GRANITE EDVANCE CORPORATION: Form 990, tax year 2015
View the entire original 990 at ProPublica ↗
- Organization
- GRANITE EDVANCE CORPORATION (EIN 02-0368776)
- Tax period
- 2015-10-01 to 2016-09-30
- Filed
- 2017-02-15
- IRS object ID
- 201730469349301098
- Schema version
- 2015v3.0
- 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
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2017-02-15T10:29:37-06:00 | ReturnTs |
| Tax Period End | 2016-09-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 010494526 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Baker Newman & Noyes LLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO Box 507 | AddressLine1Txt |
| City | Portland | CityNm |
| State Abbreviation | ME | StateAbbreviationCd |
| ZIP | 04112 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2015-10-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 020368776 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | New Hampshire Higher Education | BusinessNameLine1Txt |
| Business Name Line2 | Loan Corporation | BusinessNameLine2Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | NHHI | BusinessNameControlTxt |
| Phone | 6032265829 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 Barrell Court PO Box 2111 | AddressLine1Txt |
| City | Concord | CityNm |
| State Abbreviation | NH | StateAbbreviationCd |
| ZIP | 03302 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Rene A Drouin | PersonNm |
| Person Title | President & CEO | PersonTitleTxt |
| Phone | 6032265829 | PhoneNum |
| Signature | 2017-02-10 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | E Drew Cheney | PreparerPersonNm |
| PTIN | P00182972 | PTIN |
| Phone | 2078792100 | PhoneNum |
| Preparation | 2017-02-08 | PreparationDt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2015 | TaxYr |
| Build TS | 2021-01-29 14:40:06Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | Rene A Drouin | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 Barrell Court PO Box 2111 | AddressLine1Txt |
| City | Concord | CityNm |
| State Abbreviation | NH | StateAbbreviationCd |
| ZIP | 03302 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $41,265,288 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | www.nhhelco.org | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1983 | FormationYr |
| Legal Domicile State | NH | LegalDomicileStateCd |
| Activity Or Mission | Financial assistance to eligible borrowers | ActivityOrMissionDesc |
| Voting Members Governing Body | 7 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 7 | VotingMembersIndependentCnt |
| Total Employee | 3 | TotalEmployeeCnt |
| Total Volunteers | 7 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $39,619,797 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $37,101,649 | CYProgramServiceRevenueAmt |
| PY Investment Income | $949,214 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,199,712 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $40,569,011 | PYTotalRevenueAmt |
| CY Total Revenue | $38,301,361 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $68,906 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $213,736 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $35,233,590 | PYOtherExpensesAmt |
| CY Other Expenses | $35,646,163 | CYOtherExpensesAmt |
| PY Total Expenses | $35,302,496 | PYTotalExpensesAmt |
| CY Total Expenses | $35,859,899 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $5,266,515 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $2,441,462 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $747,726,832 | TotalAssetsBOYAmt |
| Total Assets EOY | $728,918,980 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $541,984,466 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $518,285,381 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $205,742,366 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $210,633,599 | NetAssetsOrFundBalancesEOYAmt |
| Mission | Financial assistance to eligible borrowers | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | 0 | SignificantChangeInd |
| Expense | $34,319,684 | ExpenseAmt |
| Grant | $0 | GrantAmt |
| Revenue | $37,101,649 | RevenueAmt |
| Desc | The 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 | $34,319,684 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Temp Or Permanent Endowments | 0 | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | 0 | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | 0 | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | 0 | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | 0 | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (1) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | 0 | TransactionWithControlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 5 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 3 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 7 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 7 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | Yes (1) | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | 0 | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | 0 | CompensationProcessCEOInd |
| Compensation Process Other | 0 | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | NH | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Dean Grondin | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6032255867 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 Barrell Court | AddressLine1Txt |
| City | Concord | CityNm |
| State Abbreviation | NH | StateAbbreviationCd |
| ZIP | 033022111 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (9 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | OfficerOfficerInd |
|---|---|---|---|---|---|---|---|
| Peter Burger | |||||||
| Trustee | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| Susan Howard | |||||||
| Trustee | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| Tim Sink | |||||||
| Trustee | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| Christiana Thornton | |||||||
| Trustee | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | |
| Daniel Dubreuil | |||||||
| Chairman | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| Linda Normandin | |||||||
| Vice Chair/Treasurer | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| Harvey D Hill | |||||||
| Secretary | 0.20 | 0.00 | Yes (X) | $0 | $0 | $0 | Yes (X) |
| Rene A Drouin | |||||||
| President & CEO | 9.90 | 30.10 | $148,197 | $420,289 | $47,676 | Yes (X) | |
| Dean Grondin | |||||||
| Vice President & CFO | 10.00 | 30.00 | $50,000 | $217,108 | $14,781 | Yes (X) | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $198,197 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $637,397 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $62,457 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 1 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (3 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| Granite State Management & Resources | |||||
