PHEAA STUDENT LOAN FOUNDATION INC: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- PHEAA STUDENT LOAN FOUNDATION INC (EIN 51-0423553)
- Tax period
- 2011-07-01 to 2012-06-30
- Filed
- 2013-05-10
- IRS object ID
- 201311309349302381
- Schema version
- 2011v1.5
- 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) |
|---|---|---|
| Timestamp | 2013-05-10T14:10:54-05:00 | Timestamp |
| Tax Period End Date | 2012-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ERNST & YOUNG US LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 111 MONUMENT CIRCLE STE 2600 | AddressLine1 |
| City | Indianapolis | City |
| State | IN | State |
| ZIP Code | 46204 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-07-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 510423553 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PHEAA Student Loan Foundation Inc | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| In Care Of Name | % Timothy A Guenther | InCareOfName |
| Name Control | PHEA | NameControl |
| Phone | 7177202023 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1200 North Seventh Street | AddressLine1 |
| City | Harrisburg | City |
| State | PA | State |
| ZIP Code | 17102 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Timothy Guenther | Name |
| Title | Treasurer | Title |
| Date Signed | 2013-05-10 | DateSigned |
| Authorize Third Party | true | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 3176817000 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | Nathaniel Hench | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1200 North Seventh Street | AddressLine1 |
| City | Harrisburg | City |
| State | PA | State |
| ZIP Code | 17102 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 185161112 | GrossReceipts |
| Group Return For Affiliates | false | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | N/A | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 2002 | YearFormation |
| State Legal Domicile | PA | StateLegalDomicile |
| Activity Or Mission Description | THE 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 Body | 5 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 2 | NbrIndependentVotingMembers |
| Total Nbr Employees | 0 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Contributions Grants Prior Year | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 41973618 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 164895215 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 33860 | InvestmentIncomePriorYear |
| Investment Income Current Year | 74543 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 51902 | OtherRevenuePriorYear |
| Other Revenue Current Year | 20191354 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 42059380 | TotalRevenuePriorYear |
| Total Revenue Current Year | 185161112 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 0 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 0 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 30159548 | OtherExpensePriorYear |
| Other Expenses Current Year | 64792659 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 30159548 | TotalExpensesPriorYear |
| Total Expenses Current Year | 64792659 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 11899832 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 120368453 | RevenuesLessExpensesCY |
| Total Assets BOY | 1699569222 | TotalAssetsBOY |
| Total Assets EOY | 3055592954 | TotalAssetsEOY |
| Total Liabilities BOY | 1613849571 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 3067965596 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 85719651 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | -12372642 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | The 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 loan 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 burden of government. The Foundation formed a special purpose trust known as the PHEAA Student Loan Trust I (the "Trust") and three special purpose limited liability companies known as PHEAA Student Loa | MissionDescription |
| Significant New Program Services | true | SignificantNewProgramServices |
| Significant Change | false | SignificantChange |
| Expense | 64792659 | Expense |
| Revenue | 185086569 | Revenue |
| Description | The 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 loan 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 burden of government. The Foundation formed a special purpose trust known as the PHEAA Student Loan Trust I (the "Trust") 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 Trust, 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, the Trust 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. The Foundation retained a residual interest in the student loans. However, as a cash basis taxpayer, the Foundation does not have to 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 Expense | 64792659 | TotalProgramServiceExpense |
| Described In501 C3 | true | DescribedIn501C3 |
