PHEAA STUDENT LOAN FOUNDATION INC: Form 990, tax year 2012

View the entire original 990 at ProPublica ↗

Organization
PHEAA STUDENT LOAN FOUNDATION INC (EIN 51-0423553)
Tax period
2012-07-01 to 2013-06-30
Filed
2014-05-09
IRS object ID
201431299349300448
Schema version
2012v2.3
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)
Timestamp2014-05-09T15:45:53-05:00Timestamp
Tax Period End Date2013-06-30TaxPeriodEndDate

Preparer Firm PreparerFirm

Preparer Firm Business Name PreparerFirmBusinessName

FieldValueIRS element (for citing)
Business Name Line1ERNST & YOUNG US LLPBusinessNameLine1

Preparer Firm US Address PreparerFirmUSAddress

FieldValueIRS element (for citing)
Address Line11101 NEW YORK AVE NWAddressLine1
CityWASHINGTONCity
StateDCState
ZIP Code20005ZIPCode
FieldValueIRS element (for citing)
Return Type990ReturnType
Tax Period Begin Date2012-07-01TaxPeriodBeginDate

Filer Filer

FieldValueIRS element (for citing)
EIN510423553EIN

Name Name

FieldValueIRS element (for citing)
Business Name Line1PHEAA Student Loan Foundation IncBusinessNameLine1
FieldValueIRS element (for citing)
In Care Of Name% TIMOTHY A GUENTHERInCareOfName
Name ControlPHEANameControl
Phone7177202023Phone

US Address USAddress

FieldValueIRS element (for citing)
Address Line11200 North Seventh StreetAddressLine1
Address Line2SuiteAddressLine2
CityHarrisburgCity
StatePAState
ZIP Code17102ZIPCode

Officer Officer

FieldValueIRS element (for citing)
NameTIMOTHY GUENTHERName
TitleTREASURERTitle
Phone2023277097Phone
Date Signed2014-05-09DateSigned
Authorize Third PartytrueAuthorizeThirdParty

Preparer Preparer

FieldValueIRS element (for citing)
Phone2023277097Phone
FieldValueIRS element (for citing)
Tax Year2012TaxYear
Build TS2015-11-30 17:44:51ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Name Of Principal Officer PersonNathaniel HenchNameOfPrincipalOfficerPerson

