design, baking and pastry, and fashion marketing. Ownership changes The Art Institutes' former parent company, Education Management Corporation (EDMC), was headquartered in Pittsburgh, Pennsylvania. EDMC's initial public offering (IPO) was in 2009. Todd S. Nelson, who was previously the CEO of Apollo Education Group, became an EDMC board member in 2007 and the Chairman of the Board of Directors in 2012. In November 2014, EDMC was delisted from the NASDAQ amid financial difficulties, lawsuits, and investigations and its stock was valued at less than one cent per share. In 2016, Politico reported that an Indian company might be buying the Art Institute of New York City and NEIA. In 2017, Education Management Corporation reported that it had sold the existing Art Institutes to The Dream Center Foundation, a Los Angeles-based Pentecostal organization. The sale was complete in October 2017. In July 2017, an accrediting agency, Middle States Association, rejected the sale of the Pittsburgh and Philadelphia Art Institutes to the Dream Center Foundation. In January 2019, DCEH chairman Randall Barton stated that the Art Institutes, excluding the Art Institute of Pittsburgh, Art Institute of Las Vegas and Argosy University campuses, have been transferred to the Education Principle Foundation. Also in January 2019, Dream Center Education Holdings announced that AI schools, excluding AI Pittsburgh, AI Las Vegas, and Argosy campuses, had been transferred to the Education Principle Foundation with help from the US Department of Education. Inside Higher Ed described Education Principle Foundation as "a Delaware nonprofit with no annual budget and almost no internet presence", and linked it to private equity firm Colbeck Capital Management. Studio Enterprise, a Los Angeles company tied to Colbeck Capital Management, was also involved in the ownership transfer. Art Institute students from closed schools were directed to DCEH's partner institutions and other for-profit colleges: DeVry University, Walden University, and Trident University. According to the Republic Report, the court appointed receiver, Studio Enterprise & South University had until April 11, 2019 to negotiate to separate both South University schools and the remaining Art Institute schools from the Dream Center Education IT Platform by September 11, 2019. "Should they fail to agree, the plan of reorganization will likely fail, thereby dooming South University and the Art Institutes". Locations AI Miami International University of Art and Design in Miami and Tampa, Florida (934 students) Art Institute of Atlanta (586 students) Art Institute of Austin (130 students) Art Institute