| 4 Barrell Court PO Box 2087 | Concord | NH | 033022087 | Management and Loan Servicing | $8,104,075 |
| Bradley S Waterman Esquire | |||||
| 1200 19th Street NW 3rd Floor | Washington | DC | 20036 | Legal Services | $117,670 |
| Campus Door Holdings Inc | |||||
| 1415 Ritner Highway | Carlisle | PA | 17013 | Loan Processing | $105,648 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 3 | CntrctRcvdGreaterThan100KCnt |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| Interest student loans | 525990 | $28,837,041 | $28,837,041 |
| DL Service Fee Revenue | 525990 | $6,216,937 | $6,216,937 |
| Federal Interest Benefit | 525990 | $1,416,025 | $1,416,025 |
| Late charges & other | 525990 | $613,665 | $613,665 |
| Gain on Debt Extinguishment | 525990 | $17,981 | $17,981 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $37,101,649 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $963,273 | TotalRevenueColumnAmt |
| Exclusion | $963,273 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $3,200,366 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $2,963,927 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $236,439 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $236,439 | TotalRevenueColumnAmt |
| Exclusion | $236,439 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $38,301,361 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $37,101,649 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,199,712 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $188,736 | TotalAmt |
| Management And General | $188,736 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $25,000 | TotalAmt |
| Management And General | $25,000 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $140,590 | TotalAmt |
| Management And General | $140,590 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $49,176 | TotalAmt |
| Management And General | $49,176 | ManagementAndGeneralAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $203,168 | TotalAmt |
| Management And General | $203,168 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $14,127,276 | TotalAmt |
| Program Services | $13,193,731 | ProgramServicesAmt |
| Management And General | $933,545 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $33,391 | TotalAmt |
| Program Services | $33,391 | ProgramServicesAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $21,878 | TotalAmt |
| Program Services | $21,878 | ProgramServicesAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $8,130,809 | TotalAmt |
| Program Services | $8,130,809 | ProgramServicesAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt |
|---|---|---|
| Student Loan Allowance | $6,438,139 | $6,438,139 |
| Consolidation Loan Fee | $3,392,458 | $3,392,458 |
| Bond Administration Exp | $1,505,886 | $1,505,886 |
| Loss on Debt Extinguish | $409,790 | $409,790 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,193,602 | TotalAmt |
| Program Services | $1,193,602 | ProgramServicesAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $35,859,899 | TotalAmt |
| Program Services | $34,319,684 | ProgramServicesAmt |
| Management And General | $1,540,215 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $33,389,082 | BOYAmt |
| EOY | $52,014,407 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $834,403 | BOYAmt |
| EOY | $995,532 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $667,232,931 | BOYAmt |
| EOY | $606,709,390 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $5,041,393 | BOYAmt |
| EOY | $4,067,922 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $26,562,719 | BOYAmt |
| EOY | $48,515,157 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $14,359,463 | BOYAmt |
| EOY | $16,142,867 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $306,841 | BOYAmt |
| EOY | $473,705 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $747,726,832 | BOYAmt |
| EOY | $728,918,980 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $742,839 | BOYAmt |
| EOY | $738,378 | EOYAmt |
Tax Exempt Bond Liabilities TaxExemptBondLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $7,379,000 | BOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $529,543,058 | BOYAmt |
| EOY | $513,043,052 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,319,569 | BOYAmt |
| EOY | $4,503,951 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $541,984,466 | BOYAmt |
| EOY | $518,285,381 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows SFAS117 | Yes (X) | OrganizationFollowsSFAS117Ind |
Unrestricted Net Assets UnrestrictedNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $205,742,366 | BOYAmt |
| EOY | $210,633,599 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $205,742,366 | BOYAmt |
| EOY | $210,633,599 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $747,726,832 | BOYAmt |
| EOY | $728,918,980 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expnss | $2,441,462 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $2,449,771 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $0 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Separate Basis Fincl Stmt | Yes (X) | SeparateBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | Yes (X) | PubliclySupportedOrg509a2Ind |
Gross Receipts Admissions GrossReceiptsAdmissionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $50,505,689 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $47,075,098 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $41,607,079 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $39,619,797 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $37,101,649 | CurrentTaxYearAmt |
| Total | $215,909,312 | TotalAmt |
Total509 Total509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $50,505,689 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $47,075,098 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $41,607,079 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $39,619,797 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $37,101,649 | CurrentTaxYearAmt |
| Total | $215,909,312 | TotalAmt |
Amounts Rcvd Dsqlfy Person AmountsRcvdDsqlfyPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Substantial Contributors Amt SubstantialContributorsAmtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Subst And Dsqlfy Prsns Tot SubstAndDsqlfyPrsnsTotGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | $215,909,312 | PublicSupportTotal509Amt |
Gross Investment Income509 GrossInvestmentIncome509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,056,632 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $955,470 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $1,048,279 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $895,868 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $963,273 | CurrentTaxYearAmt |
| Total | $4,919,522 | TotalAmt |
