Canada, offered programs in design, fashion, media and culinary arts.{{cite web |url=http://www.edmc.edu/About/ArtInstituteSchools.aspx |title=The Art Institutes |work=edmc.edu |publisher=Education Management Corporation |access-date=April 1, 2013 |archive-date=April 25, 2013 |archive-url=https://web.archive.org/web/20130425103729/http://www.edmc.edu/About/ArtInstituteSchools.aspx |url-status=dead }} In 2017, Education Management Corporation sold the existing Art Institutes to The Dream Center Foundation, a Los Angeles-based Pentecostal organization.{{cite web|url=https://www.washingtonpost.com/news/grade-point/wp/2017/03/03/art-institute-campuses-to-be-sold-to-foundation/|title=Art Institute campuses to be sold to foundation|first=Danielle|last=Douglas-Gabriel|date=3 March 2017|access-date=9 June 2018|via=www.washingtonpost.com}}{{cite web|url=https://www.insidehighered.com/news/2017/03/03/large-profit-chain-edmc-be-bought-dream-center-missionary-group|title=Inside Higher Ed's News|website=www.insidehighered.com|access-date=9 June 2018}} The sale was complete in October 2017.{{Cite news|url=http://www.post-gazette.com/business/career-workplace/2017/10/18/EDMC-completes-sale-of-schools-to-Dream-Center-Art-Institute/stories/201710180113|title=EDMC completes sale of schools to Dream Center|work=Pittsburgh Post-Gazette|access-date=2017-10-21|language=en|last1=Moore |first1=Daniel}} As of August 2019, eight locations remain open to new students, operated by the Education Principle Foundation, and no longer connected to EDMC or Dream Center. All remaining Art Institute schools will close on September 30, 2023.{{cite web |url=https://www.artinstitutes.edu/miami |title=Closed school information page |publisher=The Art Institutes |date=2023 |accessdate=September 24, 2023 |archive-date=August 19, 2022 |archive-url=https://web.archive.org/web/20220819211324/https://www.artinstitutes.edu/miami |url-status=dead }}{{cite news |last1=Small |first1=Zachary |title=Sudden Closure of Art Institutes Leaves 1,700 Students Adrift |work=The New York Times |date=September 25, 2023 |url=https://www.nytimes.com/2023/09/25/arts/design/art-institutes-closures.html |access-date=25 September 2023}}

Brown Mackie College offered programs in health sciences, business, legal studies, information technology and design technology at the associate and bachelor's level. The school also offers diploma and certificate programs. In 2012, there were 28 Brown Mackie College locations in the U.S.{{cite news |title=Brown Mackie eliminating printed textbooks in favor of iPad |first=James |last=Aldridge |url=http://www.bizjournals.com/sanantonio/news/2012/04/26/brown-mackie-eliminating-printed.html |work=San Antonio Business Journal |date=April 26, 2012 |access-date=April 1, 2013}} In June 2016, it was announced that 22 of 26 Brown Mackie campuses were closing.{{cite web|url=https://www.insidehighered.com/news/2016/06/15/decreases-enrollment-lead-brown-mackie-closing|title=Decreases in enrollment lead to Brown Mackie closing|access-date=9 June 2018}} The Akron campus was closed in September 2006.{{Cite web| last = Lang| first = Ryan| title = Brown Mackie Closing Akron Campus| access-date = 2019-06-09| url = https://www.wakr.net/news/item/161389-brown-mackie-closing-akron-campus| archive-date = June 9, 2019| archive-url = https://web.archive.org/web/20190609154608/https://www.wakr.net/news/item/161389-brown-mackie-closing-akron-campus| url-status = dead}} The last three campuses were sold to Ross Medical Education Center in 2017.{{Cite web| last = Baker| first = Deirdre| title = Brown Mackie College changes hands| work = The Quad-City Times| date = January 31, 2017| access-date = 2019-06-09| url = https://qctimes.com/news/local/education/brown-mackie-college-changes-hands/article_caac78ef-8eac-54a4-8f5d-8f9c0e252e7c.html}}

South University was a for-profit university with its main campus in Savannah, Georgia. Additional locations are in Alabama, Florida, Georgia, South Carolina, Texas, and Virginia. Education Management Corporation acquired South University in 2003. The schools were sold along with other EDMC schools to Dream Center in 2017.

EDMC was incorporated in Pennsylvania in 1962 and acquired its first educational institution in 1969 with the purchase of the nearly 50-year-old Art Institute of Pittsburgh.{{cite news |title=Robert B. Knutson |url=http://www.twst.com/interview/944 |work=The Wall Street Transcript |date=May 18, 1998 |access-date=April 4, 2013}}{{cite news |url=https://www.huffingtonpost.com/2011/10/14/goldman-sachs-for-profit-college_n_997409.html |title=With Goldman's Foray Into Higher Education, A Predatory Pursuit Of Students And Revenues |first=Chris |last=Kirkham |date=October 24, 2011 |work=The Huffington Post |access-date=February 14, 2013}}{{cite news |title=Art Institute Provides Professional Training |url=https://news.google.com/newspapers?id=kjwbAAAAIBAJ&pg=4796,5132346&dq=art+institutes+pittsburgh+1921&hl=en |work=The Pittsburgh Press |date=August 15, 1948 |access-date=May 23, 2013}}

In June 1986, Robert Knutson and Merrill Lynch Capital Partners led a recapitalization of the company in which Richard Royston, co-CEO, was bought out. At the time there were eight Art Institutes. In October 1996 the EDMC conducted an initial public offering (${{formatprice|{{Inflation|US|45000000|1996|r=1}}}} in {{Inflation-year|US}} dollars).{{cite news |title=Education Management Buys Rival |first=Eve |last=Modzelewski |url=https://news.google.com/newspapers?nid=1129&dat=20010711&id=8ZkNAAAAIBAJ&pg=6805,97931 |work=Pittsburgh Post-Gazette |date=July 11, 2001 |access-date=April 4, 2013}} By 1998, EDMC served 17,400 students at 15 Art Institutes and three additional schools.

