2019-02-15T10:31:44-06:00 2018-09-30 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2017-10-01 020404239 Granite State Management and Resources GRAN 6032255867 4 Barrell Court PO Box 2087 Concord NH 033022087 CHRISTIANA THORNTON President & CEO 6032255867 2019-02-14 1 Nicholas E Porto P01310283 2078792100 2019-02-14 208.105.168.164 2019-02-14 13:32:19 ES P 89E582745F398AB9123794375B037D04AD0E63E3 1858DCD9145052AFD59E6E126536EE0AD80069D4 2017 2019-02-21 02:37:17Z Christiana Thornton 4 Barrell Court PO Box 2087 Concord NH 033022087 59417399 0 X www.gsmr.org X 1986 NH Administrator/servicer of student loans 8 8 210 8 388800 46586 66426 77161 18195040 21144255 1925752 6379882 0 0 20187218 27601298 55000 46000 0 0 13310143 13724583 0 0 0 7453886 9080535 20819029 22851118 -631811 4750180 44601259 44165455 5498575 5483669 39102684 38681786 Administrator/servicer of student loans 0 0 1088113 46000 1245328 Administer the guaranteed student loan program in the state of NH in cooperation with NH lenders and secondary markets. 15958989 18264800 Service education loan programs 1088113 1245327 Administer the loan origination program for NH Higher Education Loan Corporation 18135215 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 12274 0 1 210 1 1 1 0 0 0 0 0 0 0 0 0 X 8 8 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH X Dean Grondin 6032255867 4 Barrell Court Concord NH 03301 Matthew Cookson Trustee 0.20 0.00 X 0 0 0 Clinton Hanson Jr Trustee 0.20 0.00 X 0 0 0 Brad Poznanski Trustee 0.20 0.00 X 0 0 0 Sandra Tracy Trustee 0.20 0.00 X 0 0 0 Cornelius Joyce Chairman 0.20 0.00 X X 0 0 0 Anthony Chismark Vice Chairman 0.20 0.00 X X 0 0 0 Charles Rolecek Treasurer 0.20 0.00 X X 0 0 0 Thomas Horgan Secretary 0.20 0.00 X X 0 0 0 Rene A Drouin President & CEO 22.00 18.00 X 723457 0 88663 Dean A Grondin VP & CFO 30.00 10.00 X 225928 0 18317 Stephanie Buttrick VP & COO (end 5/18) 39.80 0.20 X 172478 0 31428 Tony J McBee VP & CIO 39.80 0.20 X 156245 0 13206 Sara Tremaine VP & Chief Servicing Officer 40.00 0.00 X 126952 0 7763 Kristine J Bellerose VP Human Resources (end 5/18) 40.00 0.00 X 130781 0 30795 Robert Woodburn AVP Project Management 40.00 0.00 X 124219 0 15336 Carlton Lewis Software Development Architect 40.00 0.00 X 110679 0 29927 Christopher Toppin Manager, IS Operations 40.00 0.00 X 111215 0 29922 David Goodman BSA IS Lead 40.00 0.00 X 108810 0 28903 Jason Golden Former VP & CIO/COO (end 7/17) 0.00 0.00 X 139385 0 18711 2130149 0 312971 16 1 1 0 Nelnet Servicing LLC PO Box 82561 Lincoln NE 68501 Loan servicing 3971843 Baker Newman Noyes PO Box 507 Portland ME 04112 Auditing/Tax services 250204 Adapt Telephony Serv LLC 600 Enterprise Drive Suite 204 Oak Brook IL 60523 Telephony Consulting 168071 Sulloway & Hollis PLLC 9 Capitol Street Concord NH 03301 Legal Services 146247 ENE Systems of NH 155 River Road Bow NH 03304 HVAC Services 133202 5 20148 57013 77161 Service fees 561000 18298229 18298229 Contracted services 561000 2846026 2457226 388800 21144255 529847 529847 37666136 31816101 5850035 5850035 5850035 27601298 20755455 388800 6379882 46000 46000 2323631 2323631 8291465 7959810 331655 302401 241921 60480 2055013 1746761 308252 752073 639262 112811 304250 304250 263504 263504 106901 64141 42760 129185 118850 10335 2547966 2063056 484910 3742947 3683463 59484 592306 473845 118461 119352 95482 23870 1107367 885894 221473 166757 116730 50027 22851118 18135215 4715903 0 1000 2110599 2277683 