2014-02-13T11:50:26-06:00 2013-09-30 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2012-10-01 020404239 Granite State Management and Resources GRAN 6032255867 4 Barrell Court PO Box 2087 Concord NH 033022087 RENE A DROUIN 6032255867 2014-02-13 Nicholas E Porto P01310283 2078792100 2012 2015-11-30 17:44:51Z Rene A Drouin 4 Barrell Court PO Box 2087 Concord NH 033022087 31007242 0 X www.gsmr.org X 1986 NH Administrator/servicer of student loans 8 8 179 8 0 0 920115 870737 14780123 18017014 1756315 1664486 22843 34268 17479396 20586505 274651 77500 0 0 10474616 12542560 0 0 0 5207711 7930534 15956978 20550594 1522418 35911 47053579 47698308 4202426 4389687 42851153 43308621 Administrator/servicer of student loans 0 0 2172508 77500 2346667 Administer the guaranteed student loan program in the state of NH in cooperation with NH lenders and secondary markets. 14147372 0 14441025 Service education loan programs 1060184 0 1263590 Administer the loan origination program for NH Higher Education Loan Corporation 17380064 1 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 1 57187 0 1 179 1 0 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 Clinton Hanson Jr 0.20 X 0 0 0 Brad Poznanski 0.20 X 0 0 0 Charles Rolecek 0.20 X 0 0 0 Robert Tuveson 0.20 X 0 0 0 Cornelius Joyce 0.20 X X 0 0 0 Gerald Little 0.20 X X 0 0 0 Anthony Chismark 0.20 X X 0 0 0 Thomas Horgan 0.20 X X 0 0 0 Rene A Drouin 22.00 18.00 X 476938 0 49094 Dean Grondin 30.00 10.00 X 220620 0 29356 Jason Golden 40.00 X 157185 0 37128 Christine B Williams 40.00 X 145497 0 22386 Kris Bellerose 40.00 X 122550 0 33354 Rob Woodburn 40.00 X 113213 0 19600 Tara Payne 40.00 X 110283 0 32219 Anthony McBee 40.00 X 113804 0 19445 1460090 0 242582 9 0 1 0 Nelnet Servicing PO Box 82561 Lincoln NE 68501 Loan Servicing 2331919 Baker Newman Noyes PO Box 507 Portland ME 04112 Auditing/Tax Services 340906 Credit Control Services PO Box 464 Needham MA 02494 Collection services 243625 Interactive Intelligence PO Box 660316 Indianapolis IN 46266 Telephone software services 143419 Sungard Availability Services 9123 Collection Center Drive Chicago IL 60693 Disaster recovery services 133630 5 850737 20000 870737 Service fees 561000 14892314 14892314 Contracted services 561000 3124700 3124700 18017014 1112887 1112887 10972336 10420737 551599 551599 551599 34268 34268 34268 20586505 18051282 0 1664486 77500 77500 970321 970321 8451394 8113339 338055 515965 412773 103192 1783215 1515733 267482 821665 698415 123250 207691 207691 276031 276031 133287 79972 53315 159386 146635 12751 2848331 2563498 284833 2328707 2264583 64124 633856 507085 126771 91687 73350 18337 837246 669797 167449 189867 132907 56960 224445 124477 99968 20550594 17380064 3170530 0 0 0 2344292 1350047 1597837 1414384 455501 363677 13518553 8011257 5721807 5507296 36715263 38863605 218879 199299 47053579 47698308 3202426 3389687 1000000 1000000 4202426 4389687 X 42851153 43308621 42851153 43308621 47053579 47698308 35911 421557 0 X 0 1 X 1 1 1 X 10000 15500 829568 920115 870737 2645920 23822731 21995052 15927088 14802965 18051282 94599118 23832731 22010552 16756656 15723080 18922019 97245038 0 0 0 97245038 1068894 1081841 1062729 1145874 1112887 5472225 1068894 1081841 1062729 1145874 1112887 5472225 24901625 23092393 17819385 16868954 20034906 102717263 0.94670 0.94850 0.05330 0.05150 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 687587 687587 8872642 4919894 3952748 3958324 3091363 866961 5507296 Reserve for loan losses 1000000 1000000 X 21008062 421557 421557 20586505 0 20586505 20550594 0 20550594 0 20550594 Description of Uncertain Tax Positions Under FIN 48: Part X, Line 2: The Company 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 provisions 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, 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, 2013 or 2012. The Company's tax years after 2009 are open and subject to examination. 1 Scholarships 10 41500 Incentive Awards 36 36000 Procedure for Monitoring Grants in the U.S.: Part I, Line 2: Schedule I, Part I, Line 2: In order to ensure that the scholarship or incentive award 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 or incentive award 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 0 0 0 0 0 0 1 0 Rene A Drouin 347081 0 86750 0 43107 0 29828 0 19266 0 526032 0 0 0 Dean Grondin 185320 0 27500 0 7800 0 20841 0 8515 0 249976 0 0 0 Jason Golden 147915 0 9000 0 270 0 16044 0 21084 0 194313 0 0 0 Christine B Williams 136797 0 8250 0 450 0 13998 0 8388 0 167883 0 0 0 Kris Bellerose 113350 0 8750 0 450 0 12297 0 21057 0 155904 0 0 0 Part I, Line 7 Performance-based variable compensation, which is subject to review and paid annually. Anthony Chismark GSMR Trustee and Senior Vice President with Centrix Bank; see section (d 0 Mr. Chismark is a trustee of Granite State Management and Resources and an executive at Centrix Bank. GSMR maintains its checking accounts with Centrix Bank. Transactions during the fiscal year were in excess of $10,000. An exact figure cannot be stated due to daily account activity and balance changes. All transactions with Centrix Bank are at fair market value. Mr. Chismark has been classified as an independent board member. 0 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 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 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 compensation consultant reviewed the salaries of Executives and Vice Presidents to ensure the compensation structure was administered appropriately and to propose changes as needed. A salary review of the organization was conducted by an independent Affirmative Action consultant to ensure the compensation was administered appropriately and to propose changes as needed. 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. New Hampshire Higher Education Assistance Foundation 4 Barrell Court Concord NH 03302 026007687 Student loan guarantor NH 501(c)(3) Line 9 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 11b, II 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 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0