2024-05-14T16:30:47-05:00 2023-06-30 135565207 KPMG LLP 666 GRAND AVENUE STE 2500 DES MOINES IA 503092578 990 2022-07-01 421137531 IOWA STUDENT LOAN LIQUIDITY CORPORATION IOWA 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 502669307 ERIN LACEY EVP & TREASURER 5152737210 2024-05-14 1 ERIN LACEY XXX-XX-XXXX 0 MONROE J GIERL P01413237 5152887465 2024-04-22 2 AAL1 IAL1 2022 2023-04-26 12:10:37Z ERIN LACEY 6805 VISTA DRIVE WEST DES MOINES IA 502669307 101628415 0 X WWW.STUDENTLOAN.ORG X 1979 IA TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 11 6 88 0 0 0 0 0 50346009 95379910 252661 6072510 23231 26 50621901 101452446 700000 685000 0 0 10629425 11922623 0 0 0 52374344 90878426 63703769 103486049 -13081868 -2033603 1901708317 1743077766 1414998162 1254616939 486710155 488460827 TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 0 0 98774705 685000 101452446 IOWA STUDENT LOAN LIQUIDITY CORPORATION PROVIDES FUNDS FOR THE ACQUISITION AND SERVICING OF STUDENT LOANS UNDER THE U.S. HIGHER EDUCATION ACT OF 1965, AS AMENDED, AND OTHER NON-HIGHER EDUCATION ACT STUDENT LOAN PROGRAMS. AS OF JUNE 30, 2023, THE CORPORATION OWNED AND SERVICED LOANS TOTALING 204,347 WITH AN OUTSTANDING BALANCE OF $1,577,879,350. 98774705 1 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 46 0 1 88 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 6 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X RON W FORESMAN 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 50266 X CHRISTINE HENSLEY BOARD CHAIRPERSON 1.00 X 16938 0 0 LAURIE HEMPIN BOARD OF DIRECTOR (END 4/2023) 1.00 X 8136 0 0 TAMMY BRAMLEY BOARD VICE CHAIRPERSON 1.00 X 13000 0 0 DANIEL CLUTE BOARD MEMBER 1.00 X 10282 0 0 ADAM VOIGTS BOARD MEMBER 1.00 X 10687 0 0 JULIE PINGEL BOARD MEMBER 1.00 X 9308 0 0 SCOTT SCHNEIDERMANN BOARD MEMBER 1.00 X 10298 0 0 ROB DENSON BOARD MEMBER 1.00 X 8516 0 0 JIM SCHIPPER BOARD MEMBER 1.00 X 8904 0 0 MARCIA ROGERS BOARD MEMBER 1.00 X 8120 0 0 NANCY DUNKEL BOARD MEMBER 1.00 X 7732 0 0 JUAN GARCIA BOARD MEMBER (START 4/2023) 1.00 X 0 0 0 STEVE MCCULLOUGH PRESIDENT & CEO 40.00 X 483370 0 56100 ERIN LACEY EVP & TREASURER 40.00 X 297316 0 49731 MARY KAY DEBOLT SR. OPERATIONS VP & SECRETARY 40.00 X 0 242303 31395 CINDY BARTZ CIO & PROJ MGMT VP 40.00 X 237020 0 50954 GREG NICHOLS SR. PUB AFFAIRS & COMM REL VP 40.00 X 220880 0 31921 RON FORESMAN ACCOUNTING & RISK MGMT VP 40.00 X 240889 0 38840 MARC HENDEL SR. RESEARCHER & DATA MGR 40.00 X 205988 0 27835 CHAD WINTER INFORMATION TECHNOLOGY MGR 40.00 X 161542 0 31178 MARSHA BOENDER DIR, LENDER & SCHOOL SERV. 40.00 X 172374 0 36683 BRYAN PHILLIPS SENIOR SOFTWARE DEVELOPER 40.00 X 157820 0 10929 SHAWN SMITH LEAD DATABASE ADMINISTRATOR 40.00 X 164511 0 23558 2453631 242303 389124 35 0 1 0 AHLERS & COONEY PC 100 COURT AVE SUITE 600 DES MOINES IA 50309 LEGAL 615093 KPMG LLP 666 GRAND AVENUE SUITE 2500 DES MOINES IA 50309 AUDIT & TAX SERVICES 443475 KUTAK ROCK LLP PO BOX 30057 OMAHA NE 27502 CONSULTING - IT 165000 SUZANNE M BUWALDA 1028 WAYMAKER CT APEX NC 27502 CONSULTING - IT 146848 JASON GLADFELDER 756 BROOK FOREST RD NIXA MO 65714 CONSULTING - IT 135198 6 STUDENT LOAN INTEREST 522291 90101598 90101598 OTHER STUDENT LOAN REV 522291 5278312 5278312 95379910 6203424 6203424 45055 175969 -130914 -130914 -130914 MISCELLANEOUS INCOME 522291 26 26 26 101452446 101452446 0 0 685000 685000 2453631 2453631 7058999 7058999 868935 713956 154979 895075 791114 103961 645983 433152 212831 138685 138685 497724 497724 