2013-05-14T13:10:42-05:00 2012-06-30 KPMG LLP 666 Grand Avenue Suite 2500 Des Moines IA 503092578 990 2011-07-01 421137531 Iowa Student Loan Liquidity Corporation % RON W FORESMAN IOWA 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 502669307 Erin Lacey 2013-05-13 true 5152887465 2011 2016-02-24 21:20:13Z 70055349 false X www.studentloan.org X 1979 IA To help Iowa Students and families obtain the resources necessary to succeed in postsecondary education. 11 5 303 1200 0 0 0 105202225 70026566 90316 28783 227423 0 105519964 70055349 0 0 0 0 16024629 15283094 0 0 0 111660901 106496052 127685530 121779146 -22165566 -51723797 3397541934 2395521113 3121177249 1948145694 276364685 447375419 To help Iowa students and families obtain the resources necessary to succeed in postsecondary education. false false 117208234 70054149 Iowa Student Loan provides funds for the acquisition and servicing of student loans under the U.S. Higher Education Act of 1965, as amended, and other non-Higher Education Act student loan programs. As of June 30, 2012, the Corporation serviced borrower loans totaling 517,659 with an outstanding balance of $3,110,072,624. 117208234 true false false true false false false false false true false false false true false true true false false false false false false false false false false false true true false false false false false false false false false false false false false false false true false false false false false 391 0 303 true true true false false false false false false false false false false X 11 5 false false false false false false false true true false false true true true true true true true true false X RON W FORESMAN 5152737210 6805 VISTA DRIVE West Des Moines IA 50266 ROBERT W SACKETT 1.0 X 8808 0 0 JOHN O'BYRNE 1.0 X 11911 0 0 CATHERINE BEYERINK 1.0 X 11588 0 0 Laurie Hempin 1.0 X 7886 0 0 Christine Hensley 1.0 X 13836 0 0 Frank Thomas 1.0 X 11036 0 0 Timothy Bottaro 1.0 X 19009 0 0 Tony Kaska 1.0 X 11008 0 0 Tammy Bramley 1.0 X 5454 0 0 Dr Tahira K Hira 1.0 X 0 0 0 Dr Debra Derr 1.0 X 0 0 0 STEVE MCCULLOUGH 40.0 X 289820 0 33653 WALTER C WITTHOFF 40.0 X 155178 0 27161 Erin Lacey 40.0 X 164692 0 30163 Mary Kay Debolt 40.0 X 169927 0 28271 GREG NICHOLS 40.0 X 150820 0 31425 Robert Miller 40.0 X 146778 0 11421 Cindy Bartz 40.0 X 140694 0 29691 Marc Hendel 40.0 X 171596 0 30455 Chi-Ming J Lin 40.0 X 159658 0 27532 1649699 0 249772 27 false true false Ahlers Cooney PC 100 Court Avenue Suite 600 DES MOINES IA 50309 Legal 772445 KPMG LLP 666 Grand Ave STE 2500 DES MOINES IA 50309 Acct, Audit, Tax 219420 2 0 STUDENT LOAN INTEREST INCOME 522291 90536014 90536014 OTHER STUDENT LOAN REVENUE 522291 -20510648 -20510648 LOAN SERVICING REVENUE 522291 1200 1200 70026566 28783 28783 0 0 0 0 0 0 0 70055349 70054149 1200 0 0 0 0 880153 0 880153 0 0 9854738 9854738 0 0 1428989 1375167 53822 0 1950132 1884706 65426 0 1169082 1076494 92588 0 0 828765 0 828765 0 224921 0 224921 0 124356 124356 0 0 0 0 0 0 71134 71134 0 0 1772631 1772631 0 0 924713 924713 0 0 0 1842890 1842890 0 0 131233 131233 0 0 0 94917 94917 0 0 38796387 38796387 0 0 0 1979276 0 1979276 0 0 DEBT RELATED EXPENSES 8098607 8098607 0 0 PROVISION FOR LOAN LOSSES 25967923 25967923 0 0 CONSOLIDATION REBATE FEE 8189377 8189377 0 0 AMORTIZATION 9621878 9621878 0 0 7827044 7381083 445961 121779146 117208234 4570912 0 4370030 2103300 354675301 214136460 0 0 2959055080 2110232670 0 0 0 0 0 0 0 0 21089518 14350989 22750944 19537400 4051956 3213544 11967531 9644171 5972455 4756849 0 0 0 0 36360063 37083130 3397541934 2395521113 5380370 3565506 0 0 21007335 16903390 441106415 658201150 0 0 0 0 2628464054 1245726827 0 0 25219075 23748821 3121177249 1948145694 X 124898548 201795195 0 0 151466137 245580224 276364685 447375419 3397541934 2395521113 X -51723797 222734531 X false true true X false X 500 35139 35639 266996975 179440731 114486755 105200952 70025366 736150779 266996975 179441231 114521894 105200952 70025366 736186418 736186418 14040045 1771855 561360 90316 28783 16492359 14040045 1771855 561360 90316 28783 16492359 925535 21187 61664 228696 1200 1238282 281962555 181234273 115144918 105519964 70055349 753917059 0.97648 0.94340 0.02188 0.05430 X 124356 124356 121654790 121779146 1000000 250000 1000000 1000000 1000000 1000000 4000000 6000000 126035 123269 130330 124356 503990 250000 250000 250000 250000 1000000 1500000 1489641 1097317 392324 6548319 6249060 299259 14712985 12191024 2521961 3213544 0 ACCRUED INTEREST PAYABLE 2844821 ARBITRAGE OBLIGATION 20904000 23748821 70055349 121779146 -51723797 220870097 220870097 169146300 261916559 191861210 191861210 70055349 70055349 92770259 -29008887 -29008887 121779146 121779146 Adjustments to Net Assets Part XI, Line 8 Gain on Extinguishment of Bonds 183,857,794 Amortization of Bond Extinguishment Gain 33,991,969 Revenue of Taxable Subsidiary 4,837,408 GAAP Valuation Loss Recovery 3,813,153 Expenses of Taxable Subsidiary -5,630,227 Other Adjustments to Revenue Part XIII, Line 2D Financial Statement Elimination -647,145 GAAP Valuation Loss