Civic Intelligence

Ascendium Education Group Inc.

990 • Fiscal year 2015 • EIN 39-1090394

Jan 01, 2015 to Dec 31, 2015 • Filed on Aug 31, 2016

Organization Profilewww.mygreatlakes.org

View Organization Page

2401 International LaneMadison, WI 53704

(608) 246-1744

Siviq Scores

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

Liabilities / Assets

2nd percentile

0.00x

Higher debt load relative to assets than 2% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Liabilities / Revenue

3rd percentile

0.02x

Higher debt load relative to revenue than 3% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Net Margin

100th percentile

98%

Higher net margin than 100% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Top Officer Pay

57th percentile

$971,901

Higher top officer pay than 57% of similar nonprofits.

Top officer pay equals 6.0% of source-year revenue.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2015

Asset Growth

58th percentile

3.4%

Faster asset growth than 58% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Revenue Growth

100th percentile

969%

Faster revenue growth than 100% of similar nonprofits.

2015 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2014 to 2015

Balance Sheet
Liabilities / Assets2nd percentile

Assets

Up

$629,596,316

Up $20,669,654 (+3.4%) from 2014

Net Assets

Up

$629,304,742

Up $20,837,224 (+3.4%) from 2014

Liabilities

Down

$291,574

Down $167,570 (-36%) from 2014

Revenue And Expenses
Liabilities / Revenue3rd percentileNet Margin100th percentile

Revenue

Up

$16,297,764

Up $14,772,505 (+969%) from 2014

Expenses

Up

$404,180

Up $352,209 (+678%) from 2014

Net Income

Up

$15,893,584

Up $14,420,296 (+979%) from 2014

Historical Trend

Balance Sheet Trend

Asset Growth58th percentile

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

$4.0B$3.0B$2.0B$1.0B$0Assets 2011: $555,540,168Liabilities 2011: $622,621Net Assets 2011: $554,917,5472011Assets 2012: $574,242,929Liabilities 2012: $598,387Net Assets 2012: $573,644,5422012Assets 2013: $591,662,561Liabilities 2013: $678,111Net Assets 2013: $590,984,4502013Assets 2014: $608,926,662Liabilities 2014: $459,144Net Assets 2014: $608,467,5182014Assets 2015: $629,596,316Liabilities 2015: $291,574Net Assets 2015: $629,304,7422015Assets 2016: $851,364,138Liabilities 2016: $568,778Net Assets 2016: $850,795,3602016Assets 2017: $894,746,030Liabilities 2017: $67,157Net Assets 2017: $894,678,8732017Assets 2018: $1,090,091,290Liabilities 2018: $3,004,395Net Assets 2018: $1,087,086,8952018Assets 2019: $2,132,867,938Liabilities 2019: $27,131Net Assets 2019: $2,132,840,8072019Assets 2020: $2,297,580,826Liabilities 2020: $3,279,906Net Assets 2020: $2,294,300,9202020Assets 2021: $2,781,800,074Liabilities 2021: $3,740,839Net Assets 2021: $2,778,059,2352021Assets 2022: $2,599,459,075Liabilities 2022: $5,887,995Net Assets 2022: $2,593,571,0802022Assets 2023: $3,022,286,011Liabilities 2023: $5,766,249Net Assets 2023: $3,016,519,7622023Assets 2024: $3,555,116,130Liabilities 2024: $5,945,911Net Assets 2024: $3,549,170,2192024

Highlighted filing

2015

Assets$629,596,316
Liabilities$291,574
Net Assets$629,304,742
Open 2015 Filing

Operations Trend

Revenue Growth100th percentile

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

$150M$100M$50M$0-$50MExpenses 2011: $54,7732011Expenses 2012: $40,9582012Revenue 2013: $12,266,355Expenses 2013: $46,171Net Income 2013: $12,220,1842013Revenue 2014: $1,525,259Expenses 2014: $51,971Net Income 2014: $1,473,2882014Revenue 2015: $16,297,764Expenses 2015: $404,180Net Income 2015: $15,893,5842015Revenue 2016: $16,797,979Expenses 2016: $1,007,767Net Income 2016: $15,790,2122016Revenue 2017: $6,216,686Expenses 2017: $1,405,311Net Income 2017: $4,811,3752017Revenue 2018: $128,791,379Expenses 2018: $992,425Net Income 2018: $127,798,9542018Revenue 2019: $29,867,739Expenses 2019: $2,064,066Net Income 2019: $27,803,6732019Revenue 2020: $30,305,077Expenses 2020: $2,468,782Net Income 2020: $27,836,2952020Revenue 2021: $26,399,097Expenses 2021: $5,594,270Net Income 2021: $20,804,8272021Revenue 2022: $25,305,849Expenses 2022: $70,596,121Net Income 2022: -$45,290,2722022Revenue 2023: $78,403,388Expenses 2023: $12,531,647Net Income 2023: $65,871,7412023Revenue 2024: $94,918,940Expenses 2024: $14,289,952Net Income 2024: $80,628,9882024

Highlighted filing

2015

Revenue$16,297,764
Expenses$404,180
Net Income$15,893,584
Open 2015 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2015 to Dec 31, 2015
Signed
Aug 31, 2016
Return Version
2015v2.1
Gross Receipts
$16,297,764
Mission and Program Overview

Mission

Great lakes higher education corporation operates for the support and benefit of great lakes higher education guaranty corporation and northstar guarantee inc. This mission statement has been reviewed, acknowledged and approved by the board.

