Establishes process to monitor proprietary institution that converts to nonprofit corporation for transactions that constitute private inurement.

S 1801 requires proprietary colleges that convert to nonprofit status to submit their IRS Form 990 annually to New Jersey's Higher Education Secretary for five years after conversion. The Secretary must review these forms to ensure no transactions improperly benefit private individuals (private inurement), and may recommend revoking the institution's nonprofit status if violations are found. This bill directly affects institutions transitioning from for-profit to nonprofit status, establishing a monitoring process to protect charitable purposes.