| Schedule B Required | false | ScheduleBRequired |
| Political Activities | false | PoliticalActivities |
| Lobbying Activities | false | LobbyingActivities |
| Subject To Proxy Tax | false | SubjectToProxyTax |
| Donor Advised Funds | false | DonorAdvisedFunds |
| Conservation Easements | false | ConservationEasements |
| Collections Of Art | false | CollectionsOfArt |
| Credit Counseling | false | CreditCounseling |
| Term Or Permanent Endowments | false | TermOrPermanentEndowments |
| Report Land Bldg Equip | false | ReportLandBldgEquip |
| Report Invest Oth Securities | false | ReportInvestOthSecurities |
| Report Prog Rel Invest | false | ReportProgRelInvest |
| Report Other Assets | false | ReportOtherAssets |
| Report Other Liabilities | false | ReportOtherLiabilities |
| Report Fin48 Footnote | false | ReportFin48Footnote |
| Independent Audit Financial Stmt | false | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | true | ConsolidatedAuditFinancialStmt |
| School | false | School |
| Foreign Office | false | ForeignOffice |
| Foreign Activities | false | ForeignActivities |
| More Than5000 K To Organizations | false | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividuals |
| Professional Fundraising | false | ProfessionalFundraising |
| Fundraising Activities | false | FundraisingActivities |
| Gaming | false | Gaming |
| Hospital | false | Hospital |
| Grants To Organizations | false | GrantsToOrganizations |
| Grants To Individuals | false | GrantsToIndividuals |
| Schedule J Required | true | ScheduleJRequired |
| Tax Exempt Bonds | false | TaxExemptBonds |
| Excess Benefit Transaction | false | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | false | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | false | LoanToOfficerOrDQP |
| Grant To Related Person | false | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | false | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | false | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | false | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | false | DeductibleNonCashContributions |
| Deductible Contributions Of Art | false | DeductibleContributionsOfArt |
| Terminated | false | Terminated |
| Partial Liquidation | false | PartialLiquidation |
| Disregarded Entity | true | DisregardedEntity |
| Related Entity | true | RelatedEntity |
| Related Org Controlled Entity | false | RelatedOrgControlledEntity |
| Transaction Related Entity | false | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | true | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | false | ActivitiesConductedPartnership |
| Schedule O Required | true | ScheduleORequired |
| Number Forms Transmitted With1096 | 0 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Number Of Employees | 0 | NumberOfEmployees |
| Unrelated Business Income | false | UnrelatedBusinessIncome |
| Foreign Financial Account | false | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTrans |
| Taxable Party Notification | false | TaxablePartyNotification |
| Non Deductible Contributions | false | NonDeductibleContributions |
| Quid Pro Quo Contributions | false | QuidProQuoContributions |
| Form8282 Property Disposed Of | false | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | false | FundsToPayPremiums |
| Premiums Paid | false | PremiumsPaid |
| Excess Business Holdings | false | ExcessBusinessHoldings |
| Indoor Tanning Services | false | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 5 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 2 | NumberIndependentVotingMembers |
| Family Or Business Relationship | false | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | false | DelegationOfManagementDuties |
| Changes To Organizing Docs | false | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuse |
| Members Or Stockholders | false | MembersOrStockholders |
| Election Of Board Members | true | ElectionOfBoardMembers |
| Decisions Subject To Approval | false | DecisionsSubjectToApproval |
| Minutes Of Governing Body | true | MinutesOfGoverningBody |
| Minutes Of Committees | false | MinutesOfCommittees |
| Officer Mailing Address | true | OfficerMailingAddress |
| Local Chapters | false | LocalChapters |
| Form990 Provided To Governing Body | true | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | false | ConflictOfInterestPolicy |
| Whistleblower Policy | false | WhistleblowerPolicy |
| Document Retention Policy | false | DocumentRetentionPolicy |
| Compensation Process CEO | false | CompensationProcessCEO |
| Compensation Process Other | false | CompensationProcessOther |
| Investment In Joint Venture | false | InvestmentInJointVenture |
| States Where Copy Of Return Is Filed | PA | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | Timothy A Guenther | NamePerson |
| Telephone Number | 7177202023 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1200 North Seventh Street | AddressLine1 |
