2021-04-07T16:35:26-05:00 2020-06-30 ERNST & YOUNG US LLP 5 TIMES SQUARE NEW YORK NY 10036 990 2019-07-01 510423553 PHEAA STUDENT LOAN FOUNDATION INC % WILLIAM WALKER PHEA 7177202023 1200 North Seventh Street Harrisburg PA 17102 WILLIAM WALKER Treasurer 7177202023 2021-04-06 true NICOLE M SOKOLOWSKI P01683199 2127733000 2019 2022-09-23 18:48:47Z Nathaniel Hench 1200 N 7th Street Harrisburg PA 17102 118674188 false X N/A X 2002 PA SEE SCHEDULE O. 5 2 0 2 0 0 0 0 144756254 104352326 2422327 1229478 27141413 13092384 174319994 118674188 0 0 0 0 0 0 0 0 0 140200416 94067743 140200416 94067743 34119578 24606445 3504450278 3029973651 3242524953 2758199510 261925325 271774141 THE FOUNDATION, A NON-STOCK, NONPROFIT CORPORATION INCORPORATED UNDER PENNSYLVANIA'S NONPROFIT CORPORATION LAW OF 1988, AS AMENDED, IS ORGANIZED TO CARRY OUT STUDENT LOAN SECURITIZATION TRANSACTIONS FOR THE BENEFIT OF, AND TO CARRY OUT THE PURPOSES OF, THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY ('PHEAA'), A STATE AGENCY OF THE COMMONWEALTH OF PENNSYLVANIA ('COMMONWEALTH'), CREATED AND CONTROLLED BY THE COMMONWEALTH'S LEGISLATURE. THE FOUNDATION'S EXEMPT PURPOSE IS TO FACILITATE THE SECURITIZATION OF STUDENT LOANS IN ORDER TO RAISE FUNDS FOR PHEAA SO THAT PHEAA MAY CONTINUE TO MAKE, SERVICE AND BUY STUDENT LOANS AND TO OTHERWISE IMPROVE HIGHER EDUCATIONAL OPPORTUNITIES FOR STUDENTS, AND FOR ANY OF PHEAAS STATUTORY PURPOSES, THEREBY LESSENING PHEAAS BURDENS OF GOVERNMENT. false false 94067743 117444710 THE FOUNDATION FORMS SPECIAL PURPOSE STATUTORY TRUSTS UNDER THE LAWS OF THE STATE OF DELAWARE. THE PRINCIPAL PURPOSE OF THE TRUSTS ARE TO SECURITIZE STUDENT LOANS AND RELATED ASSETS, AND TO ACQUIRE STUDENT LOANS FROM THE FOUNDATION AND ISSUE PROMISSORY NOTES SECURED BY A PLEDGE OF SUCH ASSETS. HOWEVER, AS A CASH BASIS TAXPAYER, THE FOUNDATION DOES NOT HAVE TO RECOGNIZE ITS RESIDUAL INTEREST AS REVENUE UNTIL THE CASH FLOWS BECOME AVAILABLE. THE FOUNDATION DISTRIBUTES TO PHEAA, FROM TIME TO TIME, ALL OF THE CASH FLOWS DERIVED FROM THE STUDENT LOAN TRUSTS, NET OF EXPENSES (OPERATING EXPENSES AND PRINCIPAL, AND INTEREST PAYMENT TO INVESTORS). PHEAA USES THE GRANTS AND THE PROCEEDS FROM THE SALE OF THE STUDENT LOANS TO CONTINUE OTHER ACTIVITIES THAT SUBSIDIZE THE COSTS OF HIGHER EDUCATION AND SATISFY PHEAA'S STATUTORY MISSION. SINCE INCEPTION, THE FOUNDATION HAS FORMED FOURTEEN SPECIAL PURPOSE TRUSTS. AS OF THE END OF THE REPORTING PERIOD, THIRTEEN OF THE SPECIAL PURPOSE TRUSTS REMAIN ACTIVE. ON JULY 14, 2011, PHEAA STUDENT LOAN TRUST 2011-1 ISSUED NOTES IN THE AMOUNT OF $1,676,400,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON NOVEMBER 14, 2012, PHEAA STUDENT LOAN TRUST 2012-1 ISSUED NOTES IN THE AMOUNT OF $536,400,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON JUNE 12, 2013, PHEAA STUDENT LOAN TRUST 2013-1 ISSUED NOTES IN THE AMOUNT OF $583,950,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON JULY 30, 2013, PHEAA STUDENT LOAN TRUST 2013-2 ISSUED NOTES IN THE AMOUNT OF $331,300,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON NOVEMBER 20, 2013, PHEAA STUDENT LOAN TRUST 2013-3 ISSUED NOTES IN THE AMOUNT OF $517,850,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON MARCH 14, 2014, PHEAA STUDENT LOAN TRUST 2014-1 ISSUED NOTES IN THE AMOUNT OF $573,800,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON JUNE 17, 2014, PHEAA STUDENT LOAN TRUST 2014-2 ISSUED