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Nonprofiteer
← HERZING UNIVERSITY LTD

Form 990 for tax year 2023

Filed by HERZING UNIVERSITY LTD.

Totals

Total revenue
$171,370,509
Total expenses
$176,351,745
Contributions and grants received
$4,303,309
Grants paid
$21,391,672
Program service revenue
$168,378,928
Investment income
-$1,374,645
Other revenue
$62,917
Total assets, end of year
$166,149,884
Total liabilities, end of year
$60,254,149
Net assets or fund balances, end of year
$105,895,735
Program services expenses (Part IX)
$154,040,994
Management and general expenses
$22,245,751
Fundraising expenses
$65,000
Program service expenses (Part III)
$154,040,994

Program services were 87.3% 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)

    $4,236,125

  • 1f · All other contributions, gifts and grants

    $67,184

  • 2a · Program service revenue: TUITION INCOME

    total $167,774,238 · related or exempt $167,774,238

  • 2b · Program service revenue: OTHER INCOME

    total $604,690 · related or exempt $604,690

  • 3 · Investment income

    total $1,520,020 · excluded $1,520,020

  • 7a · Gross sales of assets other than inventory

    securities $21,891,560

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

    securities $24,772,479 · other assets $13,746

  • 7c · Gain or loss

    securities -$2,880,919 · other assets -$13,746

  • 7d · Net gain or loss

    total -$2,894,665 · excluded -$2,894,665

  • 11a · Other revenue: MISCELLANEOUS REVENUE

    total $62,917 · related or exempt $62,917

  • 11e · Other revenue, total

    $62,917

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $21,357,424 · program services $21,357,424

  • 3 · Grants to foreign organizations and individuals

    total $34,248 · program services $34,248

  • 5 · Compensation of officers, directors and key employees

    total $2,790,479 · management and general $2,790,479

  • 7 · Other salaries and wages

    total $63,401,990 · program services $58,036,997 · management and general $5,364,993

  • 9 · Other employee benefits

    total $7,233,674 · program services $6,358,780 · management and general $874,894

  • 10 · Payroll taxes

    total $4,805,141 · program services $4,319,160 · management and general $485,981

  • 11b · Fees: legal

    total $545,725 · management and general $545,725

  • 11c · Fees: accounting

    total $282,525 · management and general $282,525

  • 11d · Fees: lobbying

    total $214,015 · management and general $214,015

  • 11e · Fees: professional fundraising services

    total $65,000 · fundraising $65,000

  • 11f · Fees: investment management

    total $139,773 · management and general $139,773

  • 11g · Fees: other

    total $12,702,253 · program services $4,863,906 · management and general $7,838,347

  • 12 · Advertising and promotion

    total $26,168,292 · program services $26,168,292

  • 13 · Office expenses

    total $682,922 · program services $552,898 · management and general $130,024

  • 14 · Information technology

    total $622,982 · program services $140,841 · management and general $482,141

  • 16 · Occupancy

    total $7,539,440 · program services $7,002,715 · management and general $536,725

  • 17 · Travel

    total $1,942,668 · program services $1,395,077 · management and general $547,591

  • 20 · Interest

    total $364,379 · program services $265,997 · management and general $98,382

  • 22 · Depreciation, depletion and amortization

    total $5,881,370 · program services $4,293,400 · management and general $1,587,970

  • 23 · Insurance

    total $762,856 · program services $762,856

  • 24a · Other expenses: TEXTBOOKS

    total $6,616,776 · program services $6,616,776

  • 24b · Other expenses: ASSESSMENT EXPENSE

    total $4,103,232 · program services $4,103,232

  • 24c · Other expenses: STUDENT EXPENSES

    total $3,840,528 · program services $3,840,528

  • 24d · Other expenses: BAD DEBT EXPENSE

    total $2,157,476 · program services $2,157,476

  • 24e · All other expenses

    total $2,096,577 · program services $1,770,391 · management and general $326,186

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,625,104 · end of year $9,276,551

  • 4 · Accounts receivable

    beginning of year $4,350,244 · end of year $5,261,073

  • 5 · Loans and receivables from officers and key people

    beginning of year $150,000 · end of year $100,000

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,527,830 · end of year $3,713,750

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

    $49,012,303

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

    $19,232,607

  • 10c · Land, buildings and equipment, net

    beginning of year $29,812,263 · end of year $29,779,696

  • 11 · Investments: publicly traded securities

    beginning of year $40,911,240 · end of year $49,815,084

  • 14 · Intangible assets

    beginning of year $43,538,358 · end of year $41,589,347

  • 15 · Other assets

    beginning of year $26,789,711 · end of year $26,614,383

  • 17 · Accounts payable and accrued expenses

    beginning of year $16,620,465 · end of year $17,719,168

  • 19 · Deferred revenue

    beginning of year $3,061,151 · end of year $2,565,664

  • 24 · Unsecured notes and loans payable

    beginning of year $12,459,740 · end of year $10,926,784

  • 25 · Other liabilities

    beginning of year $27,765,491 · end of year $29,042,533

  • 27 · Net assets without donor restrictions

    beginning of year $101,931,159 · end of year $104,970,187

  • 28 · Net assets with donor restrictions

    beginning of year $866,744 · end of year $925,548

Mission and programs · 2023

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 WITH A SECONDARY ONLINE OPERATIONS SUPPORT OFFICE IN CHICAGO, IL AND TEN 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, HEALTHCARE, AND PUBLIC SAFETY.

