Skip to content
Nonprofiteer
← HERZING UNIVERSITY LTD

Form 990 for tax year 2025

Filed by HERZING UNIVERSITY LTD.

Totals

Total revenue
$243,943,025
Total expenses
$220,124,266
Contributions and grants received
$4,572,041
Grants paid
$21,115,737
Program service revenue
$234,453,222
Investment income
$4,875,507
Other revenue
$42,255
Total assets, end of year
$228,878,156
Total liabilities, end of year
$72,232,829
Net assets or fund balances, end of year
$156,645,327
Program services expenses (Part IX)
$191,796,371
Management and general expenses
$28,258,539
Fundraising expenses
$69,356
Program service expenses (Part III)
$191,796,371

Program services were 87.1% 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.

  • 1e · Government grants (contributions)

    $4,391,060

  • 1f · All other contributions, gifts and grants

    $180,981

  • 2a · Program service revenue: TUITION INCOME

    total $233,781,217 · related or exempt $233,781,217

  • 2b · Program service revenue: OTHER INCOME

    total $672,005 · related or exempt $672,005

  • 3 · Investment income

    total $3,064,160 · excluded $3,064,160

  • 7a · Gross sales of assets other than inventory

    securities $43,498,644

  • 7b · Less cost or other basis and sales expenses

    securities $41,434,016 · other assets $253,281

  • 7c · Gain or loss

    securities $2,064,628 · other assets -$253,281

  • 7d · Net gain or loss

    total $1,811,347 · excluded $1,811,347

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $42,255 · related or exempt $42,255

  • 11e · Other revenue, total

    $42,255

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $21,101,985 · program services $21,101,985

  • 3 · Grants to foreign organizations and individuals

    total $13,752 · program services $13,752

  • 5 · Compensation of officers, directors and key employees

    total $3,791,613 · management and general $3,791,613

  • 7 · Other salaries and wages

    total $75,783,719 · program services $70,853,007 · management and general $4,930,712

  • 9 · Other employee benefits

    total $7,494,101 · program services $6,698,810 · management and general $795,291

  • 10 · Payroll taxes

    total $5,783,426 · program services $5,304,472 · management and general $478,954

  • 11b · Fees: legal

    total $795,651 · management and general $795,651

  • 11c · Fees: accounting

    total $274,870 · management and general $274,870

  • 11d · Fees: lobbying

    total $307,508 · management and general $307,508

  • 11e · Fees: professional fundraising services

    total $69,356 · fundraising $69,356

  • 11f · Fees: investment management

    total $259,433 · management and general $259,433

  • 11g · Fees: other

    total $18,570,694 · program services $7,477,442 · management and general $11,093,252

  • 12 · Advertising and promotion

    total $34,664,275 · program services $34,664,275

  • 13 · Office expenses

    total $3,172,649 · program services $936,211 · management and general $2,236,438

  • 14 · Information technology

    total $1,527,450 · program services $772,115 · management and general $755,335

  • 16 · Occupancy

    total $10,198,248 · program services $9,671,227 · management and general $527,021

  • 17 · Travel

    total $2,801,559 · program services $2,359,665 · management and general $441,894

  • 20 · Interest

    total $303,694 · program services $264,214 · management and general $39,480

  • 22 · Depreciation, depletion and amortization

    total $6,146,968 · program services $5,347,862 · management and general $799,106

  • 23 · Insurance

    total $838,875 · program services $838,875

  • 24a · Other expenses: ASSESSMENT EXPENSE

    total $5,805,749 · program services $5,805,749

  • 24b · Other expenses: TEXTBOOKS

    total $5,092,022 · program services $5,092,022

  • 24c · Other expenses: BAD DEBT EXPENSE

    total $4,827,821 · program services $4,827,821

  • 24d · Other expenses: STUDENT EXPENSES

    total $4,240,601 · program services $4,240,601

  • 24e · All other expenses

    total $6,258,247 · program services $5,526,266 · management and general $731,981

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $16,042,986 · end of year $28,763,705

  • 4 · Accounts receivable

    beginning of year $6,631,821 · end of year $3,998,961

  • 5 · Loans and receivables from officers and key people

    beginning of year $50,000 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $4,279,541 · end of year $5,197,452

