Granite State Management and Resources

“A copy of the Form 990 was emailed to the board before filing. Board members had the opportunity to review the form and ask questions or request clarifications.”

“Any conflicts of interest revealed in the annual survey or at any time throughout the year were addressed promptly and appropriately.”

“Until the filing organization ceased operations on March 31, 2020, an on-going internal review of salaries was conducted by Human Resources Management of GSMR using salary surveys from local and national resources to compare salaries for positions in the organization to local market data. The compensation structure was adjusted based on the results of these reviews. An independent consultant completed the Affirmative Action Plan, which included a review of salary and hiring practices to ensure nondiscrimination. The Organization's internal review of market data for staff and executive salaries included executive salaries for organizations of comparable size, structure, operations and asset composition to GSM&R. This review also was evaluated by an independent consultant on a periodic basis. Based on this comparative market data, the Chairman of the Board of GSMR and the Chairman of its Compensation Committee reviewed the proposed CEO and other senior officer compensation packages for reasonableness and fairness.”

“The organization makes its governing documents, conflict of interest policy, and financial statements available to the public upon request.”

“Granite State Management & Resources (GSMR) was a private, non-profit, tax-exempt corporation founded in 1986 and organized for the charitable and educational purpose of providing financial assistance to or on behalf of eligible students and to take and carry out all actions and functions reasonably necessary for the accomplishment of these purposes. GSMR provided loan servicing and maintenance functions to certain institutions participating in the FFEL Program, Federal Direct Loan Program and non-guaranteed private loans. The majority of GSMR's revenues was derived from providing services to certain related entities. On March 31, 2020, the operations of Granite State were merged into New Hampshire Higher Education Loan Corporation (NHHELCO). NHHELCO has taken title to all of the assets, and assumed all of the liabilities, of GSMR. NHHELCO has also become the employer of all of GSMR's former employees, and has confirmed and assumed all of the contractual obligations of GSMR.”

“Transfer of net assets to affiliate -42,708,525.”