Address Principal Officer US AddressPrincipalOfficerUS

FieldValueIRS element (for citing)
Address Line11200 North Seventh StreetAddressLine1
CityHarrisburgCity
StatePAState
ZIP Code17102ZIPCode
FieldValueIRS element (for citing)
Gross Receipts83456384GrossReceipts
Group Return For AffiliatesfalseGroupReturnForAffiliates
Organization501c3XOrganization501c3
Web SiteN/AWebSite
Type Of Organization CorporationXTypeOfOrganizationCorporation
Year Formation2002YearFormation
State Legal DomicilePAStateLegalDomicile
Activity Or Mission DescriptionTHE FOUNDATION IS ORGANIZED TO CARRY OUT STUDENT LOAN SECURITIZATION TRANSACTIONS FOR PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY SO IT CAN IMPROVE HIGHER EDUCATION OPPORTUNITIES FOR PENNSYLVANIA STUDENTS.ActivityOrMissionDescription
Nbr Voting Members Governing Body5NbrVotingMembersGoverningBody
Nbr Independent Voting Members2NbrIndependentVotingMembers
Total Nbr Employees0TotalNbrEmployees
Total Nbr Volunteers0TotalNbrVolunteers
Total Gross UBI0TotalGrossUBI
Contributions Grants Prior Year0ContributionsGrantsPriorYear
Contributions Grants Current Year0ContributionsGrantsCurrentYear
Program Service Revenue Prior Year164895215ProgramServiceRevenuePriorYear
Program Service Revenue CY62162108ProgramServiceRevenueCY
Investment Income Prior Year74543InvestmentIncomePriorYear
Investment Income Current Year24854InvestmentIncomeCurrentYear
Other Revenue Prior Year20191354OtherRevenuePriorYear
Other Revenue Current Year21269422OtherRevenueCurrentYear
Total Revenue Prior Year185161112TotalRevenuePriorYear
Total Revenue Current Year83456384TotalRevenueCurrentYear
Grants And Similar Amnts Prior Year0GrantsAndSimilarAmntsPriorYear
Grants And Similar Amnts CY0GrantsAndSimilarAmntsCY
Benefits Paid To Members Prior Year0BenefitsPaidToMembersPriorYear
Benefits Paid To Members CY0BenefitsPaidToMembersCY
Salaries Etc Prior Year0SalariesEtcPriorYear
Salaries Etc Current Year0SalariesEtcCurrentYear
Total Prof Fundrsng Exp Prior Year0TotalProfFundrsngExpPriorYear
Total Prof Fundrsng Exp CY0TotalProfFundrsngExpCY
Total Fundrsng Exp Current Year0TotalFundrsngExpCurrentYear
Other Expense Prior Year64792659OtherExpensePriorYear
Other Expenses Current Year60711358OtherExpensesCurrentYear
Total Expenses Prior Year64792659TotalExpensesPriorYear
Total Expenses Current Year60711358TotalExpensesCurrentYear
Revenues Less Expenses Prior Year120368453RevenuesLessExpensesPriorYear
Revenues Less Expenses CY22745026RevenuesLessExpensesCY
Total Assets BOY3055592954TotalAssetsBOY
Total Assets EOY3247184170TotalAssetsEOY
Total Liabilities BOY3067965596TotalLiabilitiesBOY
Total Liabilities EOY3251011017TotalLiabilitiesEOY
Net Assets Or Fund Balances BOY-12372642NetAssetsOrFundBalancesBOY
Net Assets Or Fund Balances EOY-3826847NetAssetsOrFundBalancesEOY
Info In Schedule O Part IIIXInfoInScheduleOPartIII
Mission DescriptionThe PHEAA Student Loan Foundation, Inc., a non-stock, nonprofit corporation incorporated under Pennsylvania's Nonprofit Corporation Law of 1988, as amended (the "Foundation"), is organized to carry out student loan securitization transactions for the benefit of, or to carry out the purposes of, the Pennsylvania Higher Education Assistance Agency ("PHEAA"), a state agency of the Commonwealth of Pennsylvania ("Commonwealth"), created and controlled by the Commonwealth's Legislature. The Foundation's exempt purpose is to facilitate the securitization of PHEAA-owned student loans in order to raise funds for PHEAA so that it may continue to make, service and buy low-cost student loans and to otherwise improve higher educational opportunities for students in Pennsylvania, thereby lessening the burdens of government.MissionDescription
Significant New Program ServicestrueSignificantNewProgramServices
Significant ChangetrueSignificantChange
Expense60711358Expense
Revenue83393440Revenue
DescriptionThe PHEAA Student Loan Foundation, Inc., a non-stock, nonprofit corporation incorporated under Pennsylvania's Nonprofit Corporation Law of 1988, as amended (the "Foundation") is organized to carry out Student Loan Securitization transactions for the benefit of, or to carry out the purposes of, the Pennsylvania Higher Education Assistance Agency ("PHEAA"), a state agency of the Commonwealth of Pennsylvania ("Commonwealth"), created and controlled by the Commonwealth's Legislature. The Foundation's exempt purpose is to facilitate the securitization of PHEAA-owned student loans in order to raise funds for PHEAA so that PHEAA may continue to make, service and buy low-cost student loans and to otherwise improve higher educational opportunities for students in Pennsylvania, thereby lessening the burdens of government. As of the end of the reporting period, the Foundation had formed five special purpose trusts known as the PHEAA Student Loan Trust I ( "Trust I"), PHEAA Student Loan Trust 2011-1 ("Trust 2011-1"), PHEAA Student Loan Trust 2012-1 ("Trust 2012-1"), PHEAA Student Loan Trust 2013-1 ("Trust 2013-1") and PHEAA Student Loan Trust 2013-2 ("Trust 2013-2", and collectively with Trust I, Trust 2011-1, Trust 2012-1, and Trust 2013-1, the "Trusts") and three special purpose limited liability companies known as PHEAA Student Loan Company, LLC ("SLC I"), PHEAA Student Loan Company II, LLC ("SLC II"), and PHEAA Student Loan Company III, LLC ("SLC III"). The Trusts, SLC I, SLC II and SLC III were organized to acquire, own and manage the student loans and other assets of such entities, issue notes to investors and make principal and interest payments on the notes to investors. Through a series of transactions in 2003, 2004 and 2005, Trust I completed the issuance and sale of notes to purchase student loans from PHEAA. In a transaction in June of 2009, SLC