GRANITE EDVANCE CORPORATION: Form 990, tax year 2018

View the entire original 990 at ProPublica ↗

Organization
GRANITE EDVANCE CORPORATION (EIN 02-0368776)
Tax period
2018-10-01 to 2019-09-30
Filed
2020-02-18
IRS object ID
202010499349300906
Schema version
2018v3.1
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2020-02-18T09:48:27-06:00ReturnTs
Tax Period End2019-09-30TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN010494526PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Baker Newman & Noyes LLCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line1PO Box 507AddressLine1Txt
CityPortlandCityNm
State AbbreviationMEStateAbbreviationCd
ZIP04112ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2018-10-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN020368776EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1New Hampshire Higher EducationBusinessNameLine1Txt
Business Name Line2Loan CorporationBusinessNameLine2Txt
FieldValueIRS element (for citing)
Business Name ControlNHHIBusinessNameControlTxt
Phone6032265829PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line14 Barrell Court PO Box 2111AddressLine1Txt
CityConcordCityNm
State AbbreviationNHStateAbbreviationCd
ZIP03302ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonChristiana ThorntonPersonNm
Person TitlePresident & CEOPersonTitleTxt
Phone6032265829PhoneNum
Signature2020-02-18SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonNicolas E PortoPreparerPersonNm
PTINP01310283PTIN
Phone2078792100PhoneNum
Preparation2020-02-18PreparationDt

Filing Security Information FilingSecurityInformation

IP Address IPAddress

FieldValueIRS element (for citing)
I Pv4 Address208.105.168.164IPv4AddressTxt
FieldValueIRS element (for citing)
IP2020-02-18IPDt
IP Tm10:22:39IPTm
IP TimezoneESIPTimezoneCd
Filing License TypePFilingLicenseTypeCd
At Submission Creation Device Id4950B0318DE8D55CD0245DC492FF2601D954F5E9AtSubmissionCreationDeviceId
At Submission Filing Device IdDA1D1F22D002DE74304CAE64996AD19EA354FE22AtSubmissionFilingDeviceId
FieldValueIRS element (for citing)
Tax2018TaxYr
Build TS2020-11-06 18:47:13ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerChristiana ThorntonPrincipalOfficerNm

