Liabilities / Assets
96th percentile
Higher debt load relative to assets than 96% of similar nonprofits.
Siviq Scores
Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.
1.00x
Liabilities / Revenue
Score unavailable
Liabilities-to-revenue requires both liabilities and revenue on this filing.
Net Margin
Score unavailable
Net margin requires both revenue and expenses on this filing.
Top Officer Pay
Score unavailable
This filing does not contain officer compensation rows.
Asset Growth
39th percentile
Faster asset growth than 39% of similar nonprofits.
Revenue Growth
Score unavailable
No valid filing value is available for this score.
Balance Sheet
Assets
Up$3,247,184,170
Up $191,591,216 (+6.3%) from 2012
Net Assets
Up-$3,826,847
Up $8,545,795 (+69%) from 2012
Liabilities
Up$3,251,011,017
Up $183,045,421 (+6.0%) from 2012
Revenue And Expenses
Revenue
-
No earlier filing loaded for comparison.
Expenses
Down$60,711,358
Down $4,081,301 (-6.3%) from 2012
Net Income
-
No earlier filing loaded for comparison.
Historical Trend
Jump To
Filing Snapshot
- Filing Period
- Jul 1, 2012 to Jun 30, 2013
- Signed
- May 9, 2014
- Return Version
- 2012v2.3
- Gross Receipts
- $83,456,384
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 586 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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|---|---|---|
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| IRS990/AccountsReceivable/EOY | 0 | 44244636 |
| IRS990/ActivitiesConductedPartnership | 0 | false |
| 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 loans in order to raise funds for PHEAA so that PHEAA 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 burdens of government. As of the end of the reporting period, the Foundation had formed five special purpose trusts known as the PHEAA Student Loan Trust I ( "Trust I"), PHEAA Student Loan Trust 2011-1 ("Trust 2011-1"), PHEAA Student Loan Trust 2012-1 ("Trust 2012-1"), PHEAA Student Loan Trust 2013-1 ("Trust 2013-1") and PHEAA Student Loan Trust 2013-2 ("Trust 2013-2", and collectively with Trust I, Trust 2011-1, Trust 2012-1, and Trust 2013-1, the "Trusts") 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 Trusts, 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, Trust I 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. On July 14, 2011 Trust 2011-1 issued notes in the amount of $1,676,400,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On November 14, 2012, Trust 2012-1 issued notes in the amount of $536,400,000 and used substantially all of the proceeds of the notes to purchase certain student loans. On June 12, 2013, Trust 2013-1 issued notes in the amount of $583,950,000 and used substantially all of the proceeds of the notes to purchase certain student loans. Trust 2013-2 did not issue notes during the reporting period. The Foundation retained residual interests in the student loans. However, as a cash basis taxpayer, the Foundation does not 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 loans 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 burdens of government. |
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| IRS990ScheduleJ/Form990ScheduleJPartII/Title | 0 | Treasurer and Director |
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| IRS990ScheduleO/GeneralExplanation/Explanation | 0 | The Foundation formed three special purpose trusts during the reporting period. Each was organized to acquire and own student loans and other assets, issue notes to investors and make principal and interest payments to investors. The first, known as the PHEAA Student Loan Trust 2012-1 (the "2012-1 Trust") issued notes in the amount of $536,400,000 on November 14, 2012. The second, known as the PHEAA Student Loan Trust 2013-1 ("Trust 2013-1") issued notes in the amount of $583,950,000 on June 12, 2013. Substantially all of the proceeds of the notes from each of these transactions were used by the related trust to purchase student loans. The third special purpose trust, known as PHEAA Student Loan Trust 2013-2 ("Trust 2013-2") did not issue notes during the reporting period. Form 990, Part III, Line 3 On November 14, 2012, PHEAA Student Loan Company, LLC repaid its outstanding debt obligation under the Straight-A Funding Short-Term Note Facility (Straight-A Program). Following the release of the related lien under the Straight-A Program, the related student loans were sold to PHEAA, which sold them to the Foundation for subsequent sale to the PHEAA Student Loan Trust 2012-1. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 1 | The financial statements of the Foundation are not compiled or reviewed by an independent accountant, nor are they audited by an independent accountant. However, the PHEAA Student Loan Trust I, Trust 2011-1, Trust 2012-1, Trust 2013-1 and Trust 2013-2 have annual independent audits of their respective financial statements prepared annually, and the financial statements for the PHEAA Student Loan Company, LLC, PHEAA Student Loan Company II, LLC and PHEAA Student Loan Company III, LLC are part of the annual financial statement audit performed for Pennsylvania Higher Education Assistance Agency. 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 | 2 | 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 | 3 | The Foundation does not have any committees. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 4 | 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 | 5 | 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 | 6 | 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 | 7 | The Foundation makes its governing documents and financial statements available to the general public upon request. |
