Civic Intelligence

State Higher Education Executive Officers Association

990 • Fiscal year 2017 • EIN 23-7167258

Oct 01, 2016 to Sep 30, 2017 • Filed on Feb 12, 2018

3035 Center Green DriveBoulder, CO 80301

(303) 541-1600

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

76th percentile

0.51x

Higher debt load relative to assets than 76% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Liabilities / Revenue

81st percentile

0.97x

Higher debt load relative to revenue than 81% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Net Margin

15th percentile

-13%

Higher net margin than 15% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Top Officer Pay

90th percentile

$328,819

Higher top officer pay than 90% of similar nonprofits.

Top officer pay equals 11.7% of source-year revenue.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Source year 2017

Asset Growth

90th percentile

38%

Faster asset growth than 90% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Revenue Growth

67th percentile

13%

Faster revenue growth than 67% of similar nonprofits.

2017 filings • 501(c)3 • $5M-$10M nonprofits • Annualized from 2016 to 2017

Assets

Up

$5,381,770

Up $1,489,309 (+38%) from 2016

Net Assets

Down

$2,636,605

Down $257,812 (-8.9%) from 2016

Liabilities

Up

$2,745,165

Up $1,747,121 (+175%) from 2016

Revenue

Up

$2,818,277

Up $329,991 (+13%) from 2016

Expenses

Up

$3,189,957

Up $600,996 (+23%) from 2016

Net Income

Down

-$371,680

Down $271,005 (-269%) from 2016

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$10M$5.0M$0Assets 2010: $3,552,404Liabilities 2010: $1,629,664Net Assets 2010: $1,922,7402010Assets 2012: $3,212,723Liabilities 2012: $997,510Net Assets 2012: $2,215,2132012Assets 2013: $3,425,728Liabilities 2013: $1,093,497Net Assets 2013: $2,332,2312013Assets 2014: $4,354,014Liabilities 2014: $1,473,752Net Assets 2014: $2,880,2622014Assets 2015: $3,864,659Liabilities 2015: $1,010,290Net Assets 2015: $2,854,3692015Assets 2016: $3,892,461Liabilities 2016: $998,044Net Assets 2016: $2,894,4172016Assets 2017: $5,381,770Liabilities 2017: $2,745,165Net Assets 2017: $2,636,6052017Assets 2018: $4,502,004Liabilities 2018: $1,578,607Net Assets 2018: $2,923,3972018Assets 2019: $6,075,026Liabilities 2019: $2,785,318Net Assets 2019: $3,289,7082019Assets 2020: $6,779,683Liabilities 2020: $3,112,862Net Assets 2020: $3,666,8212020Assets 2021: $7,606,224Liabilities 2021: $3,843,133Net Assets 2021: $3,763,0912021Assets 2022: $7,000,257Liabilities 2022: $3,171,712Net Assets 2022: $3,828,5452022Assets 2023: $9,623,536Liabilities 2023: $5,562,982Net Assets 2023: $4,060,5542023Assets 2024: $9,860,766Liabilities 2024: $5,487,755Net Assets 2024: $4,373,0112024

Highlighted filing

2017

Assets$5,381,770
Liabilities$2,745,165
Net Assets$2,636,605

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $2,459,7812010Expenses 2012: $2,747,9912012Expenses 2013: $2,668,3622013Revenue 2014: $3,222,664Expenses 2014: $2,751,908Net Income 2014: $470,7562014Revenue 2015: $2,580,829Expenses 2015: $2,559,713Net Income 2015: $21,1162015Revenue 2016: $2,488,286Expenses 2016: $2,588,961Net Income 2016: -$100,6752016Revenue 2017: $2,818,277Expenses 2017: $3,189,957Net Income 2017: -$371,6802017Revenue 2018: $4,438,496Expenses 2018: $4,175,596Net Income 2018: $262,9002018Revenue 2019: $4,665,792Expenses 2019: $4,280,760Net Income 2019: $385,0322019Revenue 2020: $5,353,198Expenses 2020: $5,022,891Net Income 2020: $330,3072020Revenue 2021: $4,340,869Expenses 2021: $4,450,574Net Income 2021: -$109,7052021Revenue 2022: $6,368,436Expenses 2022: $6,030,647Net Income 2022: $337,7892022Revenue 2023: $5,380,633Expenses 2023: $5,288,171Net Income 2023: $92,4622023Revenue 2024: $6,787,871Expenses 2024: $6,511,547Net Income 2024: $276,3242024

