GRANITE EDVANCE CORPORATION: Form 990, tax year 2021
View the entire original 990 at ProPublica ↗
- Organization
- GRANITE EDVANCE CORPORATION (EIN 02-0368776)
- Tax period
- 2021-10-01 to 2022-09-30
- Filed
- 2023-02-15
- IRS object ID
- 202320469349300502
- Schema version
- 2021v4.2
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule C
- Schedule D
- Schedule I
- Schedule J
- Schedule O
- Schedule R
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2023-02-15T06:13:42-06:00 | ReturnTs |
| Tax Period End | 2022-09-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 010494526 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Baker Newman & Noyes LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO Box 507 | AddressLine1Txt |
| City | Portland | CityNm |
| State Abbreviation | ME | StateAbbreviationCd |
| ZIP | 04112 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2021-10-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 020368776 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | New Hampshire Higher Education | BusinessNameLine1Txt |
| Business Name Line2 | Loan Corporation | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | NHHI | BusinessNameControlTxt |
| Phone | 6032265829 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 Barrell Court PO Box 2111 | AddressLine1Txt |
| City | Concord | CityNm |
| State Abbreviation | NH | StateAbbreviationCd |
| ZIP | 03302 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Scott Rogers | PersonNm |
| Person Title | Chief Financial Officer | PersonTitleTxt |
| Phone | 6032265829 | PhoneNum |
| Signature | 2023-02-14 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Signing Officer SigningOfficerGrp
Person Full Name PersonFullName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person First | Scott | PersonFirstNm |
| Person Last | Rogers | PersonLastNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| SSN | 999009999 | SSN |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Nicholas E Porto | PreparerPersonNm |
| PTIN | P01310283 | PTIN |
| Phone | 2078792100 | PhoneNum |
| Preparation | 2023-02-14 | PreparationDt |
Additional Filer Information AdditionalFilerInformation
Trusted Customer TrustedCustomerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Trusted Customer | 3 | TrustedCustomerCd |
| Authentication Assurance Level | AAL1 | AuthenticationAssuranceLevelCd |
| Identity Assurance Level | IAL1 | IdentityAssuranceLevelCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2021 | TaxYr |
| Build TS | 2023-03-07 01:45:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | Christiana Thornton | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 Barrell Court PO Box 2111 | AddressLine1Txt |
| City | Concord | CityNm |
| State Abbreviation | NH | StateAbbreviationCd |
| ZIP | 03302 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $92,746,294 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | www.nhhelco.org | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1983 | FormationYr |
| Legal Domicile State | NH | LegalDomicileStateCd |
| Activity Or Mission | Financial assistance to eligible borrowers | ActivityOrMissionDesc |
| Voting Members Governing Body | 13 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 12 | VotingMembersIndependentCnt |
| Total Employee | 231 | TotalEmployeeCnt |
| Total Volunteers | 12 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $56,000 | PYContributionsGrantsAmt |
| CY Contributions Grants | $85,000 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $69,154,478 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $48,401,728 | CYProgramServiceRevenueAmt |
| PY Investment Income | $5,900,484 | PYInvestmentIncomeAmt |
| CY Investment Income | $6,491,850 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $5,055,440 | CYOtherRevenueAmt |
| PY Total Revenue | $75,110,962 | PYTotalRevenueAmt |
| CY Total Revenue | $60,034,018 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $40,500 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $50,685 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $16,275,018 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $11,094,966 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $45,781,122 | PYOtherExpensesAmt |
| CY Other Expenses | $41,366,060 | CYOtherExpensesAmt |
| PY Total Expenses | $62,096,640 | PYTotalExpensesAmt |
| CY Total Expenses | $52,511,711 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $13,014,322 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $7,522,307 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $910,620,336 | TotalAssetsBOYAmt |
| Total Assets EOY | $928,313,847 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $621,618,405 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $656,730,060 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $289,001,931 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $271,583,787 | NetAssetsOrFundBalancesEOYAmt |
| Mission | Financial assistance to eligible borrowers and administrator/servicer of student loans | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $39,034,041 | ExpenseAmt |
| Grant | $0 | GrantAmt |
| Revenue | $39,689,417 | RevenueAmt |
| Desc | 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. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $7,616,398 | ExpenseAmt |
