; and (ii) as applied to an institution of higher education, means an institution— (I) that meets the requirements of subparagraph (A); (II) that is an organization described in section 170(b)(1)(A)(ii) or (vi) of the Internal Revenue Code of 1986; and (III) with respect to which— (aa) no member of the governing board of the institution (other than any ex officio member serving at the pleasure of the remainder of the governing board and receiving a fixed salary) receives any substantial direct or indirect economic benefit (including a lease, promissory note, or other contract) from the institution; and (bb) no person with the power to appoint or remove members of the governing board receives any such substantial direct or indirect economic benefit (including a lease, promissory note, or other contract) from the institution. (B) Exclusions (i) In general An institution of higher education shall not be considered a nonprofit institution of higher education, as defined in this paragraph, if— (I) one or more core functions are under the control of, or subject to significant direction from an entity that is not a public institution of higher education or is not formed as a nonprofit corporation