Liabilities / Assets
14th percentile
Higher debt load relative to assets than 14% of similar nonprofits.
Ascendium Education Solutions Inc.
990 • Fiscal year 2015 • EIN 39-1853833
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
0.05x
Liabilities / Revenue
16th percentile
Higher debt load relative to revenue than 16% of similar nonprofits.
Net Margin
93rd percentile
Higher net margin than 93% of similar nonprofits.
Top Officer Pay
57th percentile
Higher top officer pay than 57% of similar nonprofits.
Top officer pay equals 0.5% of source-year revenue.
Asset Growth
90th percentile
Faster asset growth than 90% of similar nonprofits.
Revenue Growth
68th percentile
Faster revenue growth than 68% of similar nonprofits.
Balance Sheet
Assets
Up$670,326,984
Up $94,031,347 (+16%) from 2014
Net Assets
Up$636,469,482
Up $93,247,708 (+17%) from 2014
Liabilities
Up$33,857,502
Up $783,639 (+2.4%) from 2014
Revenue And Expenses
Revenue
Up$198,669,809
Up $16,428,683 (+9.0%) from 2014
Expenses
Up$104,970,544
Up $22,716,833 (+28%) from 2014
Net Income
Down$93,699,265
Down $6,288,150 (-6.3%) from 2014
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jan 1, 2015 to Dec 31, 2015
- Signed
- Aug 31, 2016
- Return Version
- 2015v2.1
- Gross Receipts
- $212,357,549
Mission and Program Overview
Mission
Ascendium education solutions, inc. Operates to provide for philanthropic support and cost effective enablement of access to and persistence in post-secondary education by providing full-range guaranty agency services and grant support to funding sources, educational institutions, charitable organizations, and others to broaden federally guaranteed loan availability and pursuit of and participation in post-secondary education in accordance with the federal higher education act of 1965, as amended. This mission statement has been reviewed, acknowledged and informally approved by the board.
Operates to provide cost effective access to post-secondary education by providing guaranty services to broaden federally guaranteed loan availability.
Balance Sheet Detail
| Line | Beginning | End | Change |
|---|---|---|---|
| Assets | |||
| Savings and Temporary Cash Investments | $316,822,879 | $653,438,231 | ▲ $336,615,352 |
| Investments in Publicly Traded Securities | $225,946,032 | $0 | ▼ $225,946,032 |
| Accounts Receivable | $5,490,269 | $5,263,534 | ▼ $226,735 |
| Cash and Non-Interest-Bearing Accounts | $378,127 | $1,545,709 | ▲ $1,167,582 |
| Prepaid Expenses and Deferred Charges | $929,488 | $1,111,515 | ▲ $182,027 |
| Land, Buildings, and Equipment, Net | $14,137,034 | $130,298 | ▼ $14,006,736 |
| 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 |
| Investments Other Securities | $0 | $0 | → $0 |
| Investments Program Related | $0 | $0 | → $0 |
| Intangible Assets | $0 | $0 | → $0 |
| Inventories for Sale or Use | $0 | $0 | → $0 |
| Loans From Officers Directors | $0 | $0 | → $0 |
| Total Assets | $576,295,637 | $670,326,984 | ▲ $94,031,347 |
| Other Assets Total | $12,591,808 | $8,837,697 | ▼ $3,754,111 |
| Liabilities | |||
| Other Liabilities | $23,239,833 | $22,277,318 | ▼ $962,515 |
| Accounts Payable and Accrued Expenses | $5,040,889 | $7,092,107 | ▲ $2,051,218 |
| Deferred Revenue | $4,793,141 | $4,488,077 | ▼ $305,064 |
| Grants Payable | $0 | $0 | → $0 |
| Mortgage Notes Payable Secured by Investment Property | $0 | $0 | → $0 |
| Unsecured Notes Loans Payable | $0 | $0 | → $0 |
| Escrow Account Liability | $0 | $0 | → $0 |
| Tax Exempt Bond Liabilities | $0 | $0 | → $0 |
| Total Liabilities | $33,073,863 | $33,857,502 | ▲ $783,639 |
| Net Assets / Fund Balance | |||
| Unrestricted Net Assets | $543,221,774 | $636,469,482 | ▲ $93,247,708 |
| Permanently Rstr Net Assets | $0 | $0 | → $0 |
| Temporarily Rstr Net Assets | $0 | $0 | → $0 |
| Total Net Assets Fund Balance | $543,221,774 | $636,469,482 | ▲ $93,247,708 |
| Total Liabilities and Net Assets / Fund Balance | $576,295,637 | $670,326,984 | ▲ $94,031,347 |
Asset Categories
| Asset | Book Value | Depreciation | Basis |
|---|---|---|---|
| Equipment | $128,426 | $325,513 | $453,939 |
| Other Land Buildings | $1,872 | $37,308 | $39,180 |
Compensation and Service Providers
Employees
| Name | Title | Full / Part Time | Base | Other | Total |
|---|---|---|---|---|---|
| Jacqueline Fairbairn 3 | VP - Policy/Regul Compliance | FT | $127,163 | $193,803 | $320,966 |
| Beth Erickson 3 | VP - Repayment Solutions | FT | $132,908 | $178,962 | $311,870 |
| Amy Kobishop 3 | VP - Community Investments | FT | $135,000 | $165,237 | $300,237 |
| Jason E Rasmusen | Director - Strat Communication | FT | $117,690 | $44,967 | $162,657 |
| Ellen Welke | Director - Default Collections | FT | $97,598 | $62,168 | $159,766 |
| Steven A Schmidt | Communcation Team Lead | FT | $104,416 | $41,065 | $145,481 |
| Kira Cortese | Creative Director | FT | $111,022 | $28,083 | $139,105 |
| Benjamin P Dobner | Director - Comm Investments | FT | $105,193 | $22,799 | $127,992 |
| Cynthia Walsh 1 | Director | - | $19,000 | - | $19,000 |
| Richard A Weiss 1 | Director | - | $6,333 | $12,667 | $19,000 |
| Thomas A Scarlett 1 | Director | - | $15,500 | - | $15,500 |
| Emerson L Brumback 1 | Director/Committee Chairman | - | $7,750 | $7,750 | $15,500 |
| Mary Burke 1 | Director | - | $5,167 | $10,333 | $15,500 |
Board Members and Trustees
| Name | Title |
|---|---|
| Richard D George 23 | Chairman/Pres/CEO/Treasurer |
| David J Hanson 14 | Director/Secretary |
| Rebecca St John 3 | Gen. Counsel & Asst Secretary |
Revenue and Support
Revenue Composition
- Contributions and Grants
- $225,000
- Program Service Revenue
- $193,353,717
- Investment Income
- $-1,863,348
- Other Revenue
- $6,954,440
- Change in Net Assets
- $93,699,265
Expenses and Functional Allocation
