Civic Intelligence

Pheaa Student Loan Foundation Inc.

990 • Fiscal year 2020 • EIN 51-0423553

Jul 01, 2019 to Jun 30, 2020 • Filed on Apr 06, 2021

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

92nd percentile

0.91x

Higher debt load relative to assets than 92% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Liabilities / Revenue

98th percentile

23.24x

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

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Net Margin

80th percentile

21%

Higher net margin than 80% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Top Officer Pay

3rd percentile

$218,759

Higher top officer pay than 3% of similar nonprofits.

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

2020 filings • 501(c)3 • $1B+ nonprofits • Source year 2020

Asset Growth

1st percentile

-14%

Faster asset growth than 1% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2019 to 2020

Revenue Growth

6th percentile

-32%

Faster revenue growth than 6% of similar nonprofits.

2020 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2019 to 2020

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$3,029,973,651

Down $474,476,627 (-14%) from 2019

Net Assets

Up

$271,774,141

Up $9,848,816 (+3.8%) from 2019

Liabilities

Down

$2,758,199,510

Down $484,325,443 (-15%) from 2019

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin80th percentile

Revenue

Down

$118,674,188

Down $55,645,806 (-32%) from 2019

Expenses

Down

$94,067,743

Down $46,132,673 (-33%) from 2019

Net Income

Down

$24,606,445

Down $9,513,133 (-28%) from 2019

Historical Trend

Balance Sheet Trend

Asset Growth1st 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

2020

Assets$3,029,973,651
Liabilities$2,758,199,510
Net Assets$271,774,141
Open 2020 Filing

Operations Trend

Revenue Growth6th 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

2020

Revenue$118,674,188
Expenses$94,067,743
Net Income$24,606,445
Open 2020 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2019 to Jun 30, 2020
Signed
Apr 6, 2021
Return Version
2019v5.1
Gross Receipts
$118,674,188
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$3,330,435,892$2,878,745,656▼ $451,690,236
Accounts Receivable$81,831,609$77,213,988▼ $4,617,621
Savings and Temporary Cash Investments$86,049,995$71,520,557▼ $14,529,438
Cash and Non-Interest-Bearing Accounts$6,132,782$2,493,450▼ $3,639,332
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$3,504,450,278$3,029,973,651▼ $474,476,627
Other Assets Total$0$0→ $0
Liabilities
Mortgage Notes Payable Secured by Investment Property$3,236,016,754$2,754,302,835▼ $481,713,919
Accounts Payable and Accrued Expenses$6,508,199$3,896,675▼ $2,611,524
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$3,242,524,953$2,758,199,510▼ $484,325,443
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$261,925,325$271,774,141▲ $9,848,816
Net Assets With Donor Restrictions$0$0→ $0
Total Net Assets Fund Balance$261,925,325$271,774,141▲ $9,848,816
Total Liabilities and Net Assets / Fund Balance$3,504,450,278$3,029,973,651▼ $474,476,627
Compensation and Service Providers
Top Officer Pay3rd percentile

Employees

NameTitleOtherTotal
William WalkerTreasurer & Director$118,359$118,359
Kristin MooreDirector$3,000$3,000
Rebecca HowellDirector START 02/19/2020$2,750$2,750
Ruth Bradleydirector UNTIL 02/19/2020$250$250

Board Members and Trustees

NameTitle
Nathaniel D HenchPresident and Director
Andrew D MehalkoSecretary and Director

Highest Paid Contractors

ContractorServicesLocationCompensation
PheaaLoan Servicing1200 N 7th St, Harrisburg, PA 17102$16,129,591
BMO Capital MarketsBroker/Dealer115 S Lasalle St 25th Floor West, Chicago, IL 60603$865,500
MT BankTrustee213 Market Street 2nd Floor, Harrisburg, PA 17101$576,986
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$104,352,326
Investment Income
$1,229,478
Other Revenue
$13,092,384
Change in Net Assets
$24,606,445
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$94,067,743
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$75,643,945--$75,643,945
All Other Expenses$1,216,486--$1,216,486
Other Expenses$818,910--$818,910
Fees for Services Accounting$21,495--$21,495
Fees for Services Legal$12,316--$12,316
Total Functional Expenses$94,067,743$0$0$94,067,743
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 35% controlled entity
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: wsfs spe services llc kristin moore 501 carr rd ste 101 wilmington, de 19809 wsfs spe services llc rebecca howell (start february 19, 2020) 501 carr rd ste 101 wilmington, de 19809 wsfs spe services llc ruth bradley (until february 19, 2020) 501 carr rd ste 101 wilmington, de 19809”

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 his or her review prior to submission to the irs.”

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
2021-04-06
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, pheaa student loan trust 2012-1, pheaa student loan trust 2013-1, pheaa student loan trust 2013-2, pheaa student loan trust 2013-3, pheaa student loan trust 2014-1, pheaa student loan trust 2014-2, pheaa student loan trust 2014-3, pheaa student loan trust 2015-1, pheaa student loan trust 2016-1, pheaa student loan trust 2016-2 and pheaa student loan trust 2018-1 have annual independent audits of their respective financial statements prepared annually. The pheaa warehouse facility trust 2013-1 has an annual review of its respective financial statements prepared annually.”

