Civic Intelligence

Pheaa Student Loan Foundation Inc.

990 • Fiscal year 2017 • EIN 51-0423553

Jul 01, 2016 to Jun 30, 2017 • Filed on May 15, 2018

Organization ProfileN/A
1200 North Seventh StreetHarrisburg, PA 17102

(717) 720-2023

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

94th percentile

0.95x

Higher debt load relative to assets than 94% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Liabilities / Revenue

98th percentile

24.61x

Higher debt load relative to revenue than 98% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Net Margin

90th percentile

35%

Higher net margin than 90% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Top Officer Pay

3rd percentile

$250,211

Higher top officer pay than 3% of similar nonprofits.

Top officer pay equals 0.1% of source-year revenue.

2017 filings • 501(c)3 • $1B+ nonprofits • Source year 2017

Asset Growth

5th percentile

-8.8%

Faster asset growth than 5% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2016 to 2017

Revenue Growth

69th percentile

12%

Faster revenue growth than 69% of similar nonprofits.

2017 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2016 to 2017

Balance Sheet
Liabilities / Assets94th percentile

Assets

Down

$4,463,411,425

Down $428,328,616 (-8.8%) from 2016

Net Assets

Up

$216,941,869

Up $28,677,977 (+15%) from 2016

Liabilities

Down

$4,246,469,556

Down $457,006,593 (-9.7%) from 2016

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin90th percentile

Revenue

Up

$172,554,555

Up $18,898,692 (+12%) from 2016

Expenses

Up

$112,922,066

Up $17,002,347 (+18%) from 2016

Net Income

Up

$59,632,489

Up $1,896,345 (+3.3%) from 2016

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$6.0B$4.0B$2.0B$0-$2.0BAssets 2011: $1,699,569,222Liabilities 2011: $1,613,849,571Net Assets 2011: $85,719,6512011Assets 2012: $3,055,592,954Liabilities 2012: $3,067,965,596Net Assets 2012: -$12,372,6422012Assets 2013: $3,247,184,170Liabilities 2013: $3,251,011,017Net Assets 2013: -$3,826,8472013Assets 2014: $4,493,587,660Liabilities 2014: $4,476,947,657Net Assets 2014: $16,640,0032014Assets 2015: $5,765,471,009Liabilities 2015: $5,622,433,989Net Assets 2015: $143,037,0202015Assets 2016: $4,891,740,041Liabilities 2016: $4,703,476,149Net Assets 2016: $188,263,8922016Assets 2017: $4,463,411,425Liabilities 2017: $4,246,469,556Net Assets 2017: $216,941,8692017Assets 2018: $3,891,721,776Liabilities 2018: $3,645,217,701Net Assets 2018: $246,504,0752018Assets 2019: $3,504,450,278Liabilities 2019: $3,242,524,953Net Assets 2019: $261,925,3252019Assets 2020: $3,029,973,651Liabilities 2020: $2,758,199,510Net Assets 2020: $271,774,1412020Assets 2021: $2,561,941,161Liabilities 2021: $2,343,337,053Net Assets 2021: $218,604,1082021Assets 2022: $2,204,662,034Liabilities 2022: $2,022,543,011Net Assets 2022: $182,119,0232022Assets 2023: $1,729,101,883Liabilities 2023: $1,551,837,389Net Assets 2023: $177,264,4942023Assets 2024: $1,394,931,633Liabilities 2024: $1,236,940,919Net Assets 2024: $157,990,7142024Assets 2025: $1,052,214,630Liabilities 2025: $919,851,350Net Assets 2025: $132,363,2802025

Highlighted filing

2017

Assets$4,463,411,425
Liabilities$4,246,469,556
Net Assets$216,941,869
Open 2017 Filing

Operations Trend

Revenue Growth69th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$200M$150M$100M$50M$0Expenses 2011: $30,159,5482011Revenue 2012: $185,161,112Expenses 2012: $64,792,659Net Income 2012: $120,368,4532012Expenses 2013: $60,711,3582013Revenue 2014: $106,067,073Expenses 2014: $86,649,514Net Income 2014: $19,417,5592014Revenue 2015: $137,826,612Expenses 2015: $100,492,751Net Income 2015: $37,333,8612015Revenue 2016: $153,655,863Expenses 2016: $95,919,719Net Income 2016: $57,736,1442016Revenue 2017: $172,554,555Expenses 2017: $112,922,066Net Income 2017: $59,632,4892017Revenue 2018: $172,185,925Expenses 2018: $121,363,208Net Income 2018: $50,822,7172018Revenue 2019: $174,319,994Expenses 2019: $140,200,416Net Income 2019: $34,119,5782019Revenue 2020: $118,674,188Expenses 2020: $94,067,743Net Income 2020: $24,606,4452020Revenue 2021: $62,263,468Expenses 2021: $43,063,987Net Income 2021: $19,199,4812021Revenue 2022: $55,394,256Expenses 2022: $41,474,609Net Income 2022: $13,919,6472022Revenue 2023: $104,214,880Expenses 2023: $92,848,038Net Income 2023: $11,366,8422023Revenue 2024: $108,947,435Expenses 2024: $100,456,887Net Income 2024: $8,490,5482024Revenue 2025: $71,037,628Expenses 2025: $65,646,345Net Income 2025: $5,391,2832025

Highlighted filing

2017

Revenue$172,554,555
Expenses$112,922,066
Net Income$59,632,489
Open 2017 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2016 to Jun 30, 2017
Signed
May 15, 2018
Return Version
2016v3.1
Gross Receipts
$172,554,555
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.

