Betsey DeVos has agreed to sever ties to several companies that are related to education. | Getty DeVos review identifies 102 financial interests with potential conflicts

Betsy DeVos has agreed to sever ties to several companies that provide services to schools and colleges, as well as a debt collection agency that collects student loans on behalf of the Education Department, according to government ethics paperwork released Friday.

DeVos, a Michigan billionaire with a complicated web of financial holdings, reached an agreement on Thursday with government ethics officials that will require her to divest from 102 of those assets that could potentially pose a conflict for her as Education secretary.


DeVos listed on her financial paperwork a holding company that invests in Performant Business Services, Inc., which the Education Department hires to collect defaulted federal student loans.

The holding company, from which DeVos has agreed to divest, also has investments in T2 Systems Inc., which provides parking payment services to colleges and universities, and in U.S. Retirement Partners, Inc., a financial services company that “specializes in public school and governmental employee benefit plans,” according to the disclosure statement.

DeVos listed an investment between $500,001 and $1 million in KinderCare Education, formerly Knowledge Universe Education, which is a provider of day care and early childhood education programs. She agreed to divest from the company.

In addition, DeVos has agreed to divest from an “early stage venture fund” that invests in Varsity News Network, Inc., a software developer for school athletics, and Flip Learning, which develops interactive digital textbooks for college students. She will also divest her interest, through a holding company, in N2Y, LLC, which “provides cloud-based learning services for special education,” and in a company, Caldwell and Gregory, Inc., which provides laundry equipment for colleges and universities and apartments.

DeVos’ financial disclosure statement also lists Dick DeVos as a co-borrower on a more than $1 million loan from PNC Financial Services Group for West Michigan Aviation Academy, the charter school that the DeVos’ founded and have funded.

The ethics agreement reached by DeVos and government ethics officials outlines the 102 entities from which she will divest within 90 days of her confirmation as Education secretary.

According to the agreement, the Education Department’s top ethics official determined that it wasn’t necessary for DeVos to divest from her remaining assets because of the “remote” chance she’ll have to make an official decision that affects them. “However,” DeVos wrote, “I will remain vigilant in identifying any particular matters involving the interests of these entities and their holdings …”

DeVos agreed to resign her position from her family’s investment firms, RDV Corporation and the Windquest Group, but will keep her financial interest in those companies.

The release Friday of the long-awaited documents meets a deadline set by Senate HELP Chairman Lamar Alexander (R-Tenn.) earlier this week. Alexander said he would hold a committee vote on DeVos’ nomination next Tuesday as long as her ethics paperwork was completed by the end of this week.

A spokesman for Sen. Patty Murray (D-Wash.), the top Democrat on the committee, said Murray was still reviewing DeVos’ financial disclosure statement. The spokesman said Murray had not yet received answers to information she requested of DeVos about her confidential Senate financial questionnaire.

Among her hundreds of holdings, DeVos listed a stake in the embattled blood-testing company Theranos, valued at more than $1 million. Federal prosecutors launched a probe into the company last year about allegations it misled investors about its technology. The company has also drawn scrutiny from the FDA and CMS, and it has been the focus of multiple federal lawsuits over faulty blood tests.

DeVos lists the income from her stake in Theranos as none or less than $201.

DeVos also lists a stake in OSI Group, LLC, valued at $250,000 to $500,000. The company was fined $3.6 million by regulators in China last year for selling expired meat that was repackaged with newer expiration dates in a 2014 fast food safety scandal.

DeVos also lists the income in OSI Group, LLC, as none or less than $201.

Caitlin Emma contributed to this report.