2021-02-14T08:23:57-06:00 2020-09-30 010494526 Baker Newman & Noyes LLC PO Box 507 Portland ME 04112 990 2019-10-01 020368776 New Hampshire Higher Education Loan Corporation NHHI 6032265829 4 Barrell Court PO Box 2111 Concord NH 03302 Christiana Thornton President & CEO 6032265829 2021-02-10 1 Nicolas E Porto P01310283 2078792100 2021-02-10 2019 2022-09-23 18:48:47Z Christiana Thornton 4 Barrell Court PO Box 2111 Concord NH 03302 70555108 0 X www.nhhelco.org X 1983 NH Financial assistance to eligible borrowers 11 10 1 11 0 0 0 32150 53630528 54188769 1143766 593340 0 0 54774294 54814259 0 14000 0 0 25592 7456835 0 0 0 53555778 48605719 53581370 56076554 1192924 -1262295 772977645 867907952 549935098 599081263 223042547 268826689 X Financial assistance to eligible borrowers and administrator/servicer of student loans 1 0 43513541 44434791 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. 8490447 8670203 Service education loan programs 1061306 14000 1083775 Administer the guaranteed student loan program in the state of NH in cooperation with NH lenders and secondary markets. 53065294 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 7 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 0 1 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH X Linda Crump 6032255867 4 Barrell Court Concord NH 033022111 Rene A Drouin Former President & CEO 0.00 0.00 X 507058 690162 24895 Christiana Thornton President & CEO 20.00 20.00 X X 0 392578 32650 Dean Grondin VP & CFO (end 10/19) 20.00 20.00 X 0 233082 16754 Daniel Coughlan VP Finance 40.00 0.00 X 0 119015 23667 Sara Tremaine Former VP & CSO 0.00 0.00 X 0 135913 4013 Michael Levasseur VP Compliance 40.00 0.00 X 0 128105 7204 Tori Berube VP CCP & Comm. Engagement (end 8/20) 40.00 0.00 X 0 120568 14644 Karen Losik VP Loan Services 40.00 0.00 X 0 100315 20726 Kathy Maguire VP Human Resources 40.00 0.00 X 0 106029 3538 Erik Sobel VP Information Services 40.00 0.00 X 0 90548 5362 John Flanders VP & COO 40.00 0.00 X 0 66421 4245 Jamie Burnett Trustee 0.20 0.20 X 0 0 0 Daniel Dubreuil Trustee 0.20 0.00 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 Debby Miller Trustee (begin 4/20) 0.20 0.00 X 0 0 0 Paul Provost Trustee 0.20 0.20 X 0 0 0 Tim Sink Trustee (part year) 0.20 0.00 X 0 0 0 Peter Burger Chairman 0.20 0.00 X X 0 0 0 Susan Huard Vice Chair 0.20 0.00 X X 0 0 0 Rick Elwell Treasurer 0.20 0.00 X X 0 0 0 Susan Hollinger Secretary (begin 4/20) 0.20 0.00 X X 0 0 0 Linda Normandin Vice Chair/Treasurer (part year) 0.20 0.00 X X 0 0 0 507058 2182736 157698 1 1 1 0 Granite State Mgmt & Res 4 Barrell Court PO Box 2087 Concord NH 03302 Management & Loan Servicing 7661067 Campus Door Holdings Inc 1415 Ritner Highway Carlisle PA 17013 Loan Processing 1429483 Credible Labs Inc 101 Green Street 2nd Floor San Francisco CA 94111 Loan Processing 573303 3 25000 7150 32150 Interest student loans 522291 38401604 38401604 DL Service Fee Revenue 522291 13794745 13794745 Late charges & other 522291 959095 959095 Contracted Services 522291 563500 563500 Federal Interest Benefit 522291 469825 469825 54188769 1349668 1349668 14984521 15740849 -756328 -756328 -756328 54814259 54188769 0 593340 X 14000 14000 507058 507058 5416025 4999713 416312 219137 202293 16844 967665 893284 74381 346950 320281 26669 638834 638834 176673 176673 59205 59205 181204 181204 7336642 6664308 672334 153801 146685 7116 1344364 1282167 62197 2658634 2535632 123002 413591 394456 19135 7951 7583 368 10742 10020 722 18856840 18856840 541573 516517 25056 -43391 -41384 -2007 Loss On Redemption of D 5830327 5830327 Provision for Loan Loss 4517718 4517718 Loss On Swap Terminatio 2531786 2531786 Consolidation Loan Fee 2164634 2164634 1224591 1159229 65362 56076554 53065294 3011260 0 20987915 27515393 1734658 2178831 697814641 741845325 116828 16358655 12998493 0 3360162 42486248 84478688 8730329 8412725 1223854 0 772977645 867907952 380870 4617680 545681693 593067350 3872535 1396233 549935098 599081263 