| Grant | $0 | GrantAmt |
| Revenue | $7,744,276 | RevenueAmt |
| Desc | Service education loan programs | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $952,050 | ExpenseAmt |
| Grant | $50,685 | GrantAmt |
| Revenue | $968,035 | RevenueAmt |
| Desc | Administer the guaranteed student loan program in the state of NH in cooperation with NH lenders and secondary markets. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Expenses | $47,602,489 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (1) | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | Yes (1) | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Donor Rstr Or Quasi Endowments | 0 | DonorRstrOrQuasiEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (1) | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With35 Ctrl Ent | 0 | BusinessRlnWith35CtrlEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (1) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | Yes (1) | TransactionWithControlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 33 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 231 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Subj To Tax Rmnrtn Ex Prcht Pymt | 0 | SubjToTaxRmnrtnExPrchtPymtInd |
| Subject To Excs Tax Net Invst Inc | 0 | SubjectToExcsTaxNetInvstIncInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 13 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 12 | IndependentVotingMemberCnt |
| Family Or Business Rln | Yes (1) | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | Yes (1) | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | NH | StatesWhereCopyOfReturnIsFldCd |
| States Where Copy Of Return Is Fld | CA | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Scott Rogers | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6032255867 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 Barrell Court | AddressLine1Txt |
| City | Concord | CityNm |
| State Abbreviation | NH | StateAbbreviationCd |
| ZIP | 033022111 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (21 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Highest Compensated EmployeeHighestCompensatedEmployeeInd |
|---|---|---|---|---|---|---|---|---|
| Christiana Thornton | ||||||||
| President & CEO | 36.00 | 4.00 | Yes (X) | Yes (X) | $424,076 | $0 | $37,425 | |
| Peter Burger | ||||||||
| Trustee | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| Carol Houle | ||||||||
| Trustee | 0.20 | 0.20 | Yes (X) | $0 | $0 | $0 | ||
| Gordon Koff | ||||||||
| Trustee | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| Chuck Lloyd | ||||||||
| Trustee | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| Hans Olson | ||||||||
| Trustee (start 3/2022) | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| Paul Provost | ||||||||
| Trustee | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | ||
| Sandy Tracy | ||||||||
| Trustee | 0.20 | 0.20 | Yes (X) | $0 | $0 | $0 | ||
| Susan Huard | ||||||||
| Chair | 0.20 | 0.20 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| Debra Miller | ||||||||
| Vice Chair | 0.20 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| Rick Elwell | ||||||||
| Treasurer | 0.20 | 0.20 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| Susan Hollinger | ||||||||
| Secretary (end 9/2022); Trustee | 0.20 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| Jamie Burnett | ||||||||
| Secretary (start 9/2022); Trustee | 0.20 | 0.00 | Yes (X) | Yes (X) | $0 | $0 | $0 | |
| John Flanders | ||||||||
| VP & COO | 40.00 | 0.00 | Yes (X) | $189,450 | $0 | $31,038 | ||
| Ann Marie Thomas | ||||||||
| VP & Chief Risk Officer | 40.00 | 0.00 | Yes (X) | $160,992 | $0 | $5,564 | ||
| Scott Rogers | ||||||||
| VP & CFO | 40.00 | 0.00 | Yes (X) | $131,557 | $0 | $11,539 | ||
| Erik Sobel | ||||||||
| VP Information Services | 40.00 | 0.00 | $171,505 | $0 | $15,719 | Yes (X) | ||
| Joseph Atchinson | ||||||||
| VP Community Engagement | 40.00 | 0.00 | $178,733 | $0 | $4,098 | Yes (X) | ||
| Daniel Coughlan | ||||||||
| VP Finance | 40.00 | 0.00 | $153,957 | $0 | $25,254 | Yes (X) | ||
| Robert Woodburn | ||||||||
| AVP, Business Systems | 40.00 | 0.00 | $128,319 | $0 | $24,161 | Yes (X) | ||
| Rob Willey | ||||||||
| Software Developer Lead | 40.00 | 0.00 | $124,373 | $0 | $26,802 | Yes (X) | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,662,962 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $0 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $181,600 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 22 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| Nelnet Servicing LLC | |||||
| PO Box 82561 | Lincoln | NE | 68501 | Loan Servicing | $4,621,542 |
| Credible Labs Inc | |||||
| 101 Green Street 2nd Floor | San Francisco | CA | 94111 | Loan Marketing | $1,417,161 |
| Campus Door Holdings Inc | |||||
| 1415 Ritner Highway | Carlisle | PA | 17013 | Loan Processing | $1,242,444 |
| PriceWaterhouseCoopers Advisory | |||||
| PO Box 7247-8001 | Philadelphia | PA | 191708001 | Consulting | $473,500 |
| Saltwater Collective | |||||
| 40 Congress Street | Portsmouth | NH | 03801 | Advertising | $260,063 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 10 | CntrctRcvdGreaterThan100KCnt |
| Government Grants | $75,000 | GovernmentGrantsAmt |
| All Other Contributions | $10,000 | AllOtherContributionsAmt |
