A for-profit college may convert to nonprofit status for a variety of reasons, such as wanting to align its status and mission. However, in some cases, former owners or other insiders could improperly benefit from the conversion, which is impermissible under the Internal Revenue Code and Higher Education Act of 1965, as amended. This statement--based on the US Government Accountability Office's (GAO's) December 2020 report (GAO-21-89)--discusses what is known about insider involvement in conversions and the extent to which IRS and Education identify and respond to the risk of improper benefit. [For "Higher Education: IRS and Education Could Better Address Risks Associated with Some For-Profit College Conversions. Report to Congressional Requesters. GAO-21-89," see ED612779.]