2026-05-04T09:34:32-05:00 2025-09-30 390859910 BAKER TILLY ADVISORY GROUP LP 225 S 6TH ST 2300 MINNEAPOLIS MN 55402 990 2024-10-01 411961427 NORTHSTAR EDUCATION FINANCE INC NORT 6122397131 9855 W 78TH ST 012 EDEN PRAIRIE MN 553448016 CHARLES M OSBORNE CFO & TREASURER 6122397131 2026-04-30 1 1 KAREN A GRIES P00078514 6128764500 2026-04-30 2024 2025-03-06 01:10:19Z TAIGE P THORNTON 9855 W 78TH ST 012 EDEN PRAIRIE MN 553448016 51293468 0 X WWW.NORTHSTAR.ORG X 2000 DE TO FOSTER, AID, ENCOURAGE AND ASSIST THE PURSUIT OF HIGHER EDUCATION. 9 7 0 0 0 0 0 0 62966962 47019356 5139885 4274112 0 0 68106847 51293468 4299546 12424625 0 0 371126 388769 0 0 0 62295455 44013307 66966127 56826701 1140720 -5533233 825640988 727711214 666178323 571884799 159462665 155826415 TO FOSTER, AID, ENCOURAGE AND ASSIST THE PURSUIT OF HIGHER EDUCATION BY REDUCING THE COST OF HIGHER EDUCATION THROUGH THE TOTAL HIGHER EDUCATION (THE) LOAN PROGRAM AND ADDITIONALLY THROUGH A GRANTS PROGRAM. 0 0 42288454 47019356 MANAGE A PORTFOLIO OF FFELP (95%) AND PRIVATE (5%) STUDENT LOANS. DUE TO CHANGES IN THE FEDERAL STUDENT LOAN PROGRAM, THE ORGANIZATION IS NO LONGER ORIGINATING ANY NEW FFELP OR PRIVATE LOANS, BUT THE ORGANIZATION CONTINUES TO MANAGE AN OUTSTANDING BALANCE OF APPROXIMATELY $605 MILLION AS OF 9/30/2025. TO THE BEST OF THE KNOWLEDGE AND BELIEF OF THE ORGANIZATION'S OFFICERS, THE BENEFITS AND INTEREST RATES PROVIDED TO STUDENT BORROWERS ARE MORE FAVORABLE THAN THOSE FROM FOR-PROFIT LENDERS. 12424625 12424625 PROVIDE GRANTS TO OTHER ORGANIZATIONS TO ENHANCE POST-SECONDARY EDUCATION OPPORTUNITIES FOR MINNESOTA STUDENTS BY RELIEVING SOME OF THEIR FINANCIAL BURDEN THROUGH SCHOLARSHIPS AND/OR ASSISTANCE WITH THEIR POST-SECONDARY READINESS PREPARATION. 54713079 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 20 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 7 1 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MN X KATE SEIFERT 4024582370 9855 W 78TH ST SUITE 012 EDEN PRAIRIE MN 553448016 TAIGE THORNTON PRESIDENT 15.00 X X 100000 0 0 JOHN EMERICK BOARD CHAIR 1.00 X X 37500 0 0 CLYDE NELSON DIRECTOR 1.00 X 27500 0 0 MARY ROTHCHILD DIRECTOR 1.00 X 27500 0 0 RICHARD HARRIS DIRECTOR 1.00 X 27500 0 0 DAVID REILING DIRECTOR 1.00 X 16250 0 0 RICHARD NIGON DIRECTOR 1.00 X 20500 0 0 PAUL MANIFFA DIRECTOR 1.00 X 7250 0 0 ZER VANG DIRECTOR 1.00 X 6500 0 0 TIM KOSIEK DIRECTOR 1.00 X 0 0 0 CHARLES OSBORNE CFO & TREASURER 15.00 X 99374 0 0 SARAH DUNIWAY SECRETARY 0.00 X 0 0 0 369874 0 0 0 0 0 0 NELNET INC 121 SOUTH 13TH ST WF SUITE 400 LINCOLN NE 