In July 2001, EDMC purchased Chicago-based Argosy Education Group, the operator of Argosy University campuses, for $78 million (${{formatprice|{{Inflation|US|78000000|2001|r=1}}}} in {{Inflation-year|US}} dollars). The acquisition allowed EDMC to offer programs in law, education and business.

In 2003 EDMC acquired the health sciences-focused South University in April{{cite news |title=Education Management Corp. Pittsburgh, Pennsylvania; Educator Does Its Homework On Hot Trends |first=May |last=Reeves |url=http://www.accessmylibrary.com/article-1G1-101951271/education-management-corp-pittsburgh.html |work=Investor's Business Daily |date=May 19, 2003 |access-date=April 4, 2013}}{{cite news |url=http://w3.nexis.com/new/docview/getDocForCuiReq?lni=48GS-PK80-009F-S3RR&csi=304481&oc=00240&perma=true |title=South University sold to education management company |date=April 30, 2003 |agency=Associated Press |access-date=February 14, 2013}} and 18 schools operated by the Ohio-based American Education Centers in June, which were re-branded Brown Mackie College a year later.{{cite web |url=http://www.edmc.edu/About/History.aspx |title=EDMC History |work=EDMC.edu |publisher=Education Management Corporation |access-date=February 19, 2013 |archive-date=May 3, 2016 |archive-url=https://web.archive.org/web/20160503195751/http://www.edmc.edu/about/History.aspx |url-status=dead }}{{cite news |title=AEC to be sold to Pittsburgh company |url=http://www.bizjournals.com/dallas/stories/2003/06/23/daily13.html |work=Dallas Business Journal |date=June 24, 2003 |access-date=March 19, 2013}} In September 2003, former Maine governor John McKernan became EDMC chief executive officer, serving until 2007.{{cite news |title=Company chaired by former Gov. McKernan wants federal lawsuit thrown out |first=Matt |last=Wickenheiser |url=http://bangordailynews.com/2011/10/05/business/lawyers-for-education-company-with-mckernan-ties-ask-court-to-dismiss-suit/ |work=Bangor Daily News |date=October 5, 2011 |access-date=May 20, 2013}} He oversaw continued acquisitions of existing art and design schools in the U.S. and Canada, construction of new Art Institute locations and the establishment of on-line education programs.

Goldman Sachs, Providence Equity Partners and Leeds Equity Partners acquired EDMC and its 70 schools for $3.4 billion in March 2006 (${{formatprice|{{Inflation|US|3400000000|2006|r=1}}}} in {{Inflation-year|US}} dollars). On June 1, 2006, EDMC was taken private again in the largest for-profit education sector buyout at that time.{{cite news |url=http://www.pghcitypaper.com/pittsburgh/for-profit-educator-edmc-gives-employees-a-tough-lesson-in-modern-business/Content?oid=1487478 |title=For-profit educator EDMC gives employees a tough lesson in modern business |first=Charlie |last=Dietch |date=October 24, 2011 |work=Pittsburgh City Paper |access-date=February 12, 2012}}{{cite news |first=John |last=Hechinger |title=Goldman Schools Students on Debt |url=http://www.businessweek.com/magazine/content/10_33/b4191066612953.htm |archive-url=https://web.archive.org/web/20100820124727/http://www.businessweek.com/magazine/content/10_33/b4191066612953.htm |url-status=dead |archive-date=August 20, 2010 |work=Bloomberg Businessweek |date=August 5, 2010 |access-date=February 8, 2013}} At the time of the acquisition EDMC's schools were serving around 72,000 students, 4,000 of whom were enrolled in online programs. The additional capital was used grow online enrollment to more than 40,000 students by the end of the decade, made possible in part by a 2006 Congressional revision to the "50% rule", which formerly required accredited schools to enroll more than half their students in campus-based programs in order to maintain federal loan eligibility.{{cite news |title=EDMC's enrollment at 'low water mark' |first=Ann |last=Belser |url=http://www.post-gazette.com/stories/business/news/edmcs-enrollment-at-low-water-mark-634349/ |work=Pittsburgh Post-Gazette |date=May 4, 2012 |access-date=April 18, 2013}}

Todd S. Nelson, who was previously the CEO of Apollo Education Group, became the CEO in 2007 and the chairman of the board of directors in 2012.{{Cite web |url=http://www.edmc.edu/About/Officers/NelsonTodd.aspx |title=Education Management Corporation - Officers |access-date=September 29, 2016 |archive-url=https://web.archive.org/web/20161002150728/http://www.edmc.edu/About/Officers/NelsonTodd.aspx |archive-date=October 2, 2016 |url-status=dead }}

On September 21, 2009,"[http://phx.corporate-ir.net/phoenix.zhtml?c=87813&p=irol-newsArticle&ID=1333960&highlight= Education Management Corporation Commences Initial Public Offering of Common Stock] {{Webarchive|url=https://web.archive.org/web/20160124103619/http://phx.corporate-ir.net/phoenix.zhtml?c=87813&p=irol-newsArticle&ID=1333960&highlight= |date=January 24, 2016 }}." Corporate Press Release, September 21, 2009. EDMC became a public company once again, raising $330 million (${{formatprice|{{Inflation|US|330000000|2009|r=1}}}} in {{Inflation-year|US}} dollars) on the NASDAQ while Goldman Sachs retained 40% ownership.{{cite web |url=http://www.nasdaq.com/symbol/edmc |title=Education Management Corporation Stock Quote & Summary Data |work=nasdaq.com |publisher=NASDAQ |access-date=May 21, 2013}}{{cite news |title=U.S. to Join Suit Against For-Profit College Chain |first=Tamar |last=Lewin |url=https://www.nytimes.com/2011/05/03/education/03edmc.html?_r=0 |newspaper=The New York Times |date=May 2, 2011 |access-date=March 20, 2013}}

