2024-10-17T13:12:35-05:00 2023-12-31 420714325 RSM US LLP 30 SOUTH WACKER DR SUITE 3300 CHICAGO IL 606063392 990 2023-01-01 271503981 HERZING UNIVERSITY LTD HERZ 2622930081 275 W WISCONSIN AVENUE 210 MILWAUKEE WI 53203 ERIK PARKS CFO / TREASURER 2622930081 2024-10-14 1 1 REBEKUH ELEY P01247672 3126343400 2024-10-14 2023 2024-10-15 13:58:12Z RENEE HERZING 275 W WISCONSIN AVENUE 210 MILWAUKEE WI 53203 196156734 0 X WWW.HERZING.EDU X 2009 WI 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. 11 11 1782 0 0 0 13637575 4303309 152390200 168378928 -1098519 -1374645 277693 62917 165206949 171370509 18927754 21391672 0 0 75595621 78231284 0 65000 65000 72879238 76663789 167402613 176351745 -2195664 -4981236 162704750 166149884 59906847 60254149 102797903 105895735 TO EDUCATE, SUPPORT AND EMPOWER ALL STUDENTS FOR SUCCESS IN WORK, LEARNING AND ENGAGEMENT IN THEIR COMMUNITIES AND A GLOBAL SOCIETY. 0 0 154040994 21391672 168441845 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. 154040994 1 1 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 0 1 0 0 0 1 1 0 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 228 0 1 1782 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X ERIK PARKS 2622930081 275 W WISCONSIN AVENUE 210 MILWAUKEE WI 53203 JOSEPH HILL TRUSTEE 1.00 X 21000 0 0 MARK AMBROSIUS TRUSTEE 1.00 X 19000 0 0 JOSEPH FROEHLICH TRUSTEE/CHAIRPERSON 1.00 X X 14000 0 0 ERIN HARENG TRUSTEE 1.00 X 11000 0 0 MARGARET LEE TRUSTEE 1.00 X 11000 0 0 JOHN LOPEZ TRUSTEE 1.00 X 11000 0 0 WENDY BAUMANN TRUSTEE/SECRETARY 1.00 X X 10000 0 0 CYNTHIA CLEVELAND TRUSTEE 1.00 X 10000 0 0 HENRY HERZING TRUSTEE 1.00 X 10000 0 0 CHRISTINE PHARR TRUSTEE 1.00 X 10000 0 0 PATRICIA TODUS TRUSTEE/VICE CHAIRPERSON 1.00 X X 8500 0 0 RENEE HERZING PRESIDENT/CEO 40.00 X 598241 0 49199 ERIK PARKS CFO/TREASURER 40.00 X 455606 0 25739 KATHERINE KAUTZER PROVOST/CAO 40.00 X 378487 0 46254 KATHERINE HAUSER CONTROLLER/CORPORATE SECRETARY 40.00 X 120476 0 15211 NIGEL LONGWORTH COO/CIO 40.00 X 465820 0 49171 JAMES GILLESPIE CMO 40.00 X 402746 0 48029 JASON MORGAN SVP, OPS GROUND CAMPUSES UNTIL 12/23 40.00 X 301512 0 22753 JEFF CROSS SVP OF ONLINE OPERATIONS 40.00 X 269247 0 33526 SHANNON GRASS SVP, HUMAN RESOURCES UNTIL 12/23 40.00 X 222267 0 30923 JEFFREY HILL REGIONAL CAMPUS PRESIDENT 40.00 X 222125 0 31716 MLADEN GRGIC VP, IT 40.00 X 206512 0 29085 3778539 0 381606 103 0 1 0 GOOGLE INC 1600 AMPHITHEATRE PARKWAY MOUNTAIN VIEW CA 94043 ADVERTISING 17359766 PHASE 3 MARKETING AND COMMUNICATIONS 7025 RAYMOND ROAD MADISON WI 53719 ADVERTISING 2680168 DWC CONSTRUCTION COMPANY INC 800 6TH AVENUE NASHVILLE TN 37203 CONSTRUCTION 1838323 VALIDATED INSIGHTS 961 CUMBERLAND LANE BUFFALO GROVE IL 60089 ADVERTISING 1705446 META PLATFORMS INC 1601 WILLOW ROAD MENLO PARK CA 94025 ADVERTISING 1571000 82 4236125 67184 4303309 TUITION INCOME 611310 167774238 167774238 OTHER INCOME 611310 604690 604690 168378928 1520020 1520020 21891560 24772479 13746 -2880919 -13746 -2894665 -2894665 MISCELLANEOUS REVENUE 900099 62917 62917 62917 171370509 168441845 0 -1374645 21357424 21357424 34248 34248 2790479 2790479 63401990 58036997 5364993 7233674 6358780 874894 4805141 4319160 485981 545725 545725 282525 282525 214015 214015 65000 65000 139773 139773 12702253 4863906 