68508 MANAGEMENT & ADMIN SERVICES 2302519 NELNET SERVICING LLC 121 SOUTH 13TH ST WF SUITE 400 LINCOLN NE 68508 STUDENT LOAN SERVICING 553180 JOHN GUERRINI LAW FIRM 74-710 HIGHWAY 111 STE 102 PALM DESERT CA 92260 DEFAULTED PRIVATE LOAN COLLECTION MANAGE 215357 RBC CAPITAL MARKETS LLC 60 S 6TH STREET MINNEAPOLIS MN 554024400 BROKER/DEALER FEES 153415 4 STUDENT LOAN INTEREST 525990 47019356 47019356 47019356 4274112 4274112 51293468 47019356 0 4274112 12424625 12424625 388769 388769 1813916 612623 1201293 849346 788399 60947 98735 98735 308578 308578 11382 11382 1772 1772 159 159 34366607 34366607 282584 282584 35981 35981 LOAN CONSOLIDATION FEES 5757829 5757829 DEBT FINANCING FEES 264407 264407 STUDENT LOAN DEFAULT AN 216005 216005 OTHER MISCELLANEOUS EXP 6006 6006 56826701 54713079 2113622 0 11251861 8037654 88661570 77795604 530528 369683 12119 0 6306738 718125634 630435535 7059276 4766000 825640988 727711214 3262344 2123208 0 2070000 662915979 567691591 666178323 571884799 X 159462665 155826415 159462665 155826415 825640988 727711214 X -5533233 1896983 X 0 1 X 1 0 X 37214145 39682064 69156471 62966962 47019356 256038998 37214145 39682064 69156471 62966962 47019356 256038998 0 0 0 256038998 355132 495713 3430822 5139885 4274112 13695664 355132 495713 3430822 5139885 4274112 13695664 37569277 40177777 72587293 68106847 51293468 269734662 0.94920 0.96290 0.05080 0.03710 X 0 STUDENT LOANS 605394584 C INTEREST RECEIVABLE 25040951 C 630435535 51293468 0 51293468 0 51293468 54929718 -1896983 -1896983 56826701 0 56826701 PART XII, LINE 2D - OTHER ADJUSTMENTS: CHANGE IN DEFAULT RESERVE -1,896,983. 1 WALLIN EDUCATION FOUNDATION 451 LEXINGTON PKWY N STE 100 ST PAUL MN 55104 208505156 501(C) (3) 8374379 0 SCHOLARSHIPS AND ASSOCIATED PROGRAM SUPPORT COLLEGE POSSIBLE 755 PRIOR AVE N STE 200 ST PAUL MN 55104 411968798 501(C) (3) 1447000 0 SCHOLARSHIPS AND ASSOCIATED PROGRAM SUPPORT ACHIEVE TWIN CITIES 404 SOUTH 8TH STREET 105 MINNEAPOLIS MN 55404 411425264 501(C) (3) 530696 0 COLLEGE COUNSELING AND STUDENT TRANSITION PROGRAMMING JUNIOR ACHIEVEMENT NORTH FOUNDATION 1745 UNIVERSITY AVE W ST PAUL MN 55104 411872097 501(C) (3) 500000 0 CONSTRUCTION AND PROGRAM DEVELOPMENT PAGE EDUCATION FOUNDATION PO BOX 581254 MINNEAPOLIS MN 55458 363605013 501(C) (3) 492500 0 SCHOLARSHIPS, PROGRAM OPERATIONS CRISTO REY JESUIT HIGH SCHOOL 2924 4TH AVE S MINNEAPOLIS MN 55408 204548714 501(C) (3) 330050 0 COLLEGE AND CAREER READINESS METROPOLITAN STATE UNIVERSITY FOUNDATION 700 EAST SEVENTH STREET FOUNDERS HALL ST PAUL MN 55106 237296162 501(C) (3) 250000 