Civic Intelligence

Northstar Guarantee Inc

990 • Fiscal year 2017 • EIN 41-1689095

Jan 01, 2017 to Dec 31, 2017 • Filed on Nov 14, 2018

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

87th percentile

0.90x

Higher debt load relative to assets than 87% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Liabilities / Revenue

99th percentile

35.56x

Higher debt load relative to revenue than 99% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Net Margin

97th percentile

73%

Higher net margin than 97% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Top Officer Pay

80th percentile

$1,069,958

Higher top officer pay than 80% of similar nonprofits.

Top officer pay equals 32.1% of source-year revenue.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Source year 2017

Asset Growth

30th percentile

1.6%

Faster asset growth than 30% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Revenue Growth

69th percentile

11%

Faster revenue growth than 69% of similar nonprofits.

2017 filings • 501(c)3 • $100M-$250M nonprofits • Annualized from 2016 to 2017

Assets

Up

$132,432,017

Up $2,115,224 (+1.6%) from 2016

Net Assets

Up

$13,780,633

Up $2,233,771 (+19%) from 2016

Liabilities

Down

$118,651,384

Down $118,547 (-0.1%) from 2016

Revenue

Up

$3,336,977

Up $339,757 (+11%) from 2016

Expenses

Down

$912,483

Down $371,882 (-29%) from 2016

Net Income

Up

$2,424,494

Up $711,639 (+42%) from 2016

Historical Trend

Balance Sheet Trend

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

$150M$100M$50M$0Assets 2010: $121,052,068Liabilities 2010: $119,521,714Net Assets 2010: $1,530,3542010Assets 2011: $122,228,143Liabilities 2011: $119,154,805Net Assets 2011: $3,073,3382011Assets 2012: $124,283,553Liabilities 2012: $119,120,851Net Assets 2012: $5,162,7022012Assets 2013: $125,673,610Liabilities 2013: $118,796,371Net Assets 2013: $6,877,2392013Assets 2014: $127,112,346Liabilities 2014: $118,743,845Net Assets 2014: $8,368,5012014Assets 2015: $128,514,880Liabilities 2015: $118,698,713Net Assets 2015: $9,816,1672015Assets 2016: $130,316,793Liabilities 2016: $118,769,931Net Assets 2016: $11,546,8622016Assets 2017: $132,432,017Liabilities 2017: $118,651,384Net Assets 2017: $13,780,6332017Assets 2018: $136,990,886Liabilities 2018: $118,526,739Net Assets 2018: $18,464,1472018Assets 2019: $5,031,694Liabilities 2019: $18,690Net Assets 2019: $5,013,0042019Assets 2020: $5,032,273Liabilities 2020: $18,285Net Assets 2020: $5,013,9882020Assets 2021: $0Liabilities 2021: $0Net Assets 2021: $02021

Highlighted filing

2017

Assets$132,432,017
Liabilities$118,651,384
Net Assets$13,780,633

Operations Trend

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

$6.0M$4.0M$2.0M$0-$2.0MExpenses 2010: $1,350,6682010Expenses 2011: $1,517,6242011Expenses 2012: $1,624,6062012Revenue 2013: $3,126,453Expenses 2013: $1,411,916Net Income 2013: $1,714,5372013Revenue 2014: $2,706,503Expenses 2014: $1,215,241Net Income 2014: $1,491,2622014Revenue 2015: $2,404,566Expenses 2015: $939,060Net Income 2015: $1,465,5062015Revenue 2016: $2,997,220Expenses 2016: $1,284,365Net Income 2016: $1,712,8552016Revenue 2017: $3,336,977Expenses 2017: $912,483Net Income 2017: $2,424,4942017Revenue 2018: $5,398,692Expenses 2018: $725,037Net Income 2018: $4,673,6552018Revenue 2019: $1,053,350Expenses 2019: $72,874Net Income 2019: $980,4762019Revenue 2020: $23,168Expenses 2020: $56,046Net Income 2020: -$32,8782020Revenue 2021: $7,417Expenses 2021: $72,526Net Income 2021: -$65,1092021

Highlighted filing

2017

Revenue$3,336,977
Expenses$912,483
Net Income$2,424,494
Jump To
Filing Snapshot
Filing Period
Jan 1, 2017 to Dec 31, 2017
Signed
Nov 14, 2018
Return Version
2017v2.3
Gross Receipts
$3,336,977
Mission and Program Overview

Mission

Northstar guarantee inc.'s mission is to foster, aid, encourage and assist in the pursuit of higher education. In particular, the corporation facilitates the broader availability of educational loans to students by, but not limited to, acting as a lender or an eligible lender (as provided under the federal higher education act of 1965, as amended) for such loans. This mission statement has been reviewed, acknowledged and informally approved by the board.

