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← ASCENDIUM EDUCATION SOLUTIONS INC

Form 990 for tax year 2022

Filed by ASCENDIUM EDUCATION SOLUTIONS INC.

Totals

Total revenue
$388,928,491
Total expenses
$166,575,071
Contributions and grants received
$61,144,777
Grants paid
$108,541,569
Program service revenue
$321,760,632
Investment income
$1,390,574
Other revenue
$4,632,508
Total assets, end of year
$289,805,860
Total liabilities, end of year
$46,008,341
Net assets or fund balances, end of year
$243,797,519
Program services expenses (Part IX)
$142,190,424
Management and general expenses
$24,384,647
Fundraising expenses
$0
Program service expenses (Part III)
$142,190,424

Program services were 85.4% 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.

  • 1d · Related organizations

    $61,144,777

  • 2a · Program service revenue: COLLECTIONS & REHABILITATIONS

    total $264,912,039 · related or exempt $264,912,039

  • 2b · Program service revenue: DEFAULT AVERSION FEES

    total $31,663,033 · related or exempt $31,663,033

  • 2c · Program service revenue: ACCOUNT MAINTENANCE DEES

    total $24,346,534 · related or exempt $24,346,534

  • 2d · Program service revenue: COHORT CATALYST FEES

    total $412,007 · related or exempt $412,007

  • 2e · Program service revenue: COLLEGE COST METER FEES

    total $225,093 · related or exempt $225,093

  • 2f · All other program service revenue

    total $201,926 · related or exempt $201,926 · unrelated business $0 · excluded $0

  • 3 · Investment income

    total $1,390,574 · excluded $1,390,574

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 7c · Gain or loss

    securities $0 · other assets $0

  • 11a · Other revenue: GUAR MISC. INCOME

    total $3,536,885 · related or exempt $3,536,885

  • 11b · Other revenue: AES/FL CONTRACT

    total $1,017,092 · related or exempt $1,017,092

  • 11c · Other revenue: MISCELLANEOUS REVENUE

    total $77,923 · related or exempt $77,923

  • 11d · All other revenue

    total $608 · related or exempt $0 · unrelated business $608 · excluded $0

  • 11e · Other revenue, total

    $4,632,508

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $107,689,819 · program services $107,689,819

  • 2 · Grants to domestic individuals

    total $851,750 · program services $851,750

  • 3 · Grants to foreign organizations and individuals

    total $0 · program services $0

  • 4 · Benefits paid to or for members

    total $0 · program services $0

  • 5 · Compensation of officers, directors and key employees

    total $1,577,862 · program services $1,104,891 · management and general $472,971

  • 6 · Compensation of disqualified persons

    total $0 · program services $0 · management and general $0

  • 7 · Other salaries and wages

    total $10,072,684 · program services $9,977,890 · management and general $94,794

  • 8 · Pension plan contributions

    total $868,542 · program services $860,617 · management and general $7,925

  • 9 · Other employee benefits

    total $2,263,496 · program services $2,242,843 · management and general $20,653

  • 10 · Payroll taxes

    total $701,875 · program services $695,471 · management and general $6,404

  • 11b · Fees: legal

    total $1,300,226 · management and general $1,300,226

  • 11c · Fees: accounting

    total $53,121 · management and general $53,121

  • 11f · Fees: investment management

    total $1,039 · program services $1,039

  • 11g · Fees: other

    total $649,239 · program services $649,239 · management and general $0 · fundraising $0

  • 12 · Advertising and promotion

    total $292,202 · program services $292,202

  • 13 · Office expenses

    total $1,157,872 · program services $1,157,872

  • 14 · Information technology

    total $0 · program services $0

  • 15 · Royalties

    total $0 · program services $0

  • 16 · Occupancy

    total $11,535 · program services $11,535

  • 17 · Travel

    total $136,439 · program services $118,527 · management and general $17,912

  • 18 · Travel or entertainment for public officials

    total $0 · program services $0

  • 19 · Conferences, conventions and meetings

    total $23,664 · program services $23,664

  • 20 · Interest

    total $0 · program services $0

  • 21 · Payments to affiliates

    total $0 · program services $0

  • 22 · Depreciation, depletion and amortization

    total $0 · program services $0

  • 23 · Insurance

    total $7,408 · program services $7,408

  • 24a · Other expenses: CORP SUPPORT FUNC ALLOCATION

    total $27,814,963 · program services $5,404,322 · management and general $22,410,641

  • 24b · Other expenses: COLLECTION FEES

    total $3,462,087 · program services $3,462,087

  • 24c · Other expenses: ICSAC CONTRACT EXPENSE

    total $2,294,422 · program services $2,294,422

  • 24d · Other expenses: THIRD PARTY SERVICE EXPENSE

    total $1,688,377 · program services $1,688,377

  • 24e · All other expenses

    total $3,656,449 · program services $3,656,449 · management and general $0 · fundraising $0

