2018-11-14T16:56:45-06:00 2017-12-31 ERNST & YOUNG US LLP 155 N Wacker Drive Chicago IL 60606 990 2017-01-01 391090394 GREAT LAKES HIGHER EDUCATION CORPORATION % HOPE MERRY GREA 6082461744 2401 International Lane Madison WI 53704 RICHARD GEORGE President & CEO 6082461408 2018-11-14 Jacob Zehnder P01564049 3128792000 164.57.159.254 36964520183185000066 2018-11-14 P E1B97F0B523BF91F5EE03E781B24D2D618402045 34163F381DEDE5EE0CABDD6E8F3BD042227F3C04 2017 2019-02-21 02:37:17Z RICHARD GEORGE 2401 International Lane Madison WI 53704 6217019 false X www.mygreatlakes.org X 1967 WI SEE SCHEDULE O 9 8 74 0 0 0 0 0 0 0 16797979 6216686 0 0 16797979 6216686 0 0 0 0 6794200 7332186 0 0 0 -5786433 -5926875 1007767 1405311 15790212 4811375 851364138 894746030 568778 67157 850795360 894678873 X GREAT LAKES HIGHER EDUCATION CORPORATION OPERATES FOR THE SUPPORT AND BENEFIT OF GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION, NORTHSTAR GUARANTEE INC., UNITED STUDENT AID FUNDS, INC. AND NORTHWEST EDUCATION LOAN ASSOCIATION. THIS MISSION STATEMENT HAS BEEN REVIEWED, ACKNOWLEDGED AND APPROVED BY THE BOARD. true false 24000 GREAT LAKES HIGHER EDUCATION CORPORATION OPERATES FOR THE SUPPORT AND BENEFIT OF GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION (GLHEGC), NORTHSTAR GUARANTEE INC.(NORTHSTAR), UNITED STUDENT AID FUNDS, INC.(USAF) AND NORTHWEST EDUCATION LOAN ASSOCIATION (NELA). GLHEGC, Northstar, USAF, and NELA ensure enablement of access to and persistence in post-secondary education by providing philanthropic support and cost effective guaranty agency services and lower cost or otherwise unavailable funding for federally guaranteed loans to students and parents and/or alternative non-federally guaranteed loans. 24000 true false false false false false false false false false false true true true true false false true false false false false false false false false false false false true false false false false false false false true false false false false false true true true false false true 18 0 74 true false false false false false false false false false false X 9 8 false false true false false false false true true false false true true true true true true true true false X HOPE MERRY 6087332584 2401 INTERNATIONAL LANE MADISON WI 53704 X Thomas J Boldt 1 Director 3.0 0.0 X 22600 0 0 Emerson L Brumback 1 Director 1.0 2.0 X 6267 12533 0 David J Hanson 1 Director/Secretary 1.0 4.0 X 0 0 0 Linda Hoeschler 1 Director 1.0 2.0 X 6900 13800 0 Alex J Pollock 1 Director 1.0 2.0 X 6267 12533 0 Joan Prince 1 Director 1.0 2.0 X 6900 13800 0 Richard A Weiss 1 Director 1.0 4.0 X 4900 19600 0 Richard D George 23 Chairman/Pres/CEO/Treas 56.0 4.0 X X 1012027 0 57931 Mary Burke 1 Director 1.0 4.0 X 4140 16560 0 Nancy Seifert 3 FORMER CFO 55.0 0.0 X 302267 0 23771 Rebecca Rapp 3 General Counsel/Asst Secretary 46.0 4.0 X 256687 0 51495 Dawn M Vogel 3 Director of Internal Audit 50.0 0.0 X 193992 0 48190 Jacqueline Fairbairn 3 CMS Committee Chair 1.0 49.0 X 0 261822 69815 Hope E Merry 3 CFO 55.0 0.0 X 128541 0 41185 Jennifer M Krueger Associate Counsel 45.0 0.0 X 128267 0 29300 Steven A Schmidt Comm. & Compliance Strategist 45.0 0.0 X 122270 0 24278 Matthew R Harlowe Manager - Internal Audit 45.0 0.0 X 108998 0 19270 Patricia L Wheeler Associate Counsel 45.0 0.0 X 147687 0 25575 Gwendolyn D Lemke Project