1544785 3047265 44393 51361 15340925 11428586 4059080 3912339 36064740 34875807 661000 116662 0 44601259 44165455 4498575 4483669 1000000 1000000 5498575 5483669 X 39102684 38681786 39102684 38681786 44601259 44165455 X 4750180 -3991381 -1179697 X 0 1 X 1 0 X 22000 25500 26982 66426 77161 218069 15991831 15993668 16247363 17806940 20755455 86795257 16013831 16019168 16274345 17873366 20832616 87013326 0 0 0 87013326 1029084 946785 812893 746185 529847 4064794 156000 388100 388800 932900 1029084 946785 968893 1134285 918647 4997694 17042915 16965953 17243238 19007651 21751263 92011020 0.94570 0.94250 0.05430 0.05750 X 0 0 0 0 0 1 335 0 0 0 335 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. 687587 687587 9123383 7133617 1989766 5529955 4294969 1234986 3912339 Reserve for loan losses 1000000 1000000 X 23609917 -3991381 -3991381 27601298 0 27601298 22851118 0 22851118 0 22851118 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 of its dissolution, as described in note 1, GBS was a for-profit corporation and is 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, 2018 or 2017. 1 Scholarships 19 46000 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 X 0 1 0 0 0 0 0 1 0 Rene A Drouin President & CEO 362306 0 150000 0 211151 0 10792 54747 23124 0 757373 54747 0 0 Dean A Grondin VP & CFO 209996 0 7200 0 8732 0 8354 0 9963 0 244245 0 0 0 Stephanie Buttrick VP & COO (end 5/18) 165588 0 6200 0 690 0 7119 0 24309 0 203906 0 0 0 Tony J McBee VP & CIO 150895 0 4900 0 450 0 6287 0 6919 0 169451 0 0 0 Kristine J Bellerose VP Human Resources (end 5/18) 125891 0 4200 0 690 0 5473 0 25322 0 161576 0 0 0 Jason Golden Former VP & CIO/COO (end 7/17) 107591 0 1000 0 30794 0 4849 0 13862 0 158096 0 0 0 Part I, Line 4b Granite State Management & Resources made a distribution from its supplemental nonqualified retirement Executive Option Plan to Rene Drouin during 2017 in the amount of $168,013. This amount is included in Form 990, Part VII-A, Column D and Schedule J, Part II, Column B(iii) as part of taxable W-2 wages, and represents compensation in recognition of many years of service to the filing and related organizations. New Hampshire Higher Education Loan Corporation maintains a 457(f) nonqualified deferred compensation plan for the benefit of Rene Drouin. In 2017, a tax-deferred contribution of $20,000 was made into his plan. The total amount of $54,747 reported on Form 990, Part VII-A, Column F and Schedule J, Part II, Column C includes this $20,000 contribution and the $34,747 actuarial change in value. 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 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. For CEO compensation, the independent compensation consultant conducted an independent review of CEO salaries as it relates to organizations of GSM&R's size, structure, and composition of assets. The firm then indicated its opinion of the CEO's compensation package to the Chairman of the Board of GSM&R as well as the Chairman of the Compensation committee. 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: Loss from Discontinued Operations -1,179,697. 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 Granite Business Solutions Inc 4 Barrell Court PO Box 2087 Concord NH 033022087 812329622 Call Service Center NH Granite State Management and Resources C -591005 1.00000 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 0 1 Granite Business Solutions S 388800 Actual per Books