I participated in the issuance and sale of notes through the Straight-A Funding Conduit Program to purchase student loans from PHEAA. SLC II and SLC III participated in similar transactions in December of 2009 and January of 2010, respectively. On July 14, 2011 Trust 2011-1 issued notes in the amount of $1,676,400,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On November 14, 2012, Trust 2012-1 issued notes in the amount of $536,400,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On June 12, 2013, Trust 2013-1 issued notes in the amount of $583,950,000 and used substantially all of the proceeds of the notes to purchase certain student loans. Trust 2013-2 did not issue notes during the reporting period. The Foundation retained residual interests in the student loans. However, as a cash basis taxpayer, the Foundation does not recognize its residual interest as revenue until the cash flows become available. The Foundation intends to distribute to PHEAA, from time to time, all of the cash flows derived from the student loans, net of expenses (operating expenses and principal, and interest payment to investors). PHEAA intends to use grants and the proceeds from the sale of the student loans to continue other activities that subsidize the costs of higher education and satisfy PHEAA's statutory mission.Description
Total Program Service Expense60711358TotalProgramServiceExpense
Described In501 C3trueDescribedIn501C3
Schedule B RequiredfalseScheduleBRequired
Political ActivitiesfalsePoliticalActivities
Lobbying ActivitiesfalseLobbyingActivities
Subject To Proxy TaxfalseSubjectToProxyTax
Donor Advised FundsfalseDonorAdvisedFunds
Conservation EasementsfalseConservationEasements
Collections Of ArtfalseCollectionsOfArt
Credit CounselingfalseCreditCounseling
Term Or Permanent EndowmentsfalseTermOrPermanentEndowments
Report Land Bldg EquipfalseReportLandBldgEquip
Report Invest Oth SecuritiesfalseReportInvestOthSecurities
Report Prog Rel InvestfalseReportProgRelInvest
Report Other AssetsfalseReportOtherAssets
Report Other LiabilitiesfalseReportOtherLiabilities
Report Fin48 FootnotefalseReportFin48Footnote
Independent Audit Financial StmtfalseIndependentAuditFinancialStmt
Consolidated Audit Financial StmttrueConsolidatedAuditFinancialStmt
SchoolfalseSchool
Foreign OfficefalseForeignOffice
Foreign ActivitiesfalseForeignActivities
More Than5000 K To OrganizationsfalseMoreThan5000KToOrganizations
More Than5000 K To IndividualsfalseMoreThan5000KToIndividuals
Professional FundraisingfalseProfessionalFundraising
Fundraising ActivitiesfalseFundraisingActivities
GamingfalseGaming
HospitalfalseHospital
Grants To OrganizationsfalseGrantsToOrganizations
Grants To IndividualsfalseGrantsToIndividuals
Schedule J RequiredtrueScheduleJRequired
Tax Exempt BondsfalseTaxExemptBonds
Excess Benefit TransactionfalseExcessBenefitTransaction
Prior Excess Benefit TransactionfalsePriorExcessBenefitTransaction
Loan To Officer Or DQPfalseLoanToOfficerOrDQP
Grant To Related PersonfalseGrantToRelatedPerson
Bsnss Rltnshp With OrganizationfalseBsnssRltnshpWithOrganization
Bsnss Rltnshp Thru Family MemberfalseBsnssRltnshpThruFamilyMember
Officer Entity With Bsnss RltnshpfalseOfficerEntityWithBsnssRltnshp
Deductible Non Cash ContributionsfalseDeductibleNonCashContributions
Deductible Contributions Of ArtfalseDeductibleContributionsOfArt
TerminatedfalseTerminated
Partial LiquidationfalsePartialLiquidation
Disregarded EntitytrueDisregardedEntity
Related EntitytrueRelatedEntity
Related Org Controlled EntityfalseRelatedOrgControlledEntity
Transfers To Exempt Non Chrtbl OrgtrueTransfersToExemptNonChrtblOrg
Activities Conducted PartnershipfalseActivitiesConductedPartnership
Schedule O RequiredtrueScheduleORequired
Info In Schedule O Part VXInfoInScheduleOPartV
Number Forms Transmitted With10960NumberFormsTransmittedWith1096
Number W2 G Included0NumberW2GIncluded
Number Of Employees0NumberOfEmployees
Unrelated Business IncomefalseUnrelatedBusinessIncome
Foreign Financial AccountfalseForeignFinancialAccount
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTrans
Taxable Party NotificationfalseTaxablePartyNotification
Non Deductible ContributionsfalseNonDeductibleContributions
Quid Pro Quo ContributionsfalseQuidProQuoContributions
Form8282 Property Disposed OffalseForm8282PropertyDisposedOf
Funds To Pay PremiumsfalseFundsToPayPremiums
Premiums PaidfalsePremiumsPaid
Excess Business HoldingsfalseExcessBusinessHoldings
Indoor Tanning ServicesfalseIndoorTanningServices
Info In Schedule O Part VIXInfoInScheduleOPartVI
Nbr Voting Governing Body Members5NbrVotingGoverningBodyMembers
Number Independent Voting Members2NumberIndependentVotingMembers
Family Or Business RelationshipfalseFamilyOrBusinessRelationship
Delegation Of Management DutiesfalseDelegationOfManagementDuties
Changes To Organizing DocsfalseChangesToOrganizingDocs
Material Diversion Or MisusefalseMaterialDiversionOrMisuse
Members Or StockholdersfalseMembersOrStockholders
Election Of Board MemberstrueElectionOfBoardMembers
Decisions Subject To ApprovalfalseDecisionsSubjectToApproval
Minutes Of Governing BodytrueMinutesOfGoverningBody
Minutes Of CommitteesfalseMinutesOfCommittees
Officer Mailing AddresstrueOfficerMailingAddress
Local ChaptersfalseLocalChapters
Form990 Provided To Governing BodytrueForm990ProvidedToGoverningBody
Conflict Of Interest PolicyfalseConflictOfInterestPolicy
Whistleblower PolicyfalseWhistleblowerPolicy
Document Retention PolicyfalseDocumentRetentionPolicy
Compensation Process CEOfalseCompensationProcessCEO
Compensation Process OtherfalseCompensationProcessOther
Investment In Joint VenturefalseInvestmentInJointVenture
States Where Copy Of Return Is FiledPAStatesWhereCopyOfReturnIsFiled
Upon RequestXUponRequest