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $65,379 · end of year $61,312

  • 2 · Savings and temporary cash investments

    beginning of year $57,158,558 · end of year $218,986,774

  • 4 · Accounts receivable

    beginning of year $6,443,429 · end of year $5,400,585

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $2,299,348 · end of year $261,414

  • 10a · Land, buildings and equipment: cost or other basis

    $0

  • 10b · Land, buildings and equipment: accumulated depreciation

    $0

  • 10c · Land, buildings and equipment, net

    beginning of year $123,731 · end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $595,563 · end of year $0

  • 12 · Investments: other securities

    beginning of year $0

  • 13 · Investments: program-related

    beginning of year $0

  • 14 · Intangible assets

    beginning of year $35,333,333 · end of year $0

  • 15 · Other assets

    beginning of year $68,888,023 · end of year $65,095,775

  • 17 · Accounts payable and accrued expenses

    beginning of year $8,269,896 · end of year $3,014,834

  • 18 · Grants payable

    beginning of year $13,075,332 · end of year $0

  • 19 · Deferred revenue

    beginning of year $9,538,096 · end of year $7,120,534

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $73,344,750 · end of year $35,872,973

  • 27 · Net assets without donor restrictions

    beginning of year $66,679,290 · end of year $243,797,519

Mission and programs · 2022

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.

Activities or mission (Part I)

SUPPORTS INCREASED ACCESS TO AND SUCCESS IN POST-SECONDARY EDUCATION AS A NATIONAL GRANTMAKER, A FEDERAL STUDENT LOAN GUARANTY AGENCY AND A PROVIDER OF STUDENT SUCCESS SERVICES.

  • 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.

    Expenses $142,190,424 · Grants $108,541,569 · Revenue $327,783,106

As filed on the 2022 return.

Listed in Part VII

  • CYNTHIA WALSH - 1

    DIRECTOR

    Total calculated
    $19,400
    From this org
    $19,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • DAVID J HANSON - 1

    DIRECTOR, SECRETARY

    Total calculated
    $17,200
    From this org
    $8,600
    From related orgs
    $8,600
    Other
    $0
    Hours/week
    1 + 2 related

  • EMERSON BRUMBACK - 1

    DIRECTOR, VICE CHAIRMAN

    Total calculated
    $19,400
    From this org
    $9,700
    From related orgs
    $9,700
    Other
    $0
    Hours/week
    1 + 2 related

  • MARIA GONZALEZ-KNAVEL - 1

    DIRECTOR

    Total calculated
    $0
    Hours/week
    1 + 1 related

  • MARY BURKE - 1

    DIRECTOR

    Total calculated
    $17,200
    From this org
    $8,600
    From related orgs
    $8,600
    Other
    $0
    Hours/week
    1 + 2 related

  • RICHARD A WEISS - 1

    DIRECTOR

    Total calculated
    $21,600
    From this org
    $10,800
    From related orgs
    $10,800
    Other
    $0
    Hours/week
    1 + 2 related

  • RICHARD D GEORGE - 23

    CHAIRMAN & TREASURER

    Total calculated
    $902,837
    From this org
    $0
    From related orgs
    $848,497
    Other
    $54,340
    Hours/week
    17 + 33 related

    Schedule J breakdown matched by us

    Base
    $0 + $394,832 related
    Bonus
    $0 + $450,000 related
    Other
    $0 + $3,665 related
    Deferred
    $0 + $18,200 related
    Nontaxable benefits
    $0 + $36,140 related
    Filer's total
    $0 + $902,837 related

  • SCOTT KLUG - 1

    DIRECTOR

    Total calculated
    $23,800
    From this org
    $11,900
    From related orgs
    $11,900
    Other
    $0
    Hours/week
    1 + 2 related

  • THOMAS SCARETT - 1

    DIRECTOR (RETIRED AUG 2022)

    Total calculated
    $8,400
    From this org
    $8,400
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • BETH A ERICKSON

    VP - REPAYMENT SOLUTIONS

    Total calculated
    $340,022
    From this org
    $305,679
    From related orgs
    $0
    Other
    $34,343
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $152,868
    Bonus
    $150,000
    Other
    $2,811
    Deferred
    $18,147
    Nontaxable benefits
    $16,196
    Filer's total
    $340,022

  • HOPE E MERRY - 3

    CHIEF FINANCIAL OFFICER

    Total calculated
    $458,592
    From this org
    $0
    From related orgs
    $409,184
    Other
    $49,408
    Hours/week
    23 + 27 related

    Schedule J breakdown matched by us

    Base
    $0 + $228,720 related
    Bonus
    $0 + $180,000 related
    Other
    $0 + $464 related
    Deferred
    $0 + $18,329 related
    Nontaxable benefits
    $0 + $31,079 related
    Filer's total
    $0 + $458,592 related