US Address USAddress

FieldValueIRS element (for citing)
Address Line14 Barrell Court PO Box 2111AddressLine1Txt
CityConcordCityNm
State AbbreviationNHStateAbbreviationCd
ZIP03302ZIPCd
FieldValueIRS element (for citing)
Gross Receipts$59,900,056GrossReceiptsAmt
Group Return For Affiliates0GroupReturnForAffiliatesInd
Organization501c3Yes (X)Organization501c3Ind
Website Addresswww.nhhelco.orgWebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation1983FormationYr
Legal Domicile StateNHLegalDomicileStateCd
Activity Or MissionFinancial assistance to eligible borrowersActivityOrMissionDesc
Voting Members Governing Body8VotingMembersGoverningBodyCnt
Voting Members Independent8VotingMembersIndependentCnt
Total Employee0TotalEmployeeCnt
Total Volunteers8TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$0PYContributionsGrantsAmt
CY Contributions Grants$0CYContributionsGrantsAmt
PY Program Service Revenue$45,713,273PYProgramServiceRevenueAmt
CY Program Service Revenue$53,630,528CYProgramServiceRevenueAmt
PY Investment Income$2,425,746PYInvestmentIncomeAmt
CY Investment Income$1,143,766CYInvestmentIncomeAmt
PY Other Revenue$0PYOtherRevenueAmt
CY Other Revenue$0CYOtherRevenueAmt
PY Total Revenue$48,139,019PYTotalRevenueAmt
CY Total Revenue$54,774,294CYTotalRevenueAmt
PY Grants And Similar Paid$0PYGrantsAndSimilarPaidAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
PY Benefits Paid To Members$0PYBenefitsPaidToMembersAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$20,000PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$25,592CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$43,815,663PYOtherExpensesAmt
CY Other Expenses$53,555,778CYOtherExpensesAmt
PY Total Expenses$43,835,663PYTotalExpensesAmt
CY Total Expenses$53,581,370CYTotalExpensesAmt
PY Revenues Less Expenses$4,303,356PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$1,192,924CYRevenuesLessExpensesAmt
Total Assets BOY$693,191,534TotalAssetsBOYAmt
Total Assets EOY$772,977,645TotalAssetsEOYAmt
Total Liabilities BOY$472,092,921TotalLiabilitiesBOYAmt
Total Liabilities EOY$549,935,098TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$221,098,613NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$223,042,547NetAssetsOrFundBalancesEOYAmt
MissionFinancial assistance to eligible borrowersMissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$52,699,992ExpenseAmt
Revenue$53,630,528RevenueAmt
DescThe 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.Desc
Total Program Service Expenses$52,699,992TotalProgramServiceExpensesAmt
Described In Section501c3Yes (1)DescribedInSection501c3Ind
Schedule B Required0ScheduleBRequiredInd
Political Campaign Acty0PoliticalCampaignActyInd
Lobbying ActivitiesYes (1)LobbyingActivitiesInd
Subject To Proxy Tax0SubjectToProxyTaxInd
Donor Advised Fund0DonorAdvisedFundInd
Conservation Easements0ConservationEasementsInd
Collections Of Art0CollectionsOfArtInd
Credit Counseling0CreditCounselingInd
Temp Or Permanent Endowments0TempOrPermanentEndowmentsInd
Report Land Building Equipment0ReportLandBuildingEquipmentInd
Report Investments Other Sec0ReportInvestmentsOtherSecInd
Report Program Related Invst0ReportProgramRelatedInvstInd
Report Other Assets0ReportOtherAssetsInd
Report Other LiabilitiesYes (1)ReportOtherLiabilitiesInd
Include FIN48 FootnoteYes (1)IncludeFIN48FootnoteInd
Independent Audit Fincl Stmt0IndependentAuditFinclStmtInd
Consolidated Audit Fincl StmtYes (1)ConsolidatedAuditFinclStmtInd
School Operating0SchoolOperatingInd
Foreign Office0ForeignOfficeInd
Foreign Activities0ForeignActivitiesInd
More Than5000 K To Org0MoreThan5000KToOrgInd
More Than5000 K To Individuals0MoreThan5000KToIndividualsInd
Professional Fundraising0ProfessionalFundraisingInd
Fundraising Activities0FundraisingActivitiesInd
Gaming Activities0GamingActivitiesInd
Operate Hospital0OperateHospitalInd
Grants To Organizations0GrantsToOrganizationsInd
Grants To Individuals0GrantsToIndividualsInd
Schedule J RequiredYes (1)ScheduleJRequiredInd
Tax Exempt Bonds0TaxExemptBondsInd
Engaged In Excess Benefit Trans0EngagedInExcessBenefitTransInd
PY Excess Benefit Trans0PYExcessBenefitTransInd
Loan Outstanding0LoanOutstandingInd
Grant To Related Person0GrantToRelatedPersonInd
