2015-03-23T09:29:53-05:00 2014-09-30 221478099 COHNREZNICK LLP 350 CHURCH STREET 12TH FLOOR HARTFORD CT 06103 990 2013-10-01 060812178 CONNECTICUT STUDENT LOAN FOUNDATION C/O EDUCATION SOLUTION PARTNERS LLC CONN 4402343250 7271 ENGLE ROAD SUITE 101 CLEVELAND OH 44130 JEANETTE WELDON EXECUTIVE DIRECTOR 4402343220 2015-03-23 1 PATRICIA MCGOWAN P00184514 9592007000 2013 2016-02-25 16:41:14Z JEANETTE WELDON 10 COLUMBUS BLVD HARTFORD CT 061061978 80610321 0 X WWW.CSLF.ORG X 1967 CT TO IMPROVE EDUCATIONAL OPPORTUNITY AND PROMOTE REPAYMENT OF LOANS INCLUDING PROVIDING APPROPRIATE SERVICES INCIDENT TO THE ADMINISTRATION OF PROGRAMS WHICH ARE ESTABLISHED TO IMPROVE EDUCATIONAL OPPORTUNITIES. 9 9 0 0 0 0 0 0 19921700 17256158 70163 117831 86456 8832 20078319 17382821 0 25000000 0 0 0 0 0 0 0 13561094 9963616 13561094 34963616 6517225 -17580795 470212615 409029802 419117704 375525934 51094911 33503868 X TO IMPROVE EDUCATIONAL OPPORTUNITY AND PROMOTE REPAYMENT OF LOANS INCLUDING PROVIDING APPROPRIATE SERVICES INCIDENT TO THE ADMINISTRATION OF PROGRAMS WHICH ARE ESTABLISHED TO IMPROVE EDUCATIONAL OPPORTUNITIES. 1 0 9282718 17051085 STUDENT LOAN SERVICING AND INTEREST ON STUDENT LOANS RECEIVABLES. 60000 205073 NOT FOR PROFIT SERVICER PROGRAM 25000000 25000000 LEGISLATIVE MANDATES REQUIRED BY PUBLIC ACT NO. 14-47 34342718 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 3 0 1 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 1 1 0 0 1 0 1 1 0 0 1 1 1 0 1 1 0 0 0 CT X X RANDALL BEHM EDUCATION SOLUTION PARTNERS 4402343220 7271 ENGLE ROAD SUITE 101 CLEVELAND OH 44130 X X BARBARA RUBIN CHAIRMAN 2.00 X X 0 0 0 JEFFREY ASHER DIRECTOR 2.00 X 0 0 0 PAUL MUTONE DIRECTOR 2.00 X 0 0 0 MARTIN BUDD DIRECTOR 2.00 X 0 0 0 SARAH SANDERS VICE CHAIRMAN 2.00 X X 0 0 0 JULIE SAVINO DIRECTOR 2.00 X 0 0 0 STEVEN KITOWICZ DIRECTOR 2.00 X 0 0 0 ERIKA STEINER DIRECTOR 2.00 X 0 0 0 DR PETER LISI DIRECTOR 2.00 X 0 0 0 JEANETTE W WELDON EXECUTIVE DIRECTOR 15.00 X 0 0 0 0 0 0 0 0 0 0 US DEPARTMENT OF EDUCATION PO BOX 2324 MONTGOMERY AL 36102 FEDERAL FAMILY LOAN PROGRAM 10299555 EDFINANCIAL SERVICES LLC 298 NORTH SEVEN OAKS DRIVE KNOXVILLE TN 37922 LOAN SERVICER FOR STUDENT LOAN PORTFOLIO 1628363 EDUCATION SOLUTION PARTNERS LLC 7271 ENGLE ROAD SUITE 101 CLEVELAND OH 44130 ADMINISTRATIVE AGENT 515238 SAMUEL A RAMIREZ & CO 61 BROADWAY SUITE 2194 NEW YORK NY 10006 INVESTMENT BANKER 159695 PULLMAN & COMLEY LLC 850 MAIN STREET BRIDGEPORT CT 06601 ATTORNEY 100759 5 LOAN PORTFOLIO INTEREST 900099 12739980 12739980 GUARANTEE PROGRAM REVENUE 900099 4311105 4311105 NOT FOR PROFIT SERVICING INCOME 900099 