Northstar's exempt lending role is making and/or holding student loans to postsecondary education students and their parents in accordance with federal family education loan program

Balance Sheet Detail
LineBeginningEndChange
Assets
Savings and Temporary Cash Investments$47,427,000$38,348,491▼ $9,078,509
Investments in Publicly Traded Securities$0$20,990,038▲ $20,990,038
Accounts Receivable$0$3,035,625▲ $3,035,625
Cash and Non-Interest-Bearing Accounts$530$810▲ $280
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
Land, Buildings, and Equipment, Net$0$0→ $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$130,316,793$132,432,017▲ $2,115,224
Other Assets Total$82,889,263$70,057,053▼ $12,832,210
Liabilities
Other Liabilities$118,763,906$118,645,184▼ $118,722
Accounts Payable and Accrued Expenses$6,025$6,200▲ $175
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$118,769,931$118,651,384▼ $118,547
Net Assets / Fund Balance
Unrestricted Net Assets$11,546,862$13,780,633▲ $2,233,771
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$11,546,862$13,780,633▲ $2,233,771
Total Liabilities and Net Assets / Fund Balance$130,316,793$132,432,017▲ $2,115,224

Asset Categories

AssetBook ValueDepreciationBasis
Other Assets Org$598,618--
Compensation and Service Providers

Employees

NameTitleBaseOtherTotal
Richard A Weiss 1Director$4,900$19,600$24,500
Joan Prince 1Director$6,900$13,800$20,700
Linda Hoeschler 1Director$6,900$13,800$20,700
Mary Burke 1Director$4,140$16,560$20,700
Alex J Pollock 1Director$6,267$12,533$18,800

Board Members and Trustees

NameTitle
Richard D George 23Chairman/PRES/CEO/Treasurer
David J Hanson 1Director/Secretary
Rebecca Rapp 3General Counsel/Asst Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
None---
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$2,997,806
Investment Income
$339,171
Other Revenue
$0
Change in Net Assets
$2,424,494
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$883,376
Salaries, Compensation, and Employee Benefits$29,107
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Other Expenses$60,000$48,000-$48,000
Current Officers, Directors, Trustees, and Key Employees-$29,107-$29,107
Office Expenses$21,883--$21,883
Fees for Services Accounting-$6,674-$6,674
Travel-$4,436-$4,436
Fees for Services Legal-$4,140-$4,140
All Other Expenses-$373-$373
Total Functional Expenses$819,753$92,730$0$912,483
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
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 Eductnl Loan SvcsincControl Ent/officer OverlapServicing Fees Paid to GlelsiNo$134,145
Great Lakes Eductnl Loan SvcsincControl Ent/officer OverlapIntercompany Reimb. to GlelsiNo$2,103

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
Lender Funding Contribution Tr$118,419,274
Interest Payable$157,004
Consolidated Loan Fee Payable$47,368
Intercompany Payable$11,203
Servicing Fees Payable$10,335
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
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
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
Yes
Management duties delegated
No

Governance Explanations

Part VI, Question 6 and 7A

Great Lakes Higher Education Corporation, a nonprofit 501(c)(3) corporation, is the sole member of Northstar Guarantee Inc. and has the authority to appoint the Northstar Guarantee Inc. board.

Part VI, Question 7B

Great Lakes Higher Education Corporation, a nonprofit 501(c)(3) corporation, as sole member of Northstar Guarantee Inc., has the authority provided by Wis. Stats. Chapter 181 to approve certain actions related to merger, conversion, sale of assets and dissolution.

