2025-02-13T10:47:51-06:00 2024-09-30 010494526 Baker Newman & Noyes LLC PO Box 507 Portland ME 04112 990 2023-10-01 020368776 Granite Edvance Corporation NHHI 6032265829 3 Barrell Court Concord NH 03302 Scott Rogers Chief Financial Officer 6032265829 2025-02-12 1 0 Connor Smart P02285543 2078792100 2025-02-12 2023 2025-03-06 01:10:19Z Christiana Thornton 3 Barrell Court Concord NH 03302 91215043 0 X www.graniteedvance.org X 1983 NH Free advisory services, student loans and scholarships for post-secondary education. 14 13 106 103 0 0 113000 542652 56492381 55454631 5113698 7930559 6588 12005 61725667 63939847 44000 650500 0 0 10962701 7754093 0 0 0 49406887 51654512 60413588 60059105 1312079 3880742 915716327 904473074 619458501 590642566 296257826 313830508 To support New Hampshire students and families in navigating their education and career pathways. 0 0 56742399 650500 55454631 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. 56742399 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 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 34 0 1 106 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 13 1 0 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH CA OR X Scott Rogers CFO 6032265829 3 Barrell Court Concord NH 03302 Christiana Thornton President & CEO 40.00 0.00 X X 489876 0 45555 Peter Burger Trustee 0.20 0.00 X 0 0 0 William Dwyer Trustee 0.20 0.00 X 0 0 0 Chuck Lloyd Trustee 0.20 0.00 X 0 0 0 MB Lufkin Trustee (start 9/2024) 0.00 0.00 X 0 0 0 Debra Miller Trustee 0.20 0.00 X 0 0 0 Hans Olson Trustee 0.20 0.00 X 0 0 0 Sandy Tracy Trustee 0.20 0.00 X 0 0 0 Susan Huard Chair; Trustee 0.20 0.00 X X 0 0 0 Paul Provost Vice Chair (end 9/2024); Trustee 0.20 0.00 X X 0 0 0 Gordon Koff Vice Chair (start 9/2024); Trustee 0.20 0.00 X X 0 0 0 Rick Elwell Treasurer (end 9/2024); Trustee 0.20 0.00 X X 0 0 0 Carol Houle Treasurer (start 9/2024); Trustee 0.20 0.00 X X 0 0 0 Jamie Burnett Secretary; Trustee 0.20 0.00 X X 0 0 0 Scott Rogers VP & CFO 40.00 0.00 X 262773 0 38253 John Flanders VP & Chief Strategy/Lending Officer 40.00 0.00 X 206414 0 38380 Blessing Chimwanda Gen. Counsel/Chief Compliance Off. 40.00 0.00 X 139805 0 1588 Erik Sobel VP Information Services 40.00 0.00 X 188316 0 24233 Danielle Barrick VP Communications & External Affairs 40.00 0.00 X 183368 0 11770 Daniel Coughlan VP Capital Markets/Asset Management 40.00 0.00 X 143687 0 27931 Robert Woodburn AVP, Business Systems (end 9/2023) 40.00 0.00 X 154110 0 20399 Kathy-Ann Maguire VP Human Resources 40.00 0.00 X 142091 0 33874 Ann Marie Thomas Former VP & Chief Risk Officer 40.00 0.00 X 237021 0 11679 2147461 0 253662 21 1 1 0 Nelnet Servicing LLC PO Box 82561 Lincoln NE 68501 Loan Servicing 2347227 Credible Labs Inc 101 Green Street 2nd Floor San Francisco CA 94111 Loan Marketing 1204508 Campus Door Holdings Inc 1415 Ritner Highway Carlisle PA 17013 Loan Processing 654815 Saltwater Collective 40 Congress Street Portsmouth NH 03801 Marketing 362787 Kutak Rock PO Box 30057 Omaha NE 68103 Legal 275000 14 25000 517652 542652 Interest Student Loans 522291 49621403 49621403 Loan Servicing Fees 522291 5347606 5347606 Late Charges & Other 522291 256598 256598 Federal Interest Benefit 522291 229024 229024 55454631 5475294 5475294 31254 19249 12005 12005 12005 29711212 27255947 2455265 2455265 2455265 63939847 55454631 0 7942564 125000 125000 525500 525500 1222644 733586 489058 4913392 3981606 931786 226236 183332 42904 914317 740924 173393 477504 386949 90555 123067 123067 156369 156369 54636 54636 207230 207230 5712887 5499978 212909 1125911 981780 144131 573075 499714 73361 3747461 3267738 479723 689195 600969 88226 161190 140556 20634 64515 64515 30765766 30765766 535860 480919 54941 221999 193580 28419 Provision for Loan Loss 4580277 4580277 Rebates/Collections 1431094 1431094 Consolidation Loan Fee 910593 910593 Bond Admin Expenses 593387 593387 60059105 56742399 3316706 0 27761368 34728339 3422624 1480288 