Civic Intelligence

Pheaa Student Loan Foundation Inc.

990 • Fiscal year 2019 • EIN 51-0423553

Jul 01, 2018 to Jun 30, 2019 • Filed on Nov 12, 2019

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

93rd percentile

0.93x

Higher debt load relative to assets than 93% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Source year 2019

Liabilities / Revenue

97th percentile

18.60x

Higher debt load relative to revenue than 97% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Source year 2019

Net Margin

79th percentile

20%

Higher net margin than 79% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Source year 2019

Top Officer Pay

3rd percentile

$293,642

Higher top officer pay than 3% of similar nonprofits.

Top officer pay equals 0.2% of source-year revenue.

2019 filings • 501(c)3 • $1B+ nonprofits • Source year 2019

Asset Growth

4th percentile

-10.0%

Faster asset growth than 4% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2018 to 2019

Revenue Growth

30th percentile

1.2%

Faster revenue growth than 30% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets93rd percentile

Assets

Down

$3,504,450,278

Down $387,271,498 (-10.0%) from 2018

Net Assets

Up

$261,925,325

Up $15,421,250 (+6.3%) from 2018

Liabilities

Down

$3,242,524,953

Down $402,692,748 (-11%) from 2018

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin79th percentile

Revenue

Up

$174,319,994

Up $2,134,069 (+1.2%) from 2018

Expenses

Up

$140,200,416

Up $18,837,208 (+16%) from 2018

Net Income

Down

$34,119,578

Down $16,703,139 (-33%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth4th 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

2019

Assets$3,504,450,278
Liabilities$3,242,524,953
Net Assets$261,925,325
Open 2019 Filing

Operations Trend

Revenue Growth30th 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

2019

Revenue$174,319,994
Expenses$140,200,416
Net Income$34,119,578
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Nov 12, 2019
Return Version
2018v3.1
Gross Receipts
$174,319,994
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$3,709,784,790$3,330,435,892▼ $379,348,898
Savings and Temporary Cash Investments$93,703,689$86,049,995▼ $7,653,694
Accounts Receivable$79,349,863$81,831,609▲ $2,481,746
Cash and Non-Interest-Bearing Accounts$8,883,434$6,132,782▼ $2,750,652
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
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$3,891,721,776$3,504,450,278▼ $387,271,498
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,638,269,940$3,236,016,754▼ $402,253,186
Accounts Payable and Accrued Expenses$6,947,761$6,508,199▼ $439,562
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$3,645,217,701$3,242,524,953▼ $402,692,748
Net Assets / Fund Balance
Unrestricted Net Assets$246,504,075$261,925,325▲ $15,421,250
Permanently Rstr Net Assets$0$0→ $0
Temporarily Rstr Net Assets$0$0→ $0
Total Net Assets Fund Balance$246,504,075$261,925,325▲ $15,421,250
Total Liabilities and Net Assets / Fund Balance$3,891,721,776$3,504,450,278▼ $387,271,498
Compensation and Service Providers
Top Officer Pay3rd percentile

Employees

NameTitleOtherTotal
William WalkerTreas. & Direct. Start 04/2019$107,015$107,015
Kristin MooreDirector starting 11/2018$3,000$3,000
Ruth Bradleydirector$3,000$3,000

Board Members and Trustees

NameTitle
Nathaniel D HenchPresident and Director
Jeffrey R EverhartDirector until 11/2018
Andrew D MehalkoSecretary and Director
James H SteeleyTreas. & Direct. until 04/2019

