AIB College of Business over the next year or so will convert into a Des Moines campus of the University of Iowa, if the state Board of Regents approves the deal.

Regents President Bruce Rastetter appeared at the afternoon announcement at AIB and supported the move.

Iowa has 31,065 students; AIB, 1,014. UI President Sally Mason acknowledged that the Des Moines campus could help her university address Regents’ criticism that it doesn’t have enough students from Iowa.

AIB, which has its roots in a family operation and is run by family member and President Nancy Williams, would donate the campus, and a $7 million endowment, to UI. AIB has an outstanding five-year loan of $1.4 million.

The campus is assessed at $21.5 million.

Mason said she hopes many of AIB’s approximately 180 faculty and staff will remain at the 20-acre campus. She said the private school’s business offerings will remain and may be expanded to include bachelor’s and master’s degrees in other areas.

Current students will be able to complete their degree programs, but it’s unclear if they will receive degrees from AIB or from Iowa, Williams said. Many details are still being worked out.

Tuition at the school would fall under the new regime, both Williams and Mason said. AIB’s base tuition now is $18,000, but with aid most students pay about $11,000, slightly higher than UI’s tuition.

The Iowa City-based university will continue, and expand, its operations at the John and Mary Pappajohn Education Center in downtown Des Moines, Mason said.

Chris Costa, AIB’s board chairman, said most of the AIB trustees are business representatives who will welcome the move as a chance to strengthen education and quality of life.

Williams said she doesn’t plan to have a formal role in UI’s operations on the Des Moines campus, but Mason said she will urge Williams to help UI with the transition and to ensure that AIB’s legacy is honored.

Founded in 1921, AIB once was downtown, but it moved to the present campus on Fleur Drive in 1972. It became a nonprofit in 1941.