761787925 718681483 6694 358269 13315119 11495261 1840653 1819858 114524650 137197314 6372413 10207523 915716327 904473074 4582849 5298376 0 29968850 614313385 553032059 562267 2343281 619458501 590642566 X 296257826 313830508 296257826 313830508 915716327 904473074 X 3880742 21678590 -7986650 X 0 1 X 1 1 1 X 32150 56000 85000 113000 542652 828802 54188769 69154478 48401728 56492381 55454631 283691987 54220919 69210478 48486728 56605381 55997283 284520789 0 0 0 284520789 1349668 1534351 1958147 3797977 5487299 14127442 1349668 1534351 1958147 3797977 5487299 14127442 5055440 5055440 55570587 70744829 55500315 60403358 61484582 303703671 0.93680 0.94740 0.04650 0.03560 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 54636 0 0 0 54636 0 Part II-B, Line 1: Granite Edvance Corporation maintains memberships with various professional association and industry groups, which provide information and resources to the Organization that further its charitable, exempt mission. A portion of dues paid to these various professional associations during the filing period were available for lobbying purposes, as outlined below: Education Finance Council: Total dues - $31,000 Portion available for lobbying - $3,720 New Hampshire Bankers Association: Total dues - $8,000 Portion available for lobbying - $1,289 National Council of Higher Education Resources: Total dues - $20,000 Portion available for lobbying - $1,700 Student Loan Servicing Alliance: Total dues - $10,385 Portion available for lobbying - $519 Business and Industry Association: Total dues - $6,250 Portion available for lobbying - $1,563 American Bankers Association: Total dues - $2,995 Portion available for lobbying - $224 Additionally, the Organization paid $40,621 to Thompson & Coburn, a Washington, DC law firm; and $5,000 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 9402334 8904763 497571 3225198 2590498 634700 1819858 Accrued Interest Payable 2343281 2343281 X 80082850 21678590 19249 21697839 58385011 207230 5347606 5554836 63939847 54523268 19249 19249 54504019 207230 5347856 5555086 60059105 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. 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, 2024 or 2023. Part XI, Line 2d - Other Adjustments: Rental expenses 19,249. Part XI, Line 4b - Other Adjustments: Loan servicing fees, net expenses in financial statements 5,347,606. Part XII, Line 2d - Other Adjustments: Rental expenses 19,249. Part XII, Line 4b - Other Adjustments: Loan servicing fees, net expenses in financial statements 5,347,606. Prior year scholarship refunds 250. 1 New Hampshire Department of Education 101 Pleasant Street Concord NH 03301 Government 125000 0 Education 1 0 Scholarships 152 525500 Part I, Line 2: In order to ensure that the scholarship recipient is using the funds for direct educational expenses at 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 0 1 X X X X 1 0 0 0 0 0 0 1 0 Christiana Thornton President & CEO 372270 0 117306 0 300 0 13255 0 32300 0 535431 0 0 0 Scott Rogers VP & CFO 227172 0 34311 0 1290 0 11777 0 26476 0 301026 0 0 0 Ann Marie Thomas Former VP & Chief Risk Officer 121723 0 10924 0 104374 0 5617 0 6062 0 248700 0 0 0 John Flanders VP & Chief Strategy/Lending Officer 190179 0 14055 0 2180 0 10621 0 27759 0 244794 0 0 0 Erik Sobel VP Information Services 178266 0 9210 0 840 0 9412 0 14821 0 212549 0 0 0 Danielle Barrick VP Communications & External Affairs 170038 0 12100 0 1230 0 8516 0 3254 0 195138 0 0 0 Kathy-Ann Maguire VP Human Resources 131212 0 10189 0 690 0 7556 0 26318 0 175965 0 0 0 Robert Woodburn AVP, Business Systems (end 9/2023) 97238 0 5311 0 51561 0 5695 0 14704 0 174509 0 0 0 Daniel Coughlan VP Capital Markets/Asset Management 133068 0 9929 0 690 0 7453 0 20478 0 171618 0 0 0 Part I, Line 1a The Organization provided tax gross-up payments to Ann Marie Thomas and Robert Woodburn on a reimbursement basis for COBRA expenses. The gross-up payments have been