205073 205073 17256158 95331 95331 63250000 63227500 22500 22500 22500 OTHER REVENUE 900099 8832 8832 8832 17382821 17256158 0 126663 25000000 25000000 493991 493991 106271 106271 60000 51000 9000 5840 4964 876 57995 49296 8699 TRUST ESTATE/ SERVICING 4770962 4770962 BOND INTEREST 4290279 4290279 BAD DEBT EXPENSE 150000 150000 COLLECTION COSTS 20035 20035 8243 6182 2061 34963616 34342718 620898 0 1018227 1143917 27567117 26870271 18989 32861 158846 148598 435722747 375473095 5726689 5361060 470212615 409029802 3467704 2525934 415650000 373000000 419117704 375525934 X 21014972 24055282 0 0 30079939 9448586 51094911 33503868 470212615 409029802 -17580795 -10248 0 X 0 1 X 0 0 X 22733 22733 25353516 24607318 22709409 19921700 17256158 109848101 25353516 24607318 22732142 19921700 17256158 109870834 0 0 0 109870834 18337 11484 70163 95331 195315 18337 11484 70163 95331 195315 10897 62828 48956 8832 131513 25353516 24636552 22806454 20040819 17360321 110197662 0.99700 0.99810 0.00180 0.00190 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: OTHER REVENUE - 2010 AMOUNT: $ 10,897. 2011 AMOUNT: $ 62,828. 2012 AMOUNT: $ 48,956. 2013 AMOUNT: $ 8,832. 0 STUDENT LOAN PORTFOLIO 375473095 C 375473095 BONDS PAYABLE 352400000 LEGISLATIVE MANDATES - DUE TO BOARD OF REGENTS 19000000 LEGISLATIVE MANDATES - DUE TO GOVERNOR'S SCHOLARSHIP 1600000 373000000 X 17372573 -10248 -10248 17382821 0 17382821 34963616 0 34963616 0 34963616 PART X, LINE 2: CSLF HAS NO UNRECOGNIZED TAX BENEFITS AT SEPTEMBER 30, 2014. CSLF'S FEDERAL AND STATE INCOME TAX RETURNS PRIOR TO FISCAL YEAR 2010 ARE CLOSED AND MANAGEMENT CONTINUALLY EVALUATES EXPIRING STATUTES OF LIMITATIONS, AUDITS, PROPOSED SETTLEMENTS AND CHANGES IN TAX LAW AND NEW AUTHORITATIVE RULINGS. IF APPLICABLE, CSLF WOULD RECOGNIZE INTEREST AND PENALTIES ASSOCIATED WITH TAX MATTERS AS PART OF OTHER OPERATING EXPENSES IN THE STATEMENT OF REVENUES, EXPENSES AND CHANGES IN FUND NET POSITION AND INCLUDE ACCRUED INTEREST AND PENALTIES IN ACCRUED EXPENSES IN THE STATEMENT OF NET POSITION. CSLF DID NOT RECOGNIZE ANY INTEREST OR PENALTIES ASSOCIATED WITH TAX MATTERS FOR THE YEAR ENDED SEPTEMBER 30, 2014. 1 CT BOARD OF REGENTS FOR HIGHER EDUCATION 210 CAPITOL AVENUE HARTFORD CT 06106 999999999 19000000 HIGHER EDUCATION OFFICE OF HIGHER EDUCATION 210 CAPITOL AVENUE HARTFORD CT 06106 999999999 1600000 GOVERNORS SCHOLARSHIPS CONNECTICUT HIGHER EDUCATION TRUST 210 CAPITOL AVENUE HARTFORD CT 06106 999999999 4400000 BABY SCHOLARS PROGRAM 3 PART I, LINE 2: IN JULY 2014, PUBLIC ACT NO. 14-47 REQUIRED CSLF TO TRANSFER $4,400,000 TO THE CONNECTICUT HIGHER