Business Rln With Org Mem0BusinessRlnWithOrgMemInd
Business Rln With Fam Mem0BusinessRlnWithFamMemInd
Business Rln With Officer Ent0BusinessRlnWithOfficerEntInd
Deductible Non Cash Contri0DeductibleNonCashContriInd
Deductible Art Contribution0DeductibleArtContributionInd
Terminate Operations0TerminateOperationsInd
Partial Liquidation0PartialLiquidationInd
Disregarded Entity0DisregardedEntityInd
Related EntityYes (1)RelatedEntityInd
Related Organization Ctrl EntYes (1)RelatedOrganizationCtrlEntInd
Trnsfr Exmpt Non Chrtbl Rltd Org0TrnsfrExmptNonChrtblRltdOrgInd
Activities Conducted Prtshp0ActivitiesConductedPrtshpInd
Schedule O RequiredYes (1)ScheduleORequiredInd
IRP Document337IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Backup Wthld ComplianceYes (1)BackupWthldComplianceInd
Employee0EmployeeCnt
Unrelated Bus Incm Over Limit0UnrelatedBusIncmOverLimitInd
Foreign Financial Account0ForeignFinancialAccountInd
Prohibited Tax Shelter Trans0ProhibitedTaxShelterTransInd
Taxable Party Notification0TaxablePartyNotificationInd
Nondeductible Contributions0NondeductibleContributionsInd
Quid Pro Quo Contributions0QuidProQuoContributionsInd
Form8282 Property Disposed Of0Form8282PropertyDisposedOfInd
Rcv Fnds To Pay Prsnl Bnft Cntrct0RcvFndsToPayPrsnlBnftCntrctInd
Pay Premiums Prsnl Bnft Cntrct0PayPremiumsPrsnlBnftCntrctInd
Indoor Tanning Services0IndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht Pymt0SubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst Inc0SubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members8GoverningBodyVotingMembersCnt
Independent Voting Member8IndependentVotingMemberCnt
Family Or Business Rln0FamilyOrBusinessRlnInd
Delegation Of Mgmt DutiesYes (1)DelegationOfMgmtDutiesInd
Change To Org Documents0ChangeToOrgDocumentsInd
Material Diversion Or Misuse0MaterialDiversionOrMisuseInd
Members Or Stockholders0MembersOrStockholdersInd
Election Of Board Members0ElectionOfBoardMembersInd
Decisions Subject To Approva0DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (1)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (1)MinutesOfCommitteesInd
Officer Mailing Address0OfficerMailingAddressInd
Local Chapters0LocalChaptersInd
Form990 Provided To Gvrn BodyYes (1)Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyYes (1)ConflictOfInterestPolicyInd
Annual Disclosure Covered PrsnYes (1)AnnualDisclosureCoveredPrsnInd
Regular Monitoring EnfrcYes (1)RegularMonitoringEnfrcInd
Whistleblower PolicyYes (1)WhistleblowerPolicyInd
Document Retention PolicyYes (1)DocumentRetentionPolicyInd
Compensation Process CEO0CompensationProcessCEOInd
Compensation Process Other0CompensationProcessOtherInd
Investment In Joint Venture0InvestmentInJointVentureInd
States Where Copy Of Return Is FldNHStatesWhereCopyOfReturnIsFldCd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Linda CrumpBusinessNameLine1Txt
FieldValueIRS element (for citing)
Phone6032255867PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line14 Barrell CourtAddressLine1Txt
CityConcordCityNm
State AbbreviationNHStateAbbreviationCd
ZIP033022111ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (11 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmtOfficerOfficerIndAverage Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt
Peter Burger
Trustee0.20Yes (X)$0$0$0
Gordon Koff
Trustee (start 2/19)0.20Yes (X)$0$0$0
Chuck Lloyd
Trustee (start 2/19)0.20Yes (X)$0$0$0
Tim Sink
Trustee0.20Yes (X)$0$0$0
Steve Webb
Trustee (start 2/19)0.20Yes (X)$0$0$0
Daniel Dubreuil
Chairman0.20Yes (X)$0$0$0Yes (X)
Linda Normandin
Vice Chair/Treasurer0.20Yes (X)$0$0$0Yes (X)
Susan Howard
Secretary0.20Yes (X)$0$0$0Yes (X)
Rene A Drouin
President & CEO (end 10/18)10.00$0$702,503$51,453Yes (X)30.00
Christiana Thornton
President & CEO10.00$0$66,923$0Yes (X)30.00
Dean Grondin
Vice President & CFO10.00$0$233,259$18,472Yes (X)30.00
FieldValueIRS element (for citing)
Total Reportable Comp From Org$0TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$1,002,685TotReportableCompRltdOrgAmt
Total Other Compensation$69,925TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K0IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 KYes (1)TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (4 entries)