| City | Harrisburg | City |
| State | PA | State |
| ZIP Code | 17102 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | X | InfoInScheduleOPartVII |
Form990 Part VII Section A Form990PartVIISectionA (5 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | Reportable Comp From OrganizationReportableCompFromOrganization |
|---|---|---|---|---|---|---|
| Nathaniel D Hench | ||||||
| President and Director | 1.0 | X | X | 122754 | 7849 | |
| Timothy A Guenther | ||||||
| Treasurer and Director | 1.0 | X | X | 212411 | 13610 | 0 |
| Andrew D Mehalko | ||||||
| Secretary and Director | 1.0 | X | X | 127516 | 8163 | |
| Raye Goldsborough | ||||||
| Director | 1.0 | X | 21000 | |||
| Lori E Cooney | ||||||
| Director | 1.0 | X | 21000 | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 0 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 504681 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 29622 | TotalOtherCompensation |
| Number Individuals GT100 K | 0 | NumberIndividualsGT100K |
| Formers Listed | false | FormersListed |
| Total Comp GT150 K | true | TotalCompGT150K |
| Compensation From Other Sources | false | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (3 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| PA HIGHER EDUCATION ASSISTANCE AGEN | |||||
| 1200 N 7th Street | HARRISBURG | PA | 17102 | Loan Servicing | 18098989 |
| Bank of New York | |||||
| 101 Barclay Street 7W | NEW YORK | NY | 10007 | BROKER DEALER SRVS | 179326 |
| MT Bank | |||||
| 213 Market Street | HARRISBURG | PA | 17105 | INDENTURE TRUSTEE | 570283 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 3 | NumberOfContractorsGT100K |
| Total Contributions | 0 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| Student Loan Interest | 522291 | 70696095 | 70696095 |
| Gain on student Loan purchase | 900004 | 94199120 | 94199120 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 164895215 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 74543 | TotalRevenueColumn |
| Exclusion | $74,543 | ExclusionAmount |
Income From Invest Bond Proceeds IncomeFromInvestBondProceeds
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Royalties Revenue RoyaltiesRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Gaming NetIncomeFromGaming
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income Or Loss NetIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | BOND REFUNDING | Description |
| Business Code | 522291 | BusinessCode |
| Total Revenue Column | 20191354 | TotalRevenueColumn |
| Related Or Exempt Function Income | 20191354 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 20191354 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 185161112 | TotalRevenueColumn |
| Related Or Exempt Function Income | 185086569 | RelatedOrExemptFunctionIncome |
| Exclusion | $74,543 | ExclusionAmount |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Foreign Grants ForeignGrants
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Lobbying FeesForServicesLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Royalties Royalties
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 43904716 | Total |
| Program Services | 43904716 | ProgramServices |
Payments To Affiliates PaymentsToAffiliates
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices |
|---|---|---|
| Loan servicing fees | 15969987 | 15969987 |
| Administrative fees | 2129002 | 2129002 |
| Loss on sale of loans | 1506882 | 1506882 |
| Indenture Trustee fees | 570283 | 570283 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 711789 | Total |
| Program Services | 711789 | ProgramServices |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 64792659 | Total |
| Program Services | 64792659 | ProgramServices |
| Management And General | 0 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3193712 | BOY |
| EOY | 4458509 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 51709942 | BOY |
| EOY | 110219394 | EOY |
Pledges And Grants Receivable PledgesAndGrantsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 26054067 | BOY |
| EOY | 40895086 | EOY |
Receivables From Officers Etc ReceivablesFromOfficersEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Receivables From Disqual Persons ReceivablesFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1616255835 | BOY |
| EOY | 2880860668 | EOY |
Inventories For Sale Or Use InventoriesForSaleOrUse
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2355666 | BOY |
| EOY | 19159297 | EOY |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Intangible Assets IntangibleAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1699569222 | BOY |
| EOY | 3055592954 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 9173757 | BOY |
| EOY | 10813281 | EOY |
Grants Payable GrantsPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Escrow Account Liability EscrowAccountLiability
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Loans From Officers Directors LoansFromOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1604675814 | BOY |