Enrollment in EDMC's online programs ballooned from 7,900 in 2007 to 42,300 in 2012, due in large part to practices that devoted more per-student expenditures to marketing ($4,158) than on education ($3,460).{{cite web |last1=Deitch |first1=Charlie |title=EDMC reports revenues, enrollment down on heels of more layoffs |url=http://www.pghcitypaper.com/SlagHeap/archives/2012/08/09/edmc-reports-revenues-enrollment-down-on-heels-of-more-layoffs |website=pghcitypaper.com |access-date=27 July 2014}} The next few years saw dramatic drops in enrollment and massive layoffs in the online division.{{cite web |last1=Deitch |first1=Charlie |title=EDMC insiders report layoffs underway |url=http://www.pghcitypaper.com/SlagHeap/archives/2012/01/26/edmc-insiders-report-layoffs-underway |website=pghcitypaper.com |access-date=27 July 2014}}

In 2011, EDMC and its then-subsidiary, the Art Institutes, received greater public scrutiny with the release of the Frontline documentary: Educating Sergeant Pantzke. In the documentary, Iraq war veteran Chris Pantzke discussed the lack of disability services at the school. According to Pantzke, "Being a soldier, you don't want to quit, you don't want to give up or fail." But after doing his own research, Pantzke concluded that the degree he was pursuing wasn't "worth much more than the paper is worth". And he felt he was "throwing away taxpayer money" by using GI Bill funds.{{cite web|url=https://www.pbs.org/wgbh/frontline/article/sgt-pantzke-i-just-want-to-be-able-to-start-over/ |title=Sgt. Pantzke: "I Just Want To Be Able To Start Over" | Educating Sergeant Pantzke | FRONTLINE |publisher=PBS |access-date=2016-05-20}}

In 2012, Edward West replaced Todd Nelson as CEO, while Nelson replaced McKernan as chairman. After the growth in student numbers in the late 2000s, EDMC's enrollment declined from around 160,000 students in 2011 to approximately 130,000 students at the end of 2012.{{cite news |title=EDMC profit drops in second quarter |first=Teresa F. |last=Lindeman |url=http://www.post-gazette.com/stories/business/news/edmc-profits-drops-in-second-quarter-672834/#ixzz2K8i7w5rk |work=Pittsburgh Post-Gazette |date=January 31, 2013 |access-date=March 19, 2013}} EDMC has attributed this to the economic downturn of the late 2000s and new federal restrictions on the PLUS Loan program.{{cite news |url=http://www.post-gazette.com/stories/business/news/edmcs-enrollment-falls-by-163-percent-673857/ |title=EDMC's enrollment falls by 16.3 percent |first=Ann |last=Belser |date=February 8, 2013 |work=Pittsburgh Post-Gazette |access-date=February 8, 2013}}

The decrease in enrollment, coupled with pending changes to the U.S. Department of Education's "gainful employment" rule, prompted EDMC to hold off expansion plans in 2012, and led to several rounds of layoffs.{{cite news |title=EDMC layoffs hit Art Institutes nationwide |first=Charlie |last=Dietch |url=http://www.pghcitypaper.com/Blogh/archives/2012/08/23/edmc-layoffs-hit-art-institutes-nationwide |work=Pittsburgh City Paper |date=August 23, 2012 |access-date=April 4, 2013}} Only one new school opening has been announced in the 2013 fiscal year.{{cite news |title=EDMC sees 'encouraging trends' in future |first=Paul J. |last=Gough |url=http://www.bizjournals.com/pittsburgh/news/2012/11/01/edmc-sees-encouraging-trends-in-future.html?page=all |work=Pittsburgh Business Times |date=November 1, 2012 |access-date=April 4, 2013}} In February 2013, EDMC announced a tuition freeze through at least 2015, as part of a strategy to refocus on students. As of 2014 enrollment was 120,920 students, a decrease of nine percent.{{cite web|author=Staff and Wires |url=http://triblive.com/business/businessbriefs/5654770-74/company-education-management#axzz2uMwJ2kau |title=Roundup: S and P lowers EDMC's rating; Judge gives preliminary OK to Alpha settlement; more |publisher=TribLIVE |date=2014-02-25 |access-date=2016-05-20}}

From June 2013 to June 2014, the company eliminated about 2,600 positions,{{cite web |url=http://www.bizjournals.com/pittsburgh/news/2014/10/28/edmc-cuts-75-jobs-most-of-them-in-pittsburgh.html |title=EDMC cuts 75 jobs; majority of reductions in Pittsburgh - Pittsburgh Business Times |access-date=2014-10-29 |url-status=dead |archive-url=https://web.archive.org/web/20141028231304/http://www.bizjournals.com/pittsburgh/news/2014/10/28/edmc-cuts-75-jobs-most-of-them-in-pittsburgh.html |archive-date=October 28, 2014 |df=mdy-all }} and campuses have been closed or are in the process of closing.{{cite web|last=Fleisher |first=Chris |url=http://triblive.com/business/headlines/7548037-74/edmc-brown-campus#axzz3OvZ9eJFD |title=Brown Mackie College in Kentucky stops accepting students as EDMC moves to close campus |publisher=TribLIVE |date=2015-01-12 |access-date=2016-05-20}}{{cite web |url=http://www.brownmackie.edu/michigan-city.aspx |title=Michigan City - Brown Mackie College |website=Brownmackie.edu |access-date=2016-05-20 |archive-date=March 15, 2015 |archive-url=https://web.archive.org/web/20150315041746/http://www.brownmackie.edu/michigan-city.aspx |url-status=dead }}

On May 6, 2015, EDMC announced it would begin closing 15 of its Art Institute locations, citing declining enrollment and restructuring.{{cite web |url=http://www.bizjournals.com/pittsburgh/news/2015/05/06/edmc-to-close-15-art-institute-locations.html |title=EDMC to close 15 Art Institute locations - Pittsburgh Business Times |access-date=January 1, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150509043154/http://www.bizjournals.com/pittsburgh/news/2015/05/06/edmc-to-close-15-art-institute-locations.html |archive-date=May 9, 2015 |df=mdy-all }}

The week of June 13, 2016, the corporation announced the planned closure of most of its Brown Mackie College campuses, with 22 of the 26 slated for closure.