NOTES IN THE AMOUNT OF $611,850,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON SEPTEMBER 18, 2014, PHEAA STUDENT LOAN TRUST 2014-3 ISSUED NOTES IN THE AMOUNT OF $646,700,000, AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON APRIL 22, 2015, PHEAA STUDENT LOAN TRUST 2015-1 ISSUED NOTES IN THE AMOUNT OF $636,900,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON SEPTEMBER 14, 2016, PHEAA STUDENT LOAN TRUST 2016-1 ISSUED NOTES IN THE AMOUNT OF $543,523,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON NOVEMBER 22, 2016, PHEAA STUDENT LOAN TRUST 2016-2 ISSUED NOTES IN THE AMOUNT OF $382,700,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON OCTOBER 29, 2018, PHEAA STUDENT LOAN TRUST 2018-1 ISSUED NOTES IN THE AMOUNT OF $426,700,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON JULY 12, 2013, PHEAA WAREHOUSE FACILITY TRUST 2013-1 (WAREHOUSE TRUST 2013-1) BEGAN OPERATIONS AND IS A SHORT-TERM FINANCING FACILITY. WAREHOUSE TRUST 2013-1 IS TO PLEDGE, SELL, TRANSFER OR CONVEY STUDENT LOANS OR OTHER ASSETS AQUIRED OR TO BE ACQUIRED TO OTHER THIRD PARTIES OR SPECIAL PURPOSE ENTITIES, OR TO OBTAIN REPLACEMENT FINANCING FOR ANY ASSETS ACQUIRED OR TO BE ACQUIRED THROUGH SECURITIZATION TRANSACTIONS IN ORDER TO ACCOMPLISH OR FACILITATE ONE OR MORE OF PHEAA'S STATUTORY PURPOSES. 94067743 true false false false false false false false false false false false false false false false false true false false false false false false false false false false false true false false false false false false false false false false false false true true false true false true X 0 0 0 false false false false false false false false false false false false X 5 2 false false false false false true false true false true false true false false false false false false X WILLIAM WALKER 7177207758 1200 NORTH SEVENTH STREET HARRISBURG PA 17102 Andrew D Mehalko Secretary and Director 1.0 40.0 X X 0 205580 13179 Nathaniel D Hench President and Director 1.0 40.0 X X 0 198801 12839 William Walker Treasurer & Director 1.0 40.0 X X 0 111134 7225 Kristin Moore Director 1.0 0.0 X 0 3000 0 Rebecca Howell Director START 02/19/2020 1.0 0.0 X 0 2750 0 Ruth Bradley director UNTIL 02/19/2020 1.0 0.0 X 0 250 0 0 521515 33243 0 false true false PHEAA 1200 N 7th St HARRISBURG PA 17102 Loan Servicing 16129591 BMO Capital Markets 115 S Lasalle St 25th Floor West CHICAGO IL 60603 Broker/Dealer 865500 MT Bank 213 Market Street 2nd Floor HARRISBURG PA 17101 Trustee 576986 3 0 STUDENT LOAN INTEREST 522291 104352326 104352326 104352326 1229478 1229478 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 BOND REFUNDING 522291 13092384 13092384 13092384 118674188 117444710 1229478 0 0 0 0 0 0 0 0 0 0 0 12316 12316 21495 21495 0 0 0 0 0 0 0 0 0 0 0 0 75643945 75643945 0 0 0 LOAN SERVICING FEES 9486945 9486945 ADMINISTRATIVE FEES 6642646 6642646 BOND ISSUANCE COSTS 225000 225000 RISK SHARE WRITE OFF 818910 818910 1216486 1216486 94067743 94067743 0 0 6132782 2493450 86049995 71520557 0 0 81831609 77213988 0 0 0 0 3330435892 2878745656 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 3504450278 3029973651 6508199 3896675 0 0 0 0 0 0 0 0 0 0 3236016754 2754302835 0 0 0 0 3242524953 2758199510 X 261925325 271774141 0 0 261925325 271774141 3504450278 3029973651 X 24606445 -14757629 X X false true X false false X X X 1 PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY 231693362 6 true 