Civic Intelligence

Federated Student Finance Corporation

EIN 74-2536239 • 501(c)3 • Waco, TX

Profile

Federated student finance corporation (fsfc) is a secondary market of college loans under the federal family education loan program (ffelp). Fsfc's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

5609 Crosslake PkwyWaco, TX 76712

www.studentloans.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

Score unavailable

No value available

Liabilities-to-assets requires both liabilities and assets on the latest valid filing.

Source year 2024

Liabilities / Revenue

20th percentile

0.00x

Tied with the lowest-debt nonprofits in its peer group.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Net Margin

78th percentile

27%

Higher net margin than 78% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Top Officer Pay

99th percentile

$828,855

Higher top officer pay than 99% of similar nonprofits.

Top officer pay equals 39.0% of source-year revenue.

501(c)3 • $1M-$5M nonprofits • Source year 2024

Asset Growth

2nd percentile

-100%

Faster asset growth than 2% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Revenue Growth

22nd percentile

-12%

Faster revenue growth than 22% of similar nonprofits.

501(c)3 • $1M-$5M nonprofits • Annualized from 2023 to 2024

Balance Sheet
Liabilities / AssetsScore unavailable

Assets

Down

$33,005,375

Down $8,255,792 (-20%) from 2022

Liabilities

Down

$36,877,769

Down $8,801,881 (-19%) from 2022

Net Assets

Up

-$3,872,394

Up $546,089 (+12%) from 2022

Operations
Liabilities / Revenue20th percentileNet Margin78th percentile

Revenue

Up

$2,402,158

Up $1,042,343 (+77%) from 2022

Expenses

Up

$1,856,069

Up $643,522 (+53%) from 2022

Net Income

Up

$546,089

Up $398,821 (+271%) from 2022

Trend Graphs

Balance Sheet Trend

Asset Growth2nd percentile

Grouped bars show assets, liabilities, and net assets across loaded filings.

$200M$150M$100M$50M$0-$50MAssets 2011: $176,849,772Liabilities 2011: $181,494,243Net Assets 2011: -$4,644,4712011Assets 2012: $156,017,728Liabilities 2012: $160,983,405Net Assets 2012: -$4,965,6772012Assets 2013: $134,408,262Liabilities 2013: $139,472,407Net Assets 2013: -$5,064,1452013Assets 2014: $119,120,235Liabilities 2014: $124,075,236Net Assets 2014: -$4,955,0012014Assets 2015: $102,694,937Liabilities 2015: $107,595,011Net Assets 2015: -$4,900,0742015Assets 2016: $87,954,805Liabilities 2016: $92,979,831Net Assets 2016: -$5,025,0262016Assets 2017: $76,070,982Liabilities 2017: $81,302,551Net Assets 2017: -$5,231,5692017Assets 2018: $67,676,955Liabilities 2018: $72,706,776Net Assets 2018: -$5,029,8212018Assets 2019: $59,387,835Liabilities 2019: $64,242,548Net Assets 2019: -$4,854,7132019Assets 2020: $53,264,889Liabilities 2020: $57,959,264Net Assets 2020: -$4,694,3752020Assets 2021: $47,968,470Liabilities 2021: $52,534,221Net Assets 2021: -$4,565,7512021Assets 2022: $41,261,167Liabilities 2022: $45,679,650Net Assets 2022: -$4,418,4832022Assets 2023: $33,005,375Liabilities 2023: $36,877,769Net Assets 2023: -$3,872,3942023

Highlighted filing

2023

Assets$33,005,375
Liabilities$36,877,769
Net Assets-$3,872,394
Open 2023 Filing

Operations Trend

Revenue Growth22nd percentile

Revenue, expenses, and net income by year, with the latest filing highlighted.