The Books Are In Care Of TheBooksAreInCareOf

FieldValueIRS element (for citing)
Name PersonTIMOTHY A GUENTHERNamePerson
Telephone Number7177202023TelephoneNumber

Address US AddressUS

FieldValueIRS element (for citing)
Address Line11200 NORTH SEVENTH STREETAddressLine1
CityHarrisburgCity
StatePAState
ZIP Code17102ZIPCode

Form990 Part VII Section A Form990PartVIISectionA (5 entries)

TitleTitleAverage Hours Per WeekAverageHoursPerWeekAverage Hours Per Week RelatedAverageHoursPerWeekRelatedIndividual Trustee Or DirectorIndividualTrusteeOrDirectorOfficerOfficerReportable Comp From OrganizationReportableCompFromOrganizationReportable Comp From Related OrgsReportableCompFromRelatedOrgsOther CompensationOtherCompensation
Nathaniel D Hench
President and Director1.040.0XX01277158144
Timothy A Guenther
Treasurer and Director1.040.0XX021154513620
Andrew D Mehalko
Secretary and Director1.040.0XX01326228415
Raye Goldsborough
Director1.00.0X019500
Lori E Cooney
Director1.00.0X019500
FieldValueIRS element (for citing)
Total Reportable Comp From Org0TotalReportableCompFromOrg
Total Reportable Comp Frm Rltd Orgs510882TotalReportableCompFrmRltdOrgs
Total Other Compensation30179TotalOtherCompensation
Number Individuals GT100 K0NumberIndividualsGT100K
Formers ListedfalseFormersListed
Total Comp GT150 KtrueTotalCompGT150K
Compensation From Other SourcesfalseCompensationFromOtherSources

Contractor Compensation ContractorCompensation (3 entries)

Address Line1AddressOfContractor/AddressUS/AddressLine1CityAddressOfContractor/AddressUS/CityStateAddressOfContractor/AddressUS/StateZIP CodeAddressOfContractor/AddressUS/ZIPCodeDescription Of ServicesDescriptionOfServicesCompensationCompensation
PA HIGHER EDUCATION ASSISTANCE AGEN
1200 N 7th StreetHARRISBURGPA17102Loan Servicing16881747
Bank of New York
101 Barclay Street 7WNEW YORKNY10007BROKER DEALER SRVS185751
MT Bank
213 Market StreetHARRISBURGPA17105INDENTURE TRUSTEE571056
FieldValueIRS element (for citing)
Number Of Contractors GT100 K3NumberOfContractorsGT100K
Total Contributions0TotalContributions

Program Service Revenue ProgramServiceRevenue

FieldValueIRS element (for citing)
DescriptionSTUDENT LOAN INTERESTDescription
Business Code522291BusinessCode
Total Revenue Column62162108TotalRevenueColumn
Related Or Exempt Function Income62162108RelatedOrExemptFunctionIncome
FieldValueIRS element (for citing)
Total Program Service Revenue62162108TotalProgramServiceRevenue

Investment Income InvestmentIncome

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Total Revenue Column24854TotalRevenueColumn
Exclusion$24,854ExclusionAmount

Income From Invest Bond Proceeds IncomeFromInvestBondProceeds

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Total Revenue Column0TotalRevenueColumn

Royalties Revenue RoyaltiesRevenue

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Total Revenue Column0TotalRevenueColumn

Rental Income Or Loss RentalIncomeOrLoss

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Real0Real
Personal0Personal

Net Rental Income Or Loss NetRentalIncomeOrLoss

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Total Revenue Column0TotalRevenueColumn

Net Gain Or Loss Investments NetGainOrLossInvestments

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Total Revenue Column0TotalRevenueColumn

Net Income From Fundraising Events NetIncomeFromFundraisingEvents

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Total Revenue Column0TotalRevenueColumn

Net Income From Gaming NetIncomeFromGaming

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Total Revenue Column0TotalRevenueColumn

Net Income Or Loss NetIncomeOrLoss

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Total Revenue Column0TotalRevenueColumn

Other Revenue Misc OtherRevenueMisc (2 entries)

DescriptionDescriptionBusiness CodeBusinessCodeTotal Revenue ColumnTotalRevenueColumnRelated Or Exempt Function IncomeRelatedOrExemptFunctionIncomeExclusionExclusionAmount
BOND REFUNDING5222912123133221231332
MISCELLANEOUS REVENUE90009938090$38,090
FieldValueIRS element (for citing)
Total Other Revenue21269422TotalOtherRevenue

Total Revenue TotalRevenue

FieldValueIRS element (for citing)
Total Revenue Column83456384TotalRevenueColumn
Related Or Exempt Function Income83393440RelatedOrExemptFunctionIncome
Exclusion$62,944ExclusionAmount