Major Expense Lines
| Line Item | Amount |
|---|---|
| Other Expenses | $71,350,530 |
| Grants and Similar Amounts Paid | $21,829,150 |
| Salaries, Compensation, and Employee Benefits | $11,790,864 |
| Professional Fundraising Fees | $0 |
| Total Fundraising Expense | $0 |
Functional Expense Allocation
| Line Item | Program | Management | Fundraising | Total |
|---|---|---|---|---|
| Other Expenses | $15,699,830 | $0 | $0 | $15,699,830 |
| Grants to Domestic Orgs | $15,153,817 | - | - | $15,153,817 |
| Other Salaries and Wages | $7,744,388 | $149,616 | - | $7,894,004 |
| Grants to Domestic Individuals | $6,675,333 | - | - | $6,675,333 |
| All Other Expenses | $6,645,320 | - | - | $6,645,320 |
| Other Employee Benefits | $1,367,151 | $30,948 | - | $1,398,099 |
| Current Officers, Directors, Trustees, and Key Employees | $1,003,313 | $166,076 | - | $1,169,389 |
| Office Expenses | $1,025,423 | - | - | $1,025,423 |
| Pension Plan Contributions | $762,965 | $17,371 | - | $780,336 |
| Payroll Taxes | $538,683 | $10,353 | - | $549,036 |
| Occupancy | $432,636 | - | - | $432,636 |
| Depreciation Depletion | $260,472 | - | - | $260,472 |
| Travel | $146,097 | $8,843 | - | $154,940 |
| Fees for Services Other | $142,927 | - | - | $142,927 |
| Fees for Services Legal | - | $96,198 | - | $96,198 |
| Conferences and Meetings | $43,189 | - | - | $43,189 |
| Advertising | $13,518 | - | - | $13,518 |
| Fees for Services Accounting | - | $9,150 | - | $9,150 |
| Total Functional Expenses | $101,457,888 | $3,512,656 | $0 | $104,970,544 |
International Activity
Grant and Assistance Recipients
| Recipient | Location | Category | Purpose | Amount |
|---|---|---|---|---|
| Mdrc | New York, NY | 501(c)(3) | Grant for MDRC's Replication of Accelerated Study in Association Programs (ASAP) at Community Colleges in Ohio | $2,262,974 |
| Wisconsin Higher Education Aids Board | Madison, WI | 501(c)(3) | STEM Scholarship Funding | $1,828,169 |
| College Possible | St Paul, MN | 501(c)(3) | College Possible Program | $1,311,970 |
| Boys and Girls Club of Dane County | Madison, WI | 501(c)(3) | AVID/TOPS Program | $650,404 |
| Milwaukee Public Schools | Milwaukee, WI | Govt | College Access Center | $552,887 |
| Carnegie Foundation-Advancement of Teaching | Stanford, CA | 501(c)(3) | Expansion of Community College Pathways Program (CCPP) | $500,000 |
| Single Stop USA Inc | New York, NY | 501(c)(3) | Technology-based approach to drive college access | $500,000 |
| Regents - University of Minnesota | Minneapolis, MN | 501(c)(3) | College Ready, Career Ready & College Success Grants | $417,664 |
| Milwaukee Area Technical College | Milwaukee, WI | 501(c)(3) | College Bound Grant | $316,525 |
| Alverno College | Milwaukee, WI | 501(c)(3) | College & Career Ready Programs | $206,048 |
| Northstar Education Services LLC | Madison, WI | Llc-disregarded | GradReady Financial Literacy Grant | $189,720 |
| College Now Greater Cleveland Inc | Cleveland, OH | 501(c)(3) | College Ready (RISE) Grant | $180,000 |
| Friends of Saint Paul College | St Paul, MN | 501(c)(3) | College Ready Grant | $148,985 |
| Ashland University | Ashland, OH | 501(c)(3) | Career Ready Internship Grant | $147,408 |
| Board of Regents of UW System | Madison, WI | 501(c)(3) | Career Ready Internship Grant | $145,899 |
| UW-Stevens Point | Stevens Point, WI | Govt | Career Ready Internship Grant | $140,669 |
| Augsburg College | Minneapolis, MN | 501(c)(3) | Career Ready Internship Grant | $137,857 |
| Clarke University | Dubuque, IA | 501(c)(3) | College Success Grant | $135,717 |
| Viterbo University | La Crosse, WI | 501(c)(3) | Career Ready Internship Grant | $135,383 |
| Ohio Association of Community Colleges | Columbus, OH | Govt | Student Success Leadership Institute Expansion | $132,825 |
| University of Northwestern-St Paul | St Paul, MN | 501(c)(3) | Career Ready Internship Grant | $131,033 |
| College of St Benedict | St Joseph, MN | 501(c)(3) | Career Ready Internship Grant | $129,783 |
| Oberlin College | Oberlin, OH | 501(c)(3) | Career Ready Internship Grant | $128,073 |
| University of Findlay | Findlay, OH | Govt | Career Ready Internship Grant | $127,393 |
| Cardinal Stritch University | Milwaukee, WI | 501(c)(3) | LDRS Program/Career Ready | $126,526 |
| Simpson College | Indianola, IA | 501(c)(3) | Career Ready Internship Grant | $119,700 |
| Loras College | Dubuque, IA | 501(c)(3) | Career Ready Internship Grant | $118,596 |
| Metropolitan State University Foundation | Saint Paul, MN | 501(c)(3) | Career Ready Internship Grant | $117,765 |
| University of Minnesota | Minneapolis, MN | 501(c)(3) | Career Ready Internship Grant | $116,341 |
| Association of Public & Land-Grant Universities | Washington, DC | 501(c)(3) | Innovation challenge program | $113,500 |
| St Catherine University | Saint Paul, MN | 501(c)(3) | Career Ready Internship Grant | $112,559 |
| UW-Whitewater | Whitewater, WI | Govt | Career Ready Internship Grant | $109,457 |
| UW-Superior | Madison, WI | Govt | Career Ready & I-CAN PreCollege Success Programs | $105,617 |
| UW-Green Bay | Green Bay, WI | Govt | Career Ready Internship Grant | $105,332 |
| Silver Lake College | Manitowoc, WI | 501(c)(3) | Career Ready Internship Grant | $102,230 |
| John Carroll University | University Heights, OH | Govt | Career Ready Internship Grant | $97,915 |
| UW-Marathon County | Wausau, WI | Govt | TRIO-Student Support Services Grant | $95,621 |
| Cuyahoga Community College Foundation | Cleveland, OH | 501(c)(3) | College Ready Grant | $95,412 |
| Trustees of Hamline Univ of Minnesota | Saint Paul, MN | 501(c)(3) | Career Ready Internship Grant | $95,241 |
| Youngstown State University | Youngstown, OH | 501(c)(3) | Career Ready Internship Grant | $95,183 |
