2025-07-23T00:14:52-05:00 2024-09-30 470677245 HBE LLP 7140 STEPHANIE LANE PO BOX 23110 LINCOLN NE 685423110 990 2023-10-01 470606382 EDUCATIONQUEST FOUNDATION INC EDUC 4024796617 PO BOX 82552 LINCOLN NE 685012552 ELIZABETH S KOOP PRESIDENT & CEO 4024796617 2025-07-18 1 0 EMILY E ARRIGO CPA P02165555 4024234343 2025-07-18 2023 2025-03-06 01:10:19Z ELIZABETH S KOOP PO BOX 82552 LINCOLN NE 685012552 3493454 0 X WWW.EDUCATIONQUEST.ORG X 1978 NE IMPROVING ACCESS TO HIGHER EDUCATION IN NEBRASKA. THE CORPORATION PARTICIPATES IN ACTIVITIES WHICH ADVANCE EDUCATION IN NEBRASKA INCLUDING THE ACQUISITION OF STUDENT LOAN PORTFOLIOS IN VARIOUS FORMS. THE IRS HAS DETERMINED PURSUANT TO A PRIVATE LETTER RULING DATED 3/31/98 THAT THIS ACTIVITY WILL FURTHER THE CORPORATION'S EXEMPT STATUS UNDER SECTION 501(C)(3). 8 7 0 0 0 0 0 2798843 655036 689841 1853 4770 0 0 656889 3493454 1573500 1575500 0 0 0 0 0 0 0 39144 35829 1612644 1611329 -955755 1882125 12043672 11973122 2423903 0 9619769 11973122 IMPROVE ACCESS TO HIGHER EDUCATION IN NEBRASKA. 0 0 1575500 1575500 689841 SCHOLARSHIP AWARDS TO STUDENTS ATTENDING QUALIFIED POST-SECONDARY INSTITUTIONS OF HIGHER EDUCATION IN THE STATE OF NEBRASKA (AWARDED BY FORMULA ON AN OBJECTIVE, NONDISCRIMINATORY BASIS). 1575500 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 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 0 0 0 0 0 X 8 7 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 X JODI BENJAMIN 4024796617 PO BOX 82552 LINCOLN NE 68501 CRAIG AMES CHAIRMAN 1.00 X X 0 21750 0 MIGUEL CARRANZA DIRECTOR 1.00 X 0 6500 0 MICHAEL GREEN DIRECTOR 1.00 X 0 13500 0 WENDY BOYER DIRECTOR 1.00 X 0 11500 0 DEBBIE COOPER DIRECTOR 1.00 X 0 13000 0 KELLY LEEPER DIRECTOR 1.00 X 0 13750 0 THOMAS SMITH DIRECTOR 1.00 X 0 20500 0 ELIZABETH S KOOP PRESIDENT/CEO 40.00 X X 0 368289 62033 JENNIFER STRAND DIRECTOR 1.00 X 0 9750 0 DAPHNE HALL SENIOR VICE PRESIDENT 40.00 X 0 173992 22869 MICHAEL J TIMMINS CFO/SENIOR VICE PRESIDENT 40.00 X 0 186015 50640 ERIC DRUMHELLER VICE PRESIDENT 40.00 X 0 120942 37046 REGAN ANSON ASSISTANT VP OF COMMUNICAT 40.00 X 0 115375 28833 0 1074863 201421 0 0 1 0 0 2798843 2798843 PROGRAM SERVICE INCOME 523000 689841 689841 689841 4770 4770 3493454 689841 0 4770 1575500 1575500 3315 3315 31864 31864 650 650 1611329 1575500 35829 0 10381 10337 17861 85760 48065 46851 1667 1667 11965698 11828507 12043672 11973122 0 2423903 0 2423903 0 X 9619769 11973122 9619769 11973122 12043672 11973122 1882125 471228 0 X X 0 1 X 1 0 X 2798843 2798843 445430 525097 -288331 655036 689841 2027073 445430 525097 -288331 655036 3488684 4825916 0 0 0 4825916 12983 11146 1853 4769 30751 12983 11146 1853 4769 30751 445430 538080 -277185 656889 3493453 4856667 0.99370 0.00630 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 STUDENT LOAN BONDS 11828507 F 