A for-profit college may convert to nonprofit status for a variety of reasons, such as wanting to align its status and mission. The Government Accountability Office (GAO) was asked to examine for-profit college conversions. This report reviews what is known about insider involvement in conversions and to what extent the Internal Revenue Service (IRS) and the Department of Education identify and respond to the risk of improper benefit. GAO identified converted for-profit colleges and reviewed their public IRS filings. GAO also examined IRS and the Department of Education processes for overseeing conversions, interviewed agency officials, and reviewed federal laws, regulations and agency guidance. GAO selected five case study colleges based on certain risk factors, obtained information from college officials, and reviewed their audited financial statements. In three cases, GAO also reviewed Department of Education case files. Because of the focus on IRS and Department of Education oversight, GAO did not audit any college in this review to determine whether its conversion improperly benefitted insiders. GAO is making three recommendations, including that IRS assess and improve conversion application reviews and that Department of Education develop and implement procedures to monitor newly converted colleges. IRS said it will assess its review process and will evaluate GAO's other recommendation, as discussed in the report. The Department of Education agreed with GAO's recommendation.