| Total Contributions | $85,000 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp (4 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| Interest Student Loans | 522291 | $40,083,855 | $40,083,855 |
| DL Service Fee Revenue | 522291 | $7,007,621 | $7,007,621 |
| Late Charges & Other | 522291 | $1,093,460 | $1,093,460 |
| Federal Interest Benefit | 522291 | $216,792 | $216,792 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $48,401,728 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,958,147 | TotalRevenueColumnAmt |
| Exclusion | $1,958,147 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $37,245,979 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $32,712,276 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $4,533,703 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $4,533,703 | TotalRevenueColumnAmt |
| Exclusion | $4,533,703 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | Gain on Swap Termination | Desc |
| Business | 522291 | BusinessCd |
| Total Revenue Column | $5,055,440 | TotalRevenueColumnAmt |
| Exclusion | $5,055,440 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $5,055,440 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $60,034,018 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $48,401,728 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $11,547,290 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $50,685 | TotalAmt |
| Program Services | $50,685 | ProgramServicesAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $991,641 | TotalAmt |
| Program Services | $594,986 | ProgramServicesAmt |
| Management And General | $396,655 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $7,737,141 | TotalAmt |
| Program Services | $6,761,069 | ProgramServicesAmt |
| Management And General | $976,072 | ManagementAndGeneralAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $315,250 | TotalAmt |
| Program Services | $275,480 | ProgramServicesAmt |
| Management And General | $39,770 | ManagementAndGeneralAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,397,081 | TotalAmt |
| Program Services | $1,220,833 | ProgramServicesAmt |
| Management And General | $176,248 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $653,853 | TotalAmt |
| Program Services | $571,367 | ProgramServicesAmt |
| Management And General | $82,486 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,762,008 | TotalAmt |
| Management And General | $1,762,008 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $240,304 | TotalAmt |
| Management And General | $240,304 | ManagementAndGeneralAmt |
Fees For Services Lobbying FeesForServicesLobbyingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $51,068 | TotalAmt |
| Program Services | $51,068 | ProgramServicesAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $315,087 | TotalAmt |
| Management And General | $315,087 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $5,788,563 | TotalAmt |
| Program Services | $5,445,505 | ProgramServicesAmt |
| Management And General | $343,058 | ManagementAndGeneralAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $681,040 | TotalAmt |
| Program Services | $617,461 | ProgramServicesAmt |
| Management And General | $63,579 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,034,803 | TotalAmt |
| Program Services | $938,198 | ProgramServicesAmt |
| Management And General | $96,605 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,464,960 | TotalAmt |
| Program Services | $2,234,840 | ProgramServicesAmt |
| Management And General | $230,120 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $611,347 | TotalAmt |
| Program Services | $554,274 | ProgramServicesAmt |
| Management And General | $57,073 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $81,090 | TotalAmt |
| Program Services | $73,520 | ProgramServicesAmt |
| Management And General | $7,570 | ManagementAndGeneralAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $30,715 | TotalAmt |
| Program Services | $30,715 | ProgramServicesAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $16,823,545 | TotalAmt |
| Program Services | $16,823,545 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $965,172 | TotalAmt |
| Program Services | $865,198 | ProgramServicesAmt |
| Management And General | $99,974 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $242,223 | TotalAmt |
| Program Services | $219,610 | ProgramServicesAmt |
| Management And General | $22,613 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt |
|---|---|---|
| Provision for Loan Loss | $5,935,314 | $5,935,314 |
| Collections Expenses | $2,044,993 | $2,044,993 |
| Consolidation Loan Fee | $1,614,304 | $1,614,304 |
| Bond Admin Expenses | $679,524 | $679,524 |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $52,511,711 | TotalAmt |
| Program Services | $47,602,489 | ProgramServicesAmt |
| Management And General | $4,909,222 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $32,101,712 | BOYAmt |
| EOY | $34,731,389 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,095,899 | BOYAmt |
| EOY | $2,006,734 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $741,758,111 | BOYAmt |
| EOY | $797,978,577 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $92,914 | BOYAmt |