11828507 X 26830468 471226 25696495 26167721 662747 31864 2798843 2830707 3493454 8774900 7195435 7195435 1579465 31864 31864 1611329 PART X, LINE 2: EDUCATIONQUEST FOUNDATION INC. IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, EXCEPT ON NET INCOME DERIVED FROM UNRELATED BUSINESS ACTIVITIES. FOR THE YEAR ENDED SEPTEMBER 30, 2024, EDUCATIONQUEST FOUNDATION INC. HAD NO TAX LIABILITY ON UNRELATED BUSINESS ACTIVITY. THE ORGANIZATION BELIEVES THAT IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE FINANCIAL STATEMENTS. PART XI, LINE 2D - OTHER ADJUSTMENTS: FOUNDATION FOR EDUCATIONAL FUNDING II TIN 31-1777710 REVENUE 25,696,495. PART XI, LINE 4B - OTHER ADJUSTMENTS: FOUNDATION FOR EDUCATIONAL FUNDING II TIN 31-1777710 ELIMINATED IN FINANCIAL 2,798,843. PART XII, LINE 2D - OTHER ADJUSTMENTS: FOUNDATION FOR EDUCATIONAL FUNDING II TIN 31-1777710 EXPENSE 7,195,435. 1 UNIVERSITY OF NEBRASKA FOUNDATION 1010 LINCOLN MALL LINCOLN NE 68508 470379839 501(C)(3) 726400 0 SCHOLARSHIPS CHADRON STATE COLLEGE 1000 MAIN STREET CHADRON NE 69337 470491233 NEBRASKA 28200 0 SCHOLARSHIPS PERU STATE COLLEGE FOUNDATION PO BOX 10 PERU NE 68421 470495359 501(C)(3) 29200 0 SCHOLARSHIPS WAYNE STATE COLLEGE 1111 MAIN STREET WAYNE NE 68787 476032870 501(C)(3) 69800 0 SCHOLARSHIPS CENTRAL COMMUNITY COLLEGE FOUNDATION PO BOX 4903 GRAND ISLAND NE 68802 470728813 501(C)(3) 62300 0 SCHOLARSHIPS METROPOLITAN COMMUNITY COLLEGE PO BOX 3777 OMAHA NE 68103 470596504 501(C)(3) 107600 0 SCHOLARSHIPS MID-PLAINS COMMUNITY COLLEGE 1101 HALLIGAN DR NORTH PLATTE NE 69101 470519583 NEBRASKA 20200 0 SCHOLARSHIPS NORTHEAST COMMUNITY COLLEGE FOUNDATION PO BOX 469 NORFOLK NE 68702 470524851 NEBRASKA 50900 0 SCHOLARSHIPS SOUTHEAST COMMUNITY COLLEGE FOUNDATION 301 S 68TH STREET PLACE LINCOLN NE 68510 510168407 501(C)(3) 103800 0 SCHOLARSHIPS WESTERN NEBRASKA COMMUNITY COLLEGE FOUNDATION 1601 E 27TH SCOTTSBLUFF NE 69361 237137706 501(C)(3) 17000 0 SCHOLARSHIPS BELLEVUE UNIVERSITY 1000 GALVIN ROAD SOUTH BELLEVUE NE 68005 470491571 501(C)(3) 75700 0 SCHOLARSHIPS BRYAN LGH COLLEGE OF HEALTH SCIENCES 5035 EVERETT ST LINCOLN NE 68506 470376552 501(C)(3) 17300 0 SCHOLARSHIPS CLARKSON COLLEGE 101 S 42ND ST OMAHA NE 68131 363649217 501(C)(3) 22000 0 SCHOLARSHIPS CONCORDIA UNIVERSITY 800 N COLUMBIA AVE SEWARD NE 68434 470378777 501(C)(3) 18800 0 SCHOLARSHIPS COLLEGE OF SAINT MARY 7000 MERCY ROAD OMAHA NE 68106 470424785 501(C)(3) 19700 0 SCHOLARSHIPS CREIGHTON UNIVERSITY 2500 CALIFORNIA PLAZA OMAHA NE 68178 470376583 501(C)(3) 28600 0 SCHOLARSHIPS DOANE UNIVERSITY 1014 BOSWELL AVE CRETE NE 68333 470377991 501(C)(3) 32100 0 SCHOLARSHIPS HASTINGS COLLEGE 710 N TURNER HASTINGS NE 68901 470376525 501(C)(3) 19600 0 SCHOLARSHIPS MIDLAND UNIVERSITY 900 N CLARKSON ST FREMONT NE 68025 470376551 501(C)(3) 25800 0 SCHOLARSHIPS NEBRASKA