2013-08-29T11:13:03-05:00 2012-12-31 ERNST & YOUNG US LLP 111 MONUMENT CIRCLE SUITE 2600 INDIANAPOLIS IN 46204 990 2012-01-01 391853833 Great Lakes Higher Education Guaranty Corp % NANCY SEIFERT GREA 6082461410 2401 International Lane Suite Madison WI 53704 RICHARD D GEORGE 2013-08-27 3176817000 2012 2016-02-24 21:20:13Z Richard D George 2401 International Lane Madison WI 53704 172576410 false X www.mygreatlakes.org X 1996 WI GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION OPERATES TO PROVIDE COST EFFECTIVE ACCESS TO POST-SECONDARY EDUCATION BY PROVIDING GUARANTY SERVICES TO BROADEN FEDERALLY GUARANTEED LOAN AVAILABILITY. 7 6 224 0 0 0 1700576 2125064 149383595 167860113 326350 530022 296789 127612 151707310 170642811 1552535 6648560 0 0 11900792 11976368 0 0 0 55673781 65157348 69127108 83782276 82580202 86860535 217192353 308567435 33787451 38416290 183404902 270151145 GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION OPERATES TO PROVIDE FOR PHILANTHROPIC SUPPORT AND COST EFFECTIVE ENABLEMENT OF ACCESS TO AND PERSISTENCE IN POST-SECONDARY EDUCATION BY PROVIDING FULL-RANGE GUARANTY AGENCY SERVICES AND GRANT SUPPORT TO FUNDING SOURCES, EDUCATIONAL INSTITUTIONS, CHARITABLE ORGANIZATIONS, AND OTHERS TO BROADEN FEDERALLY GUARANTEED LOAN AVAILABILITY AND PURSUIT OF AND PARTICIPATION IN POST-SECONDARY EDUCATION IN ACCORDANCE WITH THE FEDERAL HIGHER EDUCATION ACT OF 1965, AS AMENDED. THIS MISSION STATEMENT HAS BEEN REVIEWED, ACKNOWLEDGED AND INFORMALLY APPROVED BY THE BOARD. false false 79736225 6648560 167860113 Great Lakes Higher Education Guaranty Corporation operates to provide for philanthropic support and cost effective enablement of access to and persistence in post-secondary education by providing full-range guaranty agency services and grant support to funding sources, educational institutions, charitable organizations, and others to broaden federally guaranteed loan availability and pursuit of and participation in post-secondary education in accordance with the Federal Higher Education Act of 1965, as amended. 79736225 true true false false false false false false true false true false false false true false false true false false false false false false false false false true false true false false false false false false false true false false false false false true true true false false true 108891 0 true 224 true false false false false false false false false false false X 7 6 false false false false true true true true true false false true true true true true true false true false X NANCY SEIFERT 6082461410 2401 INTERNATIONAL LANE Madison WI 53704 X Emerson L Brumback 1 1.0 2.0 X 7450 0 0 David J Hanson 14 1.0 2.0 X 0 0 0 Janice Hesalroad 1 1.0 2.0 X 6067 0 0 Thomas A Scarlett 1 3.0 0.0 X 14900 0 0 Cynthia Walsh 1 3.0 0.0 X 18200 0 0 Richard A Weiss 1 1.0 2.0 X 4967 0 0 Richard D George 23 1.0 59.0 X X 0 547936 58677 Nancy Seifert 3 1.0 54.0 X 0 337908 50458 Clark Wold 25.0 0.0 X 138320 0 26786 Amy Kobishop 50.0 0.0 X 250795 0 33000 Beth Erickson 50.0 0.0 X 217968 0 37722 Jacqueline Fairbairn 50.0 0.0 X 207912 0 52173 Ellen Welke 45.0 0.0 X 117367 0 31150 Steven A Schmidt 45.0 0.0 X 107439 0 32440 1091385 885844 322406 6 false true false PERFORMANT RECOVERY INC 333 N Canyons Pkwy Suite 100 LIVERMORE CA 94551 Collection Services 33855294 Iowa College Student Aid Commission 603 E 12th Street Floor 5 DES MOINES IA 50319 Contract Services 668578 Sallie Mae Inc PO Box 8003 FISHERS IN 46038 Data Proc. Consult 523046 Advanced Building Corporation 3624 Pioneer Road VERONA WI 535939766 Building Services 455788 Badger Press Inc 100 E Blackhawk Drive FORT ATKINSON WI 535381152 Printing 179024 10 2125064 2125064 COLLECTIONS & REHABILITATIONS 900099 133793879 133793879 ACCOUNT MAINTENANCE FEES 