Form 990 for tax year 2022

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $88,000

• 1f · All other contributions, gifts and grants

  $25,000

• 2a · Program service revenue: Interest Student Loans

  total $50,607,362 · related or exempt $50,607,362

• 2b · Program service revenue: Loan Servicing Fees

  total $5,553,092 · related or exempt $5,553,092

• 2c · Program service revenue: Federal Interest Benefit

  total $240,073 · related or exempt $240,073

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

  total $91,854 · related or exempt $91,854

• 3 · Investment income

  total $3,791,389 · excluded $3,791,389

• 6a · Gross rents

  real property $24,699

• 6b · Less rental expenses

  real property $18,111

• 6c · Rental income or loss

  real property $6,588

• 6d · Net rental income or loss

  total $6,588 · excluded $6,588

• 7a · Gross sales of assets other than inventory

  securities $26,508,634

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

  securities $25,186,325

• 7c · Gain or loss

  securities $1,322,309

• 7d · Net gain or loss

  total $1,322,309 · excluded $1,322,309

Functional expenses

Part IX, the statement of functional expenses.

• 2 · Grants to domestic individuals

  total $44,000 · program services $44,000

• 5 · Compensation of officers, directors and key employees

  total $1,207,008 · program services $724,205 · management and general $482,803

• 7 · Other salaries and wages

  total $7,433,595 · program services $6,456,464 · management and general $977,131

• 8 · Pension plan contributions

  total $295,404 · program services $256,574 · management and general $38,830

• 9 · Other employee benefits

  total $1,454,382 · program services $1,263,207 · management and general $191,175

• 10 · Payroll taxes

  total $572,312 · program services $497,083 · management and general $75,229

• 11b · Fees: legal

  total $1,087,951 · management and general $1,087,951

• 11c · Fees: accounting

  total $197,089 · management and general $197,089

• 11d · Fees: lobbying

  total $45,655 · program services $45,655

• 11f · Fees: investment management

  total $295,429 · management and general $295,429

• 11g · Fees: other

  total $5,726,593 · program services $5,387,208 · management and general $339,385

• 12 · Advertising and promotion

  total $551,405 · program services $488,406 · management and general $62,999

• 13 · Office expenses

  total $951,886 · program services $843,131 · management and general $108,755

• 14 · Information technology

  total $3,024,377 · program services $2,678,835 · management and general $345,542

• 16 · Occupancy

  total $652,099 · program services $577,595 · management and general $74,504

• 17 · Travel

  total $101,443 · program services $89,853 · management and general $11,590

• 19 · Conferences, conventions and meetings

  total $22,885 · program services $21,293 · management and general $1,592

• 20 · Interest

  total $28,754,189 · program services $28,754,189

• 22 · Depreciation, depletion and amortization

  total $624,748 · program services $568,555 · management and general $56,193

• 23 · Insurance

  total $262,758 · program services $232,737 · management and general $30,021

• 24a · Other expenses: Provision for Loan Loss

  total $2,838,816 · program services $2,838,816

• 24b · Other expenses: Rebates/Collections

  total $2,477,572 · program services $2,477,572

• 24c · Other expenses: Consolidation Loan Fee

  total $1,198,838 · program services $1,198,838

• 24d · Other expenses: Bond Admin Expenses

  total $593,154 · program services $593,154

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $34,731,389 · end of year $27,761,368

• 4 · Accounts receivable

  beginning of year $2,006,734 · end of year $3,422,624

• 7 · Other notes and loans receivable

  beginning of year $797,978,577 · end of year $761,787,925

• 9 · Prepaid expenses and deferred charges

  beginning of year $31,144 · end of year $6,694

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

  $16,500,998

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

  $14,660,345

• 10c · Land, buildings and equipment, net

  beginning of year $2,230,108 · end of year $1,840,653

• 11 · Investments: publicly traded securities

  beginning of year $85,589,008 · end of year $114,524,650

• 12 · Investments: other securities

  beginning of year $5,746,887 · end of year $6,372,413

• 17 · Accounts payable and accrued expenses

  beginning of year $2,569,401 · end of year $4,582,849

• 23 · Secured mortgages and notes payable

  beginning of year $653,828,513 · end of year $614,313,385

• 25 · Other liabilities

  beginning of year $332,146 · end of year $562,267

• 27 · Net assets without donor restrictions

  beginning of year $271,583,787 · end of year $296,257,826

The filer's explanations (Part III)

Part I, Line 3

The organization used a compensation committee, Form 990 of other organizations, a compensation study, and board/compensation committee approval to establish the officers' compensation.

Part I, Line 7

Performance-based variable compensation, which is subject to review 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 · NH · income $4,122,673 · assets $47,712,213

  Directly controlled by Granite Edvance Corporation

• EdvestinU Private Education Loan Issue No 2 LLC

  Purchase private student loans · DE · income $6,979,246 · assets $97,550,330

  Directly controlled by Granite Edvance Corporation

• EDvestinU Private Education Loan Issue No 3 LLC

  Purchase private student loans · DE · income $13,057,507 · assets $183,815,604

  Directly controlled by Granite Edvance Corporation

• EDvestinU Private Education Loan Issue No 4 LLC

  Purchase private student loans · DE · income $13,277,168 · assets $216,585,438

  Directly controlled by Granite Edvance Corporation