| Ohio Wesleyan University | Delaware, OH | Govt | Career Ready Internship Grant | $94,239 |
| Carthage College | Kenosha, WI | 501(c)(3) | Career Ready Internship Grant | $92,259 |
| Kent State University Foundation Inc | Kent, OH | Govt | Career Ready Internship Grant | $90,928 |
| Hiram College | Hiram, OH | Govt. | Career Ready Internship Grant | $90,824 |
| Beloit College | Beloit, WI | 501(c)(3) | Career Ready Internship Grant | $90,000 |
| UW-Madison | Madison, WI | Govt | College Ready (PEOPLE) Program Grant | $90,000 |
| Lawrence University | Appleton, WI | 501(c)(3) | Career Ready Internship Grant | $89,019 |
| UW-Oshkosh | Oshkosh, WI | Govt | Career Ready grant and First Year Scholars/Future Young Professionals Program | $85,111 |
| St Cloud State University | St Cloud, MN | Govt | College Success Program Grant | $80,144 |
| Cleveland State University Foundation | Cleveland, OH | 501(c)(3) | Career Ready Internship Grant | $80,081 |
| Des Moines Area Community College | Ankeny, IA | 501(c)(3) | College Success Program | $80,000 |
| Baldwin Wallace University | Berea, OH | 501(c)(3) | College Success Grant | $78,899 |
| Kent State University | Kent, OH | Govt | Career Ready Internship Grant | $78,338 |
| Mount Mary University | Milwaukee, WI | 501(c)(3) | College Success Program Grant | $75,306 |
| Ripon College | Ripon, WI | 501(c)(3) | Career Ready Internship Grant | $72,988 |
| Rector & Visitors of University of Virginia | Charlottesville, VA | Govt | Summer Melt Intervention | $71,692 |
| Stark State College Foundation | North Canton, OH | Govt | College Ready (PASS) Program | $70,838 |
| Pathways to College Inc | Milwaukee, WI | 501(c)(3) | Pathways PreCollege Grant | $70,264 |
| UW-Eau Claire | Eau Claire, WI | 501(c)(3) | Career Ready Grant / Blugold Beginnings Grant | $69,860 |
| Fox Valley Technical College | Appleton, WI | 501(c)(3) | Scholars for Success Program | $66,343 |
| Central Minnesota Jobs & Training Services | Monticello, MN | 501(c)(3) | Academic Improvement Matters Grant | $65,433 |
| UW-Milwaukee | Milwaukee, WI | Govt | College Success Continuation Program | $65,296 |
| Madison Metropolitan School District | Madison, WI | 501(c)(3) | Summer Melt Intervention Grant | $62,500 |
| United Community Center | Milwaukee, WI | 501(c)(3) | Abriendo Puertas Program Grant | $55,100 |
| Civic Nation | Washington, DC | 501(c)(3) | College Promise Campaign Grant | $50,000 |
| Indian Hills Community College | Ottumwa, IA | Govt | College Success Program | $49,698 |
| Iowa Western Community College | Council Bluffs, IA | 501(c)(3) | Be First Program Grant | $47,783 |
| Milwaukee Institute of Art & Design | Milwaukee, WI | 501(c)(3) | Career Ready Internship Grant | $46,790 |
| Madison Area Technical College | Madison, WI | Govt | College Success Grant | $46,277 |
| Ohio Dominican University | Columbus, OH | 501(c)(3) | College Success Grant | $40,996 |
| Northland College | Ashland, WI | Govt | Career Ready Internship Grant | $40,844 |
| Wittenberg University | Springfield, OH | Govt | College Success Grant | $39,143 |
| UW-River Falls | River Falls, WI | Govt | Career Ready Internship Grant | $39,088 |
| Grand View University | Des Moines, IA | Govt. | College Success Program | $37,903 |
| Association of American Colleges & Universities | Washington, DC | 501(c)(3) | Commiting to Equity Grant | $34,748 |
| Mid-State Technical College | Wisconsin Rapids, WI | 501(c)(3) | College Success Program Grant | $33,471 |
| Grantmakers for Education | Portland, OR | 501(c)(3) | Conference Sponsorship | $31,025 |
| Briar Cliff University | Sioux City, IA | 501(c)(3) | College Success Grant | $29,087 |
| Mercy College of Health Sciences | Des Moines, IA | 501(c)(3) | Steps to Success Program | $27,740 |
| UW-Parkside | Kenosha, WI | Govt | Career Ready|Project Success|College Success Grants | $25,775 |
| Chippewa Valley Technical College | Eau Claire, WI | 501(c)(3) | CAPS Program Grant | $24,505 |
| St Norbert College | De Pere, WI | 501(c)(3) | STAR Program Grant | $24,424 |
| USSA Foundation | Washington, DC | 501(c)(3) | USSA Legislative Conference | $24,100 |
| Macalester College | Saint Paul, MN | 501(c)(3) | Career Ready Internship Grant | $23,455 |
| Community Action Center of Northfield | Northfield, MN | 501(c)(3) | TORCH Program Grant | $22,264 |
| National College Access Network (NCAN) | Washington, DC | 501(c)(3) | National Conference Sponsor | $22,040 |
| Carroll University | Waukesha, WI | 501(c)(3) | Career Ready Grant | $20,805 |
| School District of Janesville | Janesville, WI | 501(c)(3) | Summer Melt Intervention | $19,700 |
| Wasfaa-wi | Waukesha, WI | 501(c)(3) | College Goal Program | $18,000 |
| Vera Court Neighborood Center | Madison, WI | 501(c)(3) | Rise Program Grant | $17,550 |
| Stevens Point Area Public School District | Stevens Point, WI | 501(c)(3) | Summer Melt Intervention | $17,000 |
| College of St Scholastica Inc | Duluth, MN | 501(c)(3) | Career Ready Internship Grant | $16,345 |
| Oasfaa | Ada, OH | 501(c)(3) | College Goal Sunday | $15,000 |
| Ohio University | Athens, OH | 501(c)(3) | Career Ready Internship Grant | $14,998 |
| Lakeland College | Sheboygan, WI | 501(c)(3) | Career Ready Internship Grant | $14,940 |
| Donors Forum of Wisconsin | Milwaukee, WI | 501(c)(3) | Sponsorship of statewide conference | $11,250 |
| Scholarship America | St Peter, MN | 501(c)(3) | Dreamkeepers Program Grant | $10,943 |
| Excelencia in Education | Washington, DC | 501(c)(3) | Latino Student Success Funders Group | $10,150 |
| United Way of Dane County | Madison, WI | 501(c)(3) | Sponsorship of Loaned Executive | $10,000 |
| Tiffin University | Tiffin, OH | 501(c)(3) | Career Ready Internship Grant | $9,750 |
