2024-02-13T12:13:15-06:00 2023-09-30 010494526 Baker Newman & Noyes LLC PO Box 507 Portland ME 04112 990 2022-10-01 020368776 Granite Edvance Corporation NHHI 6032265829 3 Barrell Court Concord NH 03302 Scott Rogers Chief Financial Officer 6032265829 2024-02-06 1 Scott Rogers 999009999 0 Connor Smart P02285543 2078792100 2024-02-06 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z X Christiana Thornton 3 Barrell Court Concord NH 03302 86930103 0 X www.graniteedvance.org X 1983 NH Financial assistance to eligible borrowers. 13 12 147 13 0 0 85000 113000 48401728 56492381 6491850 5113698 5055440 6588 60034018 61725667 50685 44000 0 0 11094966 10962701 0 0 0 41366060 49406887 52511711 60413588 7522307 1312079 928313847 915716327 656730060 619458501 271583787 296257826 X Financial assistance to eligible borrowers and administrator/servicer of student loans. 1 0 46511017 44000 50847435 The Corporation was organized for the charitable and educational purpose of providing low-cost financial assistance primarily to eligible students attending college in New Hampshire or residents attending college out of state. 9526353 0 5644946 Service education loan programs. 56037370 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 40 0 1 147 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 12 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH CA X Scott Rogers CFO 6032265829 3 Barrell Court Concord NH 03302 Peter Burger Trustee 0.20 0.00 X 0 0 0 William Dwyer Trustee (start 7/2023) 0.20 0.00 X 0 0 0 Susan Hollinger Trustee (end 9/2023) 0.20 0.00 X 0 0 0 Carol Houle Trustee 0.20 0.20 X 0 0 0 Gordon Koff Trustee 0.20 0.00 X 0 0 0 Chuck Lloyd Trustee 0.20 0.00 X 0 0 0 Hans Olson Trustee 0.20 0.00 X 0 0 0 Sandy Tracy Trustee 0.20 0.00 X 0 0 0 Susan Huard Chair 0.20 0.20 X X 0 0 0 Debra Miller Vice Chair (end 9/2023); Trustee 0.20 0.00 X X 0 0 0 Paul Provost Trustee; Vice Chair (start 9/2023) 0.20 0.00 X X 0 0 0 Rick Elwell Treasurer 0.20 0.20 X X 0 0 0 Jamie Burnett Secretary 0.20 0.00 X X 0 0 0 Christiana Thornton President & CEO 36.00 4.00 X X 477520 0 39871 Ann Marie Thomas VP & Chief Risk Officer (end 7/2023) 40.00 0.00 X 210079 0 14756 Scott Rogers VP & CFO 40.00 0.00 X 208482 0 30828 John Flanders VP & Chief Strategy/Lending Officer 40.00 0.00 X 191237 0 34235 Erik Sobel VP Information Services 40.00 0.00 X 181746 0 18336 Danielle Barrick VP Communications & External Affairs 40.00 0.00 X 158734 0 30499 Daniel Coughlan VP Capital Markets/Asset Management 40.00 0.00 X 138509 0 30876 Carlton Lewis Software Development Architect 40.00 0.00 X 137213 0 25204 Kathy-Ann Maguire VP Human Resources 40.00 0.00 X 134030 0 24913 1837550 0 249518 19 0 1 0 Nelnet Servicing LLC PO Box 82561 Lincoln NE 68501 Loan Servicing 6629746 Credible Labs Inc 101 Green Street 2nd Floor San Francisco CA 94111 Loan Marketing 3501091 Campus Door Holdings Inc 1415 Ritner Highway Carlisle PA 17013 Loan Processing 1452322 Spinnaker Consulting Group LLC 8000 Franklin Farms Drive Henrico VA 23229 Consulting 503709 Saltwater Collective 40 Congress Street Portsmouth NH 03801 Marketing 422365 20 88000 25000 113000 Interest Student Loans 522291 50607362 50607362 Loan Servicing Fees 522291 5553092 5553092 Federal Interest Benefit 522291 240073 240073 Late Charges & Other 522291 91854 91854 56492381 3791389 3791389 24699 18111 6588 6588 6588 26508634 25186325 1322309 1322309 1322309 61725667 56492381 0 5120286 44000 44000 1207008 724205 482803 7433595 6456464 977131 295404 256574 38830 1454382 1263207 191175 572312 497083 75229 1087951 1087951 197089 197089 45655 45655 295429 295429 5726593 5387208 339385 551405 488406 62999 951886 843131 108755 3024377 2678835 345542 652099 577595 74504 101443 89853 11590 22885 21293 1592 28754189 28754189 624748 568555 56193 262758 232737 30021 Provision for Loan Loss 2838816 2838816 Rebates/Collections 2477572 2477572 Consolidation Loan Fee 1198838 1198838 Bond Admin Expenses 593154 593154 60413588 56037370 4376218 0 34731389 27761368 2006734 3422624 797978577 761787925 31144 6694 16500998 14660345 2230108 1840653 85589008 114524650 5746887 6372413 928313847 915716327 2569401 4582849 653828513 614313385 332146 562267 656730060 619458501 X 271583787 296257826 271583787 296257826 928313847 915716327 X 1312079 6523631 16838329 X 0 1 X 1 1 1 X 32150 56000 85000 113000 286150 53630528 54188769 69154478 48401728 56492381 281867884 53630528 54220919 69210478 48486728 56605381 282154034 0 0 0 282154034 1956644 1349668 1534351 1958147 3797977 10596787 1956644 1349668 1534351 1958147 3797977 10596787 5055440 5055440 55587172 55570587 70744829 55500315 60403358 297806261 0.94740 0.95220 0.03560 0.03000 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 45655 0 0 0 45655 0 Part II-B, Line 1: A portion of dues paid to the various professional associations during the filing period were available for lobbying purposes, as outlined below: Education Finance Council: Total dues - $30,500 Portion available for lobbying - $1,678 Student Loan Servicing Alliance: Total dues - $19,540 Portion available for lobbying - $977 Additionally, the Organization paid $36,000 to Thompson & Coburn, a Washington, DC law firm and $7,000 to Gallagher & Gartrell, a Concord, NH law firm, in part for services related to lobbying activities and information on pending legislation that may impact the Organization. 