Highlighted filing

2017

Revenue$2,818,277
Expenses$3,189,957
Net Income-$371,680
Jump To
Filing Snapshot
Filing Period
Oct 1, 2016 to Sep 30, 2017
Signed
Feb 12, 2018
Return Version
2016v3.0
Gross Receipts
$2,818,277
Mission and Program Overview

Mission

THE STATE HIGHER EDUCATION EXECUTIVE OFFICERS ASSOCIATION (SHEEO) IS A NATIONAL NONPROFIT ORGANIZATION FORMED IN 1954 and incorporated in 1981 TO ASSIST STATE HIGHER EDUCATION EXECUTIVES AND THE STATES AS THEY SEEK TO DEVELOP AND SUSTAIN EXCELLENT SYSTEMS OF HIGHER EDUCATION. SHEEO FULFILLS ITS MISSION BY SPONSORING NATIONAL CONVENINGS, INCLUDING AN ANNUAL MEETING, PRODUCING PUBLICATIONS, AND PERFORMING GRANT AND PROJECT ACTIVITIES. REGULAR MEMBERSHIP IS OPEN TO THE EXECUTIVE OFFICERS OF STATEWIDE BOARDS OF POST-SECONDARY EDUCATION. SHEEO IS SUPPORTED PRIMARILY THROUGH FEDERAL STATE DUES AND PRIVATE FOUNDATION GRANTS.

SEE SCHEDULE O

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments in Publicly Traded Securities$2,531,970$3,841,336▲ $1,309,366
Savings and Temporary Cash Investments$465,547$628,980▲ $163,433
Land, Buildings, and Equipment, Net-$27,111-
Accounts Receivable$6,710$25,208▲ $18,498
Prepaid Expenses and Deferred Charges$2,627$1,711▼ $916
Cash and Non-Interest-Bearing Accounts-$0-
Other Notes and Loans Receivable, Net-$0-
Pledges and Grants Receivable-$0-
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities-$0-
Investments Program Related-$0-
Intangible Assets-$0-
Inventories for Sale or Use-$0-
Total Assets$3,892,461$5,381,770▲ $1,489,309
Other Assets Total$885,607$857,424▼ $28,183
Liabilities
Deferred Revenue$930,785$2,567,507▲ $1,636,722
Accounts Payable and Accrued Expenses$67,259$177,657▲ $110,398
Other Liabilities-$1-
Total Liabilities$998,044$2,745,165▲ $1,747,121
Net Assets / Fund Balance
Unrestricted Net Assets$2,894,417$2,636,605▼ $257,812
Total Net Assets Fund Balance$2,894,417$2,636,605▼ $257,812
Total Liabilities and Net Assets / Fund Balance$3,892,461$5,381,770▲ $1,489,309

Asset Categories

AssetBook ValueDepreciationBasis
Equipment$27,111$158,149$185,260
Other Assets Org$857,424--
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
George PernsteinerPresidentFT$298,799$30,020$328,819
Julie CarnahanVice PresidentFT$166,868$16,766$183,634
Christina WhitfieldAssoc VPFT$130,768$30,630$161,398
Denise Pearson RobinsonPr Policy AnalystFT$114,916$20,178$135,094
Andrew M CarlsonPr Policy AnalystFT$104,593$11,236$115,829
Gladys KernsDirector Adm OpsFT$87,809$17,648$105,457

Board Members and Trustees

Revenue and Support

Revenue Composition

Contributions and Grants
$2,403,595
Program Service Revenue
$374,535
Investment Income
$35,996
Other Revenue
$4,151
All Other Contributions
$1,412,492
Change in Net Assets
$-371,680

Audited Revenue Reconciliation

Revenue per Audited Statements
$2,818,277
Revenue Not Reported on Form 990
$113,868
Total Revenue per Audited Statements
$2,932,145
Total Revenue per Form 990
$2,818,277
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$1,790,823
Other Expenses$1,399,134
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$774,437$554,134-$1,328,571
Conferences and Meetings$390,445$18,359-$408,804
Other Salaries and Wages$321,496$38,595-$360,091
Travel$151,913$30,487-$182,400
Occupancy$63,530$37,661-$101,191
Office Expenses$33,744$36,492-$70,236
Fees for Services Accounting-$58,121-$58,121
Other Employee Benefits$38,737$5,154-$43,891
Information Technology$5,000$35,520-$40,520
Pension Plan Contributions$25,352$6,427-$31,779
Payroll Taxes$21,406$5,085-$26,491
Other Expenses$5,640$20,011-$20,011
Insurance-$8,044-$8,044
Fees for Services Legal-$4,032-$4,032
All Other Expenses$106,945$-103,194-$3,751
Depreciation Depletion-$800-$800
Total Functional Expenses$2,307,077$882,880$0$3,189,957

Audited Expense Reconciliation

Line ItemAmount
Expenses per Audited Statements$3,189,957
Total Expenses per Audited Statements$3,189,957
Total Expenses per Form 990$3,189,957
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Debt and Bond Financing

Other Reported Liabilities

LiabilityAmount
Rounding$1
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Backup withholding compliance
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
Yes
Other officer compensation reviewed
Yes
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 7A: How Members or Shareholders Elect Governing Body

Executive committee members are elected by vote of the regular members at the annual meeting.

