Organizations Filed Purposes:
TO FOSTER, AID, ENCOURAGE AND ASSIST THE PURSUIT OF HIGHER EDUCATION. IN SUPPORTING THIS MISSION, NEF'S PRIMARY CHARITABLE GOALS ARE TO (A) CONTINUE SERVICING ITS OUTSTANDING PORTFOLIO OF STUDENT LOANS; (B) CONTINUE TO PROVIDE EDUCATION AND ASSISTANCE TO STUDENT BORROWERS TO ENABLE THEM TO SUCCESSFULLY REPAY THEIR LOANS; (C) MANAGE ITS FINANCINGS AS NECESSARY TO MAXIMIZE THE T.H.E. BONUS CREDITED TO ELIGIBLE STUDENT BORROWER ACCOUNTS; AND (D) MAKE GRANTS TO OTHER ORGANIZATIONS IN FURTHERANCE OF ITS EDUCATIONAL MISSION.
TO FOSTER, AID, ENCOURAGE AND ASSIST THE PURSUIT OF HIGHER EDUCATION.
MANAGE PORTFOLIO OF OUTSTANDING FFELP (APPROX. 93%) AND PRIVATE (APPROX. 7%) STUDENT LOANS WITH OUTSTANDING BALANCES TOTALING APPROX. $1.7 BILLION AS OF 9/30/2020. TO THE BEST OF THE KNOWLEDGE AND BELIEF OF THE ORGANIZATION'S OFFICERS, THE BENEFITS AND INTEREST RATES THAT IT HAS PROVIDED TO STUDENT BORROWERS ARE SUBSTANTIALLY MORE FAVORABLE TO STUDENT BORROWERS THAN THE BENEFITS AND INTEREST RATES PROVIDED BY FOR-PROFIT LENDERS. DURING FISCAL YEARS 2020 AND 2019, RESPECTIVELY, THE ORGANIZATION MADE T.H.E. REPAYMENT BONUS DISTRIBUTIONS (INTEREST REBATES WHICH ARE PROCESSED AS CREDITS TO ELIGIBLE BORROWER ACCOUNTS) OF APPROXIMATELY $10.0 MILLION AND $15.8 MILLION, RESPECTIVELY.
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.
Executives Listed on Filing
Total Salary includes financial earnings, benefits, and all related organization earnings listed on tax filing
| Name | Title | Hours Per Week | Total Salary |
|---|
| Charles Osborne | CHIEF FINANCIAL OFFICER | 15 | $95,512 |
| Taige Thornton | PRESIDENT | 15 | $50,000 |
| Clyde Nelson | TREASURER | 1 | $29,000 |
| Anita Pampusch | BOARD CHAIR | 1 | $27,500 |
| Tim Penny | BOARD MEMBER | 1 | $19,000 |
| Elizabeth Anne Carrier Doran | BOARD MEMBER | 1 | $18,000 |
| Richard Harris | BOARD MEMBER | 1 | $17,000 |
| David Reiling | BOARD MEMBER | 1 | $15,000 |
| Mary Rothchild | DIRECTOR | 1 | $13,000 |
| John Emerick | DIRECTOR | 1 | $7,000 |
| Richard Nigon | BOARD MEMBER | 1 | $5,000 |
| Sarah Duniway | SECRETARY | 3 | $0 |
Data for this page was sourced from XML published by IRS (
public 990 form dataset) from:
https://s3.amazonaws.com/irs-form-990/202130549349300928_public.xml