Grants To Domestic Orgs GrantsToDomesticOrgs

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Total0Total

Grants To Domestic Individuals GrantsToDomesticIndividuals

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Total0Total

Foreign Grants ForeignGrants

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Total0Total

Benefits To Members BenefitsToMembers

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Total0Total

Comp Current Officers Directors CompCurrentOfficersDirectors

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Total0Total

Comp Disqual Persons CompDisqualPersons

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Total0Total

Other Salaries And Wages OtherSalariesAndWages

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Total0Total

Pension Plan Contributions PensionPlanContributions

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Total0Total

Other Employee Benefits OtherEmployeeBenefits

FieldValueIRS element (for citing)
Total0Total

Payroll Taxes PayrollTaxes

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Total0Total

Fees For Services Management FeesForServicesManagement

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Total0Total

Fees For Services Legal FeesForServicesLegal

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Total0Total

Fees For Services Accounting FeesForServicesAccounting

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Total0Total

Fees For Services Lobbying FeesForServicesLobbying

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Total0Total

Fees For Services Prof Fundraising FeesForServicesProfFundraising

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Total0Total

Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees

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Total0Total

Fees For Services Other FeesForServicesOther

FieldValueIRS element (for citing)
Total0Total

Advertising Advertising

FieldValueIRS element (for citing)
Total0Total

Office Expenses OfficeExpenses

FieldValueIRS element (for citing)
Total0Total

Information Technology InformationTechnology

FieldValueIRS element (for citing)
Total0Total

Royalties Royalties

FieldValueIRS element (for citing)
Total0Total

Occupancy Occupancy

FieldValueIRS element (for citing)
Total0Total

Travel Travel

FieldValueIRS element (for citing)
Total0Total

Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials

FieldValueIRS element (for citing)
Total0Total

Conferences Meetings ConferencesMeetings

FieldValueIRS element (for citing)
Total0Total

Interest Interest

FieldValueIRS element (for citing)
Total38989997Total
Program Services38989997ProgramServices

Payments To Affiliates PaymentsToAffiliates

FieldValueIRS element (for citing)
Total0Total

Depreciation Depletion DepreciationDepletion

FieldValueIRS element (for citing)
Total0Total

Insurance Insurance

FieldValueIRS element (for citing)
Total0Total

Other Expenses OtherExpenses (4 entries)

DescriptionDescriptionTotalTotalProgram ServicesProgramServices
LOAN SERVICING FEES1352912513529125
ADMINISTRATIVE FEES33526223352622
RISK SHARE WRITE OFFS31577493157749
LOSS ON SALE OF LOANS917058917058

All Other Expenses AllOtherExpenses

FieldValueIRS element (for citing)
Total764807Total
Program Services764807ProgramServices

Total Functional Expenses TotalFunctionalExpenses

FieldValueIRS element (for citing)
Total60711358Total
Program Services60711358ProgramServices
Management And General0ManagementAndGeneral
Fundraising0Fundraising

Cash Non Interest Bearing CashNonInterestBearing

FieldValueIRS element (for citing)
BOY4458509BOY
EOY5221893EOY

Savings And Temp Cash Investments SavingsAndTempCashInvestments

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BOY110219394BOY
EOY69752785EOY

Pledges And Grants Receivable PledgesAndGrantsReceivable

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BOY0BOY
EOY0EOY

Accounts Receivable AccountsReceivable

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BOY40895086BOY
EOY44244636EOY

Receivables From Officers Etc ReceivablesFromOfficersEtc

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Receivables From Disqual Persons ReceivablesFromDisqualPersons

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Other Notes Loans Receivable Net OtherNotesLoansReceivableNet

FieldValueIRS element (for citing)
BOY2880860668BOY
EOY3101686940EOY

Inventories For Sale Or Use InventoriesForSaleOrUse

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BOY0BOY
EOY0EOY

Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges

FieldValueIRS element (for citing)
BOY19159297BOY
EOY26277916EOY

Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet

FieldValueIRS element (for citing)
BOY0BOY

Investments Pub Traded Securities InvestmentsPubTradedSecurities

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Investments Other Securities InvestmentsOtherSecurities

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Investments Program Related InvestmentsProgramRelated

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BOY0BOY
EOY0EOY

Intangible Assets IntangibleAssets

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BOY0BOY
EOY0EOY

Other Assets Total OtherAssetsTotal

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BOY0BOY
EOY0EOY

Total Assets TotalAssets

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BOY3055592954BOY
EOY3247184170EOY

Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses

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BOY10813281BOY
EOY13714399EOY

Grants Payable GrantsPayable

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Deferred Revenue DeferredRevenue

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Tax Exempt Bond Liabilities TaxExemptBondLiabilities

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Escrow Account Liability EscrowAccountLiability

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Loans From Officers Directors LoansFromOfficersDirectors