Form 990, Part VI, Line 7B: Describe Decisions of Governing Body Approval by Members or Shareholders

Members vote on annual dues and the election of the executive committee.

Form 990, Part VI, Line 11B: Form 990 Review Process

The independent auditors prepare the annual form 990. A draft of the form 990 is presented to the executive committee for their review and approval. Once the form 990 is approved, the form 990 is filed.

Form 990, Part VI, Line 12C: Explanation of Monitoring and Enforcement of Conflicts

The organization requires each responsible person to review a copy of the conflict of interest policy and acknowledge in writing that he/she has done so. Each responsible person annually completes a disclosure form identifying any relationships, positions, or circumstances in which the reponsible party is involved that he/she believes could contribute to a conflict of interest arising. This policy is reviewed annually by each member of the executive committee.

Form 990, Part VI, Line 15A: Compensation Review & Approval Process - CEO, Top Management

The sheeo executive committee (the association's board of directors) did a study of compensation for the ceo's of other national higher education associations before reviewing and setting the president's compensation.

Form 990, Part VI, Line 15B: Compensation Review and Approval Process for Officers and Key Employees

The association performs an annual study of compensation for key leaders of state higher education agencies; this study is used to evaluate the compensation of sheeo's officers and key employees.

Form 990, Part VI, Line 19: Other Organization Documents Publicly Available

Sheeo makes its governing documents, conflict of interest policy and financial statements available to the public through a hard copy or electronic pdf upon request.

Filing and Contact Details

Filer

Filer Name
State Higher Education Executive
EIN
23-7167258
Phone
3035411600
Address
3035 CENTER GREEN DRIVE, BOULDER, CO 80301

Signing Officer

Name
Robert Anderson
Title
President
Signed
2018-02-12
Discuss with paid preparer
Yes

Organization Details

Formed
1981
Legal Domicile
Co
Voting Board Members
13
Independent Board Members
13
Employees
14

Preparer

Firm
Middlemist Crouch & Co Cpas Pc
Address
2960 CENTER GREEN CT, BOULDER, CO 80301-5406
Preparer
Catherine Middlemist CPA
Phone
3034494025
Supplemental Narrative

Additional Explanations

Other Changes In Net Assets Or Fund Balances - Other Increases

Changes in shepc, llc = $4083

Financial Statement Notes

Part X : FIN48 Footnote

The organization is exempt from federal income taxes under section 501(c)(3) of the internal revenue code, except on income derived from unrelated business activities. The organization has determined that it does not have any income which is subject to tax on unrelated business income. The organization believes that it has appropriate support for any tax positions taken, and as such does not have any uncertain tax positions that are material to the financial statements. The organization's federal exempt organization business income tax returns for 2014, 2015 and 2016 are subject to examination by the irs, generally for three years after they were filed.

Part XI, Line 2D: Other revenue amounts included in F/S but not included on form 990