156101 156101 618070 618070 470607 470607 1138088 1138088 305877 305877 76765 76765 50096 50096 51462170 51462170 1149533 1149533 SERVICE CHARGES & FEES 16195370 16195370 PROVISION FOR LOAN LOSS 5372021 5372021 DEBT RELATED EXPENSES 5122668 5122668 CONSOLIDATED REBATE FEE 4127155 4127155 3997496 3997496 103486049 98774705 4711344 0 X 1303372 689194 186745547 180682245 0 0 1594030903 1440775608 0 0 0 0 0 0 0 0 1565392 1022193 44701254 35921127 9188737 8780127 8683992 7566156 37262741 37906985 0 0 0 0 62927633 65655258 1901708317 1743077766 6127995 6876270 0 0 20194250 16766219 136279919 123475056 0 0 0 0 1250907520 1103870317 0 0 1488478 3629077 1414998162 1254616939 X 486710155 488460827 0 0 486710155 488460827 1901708317 1743077766 X -2033603 -165465 3949740 X 0 1 X 1 1 1 X 0 118400 0 0 0 118400 65163176 56165802 45328588 50436009 95379910 312473485 65163176 56284202 45328588 50436009 95379910 312591885 0 0 0 312591885 2561370 2605460 512120 310051 6203424 12192425 2561370 2605460 512120 310051 6203424 12192425 196 109 12500 23231 26 36062 67724742 58889771 45853208 50769291 101583360 324820372 0.96240 0.97030 0.03750 0.02950 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2018 AMOUNT: $ 196. 2019 AMOUNT: $ 109. 2020 AMOUNT: $ 12,500. 2021 AMOUNT: $ 23,231. 2022 AMOUNT: $ 26. 0 156101 156101 103486047 103642148 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 151353 142237 147720 156101 597411 250000 250000 250000 250000 1000000 1500000 3129449 3129449 7700710 4078925 3621785 1376897 1376881 16 10723067 9751535 971532 21771131 20713786 1057345 8780127 ACCRUED INTERET PAYABLE 3629077 3629077 X 101931225 -165465 644244 478779 101452446 0 101452446 100180552 0 100180552 3305497 3305497 103486049 PART X, LINE 2: THE CORPORATION IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. AS SUCH, THE CORPORATION IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ONLY ON ANY NET UNRELATED BUSINESS INCOME UNDER THE PROVISIONS OF SECTION 511 OF THE INTERNAL REVENUE CODE. PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT IN SUBSIDIARY 644,244. PART XII, LINE 4B - OTHER ADJUSTMENTS: AMORTIZATION OF BOND EXTINGUISHMENT 3,305,497. 1 IOWA COLLEGE ACCESS NETWORK 1770 BOYSON STREET HIAWATHA IA 52233 270915418 501(C)(3) 685000 0 GENERAL SUPPORT 1 0 PART I, LINE 2: DURING CALENDAR YEAR 2009 ISL SPUN OFF A SEGMENT OF ITS BUSINESS INTO A SEPARATE TAX-EXEMPT ORGANIZATION (ICAN). ISL'S CEO/PRESIDENT IS A BOARD MEMBER OF ICAN AND ISL CONTRIBUTES A SIGNIFICANT AMOUNT OF MONEY ANNUALLY TO ICAN TO SUPPORT ITS OPERATIONS. DURING FY 2023 ISL CONTRIBUTED $685,000. X X X 0 0 0 0 0 0 0 0 0 STEVE MCCULLOUGH PRESIDENT & CEO 483370 0 0 0 0 0 28975 0 27125 0 539470 0 0 0 ERIN LACEY EVP & TREASURER 297316 0 0 0 0 0 30322 0 19409 0 347047 0 0 0 CINDY BARTZ CIO & PROJ MGMT VP 237020 0 0 0 0 0 24677 0 26277 0 287974 0 0 0 RON FORESMAN ACCOUNTING & RISK MGMT VP 240889 0 0 0 0 0 24445 0 14395 0 279729 0 0 0 MARY KAY DEBOLT SR. OPERATIONS VP & SECRETARY 0 242303 0 0 0 0 0 24241 0 7154 0 273698 0 0 GREG NICHOLS SR. PUB AFFAIRS & COMM REL VP 220880 0 0 0 0 0 22320 0 9601 0 252801 0 0 0 MARC HENDEL SR. RESEARCHER & DATA MGR 205988 0 0 0 0 0 20850 0 6985 0 233823 0 0 0 MARSHA BOENDER DIR, LENDER & SCHOOL SERV. 172374 0 0 0 0 0 18190 0 18493 0 209057 0 0 0 CHAD WINTER INFORMATION TECHNOLOGY MGR 161542 0 0 0 0 0 16934 0 14244 0 192720 0 0 0 SHAWN SMITH LEAD DATABASE ADMINISTRATOR 164511 0 0 0 0 0 16404 0 7154 0 188069 0 0 0 BRYAN PHILLIPS SENIOR SOFTWARE