See Schedule O

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$4,708,595,481$4,251,641,953▼ $456,953,528
Savings and Temporary Cash Investments$113,790,226$137,691,021▲ $23,900,795
Accounts Receivable$61,866,981$65,086,426▲ $3,219,445
Cash and Non-Interest-Bearing Accounts$7,479,584$8,986,173▲ $1,506,589
Prepaid Expenses and Deferred Charges$7,769$5,852▼ $1,917
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$4,891,740,041$4,463,411,425▼ $428,328,616
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$4,685,897,214$4,229,808,288▼ $456,088,926
Accounts Payable and Accrued Expenses$17,578,935$16,661,268▼ $917,667
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$4,703,476,149$4,246,469,556▼ $457,006,593
Net Assets / Fund Balance
Unrestricted Net Assets$188,263,892$216,941,869▲ $28,677,977
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$188,263,892$216,941,869▲ $28,677,977
Total Liabilities and Net Assets / Fund Balance$4,891,740,041$4,463,411,425▼ $428,328,616
Compensation and Service Providers
Top Officer Pay3rd percentile

Employees

NameTitleOtherTotal
Jeffrey R EverhartDirector (Join Apr 16)$3,000$3,000
Raye D GoldsboroughDirector$3,000$3,000

Board Members and Trustees

NameTitle
Nathaniel D HenchPresident and Director
Andrew D MehalkoSecretary and Director
James H SteelyTreasurer & Director

Highest Paid Contractors

ContractorServicesLocationCompensation
PheaaLoan Servicing1200 N 7th Street, Harrisburg, PA 17102$25,431,169
BMO Capital MarketsBroker/Dealer115 S Lasalle St 25th Floor West, Chicago, IL 60603$2,784,162
Bank of America Merrill LynchBroker/Dealer1818 Market Street 18th Floor, Philadelphia, PA 19103$1,435,820
MT BankTrustee213 Market St 2nd Floor, Harrisburg, PA 17101$815,999
Morgan StanleyBroker/Dealer1585 Broadway 11th Floor, New York, NY 10036$616,712
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$120,179,178
Investment Income
$587,880
Other Revenue
$51,787,497
Change in Net Assets
$59,632,489
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$112,922,066
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$74,617,866$0$0$74,617,866
Other Expenses$3,206,257$0$0$3,206,257
All Other Expenses$2,723,353--$2,723,353
Fees for Services Accounting$10,053$0$0$10,053
Total Functional Expenses$112,922,066$0$0$112,922,066
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Audit committee
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
No
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Line 7A

“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.”

Form 990, Part VI, Line 8B

“The foundation does not have any committees.”

Form 990, Part VI, Line 9

“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 jeffrey r. Everheart 1314 king street wilmington, de 19801”

Form 990, Part VI, Line 11B

“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 ADVIce AS TO POTENTIAL FACTUAL ISSUES. THE 990 IS THEN PROVIDED TO EACH DIRECTOR FOR THEIR REVIEW PRIOR TO SUBMISSION TO THE IRS.”

Form 990, Part VI, Line 15

“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.”

Form 990, Part VI, Line 19

“The foundation makes its governing documents and financial statements available to the general public upon request.”

Filing and Contact Details

Filer

Filer Name
Pheaa Student Loan Foundation Inc
EIN
51-0423553
In Care Of
% James H Steeley
Phone
7177202023
Address
1200 North Seventh Street, Harrisburg, PA 17102

Signing Officer

Name
James H Steeley
Title
Treasurer
Phone
7177202023
Signed
2018-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Nathaniel Hench
Formed
2002
Legal Domicile
Pa
Voting Board Members
5
Independent Board Members
2
Employees
0
Volunteers
0

Preparer

Firm
Ernst & Young US Llp
Address
55 IVAN ALLEN BLVD SUITE 1000, ATLANTA, GA 30308
Preparer
Aerrial M Orr
Phone
4048748300
Supplemental Narrative

Additional Explanations

FORM 990, PART I, Line 1

“The Foundation is organized to carry out student loan securitization transactions for the benefit of PHEAA so PHEAA can improve higher education opportunities for students and facilitate its other governmental purposes. FORM 990, PART IV, LINE 12 & PART XII, LINE 2 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, TRUST 2013-2, WAREHOUSE TRUST 2013-1, TRUST 2013-3, TRUST 2014-1, TRUST 2014-2, TRUST 2014-3 AND TRUST 2015-1, TRUST 2016-1 AND TRUST 2016-2 HAVE ANNUAL INDEPENDENT AUDITS OF THEIR RESPECTIVE FINANCIAL STATEMENTS PREPARED ANNUALLY.”