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

    $56,695,545

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

    $26,267,627

  • 10c · Land, buildings and equipment, net

    beginning of year $29,844,935 · end of year $30,427,918

  • 11 · Investments: publicly traded securities

    beginning of year $66,863,988 · end of year $98,789,753

  • 14 · Intangible assets

    beginning of year $39,640,336 · end of year $37,691,326

  • 15 · Other assets

    beginning of year $26,000,706 · end of year $24,009,041

  • 17 · Accounts payable and accrued expenses

    beginning of year $23,672,875 · end of year $32,303,580

  • 19 · Deferred revenue

    beginning of year $3,467,302 · end of year $2,227,727

  • 24 · Unsecured notes and loans payable

    beginning of year $10,549,285 · end of year $10,160,461

  • 25 · Other liabilities

    beginning of year $28,407,342 · end of year $27,541,061

  • 27 · Net assets without donor restrictions

    beginning of year $122,016,789 · end of year $155,209,731

  • 28 · Net assets with donor restrictions

    beginning of year $1,240,720 · end of year $1,435,596

Mission and programs · 2025

Mission

TO EDUCATE, SUPPORT AND EMPOWER ALL STUDENTS FOR SUCCESS IN WORK, LEARNING AND ENGAGEMENT IN THEIR COMMUNITIES AND A GLOBAL SOCIETY.

Activities or mission (Part I)

HERZING UNIVERSITY IS A REGIONALLY-ACCREDITED, PRIVATE CAREER UNIVERSITY THAT PROVIDES EDUCATIONAL PROGRAMS AT THE CERTIFICATE, UNDERGRADUATE, AND GRADUATE LEVELS FOR A DIVERSE STUDENT POPULATION IN TRADITIONAL, NON-TRADITIONAL AND ONLINE DELIVERY FORMATS. THE CORPORATE ADMINISTRATIVE OFFICE AND ONLINE OPERATIONS SUPPORT OFFICE ARE LOCATED IN MILWAUKEE, WI AND TWELVE CAMPUSES LOCATED THROUGHOUT THE UNITED STATES. THROUGH QUALITY TEACHING AND LEARNING, THE UNIVERSITY IS COMMITTED TO PROVIDE STUDENTS WITH OPPORTUNITIES TO DEVELOP THE KNOWLEDGE, UNDERSTANDING AND SKILLS NECESSARY FOR SUCCESSFUL EMPLOYMENT. COMMITTED TO THE PHILOSOPHY OF PUTTING STUDENTS AT THE CENTER OF THE UNIVERSITY MISSION, HERZING UNIVERSITY PREPARES GRADUATES FOR CAREERS IN TECHNOLOGY, BUSINESS, AND HEALTHCARE.

  • HERZING UNIVERSITY PROVIDES EDUCATIONAL PROGRAMS AT THE CERTIFICATE, UNDERGRADUATE, AND GRADUATE LEVELS FOR A DIVERSE STUDENT POPULATION IN TRADITIONAL, NON-TRADITIONAL AND ONLINE DELIVERY FORMATS. THROUGH QUALITY TEACHING AND LEARNING, THE UNIVERSITY IS COMMITTED TO PROVIDE STUDENTS WITH OPPORTUNITIES TO DEVELOP THE KNOWLEDGE, UNDERSTANDING AND SKILLS NECESSARY FOR SUCCESSFUL EMPLOYMENT. COMMITTED TO THE PHILOSOPHY OF PUTTING STUDENTS AT THE CENTER OF THE UNIVERSITY MISSION, HERZING UNIVERSITY PREPARES GRADUATES FOR CAREERS IN TECHNOLOGY, BUSINESS, AND HEALTHCARE.

    Expenses $191,796,371 · Grants $21,115,737 · Revenue $234,495,477

As filed on the 2025 return.

Listed in Part VII

  • Mark Ambrosius

    TRUSTEE

    Total calculated
    $27,000
    From this org
    $27,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Cynthia Cleveland

    TRUSTEE

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tonjia Coverdale

    TRUSTEE

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joseph Froehlich

    TRUSTEE

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Carrie Harris-Muller

    TRUSTEE

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Henry Herzing

    TRUSTEE

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joseph Hill

    TRUSTEE

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Naraji Kaji

    TRUSTEE

    Total calculated
    $10,500
    From this org
    $10,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John Lopez

    TRUSTEE/CHAIRPERSON

    Total calculated
    $13,000
    From this org
    $13,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Christine Pharr

    TRUSTEE/VICE CHAIRPERSON

    Total calculated
    $10,000
    From this org
    $10,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Scott Reid

    TRUSTEE

    Total calculated
    $18,000
    From this org
    $18,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jill Schwieters

    TRUSTEE

    Total calculated
    $16,000
    From this org
    $16,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Renee Herzing

    PRESIDENT/CEO

    Total calculated
    $816,807
    From this org
    $768,813
    From related orgs
    $0
    Other
    $47,994
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $564,063
    Bonus
    $204,750
    Other
    $0
    Deferred
    $29,167
    Nontaxable benefits
    $18,827
    Filer's total
    $816,807