94067743 0 1 94067743 0 true true false false false false false false false false false false false false false true false Form 990, Schedule A, Part IV, Section A, Line 2 The supported organization is the Pennsylvania Higher Education Assistance Agency, an integral part and arm of the Commonwealth of Pennsylvania. false false false false false false false false false Nathaniel D Hench President and Director 198801 0 12839 0 0 0 211640 0 0 Andrew D Mehalko Secretary and Director 205580 0 13179 0 0 0 218759 0 0 FORM 990, PART I, LINE 1 THE PHEAA STUDENT LOAN FOUNDATION, INC. (FOUNDATION) IS ORGANIZED TO CARRY OUT STUDENT LOAN SECURITIZATION TRANSACTIONS FOR THE BENEFIT OF PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY (PHEAA) SO PHEAA CAN IMPROVE HIGHER EDUCATION OPPORTUNITIES FOR STUDENTS AND FACILITATE ITS OTHER GOVERNMENTAL PURPOSES. FORM 990, PART IV, LINE 12 & PART XII, LINE 2 THE FINANCIAL STATEMENTS OF THE FOUNDATION ARE NOT COMPILED OR REVIEWED BY AN INDEPENDENT ACCOUNTANT, NOR ARE THEY AUDITED BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FOUNDATION IS INCLUDED IN PHEAA'S ANNUAL AUDITED FINANCIAL STATEMENT AS A BLENDED COMPONENT UNIT. THE PHEAA STUDENT LOAN TRUST 2011-1, PHEAA STUDENT LOAN TRUST 2012-1, PHEAA STUDENT LOAN TRUST 2013-1, PHEAA STUDENT LOAN TRUST 2013-2, PHEAA STUDENT LOAN TRUST 2013-3, PHEAA STUDENT LOAN TRUST 2014-1, PHEAA STUDENT LOAN TRUST 2014-2, PHEAA STUDENT LOAN TRUST 2014-3, PHEAA STUDENT LOAN TRUST 2015-1, PHEAA STUDENT LOAN TRUST 2016-1, PHEAA STUDENT LOAN TRUST 2016-2 AND PHEAA STUDENT LOAN TRUST 2018-1 HAVE ANNUAL INDEPENDENT AUDITS OF THEIR RESPECTIVE FINANCIAL STATEMENTS PREPARED ANNUALLY. THE PHEAA WAREHOUSE FACILITY TRUST 2013-1 HAS AN ANNUAL REVIEW OF ITS RESPECTIVE FINANCIAL STATEMENTS PREPARED ANNUALLY. FORM 990, PART V, LINE 1A 1099s are not issued to our independent contractors because the payments made are not reportable payments to corporations, therefore, they are not required, per the IRS instructions for issuing 1099s. FORM 990, PART VI, LINE 7A ALL DIRECTORS SHALL BE APPOINTED BY RESOLUTION OF THE EXECUTIVE COMMITTEE OF PHEAA. IF PHEAA'S EXECUTIVE COMMITTEE FAILS TO APPOINT DIRECTORS, THE PRESIDENT JUDGE OF THE COMMONWEALTH COURT OF PENNSYLVANIA SHALL HAVE THE POWER TO APPOINT THE DIRECTORS. FORM 990, PART VI, LINE 8B THE FOUNDATION DOES NOT HAVE ANY COMMITTEES. FORM 990, PART VI, LINE 9 ADDRESS OF DIRECTORS THAT CANNOT BE REACHED AT THE FOUNDATION'S MAILING ADDRESS: WSFS SPE SERVICES LLC KRISTIN MOORE 501 CARR RD STE 101 WILMINGTON, DE 19809 WSFS SPE SERVICES LLC REBECCA HOWELL (START FEBRUARY 19, 2020) 501 CARR RD STE 101 WILMINGTON, DE 19809 WSFS SPE SERVICES LLC RUTH BRADLEY (UNTIL FEBRUARY 19, 2020) 501 CARR RD STE 101 WILMINGTON, DE 19809 FORM 990, PART VI, LINE 11B THE FOUNDATION ENGAGES AN INDEPENDENT ACCOUNTING FIRM TO ASSIST IN THE COMPILATION AND COMPLETION OF FORM 990. IT IS REVIEWED BY OUTSIDE LEGAL COUNSEL, WHO PROVIDED COMMENTS AND ADVICE AS TO POTENTIAL FACTUAL ISSUES. THE 990 IS THEN PROVIDED TO EACH DIRECTOR FOR HIS OR HER REVIEW PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, LINE 19 THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9 EQUITY CONTRIBUTION $942,163 RESIDUAL TRANSFER TO PHEAA ($15,699,792) ============== TOTAL ($14,757,629) FORM 990, PART XII, LINE 1 CASH BASIS - THE PHEAA STUDENT LOAN FOUNDATION (THE "FOUNDATION") USES THE CASH METHOD OF ACCOUNTING. AS OF