900099 23003589 23003589 DEFAULT AVERSION FEES 900099 10962645 10962645 RENTAL INCOME OR (LOSS) 532000 100000 100000 167860113 531544 531544 0 0 2052000 1932077 119923 0 119923 119923 1522 -1522 -1522 -1522 0 0 0 ALL OTHER REVENUE 900099 7689 7689 7689 170642811 167860113 657634 6648560 6648560 0 0 0 1009204 1009204 0 8488767 8488767 707537 707537 1161336 1161336 609524 570208 39316 0 85511 85511 17947 17947 0 0 0 689949 689949 566630 566630 1170120 1170120 0 0 350732 350732 238658 232881 5777 0 34968 34968 0 0 91362 91362 0 BORROWER SKIP TRACING 140127 140127 COLLECTION FEES 34320889 34320889 CORP SUPPORT FUNC ALLOCATION 15858232 12969936 2888296 DISCOUNT-REHAB LOANS 10261909 10261909 1330314 1330314 83782276 79736225 4046051 0 3547654 6511535 122336827 177187040 0 0 7827245 6904787 0 0 0 0 0 0 0 0 123430 45460 17456048 2994559 13910121 14461489 59035399 90487733 0 0 0 0 0 0 10411677 12969391 217192353 308567435 5821479 6910402 0 0 8224795 7744327 0 0 0 0 0 0 0 0 0 0 19741177 23761561 33787451 38416290 X 183404902 270151145 0 0 0 0 183404902 270151145 217192353 308567435 86860535 -114292 X false true X true true true X 284412 913068 1317329 1700576 2125064 6340449 132499527 117872136 115613140 149383595 167860113 683228511 0 0 0 132783939 118785204 116930469 151084171 169985177 689568960 0 0 0 0 0 0 0 0 0 0 0 0 0 689568960 3064301 2199624 2158910 2391989 2583544 12398368 0 3064301 2199624 2158910 2391989 2583544 12398368 0 9492 325404 146192 67605 7689 556382 135857732 121310232 119235571 153543765 172576410 702523710 0.98156 0.97826 0.01765 0.02128 X *2009 - $324,041 - Affiliation earnings adjustment *2010 - $100,000 - EAC ELM Redemption *2010 - $38,000 - Dakota Corp Administrative Services Fee *2011 - $47,500 - EAC ELM Redemption *2011 - $12,000 - Dakota Corp Administrative Services Fee RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true 220511450 34630098 67737560 187403988 false 542660 542660 15211567 2143089 13068478 980700 704508 276192 721121 146962 574159 14461489 0 RESERVE-DEFAULT AVERSION FEES 16493056 DUE TO FEDERAL GOVERNMENT 5521 INTERCOMPANY & MISC. PAYABLES 5873370 COMPENSATION PLAN PAYABLE 1389614 23761561 Form 990 Part IV, Line 9 and Schedule D, Part IV One aspect of the full-range guaranty services is to provide collection assistance to lenders for delinquent loans. This includes contacting the borrower to attempt to restore the loan to a current status through various options. This contact also involves educating and/or counseling borrowers. In addition, GLHEGC provides direct support of personal financial management education, financial aid awareness and college access initiatives, and guidance and counsel on consolidation loans and loan rehabilitation under the Federal Higher Education Act of 1965, as amended. Schedule D, Part IV, Line 1B CUSTODIAL ACCOUNT: GREAT LAKES HIGHER EDUCATION GUARANTY CORPORATION (GLHEGC) CONDUCTS ACTIVITY RELATED TO THE GUARANTEE OF STUDENT LOANS MADE TO POST-SECONDARY EDUCATION STUDENTS AND TO THEIR PARENTS IN ACCORDANCE WITH THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (PROGRAM) ESTABLISHED BY TITLE IV, PART B OF THE FEDERAL HIGHER EDUCATION ACT OF 1965, AS AMENDED, AND THE ADMINISTRATION OF CERTAIN NET ASSETS OF THE PROGRAM. THE HIGHER EDUCATION AMENDMENTS OF 1998 (1998 AMENDMENTS) WERE ENACTED ON OCTOBER 7, 1998, WITH AN EFFECTIVE DATE OF OCTOBER 1, 1998. PURSUANT TO THE 1998 AMENDMENTS, GLHEGC ESTABLISHED A FEDERAL STUDENT LOAN RESERVE FUND (FSLRF) TO ACCOUNT FOR PROGRAM ACTIVITIES. THE FSLRF ASSETS AND EARNINGS ON THOSE ASSETS ARE THE PROPERTY OF THE FEDERAL GOVERNMENT. SINCE THE FSLRF ASSETS ARE THE PROPERTY OF THE UNITED STATES GOVERNMENT, THE ACCOUNTS AND ACTIVITIES OF THE FSLRF ARE NOT INCLUDED IN THE GLHEGC FORM 990, PART X. GLHEGC EXERCISES