2022-02-14T11:52:25-06:00 2021-09-30 010494526 Baker Newman & Noyes LLC PO Box 507 Portland ME 04112 990 2020-10-01 020368776 New Hampshire Higher Education Loan Corporation NHHI 6032265829 4 Barrell Court PO Box 2111 Concord NH 03302 Scott Rogers Chief Financial Officer 6032265829 2022-02-10 1 Scott Rogers 999009999 Nicolas E Porto P01310283 2078792100 2022-02-10 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z Christiana Thornton 4 Barrell Court PO Box 2111 Concord NH 03302 148440860 0 X www.nhhelco.org X 1983 NH Financial assistance to eligible borrowers 12 11 220 12 0 0 32150 56000 54188769 69154478 593340 5900484 0 0 54814259 75110962 14000 40500 0 0 7456835 16275018 0 0 0 48605719 45781122 56076554 62096640 -1262295 13014322 867907952 910620336 599081263 621618405 268826689 289001931 Financial assistance to eligible borrowers and administrator/servicer of student loans 0 0 47142333 56706672 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. 9198504 11064716 Service education loan programs 1149813 40500 1383090 Administer the guaranteed student loan program in the state of NH in cooperation with NH lenders and secondary markets. 57490650 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 48 0 1 220 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 11 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 X Jamie Burnett Trustee 0.20 0.00 X 0 0 0 Daniel Dubreuil Trustee (end 9/21) 0.20 0.20 X 0 0 0 Carol Houle Trustee (start 9/21) 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 Paul Provost Trustee 0.20 0.00 X 0 0 0 Sandy Tracy Trustee (start 9/21) 0.20 0.20 X 0 0 0 Peter Burger Chair (end 9/21) 0.20 0.00 X X 0 0 0 Susan Huard Chair (start 9/21) 0.20 0.20 X X 0 0 0 Debby Miller Vice Chair (start 9/21) 0.20 0.00 X X 0 0 0 Rick Elwell Treasurer 0.20 0.20 X X 0 0 0 Susan Hollinger Secretary 0.20 0.00 X X 0 0 0 Christiana Thornton President & CEO 36.00 4.00 X X 320939 85938 31339 John Flanders VP & COO 40.00 0.00 X 130594 46725 27648 Linda Crump CFO (end 2/21) 36.00 4.00 X 144539 18838 0 Scott Rogers CFO (start 5/21) 40.00 0.00 X 0 0 0 Ann Marie Thomas Chief Risk Officer (start 5/21) 40.00 0.00 X 0 0 0 Erik Sobel VP Information Services 40.00 0.00 X 118257 42300 11771 Daniel Coughlan VP Finance 40.00 0.00 X 93893 33034 24190 Robert Woodburn AVP, Business Systems 40.00 0.00 X 91544 37411 22853 Barton Nichelson Database Administrator 40.00 0.00 X 85550 30584 23385 Carlton Lewis Software Development Architect 40.00 0.00 X 96552 34111 7819 Tori Berube Former VP CCP & Comm. Engagement 0.00 0.00 X 101974 33509 11542 Dean Grondin Former VP & CFO 0.00 0.00 X 80644 59503 0 1264486 421953 160547 5 1 1 0 Nelnet Servicing LLC PO Box 82561 Lincoln NE 68501 Loan Servicing 7382546 Credible Labs Inc 101 Green Street 2nd Floor San Francisco CA 94111 Loan Marketing 2088929 Campus Door Holdings Inc 1415 Ritner Highway Carlisle PA 17013 Loan Processing 1375682 Baker Newman Noyes PO Box 507 Portland ME 04112 Audit & Tax Services 527512 Hinkley Allen Snyder LLP 650 Elm Street 500 Manchester NH 03101 Legal Services 303675 9 50000 6000 56000 Interest student loans 522291 38484245 38484245 DL Service Fee Revenue 522291 29261882 29261882 Contracted Services 522291 1029700 1029700 Federal Interest Benefit 522291 292763 292763 Late charges & other 522291 85888 85888 69154478 1534351 1534351 77696031 73329898 4366133 4366133 4366133 75110962 69154478 0 5900484 40500 40500 641105 384663 256442 11697041 11103067 593974 475926 451759 24167 2600131 2468097 132034 860815 817103 43712 1687685 1687685 300208 300208 39800 39800 308989 308989 5332485 5016654 315831 353174 335240 17934 1825388 1732695 92693 12086526 11472774 613752 676148 641813 34335 25162 23884 1278 41191 40769 422 15905504 15905504 1043135 990165 52970 174572 165707 8865 Consolidation Loan Fee 1916603 1916603 Collections Expenses 1848277 1727578 120699 Provision for Loan Loss 1762199 1762199 Bond Admin Expenses 454076 454076 62096640 57490650 4605990 0 27515393 32101712 2178831 2095899 741845325 741758111 116828 92914 16576414 13563860 3360162 3012554 84478688 123505650 8412725 8053496 867907952 910620336 4617680 10174533 593067350 610217049 1396233 1226823 599081263 621618405 X 268826689 289001931 268826689 289001931 867907952 910620336 X 13014322 10554922 -3394002 X 0 1 X 1 1 1 X 32150 56000 88150 39520425 45713273 53630528 54188769 69154478 262207473 39520425 45713273 53630528 54220919 69210478 262295623 0 0 0 262295623 1170315 1753441 1956644 1349668 1534351 7764419 1170315 1753441 1956644 1349668 1534351 7764419 40690740 47466714 55587172 55570587 70744829 270060042 0.97120 0.96970 0.02880 0.03030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 39800 0 0 0 39800 0 Part II-B, Line 1: A portion of dues paid to the Education Finance Council were available for lobbying. For the filing period, total dues paid were $45,000, of which $2,700 was available for lobbying. Additionally, the Organization paid $30,000 to Thompson & Coburn, a Washington, DC law firm and $7,100 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 9341461 8247553 1093908 6547366 5316307 1231059 3012554 Accrued interest payable 281164 Fees payable to U.S. government 945659 1226823 X 51706311 10554922 10554922 41151389 308989 33650584 33959573 75110962 39666168 35000 35000 39631168 308989 22156483 22465472 62096640 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, 2021 or 2020. Part XI, Line 4b - Other Adjustments: Special Interest Allowance - U.S. Department of Education 3,359,002. Revenue from Discontinued Operations 30,291,582. Part XII, Line 2d - Other Adjustments: Transfer to NHHEAF for Scholarships 35,000. Part XII, Line 4b - Other Adjustments: Expenses from Discontinued Operations 22,156,483. 