2012-09-04T11:47:38-05:00 2011-12-31 ERNST & YOUNG US LLP 111 MONUMENT CIRCLE STE 2600 INDIANAPOLIS IN 46204 990 2011-01-01 391853833 Great Lakes Higher Education Guaranty Corp % NANCY SEIFERT GREA 6082461410 2401 International Lane Madison WI 53704 Richard D George 2012-08-31 3176817000 2011 2016-02-24 21:20:13Z Richard D George 2401 International Lane Madison WI 53704 153543765 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 6 176 0 0 0 1317329 1700576 115613140 149383595 -62430 326350 342301 296789 117210340 151707310 45555377 1552535 0 0 12221100 11900792 0 0 0 49992995 55673781 107769472 69127108 9440868 82580202 131989544 217192353 31370046 33787451 100619498 183404902 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 Higher Education Act of 1965, as amended. THIS MISSION STATEMENT HAS BEEN REVIEWED, ACKNOWLEDGED AND INFORMALLY APPROVED BY THE BOARD. false false 64872653 1552535 149383595 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 Higher Education Act of 1965, as amended. 64872653 true true 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 86713 0 true 176 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 false true true true true true false true false X NANCY SEIFERT 6082461410 2401 INTERNATIONAL LANE Madison WI 53704 X Emerson L Brumback 1 3.0 X 5500 0 0 David J Hanson 14 3.0 X Janice Hesalroad 1 3.0 X 5667 Thomas A Scarlett 1 3.0 X 14000 Cynthia Walsh 1 3.0 X 17000 Richard A Weiss 1 3.0 X 4667 Richard D George 23 1.0 X X 0 547607 50175 Nancy Seifert 3 1.0 X 0 316296 49986 Clark Wold 25.0 X 199640 0 33588 Amy Kobishop 50.0 X 250803 0 32671 Beth Erickson 50.0 X 213220 0 41559 Jacqueline Fairbairn 50.0 X 177650 0 48509 Steven Schmidt 45.0 X 106484 33180 994631 863903 289668 5 false true false Diversified Collection Services In 333 N Canyons Pkwy Suite 100 LIVERMORE CA 94551 Collection Services 28651963 Ideal Builders Inc 1406 Emil Street MADISON WI 53713 Construction SVCS 462304 NCO PO Box 935 BROOKFIELD WI 53005 Collection/Location 303324 XAP Corporation 3534 Hayden Avenue CULVER CITY CA 90232 System Oper/Maint. 254397 Badger Press Inc 100 East Blackhawk Drive FORT ATKINSON WI 53538 Printing Services 145135 8 1700576 1700576 Collections & Rehabilitations 900099 109917287 109917287 Account Maintenance Fees 900099 25105036 25105036 Issuance Fees 900099 4889 4889 Default Aversion Fees 900099 14259383 14259383 Rental income or (loss) 532000 97000 97000 149383595 335989 335989 0 0 2056000 1826816 229184 229184 229184 9639 -9639 -9639 -9639 0 0 0 EAC ELM Redemption 900099 47500 47500 Dakota Corp Adminstrative Services Fee 900099 12000 12000 All other revenue 900099 8105 8105 67605 151707310 149383595 623139 1552535 1552535 0 0 0 1037213 1037213 0 8008628 8008628 820848 820848 1345434 1345434 688669 649907 38762 0 73952 73952 68390 68390 0 0 0 275550 275550 591507 591507 1279907 1279907 0 0 346045 346045 247622 241069 6553 0 42759 42759 0 0 97076 97076 0 BORROWER SKIP TRACING 106640 106640 Collection Fees 29248293 29248293 CORP SUPPORT FUNC ALLOCATION 13839643 10810058 3029585 Discount-Rehab Loans 9394410 9394410 61987 61987 69127108 64872653 4254455 0 1910175 3547654 99994311 122336827 0 0 7747378 7827245 0 0 0 0 0 0 0 0 124175 123430 16382174 2472053 13735182 13910121 0 59035399 0 0 0 0 0 0 8478323 10411677 131989544 217192353 5385637 5821479 0 0 8212553 8224795 0 0 0 0 0 0 0 0 0 0 17771856 19741177 31370046 33787451 X 100619498 183404902 0 0 0 0 100619498 183404902 131989544 217192353 X 82580202 205202 X false true true X true true X 0 284412 913068 1317329 1700576 4215385 149589389 132499527 117872136 115613140 149383595 664957787 149589389 132783939 118785204 116930469 151084171 669173172 0 0 0 0 0 0 0 0 0 0 0 0 669173172 4742867 3064301 2199624 2158910 2391989 14557691 4742867 3064301 2199624 2158910 2391989 14557691 -232318 9492 325404 146192 67605 316375 154099938 135857732 121310232 119235571 153543765 684047238 0.97826 0.97691 0.02128 0.02302 X *2007 - ($200,000) - Adjustments to Revenue Previously recognized due to return of department of education revenues, for default aversion fees. *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 242373170 14863570 36725290 220511450 false 542660 542660 14674560 1769512 12905048 960032 596354 363678 204922 106187 98735 13910121 0 RESERVE-DEFAULT AVERSION FEES 14504214 DUE TO FEDERAL GOVERNMENT 30008 INTERCOMPANY & MISC. PAYABLES 3971628 COMPENSATION PLAN PAYABLE 1235327 19741177 SUPPLEMENTAL INFORMATION 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. 