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.”

Form 990, Part XI, Line 9

“Equity contribution ($12,225,743) residual transfer to pheaa ($18,728,771) rounding 2 ============== total ($30,954,512)”

Form 990, Part XII, Line 1

“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"),pheaa student loan trust 2013-2 ("trust 2013-2"), pheaa warehouse facility trust ("warehouse trust 2013-1"), pheaa student loan trust 2013-3 ("trust 2013-3"), pheaa student loan trust 2014-1 ("trust 2014-1"), pheaa student loan trust 2014-2 ("trust 2014-2"), pheaa student loan trust 2014-3 ("trust 2014-3"), pheaa student loan trust 2015-1 ("trust 2015-1"), pheaa student loan trust 2016-1("trust 2016-1")and pheaa student loan trust 2016-2 ("trust 2016-2"), and collectively with trust i, trust 2011-1, trust 2012-1 trust 2013-1, trust 2013-2, warehouse trust 2013-1, trust 2013-3, trust 2014-1, trust 2014-2, trust 2014-3, trust 2015-1, trust 2016-1 and trust 2016-2, (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 three slcs were dissolved on 7/30/2015. 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.”

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IRS990/Desc0THE 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 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, THEREBY LESSENING PHEAAS BURDENS OF GOVERNMENT. AS OF THE END OF THE REPORTING PERIOD, THE FOUNDATION HAD FORMED THIRTEEN 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"), PHEAA STUDENT LOAN TRUST 2013-2 ("TRUST 2013-2"), PHEAA WAREHOUSE FACILITY TRUST ("WAREHOUSE TRUST 2013-1"), PHEAA STUDENT LOAN TRUST 2013-3 ("TRUST 2013-3"), PHEAA STUDENT LOAN TRUST 2014-1 ("TRUST 2014-1"), PHEAA STUDENT LOAN TRUST 2014-2 ("TRUST 2014-2"), PHEAA STUDENT LOAN TRUST 2014-3 ("TRUST 2014-3"), PHEAA STUDENT LOAN TRUST 2015-1 ("TRUST 2015-1"), PHEAA STUDENT LOAN TRUST 2016-1 ("TRUST 2016-1")AND PHEAA STUDENT LOAN TRUST 2016-2 ("TRUST 2016-2"), AND COLLECTIVELY WITH TRUST I, TRUST 2011-1, TRUST 2012-1, TRUST 2013-1, TRUST 2013-2, WAREHOUSE TRUST 2013-1, TRUST 2013-3, TRUST 2014-1, TRUST 2014-2, TRUST 2014-3, TRUST 2015-1, TRUST 2016-1 AND TRUST 2016-2, 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 THREE SLCS WERE DISSOLVED ON 7/30/2015. THE TRUSTS, SLC I, SLC II A 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. ON JULY 30, 2013, TRUST 2013-2 ISSUED NOTES IN THE AMOUNT OF $331,300,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON NOVEMBER 20, 2013, TRUST 2013-3 ISSUED NOTES IN THE AMOUNT OF $517,850,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON MARCH 14, 2014, TRUST 2014-1 ISSUED NOTES IN THE AMOUNT OF $573,800,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON JUNE 17, 2014, TRUST 2014-2 ISSUED NOTES IN THE AMOUNT OF $573,800,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON SEPTEMBER 18, 2014, TRUST 2014-3 ISSUED NOTES IN THE AMOUNT OF $646,700,000, AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN S
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IRS990/MissionDesc0THE 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 PHEAA'S STATUTORY PURPOSES, THEREBY LESSENING THE BURDENS OF GOVERNMENT.
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Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2017 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$4,463,411,425
Liabilities
$4,246,469,556
Net assets
$216,941,869
Revenue
$172,554,555
Expenses
$112,922,066
Net income
$59,632,489
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,052$920$132$71.0$65.6$5.39
2024Summary only. Only limited summary data is available for this year.$1,395$1,237$158$109$100$8.49
2023Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,729$1,552$177$104$92.8$11.4
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,205$2,023$182$55.4$41.5$13.9
2021XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,562$2,343$219$62.3$43.1$19.2
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,030$2,758$272$119$94.1$24.6
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,504$3,243$262$174$140$34.1
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$3,892$3,645$247$172$121$50.8
2017Detailed filing. Detailed filing data is available for this year.$4,463$4,246$217$173$113$59.6
2016Detailed filing. Detailed filing data is available for this year.$4,892$4,703$188$154$95.9$57.7
2015Detailed filing. Detailed filing data is available for this year.$5,765$5,622$143$138$100$37.3
2014Detailed filing. Detailed filing data is available for this year.$4,494$4,477$16.6$106$86.6$19.4
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$3,247$3,251$3.83$60.7
2012Summary only. Only limited summary data is available for this year.$3,056$3,068$12.4$185$64.8$120
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,700$1,614$85.7$30.2