| IRS990ScheduleO/GeneralExplanation/Explanation | 8 | Residual Transfers to PHEAA: (20,730,844) Residual Transfers to Counter Parties: (3,442,640) Equity Contribution: 9,974,253 Part XI, Line 9: (14,199,231) |
| IRS990ScheduleO/GeneralExplanation/Explanation | 9 | Cash Basis - The PHEAA Student Loan Foundation (the "Foundation") uses the cash method of accounting. As of the end of the reporting period, the Foundation had formed special purpose trusts known as the PHEAA Student Loan Trust I ("Trust I"), PHEAA Student Loan Trust 2011-1 ("Trust 2011-1"), PHEAA Student Loan Trust 2012-1 ("Trust 2012-1), PHEAA Student Loan Trust 2013-1 ("Trust 2013-1") and PHEAA Student Loan Trust 2013-2 ("Trust 2013-2", and collectively with Trust I, Trust 2011-1, Trust 2012-1 and Trust 2013-1, the "Trusts") 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 Trusts, 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 Trusts, 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 Trusts, SLC I, SLC II and SLC III use the accrual method of accounting. FORM 990, PART XII, LINE 2C AUDIT OVERSIGHT & SELECTION PROCESS 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/Identifier | 0 | Form 990, Part III, Line 2 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 1 | Form 990, Part IV, Line 12 & Part XII, Line 2 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 2 | Form 990, Part VI, Line 7a |
| IRS990ScheduleO/GeneralExplanation/Identifier | 3 | Form 990, Part VI, Line 8b |
| IRS990ScheduleO/GeneralExplanation/Identifier | 4 | Form 990, Part VI, Line 9 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 5 | Form 990, Part VI, Line 11B |
| IRS990ScheduleO/GeneralExplanation/Identifier | 6 | Form 990, Part VI, Line 15a & 15b |
| IRS990ScheduleO/GeneralExplanation/Identifier | 7 | Form 990, Part VI, Line 19 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 8 | Form 990, Part XI, Line 9 |
| IRS990ScheduleO/GeneralExplanation/Identifier | 9 | Form 990, Part XII, Line 1 |
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| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/AddressLine1 | 3 | 1200 N 7th Street |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/AddressLine1 | 4 | 1200 N 7th Street |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/AddressLine1 | 5 | 1200 N 7th Street |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/AddressLine1 | 6 | 1200 N 7th Street |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/AddressLine1 | 7 | 1200 N 7th Street |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/City | 0 | Harrisburg |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/City | 1 | Harrisburg |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/City | 2 | Harrisburg |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/City | 3 | Harrisburg |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/City | 4 | Harrisburg |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/City | 5 | Harrisburg |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/City | 6 | Harrisburg |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/City | 7 | Harrisburg |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/State | 0 | PA |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/State | 1 | PA |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/State | 2 | PA |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/State | 3 | PA |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/State | 4 | PA |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/State | 5 | PA |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/State | 6 | PA |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/State | 7 | PA |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/ZIPCode | 0 | 17012 |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/ZIPCode | 1 | 17012 |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/ZIPCode | 2 | 17102 |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/ZIPCode | 3 | 17102 |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/ZIPCode | 4 | 17102 |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/ZIPCode | 5 | 17102 |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/ZIPCode | 6 | 17102 |
| IRS990ScheduleR/Form990ScheduleRPartI/AddressUS/ZIPCode | 7 | 17102 |
| IRS990ScheduleR/Form990ScheduleRPartI/DirectControllingEntityName/BusinessNameLine1 | 0 | PHEAA SL FDN |
| IRS990ScheduleR/Form990ScheduleRPartI/DirectControllingEntityName/BusinessNameLine1 | 1 | PHEAA SL FDN |
| IRS990ScheduleR/Form990ScheduleRPartI/DirectControllingEntityName/BusinessNameLine1 | 2 | PHEAA SL FDN |
| IRS990ScheduleR/Form990ScheduleRPartI/DirectControllingEntityName/BusinessNameLine1 | 3 | PHEAA SL FDN |
| IRS990ScheduleR/Form990ScheduleRPartI/DirectControllingEntityName/BusinessNameLine1 | 4 | PHEAA SL FDN |
| IRS990ScheduleR/Form990ScheduleRPartI/DirectControllingEntityName/BusinessNameLine1 | 5 | PHEAA SL FDN |
| IRS990ScheduleR/Form990ScheduleRPartI/DirectControllingEntityName/BusinessNameLine1 | 6 | PHEAA SL FDN |
| IRS990ScheduleR/Form990ScheduleRPartI/DirectControllingEntityName/BusinessNameLine1 | 7 | PHEAA SL FDN |
| IRS990ScheduleR/Form990ScheduleRPartI/EIN | 0 | 146223927 |
| IRS990ScheduleR/Form990ScheduleRPartI/EIN | 1 | 510423553 |
| IRS990ScheduleR/Form990ScheduleRPartI/EIN | 2 | 510423553 |
Document Assets
No mirrored PDF or thumbnail assets are attached yet.
Filings
Displayed year
2013 • Form 990Facts available. Structured filing facts are available, but richer extracted sections are limited.
- Assets
- $3,247,184,170
- Liabilities
- $3,251,011,017
- Net assets
- -$3,826,847
- Revenue
- -
- Expenses
- $60,711,358
- Net income
- -