Mgr - Compl Mgt System 45.0 0.0 X 102749 0 35022 2561459 350648 425832 10 false true false Ernst Young US LLP 155 N Wack Audit/Tax Service 404662 1 0 0 6217019 6217019 0 0 0 0 0 0 333 -333 -333 -333 0 0 0 0 0 0 0 0 0 0 6216686 6216686 0 0 0 0 2019539 384952 1634587 0 4076726 916426 3160300 413907 106015 307892 531530 145124 386406 290484 66787 223697 0 58653 58653 533578 533578 0 0 1352893 1352893 107407 107407 4709 4709 409647 404945 4702 0 0 211165 53545 157620 90922 16981 73941 0 53399 7060 46339 0 0 6463 6463 0 SERVICE ARRANGEMENT FEES 13974010 13974010 DUES AND MEMBERSHIPS 18925 18925 CORP SUPP FUNCT ALLOCATION -22755702 -16195485 -6560217 MISCELLANEOUS 7056 6136 920 1405311 24000 1381311 0 X 2265 1002 452933858 324572412 0 0 94058803 23464375 0 0 0 0 0 0 0 0 0 125000 0 0 77925003 193926584 8030913 106466964 99168539 126697303 0 0 119244757 119492390 851364138 894746030 125000 62500 0 0 0 0 0 0 0 0 0 0 0 0 0 0 443778 4657 568778 67157 X 850795360 894678873 0 0 0 0 850795360 894678873 851364138 894746030 X 4811375 18769554 20302584 X false true X true X X 4 GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION 391853833 10 true 21564540 0 NORTHSTAR GUARANTEE INC 411689095 10 true 48000 0 UNITED STUDENT AID FUNDS INC 946050341 10 true 658271 0 NORTHWEST EDUCATION LOAN ASSOCIATION 911068278 10 true 484890 0 4 22755701 true false false false true true false false false false false false false false false false true Schedule A, Part IV, Section A, Question 5a (i) Great Lakes Higher Education Corporation ("GLHEC") added two additional supported organizations to the Articles of Incorporation effective January 1, 2017: United Student Aid Funds, Inc. (94-6050341), and Northwest Education Loan Association (91-1068278). ii) The companies were added pursuant to a substitution of GLHEC as sole member of United Student Aid Funds, Inc. and Northwest Education Loan Association. iii) The companies were added pursuant to the authority and provisions as set for in the GLHEC bylaws. iv) The changes to the Articles of Incorporation were made by amendment, restatement, and adoption by unanimous consent of the Board of Directors. CAMPUSLOGIC INVESTMENT 1500000 F GSV FUND INVESTMENT 8346945 F RETHINK EDUCATION INVESTMENT 4381442 F BLACKROCK - INDEX FUND 46152005 F VANGUARD - INDEX FUND 46086572 F 106466964 INVESTMENT GL ED LOAN SVCS 106988588 F LEARN CAPITAL VENTURE PARTNERS 19708715 F 126697303 LENDER FUNDING CONTRIB TRANSFR 118419274 ACCRUED INTEREST RECEIVABLE 1073116 119492390 0 INTERCOMPANY PAYABLE 4657 4657 Schedule D, Part IX $118,419,274 Lender Funding Contribution Transfer The $118,419,274 represents the 2008-2010 Lender Funding Contribution Transfer to Northstar Guarantee Inc. (Related Entity). X true true X X X X X false true false false false false false false false Richard D George 23 Chairman/Pres/CEO/Treas 310643 0 515585 0 185799 0 32400 0 25531 0 1069958 0 0 0 Nancy Seifert 3 FORMER CFO 38134 0 195000 0 69133 0 19945 0 3826 0 326038 0 0 0 Rebecca Rapp 3 General Counsel/Asst Secretary 125828 0 130585 0 274 0 28672 0 22823 0 308182 0 0 0 Dawn M Vogel 3 Director of Internal Audit 128200 0 65518 0 274 0 23578 0 24612 0 242182 0 0 0 Jacqueline Fairbairn 3 CMS Committee Chair 0 130630 0 130537 0 655 0 32625 0 37190 0 331637 0 0 Jennifer M Krueger Associate Counsel 127299 0 705 0 263 0 14358 