1 Scholarships 62 40500 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 X X X 1 0 0 0 0 0 0 0 0 Christiana Thornton President & CEO 227731 85846 93000 0 208 92 6394 1717 17421 5807 344754 93462 0 0 John Flanders VP & COO 120747 46328 8954 0 893 397 1929 0 19289 6430 151812 53155 0 0 Erik Sobel VP Information Services 109811 42088 7968 0 478 212 1948 0 7367 2456 127572 44756 0 0 Linda Crump CFO (end 2/21) 0 0 0 0 144539 18838 0 0 0 0 144539 18838 0 0 Robert Woodburn AVP, Business Systems 85482 37014 5169 0 893 397 3739 1522 13194 4398 108477 43331 0 0 Daniel Coughlan VP Finance 87000 32822 6415 0 478 212 3859 1358 14230 4743 111982 39135 0 0 Tori Berube Former VP CCP & Comm. Engagement 49608 33112 0 0 52366 397 2603 1358 5054 2527 109631 37394 0 0 Dean Grondin Former VP & CFO 0 0 0 0 80644 59503 0 0 0 0 80644 59503 0 0 Part I, Line 3 For the calendar year ending within the Organization's tax year covered by this return, the Organization's officers were compensated through a related organization, Granite State Management & Resources from 1/1/20 to 3/31/20; that organization used a compensation committee, Form 990 of other organizations, a compensation study, and board/compensation committee approval to establish the officers' compensation. From 4/1/20 to 12/31/20 the Organization's officers were compensated by New Hampshire Higher Education Loan Corporation, which also 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 Tori Berube, former Vice President of Community Engagement, and Dean Grondin, former Vice President & CFO, received severance payments of $37,727 and $80,644, respectively, from New Hampshire Higher Education Loan Corporation in 2020. These amounts were included in their 2020 W-2s and reported in Schedule J, Part II, Column B(iii). Mr. Grondin also received severance payments of $59,503 in 2020 from a related organization, Granite State Management & Resources. This amount was included in Mr. Grondin's 2020 W-2 and reported in Schedule J, Part II, Column B(iii). Additionally, Ms. Berube received a payment of $14,143 of accrued vacation time from New Hampshire Higher Education Loan Corporation earned over her tenure with the Organization. This amount was included in her W-2 and has been reported in Schedule J, Part II, Column B(iii). Unrelated Organization Compensation Linda Crump, who served as Chief Financial Officer from October 2019 until February 2021, was a contracted employee through AMS Accounting & Professional Services of Candia, NH, an unrelated organization. Compensation in the amount of $144,539 was paid to AMS Accounting & Professional Services by New Hampshire Higher Education Loan Corporation for Ms. Crump's services in calendar year 2020. Additionally, Granite State Management & Resources, a related (though now dissolved) organization, paid $18,838 in calendar year 2020 to AMS Accounting & Professional Services for Ms. Crump's services to the organization. Form 990, Part VI, Section A, line 2 Susan Huard, the board chair, and board member Chuck Lloyd 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. AMS Accounting & Professional Services paid Ms. Crump $163,377 as reported to her in her 2020 Form W-2, Box 5. This remuneration was paid to her entirely for her services to the Organization and its affiliates in her capacity as a contracted CFO. In accordance with IRS instructions, these fees have been reported as compensation paid by the Organization and its affiliates on Form 990, Part VII, Section A and Schedule J, Part II. 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 From 4/1/20 to 12/31/20 the Organization's officers were compensated 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. 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 VII-A and Schedule J, Part II: In accordance with IRS instructions, compensation is to be reported for individuals listed on Form 990, Part VII, Section A based on the calendar year ending within the reportable fiscal year. Therefore, no compensation has been listed for Mr. Scott Rogers (who served as CFO beginning in May of 2021) and Ms. Ann Marie Thomas (who served as Chief Risk Officer beginning in May of 2021). Compensation information for Mr. Rogers and Ms. Thomas will be reported on the Organization's Form 990 for the fiscal year ending September 30, 2022. Form 990, Part XI, line 9: Tranfer to NHHEAF for Scholarships -35,000. Special Interest Allowance - U.S. Department of Education -3,359,002. EDvestinU Private Education Loan Issue No 1 LLC c/o NHHELCO 4 Barrell Court Concord NH 03301 475156259 Purchase private student loans NH 3226488 71528103 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 9752103 143591557 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 8543769 249656184 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 0 1 0 1 1 0 0 1 Contracted Service Fees from NHHEAF M 829700 Per Audited Financial Statements