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Nonprofiteer
← IOWA STUDENT LOAN LIQUIDITY CORP

Form 990 for tax year 2023

Filed by IOWA STUDENT LOAN LIQUIDITY CORP.

Totals

Total revenue
$115,426,491
Total expenses
$107,991,674
Contributions and grants received
$0
Grants paid
$685,000
Program service revenue
$103,657,296
Investment income
$11,732,920
Other revenue
$36,275
Total assets, end of year
$1,629,996,277
Total liabilities, end of year
$1,130,059,007
Net assets or fund balances, end of year
$499,937,270
Program services expenses (Part IX)
$103,229,202
Management and general expenses
$4,762,472
Fundraising expenses
$0
Program service expenses (Part III)
$103,229,202

Program services were 95.6% 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.

  • 2a · Program service revenue: STUDENT LOAN INTEREST

    total $97,827,825 · related or exempt $97,827,825

  • 2b · Program service revenue: OTHER STUDENT LOAN REV

    total $5,829,471 · related or exempt $5,829,471

  • 3 · Investment income

    total $11,836,707 · related or exempt $11,836,707

  • 7a · Gross sales of assets other than inventory

    securities $19,706

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

    securities $123,493

  • 7c · Gain or loss

    securities -$103,787

  • 7d · Net gain or loss

    total -$103,787 · related or exempt -$103,787

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $36,275 · related or exempt $36,275

  • 11e · Other revenue, total

    $36,275

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $685,000 · program services $685,000

  • 5 · Compensation of officers, directors and key employees

    total $2,507,022 · management and general $2,507,022

  • 7 · Other salaries and wages

    total $7,169,379 · program services $7,169,379

  • 8 · Pension plan contributions

    total $820,887 · program services $702,940 · management and general $117,947

  • 9 · Other employee benefits

    total $897,786 · program services $817,691 · management and general $80,095

  • 10 · Payroll taxes

    total $668,672 · program services $502,047 · management and general $166,625

  • 11b · Fees: legal

    total $176,625 · management and general $176,625

  • 11c · Fees: accounting

    total $513,003 · management and general $513,003

  • 11d · Fees: lobbying

    total $100,489 · program services $100,489

  • 12 · Advertising and promotion

    total $636,521 · program services $636,521

  • 13 · Office expenses

    total $543,348 · program services $543,348

  • 14 · Information technology

    total $1,155,793 · program services $1,155,793

  • 16 · Occupancy

    total $381,597 · program services $381,597

  • 17 · Travel

    total $104,032 · program services $104,032

  • 19 · Conferences, conventions and meetings

    total $56,979 · program services $56,979

  • 20 · Interest

    total $56,093,141 · program services $56,093,141

  • 22 · Depreciation, depletion and amortization

    total $1,201,155 · management and general $1,201,155

  • 24a · Other expenses: SERVICE CHARGE & FEES

    total $15,160,623 · program services $15,160,623

  • 24b · Other expenses: DEBT RELATED EXPENSES

    total $6,148,367 · program services $6,148,367

  • 24c · Other expenses: PROVISION FOR LOAN LOSS

    total $5,379,123 · program services $5,379,123

  • 24d · Other expenses: CONSOLIDATED REBATE FEE

    total $4,125,194 · program services $4,125,194

  • 24e · All other expenses

    total $3,466,938 · program services $3,466,938

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $689,194 · end of year $742,806

  • 2 · Savings and temporary cash investments

    beginning of year $180,682,245 · end of year $210,058,312

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $1,440,775,608 · end of year $1,301,816,999

  • 5 · Loans and receivables from officers and key people

    beginning of year $0 · end of year $0

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,022,193 · end of year $954,023

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

    $45,422,157

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

    $37,122,282

  • 10c · Land, buildings and equipment, net

    beginning of year $8,780,127 · end of year $8,299,875

  • 11 · Investments: publicly traded securities

    beginning of year $7,566,156 · end of year $7,189,562

  • 12 · Investments: other securities

    beginning of year $37,906,985 · end of year $38,516,999

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $65,655,258 · end of year $62,417,701

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,876,270 · end of year $5,621,711

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $16,766,219 · end of year $13,676,097

  • 20 · Tax-exempt bond liabilities

    beginning of year $123,475,056 · end of year $179,443,710

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $1,103,870,317 · end of year $928,015,766

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $3,629,077 · end of year $3,301,723

  • 27 · Net assets without donor restrictions

    beginning of year $488,460,827 · end of year $499,937,270

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2023

Mission

TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION.

  • IOWA STUDENT LOAN LIQUIDITY 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, 2024, THE CORPORATION OWNED AND SERVICED LOANS TOTALING 173,825 WITH AN OUTSTANDING BALANCE OF $1,442,176,448.

    Expenses $103,229,202 · Grants $685,000 · Revenue $115,426,491

As filed on the 2023 return.

