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Nonprofiteer
← TEXAS GUARANTEED STUDENT LOAN CORPORATION

Form 990 for tax year 2023

Filed by TEXAS GUARANTEED STUDENT LOAN CORPORATION.

Totals

Total revenue
$98,509,390
Total expenses
$42,795,642
Contributions and grants received
$82,939,983
Grants paid
$10,060,000
Program service revenue
$1,854,813
Investment income
$13,714,594
Other revenue
$0
Total assets, end of year
$572,736,931
Total liabilities, end of year
$309,378,403
Net assets or fund balances, end of year
$263,358,528
Program services expenses (Part IX)
$27,986,603
Management and general expenses
$14,809,039
Fundraising expenses
$0
Program service expenses (Part III)
$27,986,603

Program services were 65.4% 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)

    $82,550,686

  • 1f · All other contributions, gifts and grants

    $389,297

  • 2a · Program service revenue: CALL CENTER REVENUE

    total $1,272,840 · related or exempt $1,272,840

  • 2b · Program service revenue: CONSULTING SERVICES

    total $581,973 · related or exempt $503,548 · unrelated business $78,425

  • 3 · Investment income

    total $6,059,539 · excluded $6,059,539

  • 7a · Gross sales of assets other than inventory

    securities $153,675,422

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

    securities $146,020,367

  • 7c · Gain or loss

    securities $7,655,055

  • 7d · Net gain or loss

    total $7,655,055 · excluded $7,655,055

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $10,060,000 · program services $10,060,000

  • 5 · Compensation of officers, directors and key employees

    total $4,029,858 · program services $2,206,820 · management and general $1,823,038

  • 7 · Other salaries and wages

    total $15,434,026 · program services $8,451,940 · management and general $6,982,086

  • 8 · Pension plan contributions

    total $779,291 · program services $426,753 · management and general $352,538

  • 9 · Other employee benefits

    total $2,386,495 · program services $1,306,886 · management and general $1,079,609

  • 10 · Payroll taxes

    total $1,388,968 · program services $760,623 · management and general $628,345

  • 11b · Fees: legal

    total $155,841 · program services $85,341 · management and general $70,500

  • 11c · Fees: accounting

    total $763,643 · program services $418,184 · management and general $345,459

  • 11d · Fees: lobbying

    total $24,260 · program services $13,285 · management and general $10,975

  • 11g · Fees: other

    total $709,651 · program services $388,617 · management and general $321,034

  • 12 · Advertising and promotion

    total $42,513 · program services $23,281 · management and general $19,232

  • 13 · Office expenses

    total $769,625 · program services $421,460 · management and general $348,165

  • 14 · Information technology

    total $3,140,460 · program services $1,719,770 · management and general $1,420,690

  • 16 · Occupancy

    total $654,567 · program services $358,452 · management and general $296,115

  • 17 · Travel

    total $340,260 · program services $186,332 · management and general $153,928

  • 19 · Conferences, conventions and meetings

    total $84,588 · program services $46,322 · management and general $38,266

  • 22 · Depreciation, depletion and amortization

    total $1,001,274 · program services $548,315 · management and general $452,959

  • 23 · Insurance

    total $497,596 · program services $272,492 · management and general $225,104

  • 24a · Other expenses: TAX LIABILITY ACCRUAL

    total $470,000 · program services $257,380 · management and general $212,620

  • 24b · Other expenses: ALL OTHER EXPENSES

    total $62,726 · program services $34,350 · management and general $28,376

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $1

  • 2 · Savings and temporary cash investments

    beginning of year $14,495,019 · end of year $12,055,100

  • 3 · Pledges and grants receivable

    beginning of year $18,526,042 · end of year $10,488,048

  • 4 · Accounts receivable

    beginning of year $1,437,765 · end of year $3,686,060

  • 9 · Prepaid expenses and deferred charges

    beginning of year $1,126,877 · end of year $1,282,650

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

    $55,691,010

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

    $37,071,471

  • 10c · Land, buildings and equipment, net

    beginning of year $19,612,738 · end of year $18,619,539

  • 11 · Investments: publicly traded securities

    beginning of year $137,773,529 · end of year $216,227,577

  • 12 · Investments: other securities

    beginning of year $9,748,781 · end of year $9,848,781

  • 15 · Other assets

    beginning of year $284,134,663 · end of year $300,529,175

  • 17 · Accounts payable and accrued expenses

    beginning of year $12,312,192 · end of year $8,262,756

  • 21 · Escrow or custodial account liability

    beginning of year $283,671,655 · end of year $300,167,750

  • 25 · Other liabilities

    beginning of year $661,090 · end of year $947,897

  • 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 $19,612,737 · end of year $18,619,540

  • 31 · Retained earnings, endowment or other funds

    beginning of year $170,597,740 · end of year $244,738,988

Mission and programs · 2023

Mission

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

  • SEE SCHEDULE O

    Expenses $7,450,988

  • SEE SCHEDULE O

    Expenses $20,535,615 · Grants $10,060,000 · Revenue $1,776,388

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Escudero Edward

    BOARD MEMBER

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

  • Rhodes Richard

    BOARD MEMBER

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

  • Batts Yvonne

    BOARD MEMBER

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

  • Andarza Ivan

    BOARD MEMBER

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

  • Wilson Welcome Jr

    BOARD MEMBER

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

  • Verde Dora Ann

    BOARD MEMBER

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

  • Johnson Renard

    BOARD MEMBER

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

  • Moroney Dennis

    BOARD MEMBER

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

  • Chromy Debra J

    PRESIDENT/CEO

    Total calculated
    $704,107
    From this org
    $642,581
    From related orgs
    $0
    Other
    $61,526
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $429,243
    Bonus
    $184,553
    Other
    $28,785
    Deferred
    $48,300
    Nontaxable benefits
    $13,226
    Filer's total
    $704,107

