Form 990 for tax year 2023

Revenue

Part VIII, the statement of revenue.

• 1e · Government grants (contributions)

  $25,000

• 1f · All other contributions, gifts and grants

  $517,652

• 2a · Program service revenue: Interest Student Loans

  total $49,621,403 · related or exempt $49,621,403

• 2b · Program service revenue: Loan Servicing Fees

  total $5,347,606 · related or exempt $5,347,606

• 2c · Program service revenue: Late Charges & Other

  total $256,598 · related or exempt $256,598

• 2d · Program service revenue: Federal Interest Benefit

  total $229,024 · related or exempt $229,024

• 3 · Investment income

  total $5,475,294 · excluded $5,475,294

• 6a · Gross rents

  real property $31,254

• 6b · Less rental expenses

  real property $19,249

• 6c · Rental income or loss

  real property $12,005

• 6d · Net rental income or loss

  total $12,005 · excluded $12,005

• 7a · Gross sales of assets other than inventory

  securities $29,711,212

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

  securities $27,255,947

• 7c · Gain or loss

  securities $2,455,265

• 7d · Net gain or loss

  total $2,455,265 · excluded $2,455,265

Functional expenses

Part IX, the statement of functional expenses.

• 1 · Grants to domestic organizations and governments

  total $125,000 · program services $125,000

• 2 · Grants to domestic individuals

  total $525,500 · program services $525,500

• 5 · Compensation of officers, directors and key employees

  total $1,222,644 · program services $733,586 · management and general $489,058

• 7 · Other salaries and wages

  total $4,913,392 · program services $3,981,606 · management and general $931,786

• 8 · Pension plan contributions

  total $226,236 · program services $183,332 · management and general $42,904

• 9 · Other employee benefits

  total $914,317 · program services $740,924 · management and general $173,393

• 10 · Payroll taxes

  total $477,504 · program services $386,949 · management and general $90,555

• 11b · Fees: legal

  total $123,067 · management and general $123,067

• 11c · Fees: accounting

  total $156,369 · management and general $156,369

• 11d · Fees: lobbying

  total $54,636 · program services $54,636

• 11f · Fees: investment management

  total $207,230 · management and general $207,230

• 11g · Fees: other

  total $5,712,887 · program services $5,499,978 · management and general $212,909

• 12 · Advertising and promotion

  total $1,125,911 · program services $981,780 · management and general $144,131

• 13 · Office expenses

  total $573,075 · program services $499,714 · management and general $73,361

• 14 · Information technology

  total $3,747,461 · program services $3,267,738 · management and general $479,723

• 16 · Occupancy

  total $689,195 · program services $600,969 · management and general $88,226

• 17 · Travel

  total $161,190 · program services $140,556 · management and general $20,634

• 19 · Conferences, conventions and meetings

  total $64,515 · program services $64,515

• 20 · Interest

  total $30,765,766 · program services $30,765,766

• 22 · Depreciation, depletion and amortization

  total $535,860 · program services $480,919 · management and general $54,941

• 23 · Insurance

  total $221,999 · program services $193,580 · management and general $28,419

• 24a · Other expenses: Provision for Loan Loss

  total $4,580,277 · program services $4,580,277

• 24b · Other expenses: Rebates/Collections

  total $1,431,094 · program services $1,431,094

• 24c · Other expenses: Consolidation Loan Fee

  total $910,593 · program services $910,593

• 24d · Other expenses: Bond Admin Expenses

  total $593,387 · program services $593,387

Balance sheet

Part X, book values.

• 2 · Savings and temporary cash investments

  beginning of year $27,761,368 · end of year $34,728,339

• 4 · Accounts receivable

  beginning of year $3,422,624 · end of year $1,480,288

• 7 · Other notes and loans receivable

  beginning of year $761,787,925 · end of year $718,681,483

• 9 · Prepaid expenses and deferred charges

  beginning of year $6,694 · end of year $358,269

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

  $13,315,119

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

  $11,495,261

• 10c · Land, buildings and equipment, net

  beginning of year $1,840,653 · end of year $1,819,858

• 11 · Investments: publicly traded securities

  beginning of year $114,524,650 · end of year $137,197,314

• 12 · Investments: other securities

  beginning of year $6,372,413 · end of year $10,207,523

• 17 · Accounts payable and accrued expenses

  beginning of year $4,582,849 · end of year $5,298,376

• 20 · Tax-exempt bond liabilities

  beginning of year $0 · end of year $29,968,850

• 23 · Secured mortgages and notes payable

  beginning of year $614,313,385 · end of year $553,032,059

• 25 · Other liabilities

  beginning of year $562,267 · end of year $2,343,281

• 27 · Net assets without donor restrictions

  beginning of year $296,257,826 · end of year $313,830,508

The filer's explanations (Part III)

Part I, Line 1a

The Organization provided tax gross-up payments to Ann Marie Thomas and Robert Woodburn on a reimbursement basis for COBRA expenses. The gross-up payments have been included as part of her taxable compensation in her W-2 for the following amounts: - Ann Marie Thomas: $1,913 - Robert Woodburn: $1,087

Part I, Line 3

The organization relies upon Form 990 data from similar organizations, a compensation study, input from the Compensation Committee of the Board of Trustees and final approval by the full Board of Trustees to establish the officers' compensation.

Part I, Line 4a

Ann Marie Thomas, who served the Organization as a Vice President and Chief Risk Officer through July 2023, and Robert Woodburn, who served the Organization as an AVP of Business Systems until September 2023, each received severance payments from the Granite Edvance Corporation in 2023. These payments were included in their respective 2023 Forms W-2 and are included in the total amounts reported on this Schedule J, Part II, Column B(iii), as follows: - Ann Marie Thomas: $84,033 - Robert Woodburn: $30,641

Part I, Line 7

All employees are eligible to participate in an annual incentive program which provides for performance-based variable compensation. The plan is subject to review by the Board of Trustees and paid annually.

Disregarded entities

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

• EDvestinU Private Education Loan Issue No 1 LLC

  Purchase private student loans · DE · income $3,849,094 · assets $35,632,100

  Directly controlled by Granite Edvance Corporation

• EdvestinU Private Education Loan Issue No 2 LLC

  Purchase private student loans · DE · income $6,122,639 · assets $82,430,978

  Directly controlled by Granite Edvance Corporation

• EDvestinU Private Education Loan Issue No 3 LLC

  Purchase private student loans · DE · income $11,462,197 · assets $158,541,583

  Directly controlled by Granite Edvance Corporation

• EDvestinU Private Education Loan Issue No 4 LLC

  Purchase private student loans · DE · income $11,909,589 · assets $191,871,355

  Directly controlled by Granite Edvance Corporation