2013-05-10T14:10:54-05:00 2012-06-30 ERNST & YOUNG US LLP 111 MONUMENT CIRCLE STE 2600 Indianapolis IN 46204 990 2011-07-01 510423553 PHEAA Student Loan Foundation Inc % Timothy A Guenther PHEA 7177202023 1200 North Seventh Street Harrisburg PA 17102 Timothy Guenther 2013-05-10 true 3176817000 2011 2016-02-24 21:20:13Z Nathaniel Hench 1200 North Seventh Street Harrisburg PA 17102 185161112 false X N/A X 2002 PA 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. 5 2 0 0 0 0 0 41973618 164895215 33860 74543 51902 20191354 42059380 185161112 0 0 0 0 0 0 0 0 0 30159548 64792659 30159548 64792659 11899832 120368453 1699569222 3055592954 1613849571 3067965596 85719651 -12372642 X 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 true false 64792659 185086569 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. 64792659 true false false false false false false false false false false false false false false false false true false false false false false false false false false false false true false false false false false false false false false false false false true true false false true false true 0 0 0 false false false false false false false false false false false X 5 2 false false false false false true false true false true false true false false false false false false PA X Timothy A Guenther 7177202023 1200 North Seventh Street Harrisburg PA 17102 X Nathaniel D Hench 1.0 X X 122754 7849 Timothy A Guenther 1.0 X X 0 212411 13610 Andrew D Mehalko 1.0 X X 127516 8163 Raye Goldsborough 1.0 X 21000 Lori E Cooney 1.0 X 21000 0 504681 29622 0 false true false 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 3 0 Student Loan Interest 522291 70696095 70696095 Gain on student Loan purchase 900004 94199120 94199120 164895215 74543 74543 0 0 0 0 0 0 BOND REFUNDING 522291 20191354 20191354 20191354 185161112 185086569 74543 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 43904716 43904716 0 0 0 Loan servicing fees 15969987 15969987 Administrative fees 2129002 2129002 Loss on sale of loans 1506882 1506882 Indenture Trustee fees 570283 570283 711789 711789 64792659 64792659 0 0 3193712 4458509 51709942 110219394 0 0 26054067 40895086 0 0 0 0 1616255835 2880860668 0 0 2355666 19159297 0 0 0 0 0 0 0 0 0 0 0 1699569222 3055592954 9173757 10813281 0 0 0 0 0 0 0 0 0 0 1604675814 3057152315 0 0 0 0 1613849571 3067965596 X 85719651 -12372642 0 0 0 0 85719651 -12372642 1699569222 3055592954 X 120368453 -218460746 X X false true X false X X X false false false PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY 146223927 06 true true true 64792659 1 64792659 false false false false false false false false false Timothy A Guenther 0 212411 0 0 0 0 0 13610 0 0 0 226021 0 0 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 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. HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Nathaniel D. Hench TITLE:President and Director HOURS:40 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Timothy A. Guenther TITLE:Treasurer and Director HOURS:40 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Andrew D. Mehalko TITLE:Secretary and Director HOURS:40 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Raye Goldsborough TITLE:Director HOURS: HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Lori E. Cooney TITLE:Director HOURS: 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 PA Higher Education Assistance Agency 1200 N 7th Street Harrisburg PA 17102 231693362 Student Loans PA 115 PA State Leg false false false false false false false true false false false false true true true false false true false 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