0 SCHOLARSHIPS ST CATHERINE UNIVERSITY 2004 RANDOLPH AVENUE ST PAUL MN 55105 410695509 501(C) (3) 250000 0 SCHOLARSHIPS UNIVERSITY OF MINNESOTA FOUNDATION PO BOX 860266 MINNEAPOLIS MN 55486 416042488 501(C) (3) 250000 0 SCHOLARSHIPS 9 0 PART I, LINE 2: THE PROGRAM AND PARTNERSHIPS COMMITTEE, A SUBCOMMITTEE OF THE BOARD OF DIRECTORS, REQUIRES PERIODIC REPORTS AND DATA FROM GRANT RECIPIENTS AND ADDITIONALLY CONDUCTS ON-SITE VISITS. FORM 990, PART VI, SECTION A, LINE 2 BUSINESS RELATIONSHIP BETWEEN CLYDE NELSON (BOARD MEMBER) AND MARY ROTHCHILD (BOARD MEMBER). FORM 990, PART VI, SECTION A, LINE 3 PURSUANT TO AN ADMINISTRATIVE AND TECHNOLOGY SERVICES AGREEMENT DATED JANUARY 1, 2025, BETWEEN NORTHSTAR EDUCATION FINANCE, INC. ("NEF") AND CLOUD COMPUTING CONSULTANTS, LLC ("CCC"), CCC IS RESPONSIBLE FOR PERFORMING CERTAIN MANAGEMENT, ADMINISTRATIVE AND TECHNOLOGY FUNCTIONS ON BEHALF OF NEF. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 WAS PREPARED BY INDEPENDENT ACCOUNTANTS FOR INTERNAL REVIEW. AFTER BEING REVIEWED BY THE ORGANIZATION'S OFFICERS AND OUTSIDE LEGAL COUNSEL, THE RETURN WAS THEN DISTRIBUTED TO THE FULL BOARD OF DIRECTORS PRIOR TO FILING WITH THE IRS. FORM 990, PART VI, SECTION B, LINE 12C THE POLICY IS MONITORED AND DISCUSSED ANNUALLY AT ONE OF THE QUARTERLY BOARD MEETINGS. ANY DIRECTOR, PRINCIPAL OFFICER, OR MEMBER OF A COMMITTEE WITH GOVERNING BOARD DELEGATED POWERS, WHO HAS A DIRECT OR INDIRECT FINANCIAL INTEREST, AS DEFINED BELOW, IS AN INTERESTED PERSON. A PERSON HAS A FINANCIAL INTEREST IF THE PERSON HAS, DIRECTLY OR INDIRECTLY, THROUGH BUSINESS, INVESTMENT, OR A FAMILY MEMBER: A. AN OWNERSHIP OR INVESTMENT INTEREST IN ANY ENTITY (INCLUDING ANY JOINT VENTURE OR SIMILAR ARRANGEMENT) WITH WHICH NEF HAS A TRANSACTION OR ARRANGEMENT, B. A COMPENSATION ARRANGEMENT WITH NEF OR WITH ANY ENTITY OR INDIVIDUAL WITH WHICH NEF HAS A TRANSACTION OR ARRANGEMENT, C. A POTENTIAL OWNERSHIP OR INVESTMENT INTEREST IN, OR COMPENSATION ARRANGEMENT WITH, ANY ENTITY OR INDIVIDUAL WITH WHICH NEF IS NEGOTIATING A TRANSACTION OR ARRANGEMENT, OR D. SERVES AS AN OFFICER OR DIRECTOR ANY ENTITY WITH WHICH NEF HAS A TRANSACTION OR ARRANGEMENT (REGARDLESS OF WHETHER THE INDIVIDUAL RECEIVES COMPENSATION FROM THE ENTITY). A FINANCIAL INTEREST IS NOT NECESSARILY A CONFLICT OF INTEREST. AN INTERESTED PERSON WHO HAS A FINANCIAL INTEREST MAY HAVE A CONFLICT OF INTEREST ONLY IF THE AUDIT COMMITTEE DECIDES THAT A CONFLICT OF INTEREST EXISTS. IN CONNECTION WITH ANY ACTUAL OR POSSIBLE CONFLICT OF INTEREST, AN INTERESTED PERSON MUST