2020-02-18T11:50:58-06:00 2019-09-30 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2018-10-01 020404239 Granite State Management and Resources GRAN 6032255867 4 Barrell Court PO Box 2087 Concord NH 033022087 CHRISTIANA THORNTON President & CEO 6032255867 2020-02-14 1 Nicholas E Porto P01310283 2078792100 2020-02-14 208.105.168.164 2020-02-14 13:18:16 ES P 4950B0318DE8D55CD0245DC492FF2601D954F5E9 06B7489ABA98DAED5EEF3FC08E520D537C2DA3C6 2018 2020-11-19 02:30:22Z Christiana Thornton 4 Barrell Court PO Box 2087 Concord NH 033022087 32345358 0 X www.gsmr.org X 1986 NH Administrator/servicer of student loans 10 10 233 10 0 0 77161 95500 21144255 24549159 6379882 1498880 0 1248911 27601298 27392450 46000 73000 0 0 13724583 13528669 0 0 0 9080535 11407675 22851118 25009344 4750180 2383106 44165455 46001608 5483669 5253590 38681786 40748018 Administrator/servicer of student loans 0 0 914653 73000 1051202 Administer the guaranteed student loan program in the state of NH in cooperation with NH lenders and secondary markets. 19320120 22204431 Service education loan programs 1125500 1293526 Administer the loan origination program for NH Higher Education Loan Corporation 21360273 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 0 0 0 1 12403 0 1 233 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 10 0 0 0 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 03301 Jamie Burnett Trustee (start 2/19) 0.20 X 0 0 0 Matthew Cookson Trustee 0.20 X 0 0 0 Clinton Hanson Jr Trustee 0.20 X 0 0 0 Brad Poznanski Trustee 0.20 X 0 0 0 Paul Provost Trustee (start 2/19) 0.20 X 0 0 0 Sandra Tracy Trustee 0.20 X 0 0 0 Cornelius Joyce Chairman 0.20 X X 0 0 0 Anthony Chismark Vice Chairman 0.20 X X 0 0 0 Charles Rolecek Treasurer 0.20 X X 0 0 0 Thomas Horgan Secretary 0.20 X X 0 0 0 Rene A Drouin President & CEO (end 10/18) 20.00 20.00 X 702503 0 51453 Christiana Thornton President & CEO 20.00 20.00 X 66923 0 0 Dean A Grondin VP & CFO 20.00 20.00 X 233259 0 18472 Tony J McBee VP & CIO (end 12/18) 40.00 X 165181 0 14927 Sara Tremaine VP & CSO (end 4/19) 40.00 X 149090 0 8776 Daniel Coughlan VP Finance 40.00 X 115452 0 22201 Tori Berube VP CCP & Community Engagement 40.00 X 117609 0 13939 Michael Levasseur VP Compliance 40.00 X 124974 0 7073 Carlton Lewis Software Development Archi 40.00 X 114803 0 28314 Robert Woodburn AVP Project Management 40.00 X 121753 0 13616 Robert Willey Software Development Lead 40.00 X 106718 0 27947 Christopher Toppin Manager, IS Operations 40.00 X 106413 0 24013 Barton Nichelson Database Administrator 40.00 X 116304 0 13893 2240982 0 244624 14 0 1 0 Nelnet Servicing LLC PO Box 82561 Lincoln NE 68501 Loan servicing 4059559 Baker Newman Noyes PO Box 507 Portland ME 04112 Auditing/Tax services 248654 Sulloway & Hollis PLLC 9 Capitol Street Concord NH 03301 Legal Services 179019 Adapt Telephony Serv LLC 600 Enterprise Drive Suite 204 Oak Brook IL 60523 Telephony Consulting 168071 ENE Systems of NH 155 River Road Bow NH 03304 HVAC Services 133794 5 20000 75500 95500 Service fees 522291 22221759 22221759 Contracted services 522291 2327400 2327400 24549159 692091 692091 5759697 4952908 806789 806789 806789 Insurance Proceeds 525100 1248911 1248911 1248911 27392450 24549159 0 2747791 73000 73000 1796832 1078099 718733 8472830 7801441 671389 467241 430217 37024 2054585 1891779 162806 737181 678767 58414 542416 542416 272165 272165 29120 29120 122749 122749 185576 163835 21741 3609450 3160630 448820 4750040 4671892 78148 581751 513597 68154 141984 125350 16634 30 26 4 989965 581463 408502 182429 161057 21372 25009344 21360273 3649071 0 1000 1000 2277683 4521902 3047265 2323613 51361 89021 15658795 12272062 3912339 3386733 34875807 35679339 44165455 46001608 4483669 4253590 1000000 1000000 5483669 