$8.0M$6.0M$4.0M$2.0M$0-$2.0MExpenses 2011: $7,194,9472011Expenses 2012: $4,785,5332012Expenses 2013: $3,973,1312013Revenue 2014: $3,427,827Expenses 2014: $3,318,683Net Income 2014: $109,1442014Revenue 2015: $3,023,817Expenses 2015: $2,968,889Net Income 2015: $54,9282015Revenue 2016: $2,784,391Expenses 2016: $2,909,344Net Income 2016: -$124,9532016Revenue 2017: $2,690,743Expenses 2017: $2,897,286Net Income 2017: -$206,5432017Revenue 2018: $2,894,796Expenses 2018: $2,693,048Net Income 2018: $201,7482018Revenue 2019: $3,005,345Expenses 2019: $2,830,237Net Income 2019: $175,1082019Revenue 2020: $2,348,824Expenses 2020: $2,188,486Net Income 2020: $160,3382020Revenue 2021: $1,443,709Expenses 2021: $1,315,085Net Income 2021: $128,6242021Revenue 2022: $1,359,815Expenses 2022: $1,212,547Net Income 2022: $147,2682022Revenue 2023: $2,402,158Expenses 2023: $1,856,069Net Income 2023: $546,0892023

Highlighted filing

2023

Revenue$2,402,158
Expenses$1,856,069
Net Income$546,089
Open 2023 Filing

Filings

Most recent year

2023 • Form 990Summary only. Only limited summary data is available for this year.

Open filing
Assets
$33,005,375
Liabilities
$36,877,769
Net assets
-$3,872,394
Revenue
$2,402,158
Expenses
$1,856,069
Net income
$546,089
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2023Summary only. Only limited summary data is available for this year.$33.0$36.9$3.87$2.40$1.86$0.55
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$41.3$45.7$4.42$1.36$1.21$0.15
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$48.0$52.5$4.57$1.44$1.32$0.13
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$53.3$58.0$4.69$2.35$2.19$0.16
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$59.4$64.2$4.85$3.01$2.83$0.18
2018Summary only. Only limited summary data is available for this year.$67.7$72.7$5.03$2.89$2.69$0.20
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$76.1$81.3$5.23$2.69$2.90$0.21
2016Summary only. Only limited summary data is available for this year.$88.0$93.0$5.03$2.78$2.91$0.12
2015Detailed filing. Detailed filing data is available for this year.$103$108$4.90$3.02$2.97$0.05
2014Summary only. Only limited summary data is available for this year.$119$124$4.96$3.43$3.32$0.11
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$134$139$5.06$3.97
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$156$161$4.97$4.79
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$177$181$4.64$7.19
Latest Detailed Filing

The latest 2023 filing currently has summary financial data only. Showing the latest detailed filing from 2021 below.

Jump To
Filing Snapshot
Filing Period
Jul 1, 2020 to Jun 30, 2021
Signed
Sep 22, 2021
Return Version
2020v4.1
Gross Receipts
$1,443,709
Mission and Program Overview

Mission

Federated student finance corporation (fsfc) is a secondary market of college loans under the federal family education loan program (ffelp). Fsfc's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

Federated student finance corporation's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$51,277,171$45,999,749▼ $5,277,422
Savings and Temporary Cash Investments$897,551$1,017,059▲ $119,508
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$0$0→ $0
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
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$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→ $0
Cap Stk Tr Prin Current Funds$-4,694,375$-4,565,751▲ $128,624
Total Assets$53,264,889$47,968,470▼ $5,296,419
Other Assets Total$1,090,167$951,662▼ $138,505
Liabilities
Mortgage Notes Payable Secured by Investment Property$55,137,000$49,410,000▼ $5,727,000
Accounts Payable and Accrued Expenses$2,822,264$3,124,221▲ $301,957
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$57,959,264$52,534,221▼ $5,425,043
Net Assets / Fund Balance
Total Net Assets Fund Balance$-4,694,375$-4,565,751▲ $128,624
Total Liabilities and Net Assets / Fund Balance$53,264,889$47,968,470▼ $5,296,419
Compensation and Service Providers
Top Officer Pay99th percentile

Employees

NameTitleOtherTotal
Susan DavisSecretary$125,215$125,215

Board Members and Trustees

NameTitle
Thomas Ben LitlePresident/CEO
Bob ChambersDirector
Claude ErvinDirector
Dr Charles MaddenDirector
Larry SmithDirector
Lewis BreelandDirector
MRS Joyce PackardDirector
Mrs Greta WatsonDirector
Peter KultgenDirector
Steve BostickDirector
Ricky TurmanEvp/COO/CFO
Kelli UttechSVP/general Counsel
Darrell BrooksTreasurer
Tammy HarralsonVP/Controller
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$1,442,955
Investment Income
$754
Other Revenue
$0
Change in Net Assets
$128,624

