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Balance Sheet
Assets
Flat$3,055,592,954
Flat from 2012
Net Assets
Flat-$12,372,642
Flat from 2012
Liabilities
Flat$3,067,965,596
Flat from 2012
Revenue And Expenses
Revenue
-
No earlier filing loaded for comparison.
Expenses
Flat$64,792,659
Flat from 2012
Net Income
-
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2011 to Jun 30, 2012
- Signed
- May 10, 2013
- Return Version
- 2011v1.5
- Gross Receipts
- $185,161,112
Mission and Program Overview
Mission
The foundation, a non-stock, nonprofit corporation incorporated under pennsylvania's nonprofit corporation law of 1988, as amended, is organized to carry out student loan securitization transactions for the benefit of, or to carry out the purposes of, the pennsylvania higher education assistance agency ('pheaa'), a state agency of the commonwealth of pennsylvania ('commonwealth'), created and controlled by the commonwealth's legislature. The foundation's exempt purpose is to facilitate the securitization of student loans in order to raise funds for pheaa so that pheaa may continue to make, service and buy student loans and to otherwise improve higher educational opportunities for students, and for any of pheaas statutory purposes, thereby lessening pheaas burdens of government.
Filing and Contact Details
Filer
- EIN
- 51-0423553
Raw XML AppendixShowing 400 of 554 raw XML fields
This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.
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| IRS990/ActivityOrMissionDescription | 0 | THE FOUNDATION IS ORGANIZED TO CARRY OUT STUDENT LOAN SECURITIZATION TRANSACTIONS FOR PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY SO IT CAN IMPROVE HIGHER EDUCATION OPPORTUNITIES FOR PENNSYLVANIA STUDENTS. |
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| IRS990/Description | 0 | The PHEAA Student Loan Foundation, Inc., a non-stock, nonprofit corporation incorporated under Pennsylvania's Nonprofit Corporation Law of 1988, as amended (the "Foundation") is organized to carry out Student Loan Securitization transactions for the benefit of, or to carry out the purposes of, the Pennsylvania Higher Education Assistance Agency ("PHEAA"), a state agency of the Commonwealth of Pennsylvania ("Commonwealth"), created and controlled by the Commonwealth's Legislature. The Foundation's exempt purpose is to facilitate the securitization of PHEAA-owned student loan in order to raise funds for PHEAA so that it may continue to make, service and buy low-cost student loans and to otherwise improve higher educational opportunities for students in Pennsylvania, thereby lessening the burden of government. The Foundation formed a special purpose trust known as the PHEAA Student Loan Trust I (the "Trust") and three special purpose limited liability companies known as PHEAA Student Loan Company, LLC ("SLC I"), PHEAA Student Loan Company II, LLC ("SLC II"), and PHEAA Student Loan Company III, LLC ("SLC III"). The Trust, SLC I, SLC II and SLC III were organized to acquire, own and manage the student loans and other assets of such entities , issue notes to investors and make principal and interest payments on the notes to investors. Through a series of transactions in 2003, 2004 and 2005, the Trust completed the issuance and sale of notes to purchase student loans from PHEAA. In a transaction in June of 2009, SLC I participated in the issuance and sale of notes through the Straight-A Funding Conduit Program to purchase student loans from PHEAA. SLC II and SLC III participated in similar transactions in December of 2009 and January of 2010, respectively. The Foundation retained a residual interest in the student loans. However, as a cash basis taxpayer, the Foundation does not have to recognize its residual interest as revenue until the cash flows become available. The Foundation intends to distribute to PHEAA, from time to time, all of the cash flows derived from the student loans, net of expenses (operating expenses and principal, and interest payment to investors). PHEAA intends to use grants and the proceeds from the sale of the student loans; to continue other activities that subsidize the costs of higher education and satisfy PHEAA's statutory mission. |
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| IRS990/MissionDescription | 0 | The PHEAA Student Loan Foundation, Inc., a non-stock, nonprofit corporation incorporated under Pennsylvania's Nonprofit Corporation Law of 1988, as amended (the "Foundation"), is organized to carry out student loan securitization transactions for the benefit of, or to carry out the purposes of, the Pennsylvania Higher Education Assistance Agency ("PHEAA"), a state agency of the Commonwealth of Pennsylvania ("Commonwealth"), created and controlled by the Commonwealth's Legislature. The Foundation's exempt purpose is to facilitate the securitization of PHEAA-owned student loan in order to raise funds for PHEAA so that it may continue to make, service and buy low-cost student loans and to otherwise improve higher educational opportunities for students in Pennsylvania, thereby lessening the burden of government. The Foundation formed a special purpose trust known as the PHEAA Student Loan Trust I (the "Trust") and three special purpose limited liability companies known as PHEAA Student Loa |
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| IRS990ScheduleA/SupportedOrgInformation/Name/BusinessNameLine1 | 0 | PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY |
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| IRS990ScheduleJ/Form990ScheduleJPartII/NamePerson | 0 | Timothy A Guenther |