| EOY | $31,144 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $16,276,315 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $14,046,207 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $3,012,554 | BOYAmt |
| EOY | $2,230,108 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $123,505,650 | BOYAmt |
| EOY | $85,589,008 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,053,496 | BOYAmt |
| EOY | $5,746,887 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $910,620,336 | BOYAmt |
| EOY | $928,313,847 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,174,533 | BOYAmt |
| EOY | $2,569,401 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $610,217,049 | BOYAmt |
| EOY | $653,828,513 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,226,823 | BOYAmt |
| EOY | $332,146 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $621,618,405 | BOYAmt |
| EOY | $656,730,060 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows FASB117 | Yes (X) | OrganizationFollowsFASB117Ind |
No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $289,001,931 | BOYAmt |
| EOY | $271,583,787 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $289,001,931 | BOYAmt |
| EOY | $271,583,787 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $910,620,336 | BOYAmt |
| EOY | $928,313,847 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $7,522,307 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$23,108,110 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$1,832,341 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | Yes (1) | FederalGrantAuditRequiredInd |
| Federal Grant Audit Performed | Yes (1) | FederalGrantAuditPerformedInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | Yes (X) | PubliclySupportedOrg509a2Ind |
Gifts Grants Contris Rcvd509 GiftsGrantsContrisRcvd509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus2 Years | $32,150 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $56,000 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $85,000 | CurrentTaxYearAmt |
| Total | $173,150 | TotalAmt |
Gross Receipts Admissions GrossReceiptsAdmissionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $45,713,273 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $53,630,528 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $54,188,769 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $69,154,478 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $48,401,728 | CurrentTaxYearAmt |
| Total | $271,088,776 | TotalAmt |
Total509 Total509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $45,713,273 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $53,630,528 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $54,220,919 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $69,210,478 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $48,486,728 | CurrentTaxYearAmt |
| Total | $271,261,926 | TotalAmt |
Amounts Rcvd Dsqlfy Person AmountsRcvdDsqlfyPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Substantial Contributors Amt SubstantialContributorsAmtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Subst And Dsqlfy Prsns Tot SubstAndDsqlfyPrsnsTotGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | $271,261,926 | PublicSupportTotal509Amt |
Gross Investment Income509 GrossInvestmentIncome509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,753,441 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $1,956,644 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $1,349,668 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $1,534,351 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $1,958,147 | CurrentTaxYearAmt |
| Total | $8,552,251 | TotalAmt |
Investment Income And UBTI InvestmentIncomeAndUBTIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,753,441 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $1,956,644 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $1,349,668 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $1,534,351 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $1,958,147 | CurrentTaxYearAmt |
| Total | $8,552,251 | TotalAmt |
Other Income509 OtherIncome509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year | $5,055,440 | CurrentTaxYearAmt |
| Total | $5,055,440 | TotalAmt |
Total Support Calendar Year TotalSupportCalendarYearGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $47,466,714 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $55,587,172 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $55,570,587 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $70,744,829 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $55,500,315 | CurrentTaxYearAmt |
| Total | $284,869,617 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support CY509 | 0.95220 | PublicSupportCY509Pct |
| Public Support PY509 | 0.97120 | PublicSupportPY509Pct |
| Investment Income CY | 0.03000 | InvestmentIncomeCYPct |
| Investment Income PY | 0.02880 | InvestmentIncomePYPct |
| Thirty Thr Pct Suprt Tests CY509 | Yes (X) | ThirtyThrPctSuprtTestsCY509Ind |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Volunteers | 0 | VolunteersInd |
| Paid Staff Or Management | 0 | PaidStaffOrManagementInd |
| Media Advertisements | 0 | MediaAdvertisementsInd |
| Mailings Members | 0 | MailingsMembersInd |
| Publications Or Broadcast | 0 | PublicationsOrBroadcastInd |
| Grants Other Organizations | Yes (1) | GrantsOtherOrganizationsInd |