Highest Paid Contractors

ContractorServicesLocationCompensation
PheaaLoan Servicing1200 N 7th St, Harrisburg, PA 17102$18,827,011
BMO Capital MarketsBroker/Dealer115 S Lasalle St 25th Floor West, Chicago, IL 60603$2,472,057
MT BankTrustee213 Market Street 2nd Floor, Harrisburg, PA 17101$649,610
PNC Capital MarketsUnderwriter300 5th Avenue 11th Floor, Pittsburgh, PA 15222$648,584
Moody's Investors Services IncRating agency7 World Trade Center at 250 Greenwi, New York, NY 10007$170,680
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$144,756,254
Investment Income
$2,422,327
Other Revenue
$27,141,413
Change in Net Assets
$34,119,578
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$140,200,416
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$113,638,938$0$0$113,638,938
Other Expenses$2,799,838$0$0$2,799,838
All Other Expenses$1,938,314--$1,938,314
Total Functional Expenses$140,200,416$0$0$140,200,416
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 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: MONARCH MANAGEMENT SERVICES JEFFREY R. EVERHART (UNTIL NOVEMBER 14, 2018) 500 DELAWARE AVENUE, 11th FLOOR WILMINGTON, DE 19801 MONARCH MANAGEMENT SERVICES KRISTIN MOORE (STARTED NOVEMBER 14, 2018) 500 DELAWARE AVENUE, 11th FLOOR WILMINGTON, DE 19801 MONARCH MANAGEMENT SERVICES RUTH BRADLEY 500 DELAWARE AVENUE, 11th FLOOR WILMINGTON, DE 19801”

Form 990, Part VI, Line 11B

“The 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 foundation has two 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 pheaa.”

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
% William Walker
Phone
7177202023
Address
1200 North Seventh Street, Harrisburg, PA 17102

Signing Officer

Name
William Walker
Title
Treasurer
Phone
7177202023
Signed
2019-11-12
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
2

Preparer

Firm
Ernst & Young US Llp
Address
5 TIMES SQUARE, NEW YORK, NY 10036
Preparer
Nicole M Sokolowski
Phone
2127733000
Supplemental Narrative

Additional Explanations

Form 990, Part I, Line 1

“The pheaa student loan foundation, inc. (foundation) is organized to carry out student loan securitization transactions for the benefit of pennsylvania higher education assistance agency (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 FOUNDATION IS INCLUDED IN PHEAA'S ANNUAL AUDITED FINANCIAL STATEMENT AS A BLENDED COMPONENT UNIT. THE PHEAA STUDENT LOAN TRUST 2011-1, TRUST 2012-1, TRUST 2013-1, TRUST 2013-2, TRUST 2013-3, TRUST 2014-1, TRUST 2014-2, TRUST 2014-3, TRUST 2015-1, Trust 2016-1, TRUST 2016-2 AND 2018-1 HAVE ANNUAL INDEPENDENT AUDITS OF THEIR RESPECTIVE FINANCIAL STATEMENTS PREPARED ANNUALLY. THE PHEAA STUDENT LOAN WAREHOUSE TRUST 2013-1 HAS AN ANNUAL REVIEW OF ITS 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 $ (15,673,479) residual transfer to pheaa (3,024,849) ============== total ($18,698,328)”

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"), pheaa sutdent loan trust 2016-2 ("trust 2016-2") and pheaa student loan trust 2018-1 ("trust 2018-1"), 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, trust 2016-2 and trust 2018-1 (the "trusts").”

