2016-02-15T07:51:06-06:00 2015-09-30 010494526 Baker Newman & Noyes LLC PO Box 507 Portland ME 04112 990 2014-10-01 020368776 New Hampshire Higher Education Loan Corporation NHHI 6032265829 4 Barrell Court PO Box 2111 Concord NH 03302 Rene A Drouin President & CEO 6032265829 2016-02-10 1 E Drew Cheney P00182972 2078792100 2016-02-10 2014 2016-08-17 19:52:53Z Rene A Drouin 4 Barrell Court PO Box 2111 Concord NH 03302 47675588 0 X www.nhhelco.org X 1983 NH Financial assistance to eligible borrowers 7 7 1 7 0 0 0 0 41607079 39619797 1282054 949214 0 0 42889133 40569011 0 0 0 0 0 68906 0 0 0 39557862 35233590 39557862 35302496 3331271 5266515 824702305 747726832 620763837 541984466 203938468 205742366 Financial assistance to eligible borrowers 0 0 33763553 0 39619797 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. 33763553 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 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 0 0 1 1 0 0 0 1 4 0 1 1 1 0 0 0 0 0 0 0 0 0 0 X 7 7 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 NH X Dean Grondin 6032255867 4 Barrell Court Concord NH 033022111 Peter Burger Trustee 0.20 X 0 0 0 Susan Howard Trustee 0.20 X 0 0 0 Tim Sink Trustee 0.20 X 0 0 0 Christiana Thornton Trustee 0.20 X 0 0 0 Daniel Dubreuil Chairman 0.20 0.10 X X 0 0 0 Linda Normandin Vice Chair/Treasurer 0.20 0.10 X X 0 0 0 Harvey D Hill Secretary 0.20 0.10 X X 0 0 0 Rene A Drouin President & CEO 9.90 30.10 X 68906 501349 31412 Dean Grondin Vice President & CFO 8.00 32.00 X 0 213338 19884 68906 714687 51296 0 0 1 0 Granite State Management & Resources 4 Barrell Court PO Box 2087 Concord NH 033022087 Management and Loan Servicing 8846133 Hinckley Allen & Snyder LLP 11 South Main Street Suite 400 Concord NH 03301 Legal Services 122165 2 Interest student loans 525990 30884439 30884439 DL Service Fee Revenue 525990 4801431 4801431 Federal Interest Benefit 525990 1712782 1712782 Gain on Debt Extinguishment 525990 1647375 1647375 Late charges & other 525990 500353 500353 73417 73417 39619797 895868 895868 7159923 7106577 53346 53346 53346 40569011 39619797 0 949214 68906 68906 250609 250609 49517 49517 145412 145412 13598658 12574159 1024499 27500 27500 9654 9654 6648297 6648297 Student Loan Allowance 8259901 8259901 Consolidation Loan Fee 3711645 3711645 Bond Administration Exp 1579848 1579848 Prov. for Loss (Recov.) -401077 -401077 1353626 1353626 35302496 33763553 1538943 0 36205888 33389082 855706 834403 738148100 667232931 5553817 5041393 28972673 26562719 14579367 14359463 386754 306841 824702305 747726832 2247150 742839 72738 0 7699000 7379000 605818096 529543058 0 4926853 4319569 620763837 541984466 X 203938468 205742366 203938468 205742366 824702305 747726832 5266515 -3462617 0 X 0 1 X 1 1 1 X X 2 GSM&R 020404239 9 0 8846133 0 NHHEAF 026007687 9 0 0 0 2 8846133 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Part IV, Section A, Line 1: New Hampshire Higher Education Loan Corporation has a historic and continuous working relationship with both its supported organizations, Granite State Management & Resources, and New Hampshire Higher Education Assistance Foundation. Together, the three organizations make up the NHHEAF Network Organizations, which provides a comprehensive resource navigating the college preparation, application, and financing process. Part IV, Section C, Line 1: For the fiscal year ended September 30, 2015, control of New Hampshire Higher Education Loan Corporation was vested in the same persons that control its supported organizations, Granite State Management & Resources and New Hampshire Higher Education Assistance Foundation, by virtue of its shared officers. NHHELCO's executive leadership is vested in Rene Drouin and Dean Grondin, who serve as the President & CEO and the Vice President & CFO, of NHHELCO. Mr. Drouin is the sole employee officer of New Hampshire Higher Education Assistance Foundation. Mr. Drouin and Mr. Grondin also serve as the President & CEO and the Vice President & CFO, respectively of Granite State Management & Resources. 0 Accrued interest payable 852387 Fees payable to U.S. government 2222667 Due to related entities 1154641 Arbitrage earnings payable 89874 4319569 X 28846493 -3462617 -3462617 32309110 8259901 8259901 40569011 27042595 0 27042595 8259901 8259901 35302496 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, 2015 or 2014. The Company's tax years after 2011 are open and subject to examination. Part XI, Line 4b - Other Adjustments: Student loan allowances 8,259,901. Part XII, Line 4b - Other Adjustments: Student loan allowances 8,259,901. 0 1 0 0 0 0 0 0 0 Rene A Drouin President & CEO 0 360430 0 104124 68906 36795 0 10734 0 20678 68906 532761 0 0 Dean Grondin Vice President & CFO 0 195923 0 3700 0 13715 0 8966 0 10918 0 233222 0 0 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 2014, no tax-deferred contributions were made into the plan. A NHHEFA 020279866 644614P45 2011-08-24 10000000 Student loans 0 0 0 A 10000000 75000 74556 9850444 2011 1 0 0 1 A 0 0 0 0 0 0 1 A 0 1 0 0 1 0 0 0 1 A 1 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. 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 New Hampshire Higher Education Loan Corporation 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0