| Marietta College | Marietta, OH | 501(c)(3) | Career Ready Internship Grant | $8,910 |
| Lakeshore Elementary School | Eau Claire, WI | 501(c)(3) | Unite for Our Communities | $7,920 |
| Council for Opportunity in Education | Washington, DC | 501(c)(3) | Opportunity in Education | $7,746 |
| Marquette University | Milwaukee, WI | 501(c)(3) | Career Ready Internship Grant | $7,466 |
| Foundation for Madison's Public Schools Inc | Madison, WI | 501(c)(3) | Circle of Friends / Milton McPike Memorial Fund | $7,380 |
| Denison University | Granville, OH | 501(c)(3) | Career Ready Grant | $7,177 |
| Rainwater Elementary School | Carrollton, TX | 501(c)(3) | Unite for Our Communities | $5,958 |
| William Penn University | Oskaloosa, IA | - | Career Ready Internship Program | $5,753 |
| Jefferson School for the Arts | Stevens Point, WI | 501(c)(3) | Unite for our Communities | $5,403 |
| Minnesota Council on Foundations | Minneapolis, MN | 501(c)(3) | Membership investment grant | $5,325 |
| Minneapolis Community and Technical College | Minneapolis, MN | Govt | College Success Program Grant | $5,041 |
Fundraising, Events, and Gaming
- Fundraising activities
- No
- Gaming activities
- No
- Professional fundraiser used
- No
Fundraising and Gaming Totals
| Line Item | Amount |
|---|---|
| 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 Party | Relationship | Description | Shared Revenue | Amount |
|---|---|---|---|---|
| Great Lakes Educational Loan Svcs | Contrl Ent/officer ovrlap | Intercompany Trans.-Bldg Sale | No | $10,132,259 |
| Great Lakes Educational Loan Svcs | Contrl Ent/officer ovrlap | Intercompany Reimb. to GLELSI | No | $3,211,548 |
| Great Lakes Educational Loan Svcs | Contrl Ent/officer ovrlap | GLHEGC Bldg Rent to GLELSI | No | $440,000 |
Loans and Receivables
| Line Item | Beginning | End | Change |
|---|---|---|---|
| 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
| Liability | Amount |
|---|---|
| Reserve-default Aversion Fees | $14,916,601 |
| Intercompany & Misc. Payables | $6,844,456 |
| Compensation Plan Payable | $516,261 |
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
- No
- Other officer compensation reviewed
- Yes
- Conflict-of-interest policy
- Yes
- Audited financial statements prepared
- Yes
- Key decisions subject to board approval
- Yes
- Management duties delegated
- No
Governance Explanations
Form 990, Part VI, Question 6 & 7A
“Great Lakes Higher Education Corporation, a nonprofit 501(c)(3) corporation, is the sole member of Great Lakes Higher Education Guaranty Corporation (GLHEGC) and has the authority to appoint the GLHEGC board.”
Form 990, Part VI, Question 7B
“Great Lakes Higher Education Corporation, a nonprofit 501(c)(3) corporation, as sole member of Great Lakes Higher Education Guaranty Corporation (GLHEGC), has the authority provided by Wis. Stats. Chapter 181 to approve certain actions related to merger, conversion, sale of assets and dissolution.”
Form 990, 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.”
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.”
Form 990, Part VI, Question 15B
“The compensation of all of the officers is determined annually by the Personnel Policy Committee of the Board of Directors. 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.”
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) 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 Guaranty Corp
- EIN
- 39-1853833
- 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
- 1996
- Legal Domicile
- Wi
- Voting Board Members
- 7
- Independent Board Members
- 6
- Employees
- 221
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
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.”
Form 990, Part IX, Line 24C
“Allocated expenses include salaries, fringe benefits, supplies and services allocated from Great Lakes Higher Education Corporation for management and administrative services; and the GLHEC/GLELSI agreement expenses for guaranty service activities, technology support and administrative support.”
Financial Statement Notes
Form 990 Part IV, Line 9 and Schedule D, Part IV
“One aspect of the full-range guaranty services is to provide collection assistance to lenders for delinquent loans. This includes contacting the borrower to attempt to restore the loan to a current status through various options. This contact also involves educating and/or counseling borrowers. In addition, GLHEGC provides direct support of personal financial management education, financial aid awareness and college access initiatives, and guidance and counsel on consolidation loans and loan rehabilitation under the Federal Higher Education Act of 1965, as amended.”
Schedule D, Part IV, Line 1B
“Custodial account: great lakes higher education guaranty corporation (glhegc) conducts activity related to the guarantee of student loans made to post-secondary education students and to their parents in accordance with the federal family education loan program (program) established by title iv, part b of the federal higher education act of 1965, as amended, and the administration of certain net assets of the program. The higher education amendments of 1998 (1998 amendments) were enacted on october 7, 1998, with an effective date of october 1, 1998. Pursuant to the 1998 amendments, glhegc established a federal student loan reserve fund (fslrf) to account for program activities. The fslrf assets and earnings on those assets are the property of the federal government. Since the fslrf assets are the property of the united states government, the accounts and activities of the fslrf are not included in the glhegc form 990, part x. Glhegc exercises the level of care required of a fiduciary charged with the duty of protecting, investing and administering these assets.”
