2026-09-16T16:38:59-05:00 2025-12-31 420714325 RSM US LLP 30 SOUTH WACKER DR SUITE 3300 CHICAGO IL 606063392 990 2025-01-01 271503981 HERZING UNIVERSITY LTD HERZ 2622930081 275 W WISCONSIN AVENUE 210 MILWAUKEE WI 53203 NARASIMHA SUDARSHAN CFO/TREASURER 2622930081 2026-09-16 1 REBEKUH ELEY P01247672 3126343400 2026-09-16 2025 RENEE HERZING 275 W WISCONSIN AVENUE 210 MILWAUKEE WI 53203 285630322 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 AND TWELVE 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, AND HEALTHCARE. 12 12 2091 0 0 0 4514024 4572041 192510709 234453222 3484282 4875507 31018 42255 200540033 243943025 20430442 21115737 0 0 80371172 92852859 53748 69356 69356 86087492 106086314 186942854 220124266 13597179 23818759 189354313 228878156 66096804 72232829 123257509 156645327 TO EDUCATE, SUPPORT AND EMPOWER ALL STUDENTS FOR SUCCESS IN WORK, LEARNING AND ENGAGEMENT IN THEIR COMMUNITIES AND A GLOBAL SOCIETY. 0 0 191796371 21115737 234495477 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, AND HEALTHCARE. 191796371 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 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 226 0 1 2091 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 12 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X NARASIMHA SUDARSHAN 2622930081 275 W WISCONSIN AVENUE 210 MILWAUKEE WI 53203 MARK AMBROSIUS TRUSTEE 1.00 X 27000 0 0 CYNTHIA CLEVELAND TRUSTEE 1.00 X 10000 0 0 TONJIA COVERDALE TRUSTEE 1.00 X 14000 0 0 JOSEPH FROEHLICH TRUSTEE 1.00 X 10000 0 0 CARRIE HARRIS-MULLER TRUSTEE 1.00 X 10500 0 0 HENRY HERZING TRUSTEE 1.00 X 10000 0 0 JOSEPH HILL TRUSTEE 1.00 X 18000 0 0 NARAJI KAJI TRUSTEE 1.00 X 10500 0 0 JOHN LOPEZ TRUSTEE/CHAIRPERSON 1.00 X X 13000 0 0 CHRISTINE PHARR TRUSTEE/VICE CHAIRPERSON 1.00 X X 10000 0 0 SCOTT REID TRUSTEE 1.00 X 18000 0 0 JILL SCHWIETERS TRUSTEE 1.00 X 16000 0 0 RENEE HERZING PRESIDENT/CEO 40.00 X 768813 0 47994 NARASIMHA SUDARSHAN CFO/TREASURER 40.00 X 344638 0 18760 KATHERINE KAUTZER PROVOST/CAO 40.00 X 451360 0 46506 KATHERINE HAUSER CONTROLLER/CORPORATE SECRETARY 40.00 X 151929 0 16427 ERIK PARKS COO 40.00 X 616472 0 27333 NIGEL LONGWORTH CIO 40.00 X 536957 0 51199 JAMES GILLESPIE CMO 40.00 X 496344 0 49882 JEFFREY CROSS SVP OF ONLINE OPERATIONS 40.00 X 387686 0 34369 JEFFREY HILL REGIONAL CAMPUS PRESIDENT 40.00 X 283717 0 34043 MLADEN GRGIC VP, IT 40.00 X 233396 0 30187 DERRICK POPE VP ADMISSIONS 40.00 X 255570 0 31034 STEPHANIE MARLOW SVP OF HUMAN RESOURCES 40.00 X 238559 0 15112 4932441 0 402846 131 0 1 0 GOOGLE INC 1600 AMPHITHEATRE PARKWAY MOUNTAIN VIEW CA 94043 ADVERTISING 21685684 META PLATFORMS INC 1601 WILLOW ROAD MENLO PARK CA 94025 ADVERTISING 2986361 PHASE 3 MARKETING AND COMMUNICATIONS 7025 RAYMOND ROAD MADISON WI 53719 ADVERTISING 2879152 VALIDATED INSIGHTS 961 CUMBERLAND LANE BUFFALO GROVE IL 60089 ADVERTISING 2253421 GUILD EDUCATION INC 370 17TH STREET DENVER CO 80202 CONSULTING 1776540 96 4391060 180981 4572041 TUITION INCOME 611310 233781217 233781217 OTHER INCOME 611310 672005 672005 234453222 3064160 3064160 43498644 41434016 253281 2064628 -253281 1811347 1811347 MISCELLANEOUS REVENUE 900099 42255 42255 42255 243943025 234495477 0 4875507 21101985 21101985 13752 13752 3791613 3791613 75783719 70853007 4930712 7494101 6698810 795291 5783426 5304472 478954 795651 795651 274870 274870 307508 307508 69356 69356 259433 259433 18570694 7477442 11093252 34664275 34664275 3172649 936211 2236438 1527450 772115 755335 10198248 9671227 527021 2801559 2359665 441894 303694 264214 39480 6146968 5347862 799106 838875 838875 ASSESSMENT EXPENSE 5805749 5805749 TEXTBOOKS 5092022 5092022 BAD DEBT EXPENSE 4827821 4827821 STUDENT EXPENSES 4240601 4240601 6258247 5526266 731981 220124266 191796371 28258539 69356 16042986 28763705 6631821 3998961 50000 0 4279541 5197452 56695545 26267627 29844935 30427918 66863988 98789753 39640336 37691326 