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp

FieldValueIRS element (for citing)
BOY3057152315BOY
EOY3237296618EOY

Unsecured Notes Loans Payable UnsecuredNotesLoansPayable

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BOY0BOY
EOY0EOY

Other Liabilities OtherLiabilities

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Total Liabilities TotalLiabilities

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BOY3067965596BOY
EOY3251011017EOY
FieldValueIRS element (for citing)
Follow SFAS117XFollowSFAS117

Unrestricted Net Assets UnrestrictedNetAssets

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BOY-12372642BOY
EOY-3826847EOY

Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets

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BOY0BOY
EOY0EOY

Permanently Restricted Net Assets PermanentlyRestrictedNetAssets

FieldValueIRS element (for citing)
BOY0BOY
EOY0EOY

Total Net Assets Fund Balances TotalNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY-12372642BOY
EOY-3826847EOY

Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances

FieldValueIRS element (for citing)
BOY3055592954BOY
EOY3247184170EOY
FieldValueIRS element (for citing)
Info In Schedule O Part XIXInfoInScheduleOPartXI
Reconcilation Revenue Expenses22745026ReconcilationRevenueExpenses
Reconcilation Other Changes-14199231ReconcilationOtherChanges
Info In Schedule O Part XIIXInfoInScheduleOPartXII
Method Of Accounting CashXMethodOfAccountingCash
Accountant Compile Or ReviewfalseAccountantCompileOrReview
FS AuditedtrueFSAudited

FS Audited Basis FSAuditedBasis

FieldValueIRS element (for citing)
Financial Statement ConsolidatedXFinancialStatementConsolidated
FieldValueIRS element (for citing)
Federal Grant Audit RequiredfalseFederalGrantAuditRequired

Schedule A IRS990ScheduleA

FieldValueIRS element (for citing)
Supporting Organization509a3XSupportingOrganization509a3
Supporting Org509a3 Type1XSupportingOrg509a3Type1
Certification CheckboxXCertificationCheckbox
Contrib By Controlling IndividualfalseContribByControllingIndividual
Contribution By Related PartyfalseContributionByRelatedParty
Contrib By35 Controlled EntityfalseContribBy35ControlledEntity

Supported Org Information SupportedOrgInformation

Name Name

FieldValueIRS element (for citing)
Business Name Line1PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCYBusinessNameLine1
FieldValueIRS element (for citing)
EIN231693362EIN
Type Of Organization06TypeOfOrganization
Listed In Governing DoctrueListedInGoverningDoc
Amount$60,711,358Amount
FieldValueIRS element (for citing)
Total Number Of Supported Orgs1TotalNumberOfSupportedOrgs
Sum Of Amounts60711358SumOfAmounts

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Severance PaymentfalseSeverancePayment
Supplemental Nonqual Retire PlanfalseSupplementalNonqualRetirePlan
Equity Based Comp ArrangementfalseEquityBasedCompArrangement
Comp Based On Revenue Of Filing OrgfalseCompBasedOnRevenueOfFilingOrg
Comp Based On Revenue Related OrgsfalseCompBasedOnRevenueRelatedOrgs
Comp Based Net Earnings Filing OrgfalseCompBasedNetEarningsFilingOrg
Comp Based Net Earnings Relate OrgsfalseCompBasedNetEarningsRelateOrgs
Any Non Fixed PaymentsfalseAnyNonFixedPayments
Initial Contract ExceptionfalseInitialContractException

Form990 Schedule J Part II Form990ScheduleJPartII

FieldValueIRS element (for citing)
Name PersonTimothy A GuentherNamePerson
TitleTreasurer and DirectorTitle
Base Compensation Filing Org0BaseCompensationFilingOrg
Comp Based On Related Orgs211545CompBasedOnRelatedOrgs
Bonus Filing Org0BonusFilingOrg
Bonus Related Orgs0BonusRelatedOrgs
Other Compensation Filing Org0OtherCompensationFilingOrg
Other Compensation Related Orgs0OtherCompensationRelatedOrgs
Deferred Comp Filing Org0DeferredCompFilingOrg
Deferred Comp Related Orgs13620DeferredCompRelatedOrgs
Nontaxable Benefits Filing Org0NontaxableBenefitsFilingOrg
Nontaxable Benefits Related Orgs0NontaxableBenefitsRelatedOrgs
Total Compensation Filing Org0TotalCompensationFilingOrg
Total Compensation Related Orgs225165TotalCompensationRelatedOrgs
Comp Report Prior990 Filing Org0CompReportPrior990FilingOrg
Comp Report Prior990 Related Orgs0CompReportPrior990RelatedOrgs

Schedule O IRS990ScheduleO

General Explanation GeneralExplanation (10 entries)