Address Line1ContractorAddress/USAddress/AddressLine1TxtCityContractorAddress/USAddress/CityNmState AbbreviationContractorAddress/USAddress/StateAbbreviationCdZIPContractorAddress/USAddress/ZIPCdServicesServicesDescCompensationCompensationAmt
Granite State Mgmt & Res
4 Barrell Court PO Box 2087ConcordNH03302Management and Loan Servicing$6,443,737
Credible Labs Inc
101 Green Street 2nd FloorSan FranciscoCA94111Loan Processing$1,441,104
Campus Door Holdings Inc
1415 Ritner HighwayCarlislePA17013Loan Processing$791,860
DBRS Inc
140 Broadway 43rd FloorNew YorkNY10005Rating Agency$104,773
FieldValueIRS element (for citing)
Cntrct Rcvd Greater Than100 K4CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (4 entries)

DescDescBusinessBusinessCdTotal Revenue ColumnTotalRevenueColumnAmtRelated Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
Interest student loans522291$35,406,040$35,406,040
DL Service Fee Revenue522291$16,683,460$16,683,460
Late charges & other522291$878,918$878,918
Federal Interest Benefit522291$662,110$662,110
FieldValueIRS element (for citing)
Total Program Service Revenue$53,630,528TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

FieldValueIRS element (for citing)
Total Revenue Column$1,956,644TotalRevenueColumnAmt
Exclusion$1,956,644ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

FieldValueIRS element (for citing)
Securities$4,312,884SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

FieldValueIRS element (for citing)
Securities$5,125,762SecuritiesAmt

Gain Or Loss GainOrLossGrp

FieldValueIRS element (for citing)
Securities-$812,878SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

FieldValueIRS element (for citing)
Total Revenue Column-$812,878TotalRevenueColumnAmt
Exclusion-$812,878ExclusionAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$54,774,294TotalRevenueColumnAmt
Related Or Exempt Func Income$53,630,528RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$1,143,766ExclusionAmt
FieldValueIRS element (for citing)
Info In Schedule O Part IXYes (X)InfoInScheduleOPartIXInd

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$25,592TotalAmt
Management And General$25,592ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

FieldValueIRS element (for citing)
Total$242,326TotalAmt
Management And General$242,326ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$50,063TotalAmt
Management And General$50,063ManagementAndGeneralAmt

Fees For Services Lobbying FeesForServicesLobbyingGrp

FieldValueIRS element (for citing)
Total$29,120TotalAmt
Program Services$29,120ProgramServicesAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

FieldValueIRS element (for citing)
Total$148,587TotalAmt
Management And General$148,587ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

FieldValueIRS element (for citing)
Total$24,024,201TotalAmt
Program Services$23,609,391ProgramServicesAmt
Management And General$414,810ManagementAndGeneralAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$41,001TotalAmt
Program Services$41,001ProgramServicesAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$31,010TotalAmt
Program Services$31,010ProgramServicesAmt

Interest InterestGrp

FieldValueIRS element (for citing)
Total$21,903,645TotalAmt
Program Services$21,903,645ProgramServicesAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmtProgram ServicesProgramServicesAmt
Loss On Swap Terminatio$2,551,550$2,551,550
Consolidation Loan Fee$2,433,711$2,433,711
Provision for Loan Loss$592,858$592,858
Bond Administration Exp$153,297$153,297

All Other Expenses AllOtherExpensesGrp

FieldValueIRS element (for citing)
Total$1,354,409TotalAmt
Program Services$1,354,409ProgramServicesAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$53,581,370TotalAmt
Program Services$52,699,992ProgramServicesAmt
Management And General$881,378ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

FieldValueIRS element (for citing)
BOY$17,152,365BOYAmt
EOY$20,987,915EOYAmt

Accounts Receivable AccountsReceivableGrp

FieldValueIRS element (for citing)
BOY$2,628,134BOYAmt
EOY$1,734,658EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

FieldValueIRS element (for citing)
BOY$618,873,579BOYAmt
EOY$697,814,641EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

FieldValueIRS element (for citing)
BOY$3,211,705BOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

FieldValueIRS element (for citing)
BOY$42,345,548BOYAmt
EOY$42,486,248EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

FieldValueIRS element (for citing)
BOY$8,303,084BOYAmt
EOY$8,730,329EOYAmt

Other Assets Total OtherAssetsTotalGrp

FieldValueIRS element (for citing)
BOY$677,119BOYAmt
EOY$1,223,854EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$693,191,534BOYAmt
EOY$772,977,645EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$1,421,683BOYAmt
EOY$380,870EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

FieldValueIRS element (for citing)
BOY$465,773,493BOYAmt
EOY$545,681,693EOYAmt

Other Liabilities OtherLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$4,897,745BOYAmt
EOY$3,872,535EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$472,092,921BOYAmt
EOY$549,935,098EOYAmt
FieldValueIRS element (for citing)
Organization Follows SFAS117Yes (X)OrganizationFollowsSFAS117Ind