X 223042547 268826689 223042547 268826689 772977645 867907952 X -1262295 4337912 42708525 X 0 1 X 1 1 1 X 32150 32150 37101649 39520425 45713273 53630528 54188769 230154644 37101649 39520425 45713273 53630528 54220919 230186794 0 0 0 230186794 963273 1170315 1753441 1956644 1349668 7193341 963273 1170315 1753441 1956644 1349668 7193341 38064922 40690740 47466714 55587172 55570587 237380135 0.96970 0.96970 0.03030 0.03030 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 59205 0 0 0 59205 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 $40,319, of which $2,822 was available for lobbying. Additionally, the Organization paid $50,050 to Thompson & Coburn, a K Street Washington, DC law firm and $6,333 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 9274220 7863324 1410896 6396848 5135169 1261679 3360162 Accrued interest payable 331111 Fees payable to U.S. government 1065122 1396233 X 56439181 4337912 4337912 52101269 181204 2531786 2712990 54814259 53363564 0 53363564 181204 2531786 2712990 56076554 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, 2020 or 2019. Part XI, Line 4b - Other Adjustments: Student loan allowances 2,531,786. Part XII, Line 4b - Other Adjustments: Student loan allowances 2,531,786. 1 Scholarships 7 14000 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) verification of eligibility for federal financial aid through submission of the student aid report 3) checks are not released until we have received confirmation of enrollment for the academic period for which the scholarship was granted 4) once the enrollment status is confirmed, a check is requested made payable to the postsecondary institution and the student. 1 1 0 0 0 0 0 0 0 Rene A Drouin Former President & CEO 0 74279 0 0 507058 615883 0 1688 0 23207 507058 715057 109747 0 Christiana Thornton President & CEO 0 302308 0 90000 0 270 0 1431 0 31219 0 425228 0 0 Dean Grondin VP & CFO (end 10/19) 0 175547 0 0 0 57535 0 8349 0 8405 0 249836 0 0 Sara Tremaine Former VP & CSO 0 53552 0 0 0 82361 0 3068 0 945 0 139926 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; that 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, Lines 4a-b Dean Grondin, former Vice President & CFO, and Sara Tremaine, former Vice President & Chief Servicing Officer, received severance payments of $25,501 and $61,789, respectively, from Granite State Management & Resources in 2019. These amounts were included in their 2019 W-2s. New Hampshire Higher Education Loan Corporation maintained a 457(f) nonqualified deferred compensation plan for the benefit of Rene Drouin, who retired from the organization in October 2018. A final payout of $507,058 was made to Mr. Drouin in calendar year 2019. An amount of $109,747 has been reported in Schedule J, Part II, Column F to report amounts contributed by the Organization into Mr. Drouin's plan that were reported on previous Form 990 filings. Additionally, Mr. Drouin received a payment of $29,939 of accrued vacation time and $482,060 of accrued sick time earned over his tenure with the Organization. This amount has been reported in Schedule J, Part II, Column B(iii). Form 990, Part III, line 2 New Hampshire Higher Education Loan Corporation (NHHELCO) is a New Hampshire nonprofit corporation which originates and services student loans under its private EDvestinU program, and also contracts with the U.S. Department of Education, Office of Federal Student Aid to service loans issued under the Federal Direct Loan Program. NHHELCO contracted with Granite State Management & Resources (GSMR), a New Hampshire nonprofit corporation, to provide management and support services and student loan sub-servicing and sub-administration support. Pursuant to the Plan of Reorganization, GSMR was merged into NHHELCO as of March 31, 2020. As the surviving entity, NHHELCO has taken title to all of the assets, and assumed all of the liabilities, of GSMR. It also has become the employer of all of GSMR's