IdentifierIdentifierExplanationExplanation
Form 990, Part III, Line 2The Foundation formed three special purpose trusts during the reporting period. Each was organized to acquire and own student loans and other assets, issue notes to investors and make principal and interest payments to investors. The first, known as the PHEAA Student Loan Trust 2012-1 (the "2012-1 Trust") issued notes in the amount of $536,400,000 on November 14, 2012. The second, known as the PHEAA Student Loan Trust 2013-1 ("Trust 2013-1") issued notes in the amount of $583,950,000 on June 12, 2013. Substantially all of the proceeds of the notes from each of these transactions were used by the related trust to purchase student loans. The third special purpose trust, known as PHEAA Student Loan Trust 2013-2 ("Trust 2013-2") did not issue notes during the reporting period. Form 990, Part III, Line 3 On November 14, 2012, PHEAA Student Loan Company, LLC repaid its outstanding debt obligation under the Straight-A Funding Short-Term Note Facility (Straight-A Program). Following the release of the related lien under the Straight-A Program, the related student loans were sold to PHEAA, which sold them to the Foundation for subsequent sale to the PHEAA Student Loan Trust 2012-1.
Form 990, Part IV, Line 12 & Part XII, Line 2The financial statements of the Foundation are not compiled or reviewed by an independent accountant, nor are they audited by an independent accountant. However, the PHEAA Student Loan Trust I, Trust 2011-1, Trust 2012-1, Trust 2013-1 and Trust 2013-2 have annual independent audits of their respective financial statements prepared annually, and the financial statements for the PHEAA Student Loan Company, LLC, PHEAA Student Loan Company II, LLC and PHEAA Student Loan Company III, LLC are part of the annual financial statement audit performed for Pennsylvania Higher Education Assistance Agency. Form 990, Part V, Line 1A 1099's are not issued by the organization for the independent contractors reported in Part VII, Section B because the payments are made to corporations and therefore are not required to be reported to the payee on a Form 1099, per the IRS instructions.
Form 990, Part VI, Line 7aAll Directors shall be appointed by resolution of the Executive Committee of the Pennsylvania Higher Education Assistance Agency ("PHEAA"). If PHEAA's Executive Committee fails to appoint Directors, the President Judge of the Commonwealth Court of Pennsylvania shall have the power to appoint the directors.
Form 990, Part VI, Line 8bThe Foundation does not have any committees.
Form 990, Part VI, Line 9Address of Directors that cannot be reached at the Foundation's mailing address: Raye D. Goldsborough Monarch Management Services 1314 King Street Wilmington, DE 19801 Lori E. Cooney Monarch Management Services 1314 King Street Wilmington, DE 19801
Form 990, Part VI, Line 11BThe PHEAA Student Loan Foundation engages an independent accounting firm to assist in the compilation and completion of Form 990. It is reviewed by outside legal counsel, who provided comments and advises as to any potential factual issues. The 990 is then provided to each Director for their review prior to submission to the IRS.
Form 990, Part VI, Line 15a & 15bThe PHEAA Student Loan Foundation (the "Foundation") has two (2) independent directors whose compensation is determined based upon the market rate of compensation paid to independent directors of similarly situated bankruptcy-remote special purpose entities. The officers of the Foundation receive compensation from The Pennsylvania Higher Education Assistance Agency.
Form 990, Part VI, Line 19The Foundation makes its governing documents and financial statements available to the general public upon request.
Form 990, Part XI, Line 9Residual Transfers to PHEAA: (20,730,844) Residual Transfers to Counter Parties: (3,442,640) Equity Contribution: 9,974,253 Part XI, Line 9: (14,199,231)
Form 990, Part XII, Line 1Cash Basis - The PHEAA Student Loan Foundation (the "Foundation") uses the cash method of accounting. As of the end of the reporting period, the Foundation had formed special purpose trusts known as the PHEAA Student Loan Trust I ("Trust I"), PHEAA Student Loan Trust 2011-1 ("Trust 2011-1"), PHEAA Student Loan Trust 2012-1 ("Trust 2012-1), PHEAA Student Loan Trust 2013-1 ("Trust 2013-1") and PHEAA Student Loan Trust 2013-2 ("Trust 2013-2", and collectively with Trust I, Trust 2011-1, Trust 2012-1 and Trust 2013-1, the "Trusts") and three special purpose Delaware Limited Liability Companies: PHEAA Student Loan Company, LLC ("SLC I"), PHEAA Student Loan Company II, LLC ("SLC II") and PHEAA Student Loan Company III, LLC ("SLC III"). The Trusts, SLC I, SLC II, and SLC III were organized to acquire, own and manage the student loans and other assets of such entities, issue notes to investors and make principal and interest payments on the notes to such investors. The Trusts, SLC I, SLC II and SLC III are disregarded for federal income tax purposes and their activities are included in the Foundation's Form 990. The Trusts, SLC I, SLC II and SLC III use the accrual method of accounting. FORM 990, PART XII, LINE 2C AUDIT OVERSIGHT & SELECTION PROCESS THE ORGANIZATION DOES NOT HAVE A SEPARATE COMMITTEE THAT ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT REVIEW OR COMPILATION OF THE FINANCIAL STATEMENTS. WE FEEL A SEPARATE COMMITTEE IS NOT NECESSARY BECAUSE THE AUDIT IS CONDUCTED AS PART OF PHEAA'S CONSOLIDATION FINANCIAL statements, which does have a committee.