Raw XML AppendixShowing 400 of 838 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/Desc0THE FOUNDATION FORMS SPECIAL PURPOSE TRUSTS UNDER THE LAWS OF THE STATE OF DELAWARE. THE PRINCIPAL PURPOSE OF THE TRUSTS ARE TO SECURITIZE STUDENT LOANS AND RELATED ASSETS, AND TO AQUIRE STUDENT LOANS FROM THE FOUNDATION AND ISSUE PROMISSORY NOTES SECURED BY A PLEDGE OF SUCH ASSETS. 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 DISTRIBUTES TO PHEAA, FROM TIME TO TIME, ALL OF THE CASH FLOWS DERIVED FROM THE STUDENT LOAN TRUSTS, NET OF EXPENSES (OPERATING EXPENSES AND PRINCIPAL, AND INTEREST PAYMENT TO INVESTORS). PHEAA USES THE 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. SINCE INCEPTION, THE FOUNDATION HAS FORMED FOURTEEN SPECIAL PURPOSE TRUSTS. AS OF THE END OF THE REPORTING PERIOD, THIRTEEN OF THE SPECIAL PURPOSE TRUSTS REMAIN ACTIVE. ON JULY 14, 2011, PHEAA STUDENT LOAN 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, PHEAA STUDENT LOAN 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, PHEAA STUDENT LOAN 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, PHEAA STUDENT LOAN 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, PHEAA STUDENT LOAN 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, PHEAA STUDENT LOAN 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, PHEAA STUDENT LOAN 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, PHEAA STUDENT LOAN 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 STUDENT LOANS. ON APRIL 22, 2015, PHEAA STUDENT LOAN TRUST 2015-1 ISSUED NOTES IN THE AMOUNT OF $636,900,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON SEPTEMBER 14, 2016, PHEAA STUDENT LOAN TRUST 2016-1 ISSUED NOTES IN THE AMOUNT OF $543,523,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON NOVEMBER 22, 2016, PHEAA STUDENT LOAN TRUST 2016-2 ISSUED NOTES IN THE AMOUNT OF $382,700,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON OCTOBER 29, 2018, PHEAA STUDENT LOAN TRUST 2018-1 ISSUED NOTES IN THE AMOUNT OF $426,700,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON JULY 12, 2013, PHEAA WAREHOUSE FACILITY TRUST 2013-1 (WAREHOUSE TRUST 2013-1) BEGAN OPERATIONS AND IS A SHORT-TERM FINANCING FACILITY. WAREHOUSE TRUST 2013-1 IS TO PLEDGE, SELL, TRANSFER OR CONVEY STUDENT LOANS OR OTHER ASSETS AQUIRED OR TO BE ACQUIRED TO OTHER THIRD PARTIES OR SPECIAL PURPOSE ENTITIES, OR TO OBTAIN REPLACEMENT FINANCING FOR ANY ASSETS ACQUIRED OR TO BE ACQUIRED THROUGH SECURITIZATION TRANSACTIONS IN ORDER TO ACCOMPLISH OR FACILITATE ONE OR MORE OF PHEAAS STATUTORY PURPOSES.
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IRS990/DonorAdvisedFundInd0false
IRS990/ElectionOfBoardMembersInd0true
IRS990/EmployeeCnt00
IRS990/EngagedInExcessBenefitTransInd0false
IRS990/EscrowAccountLiabilityGrp/BOYAmt00
IRS990/EscrowAccountLiabilityGrp/EOYAmt00
IRS990/ExpenseAmt0140200416
IRS990/FamilyOrBusinessRlnInd0false
IRS990/FederalGrantAuditRequiredInd0false
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IRS990/FeesForServicesAccountingGrp/ManagementAndGeneralAmt00
IRS990/FeesForServicesAccountingGrp/ProgramServicesAmt00
IRS990/FeesForServicesAccountingGrp/TotalAmt00
IRS990/FeesForServicesLegalGrp/FundraisingAmt00
IRS990/FeesForServicesLegalGrp/ManagementAndGeneralAmt00
IRS990/FeesForServicesLegalGrp/ProgramServicesAmt00
IRS990/FeesForServicesLegalGrp/TotalAmt00
IRS990/FeesForServicesLobbyingGrp/FundraisingAmt00
IRS990/FeesForServicesLobbyingGrp/ManagementAndGeneralAmt00
IRS990/FeesForServicesLobbyingGrp/ProgramServicesAmt00
IRS990/FeesForServicesLobbyingGrp/TotalAmt00
IRS990/FeesForServicesManagementGrp/FundraisingAmt00
IRS990/FeesForServicesManagementGrp/ManagementAndGeneralAmt00
IRS990/FeesForServicesManagementGrp/ProgramServicesAmt00
IRS990/FeesForServicesManagementGrp/TotalAmt00
IRS990/FeesForServicesOtherGrp/FundraisingAmt00
IRS990/FeesForServicesOtherGrp/ManagementAndGeneralAmt00
