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Nonprofiteer
← EDUCATIONQUEST FOUNDATION INC

Form 990 for tax year 2022

Filed by EDUCATIONQUEST FOUNDATION INC.

Totals

Total revenue
$656,851
Total expenses
$1,612,606
Contributions and grants received
$0
Grants paid
$1,573,500
Program service revenue
$654,998
Investment income
$1,853
Other revenue
$0
Total assets, end of year
$12,043,672
Total liabilities, end of year
$2,423,903
Net assets or fund balances, end of year
$9,619,769
Program services expenses (Part IX)
$1,573,500
Management and general expenses
$39,106
Fundraising expenses
$0
Program service expenses (Part III)
$1,573,500

Program services were 97.6% 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: PROGRAM SERVICE INCOME

    total $654,998 · related or exempt $654,998

  • 3 · Investment income

    total $1,853 · excluded $1,853

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,573,500 · program services $1,573,500

  • 11c · Fees: accounting

    total $3,383 · management and general $3,383

  • 11f · Fees: investment management

    total $35,002 · management and general $35,002

  • 13 · Office expenses

    total $721 · management and general $721

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $11,289 · end of year $10,381

  • 2 · Savings and temporary cash investments

    beginning of year $12,055 · end of year $17,861

  • 4 · Accounts receivable

    beginning of year $53,231 · end of year $48,065

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,667 · end of year $1,667

  • 13 · Investments: program-related

    beginning of year $12,234,465 · end of year $11,965,698

  • 25 · Other liabilities

    beginning of year $1,639,457 · end of year $2,423,903

  • 27 · Net assets without donor restrictions

    beginning of year $10,673,250 · end of year $9,619,769

Mission and programs · 2022

Mission

IMPROVE ACCESS TO HIGHER EDUCATION IN NEBRASKA.

Activities or mission (Part I)

IMPROVING ACCESS TO HIGHER EDUCATION IN NEBRASKA. THE CORPORATION PARTICIPATES IN ACTIVITIES WHICH ADVANCE EDUCATION IN NEBRASKA INCLUDING THE ACQUISITION OF STUDENT LOAN PORTFOLIOS IN VARIOUS FORMS. THE IRS HAS DETERMINED PURSUANT TO A PRIVATE LETTER RULING DATED 3/31/98 THAT THIS ACTIVITY WILL FURTHER THE CORPORATION'S EXEMPT STATUS UNDER SECTION 501(C)(3).

  • SCHOLARSHIP AWARDS TO STUDENTS ATTENDING QUALIFIED POST-SECONDARY INSTITUTIONS OF HIGHER EDUCATION IN THE STATE OF NEBRASKA (AWARDED BY FORMULA ON AN OBJECTIVE, NONDISCRIMINATORY BASIS).

    Expenses $1,573,500 · Grants $1,573,500 · Revenue $654,998

As filed on the 2022 return.

Listed in Part VII

  • Craig Ames

    CHAIRMAN

    Total calculated
    $18,750
    From this org
    $0
    From related orgs
    $18,750
    Other
    $0
    Hours/week
    1

  • Miguel Carranza

    DIRECTOR

    Total calculated
    $11,500
    From this org
    $0
    From related orgs
    $11,500
    Other
    $0
    Hours/week
    1

  • Michael Green

    DIRECTOR

    Total calculated
    $12,000
    From this org
    $0
    From related orgs
    $12,000
    Other
    $0
    Hours/week
    1

  • Wendy Boyer

    EXECUTIVE DIRECTOR

    Total calculated
    $11,250
    From this org
    $0
    From related orgs
    $11,250
    Other
    $0
    Hours/week
    1

  • Debbie Cooper

    DIRECTOR

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

  • Kelly Leeper

    DIRECTOR

    Total calculated
    $10,750
    From this org
    $0
    From related orgs
    $10,750
    Other
    $0
    Hours/week
    1

  • Thomas Smith

    DIRECTOR

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

  • Elizabeth S Koop

    PRESIDENT/CEO

    Total calculated
    $399,638
    From this org
    $0
    From related orgs
    $340,649
    Other
    $58,989
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $299,289 related
    Bonus
    $0 + $41,000 related
    Other
    $0 + $360 related
    Deferred
    $0 + $34,608 related
    Nontaxable benefits
    $0 + $24,381 related
    Filer's total
    $0 + $399,638 related

  • Jennifer Strand

    DIRECTOR

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

  • Daphne Hall

    SENIOR VICE PRESIDENT

    Total calculated
    $184,798
    From this org
    $0
    From related orgs
    $165,829
    Other
    $18,969
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $147,269 related
    Bonus
    $0 + $17,750 related
    Other
    $0 + $810 related
    Deferred
    $0 + $17,460 related
    Nontaxable benefits
    $0 + $1,509 related
    Filer's total
    $0 + $184,798 related

  • Michael J Timmins

    CFO/SENIOR VICE PRESIDENT

    Total calculated
    $230,770
    From this org
    $0
    From related orgs
    $185,173
    Other
    $45,597
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $150,013 related
    Bonus
    $0 + $34,800 related
    Other
    $0 + $360 related
    Deferred
    $0 + $32,805 related
    Nontaxable benefits
    $0 + $12,792 related
    Filer's total
    $0 + $230,770 related

  • Eric Drumheller

    VICE PRESIDENT

    Total calculated
    $147,538
    From this org
    $0
    From related orgs
    $113,561
    Other
    $33,977
    Hours/week
    40

  • Regan Anson

    ASSISTANT VP OF COMMUNICATIONS

    Total calculated
    $128,888
    From this org
    $0
    From related orgs
    $106,459
    Other
    $22,429
    Hours/week
    40

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

  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4b · Supplemental nonqualified retirement plan

Answered no

  • 4a · Severance or change-of-control payment
  • 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

The filer's explanations (Part III)

PART I, LINE 4B
TAX-EXEMPT ELIGIBLE 457B PLAN (PLAN SECTION 1.36(B) ELIZABETH KOOP

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

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.

Provenance

Return type
form_990
Tax year
2022
Filed
17 May 2024
IRS schema version
2022v5.0
Source object
202401439349300300

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

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