687587 687587 9388544 8752568 635976 6424867 5907777 517090 1840653 Accrued Interest Payable 562267 562267 X 62418888 6523631 18111 6541742 55877146 295429 5553092 5848521 61725667 54583178 18111 18111 54565067 295429 5553092 5848521 60413588 Part X, Line 2: The Company has received a determination letter from the Internal Revenue Service stating that it qualifies for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been included in the financial statements. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the FASB, assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. Under guidance issued by the FASB, assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. The Company has evaluated the positions taken on its filed tax returns. The Company has concluded no uncertain income tax positions exist at September 30, 2023 or 2022. Part XI, Line 2d - Other Adjustments: Rental expenses 18,111. Part XI, Line 4b - Other Adjustments: Revenue from Discontinued Operations 5,553,092. Part XII, Line 2d - Other Adjustments: Rental expenses 18,111. Part XII, Line 4b - Other Adjustments: Expenses from Discontinued Operations 5,553,092. 1 Scholarships 68 44000 Part I, Line 2: In order to ensure that the scholarship recipient is using the funds for direct educational expenses at the Title IV institutions, the following procedures are in place: 1) verification of attendance at a Title IV institution 2) checks are not released until we have received confirmation of enrollment for the academic period for which the scholarship was granted 3) once the enrollment status is confirmed, a check is requested made payable to the postsecondary institution and the student. 1 X X X X 1 0 0 0 0 0 0 1 0 Christiana Thornton President & CEO 365500 0 111720 0 300 0 10220 0 29651 0 517391 0 0 0 Scott Rogers VP & CFO 196681 0 10511 0 1290 0 5307 0 25521 0 239310 0 0 0 John Flanders VP & Chief Strategy/Lending Officer 179815 0 9442 0 1980 0 8758 0 25477 0 225472 0 0 0 Ann Marie Thomas VP & Chief Risk Officer (end 7/2023) 198306 0 10483 0 1290 0 5033 0 9723 0 224835 0 0 0 Erik Sobel VP Information Services 172402 0 8654 0 690 0 8255 0 10081 0 200082 0 0 0 Danielle Barrick VP Communications & External Affairs 148975 0 8504 0 1255 0 6347 0 24152 0 189233 0 0 0 Daniel Coughlan VP Capital Markets/Asset Management 130911 0 6908 0 690 0 5676 0 25200 0 169385 0 0 0 Carlton Lewis Software Development Architect 132347 0 3396 0 1470 0 6403 0 18801 0 162417 0 0 0 Kathy-Ann Maguire VP Human Resources 126541 0 6799 0 690 0 6123 0 18790 0 158943 0 0 0 Part I, Line 3 The organization used a compensation committee, Form 990 of other organizations, a compensation study, and board/compensation committee approval to establish the officers' compensation. Part I, Line 7 Performance-based variable compensation, which is subject to review and paid annually. Form 990, Part III, line 2 New Hampshire Higher Education Assistance Foundation (the Foundation or NHHEAF), a related organization that was a tax-exempt 501(c)(3) public charity, was founded in 1962 for the purpose of guaranteeing long-term, low interest rate educational loans made by financial institutions to students attending colleges and technical schools. On March 6, 2023, NHHEAF was formally dissolved. All remaining assets in the NHHEAF operating fund were transferred to Granite Edvance Corporation, and all remaining assets in the NHHEAF federal fund were returned to the United States Department of Education. Form 990, Part VI, Section A, line 2 Christiana Thornton, President and CEO, and board member Paul Provost had a business relationship during the year. Form 990, Part VI, Section A, line 4 Granite Edvance Corporation amended its bylaws twice during the year ending September 30, 2023: once in March 2023, and again in July 2023. Cumulatively, the amendments to the Corporation's bylaws made effective the following governance modifications: 1. Pursuant to the dissolution of New Hampshire Higher Education Assistance Foundation ("NHHEAF"), a related organization, mention of provisions for subsidiaries were struck from the Corporation's bylaws. 