2025-03-20T11:06:33-05:00 2024-09-30 390859910 BAKER TILLY ADVISORY GROUP LP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2023-10-01 411961427 NORTHSTAR EDUCATION FINANCE INC NORT 6122397131 9855 W 78TH ST 012 EDEN PRAIRIE MN 553448016 CHARLES M OSBORNE CFO & TREASURER 6122397131 2025-03-15 1 1 KAREN A GRIES P00078514 6128764500 2025-03-14 2023 2025-03-06 01:10:19Z TAIGE P THORNTON 9855 W 78TH ST 012 EDEN PRAIRIE MN 553448016 68106847 0 X WWW.NORTHSTAR.ORG X 2000 DE TO FOSTER, AID, ENCOURAGE AND ASSIST THE PURSUIT OF HIGHER EDUCATION. 7 5 0 0 0 0 0 0 69156471 62966962 3430822 5139885 0 0 72587293 68106847 4671075 4299546 0 0 372669 371126 0 0 0 69852390 62295455 74896134 66966127 -2308841 1140720 1017887615 825640988 858957547 666178323 158930068 159462665 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. 0 0 59542747 62966962 MANAGE A PORTFOLIO OF FFELP (94%) AND PRIVATE (6%) STUDENT LOANS. DUE TO CHANGES IN THE FEDERAL STUDENT LOAN PROGRAM, THE ORGANIZATION IS NO LONGER ORIGINATING ANY NEW FFELP OR PRIVATE LOANS, BUT THE ORGANIZATION CONTINUES TO MANAGE AN OUTSTANDING BALANCE OF APPROXIMATELY $692 MILLION AS OF 9/30/2024. TO THE BEST OF THE KNOWLEDGE AND BELIEF OF THE ORGANIZATION'S OFFICERS, THE BENEFITS AND INTEREST RATES PROVIDED TO STUDENT BORROWERS ARE MORE FAVORABLE THAN THOSE FROM FOR-PROFIT LENDERS. IN THE FISCAL YEAR ENDED 2023, THE ORGANIZATION MADE T.H.E. REPAYMENT BONUS DISTRIBUTIONS (INTEREST REBATES) TOTALING APPROXIMATELY $181 THOUSAND. 4299546 4299546 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. 63842293 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 17 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 5 1 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X KATE SEIFERT 4024582370 9855 W 78TH ST SUITE 012 EDEN PRAIRIE MN 553448016 TAIGE THORNTON PRESIDENT 15.00 X X 100000 0 0 JOHN EMERICK CHAIR 1.00 X X 37500 0 0 CLYDE NELSON DIRECTOR 1.00 X 27500 0 0 MARY ROTHCHILD BOARD MEMBER 1.00 X 27500 0 0 RICHARD HARRIS DIRECTOR 1.00 X 27500 0 0 ELIZABETH ANNE CARRIER DORAN DIRECTOR (RETIRED) 12/2023 1.00 X 18500 0 0 RICHARD NIGON DIRECTOR 1.00 X 17750 0 0 DAVID REILING DIRECTOR 1.00 X 16250 0 0 CHARLES OSBORNE CHIEF FINANCIAL OFFICER & TREASURER 15.00 X 89482 0 0 SARAH DUNIWAY SECRETARY 1.00 X 0 0 0 GREG LARSON SECRETARY 1.00 X 0 0 0 361982 0 0 0 0 0 0 NELNET INC 121 SOUTH 13TH ST WF SUITE 400 LINCOLN NE 68508 MANAGEMENT & ADMIN SERVICES 2336763 NELNET SERVICING LLC 121 SOUTH 13TH ST WF SUITE 400 LINCOLN NE 68508 STUDENT LOAN SERVICING 664805 WINDHAM PROFESSIONALS INC 384 MAIN STREET SALEM NH 03079 PRIVATE LOAN COLLECTION SERVICES 290333 RBC CAPITAL MARKETS LLC 200 VERSEY STREET 8TH FLOOR NEW YORK NY 10281 BROKER/DEALER FEES 254486 BAKER TILLY US LLP 225 S SIXTH STREET SUITE 2300 MINNEAPOLIS MN 55402 AUDIT, TAX & PROFESSIONAL SERVICES 114725 5 STUDENT LOAN INTEREST 525990 62966962 62966962 62966962 5139885 5139885 68106847 62966962 0 5139885 4299546 4299546 371126 371126 2905479 592705 2312774 291976 208495 83481 90018 90018 413487 204821 208666 10639 10639 182 182 49499958 49499958 