Listed in Part VII

  • Christine Hensley

    BOARD CHAIRPERSON

    Total calculated
    $20,015
    From this org
    $20,015
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Daniel Clute

    BOARD MEMBER

    Total calculated
    $12,932
    From this org
    $12,932
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Adam Voigts

    BOARD MEMBER

    Total calculated
    $11,452
    From this org
    $11,452
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Julie Pingel

    BOARD MEMBER

    Total calculated
    $9,919
    From this org
    $9,919
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Scott Schneidermann

    BOARD VICE CHAIRPERSON

    Total calculated
    $11,727
    From this org
    $11,727
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Rob Denson

    BOARD MEMBER

    Total calculated
    $9,191
    From this org
    $9,191
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jim Schipper

    BOARD MEMBER

    Total calculated
    $11,213
    From this org
    $11,213
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Marcia Rogers

    BOARD MEMBER

    Total calculated
    $9,811
    From this org
    $9,811
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nancy Dunkel

    BOARD MEMBER

    Total calculated
    $9,799
    From this org
    $9,799
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Juan Garcia

    BOARD MEMBER

    Total calculated
    $4,844
    From this org
    $4,844
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Suzette Radke

    BOARD MEMBER (START 7/2023)

    Total calculated
    $4,654
    From this org
    $4,654
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Steve McCullough

    PRESIDENT AND CEO

    Total calculated
    $539,441
    From this org
    $484,788
    From related orgs
    $0
    Other
    $54,653
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $484,788
    Bonus
    $0
    Other
    $0
    Deferred
    $31,350
    Nontaxable benefits
    $23,303
    Filer's total
    $539,441

  • Erin Lacey

    EVO AND TREASURER

    Total calculated
    $347,223
    From this org
    $302,388
    From related orgs
    $0
    Other
    $44,835
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $302,388
    Bonus
    $0
    Other
    $0
    Deferred
    $29,783
    Nontaxable benefits
    $15,052
    Filer's total
    $347,223

  • Cindy Bartz

    CIO, PROJ MGMT SVP, & SECR

    Total calculated
    $310,564
    From this org
    $261,898
    From related orgs
    $0
    Other
    $48,666
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $261,898
    Bonus
    $0
    Other
    $0
    Deferred
    $27,813
    Nontaxable benefits
    $20,853
    Filer's total
    $310,564

  • Greg Nichols

    SR. PUB AFFAIRS & COMM REL VP

    Total calculated
    $237,791
    From this org
    $224,125
    From related orgs
    $0
    Other
    $13,666
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $224,125
    Bonus
    $0
    Other
    $0
    Deferred
    $4,958
    Nontaxable benefits
    $8,708
    Filer's total
    $237,791

  • Ron Forseman

    ACCOUNTING & RISK MGMT VP

    Total calculated
    $280,437
    From this org
    $244,215
    From related orgs
    $0
    Other
    $36,222
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,215
    Bonus
    $0
    Other
    $0
    Deferred
    $24,043
    Nontaxable benefits
    $12,179
    Filer's total
    $280,437

  • Marc Hendel

    SR. RESEARCHER & DATA MGR

    Total calculated
    $224,348
    From this org
    $212,734
    From related orgs
    $0
    Other
    $11,614
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,734
    Bonus
    $0
    Other
    $0
    Deferred
    $4,715
    Nontaxable benefits
    $6,899
    Filer's total
    $224,348

  • Chad Winter

    INFORMATION TECHNOLOGY MGR

    Total calculated
    $196,763
    From this org
    $167,889
    From related orgs
    $0
    Other
    $28,874
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $167,889
    Bonus
    $0
    Other
    $0
    Deferred
    $16,872
    Nontaxable benefits
    $12,002
    Filer's total
    $196,763

  • Marsha Boender

    DIR, LENDER & SCHOOL SERV.

    Total calculated
    $207,284
    From this org
    $174,132
    From related orgs
    $0
    Other
    $33,152
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $174,132
    Bonus
    $0
    Other
    $0
    Deferred
    $17,492
    Nontaxable benefits
    $15,660
    Filer's total
    $207,284

  • Kory Michael

    TECH SERV & OPERATION MGR

    Total calculated
    $183,563
    From this org
    $154,614
    From related orgs
    $0
    Other
    $28,949
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $154,614
    Bonus
    $0
    Other
    $0
    Deferred
    $15,447
    Nontaxable benefits
    $13,502
    Filer's total
    $183,563

  • Shawn J Smith

    LEAD DATABASE ADMINISTRATOR

    Total calculated
    $188,160
    From this org
    $164,682
    From related orgs
    $0
    Other
    $23,478
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,682
    Bonus
    $0
    Other
    $0
    Deferred
    $16,302
    Nontaxable benefits
    $7,176
    Filer's total
    $188,160

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 · Approval by the board or compensation committee

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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.

  • ASPIRE RESOURCES INC

    C · LOAN SERVICING · IA · 100% owned · share of income $610,014 · share of assets $38,516,999 · controlled entity

    Directly controlled by ISLLC

Provenance

Return type
form_990
Tax year
2023
Filed
12 May 2025
IRS schema version
2023v6.0
Source object
202531349349305753

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