26000706 24009041 189354313 228878156 23672875 32303580 3467302 2227727 10549285 10160461 28407342 27541061 66096804 72232829 X 122016789 155209731 1240720 1435596 123257509 156645327 189354313 228878156 23818759 9569059 0 X X 0 1 X 1 1 1 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED X 0 0 307508 0 307508 0 219487969 219795477 0 1000000 0 250000 0 0 0 1000000 1000000 1000000 1000000 4000000 6000000 173912 214015 280345 307508 975780 250000 250000 250000 250000 1000000 1500000 773723 117134 890857 689341 84382 773723 654433 34908 689341 647000 7433 654433 647761 -761 647000 0.00000 0.59900 0.40100 0 0 2794598 2794598 12668389 4114108 8554281 18541531 8194432 10347099 21611485 13959087 7652398 1079542 1079542 30427918 RIGHT OF USE ASSET 23111868 INTEREST RATE SWAP 897173 24009041 DEFERRED RENT 27541061 27541061 X 231748006 9569066 -21504652 -11935586 243683592 259433 259433 243943025 198360181 0 198360181 259433 21504652 21764085 220124266 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, 2025 AND 2024, THERE WERE NO UNRECOGNIZED TAX BENEFITS IDENTIFIED. PART XI, LINE 2D - OTHER ADJUSTMENTS: GRANTS TO INDIVIDUALS -21,115,737. ALLOCATED OTHER REVENUE IN AUDIT -388,915. PART XII, LINE 4B - OTHER ADJUSTMENTS: GRANTS TO INDIVIDUALS 21,115,737. ALLOCATED OTHER REVENUE IN AUDIT 388,915. 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 6 10907 TUITION DISCOUNT INSTITUTIONAL SCHOLARSHIPS EUROPE (INCLUDING ICELAND & GREENLAND) 2 2845 TUITION DISCOUNT 1 0 1 0 0 0 X X X X 1 THE ALFORD GROUP INC 100 N LASALLE STREET SUITE 910 CHICAGO IL 60602 ADVANCEMENT CONSULTING 0 0 69356 -69356 69356 -69356 1 TUITION DISCOUNTS 12159 21101985 0 0 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 564063 0 204750 0 0 0 29167 0 18827 0 816807 0 0 0 ERIK PARKS COO 400495 0 215977 0 0 0 26698 0 635 0 643805 0 0 0 NIGEL LONGWORTH CIO 332220 0 131989 0 72748 0 28979 0 22220 0 588156 0 0 0 JAMES GILLESPIE CMO 356506 0 139838 0 0 0 27662 0 22220 0 546226 0 0 0 KATHERINE KAUTZER PROVOST/CAO 330122 0 121238 0 0 0 27641 0 18865 0 497866 0 0 0 JEFFREY CROSS SVP OF ONLINE OPERATIONS 290463 0 96873 0 350 0 13810 0 20559 0 422055 0 0 0 NARASIMHA SUDARSHAN CFO/TREASURER 313034 0 31604 0 0 0 18170 0 590 0 363398 0 0 0 JEFFREY HILL REGIONAL CAMPUS PRESIDENT 224850 0 58517 0 350 0 11942 0 22101 0 317760 0 0 0 DERRICK POPE VP ADMISSIONS 211778 0 43792 0 0 0 8968 0 22066 0 286604 0 0 0 MLADEN GRGIC VP, IT 200627 0 32769 0 0 0 9975 0 20212 0 263583 0 0 0 STEPHANIE MARLOW SVP OF HUMAN RESOURCES 222432 0 16127 0 0 0 9256 0 5856 0 253671 0 0 0 KATHERINE HAUSER CONTROLLER/CORPORATE SECRETARY 146929 0 5000 0 0 0 6115 0 10312 0 168356 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. 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 THE 990 IS REVIEWED BY THE CFO AND CONTROLLER, AND THEN SUBMITTED TO THE AUDIT RISK COMPLIANCE COMMITTEE FOR FORMAL REVIEW ALONG WITH A PRESENTATION FROM THE CPA TO REVIEW THE RETURN AND ANSWER ANY QUESTIONS. AFTER THE ARC COMMITTEE APPROVES, IT IS SUBMITTED TO THE FULL BOARD OF TRUSTEES FOR THEIR REVIEW PRIOR TO BEING FILED WITH 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 THE ANNUAL COMPENSATION DETERMINATION FOR THE CEO IS DONE BY THE BOARD OF TRUSTEES COMPENSATION COMMITTEE. THEY REVIEW PERFORMANCE, CURRENT COMPENSATION, AND INDUSTRY DATA FOR SIMILAR ROLES. THE COMPENSATION COMMITTEE HIRED AN INDEPENDENT CONSULTANT, AND THE RESULTS OF THEIR ANALYSIS AND COMPARABILITY DATA WAS PART OF THE SUPPORT FOR THEIR DELIBERATIONS. THE COMMITTEE DOCUMENTS RESULTS OF THEIR DECISION MAKING AS PART OF COMMITTEE MINUTES AND SUMMARY COMMUNICATIONS TO THE CEO AND PAYROLL. 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. HERZING EDUCATION INC 275 W WISCONSIN AVENUE SUITE 210 MILWAUKEE WI 532033301 413235583 EDUCATIONAL ACTIVITIES WI 501(C)(3) LINE 2 HERZING UNIVERSITY LTD 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0