DISCLOSE THE EXISTENCE OF THE FINANCIAL INTEREST AND BE GIVEN THE OPPORTUNITY TO DISCLOSE ALL MATERIAL FACTS TO THE NEF AUDIT COMMITTEE. AFTER DISCLOSURE OF THE FINANCIAL INTEREST AND ALL MATERIAL FACTS, AND AFTER ANY DISCUSSION WITH THE INTERESTED PERSON, HE/SHE SHALL NOT PARTICIPATE IN DISCUSSIONS WITH THE AUDIT COMMITTEE WHILE THE DETERMINATION OF A CONFLICT OF INTEREST IS DISCUSSED AND VOTED UPON. AN INTERESTED PERSON WHO SERVES AS AN OFFICER, DIRECTOR OR EMPLOYEE OF NELNET, INC. (OR ANY OF ITS SUBSIDIARIES INCLUDING BUT NOT LIMITED TO NELNET SERVICING, LLC)("NELNET"), WHICH PROVIDES MANAGEMENT SERVICES TO NEF PURSUANT TO A SUB-MASTER AND SUB-ADMINISTRATION AGREEMENT (THE "NELNET AGREEMENT"), SHALL BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITH RESPECT TO THE FOLLOWING MATTERS REGARDING NELNET: (A) REVIEW AND APPROVAL OF COMPENSATION OR EXPENSE REIMBURSEMENT UNDER THE NELNET AGREEMENT, (B) DECISIONS WHETHER TO RENEW, TERMINATE OR AMEND THE NELNET AGREEMENT, OR (C) FORMAL REVIEWS OF NELNET'S PERFORMANCE UNDER THE NELNET AGREEMENT. SUCH INTERESTED PERSONS SHALL NOT NORMALLY BE CONSIDERED TO HAVE A CONFLICT OF INTEREST WITH RESPECT TO ROUTINE MATTERS THAT COME BEFORE THE NEF BOARD OR COMMITTEE, EVEN IF SUCH MATTERS INVOLVE PRESENTATIONS BY AND CONSIDERATION OF, REPORTS AND INFORMATION FROM, NELNET, UNLESS THE AUDIT COMMITTEE DETERMINES THAT A CONFLICT OF INTEREST EXISTS. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR COMMITTEE MEETING AT WHICH THE TRANSACTION OR ARRANGEMENT IS BEING CONSIDERED, BUT AFTER THE PRESENTATION, HE/SHE SHALL NOT PARTICIPATE DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. THE CHAIRPERSON OF THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER NEF CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED MEMBERS OF THE COMMITTEE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN NEF'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION THE BOARD OF DIRECTORS OF NEF SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. FORM 990, PART VI, SECTION B, LINE 15 IN 2022, COMPENSATION FOR THE ORGANIZATION'S PRESIDENT AND BOARD OF DIRECTORS WAS APPROVED BY THE BOARD'S INDEPENDENT COMPENSATION COMMITTEE AND WAS BASED ON COMPARABLE MARKET COMPENSATION DATA. FORM 990, PART VI, SECTION C, LINE 19 AUDITED FINANCIAL STATEMENTS ARE AVAILABLE ON THE ORGANIZATION'S WEBSITE AT WWW.NORTHSTAR.ORG. THE ORGANIZATION DOES NOT MAKE ITS GOVERNING DOCUMENTS OR CONFLICT OF INTEREST POLICY AVAILABLE UNLESS REQUIRED BY LAW. FORM 990, PART XI, LINE 9: CHANGE IN DEFAULT RESERVE 1,896,983.