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Nonprofiteer
← IOWA STUDENT LOAN LIQUIDITY CORP

Form 990 for tax year 2022

Filed by IOWA STUDENT LOAN LIQUIDITY CORP.

Totals

Total revenue
$101,452,446
Total expenses
$103,486,049
Contributions and grants received
$0
Grants paid
$685,000
Program service revenue
$95,379,910
Investment income
$6,072,510
Other revenue
$26
Total assets, end of year
$1,743,077,766
Total liabilities, end of year
$1,254,616,939
Net assets or fund balances, end of year
$488,460,827
Program services expenses (Part IX)
$98,774,705
Management and general expenses
$4,711,344
Fundraising expenses
$0
Program service expenses (Part III)
$98,774,705

Program services were 95.4% 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.

  • 2a · Program service revenue: STUDENT LOAN INTEREST

    total $90,101,598 · related or exempt $90,101,598

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

    total $5,278,312 · related or exempt $5,278,312

  • 3 · Investment income

    total $6,203,424 · related or exempt $6,203,424

  • 7a · Gross sales of assets other than inventory

    securities $45,055

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

    securities $175,969

  • 7c · Gain or loss

    securities -$130,914

  • 7d · Net gain or loss

    total -$130,914 · related or exempt -$130,914

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $26 · related or exempt $26

  • 11e · Other revenue, total

    $26

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 $2,453,631 · management and general $2,453,631

  • 7 · Other salaries and wages

    total $7,058,999 · program services $7,058,999

  • 8 · Pension plan contributions

    total $868,935 · program services $713,956 · management and general $154,979

  • 9 · Other employee benefits

    total $895,075 · program services $791,114 · management and general $103,961

  • 10 · Payroll taxes

    total $645,983 · program services $433,152 · management and general $212,831

  • 11b · Fees: legal

    total $138,685 · management and general $138,685

  • 11c · Fees: accounting

    total $497,724 · management and general $497,724

  • 11d · Fees: lobbying

    total $156,101 · program services $156,101

  • 12 · Advertising and promotion

    total $618,070 · program services $618,070

  • 13 · Office expenses

    total $470,607 · program services $470,607

  • 14 · Information technology

    total $1,138,088 · program services $1,138,088

  • 16 · Occupancy

    total $305,877 · program services $305,877

  • 17 · Travel

    total $76,765 · program services $76,765

  • 19 · Conferences, conventions and meetings

    total $50,096 · program services $50,096

  • 20 · Interest

    total $51,462,170 · program services $51,462,170

  • 22 · Depreciation, depletion and amortization

    total $1,149,533 · management and general $1,149,533

  • 24a · Other expenses: SERVICE CHARGES & FEES

    total $16,195,370 · program services $16,195,370

  • 24b · Other expenses: PROVISION FOR LOAN LOSS

    total $5,372,021 · program services $5,372,021

  • 24c · Other expenses: DEBT RELATED EXPENSES

    total $5,122,668 · program services $5,122,668

  • 24d · Other expenses: CONSOLIDATED REBATE FEE

    total $4,127,155 · program services $4,127,155

  • 24e · All other expenses

    total $3,997,496 · program services $3,997,496

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,303,372 · end of year $689,194

  • 2 · Savings and temporary cash investments

    beginning of year $186,745,547 · end of year $180,682,245

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $1,594,030,903 · end of year $1,440,775,608

  • 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 $1,565,392 · end of year $1,022,193

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

    $44,701,254

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

    $35,921,127

  • 10c · Land, buildings and equipment, net

    beginning of year $9,188,737 · end of year $8,780,127

  • 11 · Investments: publicly traded securities

    beginning of year $8,683,992 · end of year $7,566,156

  • 12 · Investments: other securities

    beginning of year $37,262,741 · end of year $37,906,985

  • 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 $62,927,633 · end of year $65,655,258

  • 17 · Accounts payable and accrued expenses

    beginning of year $6,127,995 · end of year $6,876,270

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $20,194,250 · end of year $16,766,219

  • 20 · Tax-exempt bond liabilities

    beginning of year $136,279,919 · end of year $123,475,056

  • 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 $1,250,907,520 · end of year $1,103,870,317

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $1,488,478 · end of year $3,629,077

  • 27 · Net assets without donor restrictions

    beginning of year $486,710,155 · end of year $488,460,827

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2022

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, 2023, THE CORPORATION OWNED AND SERVICED LOANS TOTALING 204,347 WITH AN OUTSTANDING BALANCE OF $1,577,879,350.

    Expenses $98,774,705 · Grants $685,000 · Revenue $101,452,446

As filed on the 2022 return.