IRS990/FeesForServicesOtherGrp/ProgramServicesAmt00
IRS990/FeesForServicesOtherGrp/TotalAmt00
IRS990/FeesForServicesProfFundraising/FundraisingAmt00
IRS990/FeesForServicesProfFundraising/TotalAmt00
IRS990/FeesForSrvcInvstMgmntFeesGrp/FundraisingAmt00
IRS990/FeesForSrvcInvstMgmntFeesGrp/ManagementAndGeneralAmt00
IRS990/FeesForSrvcInvstMgmntFeesGrp/ProgramServicesAmt00
IRS990/FeesForSrvcInvstMgmntFeesGrp/TotalAmt00
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IRS990/ForeignFinancialAccountInd0false
IRS990/ForeignGrantsGrp/ProgramServicesAmt00
IRS990/ForeignGrantsGrp/TotalAmt00
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IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt240.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt340.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt40.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRltdOrgRt540.0
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IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt31.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt41.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt51.0
IRS990/Form990PartVIISectionAGrp/AverageHoursPerWeekRt61.0
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IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt10
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt26474
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt317188
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt40
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt510976
IRS990/Form990PartVIISectionAGrp/OtherCompensationAmt60
IRS990/Form990PartVIISectionAGrp/PersonNm0Nathaniel D Hench
IRS990/Form990PartVIISectionAGrp/PersonNm1Ruth Bradley
IRS990/Form990PartVIISectionAGrp/PersonNm2William Walker
IRS990/Form990PartVIISectionAGrp/PersonNm3James H Steeley
IRS990/Form990PartVIISectionAGrp/PersonNm4Kristin Moore
IRS990/Form990PartVIISectionAGrp/PersonNm5Andrew D Mehalko
IRS990/Form990PartVIISectionAGrp/PersonNm6Jeffrey R Everhart
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt00
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt10
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt20
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt30
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt40
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt50
IRS990/Form990PartVIISectionAGrp/ReportableCompFromOrgAmt60
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt0182935
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt13000
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt2100541
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt3276454
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt43000
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt5171460
IRS990/Form990PartVIISectionAGrp/ReportableCompFromRltdOrgAmt60
IRS990/Form990PartVIISectionAGrp/TitleTxt0President and Director
IRS990/Form990PartVIISectionAGrp/TitleTxt1director
IRS990/Form990PartVIISectionAGrp/TitleTxt2Treas. & Direct. Start 04/2019
IRS990/Form990PartVIISectionAGrp/TitleTxt3Treas. & Direct. until 04/2019
IRS990/Form990PartVIISectionAGrp/TitleTxt4Director starting 11/2018
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary and Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Director until 11/2018
IRS990/Form990ProvidedToGvrnBodyInd0true
IRS990/FormationYr02002
IRS990/FormerOfcrEmployeesListedInd0false
IRS990/FSAuditedBasisGrp/ConsolidatedBasisFinclStmtInd0X
IRS990/FSAuditedInd0true
IRS990/FundraisingActivitiesInd0false
IRS990/FundraisingDirectExpensesAmt00
IRS990/FundraisingGrossIncomeAmt00
IRS990/GamingActivitiesInd0false
IRS990/GamingDirectExpensesAmt00
IRS990/GamingGrossIncomeAmt00
IRS990/GoverningBodyVotingMembersCnt05
IRS990/GrantsPayableGrp/BOYAmt00
IRS990/GrantsPayableGrp/EOYAmt00
IRS990/GrantsToDomesticIndividualsGrp/ProgramServicesAmt00
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IRS990/GrantsToDomesticOrgsGrp/ProgramServicesAmt00