Unrestricted Net Assets UnrestrictedNetAssetsGrp

FieldValueIRS element (for citing)
BOY$221,098,613BOYAmt
EOY$223,042,547EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$221,098,613BOYAmt
EOY$223,042,547EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$693,191,534BOYAmt
EOY$772,977,645EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$1,192,924ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst$751,010NetUnrlzdGainsLossesInvstAmt
Other Changes In Net Assets$0OtherChangesInNetAssetsAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or Review0AccountantCompileOrReviewInd
FS AuditedYes (1)FSAuditedInd

FS Audited Basis FSAuditedBasisGrp

FieldValueIRS element (for citing)
Consolidated Basis Fincl StmtYes (X)ConsolidatedBasisFinclStmtInd
FieldValueIRS element (for citing)
Audit CommitteeYes (1)AuditCommitteeInd
Federal Grant Audit RequiredYes (1)FederalGrantAuditRequiredInd
Federal Grant Audit PerformedYes (1)FederalGrantAuditPerformedInd

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Publicly Supported Org509a2Yes (X)PubliclySupportedOrg509a2Ind

Gross Receipts Admissions GrossReceiptsAdmissionsGrp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$39,619,797CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$37,101,649CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$39,520,425CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$45,713,273CurrentTaxYearMinus1YearAmt
Current Tax Year$53,630,528CurrentTaxYearAmt
Total$215,585,672TotalAmt

Total509 Total509Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$39,619,797CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$37,101,649CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$39,520,425CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$45,713,273CurrentTaxYearMinus1YearAmt
Current Tax Year$53,630,528CurrentTaxYearAmt
Total$215,585,672TotalAmt

Amounts Rcvd Dsqlfy Person AmountsRcvdDsqlfyPersonGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Substantial Contributors Amt SubstantialContributorsAmtGrp

FieldValueIRS element (for citing)
Total$0TotalAmt

Subst And Dsqlfy Prsns Tot SubstAndDsqlfyPrsnsTotGrp

FieldValueIRS element (for citing)
Total$0TotalAmt
FieldValueIRS element (for citing)
Public Support Total509$215,585,672PublicSupportTotal509Amt

Gross Investment Income509 GrossInvestmentIncome509Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$895,868CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$963,273CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$1,170,315CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$1,753,441CurrentTaxYearMinus1YearAmt
Current Tax Year$1,956,644CurrentTaxYearAmt
Total$6,739,541TotalAmt

Investment Income And UBTI InvestmentIncomeAndUBTIGrp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$895,868CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$963,273CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$1,170,315CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$1,753,441CurrentTaxYearMinus1YearAmt
Current Tax Year$1,956,644CurrentTaxYearAmt
Total$6,739,541TotalAmt

Total Support Calendar Year TotalSupportCalendarYearGrp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$40,515,665CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$38,064,922CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$40,690,740CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$47,466,714CurrentTaxYearMinus1YearAmt
Current Tax Year$55,587,172CurrentTaxYearAmt
Total$222,325,213TotalAmt
FieldValueIRS element (for citing)
Public Support CY5090.96970PublicSupportCY509Pct
Public Support PY5090.97220PublicSupportPY509Pct
Investment Income CY0.03030InvestmentIncomeCYPct
Investment Income PY0.02780InvestmentIncomePYPct
Thirty Thr Pct Suprt Tests CY509Yes (X)ThirtyThrPctSuprtTestsCY509Ind

Schedule C IRS990ScheduleC

FieldValueIRS element (for citing)
Volunteers0VolunteersInd
Paid Staff Or Management0PaidStaffOrManagementInd
Media Advertisements0MediaAdvertisementsInd
Mailings Members0MailingsMembersInd
Publications Or Broadcast0PublicationsOrBroadcastInd
Grants Other OrganizationsYes (1)GrantsOtherOrganizationsInd
Grants Other Organizations$31,945GrantsOtherOrganizationsAmt
Direct Contact Legislators0DirectContactLegislatorsInd
Rallies Demonstrations0RalliesDemonstrationsInd
Other Activities0OtherActivitiesInd
Total Lobbying Expenditures$31,945TotalLobbyingExpendituresAmt
Not Described Section501c30NotDescribedSection501c3Ind