  • 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, HEALTHCARE, AND PUBLIC SAFETY.

    Expenses $154,040,994 · Grants $21,391,672 · Revenue $168,441,845

As filed on the 2023 return.

Listed in Part VII

  • Joseph Hill

    TRUSTEE

    Total calculated
    $21,000
    From this org
    $21,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Mark Ambrosius

    TRUSTEE

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

  • Joseph Froehlich

    TRUSTEE/CHAIRPERSON

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

  • Erin Hareng

    TRUSTEE

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Margaret Lee

    TRUSTEE

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • John Lopez

    TRUSTEE

    Total calculated
    $11,000
    From this org
    $11,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Wendy Baumann

    TRUSTEE/SECRETARY

    Total calculated
    $10,000
    From this org
    $10,000
    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

  • Henry Herzing

    TRUSTEE

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

  • Christine Pharr

    TRUSTEE

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

  • Patricia Todus

    TRUSTEE/VICE CHAIRPERSON

    Total calculated
    $8,500
    From this org
    $8,500
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Renee Herzing

    PRESIDENT/CEO

    Total calculated
    $647,440
    From this org
    $598,241
    From related orgs
    $0
    Other
    $49,199
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $522,641
    Bonus
    $75,600
    Other
    $0
    Deferred
    $26,533
    Nontaxable benefits
    $22,666
    Filer's total
    $647,440

  • Erik Parks

    CFO/TREASURER

    Total calculated
    $481,345
    From this org
    $455,606
    From related orgs
    $0
    Other
    $25,739
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $358,931
    Bonus
    $96,675
    Other
    $0
    Deferred
    $24,339
    Nontaxable benefits
    $1,400
    Filer's total
    $481,345

  • Katherine Kautzer

    PROVOST/CAO

    Total calculated
    $424,741
    From this org
    $378,487
    From related orgs
    $0
    Other
    $46,254
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $320,362
    Bonus
    $58,125
    Other
    $0
    Deferred
    $25,408
    Nontaxable benefits
    $20,846
    Filer's total
    $424,741

  • Katherine Hauser

    CONTROLLER/CORPORATE SECRETARY

    Total calculated
    $135,687
    From this org
    $120,476
    From related orgs
    $0
    Other
    $15,211
    Hours/week
    40

  • Nigel Longworth

    COO/CIO

    Total calculated
    $514,991
    From this org
    $465,820
    From related orgs
    $0
    Other
    $49,171
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $311,160
    Bonus
    $76,125
    Other
    $78,535
    Deferred
    $26,533
    Nontaxable benefits
    $22,638
    Filer's total
    $514,991

  • James Gillespie

    CMO

    Total calculated
    $450,775
    From this org
    $402,746
    From related orgs
    $0
    Other
    $48,029
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $322,746
    Bonus
    $80,000
    Other
    $0
    Deferred
    $25,363
    Nontaxable benefits
    $22,666
    Filer's total
    $450,775

  • Jason Morgan

    SVP, OPS GROUND CAMPUSES UNTIL 12/23

    Total calculated
    $324,265
    From this org
    $301,512
    From related orgs
    $0
    Other
    $22,753
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $256,512
    Bonus
    $45,000
    Other
    $0
    Deferred
    $11,835
    Nontaxable benefits
    $10,918
    Filer's total
    $324,265

  • Jeff Cross

    SVP OF ONLINE OPERATIONS

    Total calculated
    $302,773
    From this org
    $269,247
    From related orgs
    $0
    Other
    $33,526
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $222,897
    Bonus
    $46,000
    Other
    $350
    Deferred
    $11,142
    Nontaxable benefits
    $22,384
    Filer's total
    $302,773

  • Shannon Grass

    SVP, HUMAN RESOURCES UNTIL 12/23

    Total calculated
    $253,190
    From this org
    $222,267
    From related orgs
    $0
    Other
    $30,923
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,902
    Bonus
    $17,365
    Other
    $0
    Deferred
    $8,633
    Nontaxable benefits
    $22,290
    Filer's total
    $253,190

  • Jeffrey Hill

    REGIONAL CAMPUS PRESIDENT

    Total calculated
    $253,841
    From this org
    $222,125
    From related orgs
    $0
    Other
    $31,716
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $195,405
    Bonus
    $26,370
    Other
    $350
    Deferred
    $9,448
    Nontaxable benefits
    $22,268
    Filer's total
    $253,841

  • Mladen Grgic

    VP, IT

    Total calculated
    $235,597
    From this org
    $206,512
    From related orgs
    $0
    Other
    $29,085
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $196,512
    Bonus
    $10,000
    Other
    $0
    Deferred
    $8,639
    Nontaxable benefits
    $20,446
    Filer's total
    $235,597

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.

Provenance

Return type
form_990
Tax year
2023
Filed
14 October 2024
IRS schema version
2023v5.1
Source object
202442919349301309

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