Online program managers (OPMs) are third-party companies that work with colleges and universities to develop, launch, and deliver online learning. Despite the prevalence of these companies in higher education, cost details are often buried or asserted with legal protections as trade secrets or business models unavailable for public review.3 Further, postsecondary institution contracts with external vendors, especially OPMs, lack transparency, so the true cost of outsourcing core academic functions to these for-profit companies remains shrouded in secrecy. Yet billions of dollars are at stake, as recent estimates value the OPM industry at over $4 billion. Given the limits on financial data access associated with arrangements between OPMs and postsecondary institutions, this report highlights issues with higher education accountability, transparency, and value associated with OPM services. This brief draws attention to the financial clauses that dictate the flow of money between students and for-profit contractors, as the opaqueness surrounding university finances and the increasing reliance on for-profit companies in core academic areas demands closer scrutiny.