| EOY | 3057152315 | EOY |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1613849571 | BOY |
| EOY | 3067965596 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 85719651 | BOY |
| EOY | -12372642 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Permanently Restricted Net Assets PermanentlyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 0 | BOY |
| EOY | 0 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 85719651 | BOY |
| EOY | -12372642 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1699569222 | BOY |
| EOY | 3055592954 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 120368453 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -218460746 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Cash | X | MethodOfAccountingCash |
| Accountant Compile Or Review | false | AccountantCompileOrReview |
| FS Audited | true | FSAudited |
| Financial Statement Consolidated | X | FinancialStatementConsolidated |
| Federal Grant Audit Required | false | FederalGrantAuditRequired |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Supporting Organization509a3 | X | SupportingOrganization509a3 |
| Supporting Org509a3 Type1 | X | SupportingOrg509a3Type1 |
| Certification Checkbox | X | CertificationCheckbox |
| Contrib By Controlling Individual | false | ContribByControllingIndividual |
| Contribution By Related Party | false | ContributionByRelatedParty |
| Contrib By35 Controlled Entity | false | ContribBy35ControlledEntity |
Supported Org Information SupportedOrgInformation
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 146223927 | EIN |
| Type Of Organization | 06 | TypeOfOrganization |
| Listed In Governing Doc | true | ListedInGoverningDoc |
| Supported Organization Notified | true | SupportedOrganizationNotified |
| Organized In US | true | OrganizedInUS |
| Amount | $64,792,659 | Amount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Number Of Supported Orgs | 1 | TotalNumberOfSupportedOrgs |
| Sum Of Amounts | 64792659 | SumOfAmounts |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Severance Payment | false | SeverancePayment |
| Supplemental Nonqual Retire Plan | false | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | false | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | false | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | false | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | false | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | false | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | false | AnyNonFixedPayments |
| Initial Contract Exception | false | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | Timothy A Guenther | NamePerson |
| Base Compensation Filing Org | 0 | BaseCompensationFilingOrg |
| Comp Based On Related Orgs | 212411 | CompBasedOnRelatedOrgs |
| Bonus Filing Org | 0 | BonusFilingOrg |
| Bonus Related Orgs | 0 | BonusRelatedOrgs |
| Other Compensation Filing Org | 0 | OtherCompensationFilingOrg |
| Other Compensation Related Orgs | 0 | OtherCompensationRelatedOrgs |
| Deferred Comp Filing Org | 0 | DeferredCompFilingOrg |
| Deferred Comp Related Orgs | 13610 | DeferredCompRelatedOrgs |
| Nontaxable Benefits Filing Org | 0 | NontaxableBenefitsFilingOrg |
| Nontaxable Benefits Related Orgs | 0 | NontaxableBenefitsRelatedOrgs |
| Total Compensation Filing Org | 0 | TotalCompensationFilingOrg |
| Total Compensation Related Orgs | 226021 | TotalCompensationRelatedOrgs |
| Comp Report Prior990 Filing Org | 0 | CompReportPrior990FilingOrg |
| Comp Report Prior990 Related Orgs | 0 | CompReportPrior990RelatedOrgs |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (14 entries)
| IdentifierIdentifier | ExplanationExplanation | Return ReferenceReturnReference |
|---|---|---|
| Form 990, Part IV, Line 12 & Part XII, Line 2 | The Foundation is a component unit of the Pennsylvania Higher Education Assistance Agency (PHEAA) because PHEAA appoints a majority of the Foundation's board of directors and because it provides its services directly to PHEAA. As a blended component unit, the financial results of the Foundation are consolidated with the financial results of PHEAA. 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 7a | All 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 8b | The Foundation does not have any committees. | |
| Form 990, Part VI, Line 9 | Address 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 11b | The 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 & 15b | The 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 19 | The Foundation makes its governing documents and financial statements available to the general public upon request. Form 990, Part XI, Line 5 other changes in net assets or fund balances Residual Transfers to PHEAA (7,726,976) Residual Transfers to Counter Parties (6,125,015) Transfer of Deferred Revenue on Bond Refunding (221,095,800) Equity Contribution 14,925,264 Prior Year Adjustments to interest expense 1,561,781 ------------ Part X, Line 5 (218,460,746) | |