THE LEVEL OF CARE REQUIRED OF A FIDUCIARY CHARGED WITH THE DUTY OF PROTECTING, INVESTING AND ADMINISTERING THESE ASSETS. true Admission Possible 450 N Syndicate Street Suite 200 St Paul MN 55104 411968798 501(c)(3) 506975 Low Income Schools Program Grant Edgewood College 1000 Edgewood College Dr Madison W Madison WI 53711 390806202 501(c)(3) 33341 Community Scholars Grant OASFAA Ohio Northwestern University 525 South Main Street Ada OH 45810 310883788 501(c)(3) 15000 College Goal Sunday UW-Eau Claire 105 Garfield Avenue Eau Claire WI 54702 396006492 501(c)(3) 113264 Commanding English Grant Blugold Beginnings Learning Community for Underrepresented Students Grant UW-Whitewater 800 West Main Street Whitewater WI 53190 391805963 govt 72729 Summer Enrichment for Academic Excellence Program Grant Wisconsin Covenant Foundation Inc 2401 International Lane Madison WI 53704 261550326 501(c)(3) 83306 Contributed Organizations Costs Operation Fresh Start Inc 1925 Winnebago Street Suite 980 Madison WI 53704 237108090 501(c)(3) 58102 Middle College Program Grant UW - Green Bay 2420 Nicolet Drive Green Bay WI 54311 391805963 501(c)(3) 177579 Phuture Phoenix Program UW-Parkside 900 Wood Road Kenosha WI 53141 391805963 501(c)(3) 161647 Stepping Stones|PreCollege Program & Project Success UW-Waukesha Foundation Inc 1500 N University Dr Waukesha WI 53188 391588785 501(c)(3) 34200 Pre-College Program XAP 3534 Hayden Avenue Suite 100 Culver City CA 90232 954610552 For-Profit 98424 Wisconsin Mentor Maintenance Alverno College 3400 South 43rd Street Milwaukee WI 53234 390806263 501(c)(3) 90855 Promise Scholars Program American Action Forum 555 13th Street NW Ste 510 West Washington DC 20004 270567765 501(c)(3) 100000 Student Loan Forum Blackhawk Technical College 6004 S County Rd G PO Box 5009 Janesville WI 535475009 391104235 501(c)(3) 249998 Preparing for Postsecondary Success program Boys and Girls Club of Dane County 2001 Taft Street Madison WI 53713 391925617 501(c)(3) 510430 AVID/TOPS Program Boys and Girls Clubs of Greater Milwaukee 1558 6th Street Milwaukee WI 53212 390806292 501(c)(3) 22400 Great Futures Program Grant Carroll University 100 N East Avenue Waukesha WI 531863103 390806325 501(c)(3) 49346 C3 Summer Program Grant Council for Opportunity in Education 1025 Vermont Avenue NW Suite 900 WASHINGTON DC 20005 521221301 501(c)(3) 15000 Council for Opportunity Chippewa Valley Technical College 620 W Clairemont Avenue EAU CLAIRE WI 547016162 501(C)(3) 23444 CAPS Program Grant Forward Service Corporation 1402 Pankratz Street Suite 101 Madison WI 53704 391342890 501(c)(3) 128497 Upward Bound Summer Residential Program Friends of the Financial Education Center Inc 2300 SPark Street Suite 101 Madison WI 53713 208961015 501(C)(3) 7500 Money Smart Week Grant Lac Courte Oreilles Ojibwa Community College 13466 W Trepania Road Hayward WI 54843 391453493 501(c)(3) 49618 Academic Preparedness Program Marquette University 1324 W Wisconsin Avenue Suite 341 Milwaukee WI 532332220 390806251 501(c)(3) 150000 Milwaukee Summer Reading Project Grant Madison Area Technical College 3550 Anderson Street Madison WI 53704 391086718 govt 45365 Grant for Mentoring Minority male Scholars Program (3MSP)for Student Support Retention Pathway (SSRP) 3MSP Grant for SSRP Mid-State Technical College 500 32nd Street North WISCONSIN RAPIDS WI 544949979 501(c)(3) 47784 Pre-Program Preparation Project (P4) Grant Mount Mary College 2900 North Menomonee River Pkwy Milwaukee WI 532224697 380806154 501(c)(3) 128400 Promise Plus Project Grant NE WI Technical College Educational Foundation 2740 West Mason Street PO Box 19 Green Bay WI 543079042 237069405 501(c)(3) 6031 Fostering Futuremakers Summer Camp Grant Pathways to College Inc 8800 West Bluemound Road Milwaukee