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Nonprofiteer
← INDIANA SECONDARY MARKET FOR EDUCATION LOANS INC

Form 990 for tax year 2023

Filed by INDIANA SECONDARY MARKET FOR EDUCATION LOANS INC.

Totals

Total revenue
$16,573,697
Total expenses
$17,955,703
Contributions and grants received
$0
Grants paid
$6,750,000
Program service revenue
$7,970,690
Investment income
$8,603,007
Other revenue
$0
Total assets, end of year
$241,352,522
Total liabilities, end of year
$67,477,911
Net assets or fund balances, end of year
$173,874,611
Program services expenses (Part IX)
$14,750,442
Management and general expenses
$3,205,261
Fundraising expenses
$0
Program service expenses (Part III)
$14,750,442

Program services were 82.1% 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 $6,682,046 · related or exempt $6,682,046

  • 2b · Program service revenue: SPECIAL ALLOWANCE

    total $1,124,747 · related or exempt $1,124,747

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

    total $163,897 · related or exempt $163,897

  • 3 · Investment income

    total $3,685,226 · excluded $3,685,226

  • 7a · Gross sales of assets other than inventory

    securities $23,049,000

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

    securities $18,131,219

  • 7c · Gain or loss

    securities $4,917,781

  • 7d · Net gain or loss

    total $4,917,781 · excluded $4,917,781

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $6,750,000 · program services $6,750,000

  • 5 · Compensation of officers, directors and key employees

    total $700,822 · program services $68,043 · management and general $632,779

  • 7 · Other salaries and wages

    total $1,490,756 · program services $844,069 · management and general $646,687

  • 8 · Pension plan contributions

    total $60,564 · program services $33,003 · management and general $27,561

  • 9 · Other employee benefits

    total $342,489 · program services $220,442 · management and general $122,047

  • 10 · Payroll taxes

    total $139,032 · program services $68,580 · management and general $70,452

  • 11b · Fees: legal

    total $436,272 · management and general $436,272

  • 11c · Fees: accounting

    total $71,413 · management and general $71,413

  • 11f · Fees: investment management

    total $231,990 · management and general $231,990

  • 11g · Fees: other

    total $895,759 · program services $413,791 · management and general $481,968

  • 12 · Advertising and promotion

    total $532,176 · program services $526,187 · management and general $5,989

  • 13 · Office expenses

    total $52,014 · management and general $52,014

  • 14 · Information technology

    total $71,199 · program services $19,098 · management and general $52,101

  • 16 · Occupancy

    total $22,887 · management and general $22,887

  • 17 · Travel

    total $49,288 · program services $43,756 · management and general $5,532

  • 19 · Conferences, conventions and meetings

    total $4,684 · management and general $4,684

  • 20 · Interest

    total $3,589,175 · program services $3,589,175

  • 22 · Depreciation, depletion and amortization

    total $158,812 · management and general $158,812

  • 23 · Insurance

    total $138,057 · management and general $138,057

  • 24a · Other expenses: PROVISION FOR LOAN LOSS

    total $1,523,921 · program services $1,523,921

  • 24b · Other expenses: COLLECTIONS EXPENSE

    total $332,037 · program services $332,037

  • 24c · Other expenses: LOAN SERVICING FEE

    total $269,058 · program services $269,058

  • 24e · All other expenses

    total $93,298 · program services $49,282 · management and general $44,016

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $13,971,718 · end of year $8,531,856

  • 2 · Savings and temporary cash investments

    beginning of year $2,473,846 · end of year $4,701,789

  • 4 · Accounts receivable

    beginning of year $130,936 · end of year $132,533

  • 7 · Other notes and loans receivable

    beginning of year $4,804,571 · end of year $4,232,217

  • 9 · Prepaid expenses and deferred charges

    beginning of year $165,856 · end of year $155,920

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

    $514,408

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

    $207,522

  • 10c · Land, buildings and equipment, net

    beginning of year $60,023 · end of year $306,886

  • 11 · Investments: publicly traded securities

    beginning of year $101,566,992 · end of year $104,500,850

  • 12 · Investments: other securities

    beginning of year $725,850 · end of year $631,678

  • 13 · Investments: program-related

    beginning of year $119,753,068 · end of year $117,220,350

  • 15 · Other assets

    beginning of year $276,358 · end of year $938,443

  • 17 · Accounts payable and accrued expenses

    beginning of year $754,493 · end of year $2,311,026

  • 23 · Secured mortgages and notes payable

    beginning of year $73,075,662 · end of year $65,166,885

  • 27 · Net assets without donor restrictions

    beginning of year $166,691,063 · end of year $172,772,611

  • 28 · Net assets with donor restrictions

    beginning of year $3,408,000 · end of year $1,102,000

Mission and programs · 2023

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 2024, THROUGH ITS FINANCIAL AID LITERACY AND ADVISING SERVICES, INVESTED CONDUCTED 959 IN-PERSON EVENTS AT PARTNER SCHOOLS FOR 69,481 ATTENDEES, AND PROVIDED DIRECT ONE-ON-ONE SUPPORT TO 20,654 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 $14,750,442 · Grants $6,750,000 · Revenue $7,970,690