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 Higher Education Act. true ACS PO Box 371821 Suite 5 Pittsburgh PA 152507821 20000 College Access Champion Admission Possible 450 N Syndicate Street Suite 200 St Paul MN 55104 411968798 501(c)(3) 150000 Beloit College 700 College Street Suite 200 Beloit WI 53511 390808497 501(c)(3) 18000 Help Yourself Prgrams CEO Leadership Academy 3222 West Brown Street Suite 200 Milwaukee WI 53208 300322248 501(c)(3) 24886 College Planning Enrichment Project CITI Bank Student Loans PO Box 6615 The Lakes NV 88901 10000 College Access Champion Dr George Washington Carver Academy 1900 North 1st Street Milwaukee WI 53212 govt 21116 College Tour Grant Edgewood College 1000 Edgewood College Dr Madison W Madison WI 53711 390806202 501(c)(3) 23333 Community Scholars Grant Good Hope Economic Development Corporation 8605 West Good Hope Rd Milwaukee W Milwaukee WI 53224 260059784 501(c)(3) 34075 High School College Visit Grants Great Lakes Educational Loan Services Inc 2401 International Lane Suite 410N Madison WI 53704 391864035 128045 College Access Champion Green Bay Area Public Schools 200 South Broadway Suite 410N Green Bay WI 54303 Govt 7179 AVID Program Grant Milwaukee Public Schools College Access Center 5225 West Vleit Street 1220 Linden Drive Milwaukee WI 53208 govt 64379 The Degree Project NELNET 121 S 13th St ste 201 lincoln NE Lincoln NE 68508 14443 College Access Champion OASFAA 525 South Main Street Ada OH 45810 310883788 501(c)(3) 25000 College Goal Sunday Ohio College Access Network 500 S Front St Ste 980 Suite 980 Columbus OH 43215 311677604 501(c)(3) 450000 College Access Investment Program Sallie Mae Servicing Corp 12061 Bluemont Way Reston VA 20190 522013874 27530 College Access Champion Southwest Minnesota Private Industry Counc 607 West Main Street Marshall MN 56258 411487964 501(c)(3) 6250 Outreach to Schools Program St Cloud Technical College 1540 Northway Drive St Cloud MN 56303 411687554 Govt 40125 College Upward Bound Program Urban League of Greater Madison 2222 S Park St ste 200 madison wi 5 Madison WI 537132168 391098146 501(c)(3) 75000 MLK Awards & Scholarship US Department of Education PO Box 530260 Atlanta GA 30353 Govt 39904 College Access Champion UW-Eau Claire 105 Garfield Avenue Eau Claire WI 54702 396006492 501(c)(3) 68050 Bluegold Beginnings Initiative Grant UW-Stevens Point 2100 Main Street Stevens Point WI 54481 391805963 501(c)(3) 7066 Upward Bound Program UW-Whitewater 800 West Main Street Whitewater WI 53190 govt 30300 Upward Bound Program West Central Wisconsin Comm Action Agency PO Box 308 Glenwood City WI 54013 391076125 501(c)(3) 13988 Skills Enhancement Program Western Assoc of Student Financial Aid 100 North East Avenue Waukesha WI 53186 396279228 501(c)(3) 25000 College Goal Sundat 2012 Program Wisconsin Covenant Foundation Inc 2401 International Lane Madison WI 53704 261550326 501(c)(3) 138221 Contributed Organizations Costs XAP 3534 Hayden Avenue Suite 100 Culver City CA 90232 954610552 147636 Wisconsin Mentor Maintenance 20 6 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. Per the College Access Champion (CAC) Program, grants were submitted to the following organizations on behalf of the CAC award recipients: ACS - $20,000 CITI Bank Student Loans - $10,000 Great Lakes Educational Loan Services, Inc. - $128,045 NELNET - $14,443 Sallie Mae Servicing Corporation - $27,530 US Department of Education - $39,904 false true false false false false false false false Richard D George 23 0 268126 0 275591 0 3890 0 29769 0 20406 0 597782 0 0 Nancy Seifert 3 0 154415 0 160550 0 1331 0 29926 0 20060 0 366282 0 0 Clark Wold 136096 0 60331 0 3213 0 23236 0 10352 0 233228 0 0 0 Amy Kobishop 135000 0 115524 0 279 0 29645 0 3026 0 283474 0 0 0 Beth Erickson 123332 0 85524 0 4364 0 25703 0 15856 0 254779 0 0 0 Jacqueline Fairbairn 101769 0 75566 0 315 0 23361 0 25148 0 226159 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 2056000 GLELSI Bldg Rent Pd to GLHEGC false Great Lakes Educational Loan Svcs Contrl Ent/officer ovrlap 2822786 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 and the Audit Committee review the Form 990 prior to filing. At a subsequent Board of Director and/or Personnel Policy Committee meeting, the relevant Form 990 information is reviewed including the compensation schedules, and the conflicts of interest questionnaires are completed by each director. 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 2 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. Other Changes in Net Assets Form 990 XI, Line 5 $ 205,204 - Unrealized Loss on Investments ----------- $ 205,204 - Other Changes in Net Assets HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Emerson L. Brumback (1) TITLE:Director/Committee Chairman HOURS:3 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:David J. Hanson (1)(4) TITLE:Director/Secretary HOURS:6 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Janice Hesalroad (1) TITLE:Director HOURS:6 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Richard A. Weiss (1) TITLE:Director HOURS:6 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Richard D. George (2)(3) TITLE:Chairman/Pres/Ceo/Treasurer HOURS:59 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Nancy Seifert (3) TITLE:CFO/Asst Secretary HOURS:54 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 Gurantee 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 Svcs WI NA C Corp true false false false false false false false true false false false false false true false false false Great Lakes Educational Loan Services Inc a 2056000 FMV Great Lakes Educational Loan Services Inc o 2822786 ACTUAL COST