METHODIST COLLEGE 720 N 87TH STREET OMAHA NE 68114 470724387 501(C)(3) 32000 0 SCHOLARSHIPS NEBRASKA WESLEYAN UNIVERSITY 5000 ST PAUL AVE LINCOLN NE 68504 470376524 501(C)(3) 49400 0 SCHOLARSHIPS UNION ADVENTIST UNIVERSITY 3800S 48TH ST LINCOLN NE 68504 470405317 501(C)(3) 6900 0 SCHOLARSHIPS YORK UNIVERSITY 1125 E 8TH ST YORK NE 68467 470418641 501(C)(3) 5600 0 SCHOLARSHIPS 20 3 PART I, LINE 2: THE EDUCATIONQUEST SCHOLARSHIP PROGRAM FUNDING IS DETERMINED BASED ON A FORMULA THAT CONSIDERS THE FINANCIAL NEED OF THEIR NEBRASKA STUDENT POPULATION. EDUCATIONQUEST COLLECTS INFORMATION FROM NEBRASKA COLLEGES REGARDING PELL GRANT DOLLAR VOLUMES AND FEDERALLY-INSURED LOAN VOLUME OVER THE PAST THREE YEARS. AT THE CONCLUSION OF EACH YEAR, THE COLLEGES PROVIDE SUPPORTING DATA TO SHOW HOW THE AWARDS WERE DISBURSED AND COMPARED TO THE TOTAL AMOUNT AWARDED TO THE COLLEGE. EDUCATIONQUEST FOUNDATION RESERVES THE RIGHT TO CONDUCT BOTH A FINANCIAL AND COMPLIANCE AUDIT AT THE COLLEGES THAT RECEIVE THE SCHOLARSHIP FUNDS TO VERIFY BOTH THE PELL GRANT AND LOAN VOLUME NUMBERS PROVIDED, AND TO ENSURE DISBURSEMENT OF THE AWARDED FUNDS WERE MADE TO ELIGIBLE STUDENTS, PER THE WRITTEN GUIDELINES. COLLEGES ACKNOLWEDGE THAT THE AUDITS CAN BE CONDUCTED WHEN THEY AGREE TO PARTICIPATE IN THE PROGRAM. X X X X X 0 1 0 0 0 0 0 1 0 ELIZABETH S KOOP PRESIDENT/CEO 0 323261 0 44500 0 528 0 37072 0 24961 0 430322 0 0 MICHAEL J TIMMINS CFO/SENIOR VICE PRESIDENT 0 163187 0 22000 0 828 0 37327 0 13313 0 236655 0 0 DAPHNE HALL SENIOR VICE PRESIDENT 0 155214 0 18250 0 528 0 21360 0 1509 0 196861 0 0 ERIC DRUMHELLER VICE PRESIDENT 0 107414 0 13000 0 528 0 23990 0 13056 0 157988 0 0 PART I, LINE 4B TAX-EXEMPT ELIGIBLE 457B PLAN (PLAN SECTION 1.36(B) ELIZABETH KOOP PART I LINE 7: EMPLOYEE'S RECEIVE BONUSES FOR EMPLOYEE PERFORMANCE AGAINST STATED INDIVIDUAL GOALS. FORM 990, PART VI, SECTION A, LINE 6 THE ORGANIZATION (EDUCATIONQUEST FOUNDATION, INC.) HAS A SOLE MEMBER, FOUNDATION FOR EDUCATIONAL SERVICES II, INC., WHICH IS A NEBRASKA NONPROFIT CORPORATION AND A 509(A)(3) SUPPORTING ORGANIZATION. THE FOUNDATION FOR EDUCATIONAL SERVICES, INC. PROVIDES SPACE TO EDUCATIONQUEST FOUNDATION, INC., WITHIN ITS BUILDING, AS WELL AS SERVICES FOR COMMON PAYMASTER, HUMAN RESOURCES, ADMINISTRATION, BENEFITS, INFORMATION TECHNOLOGY AND OTHER SUPPORT SERVICES. FORM 990, PART VI, SECTION A, LINE 7A THE FOUNDATION FOR EDUCATIONAL SERVICES II, INC. SELECTS THE BOARD MEMBERS OF EDUCATIONQUEST FOUNDATION INC. FORM 990, PART VI, SECTION A, LINE 7B THE BOARD OF EDUCATIONQUEST FOUNDATION, INC. ACTS AS AN AUTONOMOUS ENTITY AND MAKES ALL DECISIONS CONCERNING THE MANAGEMENT AND ADMINISTRATION OF THE ORGANIZATION. THE FOUNDATION FOR EDUCATIONAL SERVICES, INC. HAS DIRECT CONTROL BY VIRTUE OF ITS ABILITY TO ELECT AND REMOVE THE BOARD MEMBERS