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Nonprofiteer
← INDIANA SECONDARY MARKET FOR EDUCATION LOANS INC

Form 990 for tax year 2024

Filed by INDIANA SECONDARY MARKET FOR EDUCATION LOANS INC.

Totals

Total revenue
$16,015,983
Total expenses
$13,040,212
Contributions and grants received
$0
Grants paid
$479,000
Program service revenue
$7,882,623
Investment income
$8,133,360
Other revenue
$0
Total assets, end of year
$251,203,412
Total liabilities, end of year
$71,292,496
Net assets or fund balances, end of year
$179,910,916
Program services expenses (Part IX)
$9,778,031
Management and general expenses
$3,262,181
Fundraising expenses
$0
Program service expenses (Part III)
$9,778,031

Program services were 75.0% 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: INTEREST ON STUDENT LOANS

    total $7,024,495 · related or exempt $7,024,495

  • 2b · Program service revenue: SPECIAL ALLOWANCE

    total $694,784 · related or exempt $694,784

  • 2c · Program service revenue: OTHER FEE INCOME ON STUDENT LOANS

    total $163,344 · related or exempt $163,344

  • 3 · Investment income

    total $4,803,309 · excluded $4,803,309

  • 7a · Gross sales of assets other than inventory

    securities $17,285,000

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

    securities $13,954,949

  • 7c · Gain or loss

    securities $3,330,051

  • 7d · Net gain or loss

    total $3,330,051 · excluded $3,330,051

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $475,000 · program services $475,000

  • 2 · Grants to domestic individuals

    total $4,000 · program services $4,000

  • 5 · Compensation of officers, directors and key employees

    total $885,704 · program services $85,441 · management and general $800,263

  • 7 · Other salaries and wages

    total $1,311,346 · program services $898,721 · management and general $412,625

  • 8 · Pension plan contributions

    total $65,779 · program services $42,945 · management and general $22,834

  • 9 · Other employee benefits

    total $365,473 · program services $239,627 · management and general $125,846

  • 10 · Payroll taxes

    total $131,022 · program services $72,582 · management and general $58,440

  • 11b · Fees: legal

    total $310,142 · management and general $310,142

  • 11c · Fees: accounting

    total $71,190 · management and general $71,190

  • 11d · Fees: lobbying

    total $105,249 · management and general $105,249

  • 11f · Fees: investment management

    total $260,724 · management and general $260,724

  • 11g · Fees: other

    total $1,031,586 · program services $433,852 · management and general $597,734

  • 12 · Advertising and promotion

    total $546,029 · program services $535,390 · management and general $10,639

  • 13 · Office expenses

    total $49,435 · management and general $49,435

  • 14 · Information technology

    total $88,086 · program services $15,315 · management and general $72,771

  • 16 · Occupancy

    total $115,238 · management and general $115,238

  • 17 · Travel

    total $54,316 · program services $42,767 · management and general $11,549

  • 19 · Conferences, conventions and meetings

    total $9,904 · management and general $9,904

  • 20 · Interest

    total $3,456,449 · program services $3,456,449

  • 22 · Depreciation, depletion and amortization

    total $58,876 · management and general $58,876

  • 23 · Insurance

    total $122,660 · management and general $122,660

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $2,803,756 · program services $2,803,256 · management and general $500

  • 24b · Other expenses: COLLECTIONS EXPENSE

    total $349,830 · program services $349,830

  • 24c · Other expenses: LOAN SERVICING FEE

    total $273,589 · program services $273,589

  • 24e · All other expenses

    total $94,829 · program services $49,267 · management and general $45,562

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $8,531,856 · end of year $9,670,254