| Form 990, Part XII, Line 1 | The PHEAA Student Loan Foundation (the "Foundation") uses the cash method of accounting. The Foundation formed a Special Purpose Trust known as the PHEAA Student Loan Trust I (the "Trust") 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 Trust, 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 Trust, 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 Trust, SLC I, SLC II and SLC III use the accrual method of accounting. | |
| Form 990, Part XII, Line 2c | 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. | Audit Oversight & Selection process |
| HOURS DEVOTED FOR RELATED ORGANIZATION | NAME:Nathaniel D. Hench TITLE:President and Director HOURS:40 | FORM 990 PART VII |
| HOURS DEVOTED FOR RELATED ORGANIZATION | NAME:Timothy A. Guenther TITLE:Treasurer and Director HOURS:40 | FORM 990 PART VII |
| HOURS DEVOTED FOR RELATED ORGANIZATION | NAME:Andrew D. Mehalko TITLE:Secretary and Director HOURS:40 | FORM 990 PART VII |
| HOURS DEVOTED FOR RELATED ORGANIZATION | NAME:Raye Goldsborough TITLE:Director HOURS: | FORM 990 PART VII |
| HOURS DEVOTED FOR RELATED ORGANIZATION | NAME:Lori E. Cooney TITLE:Director HOURS: | FORM 990 PART VII |
Schedule R IRS990ScheduleR
Form990 Schedule R Part I Form990ScheduleRPartI (5 entries)
| Address Line1AddressUS/AddressLine1 | CityAddressUS/City | StateAddressUS/State | ZIP CodeAddressUS/ZIPCode | EINEIN | Primary ActivitiesPrimaryActivities | Legal Domicile StateLegalDomicileState | Total IncomeTotalIncome | EOY AssetsEOYAssets | Business Name Line1DirectControllingEntityName/BusinessNameLine1 |
|---|---|---|---|---|---|---|---|---|---|
| PHEAA Student Loan Trust i | |||||||||
| 1200 N 7th Street | Harrisburg | PA | 17012 | 146223927 | loan securiti | PA | 12315184 | 465251069 | PHEAA SL fdn |
| PHEAA Student Loan Company LLC | |||||||||
| 1200 N 7th Street | Harrisburg | PA | 17012 | 510423553 | Student Loans | PA | 13266920 | 555779727 | PHEAA SL fdn |
| PHEAA Student Loan Company II LLC | |||||||||
| 1200 N 7th Street | Harrisburg | PA | 17102 | 510423553 | Student Loans | PA | 7129003 | 292268545 | PHEAA SL fdn |
| PHEAA Student Loan Company III LLC | |||||||||
| 1200 N 7th Street | Harrisburg | PA | 17102 | 510423553 | Student Loans | PA | 3120417 | 129404295 | PHEAA SL fdn |
| PHEAA Student Loan Trust 2011-1 | |||||||||
| 1200 N 7th Street | Harrisburg | PA | 17102 | 510423553 | Student Loans | PA | 34939114 | 1612889318 | PHEAA SL fdn |
Form990 Schedule R Part II Form990ScheduleRPartII
Name Of Disregarded Entity NameOfDisregardedEntity
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PA Higher Education Assistance Agency | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1200 N 7th Street | AddressLine1 |
| City | Harrisburg | City |
| State | PA | State |
| ZIP Code | 17102 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 231693362 | EIN |
| Primary Activities | Student Loans | PrimaryActivities |
| Legal Domicile State | PA | LegalDomicileState |
| Exempt Code Section | 115 | ExemptCodeSection |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PA State Leg | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Controlled Org | false | ControlledOrg |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | false | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | false | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | false | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | false | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | false | LoansOrGuaranteesFromOtherOrg |
| Sale Of Assets To Other Org | false | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | true | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | false | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | false | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | false | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | false | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | true | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | true | SharingOfFacilities |
| Sharing Of Paid Employees | true | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | false | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | false | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | true | OtherTransferToOtherOrg |
| Other Transfer From Other Org | false | OtherTransferFromOtherOrg |
Transactions Related Orgs Table TransactionsRelatedOrgsTable (4 entries)
| Transaction TypeTransactionType | Amount InvolvedAmountInvolved | Method Of Amt DeterminationMethodOfAmtDetermination |
|---|---|---|
| PA Higher Education Assistance Agency | ||
| G | 1711955500 | Book Value |
| PA Higher Education Assistance Agency | ||
| L | 18098989 | Book Value |
| PA Higher Education Assistance Agency | ||
| N | 472757 | Book Value |
| PA Higher Education Assistance Agency | ||
| Q | 7726976 | Book Value |