The board will appoint a new eight-member board to govern Bob Jones Education Group.
The transition process began in late 2014 with a study of how to achieve tax exemption.
Last May 5, the Board of Trustees approved the final plan for pursuing tax exemption and the administration has been working to implement it since then.
At the same time, the university has been seeking regional accreditation through the Southern Association of Colleges and Schools Commission on Colleges.
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“We are made of one blood.”Bob Jones University lost its tax exemption after a 13-year battle with the IRS over whether the university’s policies against interracial dating precluded it as a non-taxable religious educational institution.
But the university hadn’t sought to reinstate its tax-exempt status until 2014 after Steve Pettit took over as the school’s fifth president in its 90-year history.“Organizing as a tax-exempt entity is something BJU has needed to do for quite some time,” Pettit said.
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How BJU will be structured On March 1, Bob Jones University, Inc. and will remain the university’s taxable entity and will donate about half its assets to the non-taxable BJU, Inc.
The university’s assets will effectively be split between the two organizations. will include the university and most of its facilities, the art museum, elementary school and child development center.