Change in equity in shepc. Llc $4083

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IRS990/Form990PartVIISectionAGrp/PersonNm16JULIE CARNAHAN
IRS990/Form990PartVIISectionAGrp/PersonNm17CHRISTINA WHITFIELD
IRS990/Form990PartVIISectionAGrp/PersonNm18DENISE PEARSON ROBINSON
IRS990/Form990PartVIISectionAGrp/PersonNm19ANDREW M CARLSON
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IRS990/Form990PartVIISectionAGrp/TitleTxt0PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt1PAST CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt2CHAIR
IRS990/Form990PartVIISectionAGrp/TitleTxt3MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt4Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt5MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt6MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt7MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt8MEMBER
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IRS990/Form990PartVIISectionAGrp/TitleTxt11MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt12MEMBER
IRS990/Form990PartVIISectionAGrp/TitleTxt13DIR ADM OPS
IRS990/Form990PartVIISectionAGrp/TitleTxt14President
IRS990/Form990PartVIISectionAGrp/TitleTxt15President
IRS990/Form990PartVIISectionAGrp/TitleTxt16Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt17ASSOC VP
IRS990/Form990PartVIISectionAGrp/TitleTxt18PR POLICY ANALYST
IRS990/Form990PartVIISectionAGrp/TitleTxt19PR POLICY ANALYST
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IRS990/MissionDesc0THE STATE HIGHER EDUCATION EXECUTIVE OFFICERS ASSOCIATION (SHEEO) IS A NATIONAL NONPROFIT ORGANIZATION FORMED IN 1954 and incorporated in 1981 TO ASSIST STATE HIGHER EDUCATION EXECUTIVES AND THE STATES AS THEY SEEK TO DEVELOP AND SUSTAIN EXCELLENT SYSTEMS OF HIGHER EDUCATION. SHEEO FULFILLS ITS MISSION BY SPONSORING NATIONAL CONVENINGS, INCLUDING AN ANNUAL MEETING, PRODUCING PUBLICATIONS, AND PERFORMING GRANT AND PROJECT ACTIVITIES. REGULAR MEMBERSHIP IS OPEN TO THE EXECUTIVE OFFICERS OF STATEWIDE BOARDS OF POST-SECONDARY EDUCATION. SHEEO IS SUPPORTED PRIMARILY THROUGH FEDERAL STATE DUES AND PRIVATE FOUNDATION GRANTS.
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IRS990/ProgramServiceRevenueGrp/Desc0ANNUAL MEETING REVENUE
IRS990/ProgramServiceRevenueGrp/Desc1HIGHER ED POLICY CONFEREN
IRS990/ProgramServiceRevenueGrp/Desc2HONORAIUM INCOME
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1280705
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt21700
IRS990/ProgSrvcAccomActy2Grp/Desc0PROJECT ACTIVITY: PLANNED AND AD HOC RESEARCH ON HIGHER EDUCATION POLICY TO SUPPORT SHEEO MEMEBERS' ACTIVITIES IN THE STATES. THIS INCLUDES TRAVEL EXPENSES TO ATTEND NATIONAL MEETINGS AND SALARIES TO SHEEO STAFF MEMBERS WORKING ON HIGHER EDUCATION POLICY.
IRS990/ProgSrvcAccomActy2Grp/ExpenseAmt0673780
IRS990/ProgSrvcAccomActy3Grp/Desc0CONFERENCES - SHEEO PRESENTS ANNUAL CONFERENCES FOR SHEEO MEMBERS AND OTHER STATE AND NATIONAL LEADERS OF HIGHER EDUCATION POLICY:1) SHEEO ANNUAL MEETING, TAILORED ESPECIALLY FOR THE CEO'S OF HIGHER EDUCATION IN THE STATES2) SHEEO HIGHER EDUCATION POLICY CONFERENCE, A POLICY AND PROFESSIONAL DEVELOPMENT CONFERENCE BRINGING TOGETHER OVER 300 STATE EXECUTIVE OFFICERS, ACADEMIC OFFICERS, FINANCE OFFICERS, GOVERNMENT RELATIONS/COMMUNICATIONS OFFICERS, CHIEF INFORMATION OFFICERS, AND OTHERS WORKING IN HIGHER EDUCATION POLICY POSITIONS. And creation of the State Higher Education Finance annual survey and report.
IRS990/ProgSrvcAccomActy3Grp/ExpenseAmt0369956

Document Assets

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Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Detailed filing. Detailed filing data is available for this year.$9.86$5.49$4.37$6.79$6.51$0.28
2023Detailed filing. Detailed filing data is available for this year.$9.62$5.56$4.06$5.38$5.29$0.09
2022Detailed filing. Detailed filing data is available for this year.$7.00$3.17$3.83$6.37$6.03$0.34
2021Detailed filing. Detailed filing data is available for this year.$7.61$3.84$3.76$4.34$4.45$0.11
2020Detailed filing. Detailed filing data is available for this year.$6.78$3.11$3.67$5.35$5.02$0.33
2019Detailed filing. Detailed filing data is available for this year.$6.08$2.79$3.29$4.67$4.28$0.39
2018Detailed filing. Detailed filing data is available for this year.$4.50$1.58$2.92$4.44$4.18$0.26
2017Detailed filing. Detailed filing data is available for this year.$5.38$2.75$2.64$2.82$3.19$0.37
2016Detailed filing. Detailed filing data is available for this year.$3.89$1.00$2.89$2.49$2.59$0.10
2015Detailed filing. Detailed filing data is available for this year.$3.86$1.01$2.85$2.58$2.56$0.02
2014Detailed filing. Detailed filing data is available for this year.$4.35$1.47$2.88$3.22$2.75$0.47
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.43$1.09$2.33$2.67
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.21$1.00$2.22$2.75
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$3.55$1.63$1.92$2.46