  • Schwanke David Scott

    CHIEF FINANCIAL OFFICER

    Total calculated
    $456,646
    From this org
    $378,507
    From related orgs
    $0
    Other
    $78,139
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $262,238
    Bonus
    $86,820
    Other
    $29,449
    Deferred
    $48,300
    Nontaxable benefits
    $29,839
    Filer's total
    $456,646

  • Dickenson Gregory H

    GENERAL COUNSEL

    Total calculated
    $248,966
    From this org
    $203,343
    From related orgs
    $0
    Other
    $45,623
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $132,568
    Bonus
    $40,049
    Other
    $30,726
    Deferred
    $31,520
    Nontaxable benefits
    $14,103
    Filer's total
    $248,966

  • Fournier Timothy J

    CHIEF OPERATING OFFICER

    Total calculated
    $640,530
    From this org
    $574,975
    From related orgs
    $0
    Other
    $65,555
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,406
    Bonus
    $140,829
    Other
    $188,740
    Deferred
    $48,300
    Nontaxable benefits
    $17,255
    Filer's total
    $640,530

  • Ashton Bryan M

    CHIEF STRATEGY AND GROWTH OFFICER

    Total calculated
    $390,228
    From this org
    $335,559
    From related orgs
    $0
    Other
    $54,669
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $244,128
    Bonus
    $79,761
    Other
    $11,670
    Deferred
    $38,967
    Nontaxable benefits
    $15,702
    Filer's total
    $390,228

  • High Susan G

    VP, OPERATIONS

    Total calculated
    $323,159
    From this org
    $256,612
    From related orgs
    $0
    Other
    $66,547
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $185,238
    Bonus
    $47,161
    Other
    $24,213
    Deferred
    $44,057
    Nontaxable benefits
    $22,490
    Filer's total
    $323,159

  • Hackleman Linda S

    VP, HUMAN RESOURCES

    Total calculated
    $313,474
    From this org
    $250,199
    From related orgs
    $0
    Other
    $63,275
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $183,742
    Bonus
    $45,689
    Other
    $20,768
    Deferred
    $40,097
    Nontaxable benefits
    $23,178
    Filer's total
    $313,474

  • Zimmerman James E

    VP, INFORMATION TECHNOLOGY

    Total calculated
    $348,849
    From this org
    $289,875
    From related orgs
    $0
    Other
    $58,974
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $173,136
    Bonus
    $50,202
    Other
    $66,537
    Deferred
    $37,948
    Nontaxable benefits
    $21,026
    Filer's total
    $348,849

  • Padaki Chandrika Murali

    INTERIM VP, INFORMATION TECHNOLOGY

    Total calculated
    $253,925
    From this org
    $206,173
    From related orgs
    $0
    Other
    $47,752
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $147,909
    Bonus
    $40,627
    Other
    $17,637
    Deferred
    $26,527
    Nontaxable benefits
    $21,225
    Filer's total
    $253,925

  • Sweeney Jason M

    DIRECTOR - SALES AND MARKETING

    Total calculated
    $294,333
    From this org
    $247,636
    From related orgs
    $0
    Other
    $46,697
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $188,427
    Bonus
    $47,110
    Other
    $12,099
    Deferred
    $31,685
    Nontaxable benefits
    $15,012
    Filer's total
    $294,333

  • Asher Rhonda A

    CONTROLLER

    Total calculated
    $255,594
    From this org
    $203,905
    From related orgs
    $0
    Other
    $51,689
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,309
    Bonus
    $38,026
    Other
    $1,570
    Deferred
    $25,845
    Nontaxable benefits
    $25,844
    Filer's total
    $255,594

  • Webster Jeffrey James

    DIRECTOR, RESEARCH

    Total calculated
    $259,200
    From this org
    $204,558
    From related orgs
    $0
    Other
    $54,642
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $155,498
    Bonus
    $34,980
    Other
    $14,080
    Deferred
    $41,241
    Nontaxable benefits
    $13,401
    Filer's total
    $259,200

  • Rambikur Sara T

    DIRECTOR, CORPORATE GOVERNANCE AND COMPLIANCE

    Total calculated
    $232,753
    From this org
    $198,489
    From related orgs
    $0
    Other
    $34,264
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $152,979
    Bonus
    $34,927
    Other
    $10,583
    Deferred
    $33,620
    Nontaxable benefits
    $644
    Filer's total
    $232,753

  • Smith Steven Ray

    DIRECTOR - HIGHER EDUCATION SERVICES

    Total calculated
    $240,115
    From this org
    $195,550
    From related orgs
    $0
    Other
    $44,565
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $146,615
    Bonus
    $33,639
    Other
    $15,296
    Deferred
    $33,583
    Nontaxable benefits
    $10,982
    Filer's total
    $240,115

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

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.

Disregarded entities

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

  • TRELLIS STRATEGIES

    CONSULTING · TX · income $0 · assets $0

    Directly controlled by TEXAS GUAR

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
2023
Filed
11 August 2025
IRS schema version
2023v6.0
Source object
202512249349301906

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