GRANITE EDVANCE CORPORATION: Form 990, tax year 2017

View the entire original 990 at ProPublica ↗

Organization
GRANITE EDVANCE CORPORATION (EIN 02-0368776)
Tax period
2017-10-01 to 2018-09-30
Filed
2019-02-15
IRS object ID
201910469349301301
Schema version
2017v2.3
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)
Return2019-02-15T10:42:39-06:00ReturnTs
Tax Period End2018-09-30TaxPeriodEndDt

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 Begin2017-10-01TaxPeriodBeginDt

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
Signature2019-02-12SignatureDt
Discuss With Paid PreparerYes (1)DiscussWithPaidPreparerInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonNicolas E PortoPreparerPersonNm
PTINP01310283PTIN
Phone2078792100PhoneNum
Preparation2019-02-12PreparationDt

Filing Security Information FilingSecurityInformation

IP Address IPAddress

FieldValueIRS element (for citing)
I Pv4 Address208.105.168.164IPv4AddressTxt
FieldValueIRS element (for citing)
IP2019-02-12IPDt
IP Tm11:54:53IPTm
IP TimezoneESIPTimezoneCd
Filing License TypePFilingLicenseTypeCd
At Submission Creation Device Id89E582745F398AB9123794375B037D04AD0E63E3AtSubmissionCreationDeviceId
At Submission Filing Device Id86AD5A998A217BD7885303F5109AB5202568ED7DAtSubmissionFilingDeviceId
FieldValueIRS element (for citing)
Tax2017TaxYr
Build TS2019-02-21 02:37:17ZBuildTS

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$66,215,303GrossReceiptsAmt
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 Body5VotingMembersGoverningBodyCnt
Voting Members Independent5VotingMembersIndependentCnt
Total Employee0TotalEmployeeCnt
Total Volunteers7TotalVolunteersCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
PY Contributions Grants$0PYContributionsGrantsAmt
CY Contributions Grants$0CYContributionsGrantsAmt
PY Program Service Revenue$39,520,425PYProgramServiceRevenueAmt
CY Program Service Revenue$45,713,273CYProgramServiceRevenueAmt
PY Investment Income$1,117,364PYInvestmentIncomeAmt
CY Investment Income$2,425,746CYInvestmentIncomeAmt
PY Other Revenue$0PYOtherRevenueAmt
CY Other Revenue$0CYOtherRevenueAmt
PY Total Revenue$40,637,789PYTotalRevenueAmt
CY Total Revenue$48,139,019CYTotalRevenueAmt
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$20,000CYSalariesCompEmpBnftPaidAmt
PY Total Prof Fndrsng Expns$0PYTotalProfFndrsngExpnsAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$37,528,859PYOtherExpensesAmt
CY Other Expenses$43,815,663CYOtherExpensesAmt
PY Total Expenses$37,548,859PYTotalExpensesAmt
CY Total Expenses$43,835,663CYTotalExpensesAmt
PY Revenues Less Expenses$3,088,930PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$4,303,356CYRevenuesLessExpensesAmt
Total Assets BOY$665,247,990TotalAssetsBOYAmt
Total Assets EOY$693,191,534TotalAssetsEOYAmt
Total Liabilities BOY$448,241,776TotalLiabilitiesBOYAmt
Total Liabilities EOY$472,092,921TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$217,006,214NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$221,098,613NetAssetsOrFundBalancesEOYAmt
MissionFinancial assistance to eligible borrowersMissionDesc
Significant New Program Srvc0SignificantNewProgramSrvcInd
Significant Change0SignificantChangeInd
Expense$41,468,781ExpenseAmt
Revenue$45,713,273RevenueAmt
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$41,468,781TotalProgramServiceExpensesAmt
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 Document5IRPDocumentCnt
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
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members5GoverningBodyVotingMembersCnt
Independent Voting Member5IndependentVotingMemberCnt
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 Line1Dean GrondinBusinessNameLine1Txt
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 (9 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtAverage Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRtIndividual Trustee Or DirectorIndividualTrusteeOrDirectorIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmtOfficerOfficerInd
Peter Burger
Trustee0.200.00Yes (X)$0$0$0
Susan Howard
Trustee0.200.00Yes (X)$0$0$0
Tim Sink
Trustee0.200.00Yes (X)$0$0$0
Christiana Thornton
Trustee (end 9/18)0.200.00Yes (X)$0$0$0
Daniel Dubreuil
Chairman0.200.00Yes (X)$0$0$0Yes (X)
Linda Normandin
Vice Chair/Treasurer/Secretary0.200.00Yes (X)$0$0$0Yes (X)
Harvey D Hill
Secretary (end 5/18)0.200.00Yes (X)$0$0$0Yes (X)
Rene A Drouin
President & CEO18.0022.00$0$723,457$88,663Yes (X)
Dean Grondin
Vice President & CFO10.0030.00$0$225,928$18,317Yes (X)
FieldValueIRS element (for citing)
Total Reportable Comp From Org$0TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$949,385TotReportableCompRltdOrgAmt
Total Other Compensation$106,980TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K0IndivRcvdGreaterThan100KCnt
Former Ofcr Employees Listed0FormerOfcrEmployeesListedInd
Total Comp Greater Than150 KYes (1)TotalCompGreaterThan150KInd
Compensation From Other Srcs0CompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp (5 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$6,590,893
Credible Labs Inc
101 Green Street 2nd FloorSan FranciscoCA94111Loan Processing$1,197,002
Campus Door Holdings Inc
1415 Ritner HighwayCarlislePA17013Loan Processing$506,907
Hinckley Allen Snyder LLP
650 Elm Street Suite 500ManchesterNH03101Legal Services$122,185
Hilltop Securities
1201 Elm Street Suite 3500DallasTX75270Financial Advisor$111,345
FieldValueIRS element (for citing)
Cntrct Rcvd Greater Than100 K5CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (4 entries)