Great lakes higher education corporation operates for the support and benefit of great lakes higher education guaranty corporation and northstar guarantee inc.

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$289,537,100$399,171,233▲ $109,634,133
Investments Program Related$75,381,002$80,966,886▲ $5,585,884
Investments in Publicly Traded Securities$118,858,444$19,769,644▼ $99,088,800
Investments Other Securities$5,596,069$10,126,223▲ $4,530,154
Accounts Receivable$0$517,623▲ $517,623
Cash and Non-Interest-Bearing Accounts$136,492$632▼ $135,860
Other Notes and Loans Receivable, Net$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Land, Buildings, and Equipment, Net$0--
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$608,926,662$629,596,316▲ $20,669,654
Other Assets Total$119,417,555$119,044,075▼ $373,480
Liabilities
Other Liabilities$459,144$291,574▼ $167,570
Accounts Payable and Accrued Expenses$0$0→ $0
Grants Payable$0$0→ $0
Mortgage Notes Payable Secured by Investment Property$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$459,144$291,574▼ $167,570
Net Assets / Fund Balance
Unrestricted Net Assets$608,467,518$629,304,742▲ $20,837,224
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$608,467,518$629,304,742▲ $20,837,224
Total Liabilities and Net Assets / Fund Balance$608,926,662$629,596,316▲ $20,669,654

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$80,966,886--
Other Assets Org$287,672--
Compensation and Service Providers
Top Officer Pay57th percentile

Employees

NameTitleFull / Part TimeBaseOtherTotal
Richard D George 23Chair/Pres/CEO/TreasFT$296,512$675,389$971,901
Nancy Seifert 3CFOFT$178,753$296,488$475,241
Rebecca St John 3General Counsel/Asst SecretaryFT$124,423$189,528$313,951
Dawn Vogel 3Director of Internal AuditFT$128,582$101,605$230,187
Hope E MerrySr Mgr - Guar Acctg Fed RptFT$111,975$36,762$148,737
Steven A SchmidtCommunication Team LeadPT$10,882$134,599$145,481
Stephanie L HafermannSr Mgr - Corporate AcctgFT$101,301$38,354$139,655
Royce A NortonSr Financial SpecialistFT$121,119$14,776$135,895
Patricia A Torkildson 3Chief Privacy OfficerFT$19,870$3,042$22,912
Thomas J Boldt 1Director-$19,000-$19,000
Alex J Pollock 1Director-$9,500$9,500$19,000
Richard A Weiss 1Director-$6,333$12,667$19,000
Emerson L Brumback 1Director-$7,750$7,750$15,500
Joan Prince 1Director-$7,750$7,750$15,500
Linda Hoeschler 1Director-$7,750$7,750$15,500
Mary Burke 1Director-$5,167$10,333$15,500

Board Members and Trustees

NameTitle
Jacqueline Fairbairn 3CMS Committee Chair
David J Hanson 14Director/Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Ernst Young US LLP 155 N WackAudit/Tax Service-$122,450
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$0
Investment Income
$16,297,764
Other Revenue
$0
Change in Net Assets
$15,893,584
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$5,816,747
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0
Other Expenses$-5,412,567

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Salaries and Wages$880,754$2,369,329-$3,250,083
Current Officers, Directors, Trustees, and Key Employees$172,301$1,448,399-$1,620,700
Other Employee Benefits$140,043$245,551-$385,594
Fees for Service Investment Mgmnt Fees-$352,231-$352,231
Pension Plan Contributions$103,862$245,022-$348,884
Office Expenses$341,421$3,936-$345,357
Payroll Taxes$63,767$147,719-$211,486
Occupancy$58,279$124,153-$182,432
Fees for Services Accounting-$127,250-$127,250
Travel$22,691$47,549-$70,240
Conferences and Meetings$4,137$26,280-$30,417
Fees for Services Legal-$21,947-$21,947
Other Expenses$19,992$260$0$20,252
Depreciation Depletion$19,442--$19,442
Advertising$18,788--$18,788
Fees for Services Other$16,379--$16,379
Total Functional Expenses$24,000$380,180$0$404,180
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

Interested-Person Transactions

Interested PartyRelationshipDescriptionShared RevenueAmount
Great Lakes Educational Loan SvcsSubsidiary/officer ovrlapServices Agreement FeesNo$10,153,366
Great Lakes Educational Loan SvcsSubsidiary/officer ovrlapIntercompany Reimb. to GLELSINo$986,927
Great Lakes Educational Loan SvcsSubsidiary/Officer ovrlapBuilding RentNo$182,000
Great Lakes Educational Loan SvcsSubsidiary/Officer ovrlapIC Reimbs-Bldng Sale to GLELSINo$3,061

Loans and Receivables

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

Other Reported Liabilities

LiabilityAmount
Compensation Plan Payable$287,672
Intercompany Payable$3,902
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
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Part VI, Question 11B

“On an annual basis, the Chairman of the Board, President and CEO, the audit committee and board review the Form 990 prior to filing. The conflicts of interest questionnaires are completed by each Director and reviewed prior to filing the Form 990.”