0 14942 0 157567 0 0 0 Hope E Merry 3 CFO 118244 0 10052 0 245 0 18836 0 22349 0 169726 0 0 0 Patricia L Wheeler Associate Counsel 137779 0 9215 0 693 0 17258 0 8317 0 173262 0 0 0 FORM 990, SCHEDULE J, PART I, LINE 1A RICHARD D. GEORGE, CHIEF EXECUTIVE OFFICER, RECEIVED A TAX GROSS-UP IN 2017, FOR ONE OF THREE YEARS TO OFFSET TAX LIABILITIES ASSOCIATED WITH THE VESTING OF AN OPTION IT AWARD MADE IN 2004 THAT WAS ORIGINALLY INTENDED TO VEST POST RETIREMENT. THE BOARD OF DIRECTORS HAS REQUESTED THAT THE CEO DELAY RETIREMENT AND HAS OFFERED THIS TAX GROSS UP AS AN INVESTMENT TOWARDS THAT END. FORM 990, SCHEDULE J, PART I, LINE 4B RICHARD D. GEORGE, CHIEF EXECUTIVE OFFICER, PARTICIPATED IN A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN. THERE WERE NO NEW PAYMENTS INTO THE PLAN. THE SUPPLEMENTAL NONQUALIFIED PLAN (OPTIONIT PLAN) WAS IN EFFECT FOR FOUR YEARS (1998-2001), AWARDED IN EACH OF THE SUBSEQUENT YEARS (1999-2002) AND WAS OFFERED BY THE EMPLOYER TO MANAGEMENT AND STAFF FOR RETENTION PURPOSES. PER THE TERMS OF THE PLAN, WITHDRAWALS ARE REQUIRED NO LATER THAN FIFTEEN YEARS AFTER THE INITIAL AWARD DATE. THE PAYMENT FROM THE PLAN IN 2017 WAS $182,135. THE PLAN CLOSED IN 2017. Great Lakes Educational Loan Svcs Subsidiary/Officer ovrlap 13974010 SERVICES AGREEMENT FEES false Great Lakes Educational Loan Svcs Subsidiary/Officer ovrlap 1261813 Intercompany Reimb. to GLELSI false Great Lakes Educational Loan Svcs Subsidiary/Officer ovrlap 211000 Building Rent false Description of Transactions: Great Lakes Educational Loan Services, Inc. is a for-profit subsidiary of Great Lakes Higher Education Corporation. Richard D. George serves as the Chairman and Treasurer, and the President and CEO of Great Lakes Higher Education Corporation. He also serves as the Chairman of Great Lakes Educational Loan Services, Inc. FORM 990, PART I, LINE 1 GREAT LAKES HIGHER EDUCATION CORPORATION OPERATES FOR THE SUPPORT AND BENEFIT OF GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION, NORTHSTAR GUARANTEE INC., UNITED STUDENT AID FUNDS, INC. AND NORTHWEST EDUCATION LOAN ASSOCIATION. PART III, LINE 2 SIGNIFICANT PROGRAM CHANGES INCLUDED THE ADDITION OF TWO NEW SUPPORTED ORGANIZATIONS. EFFECTIVE JANUARY 1, 2017 GREAT LAKES HIGHER EDUCATION CORPORATION BECAME THE SOLE MEMBER OF UNITED STUDENT AID FUNDS,INC, (USAF) AND NORTHWEST EDUCATION LOAN ASSOCIATION (NELA). Part VI, Section A, Line 4 GLHEC revised the Articles of Incorporation to add United Student Aid Funds, Inc. (USAF) and Northwest Education Loan Association (NELA) as additional supported organizations for which GLHEC may operate exclusively for the benefit of, to perform the functions of and to carry out the purposes. Additionally, the registered agent was updated from Nancy Seifert to Anton Ketterer. GLHEC revised the Bylaws of the organization to add the following: - Tenure provision that prohibits a director from being elected or re-elected for a term which commences on or after their 78th birthday. - Authorization for the Vice Chairman to act as Chairman in the absence of the Chairman of a Board during a Board of Directors meeting. - An Investment Committee that is comprised of 3 directors, a chariman and the chairman of the Audit Committee. - Recognized the Vice Chairman as an officer of the board. - Upon the Chairman's resignation, removal