In December 2016, the Southern Association of Colleges and Schools (SACS) announced that nine Art Institute campuses and all 15 South University campuses were placed on probation.{{cite web|url=https://www.insidehighered.com/news/2016/12/07/southern-accreditor-places-10-probation-including-louisville-and-new-ut-campus|title=Southern accreditor places 10 on probation, including Louisville and new UT campus|access-date=September 8, 2017}}

EDMC has faced significant financial problems, including a 99.9% drop in the value of its stock and a defaulted bond rating (to junk bond status). Under a pending agreement, shareholder stock value will be diluted an additional 96%.{{cite web|url=https://money.cnn.com/news/newsfeeds/articles/prnewswire/NE05421.htm |archive-url=https://archive.today/20140905184038/https://money.cnn.com/news/newsfeeds/articles/prnewswire/NE05421.htm |url-status=dead |archive-date=2014-09-05 |title=Education Management Reaches Definitive Agreement With Creditors On Debt Restructuring |publisher=Archive.is |access-date=2018-06-09}}{{cite web|url=http://www.bizjournals.com/pittsburgh/news/2015/01/07/moodys-downgrades-edmc-debt-to-default-rating.html |title=Moody's Investors Service downgrades EDMC debt to default rating after debt restructuring. - Pittsburgh Business Times |access-date=January 10, 2015 |url-status=dead |archive-url=https://web.archive.org/web/20150110220605/http://www.bizjournals.com/pittsburgh/news/2015/01/07/moodys-downgrades-edmc-debt-to-default-rating.html |archive-date=January 10, 2015 }} Moody's credit rating service in January 2015 dropped EDMC to its lowest rating, D-PD. EDMC's CEO, Edward West, resigned from the company on August 28, 2015, "to pursue other interests". The company was never profitable under his leadership.{{cite news|last1=Fleisher|first1=Chris|title=Education Management Corp. CEO West resigns|url=http://triblive.com/business/headlines/8911729-74/edmc-west-company#axzz3kg7bemh7|access-date=3 September 2015|publisher=Trib Live}} EDMC was delisted from the NASDAQ in November 2014.

EDMC has been the subject of several lawsuits and investigations alleging that the company made misleading claims in its efforts to recruit students.{{cite web|url=https://www.documentcloud.org/documents/1381647-third-amended-complaint-1.html |title=Third Amended Complaint (1) |website=Documentcloud.org |date=2014-12-16 |access-date=2016-05-20}}{{cite web|last=Fleisher |first=Chris |url=http://triblive.com/business/headlines/7383497-74/edmc-aid-students#axzz3M4brwMpH |title=EDMC accused in GI Bill scheme |publisher=TribLIVE |date=2014-12-15 |access-date=2016-05-20}}

On November 16, 2015, federal and state authorities announced a $95.5-million settlement resolving a whistleblower case in which former EDMC employees said the company was "illegally paying recruiters based on the number of students they enrolled".{{cite web|title = For-profit college will pay $95.5 million to settle 'boiler room' recruiting case|url = https://www.latimes.com/business/la-fi-for-profit-college-settlement-20151116-story.html|website = Los Angeles Times|date = November 16, 2015|access-date = 2015-11-16}}

As of 2016, EDMC announced that it was planning to close 19 of its Art Institute campuses and 22 of 26 Brown Mackie College campuses.{{cite news|url=https://consumerist.com/2016/06/10/source-for-profit-brown-mackie-college-ceasing-enrollment-phasing-out-all-locations/|title=For-Profit Brown Mackie College Ceasing Enrollment, Phasing Out Most Locations|newspaper=Consumerist |date=June 10, 2016|access-date=September 8, 2017}}

In 2017, EDMC sold its remaining Brown-Mackie campuses to Ross Medical Education Centers. In 2017, EDMC reported that it had sold the existing Art Institutes to The Dream Center Foundation, a Los Angeles-based Pentecostal organization.{{cite web|url=https://www.washingtonpost.com/news/grade-point/wp/2017/03/03/art-institute-campuses-to-be-sold-to-foundation/|title=Art Institute campuses to be sold to foundation|first=Danielle|last=Douglas-Gabriel|date=March 3, 2017|access-date=March 31, 2018|via=www.washingtonpost.com}}{{cite web|url=https://www.insidehighered.com/news/2017/03/03/large-profit-chain-edmc-be-bought-dream-center-missionary-group|title=Large for-profit chain EDMC to be bought by the Dream Center, a missionary group|website=insidehighered.com|access-date=March 31, 2018}} The sale was complete in October 2017.{{Cite news|url=http://www.post-gazette.com/business/career-workplace/2017/10/18/EDMC-completes-sale-of-schools-to-Dream-Center-Art-Institute/stories/201710180113|title=EDMC completes sale of schools to Dream Center|work=Pittsburgh Post-Gazette|access-date=2017-10-21|language=en}}

In 2017, EDMC reported 109 locations, but more than 40 Brown Mackie Colleges and Art Institutes schools were in the process of closing at that time.{{cite web|url=https://www.insidehighered.com/news/2016/06/15/decreases-enrollment-lead-brown-mackie-closing|title=Decreases in enrollment lead to Brown Mackie closing|access-date=September 8, 2017}}{{cite web|url=http://www.post-gazette.com/news/education/2015/05/06/Pittsburgh-based-Education-Management-Corporation-to-close-some-campuses/stories/201505060174|title=EDMC to close 15 Art Institute locations; Pittsburgh campus not affected|access-date=September 8, 2017}}

On October 18, 2017, EDMC announced it completed the sale of 31 Art Institute Schools, South University, and Argosy University to the Dream Center Foundation.{{cite web|url=http://www.post-gazette.com/business/career-workplace/2017/10/18/EDMC-completes-sale-of-schools-to-Dream-Center-Art-Institute/stories/201710180113|title=EDMC completes sale of schools to Dream Center|website=post-gazette.com|access-date=March 31, 2018}}

As of 30 June 2018, it was announced that EMDC filed for Chapter{{nbsp}}7 bankruptcy and began to liquidate its assets.