899208 899208 43806 43806 LOAN CONSOLIDATION FEES 6747228 6747228 STUDENT LOAN DEFAULT AN 991682 991682 DEBT FINANCING FEES 398650 398650 OTHER MISCELLANEOUS EXP 3142 3142 66966127 63842293 3123834 0 6232200 11251861 99578589 88661570 1718387 530528 33278 12119 901899701 718125634 8425460 7059276 1017887615 825640988 4293295 3262344 854662122 662915979 2130 0 858957547 666178323 X 158930068 159462665 158930068 159462665 1017887615 825640988 X 1140720 -608123 X 0 1 X 1 0 X 61828549 37214145 39682064 69156471 62966962 270848191 61828549 37214145 39682064 69156471 62966962 270848191 0 0 0 270848191 1000588 355132 495713 3430822 5139885 10422140 1000588 355132 495713 3430822 5139885 10422140 62829137 37569277 40177777 72587293 68106847 281270331 0.96290 0.97680 0.03710 0.02320 X 0 STUDENT LOANS 692530263 C INTEREST RECEIVABLE 25595371 C 718125634 1 WALLIN EDUCATION PARTNERS 451 LEXINGTON PKWY N STE 100 MINNEAPOLIS MN 55424 208505156 501(C)(3) 3198696 0 TO PROVIDE SCHOLARSHIPS TO STUDENTS AND SUPPORT WALLIN'S EXISTING SCHOLAR SUPPORT SERVICES THAT BENEFITS ALL SCHOLARS. COLLEGE POSSIBLE 755 PRIOR AVE N STE 200 SAINT PAUL MN 55104 411968798 501(C)(3) 680000 0 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. CRISTO REY JESUIT HIGH SCHOOL 2924 4TH AVENUE SOUTH MINNEAPOLIS MN 55408 204548714 501(C)(3) 200000 0 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. PAGE EDUCATION FOUNDATION 901 N 3RD ST STE 355 MINNEAPOLIS MN 55458 363605013 501(C)(3) 220600 0 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. 4 0 PART I, LINE 2: THE PROGRAM AND PARTNERSHIPS COMMITTEE, A SUBCOMMITTEE OF THE BOARD OF DIRECTORS, REQUIRES PERIODIC REPORTS AND DATA FROM GRANT RECIPIENTS AND ADDITIONALLY CONDUCTS ON-SITE VISITS. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIP BETWEEN CLYDE NELSON (BOARD MEMBER) AND MARY ROTHCHILD (BOARD MEMBER). FORM 990, PART VI, SECTION A, LINE 3 PURSUANT TO THE AMENDED AND RESTATED SUB-MASTER SERVICING AND ADMINISTRATIVE AGREEMENT ("SUB-MSA") DATED DECEMBER 3, 2018 (AND FIRST AMENDMENT DATED APRIL 1, 2020) BETWEEN NORTHSTAR EDUCATION FINANCE, INC. ("NEF") AND NELNET SERVICING, LLC ("NELNET"), NELNET IS RESPONSIBLE FOR PERFORMING CERTAIN MANAGEMENT AND ADMINISTRATIVE FUNCTIONS ON BEHALF OF NEF. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY INDEPENDENT ACCOUNTANTS FOR INTERNAL REVIEW. AFTER BEING REVIEWED BY THE ORGANIZATION'S OFFICERS AND OUTSIDE LEGAL COUNSEL, THE RETURN WAS THEN DISTRIBUTED TO THE FULL BOARD OF DIRECTORS FOR REVIEW AND APPROVAL PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY IS MONITORED AND DISCUSSED ANNUALLY AT ONE OF THE QUARTERLY BOARD MEETINGS. ANY DIRECTOR, PRINCIPAL OFFICER, OR MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST, AS DEFINED BELOW, IS AN INTERESTED PERSON. A PERSON HAS A FINANCIAL INTEREST IF THE PERSON HAS, DIRECTLY OR INDIRECTLY, THROUGH BUSINESS, INVESTMENT, OR A FAMILY MEMBER: A. AN OWNERSHIP OR INVESTMENT INTEREST IN ANY ENTITY (INCLUDING ANY JOINT VENTURE OR SIMILAR ARRANGEMENT) WITH WHICH NEF HAS A TRANSACTION OR ARRANGEMENT, B. A COMPENSATION