DEVELOPER 157820 0 0 0 0 0 10929 0 0 0 168749 0 0 0 A IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590JU5 2015-05-13 37800000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 B IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590LR9 2018-06-06 74290000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 C IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590MJ6 2019-10-23 92740000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 D IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590NH9 2022-06-23 26400000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 A 30100000 40587485 378000 745976 2016 0 0 1 1 B 55600000 75707259 742900 1432488 2019 1 0 1 1 C 28295000 99501506 1288900 1175030 2021 1 0 1 1 D 29535390 528000 435000 971 2022 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 1 0 0 0 0 0 0 1 A 1 B 1 C 1 D 1 FORM 990, PART VI, SECTION B, LINE 11B ALL COMPLETED FORMS TO BE FILED ARE PRESENTED TO AND REVIEWED WITH THE BOARD OF DIRECTORS. FORM 990, PART VI, SECTION B, LINE 12C A DIRECTOR SHOULD BE SENSITIVE TO ANY INTEREST AND POTENTIAL CONFLICT HE OR SHE MAY HAVE IN A DECISION TO BE MADE BY THE BOARD OF DIRECTORS AND, AS FAR AS POSSIBLE, RECOGNIZE SUCH INTEREST AND POTENTIAL CONFLICT PRIOR TO THE DISCUSSION OR PRESENTATION OF SUCH A MATTER BEFORE THE BOARD. WHEN A DIRECTOR HAS AN INTEREST IN A TRANSACTION BEING CONSIDERED BY THE BOARD OF DIRECTORS, THE DIRECTOR SHOULD DISCLOSE THE CONFLICT BEFORE THE BOARD TAKES ACTION ON THE MATTER. UPON DISCLOSURE BY THE DIRECTOR, THE BOARD SHOULD TAKE APPROPRIATE PROTECTIVE STEPS. ON AN ANNUAL BASIS, ALL DIRECTORS ARE ASKED TO DISCLOSE ANY CONFLICTS OF INTEREST THROUGH A COMPLETED AND SIGNED SUBMITTED FORM. FORM 990, PART VI, SECTION B, LINE 15 THE ISL BOARD OF DIRECTORS CONDUCTS A PERFORMANCE REVIEW OF THE CEO ANNUALLY. THE SALARY RANGE FOR THE CEO IS ESTABLISHED WITH THE HELP OF AN OUTSIDE INDEPENDENT COMPENSATION EXPERT. SEVERAL SALARY SURVEYS ARE CONDUCTED TO MAKE SURE THE CORPORATION IS COMPENSATING THE CEO AT A COMPETITIVE YET REASONABLE RATE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES IT DOCUMENTS AVALIABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII - COMPENSATION OF THE FIVE HIGHEST PAID IND. CONTRACTORS NAME AND ADDRESS DESCRIPTION OF SERVICES COMPENSATION AHLERS & COONEY, PC LEGAL 615,093. 100 COURT AVE, SUITE 600 DES MOINES, IA 50309 KPMG LLP AUDIT & TAX SERVICES 443,475. 666 GRAND AVENUE, SUITE 2500 DES MOINES, IA 50309 JASON GLADFELDER CONSULTING - IT 135,198. 756 BROOK FOREST RD NIXA, MO 65714 SUZANNE M BUWALDA CONSULTING - IT 146,848. 1028 WAYMAKER CT APEX, NC 27502 FROM 990 PART X LINE 23 LENDER: BONDS PAYABLE BEGINNING BALANCE DUE ................................ 729,643,468 ENDING BALANCE DUE ................................... 1,141,350,542 LENDER: NOTES PAYABLE BEGINNING BALANCE DUE ................................. 657,543,971 ENDING BALANCE DUE .................................... 85,944,832 TOTAL BEGINNING MORTGAGES AND OTHER NOTES PAYABLE 1,387,187,439 TOTAL ENDING MORTGAGES AND OTHER NOTES PAYABLE 1,227,345,374 FORM 990, PART XI - RECONCILIATION OF NET ASSETS, LINE 9 AMORTIZATION OF BOND EXTINGUISHMENT GAIN 3,305,496 REVENUE OF SUBSIDIARY 644,244 ASPIRE RESOURCES INC 6805 VISTA DRIVE WEST DES MOINES IA 50266 421520183 LOAN SERVICING IA ISLLC C 644244 37906985 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 ASPIRE RESOURCES INC N 2341254 COMPANY RECORDS ASPIRE RESOURCES INC O 2831212 COMPANY RECORDS