Form 990 for tax year 2024

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $25,000

• 1f · All other contributions, gifts and grants

  $15,000

• 2a · Program service revenue: Interest Student Loans

  total $48,357,973 · related or exempt $48,357,973

• 2b · Program service revenue: Loan Servicing Fees

  total $4,972,654 · related or exempt $4,972,654

• 2c · Program service revenue: Late Charges & Other

  total $246,180 · related or exempt $246,180

• 2d · Program service revenue: Federal Interest Benefit

  total $164,757 · related or exempt $164,757

• 3 · Investment income

  total $7,041,939 · excluded $7,041,939

• 6a · Gross rents

  real property $41,161

• 6b · Less rental expenses

  real property $126,119

• 6c · Rental income or loss

  real property -$84,958

• 6d · Net rental income or loss

  total -$84,958 · excluded -$84,958

• 7a · Gross sales of assets other than inventory

  securities $9,475,273

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

  securities $9,009,196

• 7c · Gain or loss

  securities $466,077

• 7d · Net gain or loss

  total $466,077 · excluded $466,077

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $248,547 · program services $248,547

• 2 · Grants to domestic individuals

  total $777,741 · program services $777,741

• 5 · Compensation of officers, directors and key employees

  total $2,166,505 · program services $1,299,903 · management and general $866,602

• 7 · Other salaries and wages

  total $4,815,527 · program services $3,867,844 · management and general $947,683

• 8 · Pension plan contributions

  total $186,494 · program services $149,792 · management and general $36,702

• 9 · Other employee benefits

  total $970,689 · program services $779,660 · management and general $191,029

• 10 · Payroll taxes

  total $446,457 · program services $358,595 · management and general $87,862

• 11b · Fees: legal

  total $36,000 · management and general $36,000

• 11c · Fees: accounting

  total $88,010 · management and general $88,010

• 11f · Fees: investment management

  total $222,464 · management and general $222,464

• 11g · Fees: other

  total $5,339,325 · program services $5,198,928 · management and general $140,397

• 12 · Advertising and promotion

  total $251,020 · program services $211,944 · management and general $39,076

• 13 · Office expenses

  total $401,627 · program services $339,106 · management and general $62,521

• 14 · Information technology

  total $3,075,344 · program services $2,596,609 · management and general $478,735

• 16 · Occupancy

  total $557,657 · program services $470,847 · management and general $86,810

• 17 · Travel

  total $190,599 · program services $160,929 · management and general $29,670

• 19 · Conferences, conventions and meetings

  total $77,637 · program services $77,637

• 20 · Interest

  total $29,954,237 · program services $29,954,237

• 22 · Depreciation, depletion and amortization

  total $399,137 · program services $338,436 · management and general $60,701

• 23 · Insurance

  total $205,996 · program services $173,929 · management and general $32,067

• 24a · Other expenses: Provision for Loan Loss

  total $5,048,008 · program services $5,048,008

• 24b · Other expenses: Rebates/Collections

  total $2,558,298 · program services $2,558,298

• 24c · Other expenses: Consolidation Loan Fee

  total $729,744 · program services $729,744

• 24d · Other expenses: Bond Admin Expenses

  total $453,785 · program services $453,785

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $34,728,339 · end of year $47,729,258

• 4 · Accounts receivable

  beginning of year $1,480,288 · end of year $921,654

• 7 · Other notes and loans receivable

  beginning of year $718,681,483 · end of year $695,085,821

• 9 · Prepaid expenses and deferred charges

  beginning of year $358,269 · end of year $497,996

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

  $14,106,365

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

  $11,072,169

• 10c · Land, buildings and equipment, net

  beginning of year $1,819,858 · end of year $3,034,196

• 11 · Investments: publicly traded securities

  beginning of year $137,197,314 · end of year $156,525,499

• 12 · Investments: other securities

  beginning of year $10,207,523 · end of year $8,979,844

• 17 · Accounts payable and accrued expenses

  beginning of year $5,298,376 · end of year $3,579,209

• 20 · Tax-exempt bond liabilities

  beginning of year $29,968,850 · end of year $47,573,341

• 23 · Secured mortgages and notes payable

  beginning of year $553,032,059 · end of year $529,000,832

• 25 · Other liabilities

  beginning of year $2,343,281 · end of year $4,928,674

• 27 · Net assets without donor restrictions

  beginning of year $313,830,508 · end of year $327,692,212

The filer's explanations (Part III)

Part I, Line 3

The organization relies upon Form 990 data from similar non-profit private student loan providers and educational financing authorities, a compensation study, input from the Compensation Committee of the Board of Trustees and final approval by the full Board of Trustees to establish the President/ CEO compensation.

Part I, Line 7

Employees who meet certain eligibility requirements are eligible to participate in an annual incentive program which provides for performance-based variable compensation. The plan is subject to review by the Board of Trustees and paid annually.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

• EDvestinU Private Education Loan Issue No 1 LLC

  Purchase private student loans · DE · income $2,157,759 · assets $21,432,057

  Directly controlled by Granite Edvance Corporation

• EdvestinU Private Education Loan Issue No 2 LLC

  Purchase private student loans · DE · income $5,123,456 · assets $68,746,099

  Directly controlled by Granite Edvance Corporation

• EDvestinU Private Education Loan Issue No 3 LLC

  Purchase private student loans · DE · income $10,136,336 · assets $134,047,859

  Directly controlled by Granite Edvance Corporation

• EDvestinU Private Education Loan Issue No 4 LLC

  Purchase private student loans · DE · income $10,398,399 · assets $165,031,954

  Directly controlled by Granite Edvance Corporation