2012-05-11T14:28:19-04:00 2011-06-30 KPMG LLP 666 Grand Avenue Suite 2500 Des Moines IA 503092578 990 2010-07-01 421137531 IOWA STUDENT LOAN LIQUIDITY CORPORATION IOWA 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 502669307 Erin Lacey 2012-02-01 5152887465 2012-02-01 2010 2016-02-24 21:20:13Z 109925023 false X WWW.STUDENTLOAN.ORG X 1979 IA TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION 11 2 303 1273 35139 0 114488992 105202225 561360 90316 24288 4632482 115109779 109925023 0 0 16696910 20429688 0 0 126931863 111660901 143628773 132090589 -28518994 -22165566 3748101681 3397541934 3484779662 3121177249 263322019 276364685 TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. false false 127511622 109833434 The Corporation 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, 2011, the Corporation serviced borrower loans totaling 569,087 with an outstanding balance of $3,417,551,890. 127511622 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 85 0 303 true true true false false false false false false false false false false X 11 2 false false false false false false false true true false false true true true true true true true true false X RON FORESMAN 5152737210 6805 VISTA DRIVE West Des Moines IA 502669307 ROBERT W SACKETT 1.0 X 9236 0 0 JOHN O'BYRNE 1.0 X 11063 0 0 CATHERINE BEYERINK 1.0 X 8613 0 0 LAURIE HEMPIN 1.0 X 7336 0 0 CHRISTINE HENSLEY 1.0 X 9608 0 0 FRANK THOMAS 1.0 X 8531 0 0 JAMES MARC WARD 1.0 X 10833 0 0 TIMOTHY BOTTARO 1.0 X 17286 0 0 DR TAHIRA K HIRA 1.0 X 0 0 0 TONY KASKA 1.0 X 10161 0 0 DR DEBRA DERR 1.0 X 0 0 0 STEVE MCCULLOUGH 40.0 X 279004 0 32593 MARY KAY DEBOLT 40.0 X 160165 0 26757 WALTER C WITTHOFF 40.0 X 147791 0 25641 ERIN LACEY 40.0 X 145955 0 28008 GREG NICHOLS 40.0 X 141657 0 29388 ROBERT MILLER 40.0 X 146632 0 0 ROGER FIDERLICK 40.0 X 141593 0 26548 MARC HENDEL 40.0 X 155945 0 28001 CHI-MING J LIN 40.0 X 150811 0 26072 1562220 0 223008 29 false true false KPMG LLP 666 GRAND AVE STE 2500 DES MOINES IA 50309 ACCT, AUDIT, TAX 579352 AHLERS COONEY PC 100 COURT AVENUE SUITE 600 DES MOINES IA 50309 LEGAL 397258 SAMUEL A RAMIREZ CO INC 61 BROADWAY SUITE 2924 NEW YORK NY 10006 MANAGEMENT SERVICES 343050 BRICK GENTRY PC 6701 WESTOWN PARKWAY SUITE 100 WEST DES MOINES IA 502667703 LEGAL 120202 ROBERT HALF INTERNATIONAL INC PO BOX 6000 SAN FRANSISCO CA 941603484 STAFFING SERVICES 108995 5 0 STUDENT LOAN INTEREST INCOME 97892091 97892091 OTHER STUDENT LOAN REVENUE 7308861 7308861 LOAN SERVICING REVENUE 1273 1273 105202225 90316 90316 0 0 0 0 0 0 ISL SERVICE CORP. FEES 4405059 4405059 MISCELLANEOUS INCOME 227423 227423 4632482 109925023 109833434 1273 90316 0 0 0 0 824075 824075 0 15073998 15073998 1391416 1338688 52728 1936282 1876010 60272 1203917 1145381 58536 0 699805 699805 381820 381820 130330 130330 0 0 0 29721 29721 1956705 1956705 1019216 1019216 0 1870232 1870232 142293 142293 0 111538 111538 43091762 43091762 0 2124747 2124747 0 DEBT RELATED EXPENSES 3495273 3495273 PROVISION FOR LOAN LOSSES 26774695 26774695 CONSOLIDATION REBATE FEE 13019692 13019692 AMORTIZATION 10404783 10404783 OTHER FEES 2472318 2472318 3935971 3558987 376984 132090589 127511622 4578967 0 4442809 4370030 253850316 354675301 3384421682 2959055080 26719596 21089518 21836159 17784203 5217981 4051956 17336187 11967531 4624609 5972455 51488501 36360063 3748101681 3397541934 6811142 5380370 25365713 21007335 445894787 441106415 2985882794 2628464054 20825226 25219075 3484779662 3121177249 X 227855438 124898548 35466581 151466137 263322019 276364685 3748101681 3397541934 X -22165566 35208232 X false true true X false X false false false 500 35139 35639 235303090 266996975 179440731 114486755 105200952 901428503 235303090 266996975 179441231 114521894 105200952 901464142 901464142 35409884 14040045 1771855 561360 90316 51873460 35409884 