Nellie Mae Education Foundation
Nellie Mae Education Foundation reported $40.9 million in revenue and $30.0 million in expenses for calendar year 2024. Of every $100 it spent, $85.21 went to program services, $14.79 to management and general costs and $0.00 to fundraising. Its largest source of revenue was investment income: 100.0% of the total. The highest compensation it reported for one person was $686,322 (PRESIDENT & CEO). 8 people received more than $100,000 in reportable compensation. Revenue rose 43% between 2020 and 2024. Source: Form 990, 2024.
Where $100 of spending went
Calendar year 2024 · Form 990, Part IX, line 25 · total expenses $30MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
Calendar year 2024 · Form 990, Part VIII · total revenue $41MThe 990 scorecard · same measures for every charity, no grades
| Measure | 2024 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 85.2% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 14.8% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | Not reported | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 0.0% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 0.0% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 0.0% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $686,322 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 2.29% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 8 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 213.1 | 13.3 |
| Independent voting board members Part VI 1a–1b | 15 of 15 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
2024 · Form 990, Part III · the three largest programs by expenseNellie Mae Education Foundation's ("nmef", "nmef's", "the foundation", "Nellie Mae" hereafter) grantmaking strategy focuses on ensuring students have the resources, support, and opportunities necessary to succeed in the classroom and beyond. We do this by building the capacity, sustainability, and educational functions of educational organizations that qualify as public charities (organization or organizations" hereafter).this approach reflects our deep commitment to ensure every young person has access to excellent, rigorous, and relevant educational experiences that affirm their…
Highest reported compensation
2024 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| PRESIDENT & CEO Officer, 60.00 hrs/week | $513,803 | $0 | $172,519 | $686,322 |
| VP OF FINANCE (UNTIL JUNE 2024) Officer, 40.00 hrs/week | $347,146 | $0 | $517 | $347,663 |
| DIR. OF GRANTMAKING (UNTIL 1/19/24) Highest compensated employee, 40.00 hrs/week | $269,031 | $0 | $10,067 | $279,098 |
| PROGRAM DIRECTOR, GRANTMAKING Highest compensated employee, 40.00 hrs/week | $182,378 | $0 | $60,340 | $242,718 |
| IT MANAGER Highest compensated employee, 40.00 hrs/week | $171,507 | $0 | $35,502 | $207,009 |
| SR MANAGER, GRANTS & PROGRAMS Highest compensated employee, 40.00 hrs/week | $147,567 | $0 | $53,198 | $200,765 |
| CHIEF FINANCIAL OFFICER Officer, 40.00 hrs/week | $135,245 | $0 | $28,954 | $164,199 |
| SENIOR PROGRAM OFFICER Highest compensated employee, 40.00 hrs/week | $129,176 | $0 | $28,922 | $158,098 |
8 people received more than $100,000 in reportable compensation from Nellie Mae Education Foundation (Part VII, line 2). Compensation of current officers, directors and key employees totaled $867K (Part IX, line 5).
5 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
2024 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b15 · 15 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2No
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4Yes
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bYes
- Employees Part I, line 519
Private foundation grants it received
1 private foundation reported grants to Nellie Mae Education Foundation totaling $200K on their tax year 2023 Form 990-PF returns. See which foundations, on WHOFUNDS.
Source: WHOFUNDS open grant graph, matched from Form 990-PF Part XV.
Correct a figure or respond
Every number above is copied from Nellie Mae Education Foundation's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Nellie Mae Education Foundation, you can publish a response that is linked from this page.
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Of every $100 Nellie Mae Education Foundation spent in 2024, $85.21 went to programs. The full breakdown, from its IRS Form 990:
Questions people ask
How much of Nellie Mae Education Foundation's spending goes to programs?
In calendar year 2024, Nellie Mae Education Foundation reported that 85.2% of its $30.0 million in expenses went to program services, 14.8% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does Nellie Mae Education Foundation pay its top executive?
The largest total compensation Nellie Mae Education Foundation reported for one person in calendar year 2024 was $686,322, for the role of PRESIDENT & CEO (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Nellie Mae Education Foundation get its money?
Of $40.9 million in revenue in calendar year 2024, 0.0% came from contributions and grants and 0.0% from program service revenue (Form 990, Part VIII).
Is Nellie Mae Education Foundation a registered charity?
The IRS lists EIN 04-2755323 as a 501(c)(3) organization (publicly supported organization (170(b)(1)(a)(vi))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- 2024: Form 990 for calendar year 2024, object 202523189349311862 · read the filing · XML
- 2023: Form 990 for calendar year 2023, object 202423209349310742 · read the filing
- 2022: Form 990 for calendar year 2022, object 202303199349322190 · read the filing
- 2021: Form 990 for calendar year 2021, object 202233189349302493 · read the filing
- 2020: Form 990 for calendar year 2020, object 202143199349303839 · read the filing
All filings for EIN 04-2755323: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.