| Grants Other Organizations | $51,538 | GrantsOtherOrganizationsAmt |
| Direct Contact Legislators | 0 | DirectContactLegislatorsInd |
| Rallies Demonstrations | 0 | RalliesDemonstrationsInd |
| Other Activities | 0 | OtherActivitiesInd |
| Total Lobbying Expenditures | $51,538 | TotalLobbyingExpendituresAmt |
| Not Described Section501c3 | 0 | NotDescribedSection501c3Ind |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Part II-B, Line 1: | FormAndLineReferenceDesc |
| Explanation | 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 - $45,000 Portion available for lobbying - $2,925 Student Loan Servicing Alliance: Total dues - $9,400 Portion available for lobbying - $470 Additionally, the Organization paid $42,143 to Thompson & Coburn, a Washington, DC law firm and $6,000 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. | ExplanationTxt |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $687,587 | OtherCostOrOtherBasisAmt |
| Book Value | $687,587 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $9,372,094 | OtherCostOrOtherBasisAmt |
| Depreciation | $8,581,109 | DepreciationAmt |
| Book Value | $790,985 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $6,216,634 | OtherCostOrOtherBasisAmt |
| Depreciation | $5,465,098 | DepreciationAmt |
| Book Value | $751,536 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $2,230,108 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | Accrued Interest Payable | Desc |
| Amt | $332,146 | Amt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $332,146 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $26,845,859 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | -$23,108,110 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | -$23,108,110 | RevenueNotReportedAmt |
| Revenue Subtotal | $49,953,969 | RevenueSubtotalAmt |
| Investment Expenses Not Incld | $315,087 | InvestmentExpensesNotIncldAmt |
| Other Revenues Not Included | $9,764,962 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | $10,080,049 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $60,034,018 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $45,431,762 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $75,000 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $75,000 | ExpensesNotReportedAmt |
| Expenses Subtotal | $45,356,762 | ExpensesSubtotalAmt |
| Investment Expenses Not Incld2 | $315,087 | InvestmentExpensesNotIncld2Amt |
| Other Expenses Not Included | $6,839,862 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | $7,154,949 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $52,511,711 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (4 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 Financial Accounting Standards Board (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, 2022 or 2021. |
| Part XI, Line 4b - Other Adjustments: | Special Interest Allowance - U.S. Department of Education 1,757,341. Revenue from Discontinued Operations 8,007,621. |
| Part XII, Line 2d - Other Adjustments: | Transfer to NHHEAF for Scholarships 75,000. |
| Part XII, Line 4b - Other Adjustments: | Expenses from Discontinued Operations 6,839,862. |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (1) | GrantRecordsMaintainedInd |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | Scholarships | GrantTypeTxt |
| Recipient | 68 | RecipientCnt |
| Cash Grant | $50,685 | CashGrantAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Part I, Line 2: | FormAndLineReferenceDesc |
| Explanation | 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. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Idemnification Gross Up Pmts | Yes (X) | IdemnificationGrossUpPmtsInd |
| Written Policy Ref T And E Expnss | Yes (1) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (1) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Form990 Of Other Organizations | Yes (X) | Form990OfOtherOrganizationsInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | Yes (1) | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | Yes (1) | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (8 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Christiana Thornton | ||||||||||||||
| President & CEO | $325,500 | $0 | $97,650 | $0 | $926 | $0 | $9,187 | $0 | $28,238 | $0 | $461,501 | $0 | $0 | $0 |
| John Flanders | ||||||||||||||
| VP & COO | $174,710 | $0 | $12,760 | $0 | $1,980 | $0 | $5,360 | $0 | $25,678 | $0 | $220,488 | $0 | $0 | $0 |
| Erik Sobel | ||||||||||||||
| VP Information Services | $157,586 | $0 | $11,389 | $0 | $2,530 | $0 | $5,583 | $0 | $10,136 | $0 | $187,224 | $0 | $0 | $0 |
| Joseph Atchinson | ||||||||||||||
| VP Community Engagement | $160,833 | $0 | $16,392 | $0 | $1,508 | $0 | $1,501 | $0 | $2,597 | $0 | $182,831 | $0 | $0 | $0 |
| Daniel Coughlan | ||||||||||||||
| VP Finance | $140,428 | $0 | $9,269 | $0 | $4,260 | $0 | $6,299 | $0 | $18,955 | $0 | $179,211 | $0 | $0 | $0 |
| Ann Marie Thomas | ||||||||||||||
| VP & Chief Risk Officer | $128,875 | $0 | $6,037 | $0 | $26,080 | $0 | $913 | $0 | $4,651 | $0 | $166,556 | $0 | $0 | $0 |
| Robert Woodburn | ||||||||||||||
| AVP, Business Systems | $120,593 | $0 | $5,267 | $0 | $2,459 | $0 | $5,221 | $0 | $18,940 | $0 | $152,480 | $0 | $0 | $0 |
| Rob Willey | ||||||||||||||