  • 2 · Savings and temporary cash investments

    beginning of year $4,701,789 · end of year $0

  • 4 · Accounts receivable

    beginning of year $132,533 · end of year $104,944

  • 7 · Other notes and loans receivable

    beginning of year $4,232,217 · end of year $3,756,212

  • 9 · Prepaid expenses and deferred charges

    beginning of year $155,920 · end of year $131,574

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

    $573,973

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

    $258,282

  • 10c · Land, buildings and equipment, net

    beginning of year $306,886 · end of year $315,691

  • 11 · Investments: publicly traded securities

    beginning of year $104,500,850 · end of year $116,498,833

  • 12 · Investments: other securities

    beginning of year $631,678 · end of year $421,890

  • 13 · Investments: program-related

    beginning of year $117,220,350 · end of year $119,408,259

  • 15 · Other assets

    beginning of year $938,443 · end of year $895,755

  • 17 · Accounts payable and accrued expenses

    beginning of year $2,311,026 · end of year $1,754,703

  • 23 · Secured mortgages and notes payable

    beginning of year $65,166,885 · end of year $69,537,793

  • 27 · Net assets without donor restrictions

    beginning of year $172,772,611 · end of year $178,788,916

  • 28 · Net assets with donor restrictions

    beginning of year $1,102,000 · end of year $1,122,000

Mission and programs · 2024

Mission

FOR OVER 40 YEARS, INDIANA SECONDARY MARKET FOR EDUCATION LOANS, INC. (D/B/A "INVESTED") HAS PROVIDED INDIANA STUDENTS AND FAMILIES CRITICAL RESOURCES AND ADVISING SERVICES TO PLAN AND FINANCE EDUCATION AFTER HIGH SCHOOL. AS INDIANA'S ONLY STATE-BASED, NONPROFIT STUDENT-LOAN-MAKING AND FINANCIAL-LITERACY ORGANIZATION, INVESTED PLAYS A CRUCIAL ROLE SERVING ALL INDIANA STUDENTS AND FAMILIES BEFORE, DURING, AND AFTER THEIR POST-SECONDARY STUDIES TO MAKE POST-SECONDARY EDUCATIONAL ATTAINMENT AFFORDABLE. INVESTED PROVIDES STUDENTS AND FAMILIES VARIOUS SERVICES THROUGH ITS STUDENT LOAN PROGRAM AND ITS FINANCIAL AID LITERACY AND ADVISING PROGRAMS, ALL AT NO COST TO STUDENTS, THEIR FAMILIES, OR INDIANA TAXPAYERS.

  • IN FISCAL YEAR 2025, THROUGH ITS FINANCIAL AID LITERACY AND ADVISING SERVICES, INVESTED CONDUCTED 1,060 IN-PERSON EVENTS AT PARTNER SCHOOLS FOR 94,454 ATTENDEES, AND PROVIDED DIRECT ONE-ON-ONE SUPPORT TO 16,358 INDIVIDUALS. INFORMATION DISCUSSED AND SHARED DURING GROUP EVENTS AND INDIVIDUAL SESSIONS INCLUDES, BUT IS NOT LIMITED TO:- MATERIALS AND INFORMATION: DEMONSTRATING THE VALUE PROPOSITION OF POSTSECONDARY CREDENTIALS AND DEGREES;- RESOURCES: DEMYSTIFYING INFORMATION BARRIERS, AND ASSISTANCE CAREFULLY NAVIGATING AVAILABLE GRANTS, SCHOLARSHIPS, COST SAVINGS, AND OPTIMAL FUNDING OPTIONS TO MEET POSTSECONDARY EDUCATION NEEDS AND CAREER GOALS; AND - ASSISTANCE: ACCESSING INDIANA'S EXCEPTIONALLY GENEROUS STATE FINANCIAL AID PROGRAM, AS WELL AS FEDERAL RESOURCES THROUGH PROGRAMS LIKE FREE APPLICATION FOR STUDENT AID (FAFSA) COMPLETION EVENTS, AND ONGOING CONCIERGE-STYLE GUIDANCE AND SUPPORT BY PHONE, EMAIL, AND ONLINE CHAT.

