2023-05-15T11:16:33-05:00 2022-06-30 135565207 KPMG LLP 666 GRAND AVENUE STE 2500 DES MOINES IA 503092578 990 2021-07-01 421137531 IOWA STUDENT LOAN LIQUIDITY CORPORATION IOWA 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 502669307 ERIN LACEY EVP & TREASURER 5152737210 2023-05-15 1 ERIN LACEY XXX-XX-XXXX MONROE JORDAN GIERL P01413237 5152887465 2023-05-05 3 AAL1 IAL1 2021 2023-04-26 12:10:37Z ERIN LACEY 6805 VISTA DRIVE WEST DES MOINES IA 502669307 50940391 0 X WWW.STUDENTLOAN.ORG X 1979 IA TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 11 8 84 0 0 0 0 0 45328558 50346009 347601 252661 12500 23231 45688659 50621901 765000 700000 0 0 11160515 10629425 0 0 0 48793712 52374344 60719227 63703769 -15030568 -13081868 1230053718 1901708317 733135854 1414998162 496917864 486710155 TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 0 0 59314348 700000 50621901 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, 2022, THE CORPORATION OWNED AND SERVICED LOANS TOTALING 241,266 WITH AN OUTSTANDING BALANCE OF $1,726,144,574. 59314348 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 44 0 1 84 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 8 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 17144 0 0 LAURIE HEMPIN BOARD MEMBER 1.00 X 8334 0 0 TAMMY BRAMLEY BOARD VICE CHAIRPERSON 1.00 X 14188 0 0 DANIEL CLUTE BOARD MEMBER 1.00 X 10306 0 0 ADAM VOIGTS BOARD MEMBER 1.00 X 9712 0 0 JULIE PINGEL BOARD MEMBER 1.00 X 3781 0 0 SCOTT SCHNEIDERMANN BOARD MEMBER 1.00 X 9712 0 0 ROB DENSON BOARD MEMBER 1.00 X 7740 0 0 JIM SCHIPPER BOARD MEMBER 1.00 X 8334 0 0 MARCIA ROGERS BOARD MEMBER 1.00 X 8730 0 0 NANCY DUNKEL BOARD MEMBER 1.00 X 7740 0 0 STEVE MCCULLOUGH PRESIDENT & CEO 40.00 X 423741 0 53398 ERIN LACEY EVP & TREASURER 40.00 X 276967 0 51037 MARY KAY DEBOLT SR. OPERATIONS VP & SECRETARY 1.00 39.00 X 0 220245 35497 CINDY BARTZ CIO & PROJ MGMT VP 40.00 X 220390 0 46303 GREG NICHOLS SR. PUB AFFAIRS & COMM REL VP 40.00 X 207000 0 28632 RON FORESMAN ACCOUNTING & RISK MGMT VP 40.00 X 222197 0 35663 MARC HENDEL SR. RESEARCHER & DATA MGR 40.00 X 199846 0 25667 CHI-MING J LIN CHIEF TECHNICAL ARCHITECT 40.00 X 143217 0 27831 MARSHA BOENDER DIR, LENDER & SCHOOL SERV. 40.00 X 162512 0 33800 CHRIS HAMMERSTROM PROD. DEV. DIRECTOR 40.00 X 161593 0 27363 SHAWN SMITH LEAD DATABASE ADMINISTRATOR 40.00 X 152755 0 21657 2275939 220245 386848 26 0 1 0 KPMG LLP 666 GRAND AVENUE SUITE 2500 DES MOINES IA 50309 AUDIT & TAX SERVICES 360500 AHLERS & COONEY PC 100 COURT AVE SUITE 600 DES MOINES IA 50309 LEGAL 335601 SUZANNE M BUWALDA 1028 WAYMAKER CT APEX NC 27502 CONSULTING - IT 146020 JASON GLADFELDER 756 BROOK FOREST RD NIXA MO 65714 CONSULTING - IT 116112 4 STUDENT LOAN INTEREST 522291 45400638 45400638 OTHER STUDENT LOAN REV 522291 4945371 4945371 50346009 310051 310051 261100 318490 -57390 -57390 -57390 MISCELLANEOUS INCOME 522291 23231 23231 23231 50621901 50621901 0 0 700000 700000 2275939 2275939 6317748 6317748 746474 605032 141442 725618 616530 109088 563646 370381 193265 144659 144659 439194 439194 147720 147720 602155 602155 774412 774412 965470 965470 304044 304044 50880 50880 39188 39188 19012260 19012260 1085834 1085834 SERVICE CHARGES & FEES 14181339 14181339 MISCELLANEOUS 5018212 5018212 PROVISION FOR LOAN LOSS 3532017 3532017 DEBT RELATED EXPENSES 3090828 3090828 2986132 2986132 63703769 59314348 4389421 0 X 2192433 1303372 225701998 186745547 0 0 903723402 1594030903 0 0 0 0 0 0 0 0 990385 1565392 43960333 34771596 9610977 9188737 9755186 8683992 37120478 37262741 0 0 0 0 40958859 62927633 1230053718 1901708317 6340542 6127995 0 0 23128403 20194250 138371447 136279919 0 0 0 0 564208800 1250907520 0 0 1086662 1488478 733135854 1414998162 X 496917864 486710155 0 0 496917864 486710155 1230053718 1901708317 X -13081868 -88334 2962493 X 0 1 X 1 1 1 X 2800 0 118400 0 0 121200 65734870 65163176 56165802 45328558 50346009 282738415 65737670 65163176 56284202 45328558 50346009 282859615 0 0 0 282859615 2610542 2561370 2605460 512120 310051 8599543 2610542 2561370 2605460 512120 310051 8599543 30992 196 109 12500 23231 67028 68379204 67724742 58889771 45853178 50679291 291526186 0.97030 0.96850 0.02950 0.03130 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2017 AMOUNT: $ 30,992. 