2011-08-01T14:51:39-05:00 2010-09-30 Whittlesey & Hadley PC 147 Charter Oak Ave Hartford CT 061065100 990 2009-10-01 060812178 Connecticut Student Loan Foundation co Education Solution Partners LLC CONN 4402343250 7271 Engle Road Suite 101 Cleveland OH 44130 Randall Behm 4402343250 2011-08-01 1 Edward G Sullivan 8605223111 2009 2016-02-24 21:20:13Z Randall Behm c/o Education Solution Partners LLC 7271 Engle Rd Suite 101 Cleveland OH 441308404 45773702 0 X www.cslf.org X 1967 CT To improve educational opportunity and promote repayment of loans including providing appropriate services incident to the administration of programs which are established to improve educational opportunities. 3 3 94 0 0 0 0 44841902 25353516 160327 0 20420186 45002229 45773702 0 0 7646805 1508420 0 0 39154232 31407720 46801037 32916140 -1798808 12857562 967631789 735662956 953169998 709316362 14461791 26346594 See Part I #1 0 1 31777408 45948955 GUARANTEE OF STUDENT LOANS, STUDENT LOAN SERVICING, ORIGINATION OF STUDENT LOANS AND INTEREST ON STUDENT LOANS RECEIVABLES. 31777408 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 14 0 94 1 0 0 0 0 0 0 0 3 3 0 1 1 0 0 0 0 1 1 1 0 1 1 0 0 0 1 0 0 0 CT X RANDALL BEHM EDUCATION SOLUTION PART 4402343220 c/o Education Solution Partners LLC CLEVELAND OH 441308404 MICHAEL MEOTTI 2.00 X 0 0 0 FRANK W RIDLEY 2.00 X 0 0 0 HOWARD RIFKIN 1.00 X 0 0 0 MARK VALENTI 1.00 X 303100 0 14275 DIANE DEL ROSSO 4.00 X 252185 0 19468 RICHARD CROCE 16.00 X 143045 0 22768 698330 0 56511 3 1 1 0 US DEPARTMENT OF EDUCATION PO BOX 2324 MONTGOMERY AL 361022324 FFELP 14214056 GRANITE STATE MGMT & RES 4 barrell STREET CONCORD NH 03301 Servicing 2336209 EDFINANCIAL SERVICES LLC PO BOX 36014 knoxville TN 37930 Servicing 1514051 Pullman & Comley LLC 830 Main Street Bridgeport CT 06601 Attorney 374777 Education Solution Partners 7271 Engle Road Suite 101 cleveland OH 44130 Management 281000 6 Loan PORTFOLIO INTERES 900099 23241601 23241601 Guarantee Program Reve 900099 2100957 2100957 Fees 900099 10958 10958 25353516 Gain on Redemption of 900099 20420186 20420186 20420186 45773702 45773702 0 0 1024642 870946 153696 388702 330397 58305 95076 80815 14261 403606 403606 360981 360981 63768 57188 6580 45537 38706 6831 172422 146559 25863 510417 433854 76563 72328 61479 10849 21850 18572 3278 152 129 23 3512 2985 527 53510 45484 8026 Secondary Market Expens 26925068 26925068 Transfer of Federal Res 1873441 1873441 COLLECTION COSTS 617586 617586 unreimbursed guarantee 221256 221256 bank fees 62286 52943 9343 32916140 31777408 1138732 0 479187 182969052 36850928 5233852 721129 169603 131409 85243 772316659 695537955 6136251 2663477 967631789 735662956 9349133 6166362 1357468 36900000 32000000 327 905563070 671150000 953169998 709316362 X 14461791 26346594 0 0 0 0 14461791 26346594 967631789 735662956 X 0 1 1 X 0 X 51152810 71085704 65865259 44841902 25353516 258299191 51152810 71085704 65865259 44841902 25353516 258299191 0 0 0 258299191 2820623 917023 446636 160327 4344609 2820623 917023 446636 160327 4344609 53973433 72002727 66311895 45002229 25353516 262643800 0.98350 0.97380 0.01650 0.02620 X 0 STUDENT LOAN PORTFOLIO 695537955 C 695537955 Bond payable 671150000 671150000 45773702 32916140 12857562 -972759 -972759 11884803 45948955 175253 175253 45773702 0 45773702 34064152 1148012 1148012 32916140 0 32916140 Part XI, Line 8 - Other Adjustments: Write off receivables from dissolved subsidiaries: -972759. Part XII, Line 2d - Other Adjustments: Write off of payables of disolved subsidiaries: 175253. Part XIII, Line 2d - Other Adjustments: WRITE OFF ASSETS FROM DISSOLVED SUBSIDIARIES: 1148012. 1 0 0 0 0 0 0 0 0 MARK VALENTI 156100 0 0 0 147000 0 0 0 14275 0 317375 0 303100 0 DIANE DEL ROSSO 252185 0 0 0 0 0 0 0 19468 0 271653 0 252185 0 RICHARD CROCE 143045 0 0 0 0 0 0 0 22768 0 165813 0 107284 0 Part I, Line 4a Mark Valenti, Former President, Legal Settlement:$147,000 Diane DelRosso, Former Sr. Vice President, Severance Payment:$108,798 CONNECTICUT STUDENT LOAN FOUNDATION REVENUE BONDS 060812178 207784AY5 2007-12-13 36900000 2007b-2 - STUDENT LOAN REVENUE BONDS 0 0 0 0 0 0 0 0 0 0 1 0.00000 0.00000 0.00000 0 0 1 0 0 0 0 Form 990, Part III, line 3 Changes in Program Services CSLF ceased accepting loan applications effective July 1, 2009. This affected the growth in the guarantee agency for new volume and new loan volume as a lender in the FFEL program. On November 5, 2009, CSLF's Board of Directors entered into an agreement with Educational Credit Management Corporation (ECMC) and the U.S. Department of Education under which CSLF transferred its guarantor responsibilities, including the Loan Guarantee and Collections functions to ECMC. As of January 1, 