    Expenses $9,778,031 · Grants $479,000 · Revenue $7,882,623

As filed on the 2024 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • DOUG BROWN

    BOARD MEMBER

    Total calculated
    $1,960
    From this org
    $1,960
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • CAROL D'AMICO

    SECRETARY

    Total calculated
    $3,136
    From this org
    $3,136
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • TOM GUEVARA

    BOARD MEMBER

    Total calculated
    $1,764
    From this org
    $1,764
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • MATTHEW MURPHY

    TREASURER

    Total calculated
    $3,332
    From this org
    $3,332
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • FRED PAYNE

    VICE CHAIRPERSON

    Total calculated
    $1,372
    From this org
    $1,372
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • CHARLES E SCHALLIOL

    CHAIRPERSON

    Total calculated
    $7,448
    From this org
    $7,448
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • JIM SNYDER

    BOARD MEMBER

    Total calculated
    $1,764
    From this org
    $1,764
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • BETSY WILEY

    BOARD MEMBER

    Total calculated
    $1,568
    From this org
    $1,568
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • MARSHAWN WOLLEY

    BOARD MEMBER

    Total calculated
    $1,372
    From this org
    $1,372
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • LINAE DEVAISHER

    CFO & VP

    Total calculated
    $322,297
    From this org
    $300,751
    From related orgs
    $0
    Other
    $21,546
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $221,234
    Bonus
    $59,265
    Other
    $20,252
    Deferred
    $12,788
    Nontaxable benefits
    $8,758
    Filer's total
    $322,297

  • JOSEPH WOOD

    CEO & PRESIDENT

    Total calculated
    $506,699
    From this org
    $469,900
    From related orgs
    $0
    Other
    $36,799
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $375,781
    Bonus
    $87,242
    Other
    $6,877
    Deferred
    $18,416
    Nontaxable benefits
    $18,383
    Filer's total
    $506,699

  • PATRICK JASON MCGREW

    VP OF EXTERNAL MANAGEMENT

    Total calculated
    $237,312
    From this org
    $200,885
    From related orgs
    $0
    Other
    $36,427
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $176,440
    Bonus
    $15,876
    Other
    $8,569
    Deferred
    $10,584
    Nontaxable benefits
    $25,843
    Filer's total
    $237,312

  • CYNTHIA STONEROCK

    SENIOR FINANCIAL ANALYST

    Total calculated
    $153,602
    From this org
    $121,625
    From related orgs
    $0
    Other
    $31,977
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $109,479
    Bonus
    $10,733
    Other
    $1,413
    Deferred
    $6,569
    Nontaxable benefits
    $25,408
    Filer's total
    $153,602

  • WILLIAM WOZNIAK

    VP OF MARKETING

    Total calculated
    $258,256
    From this org
    $222,588
    From related orgs
    $0
    Other
    $35,668
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $171,006
    Bonus
    $34,031
    Other
    $17,551
    Deferred
    $10,260
    Nontaxable benefits
    $25,408
    Filer's total
    $258,256

  • MATTHEW KRIEG

    LENDING, BUS. DEV. MNGR.

    Total calculated
    $139,649
    From this org
    $109,160
    From related orgs
    $0
    Other
    $30,489
    Hours/week
    40

  • SUSAN MAYBERRY

    ADV. & OUTREACH MNGR.

    Total calculated
    $139,542
    From this org
    $109,046
    From related orgs
    $0
    Other
    $30,496
    Hours/week
    40

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 · Written employment contract
  • 3 · Compensation survey or study
  • 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

  • INDIANA COMMISSION FOR HIGHER EDUCATION

    $475,000

    NON-STEM DUAL CREDIT CREDENTIALING PROGRAM

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • ACCELERATE INDIANA INC

    501(C)(3) · PROVIDE FINANCIAL ASSISTANCE AWARDS TO STUDENTS · IN · controlled entity

    Directly controlled by INDIANA SECONDARY MARKET FOR EDUCATION LOANS INC

Provenance

Return type
form_990
Tax year
2024
Filed
15 April 2026
IRS schema version
2024v5.5
Source object
202611199349302431

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