7838347 26168292 26168292 682922 552898 130024 622982 140841 482141 7539440 7002715 536725 1942668 1395077 547591 364379 265997 98382 5881370 4293400 1587970 762856 762856 TEXTBOOKS 6616776 6616776 ASSESSMENT EXPENSE 4103232 4103232 STUDENT EXPENSES 3840528 3840528 BAD DEBT EXPENSE 2157476 2157476 2096577 1770391 326186 176351745 154040994 22245751 65000 13625104 9276551 4350244 5261073 150000 100000 3527830 3713750 49012303 19232607 29812263 29779696 40911240 49815084 43538358 41589347 26789711 26614383 162704750 166149884 16620465 17719168 3061151 2565664 12459740 10926784 27765491 29042533 59906847 60254149 X 101931159 104970187 866744 925548 102797903 105895735 162704750 166149884 -4981236 8079068 0 X X 0 1 X 1 0 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 0 214015 0 214015 0 175932957 176146972 0 1000000 0 250000 0 0 0 1000000 1000000 1000000 1000000 4000000 6000000 3316 48141 173912 214015 439384 250000 250000 250000 250000 1000000 1500000 654433 34908 689341 647000 7433 654433 647761 -761 647000 636927 10834 647761 619813 17114 636927 0.00000 0.77417 0.22583 0 0 2794598 2794598 12311229 3202567 9108662 15156137 5474274 9681863 12787288 7983408 4803880 5963051 2572358 3390693 29779696 RIGHT OF USE ASSET 25295875 INTEREST RATE SWAP 1318508 26614383 DEFERRED RENT 29042533 29042533 X 155695721 8079068 -23614083 -15535015 171230736 139773 139773 171370509 152597889 0 152597889 139773 23614083 23753856 176351745 PART V, LINE 4: TO PROVIDE SCHOLARSHIPS AND HELP STUDENTS COMPLETE THEIR EDUCATION AND PROVIDE SUSTAINABILITY FOR THE UNIVERSITY. PART X, LINE 2: THE UNIVERSITY QUALIFIES AS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE U.S. INTERNAL REVENUE CODE AND CORRESPONDING PROVISIONS OF STATE LAW AND, ACCORDINGLY, IS NOT SUBJECT TO FEDERAL OR STATE INCOME TAXES. THE UNIVERSITY ANNUALLY FILES FORM 990 IN THE U.S. FEDERAL JURISDICTION AND IN THE STATE OF WISCONSIN. THE ACCOUNTING STANDARD ON ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES ADDRESSES THE DETERMINATION OF WHETHER TAX BENEFITS CLAIMED OR EXPECTED TO BE CLAIMED ON A TAX RETURN SHOULD BE RECORDED IN THE FINANCIAL STATEMENTS. UNDER THIS GUIDANCE, THE UNIVERSITY MAY RECOGNIZE THE TAX BENEFIT FROM AN UNCERTAIN TAX POSITION ONLY IF IT IS MORE LIKELY THAN NOT THAT THE TAX POSITION WILL BE SUSTAINED ON EXAMINATION BY TAXING AUTHORITIES, BASED ON THE TECHNICAL MERITS OF THE POSITION. EXAMPLES OF TAX POSITIONS INCLUDE THE TAX-EXEMPT STATUS OF THE UNIVERSITY AND VARIOUS POSITIONS RELATED TO THE POTENTIAL SOURCES OF UNRELATED BUSINESS TAXABLE INCOME. AS OF DECEMBER 31, 2023 AND 2022, THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED. PART XI, LINE 2D - OTHER ADJUSTMENTS: GRANTS TO INDIVIDUALS -21,391,672. ALLOCATED OTHER REVENUE IN AUDIT -64,935. ALLOCATED BAD DEBT IN AUDIT -2,157,476. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS TO INDIVIDUALS 21,391,672. ALLOCATED OTHER REVENUE IN AUDIT 64,935. ALLOCATED BAD DEBT IN AUDIT 2,157,476. 