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferencePart II-B, Line 1:FormAndLineReferenceDesc
ExplanationA portion of dues paid to the Education Finance Council were available for lobbying. For the filing period, total dues paid were $35,319, of which $2,825 was available for lobbying. Additionally, the Organization paid $29,120 to Thompson & Coburn, a K Street Washington, DC law firm, in part for services related to lobbying activities and information on pending legislation that may impact the Organization.ExplanationTxt

Schedule D IRS990ScheduleD

FieldValueIRS element (for citing)
Total Book Value Land Buildings$0TotalBookValueLandBuildingsAmt

Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)

DescDescAmtAmt
Accrued interest payable$1,303,723
Fees payable to U.S. government$288,970
Due to related entities$2,279,842
FieldValueIRS element (for citing)
Total Liability$3,872,535TotalLiabilityAmt
Footnote TextYes (X)FootnoteTextInd
Total Rev Etc Audited Fincl Stmt$55,576,191TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst$751,010NetUnrealizedGainsInvstAmt
Revenue Not Reported$751,010RevenueNotReportedAmt
Revenue Subtotal$54,825,181RevenueSubtotalAmt
Investment Expenses Not Incld$148,587InvestmentExpensesNotIncldAmt
Other Revenues Not Included-$199,474OtherRevenuesNotIncludedAmt
Revenue Not Reported Fincl Stmt-$50,887RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990$54,774,294TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt$53,632,257TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported$0ExpensesNotReportedAmt
Expenses Subtotal$53,632,257ExpensesSubtotalAmt
Investment Expenses Not Incld2$148,587InvestmentExpensesNotIncld2Amt
Other Expenses Not Included-$199,474OtherExpensesNotIncludedAmt
Expenses Not Rpt Fincl Stmt-$50,887ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990$53,581,370TotalExpensesPerForm990Amt

Supplemental Information Detail SupplementalInformationDetail (3 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
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, 2019 or 2018.
Part XI, Line 4b - Other Adjustments:Student loan allowances -199,474.
Part XII, Line 4b - Other Adjustments:Student loan allowances -199,474.

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Severance Payment0SeverancePaymentInd
Supplemental Nonqual Rtr PlanYes (1)SupplementalNonqualRtrPlanInd
Equity Based Comp Arrngm0EquityBasedCompArrngmInd
Comp Based On Revenue Of Flng Org0CompBasedOnRevenueOfFlngOrgInd
Comp Bsd On Rev Related Orgs0CompBsdOnRevRelatedOrgsInd
Comp Bsd Net Earns Flng Org0CompBsdNetEarnsFlngOrgInd
Comp Bsd Net Earns Rltd Orgs0CompBsdNetEarnsRltdOrgsInd
Any Non Fixed Payments0AnyNonFixedPaymentsInd
Initial Contract Exception0InitialContractExceptionInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)

TitleTitleTxtBase Compensation Filing OrgBaseCompensationFilingOrgAmtCompensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmtBonus Filing OrganizationBonusFilingOrganizationAmountBonus Related OrganizationsBonusRelatedOrganizationsAmtOther Compensation Filing OrgOtherCompensationFilingOrgAmtOther Compensation Rltd OrgsOtherCompensationRltdOrgsAmtDeferred Compensation Flng OrgDeferredCompensationFlngOrgAmtDeferred Comp Rltd OrgsDeferredCompRltdOrgsAmtNontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmtNontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmtTotal Compensation Filing OrgTotalCompensationFilingOrgAmtTotal Compensation Rltd OrgsTotalCompensationRltdOrgsAmtComp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmtComp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt
Rene A Drouin
President & CEO (end 10/18)$0$379,699$0$293,147$0$29,657$15,000$14,899$0$21,554$15,000$738,956$0$0
Dean Grondin
Vice President & CFO$0$213,409$0$19,160$0$690$0$9,045$0$9,427$0$251,731$0$0

Supplemental Information Detail SupplementalInformationDetail (2 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
Part I, Line 3The Organization's officers are 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, Line 4bNew Hampshire Higher Education Loan Corporation maintains a 457(f) nonqualified deferred compensation plan for the benefit of Rene Drouin. In 2018, a tax-deferred contribution of $15,000 was made into his plan.