EDUCATION TRUST BABY SCHOLARS PROGRAM, $19,000,000 TO THE CT BOARD OF REGENTS FOR HIGHER EDUCATION AND $1,600,000 TO THE OFFICE OF HIGHER EDUCATION FOR GOVERNORS SCHOLARSHIPS. AS OF SEPTEMBER 30, 2014, $4,400,000 OF THE $25,000,000 LEGISLATIVE MANDATE WAS PAID. $20,600,000 WAS RECORDED AS PAYABLE AT SEPTEMBER 30, 2014. FORM 990, PART III, LINE 2 IN JULY 2014, PUBLIC ACT NO. 14-47 REQUIRED CSLF TO TRANSFER $4,400,000 TO THE CONNECTICUT HIGHER EDUCATION TRUST BABY SCHOLARS PROGRAM, $19,000,000 TO THE CT BOARD OF REGENTS FOR HIGHER EDUCATION AND $1,600,000 TO THE OFFICE OF HIGHER EDUCATION FOR GOVERNORS SCHOLARSHIPS. AS OF SEPTEMBER 30, 2014, $4,400,000 OF THE $25,000,000 LEGISLATIVE MANDATE WAS PAID. $20,600,000 WAS RECORDED AS PAYABLE AT SEPTEMBER 30, 2014. FORM 990, PART VI, SECTION A, LINE 3 CSLF CONTRACTED ALL ADMINISTRATION TO EDUCATION SOLUTION PARTNERS, LLC ("ESP"). FORM 990, PART VI, SECTION A, LINE 4 IN JULY 2014, PURSUANT TO PUBLIC ACT NO. 14-217, CSLF WAS STATUTORILY CONSOLIDATED WITH THE CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY AS A SUBSIDIARY THEREOF AND BECAME A QUASI-PUBLIC AGENCY OF THE STATE OF CONNECTICUT. CSLF'S FISCAL YEAR END WILL CHANGE EFFECTIVE OCTOBER 1, 2014 TO A JUNE 30 FISCAL YEAR END. FORM 990, PART VI, SECTION A, LINE 7A CERTAIN STATUTORY BOARD MEMBERS ARE ELIGIBLE TO DESIGNATE ANOTHER INDIVIDUAL TO FILL THEIR POSITION. THROUGH JUNE 2014, THE GOVENOR AND VARIOUS LEGISLATORS ARE ELIGIBLE TO APPOINT BOARD MEMBERS. AFTER JULY 2014, CSLF BOARD MEMBERS ARE APPOINTED BY STATUTE OR DESIGNATED BY THE CHEFA BOARD. FORM 990, PART VI, SECTION B, LINE 11 FORM 990 IS REVIEWED BY THE BOARD OF DIRECTORS PRIOR TO FILING THE RETURN. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990 PART VII JEANETTE WELDON, THE EXECUTIVE DIRECTOR, AND JEFFREY ASHER, A DIRECTOR, ARE COMPENSATED BY CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY (CHEFA). CHEFA BECAME THE CONTROLLING ENTITY ON 7/1/14 WHICH IS WHEN THEY WERE APPOINTED AS EXECUTIVE DIRECTOR AND DIRECTOR OF CSLF. THEREFORE, THERE WAS NO COMPENSATION ON THE 2013 W-2 THAT RELATED TO CSLF. CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY 210 CAPITOL AVENUE HARTFORD CT 06106 999999999 CT 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 FORM 990, SCHEDULE R IN JULY 2014, PURSUANT TO PUBLIC ACT NO. 14-217, CSLF WAS STATUTORILY CONSOLIDATED WITH THE CONNECTICUT HEALTH AND EDUCATIONAL FACILITIES AUTHORITY AS A SUBSIDIARY THEREOF AND BECAME A QUASI-PUBLIC AGENCY OF THE STATE OF CONNECTICUT. CSLF'S FISCAL YEAR END WILL CHANGE EFFECTIVE OCTOBER 1, 2014 TO A JUNE 30 FISCAL YEAR END.