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| IRS990/AccountsPayableAccrExpnssGrp/BOYAmt | 0 | 5040889 |
| IRS990/AccountsPayableAccrExpnssGrp/EOYAmt | 0 | 7092107 |
| IRS990/AccountsReceivableGrp/BOYAmt | 0 | 5490269 |
| IRS990/AccountsReceivableGrp/EOYAmt | 0 | 5263534 |
| IRS990/ActivitiesConductedPrtshpInd | 0 | false |
| IRS990/ActivityOrMissionDesc | 0 | OPERATES TO PROVIDE COST EFFECTIVE ACCESS TO POST-SECONDARY EDUCATION BY PROVIDING GUARANTY SERVICES TO BROADEN FEDERALLY GUARANTEED LOAN AVAILABILITY. |
| IRS990/AdvertisingGrp/ProgramServicesAmt | 0 | 13518 |
| IRS990/AdvertisingGrp/TotalAmt | 0 | 13518 |
| IRS990/AllOtherExpensesGrp/ProgramServicesAmt | 0 | 6645320 |
| IRS990/AllOtherExpensesGrp/TotalAmt | 0 | 6645320 |
| IRS990/AnnualDisclosureCoveredPrsnInd | 0 | true |
| IRS990/AuditCommitteeInd | 0 | true |
| IRS990/BackupWthldComplianceInd | 0 | true |
| IRS990/BenefitsToMembersGrp/TotalAmt | 0 | 0 |
| IRS990/BooksInCareOfDetail/PersonNm | 0 | NANCY SEIFERT |
| IRS990/BooksInCareOfDetail/PhoneNum | 0 | 6082461410 |
| IRS990/BooksInCareOfDetail/USAddress/AddressLine1Txt | 0 | 2401 INTERNATIONAL LANE |
| IRS990/BooksInCareOfDetail/USAddress/CityNm | 0 | Madison |
| IRS990/BooksInCareOfDetail/USAddress/StateAbbreviationCd | 0 | WI |
| IRS990/BooksInCareOfDetail/USAddress/ZIPCd | 0 | 53704 |
| IRS990/BusinessRlnWithFamMemInd | 0 | false |
| IRS990/BusinessRlnWithOfficerEntInd | 0 | true |
| IRS990/BusinessRlnWithOrgMemInd | 0 | false |
| IRS990/CashNonInterestBearingGrp/BOYAmt | 0 | 378127 |
| IRS990/CashNonInterestBearingGrp/EOYAmt | 0 | 1545709 |
| IRS990/ChangeToOrgDocumentsInd | 0 | false |
| IRS990/CntrctRcvdGreaterThan100KCnt | 0 | 0 |
| IRS990/CollectionsOfArtInd | 0 | false |
| IRS990/CompCurrentOfcrDirectorsGrp/ManagementAndGeneralAmt | 0 | 166076 |
| IRS990/CompCurrentOfcrDirectorsGrp/ProgramServicesAmt | 0 | 1003313 |
| IRS990/CompCurrentOfcrDirectorsGrp/TotalAmt | 0 | 1169389 |
| IRS990/CompDisqualPersonsGrp/TotalAmt | 0 | 0 |
| IRS990/CompensationFromOtherSrcsInd | 0 | false |
| IRS990/CompensationProcessCEOInd | 0 | false |
| IRS990/CompensationProcessOtherInd | 0 | true |
| IRS990/ConferencesMeetingsGrp/ProgramServicesAmt | 0 | 43189 |
| IRS990/ConferencesMeetingsGrp/TotalAmt | 0 | 43189 |
| IRS990/ConflictOfInterestPolicyInd | 0 | true |
| IRS990/ConservationEasementsInd | 0 | false |
| IRS990/ConsolidatedAuditFinclStmtInd | 0 | true |
| IRS990/CreditCounselingInd | 0 | true |
| IRS990/CYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/CYContributionsGrantsAmt | 0 | 225000 |
| IRS990/CYGrantsAndSimilarPaidAmt | 0 | 21829150 |
| IRS990/CYInvestmentIncomeAmt | 0 | -1863348 |
| IRS990/CYOtherExpensesAmt | 0 | 71350530 |
| IRS990/CYOtherRevenueAmt | 0 | 6954440 |
| IRS990/CYProgramServiceRevenueAmt | 0 | 193353717 |
| IRS990/CYRevenuesLessExpensesAmt | 0 | 93699265 |
| IRS990/CYSalariesCompEmpBnftPaidAmt | 0 | 11790864 |
| IRS990/CYTotalExpensesAmt | 0 | 104970544 |
| IRS990/CYTotalFundraisingExpenseAmt | 0 | 0 |
| IRS990/CYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/CYTotalRevenueAmt | 0 | 198669809 |
| IRS990/DecisionsSubjectToApprovaInd | 0 | true |
| IRS990/DeductibleArtContributionInd | 0 | false |
| IRS990/DeductibleNonCashContriInd | 0 | false |
| IRS990/DeferredRevenueGrp/BOYAmt | 0 | 4793141 |
| IRS990/DeferredRevenueGrp/EOYAmt | 0 | 4488077 |
| IRS990/DelegationOfMgmtDutiesInd | 0 | false |
| IRS990/DepreciationDepletionGrp/ProgramServicesAmt | 0 | 260472 |
| IRS990/DepreciationDepletionGrp/TotalAmt | 0 | 260472 |
| IRS990/Desc | 0 | Great Lakes Higher Education Guaranty Corporation operates to provide for philanthropic support and cost effective enablement of access to and persistence in post-secondary education by providing full-range guaranty agency services and grant support to funding sources, educational institutions, charitable organizations, and others to broaden federally guaranteed loan availability and pursuit of and participation in post-secondary education in accordance with the Federal Higher Education Act of 1965, as amended. |
| IRS990/DescribedInSection501c3Ind | 0 | true |
| IRS990/DisregardedEntityInd | 0 | false |
| IRS990/DocumentRetentionPolicyInd | 0 | true |
| IRS990/DonorAdvisedFundInd | 0 | false |
| IRS990/ElectionOfBoardMembersInd | 0 | true |
| IRS990/EmployeeCnt | 0 | 221 |
| IRS990/EmploymentTaxReturnsFiledInd | 0 | true |
| IRS990/EngagedInExcessBenefitTransInd | 0 | false |
| IRS990/EscrowAccountLiabilityGrp/BOYAmt | 0 | 0 |
| IRS990/EscrowAccountLiabilityGrp/EOYAmt | 0 | 0 |
| IRS990/ExpenseAmt | 0 | 101457888 |
| IRS990/FamilyOrBusinessRlnInd | 0 | false |
| IRS990/FederalGrantAuditPerformedInd | 0 | true |
| IRS990/FederalGrantAuditRequiredInd | 0 | true |
| IRS990/FeesForServicesAccountingGrp/ManagementAndGeneralAmt | 0 | 9150 |
| IRS990/FeesForServicesAccountingGrp/TotalAmt | 0 | 9150 |
| IRS990/FeesForServicesLegalGrp/ManagementAndGeneralAmt | 0 | 96198 |
| IRS990/FeesForServicesLegalGrp/TotalAmt | 0 | 96198 |
| IRS990/FeesForServicesLobbyingGrp/TotalAmt | 0 | 0 |
| IRS990/FeesForServicesManagementGrp/TotalAmt | 0 | 0 |
| IRS990/FeesForServicesOtherGrp/ProgramServicesAmt | 0 | 142927 |
| IRS990/FeesForServicesOtherGrp/TotalAmt | 0 | 142927 |
| IRS990/FeesForServicesProfFundraising/TotalAmt | 0 | 0 |
| IRS990/FeesForSrvcInvstMgmntFeesGrp/TotalAmt | 0 | 0 |
| IRS990/ForeignActivitiesInd | 0 | false |
| IRS990/ForeignFinancialAccountInd | 0 | false |
| IRS990/ForeignGrantsGrp/TotalAmt | 0 | 0 |
| IRS990/ForeignOfficeInd | 0 | false |
