"Jerry L. Falwell Jr.’s Liberty University in Lynchburg, Virginia generated $215 million in net income in 2016 on nearly $1 billion in revenue. This tax-exempt nonprofit university’s net assets now exceed $2.5 billion, up from $1.6 billion in 2016. Their recipe? “The booming and lightly regulated realm of online higher education,” mostly subsidized by student grants and loans from the US Department of Education and the US Department of Veterans Affairs."
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https://nonprofitquarterly.org/jerry-falwells-liberty-university-profit-nonprofit-garb/