WI 53226 451539053 501(c)(3) 100978 Pathways PreCollege Component Grant Scholarship America One Scholarship Way St Peter MN 56082 042296967 501(c)(3) 915424 Dreamkeepers Program St Norbert College 100 Grant Street De Pere WI 54115 391399196 501(c)(3) 36964 Students Taking Academic Responsibility (STAR) Program United Community Center 1028 South 9th Street Milwaukee WI 53204 391146191 501(c)(3) 93156 Abriendo Puertas Program United Way of Dane County 2059 Atwood Avenue Madison WI 53704 390817532 501(c)(3) 70000 Agenda For Change: Education Grant Urban League of Greater Madison 2222 S Park Street No 200 Madison WI 537132168 391098146 501(c)(3) 132192 College Readiness Academy Grant UW Foundation 1848 University Avenue Madison WI 537264090 390743975 501(c)(3) 300000 Precollege Enrichment Program for Learning Excellence (PEOPLE) grant UW System Administration 1848 University Avenue Madison WI 53726 govt 10000 Fund for Wisconsin Scholars (FFWS)Impact Study Grant UW - Marathon County 518 South 7th Avenue Wausau WI 54401 391805963 govt 40233 Student Support Services Grant UW-Milwaukee Foundation Inc 1440 E North Avenue Milwaukee WI 532021031 237337744 501(c)(3) 209231 Life Impact Program & Gear Up Focus Summer Academy UW-Oshkosh 800 Algoma Blvd Oshkosh WI 54901 391805963 govt 101652 Student Support Services (SSS) Program UW-Platteville 1 University Plaza Platteville WI 538183099 391805963 govt 64277 Scholars Unleashing Collegiate Creativity & Enriching Educational Development (SUCCEED) Summer Learning Program UW-Superior 780 Regent Street Suite 255 Madison WI 53715 391805963 govt 86581 Gaining Early Awareness & Readiness in Superior (GEARS) Program Wisconsin Higher Education Business Roundtable Inc 4801 South Biltmore Lane Madison WI 53718 205081379 501(c)(3) 10000 Be Bold 2 Workforce Development Summit Series Wisconsin Indianhead Technical College 505 Pine Ridge Drive Shell Lake WI 548718727 391176625 501(c)(3) 55853 Summer Learning Program United States Student Assoc Foundation 1211 Connecticut Avenue NW Suite 406 Washington DC 20036 237211922 501(c)(3) 7501 Conference Sponsor National College Access Network (NCAN) 1001 Connecticut NW 632 Washington DC 20036 311793562 501(c)(3) 20000 Conference Sponsor Milwaukee Public Schools 5225 W Vliet Street PO Box 2181 Milwaukee WI 532012181 396003457 govt 53755 The Degree Project Wisconsin Department of Administration State Controllers Office PO Box 7932 Madison WI 537077932 govt 1247657 College Access Challenge Grant (CACG) match funds MILWAUKEE AREA TECHNICAL COLLEGE 700 West State Street Milwaukee WI 532331443 391341603 501(c)(3) 125044 Grant for Student Support Retention Pathway (SSRP) 3MSP Grant for SSRP 3MSP Grant for SSRP 46 1 Form 990, Schedule I - Part I, Line 2 Description of Organization's Procedures for Monitoring the Use of Grants In The United States: Great Lakes Higher Education Guaranty Corporation (GLHEGC) receives periodic reports from funded programs to determine whether the program is successfully meeting its goals and objectives, and whether the provided funds were appropriately expended. GLHEGC's staff conducts site visits to college access supported programs to observe the program. Where practicable, the disbursements are scheduled to coincide with program activities. false true false false false false false false false Richard D George 23 0 268460 0 275590 0 3886 0 38991 0 19686 0 606613 0 0 Nancy Seifert 3 0 170323 0 165546 0 2039 0 31906 0 18552 0 388366 0 0 Clark Wold 99639 0 36304 0 2377 0 16670 0 10116 0 165106 0 0 0 Amy Kobishop 135000 0 115524 0 271 0 30013 0 2987 0 283795 0 0 0 Beth Erickson 123609 0 90524 0 3835 0 25875 0 11847 0 255690 0 0 0 Jacqueline Fairbairn 116967 0 90565 0 380 0 27988 0 24185 0 260085 0 0 0 Supplemental Compensation