included as part of her taxable compensation in her W-2 for the following amounts: - Ann Marie Thomas: $1,913 - Robert Woodburn: $1,087 Part I, Line 3 The organization relies upon Form 990 data from similar organizations, a compensation study, input from the Compensation Committee of the Board of Trustees and final approval by the full Board of Trustees to establish the officers' compensation. Part I, Line 4a Ann Marie Thomas, who served the Organization as a Vice President and Chief Risk Officer through July 2023, and Robert Woodburn, who served the Organization as an AVP of Business Systems until September 2023, each received severance payments from the Granite Edvance Corporation in 2023. These payments were included in their respective 2023 Forms W-2 and are included in the total amounts reported on this Schedule J, Part II, Column B(iii), as follows: - Ann Marie Thomas: $84,033 - Robert Woodburn: $30,641 Part I, Line 7 All employees are eligible to participate in an annual incentive program which provides for performance-based variable compensation. The plan is subject to review by the Board of Trustees and paid annually. A New Hampshire Health and Education Facilities Authority 020279886 64461XJD8 2023-10-18 29996003 Qualified student loan bonds 0 0 0 A 29996003 593800 599920 28802283 2023 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 1 The Toronto-Dominion 14.100000000000 1 0 1 A 1 Form 990, Part VI, Section A, line 2 Christiana Thornton, President and CEO, and Board Trustee Paul Provost had a business relationship during the year. Form 990, Part VI, Section A, line 4 Granite Edvance Corporation amended its bylaws in November 2023. Per IRS definitions, the only significant change effectuated by the November 2023 amendments was to update the Organization's name as reflected in the official corporate bylaws from the New Hampshire Higher Education Loan Corporation to the Granite Edvance Corporation. Form 990, Part VI, Section B, line 11b A draft of the annual Form 990 was provided to each Trustee before filing. Trustees had the opportunity to review the form, ask questions and gain 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 Granite Edvance Corporation. The Compensation Committee of the Board of Trustees establishes compensation levels and approves overall officer compensation. The Compensation Committee relies upon an externally-prepared compensation study, as well as Form 990 information from similar organizations and input from all Committee members in its determination of officer 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 Trustees. An on-going internal review of salaries is conducted by Human Resources Management of Granite Edvance Corporation 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. 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 Granite Edvance Corporation. 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. During fiscal year 2023, 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 data was validated again during fiscal 2024. 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 XI, line 9: Accounting Standards Codification Topic 326 adoption -7,986,900. Prior year scholarship refund 250. EDvestinU Private Education Loan Issue No 1 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 475156259 Purchase private student loans DE 3849094 35632100 Granite Edvance Corporation EdvestinU Private Education Loan Issue No 2 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 832287656 Purchase private student loans DE 6122639 82430978 Granite Edvance Corporation EDvestinU Private Education Loan Issue No 3 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 861733223 Purchase private student loans DE 11462197 158541583 Granite Edvance Corporation EDvestinU Private Education Loan Issue No 4 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 883061704 Purchase private student loans DE 11909589 191871355 Granite Edvance Corporation