Investment Income And UBTI InvestmentIncomeAndUBTIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $1,056,632 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $955,470 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $1,048,279 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $895,868 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $963,273 | CurrentTaxYearAmt |
| Total | $4,919,522 | TotalAmt |
Total Support Calendar Year TotalSupportCalendarYearGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $51,562,321 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $48,030,568 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $42,655,358 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $40,515,665 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $38,064,922 | CurrentTaxYearAmt |
| Total | $220,828,834 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support CY509 | 0.97770 | PublicSupportCY509Pct |
| Investment Income CY | 0.02230 | InvestmentIncomeCYPct |
| Thirty Thr Pct Suprt Tests CY509 | Yes (X) | ThirtyThrPctSuprtTestsCY509Ind |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $0 | TotalBookValueLandBuildingsAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (3 entries)
| DescDesc | AmtAmt |
|---|---|
| Accrued interest payable | $1,308,818 |
| Fees payable to U.S. government | $1,741,971 |
| Due to related entities | $1,453,162 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $4,503,951 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $34,312,993 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $2,449,771 | NetUnrealizedGainsInvstAmt |
| Revenue Not Reported | $2,449,771 | RevenueNotReportedAmt |
| Revenue Subtotal | $31,863,222 | RevenueSubtotalAmt |
| Other Revenues Not Included | $6,438,139 | OtherRevenuesNotIncludedAmt |
| Revenue Not Reported Fincl Stmt | $6,438,139 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $38,301,361 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $29,421,760 | TotExpnsEtcAuditedFinclStmtAmt |
| Expenses Not Reported | $0 | ExpensesNotReportedAmt |
| Expenses Subtotal | $29,421,760 | ExpensesSubtotalAmt |
| Other Expenses Not Included | $6,438,139 | OtherExpensesNotIncludedAmt |
| Expenses Not Rpt Fincl Stmt | $6,438,139 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $35,859,899 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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, 2016 or 2015. |
| Part XI, Line 4b - Other Adjustments: | Student loan allowances 6,438,139. |
| Part XII, Line 4b - Other Adjustments: | Student loan allowances 6,438,139. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (1) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | 0 | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Rene A Drouin | ||||||||||||||
| President & CEO | $0 | $349,484 | $0 | $30,000 | $148,197 | $40,805 | $20,000 | $7,533 | $0 | $20,143 | $168,197 | $447,965 | $0 | $0 |
| Dean Grondin | ||||||||||||||
| Vice President & CFO | $0 | $200,378 | $50,000 | $10,200 | $0 | $6,530 | $0 | $6,000 | $0 | $8,781 | $50,000 | $231,889 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Part I, Line 3 | The 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 4b | New Hampshire Higher Education Loan Corporation maintains a 457(f) nonqualified deferred compensation plan for the benefit of Rene Drouin. In 2015, a tax-deferred contribution of $20,000 was made into the plan. |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (5 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Form 990, Part VI, Section A, line 3 | The organization contracts with Granite State Management & Resources, a related entity, for its management services. |
| Form 990, Part VI, Section B, line 11 | A 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 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 C, line 19 | The organization will provide its governing documents, conflict of interest policy, and financial statements available to the public upon request. |
| Form 990, Part IX, line 11g | Servicing Fees: Program service expenses 13,193,731. Management and general expenses 933,545. Fundraising expenses 0. Total expenses 14,127,276. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | EDvestinU Private Education Loan Issue No 1 LLC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | c/o NHHELCO 4 Barrell Court | AddressLine1Txt |
| City | Concord | CityNm |
| State Abbreviation | NH | StateAbbreviationCd |
| ZIP | 03301 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 475156259 | EIN |
| Primary Activities | Purchase private student loans | PrimaryActivitiesTxt |
| Legal Domicile State | NH | LegalDomicileStateCd |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | New Hampshire Higher Education Loan Corporation | BusinessNameLine1Txt |
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (3 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Exempt Code SectionExemptCodeSectionTxt | Public Charity StatusPublicCharityStatusTxt | Direct Controlling NADirectControllingNACd | Controlled OrganizationControlledOrganizationInd | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Granite State Management and Resources | |||||||||||
| 4 Barrell Court | Concord | NH | 033022087 | 020404239 | Administrator/servicer of student loans | NH | 501(c)(3) | Line 9 | N/A | 0 | |
| New Hampshire Higher Education Assistance Foundation | |||||||||||
| 4 Barrell Court | Concord | NH | 033020877 | 026007687 | Student loan guarantor | NH | 501(c)(3) | Line 9 | N/A | 0 | |
| NHHEAF Network Education Foundation | |||||||||||
| 4 Barrell Court | Concord | NH | 033022111 | 300289044 | Grants and scholarships | NH | 501(c)(3) | PF | Yes (1) | New Hampshire Higher Education Loan Corporation | |
Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp
Related Organization Name RelatedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Granite Business Solutions Inc | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 4 Barrell Court PO Box 2087 | AddressLine1Txt |
| City | Concord | CityNm |
| State Abbreviation | NH | StateAbbreviationCd |
| ZIP | 033022087 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 812329622 | EIN |
| Primary Activities | Call Service Center | PrimaryActivitiesTxt |
| Legal Domicile State | NH | LegalDomicileStateCd |
| Direct Controlling NA | N/A | DirectControllingNACd |
| Controlled Organization | 0 | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | 0 | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | 0 | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | Yes (1) | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | 0 | SharingOfFacilitiesInd |
| Paid Employees Sharing | 0 | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | Yes (1) | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |
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