2010, CSLF's Federal Fund, Agency Operating Fund, and defaulted loan portfolio were transferred to ECMC. Form 990, Part VI, Section A, line 3 CSLF contracted all administration to Education Solution Partners, LLC ("ESP") effective January 4, 2010. The Rocky Hill, CT facility was closed February 2010. CSLF has no active employees. Form 990, Part VI, Section A, line 4 Resolutions to Amend Foundation Bylaws and Authorize Chairman or Vice Chairman to Provide Notices of Designation of Education Solution Partners, LLC ("ESP") as Administrator and to Appoint ESP Employees as Foundation Officers: WHEREAS, the Board of Directors of Connecticut Student Loan Foundation (the "Foundation") has determined that it is in the Foundation's best interest and the fulfillment of the Foundation's mission and purpose to improve educational opportunity and promote the repayment of loans, for the Foundation to engage Education Solution Partners, LLC (ESP) to serve as the administrator of the Foundation pursuant to an agreement, managing all aspects of the Foundation's business on an outsourced basis, using ESP's industry expertise to execute the Foundation's education strategy, performing administrative functions and day-to-day functions associated with managing the Foundation's remaining assets, consisting primarily of a portfolio of securitized student loans; and WHEREAS, in light of the Foundation's engagement of ESP pursuant to the agreement with ESP, there is no longer a necessity that the Foundation maintain the full slate of corporate officers that are created pursuant to Article IV of the Foundation's Bylaws; NOW THEREFORE, be it: RESOLVED, that the Foundation hereby amends Article IV of its Bylaws by deleting such Article IV in its entirety and by replacing Article IV with the following: ARTICLE IV Officers Of The Foundation The Board of Directors may appoint such officers and employees as it deems advisable and may fix their compensation and prescribe their duties; and be it further RESOLVED, that the Chairman of the Board and Vice Chairman of the Board and the Secretary of the Board be, and each of them, acting singly, hereby is, authorized, empowered and directed to take any and all action deemed appropriate or advisable to effectuate the foregoing resolution; and be it further RESOLVED, that Chairman of the Board and Vice Chairman of the Board be, and each of them, acting singly, hereby is, authorized and empowered to provide notices of the terms of ESPs designation as the administrator of the Foundation to interested persons; and be it further RESOLVED, that Chairman of the Board and Vice Chairman of the Board be, and each of them, acting singly, hereby is, authorized and empowered to appoint as officers of the Foundation and to designate their titles, certain individual employees of ESP who may from time to time be managing aspects of the Foundation's business on an outsourced basis or performing administrative functions associated with managing the Foundation's remaining assets, as either the Chairman of the Board or the Vice Chairman of the Board deems advisable, with such ESP employees to bear such titles and to occupy such offices without compensation and for such periods as the Chairman of the Board or the Vice Chairman of the Board shall determine (subject, however, to the provisions of the Bylaws of the Foundation pertaining to the resignation, removal or other termination in office of an incumbent officer); and be it further RESOLVED, that the Chairman of the Board and Vice Chairman of the Board be, and each of them, acting singly, hereby is, authorized, empowered and directed to take any and all action deemed appropriate or advisable to effectuate the foregoing resolution. Form 990, Part VI, Section B, line 11 The Board of Directors reviews and approves Form 990 before filing. Form 990, Part VI, Section C, line 19 The organization makes its governing documents, conflict of interest policy and financial statements available to the public upon request. FORM 990, PART XI, LINE 2C THE ORGANIZTION DID NOT CHANGE ITS PROCESS OR SELECTION DURING THE YEAR. 990 Part VI Section A No. 9 Former officers not available at organization address: Mark Valenti, 20 Teds Court, Cheshire, CT 06410 Diane DelRosso, 9 Judd Brook Lane, Amston, CT 06231 R. Richard Croce, 211 N. Parker Hill Rd., Killingworth, CT 06419 Kissystems Inc c/o Education Solution Partners LLC CLEVELAND OH 441308404 061466777 Software Developer CT C 1.00000 First Rate Marketing Corporation c/o Education Solution Partners LLC CLEVELAND OH 441308404 061628642 Education Loans Marketing CT C 1.00000 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Kissystems Inc D First Rate Marketing Corp D