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| IRS990ScheduleO/GeneralExplanation/Explanation | 0 | The Foundation is a component unit of the Pennsylvania Higher Education Assistance Agency (PHEAA) because PHEAA appoints a majority of the Foundation's board of directors and because it provides its services directly to PHEAA. As a blended component unit, the financial results of the Foundation are consolidated with the financial results of PHEAA. Form 990, Part V, Line 1a 1099's are not issued by the organization for the independent contractors reported in Part VII, Section B because the payments are made to corporations and therefore are not required to be reported to the payee on a form 1099, per the IRS instructions. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 1 | All Directors shall be appointed by resolution of the Executive Committee of the Pennsylvania Higher Education Assistance Agency ("PHEAA"). If PHEAA's Executive Committee fails to appoint Directors, the President Judge of the Commonwealth Court of Pennsylvania shall have the power to appoint the directors. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 2 | The Foundation does not have any committees. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 3 | Address of Directors that cannot be reached at the Foundation's mailing address: Raye D. Goldsborough Monarch Management Services 1314 King Street Wilmington, DE 19801 Lori E. Cooney Monarch Management Services 1314 King Street Wilmington, DE 19801 |
| IRS990ScheduleO/GeneralExplanation/Explanation | 4 | The PHEAA Student Loan Foundation engages an independent accounting firm to assist in the compilation and completion of Form 990. It is reviewed by outside legal counsel, who provided comments and advises as to any potential factual issues. The 990 is then provided to each Director for their review prior to submission to the IRS. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 5 | The PHEAA Student Loan Foundation (the "Foundation") has two (2) independent directors whose compensation is determined based upon the market rate of compensation paid to independent directors of similarly situated bankruptcy-remote special purpose entities. The officers of the Foundation receive compensation from The Pennsylvania Higher Education Assistance Agency. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 6 | The Foundation makes its governing documents and financial statements available to the general public upon request. Form 990, Part XI, Line 5 other changes in net assets or fund balances Residual Transfers to PHEAA (7,726,976) Residual Transfers to Counter Parties (6,125,015) Transfer of Deferred Revenue on Bond Refunding (221,095,800) Equity Contribution 14,925,264 Prior Year Adjustments to interest expense 1,561,781 ------------ Part X, Line 5 (218,460,746) |
| IRS990ScheduleO/GeneralExplanation/Explanation | 7 | The PHEAA Student Loan Foundation (the "Foundation") uses the cash method of accounting. The Foundation formed a Special Purpose Trust known as the PHEAA Student Loan Trust I (the "Trust") and three special purpose Delaware Limited Liability Companies: PHEAA Student Loan Company, LLC ("SLC I"), PHEAA Student Loan Company II, LLC ("SLC II") and PHEAA Student Loan Company III, LLC ("SLC III"). The Trust, SLC I, SLC II, and SLC III were organized to acquire, own and manage the student loans and other assets of such entities, issue notes to investors and make principal and interest payments on the notes to such investors. The Trust, SLC I, SLC II and SLC III are disregarded for federal income tax purposes and their activities are included in the Foundation's Form 990. The Trust, SLC I, SLC II and SLC III use the accrual method of accounting. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 8 | The organization does not have a separate committee that assumes the responsibility for oversight of the audit review or compilation of the financial statements. We feel a separate committee is not necessary because the audit is conducted as part of PHEAA's consolidation financial statements, which does have a committee. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 9 | NAME:Nathaniel D. Hench TITLE:President and Director HOURS:40 |
| IRS990ScheduleO/GeneralExplanation/Explanation | 10 | NAME:Timothy A. Guenther TITLE:Treasurer and Director HOURS:40 |
| IRS990ScheduleO/GeneralExplanation/Explanation | 11 | NAME:Andrew D. Mehalko TITLE:Secretary and Director HOURS:40 |
| IRS990ScheduleO/GeneralExplanation/Explanation | 12 | NAME:Raye Goldsborough TITLE:Director HOURS: |
| IRS990ScheduleO/GeneralExplanation/Explanation | 13 | NAME:Lori E. Cooney TITLE:Director HOURS: |
| IRS990ScheduleO/GeneralExplanation/Identifier | 0 | Form 990, Part IV, Line 12 & Part XII, Line 2 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 1 | Form 990, Part VI, Line 7a |
| IRS990ScheduleO/GeneralExplanation/Identifier | 2 | Form 990, Part VI, Line 8b |
| IRS990ScheduleO/GeneralExplanation/Identifier | 3 | Form 990, Part VI, Line 9 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 4 | Form 990, Part VI, Line 11b |
| IRS990ScheduleO/GeneralExplanation/Identifier | 5 | Form 990, Part VI, Line 15a & 15b |
| IRS990ScheduleO/GeneralExplanation/Identifier | 6 | Form 990, Part VI, Line 19 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 7 | Form 990, Part XII, Line 1 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 8 | Form 990, Part XII, Line 2c |
| IRS990ScheduleO/GeneralExplanation/Identifier | 9 | HOURS DEVOTED FOR RELATED ORGANIZATION |
| IRS990ScheduleO/GeneralExplanation/Identifier | 10 | HOURS DEVOTED FOR RELATED ORGANIZATION |
| IRS990ScheduleO/GeneralExplanation/Identifier | 11 | HOURS DEVOTED FOR RELATED ORGANIZATION |
| IRS990ScheduleO/GeneralExplanation/Identifier | 12 | HOURS DEVOTED FOR RELATED ORGANIZATION |
| IRS990ScheduleO/GeneralExplanation/Identifier | 13 | HOURS DEVOTED FOR RELATED ORGANIZATION |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 0 | Audit Oversight & Selection process |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 1 | FORM 990 PART VII |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 2 | FORM 990 PART VII |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 3 | FORM 990 PART VII |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 4 | FORM 990 PART VII |
| IRS990ScheduleO/GeneralExplanation/ReturnReference | 5 | FORM 990 PART VII |
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| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/City | 4 | Harrisburg |
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| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/ZIPCode | 4 | 17102 |
| IRS990ScheduleR/Form990ScheduleRPartI/DirectControllingEntityName/BusinessNameLine1 | 0 | PHEAA SL fdn |
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Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2012 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
- Assets
- $3,055,592,954
- Liabilities
- $3,067,965,596
- Net assets
- -$12,372,642
- Revenue
- -
- Expenses
- $64,792,659
- Net income
- -