Northwest Education Loan Association
- Assets
- $0.0
- Revenue
- $13.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Madison, WI
- Founding
- Data as of
- 12/2018
- EIN
- 91-1068278
Organization Overview
Northwest Education Loan Association, operating under the name Nela, is located in Madison, WI. Nela is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2018, Nela generated $13.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 2 years, the organization has seen revenues fall by an average of (7.2%) each year. All expenses for the organization totaled $10.1m during the year ending 12/2018. As we would expect to see with falling revenues, expenses have declined by (16.4%) per year over the past 2 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2018
Describe the Organization's Mission:
Part 3 - Line 1
NELA'S MISSION IS TO ENHANCE POST-SECONDARY EDUCATION PREPAREDNESS, ACCESS AND SUCCESS BY PROVIDING AND SUPPORTING FINANCIAL AND OTHER VALUED SERVICES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
NELA GUARANTEES STUDENT LOANS AND PROVIDES A FULL-RANGE OF SERVICES. 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, NELA 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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Mary Burke 1 Director | Trustee | 1 | $3,550 |
Linda Hoeschler 1 Director | Trustee | 1 | $5,917 |
David J Hanson 1 Director/secretary | Trustee | 1 | $0 |
Alex Pollack 1 Director | Trustee | 1 | $5,917 |
Joan Prince 1 Director | Trustee | 1 | $5,250 |
Richard A Weiss 1 Director | Trustee | 1 | $3,550 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Navient Guarantor Services | 9/29/15 | $16,155,285 |
United Student Aid Funds Inc Administrative Fees | 9/29/15 | $110,760 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $13,127,403 |
| Investment income | $45,179 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $13,172,642 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $3,046,567 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $24,183 |
| Compensation of current officers, directors, key employees. | $24,183 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $3,550 |
| Fees for services: Accounting | $103,267 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $11,785 |
| Advertising and promotion | $0 |
| Office expenses | $3,671 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $7,223 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $605 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,299,066 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $10,071,366 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Unrestricted restricted net Assets | $0 |
| Temporarily restricted net Assets | $0 |
| Permanently restricted net Assets or current funds | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Total net assets or fund balances | $0 |