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Nonprofiteer
← New Hampshire Higher Education Assistance Foundation

Form 990 for tax year 2022

Filed by New Hampshire Higher Education Assistance Foundation.

Totals

Total revenue
$807,912
Total expenses
$324,138
Contributions and grants received
$20,023
Grants paid
$300,000
Program service revenue
$0
Investment income
$787,889
Other revenue
$0
Total assets, end of year
$0
Total liabilities, end of year
$0
Net assets or fund balances, end of year
$0
Program services expenses (Part IX)
$304,491
Management and general expenses
$19,647
Fundraising expenses
$0
Program service expenses (Part III)
$304,491

Program services were 93.9% 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.

  • 1f · All other contributions, gifts and grants

    $20,023

  • 1g · Noncash contributions included above

    $20,023

  • 3 · Investment income

    total $372,636 · excluded $372,636

  • 7a · Gross sales of assets other than inventory

    securities $874,973

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

    securities $459,720

  • 7c · Gain or loss

    securities $415,253

  • 7d · Net gain or loss

    total $415,253 · excluded $415,253

Functional expenses

Part IX, the statement of functional expenses.

  • 2 · Grants to domestic individuals

    total $300,000 · program services $300,000

  • 11f · Fees: investment management

    total $19,647 · management and general $19,647

  • 13 · Office expenses

    total $4,491 · program services $4,491

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    end of year $0

  • 2 · Savings and temporary cash investments

    beginning of year $4,198,247 · end of year $0

  • 3 · Pledges and grants receivable

    end of year $0

  • 4 · Accounts receivable

    end of year $0

  • 5 · Loans and receivables from officers and key people

    end of year $0

  • 6 · Loans and receivables from disqualified persons

    end of year $0

  • 7 · Other notes and loans receivable

    end of year $0

  • 8 · Inventories for sale or use

    end of year $0

  • 9 · Prepaid expenses and deferred charges

    end of year $0

  • 10c · Land, buildings and equipment, net

    end of year $0

  • 11 · Investments: publicly traded securities

    beginning of year $20,080,103 · end of year $0

  • 12 · Investments: other securities

    end of year $0

  • 13 · Investments: program-related

    end of year $0

  • 14 · Intangible assets

    end of year $0

  • 15 · Other assets

    beginning of year $24,800 · end of year $0

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,605 · end of year $0

  • 18 · Grants payable

    beginning of year $9,279,721 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $15,018,824 · end of year $0

Mission and programs · 2022

Mission

Providing scholarships for New Hampshire students of higher education.

  • Administrating agent and provider of scholarships for New Hampshire students attending higher education.

    Expenses $304,491 · Grants $300,000

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Susan Huard

    Trustee

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Linda Normandin

    Trustee

    Total calculated
    $0
    Hours/week
    0.2

  • Rick Elwell

    Chair

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Dan Dubreuil

    Vice Chair/Secretary

    Total calculated
    $0
    Hours/week
    0.2

  • Carol Houle

    Treasurer

    Total calculated
    $0
    Hours/week
    0.2 + 0.2 related

  • Christiana Thornton

    President & CEO

    Total calculated
    $517,391
    From this org
    $0
    From related orgs
    $477,520
    Other
    $39,871
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $365,500 related
    Bonus
    $0 + $111,720 related
    Other
    $0 + $300 related
    Deferred
    $0 + $10,220 related
    Nontaxable benefits
    $0 + $29,651 related
    Filer's total
    $0 + $517,391 related

  • Scott Rogers

    CFO

    Total calculated
    $239,310
    From this org
    $0
    From related orgs
    $208,482
    Other
    $30,828
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $0 + $196,681 related
    Bonus
    $0 + $10,511 related
    Other
    $0 + $1,290 related
    Deferred
    $0 + $5,307 related
    Nontaxable benefits
    $0 + $25,521 related
    Filer's total
    $0 + $239,310 related

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

None.

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

The filer's explanations (Part III)

Part I, Line 3
During calendar year 2022, the Organization's President & CEO was compensated through a related organization, Granite Edvance Corporation, which used a compensation committee, Forms 990 of other organizations, a compensation study, and board and compensation committee approval to establish the President & CEO's compensation.

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

No itemized grants to organizations on this return.

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.

Assets distributed on this return

Schedule N, as filed: what the organization did with its assets when it liquidated or dissolved, or disposed of more than a quarter of them, and who received them. A recipient with an EIN is usually a successor organization; filers also list expenses such as legal fees here.

  • Granite Edvance Corporation

    $109,243

    Liquidation · Cash and cash equivalents · Jul 31, 2023 · 501(c)(3)

  • Granite Edvance Corporation

    $16,729,086

    Liquidation · Publicly traded securities · Jul 31, 2023 · 501(c)(3)

  • US Department of Education

    $9,322,553

    Liquidation · Cash and cash equivalents · Jul 31, 2023 · Government

  • US Department of Education

    $9,322,553

    Liquidation · Federal Student Loan Liabilities · Jul 31, 2023 · Government

Provenance

Return type
form_990
Tax year
2022
Filed
6 February 2024
IRS schema version
2022v5.0
Source object
202420449349301632

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