  • Narasimha Sudarshan

    CFO/TREASURER

    Total calculated
    $363,398
    From this org
    $344,638
    From related orgs
    $0
    Other
    $18,760
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $313,034
    Bonus
    $31,604
    Other
    $0
    Deferred
    $18,170
    Nontaxable benefits
    $590
    Filer's total
    $363,398

  • Katherine Kautzer

    PROVOST/CAO

    Total calculated
    $497,866
    From this org
    $451,360
    From related orgs
    $0
    Other
    $46,506
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $330,122
    Bonus
    $121,238
    Other
    $0
    Deferred
    $27,641
    Nontaxable benefits
    $18,865
    Filer's total
    $497,866

  • Katherine Hauser

    CONTROLLER/CORPORATE SECRETARY

    Total calculated
    $168,356
    From this org
    $151,929
    From related orgs
    $0
    Other
    $16,427
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,929
    Bonus
    $5,000
    Other
    $0
    Deferred
    $6,115
    Nontaxable benefits
    $10,312
    Filer's total
    $168,356

  • Erik Parks

    COO

    Total calculated
    $643,805
    From this org
    $616,472
    From related orgs
    $0
    Other
    $27,333
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $400,495
    Bonus
    $215,977
    Other
    $0
    Deferred
    $26,698
    Nontaxable benefits
    $635
    Filer's total
    $643,805

  • Nigel Longworth

    CIO

    Total calculated
    $588,156
    From this org
    $536,957
    From related orgs
    $0
    Other
    $51,199
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $332,220
    Bonus
    $131,989
    Other
    $72,748
    Deferred
    $28,979
    Nontaxable benefits
    $22,220
    Filer's total
    $588,156

  • James Gillespie

    CMO

    Total calculated
    $546,226
    From this org
    $496,344
    From related orgs
    $0
    Other
    $49,882
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $356,506
    Bonus
    $139,838
    Other
    $0
    Deferred
    $27,662
    Nontaxable benefits
    $22,220
    Filer's total
    $546,226

  • Jeffrey Cross

    SVP OF ONLINE OPERATIONS

    Total calculated
    $422,055
    From this org
    $387,686
    From related orgs
    $0
    Other
    $34,369
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $290,463
    Bonus
    $96,873
    Other
    $350
    Deferred
    $13,810
    Nontaxable benefits
    $20,559
    Filer's total
    $422,055

  • Jeffrey Hill

    REGIONAL CAMPUS PRESIDENT

    Total calculated
    $317,760
    From this org
    $283,717
    From related orgs
    $0
    Other
    $34,043
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,850
    Bonus
    $58,517
    Other
    $350
    Deferred
    $11,942
    Nontaxable benefits
    $22,101
    Filer's total
    $317,760

  • Mladen Grgic

    VP, IT

    Total calculated
    $263,583
    From this org
    $233,396
    From related orgs
    $0
    Other
    $30,187
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,627
    Bonus
    $32,769
    Other
    $0
    Deferred
    $9,975
    Nontaxable benefits
    $20,212
    Filer's total
    $263,583

  • Derrick Pope

    VP ADMISSIONS

    Total calculated
    $286,604
    From this org
    $255,570
    From related orgs
    $0
    Other
    $31,034
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,778
    Bonus
    $43,792
    Other
    $0
    Deferred
    $8,968
    Nontaxable benefits
    $22,066
    Filer's total
    $286,604

  • Stephanie Marlow

    SVP OF HUMAN RESOURCES

    Total calculated
    $253,671
    From this org
    $238,559
    From related orgs
    $0
    Other
    $15,112
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,432
    Bonus
    $16,127
    Other
    $0
    Deferred
    $9,256
    Nontaxable benefits
    $5,856
    Filer's total
    $253,671

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

  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Approval by the board or compensation committee
  • 6a · Pay contingent on this organization's net earnings

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
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
LOAN FORGIVENESS FOR KEY EMPLOYEE - GROSSED UP THE FIRST LEVEL OF TAXES
PART I, LINE 6
PORTION OF BONUS CRITERIA RELATES TO TARGET NET OPERATING INCOME OF THE ORGANIZATION.

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

No itemized grants to organizations on this return.

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.

  • HERZING EDUCATION INC

    501(C)(3) · EDUCATIONAL ACTIVITIES · WI · controlled entity

    Directly controlled by HERZING UNIVERSITY LTD

Provenance

Return type
form_990
Tax year
2025
Filed
16 September 2026
IRS schema version
2025v4.2
Source object
202642599349301904

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

The source document this was parsed from is served over the API, which is where bulk and document access live.