or other event creating a vacancy, the Vice Chairman shall immediately become the Chairman. Part VI, Question 11b On an annual basis, the Chairman of the Board, President and CEO, the audit committee and board review the Form 990 prior to filing. The conflicts of interest questionnaires are completed by each Director and reviewed prior to filing the Form 990. Part VI, Question 12c Annually, Directors and Officers sign a conflict of interest document which discloses any conflicts. The signed documents are reviewed annually by the Chairman of the Board. If a disclosed conflict occurs, the individual abstains from discussion and voting on topics where a conflict of interest exists. All Directors, Officers and employees are subject to the Human Resources Code of Ethics to maintain the highest ethical and legal standards of business conduct.Part VI, Question 19 Availability of governing documents, conflict of interest policy, and financial statements to general public; federal tax law does not require that such documents be made publicly available. Documents are available upon specific request. Part VI, Questions 15a & 15b The compensation of the CEO and all of the Officers is determined annually by the Personnel Policy Committee of the Board of Directors. The CEO is routinely excused and abstains from discussion and/or voting on any matters related to his own compensation and benefits. The Personnel Policy Committee's report is submitted to the Board of Directors for approval. The decisions are documented in the Board minutes. Every two to three years, an independent compensation study is performed. Part VII, Section A, Line 1a (1) Directors normally attend 3-4 board meetings and 3-4 committee meetings per year in addition to telephonic conferences and individual meetings with officers. Directors devote an average of 1-3 hours per week to their position(s). (2) Compensation line includes compensation for general counsel services and affiliate group responsibilities. Inside directors are not eligible for Board compensation. (3) Non-operating officer position not separately compensated. Part XI, Line 9 $20,302,584 - CHANGE IN INVESTMENT IN WHOLLY OWNED SUBSIDIARY - GREAT LAKES EDUCATIONAL LOAN SERVICES, INC. Great Lakes Higher Educ Guaranty Corp 2401 International Lane Madison WI 53704 391853833 Gty Stdnt Lns WI 501(C)(3) 10 GLHEC true Northstar Guarantee Inc 2401 International Lane Madison WI 53704 411689095 Stdt Rehab Ln MN 501(C)(3) 10 GLHEC true United Student Aid Funds Inc 2401 International Lane Madison WI 53704 946050341 Gty Stdnt Lns DE 501 (C)(3) 10 GLHEC true Northwest Education Loan Association 2401 International Lane Madison WI 53704 911068278 Stdnt Loans WA 501 (C)(3) 10 GLHEC true Great Lakes Educational Loan Svcs Inc 2401 International Lane Madison WI 53704 391864035 Stdnt Ln Svcs WI NA C corp 217120479 131609668 1.00000 true false false true false false false false false false false true true true false false true true false false Great Lakes Educational Loan Services Inc K 211000 FMV Great Lakes Higher Education Guaranty Corp L & Q 21628164 ACTUAL COST Great Lakes Educational Loan Services Inc P 1261068 ACTUAL COST United Student Aid Funds Inc L & Q 682580 ACTUAL COST Northwest Education Loan Association L & Q 522615 ACTUAL COST Northstar Guarantee Inc L & Q 112334 ACTUAL COST