; or (II) a substantial share of the assets of the institution are committed to a joint venture with a person or entity that is not a public institution of higher education and is not a nonprofit corporation, and the core functions of the venture are conducted by, under the control of, or subject to significant direction from that person or entity. (ii) Presumption of significant direction There shall be a conclusive presumption that an entity exercises significant direction if one or more of the entity’s employees or owners serves as an officer, member of the board, or person holding similar authority for the institution of higher education. . 304. Definition of public institution of higher education Section 103 ( 20 U.S.C. 1003 ), as amended by section 4, is further amended— (1) by inserting after paragraph (14) the following: (15) Public institution of higher education (A) In general The term public , when used with respect to an institution of higher education, means an institution of higher education— (i) (I) operated by— (aa) the Federal Government; (bb) a State, as defined in section 3306(j)(1) of the Internal Revenue Code of 1986; (cc) a local government, as defined in section 1393(a)(5) of such Code; or (dd) an Indian tribal government, as defined in section 7701(a)(40) of such Code; (II) for which all obligations of the institution are valid and binding obligations of the State, local government, or Indian tribal government; and (III) for which the full faith and credit of such State, local government, or Indian tribal government is pledged for the timely payment of such obligations