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Nonprofiteer
← TEXAS GUARANTEED STUDENT LOAN CORPORATION

Form 990 for tax year 2022

Filed by TEXAS GUARANTEED STUDENT LOAN CORPORATION.

Totals

Total revenue
$64,584,806
Total expenses
$38,628,600
Contributions and grants received
$57,275,605
Grants paid
$70,000
Program service revenue
$4,388,195
Investment income
$2,819,226
Other revenue
$101,780
Total assets, end of year
$486,855,414
Total liabilities, end of year
$296,644,937
Net assets or fund balances, end of year
$190,210,477
Program services expenses (Part IX)
$20,585,841
Management and general expenses
$18,042,759
Fundraising expenses
$0
Program service expenses (Part III)
$20,585,841

Program services were 53.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $55,674,861

  • 1f · All other contributions, gifts and grants

    $1,600,744

  • 2a · Program service revenue: CALL CENTER REVENUE

    total $4,244,655 · related or exempt $4,244,655

  • 2b · Program service revenue: CONSULTING SERVICES

    total $143,540 · related or exempt $119,040 · unrelated business $24,500

  • 3 · Investment income

    total $4,083,530 · excluded $4,083,530

  • 7a · Gross sales of assets other than inventory

    securities $16,019,752

  • 7b · Less cost or other basis and sales expenses

    securities $16,469,741 · other assets $814,315

  • 7c · Gain or loss

    securities -$449,989 · other assets -$814,315

  • 7d · Net gain or loss

    total -$1,264,304 · excluded -$1,264,304

  • 11a · Other revenue: UBI TAX REFUND

    total $101,780 · excluded $101,780

  • 11e · Other revenue, total

    $101,780

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $70,000 · program services $70,000

  • 5 · Compensation of officers, directors and key employees

    total $3,731,709 · program services $1,985,527 · management and general $1,746,182

  • 7 · Other salaries and wages

    total $20,314,657 · program services $10,808,802 · management and general $9,505,855

  • 8 · Pension plan contributions

    total $1,072,733 · program services $570,768 · management and general $501,965

  • 9 · Other employee benefits

    total $2,556,970 · program services $1,360,485 · management and general $1,196,485

  • 10 · Payroll taxes

    total $1,700,764 · program services $904,924 · management and general $795,840

  • 11b · Fees: legal

    total $103,129 · program services $54,872 · management and general $48,257

  • 11c · Fees: accounting

    total $648,072 · program services $344,819 · management and general $303,253

  • 11d · Fees: lobbying

    total $21,610 · program services $11,498 · management and general $10,112

  • 11g · Fees: other

    total $1,474,388 · program services $784,476 · management and general $689,912

  • 12 · Advertising and promotion

    total $37,544 · program services $19,976 · management and general $17,568

  • 13 · Office expenses

    total $709,535 · program services $377,522 · management and general $332,013

  • 14 · Information technology

    total $3,129,244 · program services $1,664,974 · management and general $1,464,270

  • 16 · Occupancy

    total $662,681 · program services $352,592 · management and general $310,089

  • 17 · Travel

    total $342,583 · program services $182,278 · management and general $160,305

  • 19 · Conferences, conventions and meetings

    total $131,679 · program services $70,062 · management and general $61,617

  • 22 · Depreciation, depletion and amortization

    total $1,372,660 · program services $730,350 · management and general $642,310

  • 23 · Insurance

    total $449,631 · program services $239,235 · management and general $210,396

  • 24a · Other expenses: ALL OTHER EXPENSES

    total $93,011 · program services $49,489 · management and general $43,522

  • 24b · Other expenses: LEGAL SETTTLEMENTS

    total $6,000 · program services $3,192 · management and general $2,808

Balance sheet

Part X, book values.

  • 2 · Savings and temporary cash investments

    beginning of year $19,562,107 · end of year $14,495,019

  • 3 · Pledges and grants receivable

    beginning of year $8,859,185 · end of year $9,242,454

  • 4 · Accounts receivable

    beginning of year $3,164,865 · end of year $1,437,765

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,207,715 · end of year $1,126,877