IRS990/GrantsToDomesticOrgsGrp/TotalAmt00
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IRS990/GrantsToOrganizationsInd0false
IRS990/GrantToRelatedPersonInd0false
IRS990/GrossReceiptsAmt0174319994
IRS990/GrossSalesOfInventoryAmt00
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IRS990/InfoInScheduleOPartVIInd0X
IRS990/InfoInScheduleOPartVInd0X
IRS990/InfoInScheduleOPartXIIInd0X
IRS990/InfoInScheduleOPartXIInd0X
IRS990/InformationTechnologyGrp/FundraisingAmt00
IRS990/InformationTechnologyGrp/ManagementAndGeneralAmt00
IRS990/InformationTechnologyGrp/ProgramServicesAmt00
IRS990/InformationTechnologyGrp/TotalAmt00
IRS990/InsuranceGrp/FundraisingAmt00
IRS990/InsuranceGrp/ManagementAndGeneralAmt00
IRS990/InsuranceGrp/ProgramServicesAmt00
IRS990/InsuranceGrp/TotalAmt00
IRS990/IntangibleAssetsGrp/BOYAmt00
IRS990/IntangibleAssetsGrp/EOYAmt00
IRS990/InterestGrp/FundraisingAmt00
IRS990/InterestGrp/ManagementAndGeneralAmt00
IRS990/InterestGrp/ProgramServicesAmt0113638938
IRS990/InterestGrp/TotalAmt0113638938
IRS990/InventoriesForSaleOrUseGrp/BOYAmt00
IRS990/InventoriesForSaleOrUseGrp/EOYAmt00
IRS990/InvestmentExpenseAmt00
IRS990/InvestmentIncomeGrp/ExclusionAmt02422327
IRS990/InvestmentIncomeGrp/TotalRevenueColumnAmt02422327
IRS990/InvestmentInJointVentureInd0false
IRS990/InvestmentsOtherSecuritiesGrp/BOYAmt00
IRS990/InvestmentsOtherSecuritiesGrp/EOYAmt00
IRS990/InvestmentsProgramRelatedGrp/BOYAmt00
IRS990/InvestmentsProgramRelatedGrp/EOYAmt00
IRS990/InvestmentsPubTradedSecGrp/BOYAmt00
IRS990/InvestmentsPubTradedSecGrp/EOYAmt00
IRS990/IRPDocumentCnt00
IRS990/IRPDocumentW2GCnt00
IRS990/LandBldgEquipAccumDeprecAmt00
IRS990/LandBldgEquipBasisNetGrp/BOYAmt00
IRS990/LandBldgEquipBasisNetGrp/EOYAmt00
IRS990/LandBldgEquipCostOrOtherBssAmt00
IRS990/LegalDomicileStateCd0PA
IRS990/LoanOutstandingInd0false
IRS990/LoansFromOfficersDirectorsGrp/BOYAmt00
IRS990/LoansFromOfficersDirectorsGrp/EOYAmt00
IRS990/LobbyingActivitiesInd0false
IRS990/LocalChaptersInd0false
IRS990/MaterialDiversionOrMisuseInd0false
IRS990/MembersOrStockholdersInd0false
IRS990/MethodOfAccountingCashInd0X
IRS990/MinutesOfCommitteesInd0false
IRS990/MinutesOfGoverningBodyInd0true
IRS990/MissionDesc0THE 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.
IRS990/MoreThan5000KToIndividualsInd0false
IRS990/MoreThan5000KToOrgInd0false
IRS990/MortgNotesPyblScrdInvstPropGrp/BOYAmt03638269940
IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt03236016754
IRS990/NetAssetsOrFundBalancesBOYAmt0246504075
IRS990/NetAssetsOrFundBalancesEOYAmt0261925325
IRS990/NetGainOrLossInvestmentsGrp/TotalRevenueColumnAmt00
IRS990/NetIncmFromFundraisingEvtGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeFromGamingGrp/TotalRevenueColumnAmt00
IRS990/NetIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetRentalIncomeOrLossGrp/TotalRevenueColumnAmt00
IRS990/NetUnrelatedBusTxblIncmAmt00
IRS990/NetUnrlzdGainsLossesInvstAmt00
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IRS990/OccupancyGrp/FundraisingAmt00
IRS990/OccupancyGrp/ManagementAndGeneralAmt00
IRS990/OccupancyGrp/ProgramServicesAmt00
IRS990/OccupancyGrp/TotalAmt00
IRS990/OfficeExpensesGrp/FundraisingAmt00
IRS990/OfficeExpensesGrp/ManagementAndGeneralAmt00
IRS990/OfficeExpensesGrp/ProgramServicesAmt00
IRS990/OfficeExpensesGrp/TotalAmt00
IRS990/OfficerMailingAddressInd0true
IRS990/OperateHospitalInd0false
IRS990/Organization501c3Ind0X
IRS990/OrganizationFollowsSFAS117Ind0X
IRS990/OtherAssetsTotalGrp/BOYAmt00
IRS990/OtherAssetsTotalGrp/EOYAmt00
IRS990/OtherChangesInNetAssetsAmt0-18698328
IRS990/OtherEmployeeBenefitsGrp/FundraisingAmt00
IRS990/OtherEmployeeBenefitsGrp/ManagementAndGeneralAmt00
IRS990/OtherEmployeeBenefitsGrp/ProgramServicesAmt00
IRS990/OtherEmployeeBenefitsGrp/TotalAmt00
IRS990/OtherExpensesGrp/Desc0Loan Servicing Fees
IRS990/OtherExpensesGrp/Desc1Administrative Fees