5253590 X 38681786 40748018 38681786 40748018 44165455 46001608 2383106 -316874 0 X 0 1 X 1 0 X 25500 26982 66426 77161 80000 276069 15993668 16247363 17806940 20755455 24564659 95368085 16019168 16274345 17873366 20832616 24644659 95644154 0 0 0 95644154 946785 812893 746185 529847 692091 3727801 156000 388100 388800 932900 946785 968893 1134285 918647 692091 4660701 1248911 1248911 16965953 17243238 19007651 21751263 26585661 101553766 0.94180 0.94570 0.04590 0.05430 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 29455 0 0 0 29455 0 Part II-B, Line 1: A portion of dues paid to Student Loan Servicing Alliance were available for lobbying, For the filing period, total dues paid were $6,700, of which $335 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. 687587 687587 9210073 7487469 1722604 5761135 4784593 976542 3386733 Reserve for loan losses 1000000 1000000 X 26952827 -316874 -316874 27269701 122749 122749 27392450 24886595 0 24886595 122749 122749 25009344 Part X, Line 2: Granite State has received a determination letter from the Internal Revenue Service (IRS) stating that it qualifies for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code (the Code). Accordingly, no provision for income taxes has been included in the consolidated 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. Through the date it ceased operations, as described in note 1, GBS was a for-profit corporation and was subject to federal and state tax laws, as applicable. GBS used the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities were established for temporary differences between the accounting basis and the tax basis of GBS's assets and liabilities at enacted tax rates expected to be in effect when the accounts related to such temporary differences are realized or settled. The effect on deferred tax assets and liabilities of a change in tax rates was recognized in the period that included the enactment date. GBS recorded a valuation allowance against any deferred tax assets when it determined it was unlikely that the tax asset would be realized. 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. 1 Scholarships 18 73000 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. (In this way, the program is assured that the funds were used for direct educational expenses and not for purposes unintended by the program.) X X X X 0 1 0 0 0 0 0 1 0 Rene A Drouin President & CEO (end 10/18) 379699 0 293147 0 29657 0 14899 15000 21554 0 738956 15000 0 0 Dean A Grondin VP & CFO 213409 0 19160 0 690 0 9045 0 9427 0 251731 0 0 0 Tony J McBee VP & CIO (end 12/18) 156423 0 8105 0 653 0 6648 0 8279 0 180108 0 0 0 Sara Tremaine VP & CSO (end 4/19) 144750 0 3260 0 1080 0 5922 0 2854 0 157866 0 0 0 Part I, Line 4b New 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. Part I, Line 7 Performance-based variable compensation, which is subject to review and paid annually. 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 questions or request 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 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 19 The organization will make its governing documents, conflict of interest policy, and financial statements available to the public upon request. New Hampshire Higher Education Assistance Foundation 4 Barrell Court Concord NH 03302 026007687 Student loan guarantor NH 501(c)(3) Line 10 N/A 0 New Hampshire Higher Education Loan Corporation 4 Barrell Court Concord NH 03302 020368776 Financial assistance to eligible borrowers NH 501(c)(3) Line 10 N/A 0 NHHEAF Network Education Foundation 4 Barrell Court Concord NH 03302 300289044 Grants and scholarships NH 501(c)(3) PF New Hampshire Higher Education Loan Corporation 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1