  • 10a · Land, buildings and equipment: cost or other basis

    $55,682,685

  • 10b · Land, buildings and equipment: accumulated depreciation

    $36,069,947

  • 10c · Land, buildings and equipment, net

    beginning of year $21,735,784 · end of year $19,612,738

  • 11 · Investments: publicly traded securities

    beginning of year $107,200,044 · end of year $137,773,529

  • 12 · Investments: other securities

    beginning of year $19,758,408 · end of year $9,748,781

  • 15 · Other assets

    beginning of year $312,922,341 · end of year $293,418,251

  • 17 · Accounts payable and accrued expenses

    beginning of year $13,658,603 · end of year $12,312,192

  • 21 · Escrow or custodial account liability

    beginning of year $312,184,577 · end of year $283,671,655

  • 25 · Other liabilities

    beginning of year $1,187,114 · end of year $661,090

  • 29 · Capital stock, trust principal or current funds

    beginning of year $0 · end of year $0

  • 30 · Paid-in or capital surplus, or land, building or equipment fund

    beginning of year $21,735,784 · end of year $19,612,737

  • 31 · Retained earnings, endowment or other funds

    beginning of year $145,644,371 · end of year $170,597,740

Mission and programs · 2022

Mission

TO DEVELOP AND ADVANCE INITIATIVES THAT GROW INDIVIDUAL ECONOMIC MOBILITY AND EXPAND COMMUNITY PROSPERITY.

  • SEE SCHEDULE O

    Expenses $5,867,347

  • SEE SCHEDULE O

    Expenses $14,718,494 · Grants $70,000 · Revenue $4,363,695

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • EDWARD ESCUDERO

    BOARD MEMBER

    Total calculated
    $45,169
    From this org
    $45,169
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • RICHARD RHODES

    BOARD MEMBER

    Total calculated
    $58,096
    From this org
    $58,096
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • YVONNE BATTS

    BOARD MEMBER

    Total calculated
    $45,169
    From this org
    $45,169
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • IVAN ANDARZA

    BOARD MEMBER

    Total calculated
    $38,731
    From this org
    $38,731
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • WELCOME WILSON JR

    BOARD MEMBER

    Total calculated
    $38,731
    From this org
    $38,731
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • DORA ANN VERDE

    BOARD MEMBER

    Total calculated
    $45,169
    From this org
    $45,169
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • RENARD JOHNSON

    BOARD MEMBER

    Total calculated
    $48,414
    From this org
    $48,414
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • DENNIS MORONEY

    BOARD MEMBER

    Total calculated
    $38,731
    From this org
    $38,731
    From related orgs
    $0
    Other
    $0
    Hours/week
    4

  • DEBRA J CHROMY

    PRESIDENT/CEO

    Total calculated
    $636,794
    From this org
    $578,851
    From related orgs
    $0
    Other
    $57,943
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $406,660
    Bonus
    $148,435
    Other
    $23,756
    Deferred
    $45,300
    Nontaxable benefits
    $12,643
    Filer's total
    $636,794

  • DAVID S SCHWANKE

    CFO

    Total calculated
    $367,539
    From this org
    $302,958
    From related orgs
    $0
    Other
    $64,581
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $236,260
    Bonus
    $42,599
    Other
    $24,099
    Deferred
    $39,521
    Nontaxable benefits
    $25,060
    Filer's total
    $367,539

  • GREGORY H DICKENSON

    GENERAL COUNSEL

    Total calculated
    $271,760
    From this org
    $224,308
    From related orgs
    $0
    Other
    $47,452
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,336
    Bonus
    $36,345
    Other
    $14,627
    Deferred
    $28,783
    Nontaxable benefits
    $18,669
    Filer's total
    $271,760

  • TIMOTHY J FOURNIER

    CHIEF OPERATING OFFICER

    Total calculated
    $520,863
    From this org
    $455,698
    From related orgs
    $0
    Other
    $65,165
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $314,203
    Bonus
    $122,036
    Other
    $19,459
    Deferred
    $43,680
    Nontaxable benefits
    $21,485
    Filer's total
    $520,863

  • BRYAN M ASHTON

    CHIEF STRATEGY AND GROWTH OFFICER

    Total calculated
    $306,664
    From this org
    $270,037
    From related orgs
    $0
    Other
    $36,627
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $200,898
    Bonus
    $54,581
    Other
    $14,558
    Deferred
    $35,803
    Nontaxable benefits
    $824
    Filer's total
    $306,664

  • JAMES E ZIMMERMAN

    VP, INFORMATION TECHNOLOGY

    Total calculated
    $321,447
    From this org
    $258,231
    From related orgs
    $0
    Other
    $63,216
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $192,467
    Bonus
    $44,384
    Other
    $21,380
    Deferred
    $41,769
    Nontaxable benefits
    $21,447
    Filer's total
    $321,447

  • SUSAN G HIGH

    VP, OPERATIONS

    Total calculated
    $297,158
    From this org
    $237,323
    From related orgs
    $0
    Other
    $59,835
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,417
    Bonus
    $40,790
    Other
    $20,116
    Deferred
    $38,726
    Nontaxable benefits
    $21,109
    Filer's total
    $297,158