OF EDUCATIONQUEST FOUNDATION INC. FORM 990, PART VI, SECTION B, LINE 11B THE FORM 990 IS REVIEWED BY ADMINISTRATIVE STAFF, LEGAL COUNSEL, AND THE AUDIT COMMITTEE BEFORE FILING. FORM 990, PART VI, SECTION B, LINE 12C EDUCATIONQUEST FOUNDATION, INC. MAINTAINS A COMPREHENSIVE CONFLICT OF INTEREST POLICY FOR DIRECTORS AND OFFICERS. THE POLICY EXISTS TO IDENTIFY POTENTIAL INSTANCES IN WHICH AN INDIVIDUAL COULD OBTAIN A DIRECT OR INDIRECT PERSONAL GAIN OR ADVANTAGE TO THE DETRIMENT OF THE ORGANIZATION, OR WHERE AN INDIVIDUAL'S CONDUCT COULD HAVE AN ADVERSE OR POTENTIALLY ADVERSE EFFECT ON THE INTERESTS OF THE ORGANIZATION. THE POLICY CONTAINS AN AFFIRMATIVE DUTY TO DISCLOSE, AS WELL AS A SPECIFIC PROCESS FOR DISCLOSURES OF POTENTIAL CONFLICTS OF INTEREST, A PROTOCOL IN WHICH INDEPENDENT, OUTSIDE LEGAL COUNSEL IS USED TO EVALUATE WHETHER A CONFLICT EXISTS, PROCEDURES FOR ADDRESSING ACTUAL CONFLICTS OF INTEREST, AND CONSEQUENCES FOR VIOLATIONS OF THE CONFLICTS POLICY. THE POLICY REQUIRES ALL DIRECTORS AND OFFICERS TO COMPLETE AND SUBMIT AN ANNUAL CONFLICTS DISCLOSURE FORM TO OUTSIDE LEGAL COUNSEL. IN ADDITION, THE CONFLICT OF INTEREST POLICY IS INCLUDED IN THE EMPLOYEE HANDBOOK WHICH ALL EMPLOYEES MUST ACKNOWLEDGE AND AGREE TO ABIDE BY. FORM 990, PART VI, SECTION B, LINE 15 OUTSIDE LEGAL COUNSEL UNDERTAKES A COMPREHENSIVE EVALUATION OF THE COMPENSATION AND BENEFIT PACKAGES FOR OFFICERS AND OTHER AFFECTED EMPLOYEES OF THE ORGANIZATION, COMPARING THE SAME TO RELEVANT HISTORY AND OTHER MARKET COMPARABLES. COUNSEL THEN PROVIDES TO THE BOARD OF DIRECTORS A SUMMARY OF THE COMPARABILITY DATA, AN ANALYSIS OF THE DATA RELATIVE TO THE ORGANIZATION EMPLOYEES, AND A REASONED OPINION CONCERNING HIS CONCLUSION. THE BOARD OF DIRECTORS THEN CONFIRMS AND RATIFIES ALL COMPENSATION/BENEFITS PACKAGES, WITH THE DECISION PROCESS PROPERLY DOCUMENTED AS REQUIRED BY THE REGULATIONS. FORM 990, PART VI, SECTION C, LINE 19 EDUCATIONQUEST FOUNDATION, INC. DOES NOT MAKE ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, OR FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE REVIEWS THE AUDIT PROCESS AND THE FINANCIAL STATEMETNS ANNUALLY. THIS PROCESS HAS NOT CHANGED FROM PRIOR YEARS. FOUNDATION FOR EDUCATIONAL SERVICES INC PO BOX 82552 LINCOLN NE 68501 470703499 SUPPORTING ORGANIZATION NE 501(C)(3) LINE 12B, II 0 FOUNDATION FOR EDUCATIONAL FUNDING II INC PO BOX 82552 LINCOLN NE 68501 311777710 COLLEGE ACCESS ACTIVITIES NE 501(C)(3) LINE 12B, II 0 0 0 1 0 0 0 0 0 0 0 1 0 1 1 1 1 0 0 0 FOUNDATION FOR EDUCATIONAL FUNDING II C 2798843 COST FOUNDATION FOR EDUCATIONAL SERVICES INC K 489814 COST FOUNDATION FOR EDUCATIONAL FUNDING II M 7195435 COST FOUNDATION FOR EDUCATIONAL SERVICES INC N 935487 COST FOUNDATION FOR EDUCATIONAL SERVICES INC O 2384129 COST FOUNDATION FOR EDUCATIONAL FUNDING II P 3315 COST