In 2022, the EDMC schools Argosy University, The Art Institutes, Brown Mackie College, and South University were among 153 institutions included in student loan cancellation due to alleged fraud. The class action was brought by a group of more than 200,000 student borrowers, assisted by the Project on Predatory Student Lending, part of the Legal Services Center of Harvard Law School. A settlement was approved in August 2022, stating that the schools on the list were included "substantial misconduct by the listed schools, whether credibly alleged or in some instances proven."{{cite web|url=https://static1.squarespace.com/static/62d6e418e8d8517940207135/t/62e2e45a915c367b4086d7b0/1659036762506/288+Govt+Consol+Opposition+to+Motions+to+Intervene+w+Decl+of+Ben+Miller.pdf|title=Government's Consolidated Opposition to Motions to Intervene|access-date=2023-04-15}}{{cite news |last1= Turner|first1= Cory|last2= Carrillo|first2= Sequoia|last3= Salhotra|first3= Pooja|date= 2022-08-05|title= 200k student borrowers are closer to getting their loans erased after judge's ruling|url= https://www.npr.org/2022/07/21/1112554478/student-loan-forgiveness-borrower-defense|publisher= National Public Radio|access-date= 2023-04-15}} In April 2023, the Supreme Court rejected a challenge to the settlement and allowed to proceed the debt cancellation due to alleged fraud.{{cite news |last= Hurley|first= Lawrence|date= 2023-04-13|title= Supreme Court allows $6 billion student loan debt settlement|url= https://www.cnbc.com/2023/04/13/supreme-court-allows-6-billion-student-loan-debt-settlement.html|publisher= NBC News|access-date= 2023-04-15}}

EDMC's headquarters was located in Pittsburgh, Pennsylvania. The company's chairman, Mark A. McEachen, replaced Todd Nelson who was its chairman since July 2012. Until recently, its chief executive was Edward West, who resigned August 28, 2015; the company currently lists no CEO.{{cite news |title=Education Management chairman to step down |url=http://newsok.com/education-management-chairman-to-step-down/article/feed/409875 |date=July 27, 2012 |agency=Associated Press |access-date=February 14, 2013}} The current board of directors has five members, all of whom have been with the company less than one year. Their Chairman, Mark McEachen, was nominated by preferred stockholders after the 2015 company-debt restructuring.

Starting in the late 2000s, EDMC engaged in lobbying and political advocacy. One such area was the Department of Education's June 2011 "gainful employment rule" which limited access to federal student loan money for students attending private-sector institutions with high post-graduation unemployment and default rates.{{cite news |title=Going Ahead With Gainful Employment |first=Jennifer |last=Epstein |url=http://www.insidehighered.com/news/2010/04/21/gainful |work=Inside Higher Ed |date=April 21, 2010 |access-date=March 26, 2013}} EDMC opposed the rule's original draft, arguing that it limited minority and low-income students access to higher education.

EDMC established a PAC in 2009 to address politically important industry issues. During the 2010 elections its PAC donated more than $50,000 to organizations of both parties and to politicians including Democratic Congressman Jason Altmire, who opposed the "gainful employment rule", as well as to Republican Congressman John Kline, Democratic Senator Michael Bennet and the DCCC. An additional $850,000 was spent on 2010 lobbying efforts.{{cite news |url=http://www.post-gazette.com/stories/news/education/for-profit-schools-are-at-center-of-disputes-283092/ |title=For-profit schools are at center of disputes |first=Daniel |last=Malloy |date=January 23, 2011 |work=Pittsburgh Post-Gazette |access-date=February 21, 2013}}

With other private-sector colleges and universities, EDMC helped form the Coalition for Educational Success in 2010. Represented by Lanny Davis, the CES lobbied for changes to the "gainful employment rule". The coalition persuaded the Department of Education to amend the rule, making vocational programs and programs with the highest debt and lowest loan repayment rates ineligible for federal loans. Private-sector providers were also given time to comply with the changes.{{cite news |title=For-Profit Colleges Win Major Concessions in Final 'Gainful Employment' Rule |first=Kelly |last=Field |url=http://chronicle.com/article/For-Profit-Colleges-Win-Major/127744/ |work=The Chronicle of Higher Education |date=June 2, 2011 |access-date=March 20, 2013}} EDMC Senior VP of Regulatory Affairs and Strategic Development, Anthony J. Guida Jr., served, by appointment, on the U.S. Department of Education's Advisory Committee on Student Financial Assistance from 2009 until September 2012.{{cite web |url=http://www.edmc.edu/about/officers/AnthonyGuida.aspx |title=Officers - Anthony J. Guida Jr. |work=edmc.edu |publisher=Education Management Corporation |access-date=July 1, 2013 |archive-url=https://web.archive.org/web/20130704111530/http://www.edmc.edu/About/Officers/AnthonyGuida.aspx |archive-date=July 4, 2013 |url-status=dead }} He previously served on the Board of the Association of Private Colleges and Universities, an advocacy organization, and currently serves on the organization's Federal Legislative Affairs Committee.{{cite web |url=http://www.career.org/about/board-of-directors/anthony-guida.cfm |title=Anthony Guida |work=career.org |publisher=Association of Private Sector Colleges and Universities |access-date=July 1, 2013 |archive-url=https://web.archive.org/web/20130609193441/http://www.career.org/about/board-of-directors/anthony-guida.cfm |archive-date=June 9, 2013 |url-status=dead }}