Schedule R IRS990ScheduleR

Form990 Schedule R Part I Form990ScheduleRPartI (8 entries)

Address Line1AddressUS/AddressLine1CityAddressUS/CityStateAddressUS/StateZIP CodeAddressUS/ZIPCodeEINEINPrimary ActivitiesPrimaryActivitiesLegal Domicile StateLegalDomicileStateTotal IncomeTotalIncomeEOY AssetsEOYAssetsBusiness Name Line1DirectControllingEntityName/BusinessNameLine1
PHEAA Student Loan Trust i
1200 N 7th StreetHarrisburgPA17012146223927Student LoansPA10866320407371812PHEAA SL FDN
PHEAA Student Loan Company LLC
1200 N 7th StreetHarrisburgPA17012510423553Student LoansPA41499830PHEAA SL FDN
PHEAA Student Loan Company II LLC
1200 N 7th StreetHarrisburgPA17102510423553Student LoansPA5393925229818227PHEAA SL FDN
PHEAA Student Loan Company III LLC
1200 N 7th StreetHarrisburgPA17102510423553Student LoansPA2439612103406389PHEAA SL FDN
PHEAA Student Loan Trust 2011-1
1200 N 7th StreetHarrisburgPA17102510423553Student LoansPA320622951387737558PHEAA SL FDN
PHEAA Student Loan Trust 2012-1
1200 N 7th StreetHarrisburgPA17102510423553Student LoansPA6778225508711271PHEAA SL FDN
PHEAA Student Loan Trust 2013-1
1200 N 7th StreetHarrisburgPA17102510423553Student LoansPA496601610138912PHEAA SL FDN
PHEAA Student Loan Trust 2013-2
1200 N 7th StreetHarrisburgPA17102510423553Student LoansPA00PHEAA SL FDN

Form990 Schedule R Part II Form990ScheduleRPartII

Name Of Disregarded Entity NameOfDisregardedEntity

FieldValueIRS element (for citing)
Business Name Line1PA Higher Education Assistance AgencyBusinessNameLine1

Address US AddressUS

FieldValueIRS element (for citing)
Address Line11200 N 7th StreetAddressLine1
CityHarrisburgCity
StatePAState
ZIP Code17102ZIPCode
FieldValueIRS element (for citing)
EIN231693362EIN
Primary ActivitiesStudent LoansPrimaryActivities
Legal Domicile StatePALegalDomicileState
Exempt Code Section115ExemptCodeSection

Direct Controlling Entity Name DirectControllingEntityName

FieldValueIRS element (for citing)
Business Name Line1PA State LegBusinessNameLine1
FieldValueIRS element (for citing)
Controlled OrgfalseControlledOrg
FieldValueIRS element (for citing)
Receipt Of Int Ann Rents RoyaltiesfalseReceiptOfIntAnnRentsRoyalties
Gift Grant Or Cap Contr To Other OrgfalseGiftGrantOrCapContrToOtherOrg
Gift Grant Or Cap Contr Fr Other OrgfalseGiftGrantOrCapContrFrOtherOrg
Loans Or Guarantees To Other OrgfalseLoansOrGuaranteesToOtherOrg
Loans Or Guarantees From Other OrgfalseLoansOrGuaranteesFromOtherOrg
Dividends Related OrganizationfalseDividendsRelatedOrganization
Sale Of Assets To Other OrgfalseSaleOfAssetsToOtherOrg
Purchase Of Assets From Other OrgtruePurchaseOfAssetsFromOtherOrg
Exchange Of AssetsfalseExchangeOfAssets
Rental Of Facilities To Other OrgsfalseRentalOfFacilitiesToOtherOrgs
Rental Of Facilities Fr Other OrgsfalseRentalOfFacilitiesFrOtherOrgs
Perform Of Services For Other OrgsfalsePerformOfServicesForOtherOrgs
Perform Of Services By Other OrgstruePerformOfServicesByOtherOrgs
Sharing Of FacilitiestrueSharingOfFacilities
Sharing Of Paid EmployeestrueSharingOfPaidEmployees
Reimbursement Paid To Other OrgfalseReimbursementPaidToOtherOrg
Reimbursement Paid By Other OrgfalseReimbursementPaidByOtherOrg
Other Transfer To Other OrgtrueOtherTransferToOtherOrg
Other Transfer From Other OrgfalseOtherTransferFromOtherOrg

Transactions Related Orgs Table TransactionsRelatedOrgsTable (4 entries)

Transaction TypeTransactionTypeAmount InvolvedAmountInvolvedMethod Of Amt DeterminationMethodOfAmtDetermination
PA Higher Education Assistance Agency
H114434965Book Value
PA Higher Education Assistance Agency
m16881747Book Value
PA Higher Education Assistance Agency
o471883Book Value
PA Higher Education Assistance Agency
R20730844Book Value

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