  • JACQUELINE J FAIRBAIRN - 3

    VP - POLICY & REG COMPLIANCE

    Total calculated
    $358,316
    From this org
    $302,969
    From related orgs
    $0
    Other
    $55,347
    Hours/week
    44 + 15 related

    Schedule J breakdown matched by us

    Base
    $146,640
    Bonus
    $155,000
    Other
    $1,329
    Deferred
    $18,096
    Nontaxable benefits
    $37,251
    Filer's total
    $358,316

  • JEFFERY E CROSBY - 3

    PRES/CEO-AES

    Total calculated
    $592,910
    From this org
    $547,044
    From related orgs
    $0
    Other
    $45,866
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $295,024
    Bonus
    $250,000
    Other
    $2,020
    Deferred
    $18,358
    Nontaxable benefits
    $27,508
    Filer's total
    $592,910

  • BARBARA A WILHELM - 3

    DIRECTOR - CLAIMS REVIEW

    Total calculated
    $189,920
    From this org
    $161,101
    From related orgs
    $0
    Other
    $28,819
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $149,138
    Bonus
    $8,153
    Other
    $3,810
    Deferred
    $12,600
    Nontaxable benefits
    $16,219
    Filer's total
    $189,920

  • CARALYN A HANSEN - 3

    ATTIGO SR MKTG STRATEGIST

    Total calculated
    $161,086
    From this org
    $149,129
    From related orgs
    $0
    Other
    $11,957
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $136,166
    Bonus
    $11,786
    Other
    $1,177
    Deferred
    $10,739
    Nontaxable benefits
    $1,218
    Filer's total
    $161,086

  • CARMEN N RIEG - 3

    DIRECTOR - RECOVERY ADMIN

    Total calculated
    $179,280
    From this org
    $137,820
    From related orgs
    $0
    Other
    $41,460
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $119,366
    Bonus
    $17,874
    Other
    $580
    Deferred
    $11,798
    Nontaxable benefits
    $29,662
    Filer's total
    $179,280

  • JEFFREY S DICK - 3

    SYSTEMS ANALYST

    Total calculated
    $215,777
    From this org
    $170,890
    From related orgs
    $0
    Other
    $44,887
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $158,830
    Bonus
    $10,757
    Other
    $1,303
    Deferred
    $14,413
    Nontaxable benefits
    $30,474
    Filer's total
    $215,777

  • ROGER A ELDRIDGE - 3

    NATIONAL SALES DIRECTOR

    Total calculated
    $178,073
    From this org
    $137,328
    From related orgs
    $0
    Other
    $40,745
    Hours/week
    45

    Schedule J breakdown matched by us

    Base
    $127,227
    Bonus
    $8,966
    Other
    $1,135
    Deferred
    $11,605
    Nontaxable benefits
    $29,140
    Filer's total
    $178,073

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. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • Strada Education Network Inc

    $50,201,917

    support their philanthropic efforts pursuant to the December 6, 2016 transfer of ownership of United Student Aid Funds and Northwest Education Loan Association from USA Funds (now Strada) to Ascendium.

  • Merit America

    $5,000,000

    Grant, Scaling IT Support and Data Analytics Certificate Programming for Learners from Low-Income Backgrounds

  • MDRC

    $3,855,800

    Grant, Capitalizing on Federal Momentum to Advance Postsecondary Student Success Grant, On the Path to a Degree (OnPath) Grant, Strengthen and Scale Multiple Measures Assessment Implementation Grant, Building & Applying Strong Evidence About Postsecondary Success & Economic Mobility

  • Aspen Insitute Inc

    $2,505,775

    Grant, Advancing Community College Students' Post-Graduation Success Grant, 2023 Aspen Prize and New Student Outcomes Data Benchmarking Tool Grant, Researching and Awarding Excellence in Rural Community College Grant, Accelerating Transfer Reform

  • CENTRO HISPANO INC

    $2,500,000

    Grant, Campaign CENTRO

  • CENTER FOR BLACK EXCELLENCE AND CULTURE INC

    $2,500,000

    Grant, Founding Partner Gift

  • TEACHERS COLLEGE COLUMBIA UNIVERSITY

    $2,491,836

    Grant, Reporting of Postsecondary Education Grant, Guided Pathways: "What and How To" Educational Series Grant, Expanding and Sharing the Evidence Base of Key Student Success Reforms

  • PER SCHOLAS INC

    $2,000,000

    Grant, Fueling Growth Through Innovation

  • Boys & Girls Club of Dane County

    $1,600,000

    Grant, McKenzie Regional Workforce Center Good Neighbor Grant

  • YEAR UP INC

    $1,500,000

    Grant, Innovation and Expansion of Accelerated Training and Shared Outcomes Model

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

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.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2022
Filed
30 August 2023
IRS schema version
2022v5.0
Source object
202332429349301403

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