2018 AMOUNT: $ 196. 2019 AMOUNT: $ 109. 2020 AMOUNT: $ 12,500. 2021 AMOUNT: $ 23,231. 0 147720 147720 63703769 63851489 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 153669 151353 142237 147720 594979 250000 250000 250000 250000 1000000 1500000 3129449 3129449 7696205 3658360 4037845 1376897 1376289 608 10660332 9531389 1128943 21097450 20205558 891892 9188737 ACCRUED INTEREST PAYABLE 1488478 1488478 X 50675831 -88334 142264 53930 50621901 0 50621901 60883542 0 60883542 2820227 2820227 63703769 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 142,264. PART XII, LINE 4B - OTHER ADJUSTMENTS: AMORTIZATION OF BOND EXTINGUISHMENT 2,820,227. 1 IOWA COLLEGE ACCESS NETWORK 1770 BOYSON STREET HIAWATHA IA 52233 270915418 501(C)(3) 700000 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 2022 ISL CONTRIBUTED $700,000. X X X 0 0 0 0 0 0 0 0 0 STEVE MCCULLOUGH PRESIDENT & CEO 423741 0 0 0 0 0 27550 0 25848 0 477139 0 0 0 ERIN LACEY EVP & TREASURER 276967 0 0 0 0 0 27688 0 23349 0 328004 0 0 0 CINDY BARTZ CIO & PROJ MGMT VP 220390 0 0 0 0 0 22166 0 24137 0 266693 0 0 0 RON FORESMAN ACCOUNTING & RISK MGMT VP 222197 0 0 0 0 0 21972 0 13692 0 257861 0 0 0 MARY KAY DEBOLT SR. OPERATIONS VP & SECRETARY 0 220245 0 0 0 0 0 21805 0 13692 0 255742 0 0 GREG NICHOLS SR. PUB AFFAIRS & COMM REL VP 207000 0 0 0 0 0 20262 0 8370 0 235632 0 0 0 MARC HENDEL SR. RESEARCHER & DATA MGR 199846 0 0 0 0 0 19013 0 6654 0 225513 0 0 0 MARSHA BOENDER DIR, LENDER & SCHOOL SERV. 162512 0 0 0 0 0 16049 0 17750 0 196311 0 0 0 CHRIS HAMMERSTROM PROD. DEV. DIRECTOR 161593 0 0 0 0 0 16062 0 11301 0 188956 0 0 0 SHAWN SMITH LEAD DATABASE ADMINISTRATOR 152755 0 0 0 0 0 14847 0 6810 0 174412 0 0 0 CHI-MING J LIN CHIEF TECHNICAL ARCHITECT 143217 0 0 0 0 0 9928 0 17903 0 171048 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 27600000 40587485 408000 745976 2016 0 0 1 1 B 52100000 75707259 742900 1432488 2019 1 0 1 1 C 23170000 99501506 1391400 1175030 2021 1 0 1 1 D 29535390 528000 435000 111565 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 AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990 PART VI LINE 11A ALL COMPLETED FORMS TO BE FILED ARE PRESENTED TO AND REVIEWED WITH THE BOARD OF DIRECTORS. FORM 990, PART VII - COMPENSATION OF THE FIVE HIGHEST PAID IND. CONTRACTORS NAME AND ADDRESS DESCRIPTION OF SERVICES COMPENSATION AHLERS & COONEY, PC LEGAL 335,601. 100 COURT AVE, SUITE 600 DES MOINES, IA 50309 KPMG LLP AUDIT & TAX SERVICES 360,500. 666 GRAND AVENUE, SUITE 2500 DES MOINES, IA 50309 JASON GLADFELDER CONSULTING - IT 116,112. 756 BROOK FOREST RD NIXA, MO 65714 SUZANNE M BUWALDA CONSULTING - IT 146,020. 1028 WAYMAKER CT APEX, NC 27502 FROM 990 PART X LINE 23 LENDER: BONDS PAYABLE BEGINNING BALANCE DUE ................................ 679,106,096 ENDING BALANCE DUE ................................... 729,643,468 LENDER: NOTES PAYABLE BEGINNING BALANCE DUE ................................. 23,474,151 ENDING BALANCE DUE .................................... 657,543,971 TOTAL BEGINNING MORTGAGES AND OTHER NOTES PAYABLE 702,580,247 TOTAL ENDING MORTGAGES AND OTHER NOTES PAYABLE 1,387,187,439 FORM 990, PART XI - RECONCILIATION OF NET ASSETS, LINE 9 AMORTIZATION OF BOND EXTINGUISHMENT GAIN 2,820,227 REVENUE OF SUBSIDIARY 142,264 ASPIRE RESOURCES INC 6805 VISTA DRIVE WEST DES MOINES IA 50266 421520183 LOAN SERVICING IA ISLLC C 142266 37262741 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 ASPIRE RESOURCES INC N 2318854 COMPANY RECORDS ASPIRE RESOURCES INC O 2386658 COMPANY RECORDS