| IRS990/Form8282PropertyDisposedOfInd | 0 | false |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 0 | 2.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 1 | 2.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 2 | 0.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 3 | 0.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 4 | 2.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 5 | 59.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 6 | 2.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 7 | 0.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 8 | 0.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 9 | 1.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 10 | 49.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 11 | 0.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 12 | 5.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 13 | 0.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 14 | 0.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt | 15 | 0.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 0 | 1.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 1 | 1.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 2 | 3.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 3 | 3.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 4 | 1.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 5 | 1.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 6 | 1.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 7 | 50.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 8 | 50.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 9 | 49.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 10 | 1.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 11 | 45.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 12 | 40.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 13 | 45.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 14 | 45.0 |
| IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt | 15 | 45.0 |
| IRS990/Form990PartVIISectionAGrp/HighestCompensatedEmployeeInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/HighestCompensatedEmployeeInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/HighestCompensatedEmployeeInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/HighestCompensatedEmployeeInd | 3 | X |
| IRS990/Form990PartVIISectionAGrp/HighestCompensatedEmployeeInd | 4 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 3 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 4 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 5 | X |
| IRS990/Form990PartVIISectionAGrp/IndividualTrusteeOrDirectorInd | 6 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 0 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 1 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 2 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 3 | X |
| IRS990/Form990PartVIISectionAGrp/OfficerInd | 4 | X |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 0 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 4 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 5 | 79971 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 6 | 0 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 7 | 34219 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 8 | 47204 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 9 | 62599 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 10 | 58665 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 11 | 34615 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 12 | 30183 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 13 | 40767 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 14 | 22799 |
| IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt | 15 | 28083 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 0 | Emerson L Brumback 1 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 1 | David J Hanson 14 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 2 | Thomas A Scarlett 1 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 3 | Cynthia Walsh 1 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 4 | Richard A Weiss 1 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 5 | Richard D George 23 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 6 | Mary Burke 1 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 7 | Amy Kobishop 3 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 8 | Beth Erickson 3 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 9 | Jacqueline Fairbairn 3 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 10 | Rebecca St John 3 |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 11 | Ellen Welke |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 12 | Steven A Schmidt |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 13 | JASON E RASMUSEN |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 14 | BENJAMIN P DOBNER |
| IRS990/Form990PartVIISectionAGrp/PersonNm | 15 | Kira Cortese |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 0 | 7750 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 2 | 15500 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 3 | 19000 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 4 | 6333 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 5 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 6 | 5167 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 7 | 266018 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 8 | 264666 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 9 | 258367 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 10 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 11 | 125151 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 12 | 104416 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 13 | 121890 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 14 | 105193 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt | 15 | 111022 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 0 | 7750 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 1 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 2 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 3 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 4 | 12667 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 5 | 891930 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 6 | 10333 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 7 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 8 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 9 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 10 | 255286 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 11 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 12 | 10882 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 13 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 14 | 0 |
| IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt | 15 | 0 |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 0 | Director/Committee Chairman |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 1 | Director/Secretary |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 2 | Director |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 3 | Director |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 4 | Director |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 5 | Chairman/Pres/Ceo/Treasurer |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 6 | Director |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 7 | VP - Community Investments |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 8 | VP - Repayment Solutions |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 9 | VP - Policy/Regul Compliance |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 10 | Gen. Counsel & Asst Secretary |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 11 | Director - Default Collections |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 12 | COMMUNCATION TEAM LEAD |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 13 | DIRECTOR - STRAT COMMUNICATION |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 14 | DIRECTOR - COMM INVESTMENTS |
| IRS990/Form990PartVIISectionAGrp/TitleTxt | 15 | Creative Director |
| IRS990/Form990ProvidedToGvrnBodyInd | 0 | true |
| IRS990/FormationYr | 0 | 1996 |
| IRS990/FormerOfcrEmployeesListedInd | 0 | false |
| IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd | 0 | X |
| IRS990/FSAuditedInd | 0 | true |
| IRS990/FundraisingActivitiesInd | 0 | false |
| IRS990/GainOrLossGrp/OtherAmt | 0 | -3555481 |
| IRS990/GamingActivitiesInd | 0 | false |
| IRS990/GoverningBodyVotingMembersCnt | 0 | 7 |
| IRS990/GovernmentGrantsAmt | 0 | 225000 |
| IRS990/GrantAmt | 0 | 21829150 |
| IRS990/GrantsPayableGrp/BOYAmt | 0 | 0 |
| IRS990/GrantsPayableGrp/EOYAmt | 0 | 0 |
| IRS990/GrantsToDomesticIndividualsGrp/ProgramServicesAmt | 0 | 6675333 |
| IRS990/GrantsToDomesticIndividualsGrp/TotalAmt | 0 | 6675333 |
| IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt | 0 | 15153817 |
| IRS990/GrantsToDomesticOrgsGrp/TotalAmt | 0 | 15153817 |
| IRS990/GrantsToIndividualsInd | 0 | true |
| IRS990/GrantsToOrganizationsInd | 0 | true |
| IRS990/GrantToRelatedPersonInd | 0 | false |
| IRS990/GrossAmountSalesAssetsGrp/OtherAmt | 0 | 10132259 |
| IRS990/GrossReceiptsAmt | 0 | 212357549 |
| IRS990/GroupReturnForAffiliatesInd | 0 | false |
| IRS990/IncludeFIN48FootnoteInd | 0 | false |
| IRS990/IncmFromInvestBondProceedsGrp/TotalRevenueColumnAmt | 0 | 0 |
| IRS990/IndependentAuditFinclStmtInd | 0 | false |
| IRS990/IndependentVotingMemberCnt | 0 | 6 |
| IRS990/IndivRcvdGreaterThan100KCnt | 0 | 8 |
| IRS990/IndoorTanningServicesInd | 0 | false |
| IRS990/InfoInScheduleOPartIIIInd | 0 | X |
| IRS990/InfoInScheduleOPartIXInd | 0 | X |
| IRS990/InfoInScheduleOPartVIIInd | 0 | X |
| IRS990/InfoInScheduleOPartVIInd | 0 | X |
| IRS990/InformationTechnologyGrp/TotalAmt | 0 | 0 |
| IRS990/InsuranceGrp/TotalAmt | 0 | 0 |
| IRS990/IntangibleAssetsGrp/BOYAmt | 0 | 0 |
| IRS990/IntangibleAssetsGrp/EOYAmt | 0 | 0 |
| IRS990/InterestGrp/TotalAmt | 0 | 0 |
| IRS990/InventoriesForSaleOrUseGrp/BOYAmt | 0 | 0 |
| IRS990/InventoriesForSaleOrUseGrp/EOYAmt | 0 | 0 |
| IRS990/InvestmentIncomeGrp/ExclusionAmt | 0 | 1692133 |
| IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt | 0 | 1692133 |
| IRS990/InvestmentInJointVentureInd | 0 | false |
| IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt | 0 | 0 |
| IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt | 0 | 0 |
| IRS990/InvestmentsProgramRelatedGrp/BOYAmt | 0 | 0 |
| IRS990/InvestmentsProgramRelatedGrp/EOYAmt | 0 | 0 |
| IRS990/InvestmentsPubTradedSecGrp/BOYAmt | 0 | 225946032 |
| IRS990/InvestmentsPubTradedSecGrp/EOYAmt | 0 | 0 |
| IRS990/IRPDocumentCnt | 0 | 126560 |
| IRS990/IRPDocumentW2GCnt | 0 | 0 |
| IRS990/LandBldgEquipAccumDeprecAmt | 0 | 362821 |
| IRS990/LandBldgEquipBasisNetGrp/BOYAmt | 0 | 14137034 |
| IRS990/LandBldgEquipBasisNetGrp/EOYAmt | 0 | 130298 |
| IRS990/LandBldgEquipCostOrOtherBssAmt | 0 | 493119 |
| IRS990/LegalDomicileStateCd | 0 | WI |
| IRS990/LessCostOthBasisSalesExpnssGrp/OtherAmt | 0 | 13687740 |
| IRS990/LoanOutstandingInd | 0 | false |
| IRS990/LoansFromOfficersDirectorsGrp/BOYAmt | 0 | 0 |
| IRS990/LoansFromOfficersDirectorsGrp/EOYAmt | 0 | 0 |
| IRS990/LobbyingActivitiesInd | 0 | false |
| IRS990/LocalChaptersInd | 0 | false |
| IRS990/MaterialDiversionOrMisuseInd | 0 | false |
| IRS990/MembersOrStockholdersInd | 0 | true |
| IRS990/MethodOfAccountingAccrualInd | 0 | X |
| IRS990/MinutesOfCommitteesInd | 0 | true |
| IRS990/MinutesOfGoverningBodyInd | 0 | true |
| IRS990/MissionDesc | 0 | GREAT LAKES HIGHER EDUCATION CORPORATION OPERATES TO PROVIDE FOR PHILANTHROPIC SUPPORT AND COST EFFECTIVE ENABLEMENT OF ACCESS TO AND PERSISTENCE IN POST-SECONDARY EDUCATION BY PROVIDING FULL-RANGE GUARANTY AGENCY SERVICES AND GRANT SUPPORT TO FUNDING SOURCES, EDUCATIONAL INSTITUTIONS, CHARITABLE ORGANIZATIONS, AND OTHERS TO BROADEN FEDERALLY GUARANTEED LOAN AVAILABILITY AND PURSUIT OF AND PARTICIPATION IN POST-SECONDARY EDUCATION IN ACCORDANCE WITH THE FEDERAL HIGHER EDUCATION ACT OF 1965, AS AMENDED. THIS MISSION STATEMENT HAS BEEN REVIEWED, ACKNOWLEDGED AND INFORMALLY APPROVED BY THE BOARD. |
| IRS990/MoreThan5000KToIndividualsInd | 0 | false |
| IRS990/MoreThan5000KToOrgInd | 0 | false |
| IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt | 0 | 0 |
| IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt | 0 | 0 |
| IRS990/NetAssetsOrFundBalancesBOYAmt | 0 | 543221774 |
| IRS990/NetAssetsOrFundBalancesEOYAmt | 0 | 636469482 |
| IRS990/NetGainOrLossInvestmentsGrp/ExclusionAmt | 0 | -3555481 |
| IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt | 0 | -3555481 |
| IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt | 0 | 0 |
| IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt | 0 | 0 |
| IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt | 0 | 0 |
| IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt | 0 | 0 |
| IRS990/NetUnrelatedBusTxblIncmAmt | 0 | 0 |
| IRS990/NetUnrlzdGainsLossesInvstAmt | 0 | -451557 |
| IRS990/NondeductibleContributionsInd | 0 | false |
| IRS990/OccupancyGrp/ProgramServicesAmt | 0 | 432636 |
| IRS990/OccupancyGrp/TotalAmt | 0 | 432636 |
| IRS990/OfficeExpensesGrp/ProgramServicesAmt | 0 | 1025423 |
| IRS990/OfficeExpensesGrp/TotalAmt | 0 | 1025423 |
| IRS990/OfficerMailingAddressInd | 0 | false |
| IRS990/OperateHospitalInd | 0 | false |
| IRS990/Organization501c3Ind | 0 | X |
| IRS990/OrganizationFollowsSFAS117Ind | 0 | X |
| IRS990/OtherAssetsTotalGrp/BOYAmt | 0 | 12591808 |
| IRS990/OtherAssetsTotalGrp/EOYAmt | 0 | 8837697 |
| IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt | 0 | 30948 |
| IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt | 0 | 1367151 |
| IRS990/OtherEmployeeBenefitsGrp/TotalAmt | 0 | 1398099 |
| IRS990/OtherExpensesGrp/Desc | 0 | BORROWER SKIP TRACING |
| IRS990/OtherExpensesGrp/Desc | 1 | COLLECTION FEES |
| IRS990/OtherExpensesGrp/Desc | 2 | CORP SUPPORT FUNC ALLOCATION |
| IRS990/OtherExpensesGrp/Desc | 3 | DISCOUNT-REHAB LOANS |
| IRS990/OtherExpensesGrp/FundraisingAmt | 0 | 0 |
| IRS990/OtherExpensesGrp/FundraisingAmt | 1 | 0 |
| IRS990/OtherExpensesGrp/FundraisingAmt | 2 | 0 |
| IRS990/OtherExpensesGrp/FundraisingAmt | 3 | 0 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 0 | 0 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 1 | 0 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 2 | 3024101 |
| IRS990/OtherExpensesGrp/ManagementAndGeneralAmt | 3 | 0 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 0 | 244865 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 1 | 30045807 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 2 | 13512154 |
| IRS990/OtherExpensesGrp/ProgramServicesAmt | 3 | 15699830 |
| IRS990/OtherExpensesGrp/TotalAmt | 0 | 244865 |
| IRS990/OtherExpensesGrp/TotalAmt | 1 | 30045807 |
| IRS990/OtherExpensesGrp/TotalAmt | 2 | 16536255 |
| IRS990/OtherExpensesGrp/TotalAmt | 3 | 15699830 |
| IRS990/OtherLiabilitiesGrp/BOYAmt | 0 | 23239833 |
| IRS990/OtherLiabilitiesGrp/EOYAmt | 0 | 22277318 |
| IRS990/OtherRevenueMiscGrp/BusinessCd | 0 | 900099 |
| IRS990/OtherRevenueMiscGrp/BusinessCd | 1 | 900099 |
| IRS990/OtherRevenueMiscGrp/Desc | 0 | ALL OTHER REVENUE |
| IRS990/OtherRevenueMiscGrp/Desc | 1 | GLHEGC/MDHE CONTRACT |
| IRS990/OtherRevenueMiscGrp/ExclusionAmt | 0 | 314 |
| IRS990/OtherRevenueMiscGrp/ExclusionAmt | 1 | 6954126 |
| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 0 | 314 |
| IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt | 1 | 6954126 |
| IRS990/OtherRevenueTotalAmt | 0 | 6954440 |
| IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt | 0 | 149616 |
| IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt | 0 | 7744388 |
| IRS990/OtherSalariesAndWagesGrp/TotalAmt | 0 | 7894004 |
| IRS990/OthNotesLoansReceivableNetGrp/BOYAmt | 0 | 0 |
| IRS990/OthNotesLoansReceivableNetGrp/EOYAmt | 0 | 0 |
| IRS990/PartialLiquidationInd | 0 | false |
| IRS990/PaymentsToAffiliatesGrp/TotalAmt | 0 | 0 |
| IRS990/PayPremiumsPrsnlBnftCntrctInd | 0 | false |
| IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt | 0 | 10353 |
| IRS990/PayrollTaxesGrp/ProgramServicesAmt | 0 | 538683 |
| IRS990/PayrollTaxesGrp/TotalAmt | 0 | 549036 |
| IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt | 0 | 17371 |
| IRS990/PensionPlanContributionsGrp/ProgramServicesAmt | 0 | 762965 |
| IRS990/PensionPlanContributionsGrp/TotalAmt | 0 | 780336 |
| IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt | 0 | 0 |
| IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt | 0 | 0 |
| IRS990/PledgesAndGrantsReceivableGrp/BOYAmt | 0 | 0 |
| IRS990/PledgesAndGrantsReceivableGrp/EOYAmt | 0 | 0 |
| IRS990/PoliticalCampaignActyInd | 0 | false |
| IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt | 0 | 929488 |
| IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt | 0 | 1111515 |
| IRS990/PrincipalOfficerNm | 0 | Richard D George |
| IRS990/ProfessionalFundraisingInd | 0 | false |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 0 | 900099 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 1 | 900099 |
| IRS990/ProgramServiceRevenueGrp/BusinessCd | 2 | 900099 |
| IRS990/ProgramServiceRevenueGrp/Desc | 0 | COLLECTIONS & REHABILITATIONS |
| IRS990/ProgramServiceRevenueGrp/Desc | 1 | ACCOUNT MAINTENANCE FEES |
| IRS990/ProgramServiceRevenueGrp/Desc | 2 | DEFAULT AVERSION FEES |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 0 | 168217546 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 1 | 18902001 |
| IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt | 2 | 6234170 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 0 | 168217546 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 1 | 18902001 |
| IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt | 2 | 6234170 |
| IRS990/ProhibitedTaxShelterTransInd | 0 | false |
| IRS990/PYBenefitsPaidToMembersAmt | 0 | 0 |
| IRS990/PYContributionsGrantsAmt | 0 | 225000 |
| IRS990/PYExcessBenefitTransInd | 0 | false |
| IRS990/PYGrantsAndSimilarPaidAmt | 0 | 22921861 |
| IRS990/PYInvestmentIncomeAmt | 0 | 1433819 |
| IRS990/PymtTravelEntrtnmntPubOfclGrp/TotalAmt | 0 | 0 |
| IRS990/PYOtherExpensesAmt | 0 | 47840361 |
| IRS990/PYOtherRevenueAmt | 0 | 1175391 |
| IRS990/PYProgramServiceRevenueAmt | 0 | 179406916 |
| IRS990/PYRevenuesLessExpensesAmt | 0 | 99987415 |
| IRS990/PYSalariesCompEmpBnftPaidAmt | 0 | 11491489 |
| IRS990/PYTotalExpensesAmt | 0 | 82253711 |
| IRS990/PYTotalProfFndrsngExpnsAmt | 0 | 0 |
| IRS990/PYTotalRevenueAmt | 0 | 182241126 |
| IRS990/QuidProQuoContributionsInd | 0 | false |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2015 • Form 990Detailed filing. Detailed filing data is available for this year.
- Assets
- $670,326,984
- Liabilities
- $33,857,502
- Net assets
- $636,469,482
- Revenue
- $198,669,809
- Expenses
- $104,970,544
- Net income
- $93,699,265