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Nonprofiteer
← NORTHSTAR EDUCATION FINANCE INC

Form 990 for tax year 2022

Filed by NORTHSTAR EDUCATION FINANCE INC.

Totals

Total revenue
$72,587,293
Total expenses
$74,896,134
Contributions and grants received
$0
Grants paid
$4,671,075
Program service revenue
$69,156,471
Investment income
$3,430,822
Other revenue
$0
Total assets, end of year
$1,017,887,615
Total liabilities, end of year
$858,957,547
Net assets or fund balances, end of year
$158,930,068
Program services expenses (Part IX)
$71,745,440
Management and general expenses
$3,150,694
Fundraising expenses
$0
Program service expenses (Part III)
$71,745,440

Program services were 95.8% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: STUDENT LOAN INTEREST

    total $69,156,471 · related or exempt $69,156,471

  • 3 · Investment income

    total $3,430,822 · excluded $3,430,822

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $4,671,075 · program services $4,671,075

  • 5 · Compensation of officers, directors and key employees

    total $372,669 · management and general $372,669

  • 11a · Fees: management

    total $3,039,379 · program services $685,219 · management and general $2,354,160

  • 11b · Fees: legal

    total $128,712 · program services $77,807 · management and general $50,905

  • 11c · Fees: accounting

    total $110,774 · management and general $110,774

  • 11g · Fees: other

    total $361,801 · program services $179,924 · management and general $181,877

  • 13 · Office expenses

    total $8,469 · management and general $8,469

  • 17 · Travel

    total $2,218 · management and general $2,218

  • 20 · Interest

    total $55,816,146 · program services $55,816,146

  • 22 · Depreciation, depletion and amortization

    total $1,235,169 · program services $1,235,169

  • 23 · Insurance

    total $66,051 · management and general $66,051

  • 24a · Other expenses: LOAN CONSOLIDATION FEES

    total $8,165,374 · program services $8,165,374

  • 24b · Other expenses: DEBT FINANCING FEES

    total $481,869 · program services $481,869

  • 24c · Other expenses: STUDENT LOAN DEFAULT AN

    total $432,857 · program services $432,857

  • 24d · Other expenses: OTHER MISCELLANEOUS EXP

    total $3,571 · management and general $3,571

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,204,813 · end of year $6,232,200

  • 2 · Savings and temporary cash investments

    beginning of year $143,335,674 · end of year $99,578,589

  • 4 · Accounts receivable

    beginning of year $2,300,012 · end of year $1,718,387

  • 9 · Prepaid expenses and deferred charges

    beginning of year $37,773 · end of year $33,278

  • 12 · Investments: other securities

    beginning of year $9,234,750 · end of year $0

  • 13 · Investments: program-related

    beginning of year $1,123,818,345 · end of year $901,899,701

  • 15 · Other assets

    beginning of year $3,537,352 · end of year $8,425,460

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,024,309 · end of year $4,293,295

  • 23 · Secured mortgages and notes payable

    beginning of year $1,128,027,114 · end of year $854,662,122

  • 25 · Other liabilities

    beginning of year $178,387 · end of year $2,130

  • 27 · Net assets without donor restrictions

    beginning of year $161,238,909 · end of year $158,930,068

Mission and programs · 2022

Mission

TO FOSTER, AID, ENCOURAGE AND ASSIST THE PURSUIT OF HIGHER EDUCATION BY REDUCING THE COST OF HIGHER EDUCATION THROUGH THE TOTAL HIGHER EDUCATION (THE) LOAN PROGRAM AND ADDITIONALLY THROUGH A GRANTS PROGRAM.

Activities or mission (Part I)

TO FOSTER, AID, ENCOURAGE AND ASSIST THE PURSUIT OF HIGHER EDUCATION.

  • MANAGE PORTFOLIO OF OUTSTANDING FFELP (APPROX. 94%) AND PRIVATE (APPROX. 6%) STUDENT LOANS WITH OUTSTANDING BALANCES TOTALING APPROX. $901 MILLION AS OF 9/30/2023. TO THE BEST OF THE KNOWLEDGE AND BELIEF OF THE ORGANIZATION'S OFFICERS, THE BENEFITS AND INTEREST RATES THAT IT HAS PROVIDED TO STUDENT BORROWERS ARE SUBSTANTIALLY MORE FAVORABLE TO STUDENT BORROWERS THAN THE BENEFITS AND INTEREST RATES PROVIDED BY FOR-PROFIT LENDERS. DURING FISCAL YEARS 2023 AND 2022, RESPECTIVELY, THE ORGANIZATION MADE T.H.E. REPAYMENT BONUS DISTRIBUTIONS (INTEREST REBATES WHICH ARE PROCESSED AS CREDITS TO ELIGIBLE BORROWER ACCOUNTS) OF APPROXIMATELY $181 THOUSAND AND $4.2 MILLION, RESPECTIVELY.