Audited Revenue Reconciliation

Revenue per Audited Statements
$1,443,709
Revenue Not Reported on Form 990
$-370,107
Total Revenue per Audited Statements
$1,073,602
Total Revenue per Form 990
$1,443,709
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$1,315,085
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$751,063--$751,063
Fees for Services Management$79,356--$79,356
Other Expenses$1,781--$1,781
All Other Expenses$54--$54
Total Functional Expenses$1,315,085$0$0$1,315,085

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$1,315,085
Expenses per Audited Statements$944,978
Total Expenses per Audited Statements$944,978
Expenses Not Reported on Financial Statements$370,107
Other Expense Adjustments$370,107
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
Annual disclosure for covered persons
Yes
Audit committee
Yes
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
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 1A

“Delegation of authority: the executive committee shall consist of three members of the board of directors. The executive committee shall, between meetings of the board, have administrative control over all matters of the corporation. Form 990, part vi, section a, line 3 delegation of duties: federated student finance corporation (fsfc) has a contract with brazos higher education service corporation, inc. To perform management and administration services on fsfc's behalf. This includes master servicing administration for the outstanding student loans held by federated student finance corporation. The services include, but are not limited to: accounting, reporting, servicing, originating, marketing, treasury, and compliance monitoring of the student loans held by federated student finance corporation.”

Form 990, Part VI, Section B, Line 11B

“Process to review form 990: the form 990 is provided to senior management for review. After this review, the return is posted on a secure website for review by the board of directors. The board is notified of the posting and asked to provide comments or questions. Comments or questions are investigated and resolved or disclosed to the board. Upon completion of the process, the return is filed.”

Form 990, Part VI, Section B, Line 12C

“Process for monitoring conflict of interest policy: the compliance department prepares and distributes a conflict of interest questionnaire to all board members and employees annually. The compliance department reviews the questionnaires and compiles a list of potential conflicts for review by the audit committee, senior management, and the board of directors. Potential conflicts are assessed and resolved if determined to be at risk. If a conflict is found to exist, the conflicted board member abstains from voting.”

Form 990, Part VI, Section B, Line 15

“Process for determining compensation: the compensation of the ceo (or executive director, as applicable), officers, and key employees of the federated student finance corporation is paid by a related organization, and is determined under the policies of the respective related organization.”

Form 990, Part VI, Section C, Line 19

“PROCESS for making documents available: THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST.”

Filing and Contact Details

Filer

Filer Name
Federated Student Finance Corporation
EIN
74-2536239
In Care Of
% RICKY TURMAN EVP/COO/CFO
Phone
2547530915
Address
5609 Crosslake Pkwy, Waco, TX 76712

Signing Officer

Name
Ricky Turman
Title
Evp/COO/CFO
Phone
2547530915
Signed
2021-09-22
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ricky Turman
Formed
1989
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
9

Preparer

Firm
Bkd Llp
Address
14241 DALLAS PARKWAY SUITE 1100, DALLAS, TX 75254
Preparer
Jeanette Verrelli
Phone
9727028262
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2

“Liability for uncertain tax positions: the company is a not-for-profit public benefit corporation which is exempt from federal income taxes under section 501(a) of the internal revenue code as an organization described in section 501(c)(3). The company is also exempt from state income tax. Income which is not related to its exempt purposes, less applicable deductions, is subject to federal income taxes. The company had no net unrelated business income for the years ended june 30, 2021 and 2020. As such, no provision for federal or state income taxes has been provided in the accompanying financial statements. The company files federal information returns in the united states. The company may be subject to examinations for the tax years ended june 30, 2018 and later by the internal revenue service. The company is not currently under examination for any open tax year. The company follows the accounting standard related to the accounting for uncertainty in income taxes recognized in the company's financial statements. The standard prescribes a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. The company currently does not have any positions reserved.”

Schedule D, Part XI, Line 2D

“RECONCILIATION OF REVENUE PER AUDITED FINANCIALS WITH RETURN: Department of Education Rebate Fees $(370,107)”

SCHEDULE D, PART XII, LINE 4B

“RECONCILIATION OF Expenses PER AUDITED FINANCIALS WITH RETURN: Department of Education Rebate Fees $370,107”

Raw XML AppendixShowing 400 of 798 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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