2023-02-15T06:13:42-06:00 2022-09-30 010494526 Baker Newman & Noyes LLC PO Box 507 Portland ME 04112 990 2021-10-01 020368776 New Hampshire Higher Education Loan Corporation NHHI 6032265829 4 Barrell Court PO Box 2111 Concord NH 03302 Scott Rogers Chief Financial Officer 6032265829 2023-02-14 1 Scott Rogers 999009999 Nicholas E Porto P01310283 2078792100 2023-02-14 3 AAL1 IAL1 2021 2023-03-07 01:45:13Z Christiana Thornton 4 Barrell Court PO Box 2111 Concord NH 03302 92746294 0 X www.nhhelco.org X 1983 NH Financial assistance to eligible borrowers 13 12 231 12 0 0 56000 85000 69154478 48401728 5900484 6491850 0 5055440 75110962 60034018 40500 50685 0 0 16275018 11094966 0 0 0 45781122 41366060 62096640 52511711 13014322 7522307 910620336 928313847 621618405 656730060 289001931 271583787 Financial assistance to eligible borrowers and administrator/servicer of student loans 0 0 39034041 0 39689417 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. 7616398 0 7744276 Service education loan programs 952050 50685 968035 Administer the guaranteed student loan program in the state of NH in cooperation with NH lenders and secondary markets. 47602489 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 33 0 1 231 1 0 0 0 0 0 0 0 0 0 0 0 0 X 13 12 1 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH CA X Scott Rogers 6032255867 4 Barrell Court Concord NH 033022111 Christiana Thornton President & CEO 36.00 4.00 X X 424076 0 37425 Peter Burger Trustee 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 (start 3/2022) 0.20 0.00 X 0 0 0 Paul Provost Trustee 0.20 0.00 X 0 0 0 Sandy Tracy Trustee 0.20 0.20 X 0 0 0 Susan Huard Chair 0.20 0.20 X X 0 0 0 Debra Miller Vice Chair 0.20 0.00 X X 0 0 0 Rick Elwell Treasurer 0.20 0.20 X X 0 0 0 Susan Hollinger Secretary (end 9/2022); Trustee 0.20 0.00 X X 0 0 0 Jamie Burnett Secretary (start 9/2022); Trustee 0.20 0.00 X X 0 0 0 John Flanders VP & COO 40.00 0.00 X 189450 0 31038 Ann Marie Thomas VP & Chief Risk Officer 40.00 0.00 X 160992 0 5564 Scott Rogers VP & CFO 40.00 0.00 X 131557 0 11539 Erik Sobel VP Information Services 40.00 0.00 X 171505 0 15719 Joseph Atchinson VP Community Engagement 40.00 0.00 X 178733 0 4098 Daniel Coughlan VP Finance 40.00 0.00 X 153957 0 25254 Robert Woodburn AVP, Business Systems 40.00 0.00 X 128319 0 24161 Rob Willey Software Developer Lead 40.00 0.00 X 124373 0 26802 1662962 0 181600 22 0 1 0 Nelnet Servicing LLC PO Box 82561 Lincoln NE 68501 Loan Servicing 4621542 Credible Labs Inc 101 Green Street 2nd Floor San Francisco CA 94111 Loan Marketing 1417161 Campus Door Holdings Inc 1415 Ritner Highway Carlisle PA 17013 Loan Processing 1242444 PriceWaterhouseCoopers Advisory PO Box 7247-8001 Philadelphia PA 191708001 Consulting 473500 Saltwater Collective 40 Congress Street Portsmouth NH 03801 Advertising 260063 10 75000 10000 85000 Interest Student Loans 522291 40083855 40083855 DL Service Fee Revenue 522291 7007621 7007621 Late Charges & Other 522291 1093460 1093460 Federal Interest Benefit 522291 216792 216792 48401728 1958147 1958147 37245979 32712276 4533703 4533703 4533703 Gain on Swap Termination 522291 5055440 5055440 5055440 60034018 48401728 0 11547290 X 50685 50685 991641 594986 396655 7737141 6761069 976072 315250 275480 39770 1397081 1220833 176248 653853 571367 82486 1762008 1762008 240304 240304 51068 51068 315087 315087 5788563 5445505 343058 681040 617461 63579 1034803 938198 96605 2464960 2234840 230120 611347 554274 57073 81090 73520 7570 30715 30715 16823545 16823545 965172 865198 99974 242223 219610 22613 Provision for Loan Loss 5935314 5935314 Collections Expenses 2044993 2044993 Consolidation Loan Fee 1614304 1614304 Bond Admin Expenses 679524 679524 52511711 47602489 4909222 0 32101712 34731389 2095899 2006734 741758111 797978577 92914 31144 16276315 14046207 3012554 2230108 123505650 85589008 8053496 5746887 910620336 928313847 10174533 2569401 610217049 653828513 1226823 332146 621618405 656730060 X 289001931 271583787 289001931 271583787 910620336 928313847 X 7522307 -23108110 -1832341 X 0 1 X 1 1 1 X 32150 56000 85000 173150 45713273 53630528 54188769 69154478 48401728 271088776 45713273 53630528 54220919 69210478 48486728 271261926 0 0 0 271261926 1753441 1956644 1349668 1534351 1958147 8552251 1753441 1956644 1349668 1534351 1958147 8552251 5055440 5055440 47466714 55587172 55570587 70744829 55500315 284869617 0.95220 0.97120 0.03000 0.02880 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 51538 0 0 0 51538 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 - $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. 687587 687587 9372094 8581109 790985 6216634 5465098 751536 2230108 Accrued Interest Payable 332146 332146 X 26845859 -23108110 -23108110 49953969 315087 9764962 10080049 60034018 45431762 75000 75000 45356762 315087 6839862 7154949 52511711 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. 1 Scholarships 68 50685 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. X 1 1 X X X X 1 0 0 0 0 0 0 1 0 Christiana Thornton President & CEO 325500 0 97650 0 926 0 9187 0 28238 0 461501 0 0 0 John Flanders VP & COO 174710 0 12760 0 1980 0 5360 0 25678 0 220488 0 0 0 Erik Sobel VP Information Services 157586 0 11389 0 2530 0 5583 0 10136 0 187224 0 0 0 Joseph Atchinson VP Community Engagement 160833 0 16392 0 1508 0 1501 0 2597 0 182831 0 0 0 Daniel Coughlan VP Finance 140428 0 9269 0 4260 0 6299 0 18955 0 179211 0 0 0 Ann Marie Thomas VP & Chief Risk Officer 128875 0 6037 0 26080 0 913 0 4651 0 166556 0 0 0 Robert Woodburn AVP, Business Systems 120593 0 5267 0 2459 0 5221 0 18940 0 152480 0 0 0 Rob Willey Software Developer Lead 117033 0 2143 0 5197 0 2292 0 24510 0 151175 0 0 0 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. 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. EDvestinU Private Education Loan Issue No 1 LLC c/o NHHELCO 4 Barrell Court Concord NH 03301 475156259 Purchase private student loans NH 2849676 57812314 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 7622121 111865572 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 13361176 207953604 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 103014 236172842 New Hampshire Higher Education Loan Corporation 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 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 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 0 New Hampshire Higher Education Assistance Foundation R 75000 Actual per book New Hampshire Higher Education Assistance Foundation M 5637561 Actual per book New Hampshire Higher Education Assistance Foundation L 5637561 Actual per book