DescDescBusinessBusinessCdTotal Revenue ColumnTotalRevenueColumnAmtRelated Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
Interest student loans525990$30,872,461$30,872,461
DL Service Fee Revenue525990$13,017,046$13,017,046
Late charges & other525990$953,643$953,643
Federal Interest Benefit525990$870,123$870,123
FieldValueIRS element (for citing)
Total Program Service Revenue$45,713,273TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

FieldValueIRS element (for citing)
Total Revenue Column$1,753,441TotalRevenueColumnAmt
Exclusion$1,753,441ExclusionAmt

Gross Amount Sales Assets GrossAmountSalesAssetsGrp

FieldValueIRS element (for citing)
Securities$18,748,589SecuritiesAmt

Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp

FieldValueIRS element (for citing)
Securities$18,076,284SecuritiesAmt

Gain Or Loss GainOrLossGrp

FieldValueIRS element (for citing)
Securities$672,305SecuritiesAmt

Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp

FieldValueIRS element (for citing)
Total Revenue Column$672,305TotalRevenueColumnAmt
Exclusion$672,305ExclusionAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$48,139,019TotalRevenueColumnAmt
Related Or Exempt Func Income$45,713,273RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$2,425,746ExclusionAmt
FieldValueIRS element (for citing)
Info In Schedule O Part IXYes (X)InfoInScheduleOPartIXInd

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$20,000TotalAmt
Management And General$20,000ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

FieldValueIRS element (for citing)
Total$135,966TotalAmt
Management And General$135,966ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$47,922TotalAmt
Management And General$47,922ManagementAndGeneralAmt

Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp

FieldValueIRS element (for citing)
Total$150,518TotalAmt
Management And General$150,518ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

FieldValueIRS element (for citing)
Total$19,924,127TotalAmt
Program Services$17,911,651ProgramServicesAmt
Management And General$2,012,476ManagementAndGeneralAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$33,834TotalAmt
Program Services$33,834ProgramServicesAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$25,950TotalAmt
Program Services$25,950ProgramServicesAmt

Interest InterestGrp

FieldValueIRS element (for citing)
Total$16,565,185TotalAmt
Program Services$16,565,185ProgramServicesAmt

Other Expenses OtherExpensesGrp (4 entries)

DescDescTotalTotalAmtProgram ServicesProgramServicesAmt
Consolidation Loan Fee$2,711,662$2,711,662
Student Loan Allowance$1,433,529$1,433,529
Provision for Loan Loss$1,246,733$1,246,733
Bond Administration Exp$215,797$215,797

All Other Expenses AllOtherExpensesGrp

FieldValueIRS element (for citing)
Total$1,324,440TotalAmt
Program Services$1,324,440ProgramServicesAmt

