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10-K
GRAHAM HOLDINGS CO filed this Form 10-K on 02/23/2018
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administration of the Title IV functions or services that it performs, although this audit requirement may not apply if Kaplan only contracts with the new university and the attestation engagement of the new university covers every aspect of Kaplan’s administration of the Title IV programs. The ED would continue to have oversight authority over Kaplan as a third-party servicer, including the ability to initiate program reviews or audits at its discretion and to impose sanctions on Kaplan, including, but not limited to, terminating Kaplan’s authority to act as a third-party servicer for the new university or any other Title IV participating institution.
If the proposed transfer of KU is not consummated, KU will continue to be operated by the Company and will exist in the same regulatory environment applicable to for-profit postsecondary institutions. See Item 1A. Risk Factors, including The Proposed Transfer of Kaplan University Is Subject to Receipt of Regulatory Approvals That, If Not Obtained, Could Delay or Prevent Consummation of the Proposed Transaction and Could Disrupt the Business of Kaplan University During the Pendency of the Transaction.
Kaplan University.  KU specializes in online education, is accredited by the HLC and holds other programmatic accreditations. Most of KU’s programs are offered online, while some are offered in a traditional classroom format at 14 locations in Iowa, Indiana, Maine, Maryland, Missouri, Nebraska and Wisconsin. KU also includes Concord Law School (Concord), a fully online law school. At year-end 2017, KU had approximately 28,718 students enrolled, including those conditionally admitted in a trial period.
Also currently part of KU is the School of Professional and Continuing Education (PACE). PACE offers a wide range of education solutions to assist professionals in advancing their careers by obtaining professional licenses, designations and certifications. This includes solutions for insurance, securities, mortgage and appraisal licensing exams and for advanced designations, such as CFA® and CPA exams. PACE serves approximately 3,587 business-to-business clients, including 157 Fortune 500 companies. In 2017, more than 491,000 students used PACE’s exam preparation offerings. In the fourth quarter of 2017, PACE entered into an agreement to acquire the College for Financial Planning (CFFP). CFFP offers financial education and training to individuals through comprehensive programs of study that lead to licensing or certification, graduate-level study and education for professionals pursuing the Certified Financial Planner (CFP) designation. The acquisition is intended to complement existing CFP education offerings and will add new professional designations and degrees to the PACE portfolio. CFFP is a separately accredited institution by the HLC. The acquisition is subject to regulatory approval from the HLC, which is not expected before June 2018.
Program Offerings and Enrollment
KU offers certificate and degree programs in a variety of subject areas. Among them are the following:
Certificates
Associate’s Degrees
Bachelor’s Degrees
Master’s and Professional Degrees

•   Social and Behavioral Sciences
 
•   Criminal Justice
 
•   Health Sciences
 
•   Information Systems and Technology
 
•   Legal and Paralegal Studies
 
•   Nursing
 

•   Social and Behavioral Sciences
 
•   Business/Management
 
•   Criminal Justice
 
•   Fire Safety and Emergency Management
 
•   Health Sciences
 
•   Information Systems and Technology
 
•   Legal Studies
 
•   Nursing

•   Social and Behavioral Sciences
 
•   Business/Management
 
•   Criminal Justice
 
•   Fire Safety and Emergency Management
 
•   Health Sciences
 
•   Information Systems and Technology
 
•   Legal and Paralegal Studies
 
•   Nursing
 
•   Environmental Policy
•   Social and Behavioral Sciences
 
•   Business/Management
 
•   Criminal Justice
 
•   Health Sciences

•   Education Studies
 
•   Information Systems and Technology
 
•   Legal Studies

•   Nursing
 
•   Public Policy
KU’s higher education enrollments by certificate and degree programs are set forth below:
 
At December 31
 
2017
 
2016
 
2015
Certificate
9.5
%
 
7.7
%
 
4.4
%
Associates
16.5
%
 
18.1
%
 
25.0
%
Bachelors
50.9
%
 
50.9
%
 
48.4
%
Masters
23.1
%
 
23.3
%
 
22.2
%
Total
100.0
%
 
100.0
%
 
100.0
%

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