According to disclosures the college is required to provide to the Department of Education, the overall graduation rates fell to 39% in 2012, while graduation rates among Pell grant recipients were still lower at 27%. The graduation rate fell substantially further in 2014 from 39% to 24%. New owners took control of EDMC in 2015, as EDMC entered into a debt-for-equity swap with its current owners, giving up the majority of their stock to creditors with whom they broke loan covenants. In 2017, Education Management Corporation reported that it had sold the existing Art Institutes to The Dream Center Foundation, a Los Angeles-based Pentecostal organization. The sale was complete in October 2017. Dream Center would later blame EDMC for providing inaccurate revenue and cost projections at the time of the sale, resulting in a substantial operating deficit that forced the Art Institute into federal receivership in January 2019. In March 2019, after the collapse of a last-ditch effort to sell the school, the Art Institute of Pittsburgh announced it would permanently cease operations. On March 27, 2017, The Art Institute of Pittsburgh moved to 1400 Penn Avenue in Pittsburgh. During its growth phase it relocated several times, expanding and broadening the curriculum, but then later reduced offerings during its contraction period. The school purchased a historic landmark building at 420 Boulevard of the Allies in 2000, but sold the same to a Chicago developer in 2014. The Art Institute then moved to its current, more industrial building in the Strip District of Pittsburgh, or "the Strip." In 2019 the Art Institute of Pittsburgh went out of business  The Art Institute of Pittsburgh's online division was a semi-autonomous division of the Art Institute. It offered degree programs and non-degree diploma courses in a variety of creative fields. The online division was shut down alongside the Strip campus location. The Art Institute of Pittsburgh is accredited by The Middle States Commission on Higher Education (since 2008). The Art Institute of Pittsburgh has more than 55,000 alumni.