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

Listed in Part VII

  • Doug Brown

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Carol D'Amico

    SECRETARY

    Total calculated
    $7,230
    From this org
    $7,230
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tom Guevara

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Matthew Murphy

    VICE CHAIRPERSON, TREASURER

    Total calculated
    $12,514
    From this org
    $12,514
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Fred Payne

    VICE CHAIRPERSON

    Total calculated
    $0
    Hours/week
    1

  • Charles E Schalliol

    CHAIRPERSON

    Total calculated
    $12,156
    From this org
    $12,156
    From related orgs
    $0
    Other
    $0
    Hours/week
    2

  • Jim Snyder

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Betsy Wiley

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Marshawn Wolley

    BOARD MEMBER

    Total calculated
    $0
    Hours/week
    1

  • Anthony Armstrong

    BOARD MEMBER

    Total calculated
    $8,926
    From this org
    $8,926
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Diana H Hamilton

    BOARD MEMBER

    Total calculated
    $4,142
    From this org
    $4,142
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brett Merritt

    BOARD MEMBER

    Total calculated
    $5,534
    From this org
    $5,534
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • C Todd Richardson

    BOARD MEMBER

    Total calculated
    $6,250
    From this org
    $6,250
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • David B Skinner

    BOARD MEMBER

    Total calculated
    $7,926
    From this org
    $7,926
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Michael T Vea

    BOARD MEMBER

    Total calculated
    $9,230
    From this org
    $9,230
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Linae Devaisher

    CFO & VP

    Total calculated
    $320,147
    From this org
    $299,453
    From related orgs
    $0
    Other
    $20,694
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $211,732
    Bonus
    $77,057
    Other
    $10,664
    Deferred
    $12,730
    Nontaxable benefits
    $7,964
    Filer's total
    $320,147

  • Joseph Wood

    CEO & PRESIDENT

    Total calculated
    $505,333
    From this org
    $470,611
    From related orgs
    $0
    Other
    $34,722
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $359,641
    Bonus
    $107,406
    Other
    $3,564
    Deferred
    $18,178
    Nontaxable benefits
    $16,544
    Filer's total
    $505,333

  • Patrick Jason McGrew

    VP OF EXTERNAL MANAGEMENT

    Total calculated
    $234,368
    From this org
    $202,980
    From related orgs
    $0
    Other
    $31,388
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,200
    Bonus
    $30,240
    Other
    $540
    Deferred
    $8,781
    Nontaxable benefits
    $22,607
    Filer's total
    $234,368

  • Cynthia Stonerock

    SENIOR FINANCIAL ANALYST

    Total calculated
    $145,042
    From this org
    $115,711
    From related orgs
    $0
    Other
    $29,331
    Hours/week
    40

  • William Wozniak

    VP OF MARKETING

    Total calculated
    $240,535
    From this org
    $207,671
    From related orgs
    $0
    Other
    $32,864
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $163,661
    Bonus
    $25,909
    Other
    $18,101
    Deferred
    $9,819
    Nontaxable benefits
    $23,045
    Filer's total
    $240,535

  • Eugene Johnson

    PROGRAM DIRECTOR

    Total calculated
    $123,265
    From this org
    $116,551
    From related orgs
    $0
    Other
    $6,714
    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

    $3,000,000

    NON-STEM DUAL CREDIT CREDENTIALING PROGRAM

  • PURDUE UNIVERSITY

    $1,500,000

    UNIVERSITY'S INTERNS FOR INDIANA PROGRAM

  • INDIANA UNIVERSITY

    $1,500,000

    EXPAND LIFE & HEALTH SCIENCES INTERN PROGRAM, EXPAND FIRST-YEAR RESEARCH IMMERSION PROGRAM, AND EXPERIENTIAL LEARNING GRANTS

  • CENTER FOR LEADERSHIP DEVELOPMENT

    $750,000

    YOUTH DEVELOPMENT PROGRAMMING

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
2023
Filed
13 January 2026
IRS schema version
2023v6.0
Source object
202600159349301955

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