Northstar Education Finance Inc
- Assets
- $1.3b
- Revenue
- $40.2m
- Investments
- $9.2m
- Employees
- 0
- Location
- Eagan, MN
- Founding
- 03/2003
- Data as of
- 09/2022
- EIN
- 41-1961427
Organization Overview
Northstar Education Finance Inc is located in Eagan, MN. The organization was established in 2003. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Northstar Education Finance Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2022, Northstar Education Finance Inc generated $40.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (8.9%) each year. All expenses for the organization totaled $46.0m during the year ending 09/2022. As we would expect to see with falling revenues, expenses have declined by (7.1%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, Northstar Education Finance Inc has awarded 35 individual grants totaling $24,955,509. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
TO FOSTER, AID, ENCOURAGE AND ASSIST THE PURSUIT OF HIGHER EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
MANAGE PORTFOLIO OF OUTSTANDING FEDERAL FAMILY EDUCATION LOAN PROGRAM (APPROX. 94%) AND PRIVATE (APPROX. 6%) STUDENT LOANS WITH OUTSTANDING BALANCES TOTALING APPROX. $1.1 BILLION AS OF 9/30/2022. TO THE BEST OF THE KNOWLEDGE AND BELIEF OF THE ORGANIZATION'S OFFICERS, THE BENEFITS AND INTEREST RATES THAT IT HAS PROVIDED TO STUDENT BORROWERS ARE SUBSTANTIALLY MORE FAVORABLE TO STUDENT BORROWERS THAN THE BENEFITS AND INTEREST RATES PROVIDED BY FOR-PROFIT LENDERS. DURING FISCAL YEARS 2022 AND 2021, RESPECTIVELY, THE ORGANIZATION MADE T.H.E. REPAYMENT BONUS DISTRIBUTIONS (INTEREST REBATES WHICH ARE PROCESSED AS CREDITS TO ELIGIBLE BORROWER ACCOUNTS) OF APPROXIMATELY $4.2 MILLION AND $5.6 MILLION, RESPECTIVELY.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Charles Osborne Chief Financial Officer & Treasurer | Officer | 15 | $87,982 |
Taige Thornton President | OfficerTrustee | 15 | $87,500 |
John Emerick Board Chair | OfficerTrustee | 1 | $34,625 |
Clyde Nelson Director | Trustee | 1 | $27,125 |
Richard Harris Director | Trustee | 1 | $26,625 |
Mary Rothchild Director | Trustee | 1 | $26,625 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nelnet Inc Management & Admin Services | 9/29/22 | $2,406,911 |
Windham Professionals Inc Private Loan Collection Services | 9/29/22 | $454,073 |
Rbc Capital Markets Llc Broker/dealer Fees | 9/29/22 | $282,890 |
Nelnet Servicing Llc Student Loan Servicing | 9/29/22 | $983,819 |
Us Bank Trust Indenture Trustee Fees | 9/29/22 | $139,422 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $39,682,064 |
| Investment income | $495,713 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $40,177,777 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $4,788,142 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $381,128 |
| Compensation of current officers, directors, key employees. | $381,128 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $3,243,800 |
| Fees for services: Legal | $87,393 |
| Fees for services: Accounting | $51,984 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $486,569 |
| Advertising and promotion | $0 |
| Office expenses | $11,502 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $333 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $22,819,015 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,076,697 |
| Insurance | $61,501 |
| All other expenses | $0 |
| Total functional expenses | $46,030,875 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $11,204,813 |
| Savings and temporary cash investments | $143,335,674 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $2,300,012 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $37,773 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $9,234,750 |
| Investments—program-related | $1,123,818,345 |
| Intangible assets | $0 |
| Other assets | $3,537,352 |
| Total assets | $1,293,468,719 |
| Accounts payable and accrued expenses | $4,024,309 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $1,128,027,114 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $178,387 |
| Total liabilities | $1,132,229,810 |
| Net assets without donor restrictions | $161,238,909 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $1,293,468,719 |
Grants Awarded
Over the last fiscal year, Northstar Education Finance Inc has awarded $4,788,142 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
St Paul, MN PURPOSE: TO PROVIDE SCHOLARSHIPS TO STUDENTS AND SUPPORT WALLIN'S EXISTING SCHOLAR SUPPORT SERVICES THAT BENEFITS ALL SCHOLARS. | $3,110,875 |
Saint Paul, MN PURPOSE: 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. | $1,256,667 |
Minneapolis, MN PURPOSE: 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. | $220,600 |
Minneapolis, MN PURPOSE: 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. | $200,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
Northstar Education Finance Inc Eagan, MN | $1,293,468,719 | $40,177,777 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Scholarship America Inc Minneapolis, MN | $219,130,905 | $29,933,482 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Waitt Foundation North Sioux City, SD | $157,175,219 | $6,009,824 |
Team Makers Club Inc Fargo, ND | $24,927,572 | $16,460,437 |
Bentson Foundation Wayzata, MN | $107,689,978 | $6,021,397 |
Rsm Us Foundation Davenport, IA | $13,920,904 | $7,669,329 |
Pleasant T Rowland Foundation Brookfield, WI | $94,312,384 | $11,804,849 |
Central States Fair Rapid City, SD | $6,354,015 | $4,358,357 |
Sc Johnson Giving Inc Racine, WI | $34,098,989 | $19,343,102 |