What is necessary for restructuring to occur?
Restructuring required approval by the AAUP membership of the changes to the AAUP constitution as set out in the notice to the membership published in the March/April issue of Academe, and approval by the CBC membership of the changes to the CBC bylaws as set out in the same issue. The AAUP and CBC memberships provided those internal approvals at the June 2008 annual meeting. In addition, restructuring requires government approvals. AAUP will seek approval from the IRS for the overall restructuring transaction through a process known as a “request for a private letter ruling”; the IRS must also approve detailed applications for tax-exempt status for each of the three entities that will exist after the restructuring, and various legal documents must be filed.