Listed in Part VII

  • Christine Hensley

    BOARD CHAIRPERSON

    Total calculated
    $16,938
    From this org
    $16,938
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Laurie Hempin

    BOARD OF DIRECTOR (END 4/2023)

    Total calculated
    $8,136
    From this org
    $8,136
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Tammy Bramley

    BOARD VICE CHAIRPERSON

    Total calculated
    $13,000
    From this org
    $13,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Daniel Clute

    BOARD MEMBER

    Total calculated
    $10,282
    From this org
    $10,282
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Adam Voigts

    BOARD MEMBER

    Total calculated
    $10,687
    From this org
    $10,687
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Julie Pingel

    BOARD MEMBER

    Total calculated
    $9,308
    From this org
    $9,308
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Scott Schneidermann

    BOARD MEMBER

    Total calculated
    $10,298
    From this org
    $10,298
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Rob Denson

    BOARD MEMBER

    Total calculated
    $8,516
    From this org
    $8,516
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jim Schipper

    BOARD MEMBER

    Total calculated
    $8,904
    From this org
    $8,904
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Marcia Rogers

    BOARD MEMBER

    Total calculated
    $8,120
    From this org
    $8,120
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Nancy Dunkel

    BOARD MEMBER

    Total calculated
    $7,732
    From this org
    $7,732
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Juan Garcia

    BOARD MEMBER (START 4/2023)

    Total calculated
    $0
    Hours/week
    1

  • Steve McCullough

    PRESIDENT & CEO

    Total calculated
    $539,470
    From this org
    $483,370
    From related orgs
    $0
    Other
    $56,100
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $483,370
    Bonus
    $0
    Other
    $0
    Deferred
    $28,975
    Nontaxable benefits
    $27,125
    Filer's total
    $539,470

  • Erin Lacey

    EVP & TREASURER

    Total calculated
    $347,047
    From this org
    $297,316
    From related orgs
    $0
    Other
    $49,731
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $297,316
    Bonus
    $0
    Other
    $0
    Deferred
    $30,322
    Nontaxable benefits
    $19,409
    Filer's total
    $347,047

  • Mary Kay Debolt

    SR. OPERATIONS VP & SECRETARY

    Total calculated
    $273,698
    From this org
    $0
    From related orgs
    $242,303
    Other
    $31,395
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $0 + $242,303 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $24,241 related
    Nontaxable benefits
    $0 + $7,154 related
    Filer's total
    $0 + $273,698 related

  • Cindy Bartz

    CIO & PROJ MGMT VP

    Total calculated
    $287,974
    From this org
    $237,020
    From related orgs
    $0
    Other
    $50,954
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,020
    Bonus
    $0
    Other
    $0
    Deferred
    $24,677
    Nontaxable benefits
    $26,277
    Filer's total
    $287,974

  • Greg Nichols

    SR. PUB AFFAIRS & COMM REL VP

    Total calculated
    $252,801
    From this org
    $220,880
    From related orgs
    $0
    Other
    $31,921
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $220,880
    Bonus
    $0
    Other
    $0
    Deferred
    $22,320
    Nontaxable benefits
    $9,601
    Filer's total
    $252,801

  • Ron Foresman

    ACCOUNTING & RISK MGMT VP

    Total calculated
    $279,729
    From this org
    $240,889
    From related orgs
    $0
    Other
    $38,840
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $240,889
    Bonus
    $0
    Other
    $0
    Deferred
    $24,445
    Nontaxable benefits
    $14,395
    Filer's total
    $279,729

  • Marc Hendel

    SR. RESEARCHER & DATA MGR

    Total calculated
    $233,823
    From this org
    $205,988
    From related orgs
    $0
    Other
    $27,835
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $205,988
    Bonus
    $0
    Other
    $0
    Deferred
    $20,850
    Nontaxable benefits
    $6,985
    Filer's total
    $233,823

  • Chad Winter

    INFORMATION TECHNOLOGY MGR

    Total calculated
    $192,720
    From this org
    $161,542
    From related orgs
    $0
    Other
    $31,178
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $161,542
    Bonus
    $0
    Other
    $0
    Deferred
    $16,934
    Nontaxable benefits
    $14,244
    Filer's total
    $192,720

  • Marsha Boender

    DIR, LENDER & SCHOOL SERV.

    Total calculated
    $209,057
    From this org
    $172,374
    From related orgs
    $0
    Other
    $36,683
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $172,374
    Bonus
    $0
    Other
    $0
    Deferred
    $18,190
    Nontaxable benefits
    $18,493
    Filer's total
    $209,057

  • Bryan Phillips

    SENIOR SOFTWARE DEVELOPER

    Total calculated
    $168,749
    From this org
    $157,820
    From related orgs
    $0
    Other
    $10,929
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $157,820
    Bonus
    $0
    Other
    $0
    Deferred
    $10,929
    Nontaxable benefits
    $0
    Filer's total
    $168,749

  • Shawn Smith

    LEAD DATABASE ADMINISTRATOR

    Total calculated
    $188,069
    From this org
    $164,511
    From related orgs
    $0
    Other
    $23,558
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $164,511
    Bonus
    $0
    Other
    $0
    Deferred
    $16,404
    Nontaxable benefits
    $7,154
    Filer's total
    $188,069

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 $644,244 · share of assets $37,906,985 · controlled entity

    Directly controlled by ISLLC

Provenance

Return type
form_990
Tax year
2022
Filed
14 May 2024
IRS schema version
2022v5.0
Source object
202421359349311662

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