Part VI, Question 12C

“Annually, Directors and Officers sign a conflict of interest document which discloses any conflicts. The signed documents are reviewed annually by the Chairman of the Board. If a disclosed conflict occurs, the individual abstains from discussion and voting on topics where a conflict of interest exists. All Directors, Officers and employees are subject to the Human Resources Code of Ethics to maintain the highest ethical and legal standards of business conduct.”

Part VI, Questions 15A & 15B

“The compensation of the CEO and all of the Officers is determined annually by the Personnel Policy Committee of the Board of Directors. The CEO is routinely excused and abstains from discussion and/or voting on any matters related to his own compensation and benefits. The Personnel Policy Committee's report is submitted to the Board of Directors for approval. The decisions are documented in the Board minutes. Every two to three years, an independent compensation study is performed. Availability of Governing Documents, Conflict of Interest Policy, and Financial Statements to General Public: Form 990, Part VI, Question 19 Federal tax law does not require that such documents be made publicly available. Documents are available upon specific request.”

Part VII, Section A, Line 1A

“(1) Directors normally attend 3-4 board meetings and 3-4 committee meetings per year in addition to telephonic conferences and individual meetings with officers. Directors devote an average of 1-3 hours per week to their position(s). (2) Compensation line includes compensation for general counsel services and affiliate group responsibilities. Inside directors are not eligible for Board compensation. (3) Non-operating officer position not separately compensated. (4) Board compensation is applied to firm retainer for outside counsel services.”

Filing and Contact Details

Filer

Filer Name
Great Lakes Higher Education Corporation
EIN
39-1090394
In Care Of
% NANCY SEIFERT
Phone
6082461744
Address
2401 International Lane, Madison, WI 53704

Signing Officer

Name
Richard George
Title
Chairman & CEO
Phone
6082461408
Signed
2016-08-31

Organization Details

Principal Officer
Richard D George
Formed
1967
Legal Domicile
Wi
Voting Board Members
9
Independent Board Members
8
Employees
62

Preparer

Firm
Ernst & Young US Llp
Address
155 N WACKER DRIVE 20TH FLOOR, Chicago, IL 60606
Preparer
Jacob Zehnder
Phone
3128792702
Supplemental Narrative

Additional Explanations

Part XI, Line 9

“$5,585,884 - change in investment in wholly owned subsidiary - great lakes educational loan services, inc.”

Financial Statement Notes

Schedule D, Part IX

“$118,419,274 Lender Funding Contribution Transfer The $118,419,274 represents the 2008-2010 Lender Funding Contribution Transfer to Northstar Guarantee Inc. (Related Entity).”

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IRS990/Form990PartVIISectionAGrp/TitleTxt2Director/Secretary
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director
IRS990/Form990PartVIISectionAGrp/TitleTxt7Chair/Pres/CEO/Treas
IRS990/Form990PartVIISectionAGrp/TitleTxt8Director
IRS990/Form990PartVIISectionAGrp/TitleTxt9CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt10General Counsel/Asst Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt11Director of Internal Audit
IRS990/Form990PartVIISectionAGrp/TitleTxt12CMS Committee Chair
IRS990/Form990PartVIISectionAGrp/TitleTxt13Chief Privacy Officer
IRS990/Form990PartVIISectionAGrp/TitleTxt14Sr Mgr - Corporate Acctg
IRS990/Form990PartVIISectionAGrp/TitleTxt15Sr Mgr - Guar Acctg Fed Rpt
IRS990/Form990PartVIISectionAGrp/TitleTxt16Sr Financial Specialist
IRS990/Form990PartVIISectionAGrp/TitleTxt17COMMUNICATION TEAM LEAD
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Document Assets

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Filings

Displayed year

2015 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$629,596,316
Liabilities
$291,574
Net assets
$629,304,742
Revenue
$16,297,764
Expenses
$404,180
Net income
$15,893,584
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$3,555$5.95$3,549$94.9$14.3$80.6
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,022$5.77$3,017$78.4$12.5$65.9
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,599$5.89$2,594$25.3$70.6$45.3
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,782$3.74$2,778$26.4$5.59$20.8
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,298$3.28$2,294$30.3$2.47$27.8
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,133$0.03$2,133$29.9$2.06$27.8
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,090$3.00$1,087$129$0.99$128
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$895$0.07$895$6.22$1.41$4.81
2016XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$851$0.57$851$16.8$1.01$15.8
2015Detailed filing. Detailed filing data is available for this year.$630$0.29$629$16.3$0.40$15.9
2014Detailed filing. Detailed filing data is available for this year.$609$0.46$608$1.53$0.05$1.47
2013XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$592$0.68$591$12.3$0.05$12.2
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$574$0.60$574$0.04
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$556$0.62$555$0.05
Peer Organizations

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