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$43,835,663TotalAmt
Program Services$41,468,781ProgramServicesAmt
Management And General$2,366,882ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

FieldValueIRS element (for citing)
BOY$17,806,593BOYAmt
EOY$17,152,365EOYAmt

Accounts Receivable AccountsReceivableGrp

FieldValueIRS element (for citing)
BOY$1,188,721BOYAmt
EOY$2,628,134EOYAmt

Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp

FieldValueIRS element (for citing)
BOY$593,160,367BOYAmt
EOY$618,873,579EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

FieldValueIRS element (for citing)
BOY$3,639,813BOYAmt
EOY$3,211,705EOYAmt

Investments Pub Traded Sec InvestmentsPubTradedSecGrp

FieldValueIRS element (for citing)
BOY$31,224,194BOYAmt
EOY$42,345,548EOYAmt

Investments Other Securities InvestmentsOtherSecuritiesGrp

FieldValueIRS element (for citing)
BOY$17,514,370BOYAmt
EOY$8,303,084EOYAmt

Other Assets Total OtherAssetsTotalGrp

FieldValueIRS element (for citing)
BOY$713,932BOYAmt
EOY$677,119EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$665,247,990BOYAmt
EOY$693,191,534EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$1,360,369BOYAmt
EOY$1,421,683EOYAmt

Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp

FieldValueIRS element (for citing)
BOY$443,289,466BOYAmt
EOY$465,773,493EOYAmt

Other Liabilities OtherLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$3,591,941BOYAmt
EOY$4,897,745EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$448,241,776BOYAmt
EOY$472,092,921EOYAmt
FieldValueIRS element (for citing)
Organization Follows SFAS117Yes (X)OrganizationFollowsSFAS117Ind

Unrestricted Net Assets UnrestrictedNetAssetsGrp

FieldValueIRS element (for citing)
BOY$217,006,214BOYAmt
EOY$221,098,613EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$217,006,214BOYAmt
EOY$221,098,613EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$665,247,990BOYAmt
EOY$693,191,534EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$4,303,356ReconcilationRevenueExpnssAmt
Net Unrlzd Gains Losses Invst-$210,957NetUnrlzdGainsLossesInvstAmt
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$41,607,079CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$39,619,797CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$37,101,649CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$39,520,425CurrentTaxYearMinus1YearAmt
Current Tax Year$45,713,273CurrentTaxYearAmt
Total$203,562,223TotalAmt

Total509 Total509Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$41,607,079CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$39,619,797CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$37,101,649CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$39,520,425CurrentTaxYearMinus1YearAmt
Current Tax Year$45,713,273CurrentTaxYearAmt
Total$203,562,223TotalAmt

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$203,562,223PublicSupportTotal509Amt

Gross Investment Income509 GrossInvestmentIncome509Grp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$1,048,279CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$895,868CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$963,273CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$1,170,315CurrentTaxYearMinus1YearAmt
Current Tax Year$1,753,441CurrentTaxYearAmt
Total$5,831,176TotalAmt

Investment Income And UBTI InvestmentIncomeAndUBTIGrp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$1,048,279CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$895,868CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$963,273CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$1,170,315CurrentTaxYearMinus1YearAmt
Current Tax Year$1,753,441CurrentTaxYearAmt
Total$5,831,176TotalAmt

Total Support Calendar Year TotalSupportCalendarYearGrp

FieldValueIRS element (for citing)
Current Tax Year Minus4 Years$42,655,358CurrentTaxYearMinus4YearsAmt
Current Tax Year Minus3 Years$40,515,665CurrentTaxYearMinus3YearsAmt
Current Tax Year Minus2 Years$38,064,922CurrentTaxYearMinus2YearsAmt
Current Tax Year Minus1 Year$40,690,740CurrentTaxYearMinus1YearAmt
Current Tax Year$47,466,714CurrentTaxYearAmt
Total$209,393,399TotalAmt
FieldValueIRS element (for citing)
Public Support CY5090.97220PublicSupportCY509Pct
Public Support PY5090.97600PublicSupportPY509Pct
Investment Income CY0.02780InvestmentIncomeCYPct
Investment Income PY0.02400InvestmentIncomePYPct
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$3,032GrantsOtherOrganizationsAmt
Direct Contact Legislators0DirectContactLegislatorsInd
Rallies Demonstrations0RalliesDemonstrationsInd
Other Activities0OtherActivitiesInd
Total Lobbying Expenditures$3,032TotalLobbyingExpendituresAmt
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 $30,319, of which $3,032 was available for lobbying.ExplanationTxt