14040045 1771855 561360 90316 51873460 1024121 925535 21187 61664 228696 2261203 271737095 281962555 181234273 115144918 105519964 955598805 0.94335 0.91910 0.05428 0.07790 X 130330 130330 131959368 132089698 1000000 250000 false 23979 1000000 1000000 1000000 3023979 4535969 119984 126035 123269 130330 499618 5995 250000 250000 250000 755995 1133993 0 1480479 1008179 472300 0 6678480 6349025 329455 0 13677200 10427000 3250200 4051955 0 ACCRUED INTEREST PAYABLE 1671175 ARBITRAGE OBLIGATION 23547900 INTERFUND PAYABLE 0 25219075 109925023 132090589 -22165566 34367038 34367038 12201472 120004162 10079139 10079139 109925023 109925023 107802691 -24287898 -24287898 132090589 132090589 Adjustments to Net Assets Part XI, Line 8 Gain on Extinguishment of Bonds 10,787,675 Amortization of Bond Extinguishment Gain 24,339,453 Revenue of Taxable Subsidiary -708,536 Expenses of Taxable Subsidiary -51,554 Other Adjustments to Revenue Part XIII, Line 2d Revenue of consolidated taxable subsidiary -708,536 Gain on Extinguishment of Bonds 10,787,673 Other Adjustments to Expenses Part XIII, Line 2D Expenses of consolidated taxable subsidiary 51,554 Amortization of bond extinguishment gain -24,339,453 X X X false false false false false false false false false STEVE MCCULLOUGH 279004 0 0 0 0 0 18375 0 14218 0 311597 0 MARY KAY DEBOLT 160165 0 0 0 0 0 17419 0 9338 0 186922 0 WALTER C WITTHOFF 147791 0 0 0 0 0 16555 0 9086 0 173432 0 GREG NICHOLS 141657 0 0 0 0 0 15426 0 13962 0 171045 0 ERIN LACEY 145955 0 0 0 0 0 14041 0 13967 0 173963 0 ROGER FIDERLICK 141593 0 0 0 0 0 15626 0 10922 0 168141 0 MARC HENDEL 155945 0 0 0 0 0 17347 0 10654 0 183946 0 CHI-MING J LIN 150811 0 0 0 0 0 16849 0 9223 0 176883 0 Iowa Student Loan Liquidity Corporation 421137531 462590FG0 2003-03-27 72650000 Fund the acquisition of eligible s false false false Iowa Student Loan Liquidity Corporation 421137531 462590GH7 2006-06-02 39450000 Fund the acquisition of eligible s false false false Iowa Student Loan Liquidity Corporation 421137531 462590HV5 2009-11-24 231848004 Fund the acquisition of eligible s false false false 72650000 524032 192935 2003 true false true true 39450 285656 2006 true false true true 5000000 231848004 4603400 2452123 29261838 2010 true false true true false false false false false 0.00000 0.00000 0.00000 true false false false false false 0.00000 0.00000 0.00000 true false false false false false 0.00000 0.00000 0.00000 true true true false false false false false true false false false false false false false false false false CONFLICT POLICY FORM 990, PART VI, SECTION B, LINE 12B & 12C THIS POLICY ONLY APPLIES TO DIRECTORS. ALL DIRECTORS COMPLETE A QUESTIONNAIRE THAT REQUIRES DISCLOSURE OF RELATIONSHIPS THAT MAY CONSTITUTE A CONFLICT OF INTEREST. EACH DIRECTOR IS INSTRUCTED TO 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 BEFORE THE BOARD. WHEN A DIRECTOR HAS AN INTEREST IN A TRANSACTION BEING CONSIDERED BY THE BOARD OF DIRECTORS, THE DIRECTOR IS REQUIRED TO DISCLOSE THE CONFLICT BEFORE THE BOARD TAKES ACTION ON THE MATTER. UPON DISCLOSURE THE BOARD SHOULD TAKE THE APPROPRIATE PROACTIVE STEPS. ON AN ANNUAL BASIS, ALL DIRECTORS ARE ASKED TO DISCLOSE ANY CONFLICTS OF INTEREST IN CONJUNCTION WITH THE ANNUAL AUDIT OF THE ORGANIZATION'S FINANCIAL STATEMENTS BY ITS 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. 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. Review Process Part VI, Question 11A All completed forms to be filed are presented to and reviewed with the Board of Directors. ISL Service Corp 6805 Vista Dr West Des Moines IA 50266 421520183 Loan Servicing IA ISLLC C -760090 6170299 1.00000 false false false false false false false false false false false false true true false true false false ISL Service Corp P 4405059 ISL Service Corp M ISL Service Corp N