In 2007, two former EDMC recruiters filed a whistleblower complaint regarding recruitment and compensation practices at EDMC institutions. As a result of these complaints, the U.S. Department of Justice initiated a federal lawsuit in 2011 on behalf of eleven states and the District of Columbia.{{cite news |title=Education Management Suit Brought on Behalf of 11 States |first=John |last=Hechinger |url=https://www.bloomberg.com/news/2011-05-03/states-join-whistleblower-suit-against-education-management.html |work=Bloomberg |date=May 3, 2011 |access-date=March 29, 2013}} The civil lawsuit was filed under the False Claims Act, which allows whistleblowers to file lawsuits when they believe the federal government has been defrauded. The lawsuit seeks to recoup $11 billion, the amount of federal money EDMC institutions received in the form of federal student aid between 2003 and 2011.{{cite news| url=http://www.post-gazette.com/business/2014/02/23/Under-False-Claims-Act-whistleblowers-get-their-share-of-billions/stories/201402230084 | work=Pittsburgh Post-Gazette | title=Under False Claims Act, whistleblowers get their share of billions - Pittsburgh Post-Gazette | date=February 22, 2014}} The Department of Justice argued that EDMC violated federal rules banning incentive-based compensation and therefore acquired the federal funds illegally.{{cite news |title=For-Profit College Group Sued as U.S. Lays Out Wide Fraud |first=Tamar |last=Lewin |url=https://www.nytimes.com/2011/08/09/education/09forprofit.html?hpw&_r=0 |work=The New York Times |date=August 8, 2011 |access-date=March 29, 2013}} In response to the charges, EDMC stated that the compensation plan in question was in compliance with then-current federal rules and had been reviewed and approved by two education law firms. In May 2012, the charges that the compensation plan was illegal were dismissed with other charges allowed to stand.{{cite news |url=http://triblive.com/home/1803123-74/edmc-company-schools-students-education-federal-percent-profit-programs-student |title=EDMC: Party's off at for-profit juggernaut |first=Andrew |last=Conte |date=May 15, 2012 |work=Pittsburgh Tribune-Review |access-date=February 14, 2013}} During this time EDMC settled with a former South University recruiter alleging similar practices. The details were not public.{{cite news |title=Ex-employee settles lawsuit against for-profit university |first=Brian |last=Bowling |url=http://www.highbeam.com/doc/1P2-28996984.html |archive-url=https://web.archive.org/web/20140611073323/http://www.highbeam.com/doc/1P2-28996984.html |url-status=dead |archive-date=June 11, 2014 |work=Pittsburgh Tribune-Review |date=June 24, 2011 |access-date=March 28, 2013}}

A separate whistleblower lawsuit, filed by a former South University recruiter, was initiated in January 2010 and officially filed in March 2012. This lawsuit alleged that the company deliberately misclassified data to inflate the job-placement rates of its graduates and make the school more attractive to prospective students. Unlike the federal whistleblower lawsuit initiated in 2011, the U.S. Department of Justice has not joined the lawsuit.{{cite news |title=Education Management Corp. Engages In 'Predatory Lending,' Whistleblower Claims |first=Chris |last=Kirkham |url=https://www.huffingtonpost.com/2012/03/15/education-management-corp-for-profit-college_n_1349063.html |work=The Huffington Post |date=March 15, 2012 |access-date=March 29, 2013}} In October 2012, a U.S. magistrate judge dismissed allegations that the company failed to notify the U.S. government when students left their program and that the company misled prospective students about program costs. The remaining allegations were recommended for further review.{{cite news |url=http://bangordailynews.com/2012/10/25/politics/us-judge-parts-of-john-mckernan-linked-lawsuit-can-stand/ |title=U.S. judge: Parts of McKernan-linked lawsuit can stand |first=Robert |last=Long |date=October 25, 2012 |work=Bangor Daily News |access-date=February 14, 2013}} In May 2013 U.S. Judge McVerry rejected EDMC's appeal to dismiss the case,{{cite news|last=Cousins|first=Christopher|title=Judge allows lawsuit against for-profit college firm linked to ex-Gov. McKernan to continue|url=http://bangordailynews.com/2013/05/31/politics/judge-wont-dismiss-complaints-against-for-profit-college-firm-linked-to-former-gov-john-mckernan/?ref=polbeat|newspaper=Bangor Daily News|date=May 31, 2013}} and on May 11, 2014, he ordered full-blown pretrial discovery regarding the claims and defenses.

As of March 2013, both the federal whistleblower case begun in 2007 and the case initiated in 2010 are pending. EDMC has responded to the claims saying that both cases "are wholly without merit".

In December 2013, EDMC settled a civil claims suit filed by the Colorado Attorney General's Office for $3.3 million. The suit was brought following investigation by the attorney general's office, and alleged that the company's Argosy University in Denver violated the Colorado Consumer Protection Act by engaging in deceptive marketing, in particular misleading students about prospects for employment following graduation. Students had lodged complaints that the school had led them to believe it was pursuing accreditation from the American Psychological Association for its education in counseling psychology program, although it was not. Without the accreditation, students were not accepted to local internships that met the state's licensing standards. As part of the settlement, EDMC agreed to reimburse tuition fees for 66 students, end advertisement of its education in counseling psychology program in Denver as a psychology licensure-track program, and not enroll any further students to the program.{{cite news |url=http://www.bizjournals.com/pittsburgh/news/2013/12/10/edmc-settles-suit-for-33m.html |title=EDMC settles suit for $3.3M |first=Justine |last=Coyne |date=10 December 2013 |work=Pittsburgh Business Times |access-date=3 January 2014}} As of January, 2015, the Ed.D. in Counseling Psychology was accepted for psychology licensure, and two graduates were advanced to Psychology Licensure candidacy, by the Colorado Department of Regulatory Agencies and the Colorado Psychology Board.