  • LINDA S HACKLEMAN

    VP, HUMAN RESOURCES

    Total calculated
    $275,813
    From this org
    $219,853
    From related orgs
    $0
    Other
    $55,960
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $165,880
    Bonus
    $34,970
    Other
    $19,003
    Deferred
    $34,069
    Nontaxable benefits
    $21,891
    Filer's total
    $275,813

  • JOHN A SEIBERT

    OMBUDSMAN (UNTIL 10/2022)

    Total calculated
    $250,436
    From this org
    $214,278
    From related orgs
    $0
    Other
    $36,158
    Hours/week
    50

    Schedule J breakdown matched by us

    Base
    $67,408
    Bonus
    $24,640
    Other
    $122,230
    Deferred
    $16,851
    Nontaxable benefits
    $19,307
    Filer's total
    $250,436

  • JASON MICHAEL SWEENEY

    DIRECTOR, STRATEGIC INITIATIVES

    Total calculated
    $244,418
    From this org
    $207,001
    From related orgs
    $0
    Other
    $37,417
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $151,191
    Bonus
    $50,049
    Other
    $5,761
    Deferred
    $26,062
    Nontaxable benefits
    $11,355
    Filer's total
    $244,418

  • JEFF J WEBSTER

    DIRECTOR, RESEARCH

    Total calculated
    $243,011
    From this org
    $196,836
    From related orgs
    $0
    Other
    $46,175
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $148,419
    Bonus
    $33,458
    Other
    $14,959
    Deferred
    $35,683
    Nontaxable benefits
    $10,492
    Filer's total
    $243,011

  • CHANDRIKA M PADAKI

    DIRECTOR, IT SHARED SVCS

    Total calculated
    $239,570
    From this org
    $192,132
    From related orgs
    $0
    Other
    $47,438
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $144,177
    Bonus
    $32,637
    Other
    $15,318
    Deferred
    $27,338
    Nontaxable benefits
    $20,100
    Filer's total
    $239,570

  • SARA T RAMBIKUR

    DIRECTOR, COMPLIANCE

    Total calculated
    $218,424
    From this org
    $186,522
    From related orgs
    $0
    Other
    $31,902
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $145,512
    Bonus
    $31,711
    Other
    $9,299
    Deferred
    $31,286
    Nontaxable benefits
    $616
    Filer's total
    $218,424

  • DANEN T SHIEK

    FORMER VP, SALES

    Total calculated
    $183,957
    From this org
    $157,407
    From related orgs
    $0
    Other
    $26,550
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $23,810
    Bonus
    $127
    Other
    $133,470
    Deferred
    $23,089
    Nontaxable benefits
    $3,461
    Filer's total
    $183,957

  • DONNA M FRITZ

    FORMER VP,MARKETING & COMMUNICATIONS

    Total calculated
    $115,806
    From this org
    $101,935
    From related orgs
    $0
    Other
    $13,871
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $79,931
    Bonus
    $36
    Other
    $21,968
    Deferred
    $6,237
    Nontaxable benefits
    $7,634
    Filer's total
    $115,806

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 7
TRELLIS' BOARD OF DIRECTORS' APPROVES THE CORPORATE PERFORMANCE AWARD PROGRAM WHICH IS DESIGNED TO AWARD BASED ON CORPORATE RESULTS. CORPORATE GOALS ARE APPROVED BY THE BOARD BEFORE THE BEGINNING OF THE FISCAL YEAR. ELIGIBLE EMPLOYEES INCLUDE ALL REGULAR EMPLOYEES, EMPLOYED AT THE END OF THE FISCAL YEAR, NOT PARTICIPATING IN ANOTHER DEPARTMENTAL OR INDIVIDUAL INCENTIVE PLAN, AND MEETING MINIMUM PERFORMANCE STANDARDS. EMPLOYEES TERMINATING MID-YEAR DUE TO DEATH, DISABILITY, OR RETIREMENT ARE ELIGIBLE FOR A PRORATED AWARD BASED ON THE PERCENT OF THE YEAR EMPLOYED. EMPLOYEE ELIGIBILITY IS BASED ON SPECIFIC POSITION UTILIZING COMPETITIVE MARKET BONUS RANGES.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

  • TRELLIS HOLDINGS

    C · COLLECTION AG · TX · 100% owned · controlled entity

    Directly controlled by TX GUARANTEED STUDENT LOAN CORP

Provenance

Return type
form_990
Tax year
2022
Filed
12 August 2024
IRS schema version
2022v5.0
Source object
202432279349300913

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