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, QUESTION 19 Availability of governing documents, conflict of interest policy, and financial statements to general public; 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 hour per week to their position(s). (2) Inside directors are not eligible for Board compensation. (3) Non-operating officer position not separately compensated.

Part VI, Section B, Line 15A & 15B

Northstar Guarantee Inc. does not compensate the CEO, Executive Director, any top management officials, or key employees, as the compensation is from a related organization.

Filing and Contact Details

Filer

Filer Name
Northstar Guarantee Inc
EIN
41-1689095
In Care Of
% HOPE MERRY
Phone
6082461744
Address
2401 International Lane, Madison, WI 53704

Signing Officer

Name
Richard D George
Title
President & CEO
Phone
6082461408
Signed
2018-11-14

Organization Details

Principal Officer
Richard D George
Formed
1990
Legal Domicile
Mn
Voting Board Members
7
Independent Board Members
6
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
155 N Wacker Drive, Chicago, IL 60606
Preparer
Jacob Zehnder
Phone
3128792000
Supplemental Narrative

Financial Statement Notes

Supplemental Information

Other liabilities-$118,419,274 Lender Funding Contribution Transfer Northstar Guarantee Inc.'s exempt lending role was utilized beginning in December 2008 through the making and/or holding of student loans to postsecondary education students and to their parents in accordance with the Federal Family Education Loan Program established by Title IV, Part B of the Federal Higher Education Act of 1965, as amended. The $118,419,274 represents the 2008-2010 Lender Funding Contribution Transfer from Great Lakes Higher Education Corporation (Related Entity).

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IRS990/MissionDesc0NORTHSTAR GUARANTEE INC.'S MISSION IS TO FOSTER, AID, ENCOURAGE AND ASSIST IN THE PURSUIT OF HIGHER EDUCATION. IN PARTICULAR, THE CORPORATION FACILITATES THE BROADER AVAILABILITY OF EDUCATIONAL LOANS TO STUDENTS BY, BUT NOT LIMITED TO, ACTING AS A LENDER OR AN ELIGIBLE LENDER (AS PROVIDED UNDER THE FEDERAL HIGHER EDUCATION ACT OF 1965, AS AMENDED) FOR SUCH LOANS. THIS MISSION STATEMENT HAS BEEN REVIEWED, ACKNOWLEDGED AND INFORMALLY APPROVED BY THE BOARD.
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IRS990/OtherExpensesGrp/Desc1SERVICING FEES
IRS990/OtherExpensesGrp/Desc2PROVISION - LENDER LOAN LOSS
IRS990/OtherExpensesGrp/Desc3CORPORATE SUPPORT
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IRS990/PrincipalOfficerNm0Richard D George
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IRS990/RevenueAmt02997806
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IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt12742767
IRS990ScheduleD/OtherAssetsOrgGrp/BookValueAmt2598618
IRS990ScheduleD/OtherAssetsOrgGrp/Desc0STUDENT LOANS RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc1INTEREST RECEIVABLE
IRS990ScheduleD/OtherAssetsOrgGrp/Desc2DUE FROM SERVICER
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt0118419274
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt1157004
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt247368
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt311203
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Amt410335
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc0LENDER FUNDING CONTRIBUTION TR
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc1INTEREST PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc2CONSOLIDATED LOAN FEE PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc3INTERCOMPANY PAYABLE
IRS990ScheduleD/OtherLiabilitiesOrgGrp/Desc4SERVICING FEES PAYABLE
IRS990ScheduleD/SupplementalInformationDetail/ExplanationTxt0Other liabilities-$118,419,274 Lender Funding Contribution Transfer Northstar Guarantee Inc.'s exempt lending role was utilized beginning in December 2008 through the making and/or holding of student loans to postsecondary education students and to their parents in accordance with the Federal Family Education Loan Program established by Title IV, Part B of the Federal Higher Education Act of 1965, as amended. The $118,419,274 represents the 2008-2010 Lender Funding Contribution Transfer from Great Lakes Higher Education Corporation (Related Entity).
IRS990ScheduleD/SupplementalInformationDetail/FormAndLineReferenceDesc0SUPPLEMENTAL INFORMATION
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