In November 2015, the US Justice Department announced that EDMC will pay nearly $95.5 million to settle claims the company used illegal incentives causing recruiters to use high-pressure tactics to convince students to enroll in the school. As part of the deal, the company will also forgive $102.9 million in loans students borrowed from the company to attend the school.{{cite web|url=https://www.justice.gov/opa/pr/profit-college-company-pay-955-million-settle-claims-illegal-recruiting-consumer-fraud-and |title=For-Profit College Company to Pay $95.5 Million to Settle Claims of Illegal Recruiting, Consumer Fraud and Other Violations | OPA | Department of Justice |website=Justice.gov |date=2015-11-16 |access-date=2016-05-20}} The settlement resolves claims alleged in four whistleblower lawsuits, one of which the government intervened in. In addition, the deal covers allegations made as part of a consumer fraud investigation by the attorneys general of 39 states and the District of Columbia over claims the company misled students about job placement rates and other postgraduation outcomes while recruiting them.{{cite web|last=Fleisher |first=Chris |url=http://triblive.com/business/headlines/9434590-74/company-edmc-students |title=EDMC agrees to $95.5M settlement, will improve recruiting process |publisher=TribLIVE |date=2015-11-16 |access-date=2016-05-20}} The loan forgiveness will affect 80,000 students and provide an average of $1,370 to each student.{{cite news|last=Douglas |first=Danielle |url=https://www.washingtonpost.com/news/grade-point/wp/2015/11/16/second-largest-for-profit-chain-to-pay-95-million-to-settle-fraud-charges/ |title=Second largest for-profit chain to pay $95 million to settle fraud charges |newspaper=The Washington Post |date=2015-11-16 |access-date=2016-05-20}}

Four states initiated investigations in recent years with Florida in October 2010, New York, California{{cite news |url=http://articles.sun-sentinel.com/2010-10-21/news/fl-florida-investigates-for-profits-20101020_1_kaplan-college-students-at-for-profit-schools-financial-aid/ |title=Florida attorney general investigating 5 for-profit universities |first=Scott |last=Travis |date=October 21, 2010 |work=Florida Sun-Sentinel |access-date=February 14, 2013 |archive-date=July 16, 2011 |archive-url=https://web.archive.org/web/20110716013243/http://articles.sun-sentinel.com/2010-10-21/news/fl-florida-investigates-for-profits-20101020_1_kaplan-college-students-at-for-profit-schools-financial-aid |url-status=dead }} and a subpoena of documents regarding Brown Mackie College from the Office of Consumer Protection of the Kentucky Attorney General in December 2010.{{cite news |url=http://www.thestreet.com/story/10952786/1/education-management-hit-with-subpoena.html/ |title=Education Management Subpoenaed |first=Miriam |last=Reimer |date=December 21, 2010 |work=TheStreet.com |access-date=February 14, 2013}} In August 2010, EDMC and other private sector schools were investigated by the U.S. GAO, which reported that Argosy University (Chicago) recruiters misled undercover students about tuition and program quality.{{cite news |title=For-profit colleges fight for credibility; Industry leaders claim federal report tarnishes schools' reputations |first=Becky |last=Yerak |url=http://diverseeducation.com/article/14601/ |work=Diverse: Issues In Higher Education |agency=Associated Press |date=January 10, 2011 |access-date=March 29, 2013}} The GAO later revised parts of its original report from the investigation, which was the focus of testimony at a U.S. Senate HELP committee September 2010 hearing.{{cite news |title=GAO Revises Report on Recruiting Practices at For-Profit Colleges |first=Charles |last=Huckabee |url=http://chronicle.com/blogs/ticker/gao-revises-report-on-recruiting-practices-at-for-profit-colleges/28975 |work=The Chronicle of Higher Education |date=December 7, 2010 |access-date=April 17, 2013}} A 2011 US DOJ report claimed that EDMC "created a 'boiler room' style sales culture and has made recruiting and enrolling new students the sole focus of its compensation system".

In January 2014, EDMC was among several for-profit schools approached by approximately a dozen attorneys general for information in an investigation of their practices.{{cite news |title=New investigations hit for-profit colleges |url=http://www.newsday.com/business/new-investigations-hit-for-profit-colleges-1.6900312 |newspaper=Newsday |date=29 January 2014 |access-date=4 February 2014}}

EDMC's stock price has dropped more than 75% in the three months up to February 2014 as the company faced lower enrollments and investigations at state and federal levels, including investigations by states Attorneys General and the Securities and Exchange Commission.{{cite news| url=http://www.post-gazette.com/business/businessnews/2013/03/23/EDMC-target-of-SEC-investigation/stories/201303230151 | work=Pittsburgh Post-Gazette | first1=Len | last1=Boselovic | first2=Teresa F. | last2=Lindeman | title=EDMC target of SEC investigation - Pittsburgh Post-Gazette | date=March 23, 2013}} Information that EDMC provided to the Senate Harkin Commission indicates that of the 78,661 students who enrolled at EDMC-owned colleges in 2008–9, 62.1 percent, or 48,840 students, dropped out as of mid-2010.{{cite news| url=https://www.huffingtonpost.com/davidhalperin/edmc-professors-and-stude_b_1909449.html | work=Huffington Post | title=EDMC Professors and Students Speak: How Lobbyists and Goldman Sachs Ruined For-Profit Education | date=September 24, 2012}} As of 2013, about 120,000 students attended Education Management Corporation-operated schools, a drop from its peak of 160,000.{{cite web |url=http://investors.edmc.edu/phoenix.zhtml?c=87813&p=irol-irhome |title=Education Management Corporation - Investor Relations - Welcome to Investor Relations |website=Investors.edmc.edu |date=2013-03-05 |access-date=2016-05-20 |archive-url=https://web.archive.org/web/20131220105758/http://investors.edmc.edu/phoenix.zhtml?c=87813&p=irol-irhome |archive-date=December 20, 2013 |url-status=dead }}