THE END OF THE REPORTING PERIOD, THE FOUNDATION HAD FORMED SPECIAL PURPOSE TRUSTS KNOWN AS THE PHEAA STUDENT LOAN TRUST I ("TRUST I"), PHEAA STUDENT LOAN TRUST 2011-1 ("TRUST 2011-1"), PHEAA STUDENT LOAN TRUST 2012-1 ("TRUST 2012-1"), PHEAA STUDENT LOAN TRUST 2013-1 ("TRUST 2013-1"), PHEAA STUDENT LOAN TRUST 2013-2 ("TRUST 2013-2"), PHEAA WAREHOUSE FACILITY TRUST 2013-1 ("WAREHOUSE TRUST 2013-1"), PHEAA STUDENT LOAN TRUST 2013-3 ("TRUST 2013-3"), PHEAA STUDENT LOAN TRUST 2014-1 ("TRUST 2014-1"), PHEAA STUDENT LOAN TRUST 2014-2 ("TRUST 2014-2"), PHEAA STUDENT LOAN TRUST 2014-3 ("TRUST 2014-3"), PHEAA STUDENT LOAN TRUST 2015-1 ("TRUST 2015-1"), PHEAA STUDENT LOAN TRUST 2016-1 ("TRUST 2016-1"), PHEAA STUDENT LOAN TRUST 2016-2 ("TRUST 2016-2") AND PHEAA STUDENT LOAN TRUST 2018-1 ("TRUST 2018-1"), AND COLLECTIVELY WITH TRUST I, TRUST 2011-1, TRUST 2012-1, TRUST 2013-1, TRUST 2013-2, WAREHOUSE TRUST 2013-1, TRUST 2013-3, TRUST 2014-1, TRUST 2014-2, TRUST 2014-3, TRUST 2015-1, TRUST 2016-1, TRUST 2016-2 AND TRUST 2018-1 (THE "TRUSTS"). THE PHEAA STUDENT LOAN TRUST I FILED A CERTIFICATE OF CANCELLATION WITH THE DELAWARE SECRETARY OF STATE ON JULY 13, 2018. FORM 990, PART XII, LINE 2C NO. The organization does not have a separate committee that assumes the responsibility for oversight of the audit review or compilation of the financial statements. A separate committee is not necessary because the audit is conducted as part of PHEAA's consolidated financial statements, which does have a committee. PHEAA Student Loan Trust 2011-1 1200 N 7th St Harrisburg PA 17102 510423553 Student loans PA 16604573 491403309 PHEAA SL FDN PHEAA Student Loan Trust 2012-1 1200 N 7th St Harrisburg PA 17102 510423553 Student Loans PA 4327074 116812307 PHEAA SL FND PHEAA Student Loan Trust 2013-1 1200 N 7th St Harrisburg PA 17102 510423553 Student Loans PA 7346498 228732399 PHEAA SL FND PHEAA Student Loan Trust 2013-2 1200 N 7th St Harrisburg PA 17102 510423553 Student Loans PA 3148092 77642154 PHEAA SL FND PHEAA Warehouse Facility Trust 2013-1 1200 N 7th St Harrisburg PA 17102 510423553 Student Loans PA 4692 400011 PHEAA SL FND PHEAA Student Loan Trust 2013-3 1200 N 7th St Harrisburg PA 17102 510423553 Student Loans PA 7432182 220062548 PHEAA SL FND PHEAA Student Loan Trust 2014-1 1200 N 7th St Harrisburg PA 17102 510423553 Student Loan PA 8148182 234421910 PHEAA SL FND PHEAA Student Loan Trust 2014-2 1200 N 7th St Harrisburg PA 17102 510423553 Student Loan PA 9057103 264858673 PHEAA SL FND PHEAA Student Loan Trust 2014-3 1200 N 7th St Harrisburg PA 17102 510423553 Student Loans PA 8299586 247137160 PHEAA SL FND PHEAA Student Loan Trust 2015-1 1200 N 7th St Harrisburg PA 17102 510423553 Student Loan PA 10411312 304931961 PHEAA SL FND PHEAA Student Loan Trust 2016-1 1200 N 7th St Harrisburg PA 17102 510423553 Student loans PA 10038636 295725667 PHEAA SL FND PHEAA Student Loan Trust 2018-1 1200 N 7th St Harrisburg PA 17102 510423553 Student loans PA 13461643 343468205 PHEAA SL FND PHEAA Student Loan Trust 2016-2 1200 N 7th St Harrisburg PA 17102 510423553 Student loans PA 7302231 204377347 PHEAA SL FND Pennsylvania Higher Education Assistance 1200 N 7th St Harrisburg PA 17102 231693362 Student Loans PA n/a NA false false false false false false false false false false false false false true true true false false true false PHEAA m 16129591 Book Value PHEAA o 33242 Book Value PHEAA r 15699792 Book Value