ARRANGEMENT WITH NEF OR WITH ANY ENTITY OR INDIVIDUAL WITH WHICH NEF HAS A TRANSACTION OR ARRANGEMENT, C. A POTENTIAL OWNERSHIP OR INVESTMENT INTEREST IN, OR COMPENSATION ARRANGEMENT WITH, ANY ENTITY OR INDIVIDUAL WITH WHICH NEF IS NEGOTIATING A TRANSACTION OR ARRANGEMENT, OR D. SERVES AS AN OFFICER OR DIRECTOR ANY ENTITY WITH WHICH NEF HAS A TRANSACTION OR ARRANGEMENT (REGARDLESS OF WHETHER THE INDIVIDUAL RECEIVES COMPENSATION FROM THE ENTITY). A FINANCIAL INTEREST IS NOT NECESSARILY A CONFLICT OF INTEREST. AN INTERESTED PERSON WHO HAS A FINANCIAL INTEREST MAY HAVE A CONFLICT OF INTEREST ONLY IF THE AUDIT COMMITTEE DECIDES THAT A CONFLICT OF INTEREST EXISTS. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE NEF AUDIT COMMITTEE. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL NOT PARTICIPATE IN DISCUSSIONS WITH THE AUDIT COMMITTEE WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. AN INTERESTED PERSON WHO SERVES AS AN OFFICER, DIRECTOR OR EMPLOYEE OF NELNET, INC. (OR ANY OF ITS SUBSIDIARIES INCLUDING BUT NOT LIMITED TO NELNET SERVICING, LLC)("NELNET"), WHICH PROVIDES MANAGEMENT SERVICES TO NEF PURSUANT TO A SUB-MASTER AND SUB-ADMINISTRATION AGREEMENT (THE "NELNET AGREEMENT"), SHALL BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE FOLLOWING MATTERS REGARDING NELNET: (A) REVIEW AND APPROVAL OF COMPENSATION OR EXPENSE REIMBURSEMENT UNDER THE NELNET AGREEMENT, (B) DECISIONS WHETHER TO RENEW, TERMINATE OR AMEND THE NELNET AGREEMENT, OR (C) FORMAL REVIEWS OF NELNET'S PERFORMANCE UNDER THE NELNET AGREEMENT. SUCH INTERESTED PERSONS SHALL NOT NORMALLY BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITH RESPECT TO ROUTINE MATTERS THAT COME BEFORE THE NEF BOARD OR COMMITTEE, EVEN IF SUCH MATTERS INVOLVE PRESENTATIONS BY AND CONSIDERATION OF, REPORTS AND INFORMATION FROM, NELNET, UNLESS THE AUDIT COMMITTEE DETERMINES THAT A CONFLICT OF INTEREST EXISTS. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR COMMITTEE MEETING AT WHICH THE TRANSACTION OR ARRANGEMENT IS BEING CONSIDERED, BUT AFTER THE PRESENTATION, HE/SHE SHALL NOT PARTICIPATE DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE CHAIRPERSON OF THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER NEF CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED MEMBERS OF THE COMMITTEE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN NEF'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION THE BOARD OF DIRECTORS OF NEF SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 IN 2022, COMPENSATION FOR THE ORGANIZATION'S PRESIDENT AND BOARD OF DIRECTORS WAS APPROVED BY THE BOARD'S INDEPENDENT COMPENSATION COMMITTEE AND WAS BASED ON COMPARABLE MARKET COMPENSATION DATA. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AT WWW.NORTHSTAR.ORG. THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE UNLESS REQUIRED BY LAW. FORM 990, PART XI, LINE 9: IMPACT FROM ADOPTION OF (ASC) 326 -608,123. NORTHSTAR EDUCATION FUNDING I LLC 9855 W 78TH ST SUITE 012 EDEN PRAIRIE MN 553448016 FINANCING HIGHER EDUCATION DE 0 0 NORTHSTAR EDUCATION FINANCE INC