In July 2016, a Maine Sunday Telegram expose found that former EDMC CEO John R. McKernan Jr. used a non-profit charity, the EDMC Foundation, to skirt federal 90/10 regulations. The expose was based on three-month investigation.{{cite web|url=http://www.pressherald.com/2016/07/31/charity-group-funded-school-network-led-by-former-gov-mckernan/|title=Charity group funded school network led by former Gov. McKernan|first=Colin WoodardStaff|last=Writer|date=July 31, 2016|access-date=September 8, 2017}}

In 2010, several EDMC shareholders initiated a lawsuit alleging that EDMC had misled investors prior to the company's 2009 IPO, causing investors to lose money when the company's stock fell in 2010. The lawsuit was later joined by EDMC shareholders OPPRS and SEPTA. The case was dismissed by a federal judge in September 2011, as the shareholders were unable to show that the company had lied to investors.{{cite news |title=Federal court throws out investor suit against EDMC |first=Richard |last=Lord |url=http://www.post-gazette.com/stories/local/breaking/federal-court-throws-out-investor-suit-against-edmc-628931/ |work=Pittsburgh Post-Gazette |date=September 29, 2011 |access-date=March 29, 2013}}

In April 2016, two former teachers at the Art Institute of California sued EDMC for not giving them a minimum wage and for not offering adequate rest periods in order to 'reduce compensation and increase its own profits.'{{cite web|url=http://www.courthousenews.com/2016/04/11/class-says-for-profit-art-school-stiffs-profs.htm |title=CNS - Class Says For-Profit Art School Stiffs Profs |website=Courthousenews.com |access-date=2016-05-20}}

In February 2014, Standard & Poor's cut EDMC's credit rating to CCC+ because of declining enrollment.{{cite news| url=https://www.bloomberg.com/news/2014-02-24/s-p-lowers-education-management-s-rating-on-enrollment-decline.html | work=Bloomberg | title=S&P Lowers Education Management's Rating on Enrollment Decline}} Moody's credit rating service in January 2015 dropped EDMC to its lowest rating, D-PD, which it defines as "Corporate families rated{{nbsp}}D are in default on all of their long-term debt obligations."

{{cite web|title=Rating Symbols and Definitions|url=https://www.moodys.com/sites/products/AboutMoodysRatingsAttachments/MoodysRatingsSymbolsand%20Definitions.pdf|website=www.moodys.com|publisher=Moody's Investors Service|access-date=3 September 2015|archive-url=https://web.archive.org/web/20150915103556/https://www.moodys.com/sites/products/AboutMoodysRatingsAttachments/MoodysRatingsSymbolsand%20Definitions.pdf|archive-date=September 15, 2015|url-status=dead}}

In 2014, EDMC's major creditor, KKR took control over EDMC's assets.

As of July 30, 2016, EDMC sold as an over the counter stock at approximately one cent per share.{{cite web|url=https://finance.yahoo.com/quote/EDMC?p=EDMC|title=EDMC : Summary for EDUCATION MANAGEMENT - Yahoo Finance|website=finance.yahoo.com|access-date=September 8, 2017}}

In 2016, former nursing students at Brown Mackie College in Tucson, Arizona sued the school, alleging that the poor training they received left them unable to be gainfully employed. The plaintiffs expected to graduate in 2015 until a state nursing board investigation found some of the school's faculty were unqualified and were using veterinary supplies to teach students how to care for human patients. The Arizona nursing board barred the Brown Mackie students from taking the practical nurses licensing exam and ordered the school to retrain the students at the company's expense.{{cite web|url=http://tucson.com/brown-mackie-legal-complaint/pdf_2653c78a-f57a-528e-82cf-43082c4fdfc9.html|title=Brown Mackie legal complaint|date=May 25, 2016 |access-date=September 8, 2017}}

By the end of 2016, EDMC's legal perils had ensnared even the company's outside legal counsel at the Pittsburgh-based global law firm Reed Smith LLP.{{cite web |url=http://diverseeducation.com/article/90176/ |title=CNS - Federal Judge Raises Specter of Class Action in Art Institute Cases |access-date=2017-01-29 |archive-date=February 2, 2017 |archive-url=https://web.archive.org/web/20170202035509/http://diverseeducation.com/article/90176/ |url-status=dead }} Advised by Attorney Katherine Ryan before two federal judges in discrimination lawsuits dating to August 2012, the company was defeated when the U.S. Court of Appeals for the Third Circuit issued a sweeping October 18 order invalidating an alternative dispute resolution policy superimposed retroactively on the company's employees; EDMC had tried to bar aggrieved employees from filing suit in any court for any purpose.{{cite web |url=http://diverseeducation.com/article/88225/ |title=CNS - Discrimination Cases Against Art Institute of Pittsburgh Reinstated |access-date=2017-01-29 |archive-date=February 2, 2017 |archive-url=https://web.archive.org/web/20170202041252/http://diverseeducation.com/article/88225/ |url-status=dead }} The 3-0 panel found that the policy had been illegally superimposed without employees' assent and thereby reinstated a pair of federal cases against the Art Institute of Pittsburgh demanding more than $4 million in damages and alleging legal malpractice inside EDMC.{{cite web |url=http://diverseeducation.com/article/63357/ |title=CNS - Former Admissions Officers Sue Art Institute of Pittsburgh's Parent Company |access-date=2017-01-29 |archive-date=February 2, 2017 |archive-url=https://web.archive.org/web/20170202035234/http://diverseeducation.com/article/63357/ |url-status=dead }}

{{Reflist|30em}}

{{Portal|Education}}

• [https://web.archive.org/web/20100823230649/http://investing.businessweek.com/research/stocks/snapshot/snapshot.asp?ticker=EDMC:US EDMC] at Bloomberg Businessweek
• [http://topics.nytimes.com/topics/news/business/companies/education-management-corporation/index.html Collected news and analysis] at The New York Times

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