1 1 1 1 1 1 1 0 0 0 0 0 0 0 0 0 0 1 SCHEDULE E, PART I, LINE 3 HERZING UNIVERSITY LTD. HAS ADOPTED A RACIALLY NONDISCRIMINATORY POLICY THAT COMPLIES WITH REVENUE PROCEDURE 75-50, AND HAS PUBLICIZED THE POLICY AS REQUIRED BY THE REVENUE PROCEDURE. THE UNIVERSITY'S RACIALLY NONDISCRIMINATORY POLICY IS INCLUDED IN ALL COURSE CATALOGS AND THE ADMISSION APPLICATION FORM. A LINK TO THE POLICY APPEARS ON EACH WEB PAGE IN THE UNIVERSITY'S WEBSITE, WWW.HERZING.EDU. 1 0 0 0 0 0 0 0 0 0 INSTITUTIONAL SCHOLARSHIPS SOUTH ASIA - AFGHANISTAN, BANGLADESH, BHUTAN, INDIA, MALDIVES, NEPAL, 18 16802 TUITION DISCOUNT INSTITUTIONAL SCHOLARSHIPS EAST ASIA AND THE PACIFIC - AUSTRALIA, BRUNEI, BURMA, CAMBODIA, 9 10385 TUITION DISCOUNT INSTITUTIONAL SCHOLARSHIPS SUB-SAHARAN AFRICA - ANGOLA, BENIN, BOTSWANA, BURKINA FASO, 3 2590 TUITION DISCOUNT INSTITUTIONAL SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) - ALBANIA, ANDORRA, AUSTRIA, BELGIU 2 2249 TUITION DISCOUNT INSTITUTIONAL SCHOLARSHIPS CENTRAL AMERICA AND THE CARIBBEAN - ANTIGUA & BARBUDA, ARUBA, BAHAMAS, 1 1668 TUITION DISCOUNT INSTITUTIONAL SCHOLARSHIPS SOUTH AMERICA - ARGENTINA, BOLIVIA, BRAZIL, CHILE, COLUMBIA, ECUADOR, 1 554 TUITION DISCOUNT 1 0 0 0 0 0 X X X X 1 COMMUNITY CONSULTING SERVICE LLC 527 MADISON AVENUE 5TH FLOOR NEW YORK NY 10022 ADVANCEMENT CONSULTING 0 0 65000 -65000 65000 -65000 1 TUITION DISCOUNTS 13747 21357424 0 PART I, LINE 2: SCHOLARSHIPS ARE TRACKED THROUGH THE UNIVERSITY'S STUDENT INFORMATION SYSTEM. PART III: INSTITUTIONAL SCHOLARSHIPS ARE TRACKED THROUGH THE UNIVERSITY'S STUDENT INFORMATION SYSTEM. MOST, IF NOT ALL STUDENT SCHOLARSHIPS, ARE CREDITED TO THE STUDENTS' ACCOUNTS WITHOUT FUNDS PASSING THROUGH THE STUDENTS' HANDS. X 1 1 X X X 0 0 0 0 0 1 0 0 0 RENEE HERZING PRESIDENT/CEO 522641 0 75600 0 0 0 26533 0 22666 0 647440 0 0 0 NIGEL LONGWORTH COO/CIO 311160 0 76125 0 78535 0 26533 0 22638 0 514991 0 0 0 ERIK PARKS CFO/TREASURER 358931 0 96675 0 0 0 24339 0 1400 0 481345 0 0 0 JAMES GILLESPIE CMO 322746 0 80000 0 0 0 25363 0 22666 0 450775 0 0 0 KATHERINE KAUTZER PROVOST/CAO 320362 0 58125 0 0 0 25408 0 20846 0 424741 0 0 0 JASON MORGAN SVP, OPS GROUND CAMPUSES UNTIL 12/23 256512 0 45000 0 0 0 11835 0 10918 0 324265 0 0 0 JEFF CROSS SVP OF ONLINE OPERATIONS 222897 0 46000 0 350 0 11142 0 22384 0 302773 0 0 0 JEFFREY HILL REGIONAL CAMPUS PRESIDENT 195405 0 26370 0 350 0 9448 0 22268 0 253841 0 0 0 SHANNON GRASS SVP, HUMAN RESOURCES UNTIL 12/23 204902 0 17365 0 0 0 8633 0 22290 0 253190 0 0 0 MLADEN GRGIC VP, IT 196512 0 10000 0 0 0 8639 0 20446 0 235597 0 0 0 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. NIGEL LONGWORTH KEY EMPLOYEE HEALTHCARE EXPENSES X 150000 100000 0 0 1 100000 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 1705446 ADVERTISING 0 SUBSTANTIAL CONTRIBUTOR SUBSTANTIAL CONTRIBUTOR 595491 SOFTWARE/MAINTENANCE 0 FORM 990, PART VI, SECTION A, LINE 2 HENRY HERZING, A TRUSTEE, AND RENEE HERZING THE PRESIDENT AND CEO, ARE FATHER AND DAUGHTER, RESPECTIVELY. FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE 990 IS PROVIDED TO EACH BOARD MEMBER FOR REVIEW PRIOR TO SUBMITTING IT TO THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION B, LINE 12C ALL CONFLICT OF INTEREST STATEMENTS WERE REVIEWED BY THE BOARD'S GOVERNANCE/NOMINATING COMMITTEE. FORM 990, PART VI, SECTION B, LINE 15A CEO/PRESIDENT COMPENSATION IS REVIEWED ANNUALLY BY THE BOARD OF TRUSTEES COMPENSATION COMMITTEE. FORM 990, PART VI, SECTION C, LINE 19 THIS INFORMATION IS NOT MADE PUBLIC. FORM 990, PART XII, LINE 2C: NO CHANGES FROM PRIOR YEAR.