| Software Developer Lead | $117,033 | $0 | $2,143 | $0 | $5,197 | $0 | $2,292 | $0 | $24,510 | $0 | $151,175 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (4 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Part I, Line 1a | The Organization provided relocation and moving expenses of Ann Marie Thomas on a reimbursement basis. The Organization also provided tax gross-up payments to her in relation to this transaction. All relocation, moving, and gross-up payments have been included as part of her taxable compensation in her W-2. |
| 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 4a | Rob Willey, who served the Organization as a Software Developer Lead through December, 2021, received severance payments of $4,121 from the New Hampshire Higher Education Loan Corporation in 2021. This amount was included in Mr. Willey's 2021 W-2 and is reported on this Schedule J, Part II, Column B(iii). |
| Part I, Line 7 | Performance-based variable compensation, which is subject to review and paid annually. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (8 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 3 | Linda Crump, who served as Chief Financial Officer until February 2021, was a contract employee from October 2019 through February 2021 through AMS Accounting & Professional Services of Candia, NH, an unrelated organization. The Organization paid AMS Accounting & Professional Services $60,861 during the fiscal year covered by this return for services that Ms. Crump provided to the Organization during her contracted period. In accordance with IRS instructions, these fees have not been reported as compensation in Form 990, Part VII, Section A or Schedule J, Part II, as Ms. Crump does not meet the defniition of a current officer of the organization and the compensation paid for past services is below the $100,000 threshold for former officer compensation disclosure requirements. It is being disclosed here for transparency purposes. |
| 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 New Hampshire Higher Education Loan 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 NHHELCO 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. In August 2020, 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 IX, line 11g | Servicing Fees: Program service expenses 5,445,505. Management and general expenses 343,058. Fundraising expenses 0. Total expenses 5,788,563. |
| Form 990, Part XI, line 9: | Tranfer to NHHEAF for Scholarships -75,000. Special Interest Allowance - U.S. Department of Education -1,757,341. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (4 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|---|---|
| EDvestinU Private Education Loan Issue No 1 LLC | |||||||||
| c/o NHHELCO 4 Barrell Court | Concord | NH | 03301 | 475156259 | Purchase private student loans | NH | $2,849,676 | $57,812,314 | New Hampshire Higher Education Loan Corporation |
| EdvestinU Private Education Loan Issue No 2 LLC | |||||||||
| c/o NHHELCO 4 Barrell Court | Concord | NH | 03301 | 832287656 | Purchase private student loans | DE | $7,622,121 | $111,865,572 | New Hampshire Higher Education Loan Corporation |
| EDvestinU Private Education Loan Issue No 3 LLC | |||||||||
| c/o NHHELCO 4 Barrell Court | Concord | NH | 03301 | 861733223 | Purchase private student loans | DE | $13,361,176 | $207,953,604 | New Hampshire Higher Education Loan Corporation |
| EDvestinU Private Education Loan Issue No 3 LLC | |||||||||
| c/o NHHELCO 4 Barrell Court | Concord | NH | 03301 | 883061704 | Purchase private student loans | DE | $103,014 | $236,172,842 | New Hampshire Higher Education Loan Corporation |
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Exempt Code SectionExemptCodeSectionTxt | Public Charity StatusPublicCharityStatusTxt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | Controlled OrganizationControlledOrganizationInd |
|---|---|---|---|---|---|---|---|---|---|---|
| New Hampshire Higher Education Assistance Foundation | ||||||||||
| 4 Barrell Court | Concord | NH | 033020877 | 026007687 | Student loan guarantor | NH | 501(c)(3) | Line 10 | New Hampshire Higher Education Loan Corporation | Yes (1) |
| NHHEAF Network Education Foundation | ||||||||||
| 4 Barrell Court | Concord | NH | 033022111 | 300289044 | Grants and scholarships | NH | 501(c)(3) | PF | New Hampshire Higher Education Loan Corporation | Yes (1) |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | 0 | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | Yes (1) | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | Yes (1) | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | 0 | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (1) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | Yes (1) | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | Yes (1) | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp (3 entries)
| Transaction TypeTransactionTypeTxt | InvolvedInvolvedAmt | Method Of Amount DeterminationMethodOfAmountDeterminationTxt |
|---|---|---|
| New Hampshire Higher Education Assistance Foundation | ||
| R | $75,000 | Actual per book |
| New Hampshire Higher Education Assistance Foundation | ||
| M | $5,637,561 | Actual per book |
| New Hampshire Higher Education Assistance Foundation | ||
| L | $5,637,561 | Actual per book |
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