IRS990/OtherExpensesGrp/Desc2Bond Issuance Costs
IRS990/OtherExpensesGrp/Desc3Risk Share Write Off
IRS990/OtherExpensesGrp/FundraisingAmt00
IRS990/OtherExpensesGrp/FundraisingAmt10
IRS990/OtherExpensesGrp/FundraisingAmt20
IRS990/OtherExpensesGrp/FundraisingAmt30
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt00
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt10
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt20
IRS990/OtherExpensesGrp/ManagementAndGeneralAmt30
IRS990/OtherExpensesGrp/ProgramServicesAmt011441997
IRS990/OtherExpensesGrp/ProgramServicesAmt17385014
IRS990/OtherExpensesGrp/ProgramServicesAmt22996315
IRS990/OtherExpensesGrp/ProgramServicesAmt32799838
IRS990/OtherExpensesGrp/TotalAmt011441997
IRS990/OtherExpensesGrp/TotalAmt17385014
IRS990/OtherExpensesGrp/TotalAmt22996315
IRS990/OtherExpensesGrp/TotalAmt32799838
IRS990/OtherLiabilitiesGrp/BOYAmt00
IRS990/OtherLiabilitiesGrp/EOYAmt00
IRS990/OtherRevenueMiscGrp/BusinessCd0522291
IRS990/OtherRevenueMiscGrp/BusinessCd1522291
IRS990/OtherRevenueMiscGrp/Desc0Bond Refunding
IRS990/OtherRevenueMiscGrp/Desc1Miscellaneous
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IRS990/OtherRevenueMiscGrp/ExclusionAmt10
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt027112275
IRS990/OtherRevenueMiscGrp/RelatedOrExemptFuncIncomeAmt129138
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt027112275
IRS990/OtherRevenueMiscGrp/TotalRevenueColumnAmt129138
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IRS990/OtherRevenueMiscGrp/UnrelatedBusinessRevenueAmt10
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IRS990/OtherSalariesAndWagesGrp/ManagementAndGeneralAmt00
IRS990/OtherSalariesAndWagesGrp/ProgramServicesAmt00
IRS990/OtherSalariesAndWagesGrp/TotalAmt00
IRS990/OthNotesLoansReceivableNetGrp/BOYAmt03709784790
IRS990/OthNotesLoansReceivableNetGrp/EOYAmt03330435892
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IRS990/PaymentsToAffiliatesGrp/ManagementAndGeneralAmt00
IRS990/PaymentsToAffiliatesGrp/ProgramServicesAmt00
IRS990/PaymentsToAffiliatesGrp/TotalAmt00
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IRS990/PayrollTaxesGrp/FundraisingAmt00
IRS990/PayrollTaxesGrp/ManagementAndGeneralAmt00
IRS990/PayrollTaxesGrp/ProgramServicesAmt00
IRS990/PayrollTaxesGrp/TotalAmt00
IRS990/PensionPlanContributionsGrp/FundraisingAmt00
IRS990/PensionPlanContributionsGrp/ManagementAndGeneralAmt00
IRS990/PensionPlanContributionsGrp/ProgramServicesAmt00
IRS990/PensionPlanContributionsGrp/TotalAmt00
IRS990/PermanentlyRstrNetAssetsGrp/BOYAmt00
IRS990/PermanentlyRstrNetAssetsGrp/EOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/BOYAmt00
IRS990/PledgesAndGrantsReceivableGrp/EOYAmt00
IRS990/PoliticalCampaignActyInd0false
IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt00
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt00
IRS990/PrincipalOfficerNm0Nathaniel Hench
IRS990/PriorPeriodAdjustmentsAmt00
IRS990/ProfessionalFundraisingInd0false
IRS990/ProgramServiceRevenueGrp/BusinessCd0522291
IRS990/ProgramServiceRevenueGrp/Desc0Student Loan Interest
IRS990/ProgramServiceRevenueGrp/ExclusionAmt00
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt0144756254
IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt0144756254
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IRS990/ProhibitedTaxShelterTransInd0false
IRS990/PYBenefitsPaidToMembersAmt00
IRS990/PYContributionsGrantsAmt00

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,504,450,278
Liabilities
$3,242,524,953
Net assets
$261,925,325
Revenue
$174,319,994
Expenses
$140,200,416
Net income
$34,119,578
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
2019Detailed filing. Detailed filing data is available for this year.$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
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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