    Expenses $67,074,365 · Revenue $69,156,471

  • PROVIDE GRANTS TO OTHER ORGANIZATIONS TO ENHANCE POST-SECONDARY EDUCATION OPPORTUNITIES FOR MINNESOTA STUDENTS BY RELIEVING SOME OF THEIR FINANCIAL BURDEN THROUGH SCHOLARSHIPS AND/OR ASSISTANCE WITH THEIR POST-SECONDARY READINESS PREPARATION.

    Expenses $4,671,075 · Grants $4,671,075

As filed on the 2022 return.

Listed in Part VII

  • Taige Thornton

    PRESIDENT

    Total calculated
    $100,000
    From this org
    $100,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Clyde Nelson

    DIRECTOR

    Total calculated
    $27,500
    From this org
    $27,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John Emerick

    BOARD CHAIR

    Total calculated
    $37,500
    From this org
    $37,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tim Penny

    DIRECTOR

    Total calculated
    $20,500
    From this org
    $20,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Elizabeth Anne Carrier Doran

    DIRECTOR

    Total calculated
    $19,000
    From this org
    $19,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Richard Harris

    DIRECTOR

    Total calculated
    $27,500
    From this org
    $27,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David Reiling

    DIRECTOR

    Total calculated
    $17,000
    From this org
    $17,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Richard Nigon

    DIRECTOR

    Total calculated
    $19,000
    From this org
    $19,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mary Rothchild

    DIRECTOR

    Total calculated
    $27,500
    From this org
    $27,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Charles Osborne

    CHIEF FINANCIAL OFFICER & TREASURER

    Total calculated
    $86,159
    From this org
    $86,159
    From related orgs
    $0
    Other
    $0
    Hours/week
    15

  • Sarah Duniway

    SECRETARY

    Total calculated
    $0
    Hours/week
    3

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those.

Grants on this return

  • WALLIN EDUCATION PARTNERS

    $3,197,142

    TO PROVIDE SCHOLARSHIPS TO STUDENTS AND SUPPORT WALLIN'S EXISTING SCHOLAR SUPPORT SERVICES THAT BENEFITS ALL SCHOLARS.

  • COLLEGE POSSIBLE

    $1,053,333

    TO PROVIDE AFTER-SCHOOL PROGRAMMING FOR HIGH-SCHOOL STUDENTS TO BETTER PREPARE THEM FOR ADMISSION TO COLLEGE. ADDITIONALLY, PROVIDE COACHES TO COLLEGE STUDENTS USING A STRUCTURED CURRICULUM FOCUSED ON THE ACADEMIC, FINANCIAL AND CULTURAL BARRIERS THAT HAVE BEEN IDENTIFIED AS BARRIERS TO COLLEGE SUCCESS FOR LOW-INCOME STUDENTS, WITH THE GOAL OF HELPING THEM SUCCEED AND GRADUATE FROM COLLEGE.

  • PAGE EDUCATION FOUNDATION

    $220,600

    TO SUPPORT THE ORGANIZATION'S SCHOLARSHIP PROGRAM, WHICH PROVIDES SCHOLARSHIPS TARGETED AT STUDENTS FROM UNDERSERVED COMMUNITIES, COMBINING MENTORING AND COMMUNITY SERVICE WITH ITS SCHOLARSHIP PROGRAM TO SUPPORT AND ENCOURAGE ITS STUDENTS.

  • CRISTO REY JESUIT HIGH SCHOOL

    $200,000

    TO SUPPORT THE ORGANIZATION'S COLLEGE SUCCESS PROGRAM, WHICH COMBINES COLLEGE COUNSELING WITH POST-GRADUATION SUPPORT, SERVING AS A KEY RESOURCE FOR STUDENTS TO UNDERSTAND OPPORTUNITIES AVAILABLE TO THEM AFTER GRADUATION FROM HIGH SCHOOL.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

  • NORTHSTAR EDUCATION FUNDING I LLC

    FINANCING HIGHER EDUCATION · DE · income $0 · assets $0

    Directly controlled by NORTHSTAR EDUCATION FINANCE INC

Provenance

Return type
form_990
Tax year
2022
Filed
29 February 2024
IRS schema version
2022v5.0
Source object
202420619349300612

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