Recovery 3,813,153 Revenue of Taxable Subsidiary 4,837,408 Gain on Extinguishment of Bonds 183,857,794 Other Adjustments to Expenses Part XIII, Line 2D Financial Statement Elimination -647,145 Expenses of Taxable Subsidiary 5,630,227 Amortization of Bond Extinguishment Gain -33,991,969 X X X false false false false false false false false false STEVE MCCULLOUGH 289820 0 0 0 0 0 18375 0 15278 0 323473 0 0 0 WALTER C WITTHOFF 155178 0 0 0 0 0 17230 0 9931 0 182339 0 0 0 GREG NICHOLS 150820 0 0 0 0 0 16284 0 15141 0 182245 0 0 0 Erin Lacey 164692 0 0 0 0 0 15018 0 15145 0 194855 0 0 0 Mary Kay Debolt 169927 0 0 0 0 0 18148 0 10123 0 198198 0 0 0 Robert Miller 146778 0 0 0 0 0 10686 0 735 0 158199 0 0 0 Cindy Bartz 140694 0 0 0 0 0 14613 0 15078 0 170385 0 0 0 Marc Hendel 171596 0 0 0 0 0 18618 0 11837 0 202051 0 0 0 Chi-Ming J Lin 159658 0 0 0 0 0 17456 0 10076 0 187190 0 0 0 Iowa Student Loan Liquidity Corporation 421137531 462590FG0 2003-03-27 72650000 Provide funds for the acquisition false false false Iowa Student Loan Liquidity Corporation 421137531 462590GH7 2006-06-02 39450000 Provide funds for the acquisition false false false Iowa Student Loan Liquidity Corporation 421137531 462590HV5 2009-11-24 231848004 Provide funds for the acquisition false false false Iowa Student Loan Liquidity Corporation 421137531 462590JQ4 2011-11-10 419500000 Provide funds for the acquisition false false false 36550000 0 72650000 0 0 0 192935 0 0 0 0 0 2003 false false true true 39450000 0 39450000 0 0 0 285656 0 0 0 0 0 2006 false false true true 62230000 0 231848004 3358800 0 0 2452123 0 0 0 0 0 2010 true false true true 0 0 419500000 8390004 0 0 2418906 0 0 0 0 9863478 2012 true false false true false false false false 0.00000 0.00000 0.00000 true false false false false 0.00000 0.00000 0.00000 true false false false false 0 true false false false false 0.00000 0.00000 0.00000 true true true false 0 false 0 false false false true false 0 false 0 false false false false false 0 false 0 false false false false true Morgan Stanley 19. false false false 0 false false Conflict Policy Form 990, Part VI, Section B, Line 12B & 12C Directors may have interests that at times conflict with those of the Corporation. The duty of loyalty requires that a director be conscious of the potential of such conflict and act with candor and care in dealing with such situations. Conflicts of interest involving a director are not inherently illegal, nor are they to be regarded as a reflection on the integrity of the Board or the director. It is the manner in which the director and the Board deal with the conflict that determines the propriety of the transaction. A director should be sensitive to any interest and potential conflict he or she may have in a decision to be made by the Board of Directors and, as far as possible, recognize such interest and potential conflict prior to the discussion or presentation of such a matter before the Board. When a director has an interest in a transaction being considered by the Board of Directors, the director should disclose the conflict before the Board takes action on the matter. Upon disclosure by the director, the Board should take appropriate protective steps. On an annual basis, all directors are asked to disclose any conflicts of interest in conjunction with the annual audit of the Corporation's financial statements by the Corporation's outside auditing firm. If it becomes apparent that a director's conflicts preclude him or her from a significant portion of the Board's activities so as to impair the ability to function as a director, the Board may ask such director to resign. Review Process Form 990, Part VI, Question 11A All Completed Forms to be Filed are presented to and reviewed with the board of directors. Compensation Review Form 990, Part VI, Section B, Line 15 The ISL Board of Directors conducts a performance review of the CEO annually. The salary range for the CEO is established with the help of an outside independent compensation expert. Several salary surveys are conducted to make sure we are compensating the CEO at a competitive yet reasonable rate. Making Documents Public Form 990, Part VI, Line 19 The organization makes its documents available to the public upon request. Other Changes in Net Assets or Fund Balances Form 990, Part XI, Line 5 Schedule D Reconciling Items Gain on Extinguishment of Bonds 183,857,794 Amortization of Bond Extinguishment Gain 33,991,969 Revenue of Taxable Subsidiary 4,837,408 GAAP Valuation Loss Recovery 3,813,153 Expenses of Taxable Subsidiary -5,630,227 Financial Statement Items Accumulated Increase in Fair Value of Hedging Derivative 2,287,224 Prior Year Reconciling Item -422,790 Aspire Resources Inc 6805 Vista Dr West Des Moines IA 50266 421520183 Loan Servicing IA ISLLC C -792819 5200890 1.00000 false false false false false false false false false false false false true true true true false false Aspire Resources Inc P 4897578 GAAP Aspire Resources Inc O 557214 GAAP Aspire Resources Inc M 0 Aspire Resources Inc N 0