Information Schedule J, Part I, Line 4b The Following individuals participated in a supplemental nonqualified retirement plan: Richard George, Nancy Seifert, and Jacqueline Fairbairn. There were no new payments into and no payments out of the plan. The supplemental nonqualified plan (OptionIt Plan) was in effect for four years (1998-2001) and was offered by the employer to management and staff for retention purposes. Great Lakes Educational Loan Svcs Contrl Ent/officer ovrlap 2052000 GLELSI Bldg Rent Pd to GLHEGC false Great Lakes Educational Loan Svcs Contrl Ent/officer ovrlap 3045736 Intercompany Reimb. to GLELSI false Description of Transaction Schedule L, Part IV Great Lakes Educational Loan Services, Inc. is a for-profit subsidiary of Great Lakes Higher Education Corporation. Richard D. George serves as the Chairman & Treasurer and the President & CEO of Great Lakes Higher Education Guaranty Corporation. He also serves as the Chairman of Great Lakes Educational Loan Services, Inc. Members and Stockholders: Form 990, Part VI, Question 6 & 7A Great Lakes Higher Education Corporation, a nonprofit 501(c)(3) corporation, is the sole member of Great Lakes Higher Education Guaranty Corporation (GLHEGC) and has the authority to appoint the GLHEGC board. DECISIONS OF GOVERNING BODY SUBJECT TO APPROVAL: Form 990, Part VI, Question 7b Great Lakes Higher Education Corporation, a nonprofit 501(c)(3) corporation, as sole member of Great Lakes Higher Education Guaranty Corporation (GLHEGC), has the authority provided by Wis. Stats. Chapter 181 to approve certain actions related to merger, conversion, sale of assets and dissolution. Describe the process the organization used to review the Form 990: Form 990, Part VI, Question 11B On an annual basis, the Chairman of the Board, CEO, General Counsel, 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. Description of process to monitor transactions for conflicts of interest: 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. Process for determining compensation: Form 990, Part VI, Question 15b The compensation of all of the officers is determined annually by the Personnel Policy Committee of the Board of Directors. 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. Availability of Governing Documents, Conflict of Interest Policy, and Financial Statements to General Public: Form 990, Part VI, Question 19 Federal tax law does not require that such documents be made publicly available. Documents are available upon specific request. Compensation Footnotes: Part VII, Section A (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) Inside directors are not eligible for Board compensation. (3) Non-operating officer position not separately compensated. (4) Board compensation is applied to firm retainer for outside counsel services. Corporate Support Function Allocation: Form 990, Part IX, Line 24c Allocated expenses include salaries, fringe benefits, supplies and services allocated from Great Lakes Higher Education Corporation for management and administrative services; and the GLHEC/GLELSI agreement expenses for guaranty service activities, technology support and administrative support. Great Lakes Higher Education Corporation 2401 International Lane Madison WI 53704 391090394 Stdnt Ln Svcs WI 501(c)(3) 11B Type 2 NA false Northstar Guarantee Inc 2401 International Lane Madison WI 53704 411689095 Stdt Rehab Ln MN 501(C)(3) 9 GLHEC true Great Lakes Educational Loan Svcs Inc 2401 International Lane Madison WI 53704 391864035 Student Loan WI NA C Corp true false false false false false false false false true false false false false false true false false false Great Lakes Educational Loan Services Inc a 2052000 FMV Great Lakes Educational Loan Services Inc p 3045736 ACTUAL COST