Schedule D IRS990ScheduleD

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

Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)

DescDescAmtAmt
Accrued interest payable$1,485,239
Fees payable to U.S. government$367,311
Due to related entities$3,045,195
FieldValueIRS element (for citing)
Total Liability$4,897,745TotalLiabilityAmt
Footnote TextYes (X)FootnoteTextInd
Total Rev Etc Audited Fincl Stmt$46,494,533TotalRevEtcAuditedFinclStmtAmt
Net Unrealized Gains Invst-$210,957NetUnrealizedGainsInvstAmt
Revenue Not Reported-$210,957RevenueNotReportedAmt
Revenue Subtotal$46,705,490RevenueSubtotalAmt
Other Revenues Not Included$1,433,529OtherRevenuesNotIncludedAmt
Revenue Not Reported Fincl Stmt$1,433,529RevenueNotReportedFinclStmtAmt
Total Revenue Per Form990$48,139,019TotalRevenuePerForm990Amt
Tot Expns Etc Audited Fincl Stmt$42,402,134TotExpnsEtcAuditedFinclStmtAmt
Expenses Not Reported$0ExpensesNotReportedAmt
Expenses Subtotal$42,402,134ExpensesSubtotalAmt
Other Expenses Not Included$1,433,529OtherExpensesNotIncludedAmt
Expenses Not Rpt Fincl Stmt$1,433,529ExpensesNotRptFinclStmtAmt
Total Expenses Per Form990$43,835,663TotalExpensesPerForm990Amt

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, 2018 or 2017.
Part XI, Line 4b - Other Adjustments:Student loan allowances 1,433,529.
Part XII, Line 4b - Other Adjustments:Student loan allowances 1,433,529.

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$0$362,306$0$150,000$0$211,151$54,747$10,792$0$23,124$54,747$757,373$0$0
Dean Grondin
Vice President & CFO$0$209,996$0$7,200$0$8,732$0$8,354$0$9,963$0$244,245$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, an independent compensation consultant, 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 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. Granite State Management & Resources, a related organization, 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 E 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.

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (5 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 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 17,911,651. Management and general expenses 2,012,476. Fundraising expenses 0. Total expenses 19,924,127.

Schedule R IRS990ScheduleR

Id Disregarded Entities IdDisregardedEntitiesGrp

Disregarded Entity Name DisregardedEntityName

FieldValueIRS element (for citing)
Business Name Line1EDvestinU Private Education Loan Issue No 1 LLCBusinessNameLine1Txt

US Address USAddress

FieldValueIRS element (for citing)
Address Line1c/o NHHELCO 4 Barrell CourtAddressLine1Txt
CityConcordCityNm
State AbbreviationNHStateAbbreviationCd
ZIP03301ZIPCd
FieldValueIRS element (for citing)
EIN475156259EIN
Primary ActivitiesPurchase private student loansPrimaryActivitiesTxt
Legal Domicile StateNHLegalDomicileStateCd
Total Income$6,964,307TotalIncomeAmt
End Of Year Assets$125,363,538EndOfYearAssetsAmt

Direct Controlling Entity Name DirectControllingEntityName

FieldValueIRS element (for citing)
Business Name Line1New Hampshire Higher Education Loan CorporationBusinessNameLine1Txt

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

Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp

Related Organization Name RelatedOrganizationName

FieldValueIRS element (for citing)
Business Name Line1Granite Business Solutions IncBusinessNameLine1Txt

US Address USAddress

FieldValueIRS element (for citing)
Address Line14 Barrell Court PO Box 2087AddressLine1Txt
CityConcordCityNm
State AbbreviationNHStateAbbreviationCd
ZIP033022087ZIPCd
FieldValueIRS element (for citing)
EIN812329622EIN
Primary ActivitiesCall Service CenterPrimaryActivitiesTxt
Legal Domicile StateNHLegalDomicileStateCd
Direct Controlling NAN/ADirectControllingNACd
Entity TypeCEntityTypeTxt
Controlled Organization0ControlledOrganizationInd
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

Comments

Anonymous: no account or email. Up to 2,000 characters, at most one link. Comments are checked automatically; some wait for review.