Form 990, Part V, Line 1A

“1099s are not issued to our independent contractors because the payments made are not reportable payments to corporations, therefore, they are not required, per the IRS instructions for issuing 1099s.”

Form 990, Part XI, Line 9

“Equity contribution $942,163 residual transfer to pheaa ($15,699,792) ============== total ($14,757,629)”

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 2013-1 ("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 student 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"). The pheaa student loan trust i filed a certificate of cancellation with the delaware secretary of state on july 13, 2018.”

Form 990, Part XII, Line 2C

“NO. The organization does not have a separate committee that assumes the responsibility for oversight of the audit review or compilation of the financial statements. A separate committee is not necessary because the audit is conducted as part of PHEAA's consolidated financial statements, which does have a committee.”

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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 STATUTORY 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 ACQUIRE 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 $611,850,000 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 PHEAA'S STATUTORY PURPOSES.
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IRS990/Form990PartVIISectionAGrp/PersonNm2William Walker
IRS990/Form990PartVIISectionAGrp/PersonNm3Kristin Moore
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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director START 02/19/2020
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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, AND 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.
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IRS990ScheduleA/Form990ScheduleAPartVIGrp/ExplanationTxt0The supported organization is the Pennsylvania Higher Education Assistance Agency, an integral part and arm of the Commonwealth of Pennsylvania.
IRS990ScheduleA/Form990ScheduleAPartVIGrp/FormAndLineReferenceDesc0Form 990, Schedule A, Part IV, Section A, Line 2
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IRS990ScheduleA/SupportedOrgInformationGrp/SupportedOrganizationName/BusinessNameLine1Txt0PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0Nathaniel D Hench
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1Andrew D Mehalko
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0President and Director
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1Secretary and Director
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IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0THE 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1THE 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, PHEAA STUDENT LOAN TRUST 2012-1, PHEAA STUDENT LOAN TRUST 2013-1, PHEAA STUDENT LOAN TRUST 2013-2, PHEAA STUDENT LOAN TRUST 2013-3, PHEAA STUDENT LOAN TRUST 2014-1, PHEAA STUDENT LOAN TRUST 2014-2, PHEAA STUDENT LOAN TRUST 2014-3, PHEAA STUDENT LOAN TRUST 2015-1, PHEAA STUDENT LOAN TRUST 2016-1, PHEAA STUDENT LOAN TRUST 2016-2 AND PHEAA STUDENT LOAN TRUST 2018-1 HAVE ANNUAL INDEPENDENT AUDITS OF THEIR RESPECTIVE FINANCIAL STATEMENTS PREPARED ANNUALLY. THE PHEAA WAREHOUSE FACILITY TRUST 2013-1 HAS AN ANNUAL REVIEW OF ITS RESPECTIVE FINANCIAL STATEMENTS PREPARED ANNUALLY.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt21099s are not issued to our independent contractors because the payments made are not reportable payments to corporations, therefore, they are not required, per the IRS instructions for issuing 1099s.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3ALL 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.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt4THE FOUNDATION DOES NOT HAVE ANY COMMITTEES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt5ADDRESS OF DIRECTORS THAT CANNOT BE REACHED AT THE FOUNDATION'S MAILING ADDRESS: WSFS SPE SERVICES LLC KRISTIN MOORE 501 CARR RD STE 101 WILMINGTON, DE 19809 WSFS SPE SERVICES LLC REBECCA HOWELL (START FEBRUARY 19, 2020) 501 CARR RD STE 101 WILMINGTON, DE 19809 WSFS SPE SERVICES LLC RUTH BRADLEY (UNTIL FEBRUARY 19, 2020) 501 CARR RD STE 101 WILMINGTON, DE 19809
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt6THE 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 HIS OR HER REVIEW PRIOR TO SUBMISSION TO THE IRS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt7THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt8EQUITY CONTRIBUTION $942,163 RESIDUAL TRANSFER TO PHEAA ($15,699,792) ============== TOTAL ($14,757,629)
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt9CASH 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 2013-1 ("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 STUDENT 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"). THE PHEAA STUDENT LOAN TRUST I FILED A CERTIFICATE OF CANCELLATION WITH THE DELAWARE SECRETARY OF STATE ON JULY 13, 2018.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt10NO. The organization does not have a separate committee that assumes the responsibility for oversight of the audit review or compilation of the financial statements. A separate committee is not necessary because the audit is conducted as part of PHEAA's consolidated financial statements, which does have a committee.

Document Assets

No mirrored PDF or thumbnail assets are attached yet.

Filings

Displayed year

2020 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$3,029,973,651
Liabilities
$2,758,199,510
Net assets
$271,774,141
Revenue
$118,674,188
Expenses
$94,067,743
Net income
$24,606,445
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
2020Detailed filing. Detailed filing data is available for this year.$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
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