2. The responsibilities and obligations of the Corporation's Chief Financial Officer (CFO) are more clearly defined and updated. Specifically, the amended bylaws state that the CFO will report to the President/CEO, including with respect to any duties delegated by the Treasurer. The CFO is tasked with managing the assets, finances, budgeting, capital and liquidity of the Corporation. The CFO will assist the President/CEO on all matters as they relate to financial and budgetary transactions. The CFO is to coordinate such duties and actions with the Board Treasurer and Leadership Teams. 3. Upon recommendation of the Risk Management Committee, the Corporation has removed the Chief Risk Officer position from the corporate bylaws. The Committee, in addition to this recommendation, put forward a risk management strategy to the Corporation's CEO so that the Corporation can continue to monitor and manage risks without this position. Form 990, Part VI, Section B, line 11b A copy of the Form 990 was emailed to the board before filing. Board members had the opportunity to review the form and ask for questions and clarifications. Form 990, Part VI, Section B, line 12c Any conflicts of interest revealed in the annual survey or at any time throughout the year are addressed promptly and appropriately. Form 990, Part VI, Section B, line 15 The Organization's employee officers who are part of management were compensated as employees by Granite Edvance Corporation, which used a compensation committee, Form 990 of other organizations, a compensation study, and board/compensation committee approval to establish the officers' compensation. As shown in Part VII, with the exception of the President/CEO, who is an ex-officio board member, no individuals are compensated for services in their capacity as members of the board of directors. An on-going internal review of salaries is conducted by Human Resources Management of Granite Edvance Corporation using salary surveys from local and national resources to compare salaries for positions in the organization to local market data. The compensation structure is adjusted based on the results of these reviews. An independent consultant completed the Affirmative Action Plan, which included a review of salary and hiring practices to ensure nondiscrimination. The Organization's internal review of market data for staff and executive salaries includes executive salaries for organizations of comparable size, structure, geographical location, operations and asset composition to NHHELCO. Based on this comparative market data, the Compensation Committee reviews the proposed CEO compensation package for reasonableness and fairness and makes a recommendation to the full board. During fiscal year 2023, an independent consultant was retained by the Board to provide an Executive Compensation Analysis Report. The purpose of the report was to ensure the Board met its fiduciary responsibilities as it relates to determining a reasonable market rate of compensation for the position of President and CEO. The report utilized multiple data sources to ensure a robust market assessment and to establish a rebuttable presumption of reasonableness for each member of the authorized body. Form 990, Part VI, Section C, line 19 The organization will make its governing documents, conflict of interest policy, and financial statements available to the public upon request. Form 990, Part XI, line 9: Net Assets from NHHEAF 16,838,329. EDvestinU Private Education Loan Issue No 1 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 475156259 Purchase private student loans NH 4122673 47712213 Granite Edvance Corporation EdvestinU Private Education Loan Issue No 2 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 832287656 Purchase private student loans DE 6979246 97550330 Granite Edvance Corporation EDvestinU Private Education Loan Issue No 3 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 861733223 Purchase private student loans DE 13057507 183815604 Granite Edvance Corporation EDvestinU Private Education Loan Issue No 4 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 883061704 Purchase private student loans DE 13277168 216585438 Granite Edvance Corporation New Hampshire Higher Education Assistance Foundation 3 Barrell Court Concord NH 03302 026007687 Student loan guarantor (dissolved) NH 501(c)(3) Line 10 Granite Edvance Corporation 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 0 1 New Hampshire Higher Education Assistance Foundation M 5553092 Actual per book New Hampshire Higher Education Assistance Foundation L 5553092 Actual per book New Hampshire Higher Education Assistance Foundation S 16838329 Actual per book