former employees, and has confirmed and assumed all of the contractual obligations of GSMR under its various management, administrative and sub-servicing arrangements with NHHELCO and with third parties. Please see narratives for Form 990, Part III, Lines 4b & 4c for additional information on the new programs the Organizaiton has taken over from GSMR. Form 990, Part VI, Section A, line 3 The organization contracted with Granite State Management & Resources, a related entity, for its management services until taking over the operastions of GSMR on March 31, 2020. Form 990, Part VI, Section A, line 4 On March 31, 2020, the New Hampshire Higher Education Loan Corporation (NHHELCO) went through a corporate reorganization with two affiliated nonprofit organizations: Granite State Management & Resources (GSMR) and The New Hampshire Higher Education Assistance Foundation (NHHEAF). GSMR was merged into NHHELCO, and NHHEAF became a subsidiary of NHHELCO. As part of this reorganization, NHHELCO made the following changes to their bylaws: 1. NHHELCO assumed all general corporate powers available to corporations under New Hampshire law, including the affirmative powers necessary to coordinate the activities of all subsidiaries, including NHHEAF. In addition, the Board of Trustees of NHHELCO will have approval rights over certain proposed actions of the Board of Trustees of NHHEAF and any other subsidiaries. The Board of Trustees of NHHELCO will also have the power to appoint two (2) of the members of each subsidiaries' Board of Trustees. 2. The Board of Trustees of NHHELCO must have at least five (5) members and no more than fifteen (15). Under the previous bylaws, the maximum number of Trustees was eleven (11). No Trustee may serve more than three (3) consecutive terms. Under the previous bylaws, the Trustee could serve no more than four (4) consecutive terms. 3. The Board of Trustees must meet at least every two (2) months. Under the previous bylaws, only annual Board Meetings were required. 4. The Board of Trustees may delegate its powers from time to time to committees appointed by the Chair of the Board and confirmed by the Board of Trustees. Under the previous bylaws, there was only one standing committee, a Nominating Committee. 5. Officers serve one year terms and are limited to no more than three (3) consecutive one year terms. Under the previous bylaws, the Chair of the Board served three (3) year terms and the other officers served one (1), two (2) or three (3) year terms. The Chair of the Board was previously limited to two (2) consecutive terms, while the other officers had no term limits. 6. The President/Chief Executive Officer will serve as a Trustee, ex officio, with full voting rights. Under the previous bylaws, the President/Chief Executive Officer did not have voting rights. 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 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 Chairman of the Board of NHHELCO and the Chairman of its Compensation Committee review the proposed CEO and other senior officer compensation packages for reasonableness and fairness. 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 6,664,308. Management and general expenses 672,334. Fundraising expenses 0. Total expenses 7,336,642. Form 990, Part XI, line 9: Tranfer from GSMR 42,708,525. EDvestinU Private Education Loan Issue No 1 LLC c/o NHHELCO 4 Barrell Court Concord NH 03301 475156259 Purchase private student loans NH 4589707 88145282 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 11799643 179316848 New Hampshire Higher Education Loan Corporation Granite State Management and Resources 4 Barrell Court Concord NH 033022087 020404239 Administrator/servicer of student loans NH 501(c)(3) Line 10 N/A 0 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 Net Asset Transfer from GSMR S 42708525 Per Audited Financial Statements Contracted Service Fees from NHHEAF M 463500 Per Audited Financial Statements