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (6 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
Form 990, Part VI, Section A, line 3The organization contracts with Granite State Management & Resources, a related entity, for its management services.
Form 990, Part VI, Section B, line 11bA 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 12cAny 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 15An on-going internal review of salaries is conducted by Human Resources Management of GSMR 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, operations and asset composition to GSM&R. This review also is evaluated by an independent consultant on a periodic basis. Based on this comparative market data, the Chairman of the Board of GSMR and the Chairman of its Compensation Committee review the proposed CEO and other senior officer compensation packages for reasonableness and fairness.
Form 990, Part VI, Section C, line 19The organization will make its governing documents, conflict of interest policy, and financial statements available to the public upon request.
Form 990, Part IX, line 11gServicing Fees: Program service expenses 23,609,391. Management and general expenses 414,810. Fundraising expenses 0. Total expenses 24,024,201.

Schedule R IRS990ScheduleR

Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdEINEINPrimary ActivitiesPrimaryActivitiesTxtLegal Domicile StateLegalDomicileStateCdTotal IncomeTotalIncomeAmtEnd Of Year AssetsEndOfYearAssetsAmtBusiness Name Line1DirectControllingEntityName/BusinessNameLine1Txt
EDvestinU Private Education Loan Issue No 1 LLC
c/o NHHELCO 4 Barrell CourtConcordNH03301475156259Purchase private student loansNH$6,673,810$105,712,881New Hampshire Higher Education Loan Corporation
EdvestinU Private Education Loan Issue No 2 LLC
c/o NHHELCO 4 Barrell CourtConcordNH03301832287656Purchase private student loansDE$6,140,399$213,451,610New Hampshire Higher Education Loan Corporation

Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (3 entries)

Address Line1USAddress/AddressLine1TxtCityUSAddress/CityNmState AbbreviationUSAddress/StateAbbreviationCdZIPUSAddress/ZIPCdEINEINPrimary ActivitiesPrimaryActivitiesTxtLegal Domicile StateLegalDomicileStateCdExempt Code SectionExemptCodeSectionTxtPublic Charity StatusPublicCharityStatusTxtDirect Controlling NADirectControllingNACdControlled OrganizationControlledOrganizationIndBusiness Name Line1DirectControllingEntityName/BusinessNameLine1Txt
Granite State Management and Resources
4 Barrell CourtConcordNH033022087020404239Administrator/servicer of student loansNH501(c)(3)Line 10N/A0
New Hampshire Higher Education Assistance Foundation
4 Barrell CourtConcordNH033020877026007687Student loan guarantorNH501(c)(3)Line 10N/A0
NHHEAF Network Education Foundation
4 Barrell CourtConcordNH033022111300289044Grants and scholarshipsNH501(c)(3)PFYes (1)New Hampshire Higher Education Loan Corporation
FieldValueIRS element (for citing)
Receipt Of Int Annts Rnts Rylts0ReceiptOfIntAnntsRntsRyltsInd
Gift Grnt Or Cap Contri To Oth Org0GiftGrntOrCapContriToOthOrgInd
Gift Grnt Cap Contri From Oth Org0GiftGrntCapContriFromOthOrgInd
Loans Or Guarantees To Other Org0LoansOrGuaranteesToOtherOrgInd
Loans Or Guarantees From Oth Org0LoansOrGuaranteesFromOthOrgInd
Div Related Organization0DivRelatedOrganizationInd
Asset Sale To Other Org0AssetSaleToOtherOrgInd
Asset Purchase From Other Org0AssetPurchaseFromOtherOrgInd
Asset Exchange0AssetExchangeInd
Rental Of Facilities To Oth Org0RentalOfFacilitiesToOthOrgInd
Rental Of Fclts From Oth Org0RentalOfFcltsFromOthOrgInd
Perform Of Services For Oth Org0PerformOfServicesForOthOrgInd
Perform Of Services By Other OrgYes (1)PerformOfServicesByOtherOrgInd
Sharing Of Facilities0SharingOfFacilitiesInd
Paid Employees Sharing0PaidEmployeesSharingInd
Reimbursement Paid To Other OrgYes (1)ReimbursementPaidToOtherOrgInd
Reimbursement Paid By Other Org0ReimbursementPaidByOtherOrgInd
Transfer To Other Org0TransferToOtherOrgInd
Transfer From Other Org0TransferFromOtherOrgInd

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