2026-05-15T14:06:31-05:00 2025-06-30 135565207 KPMG LLP 666 GRAND AVENUE STE 2500 DES MOINES IA 503092578 990 2024-07-01 421137531 IOWA STUDENT LOAN LIQUIDITY CORPORATION IOWA 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 502669307 ERIN LACEY EVP & TREASURER 5152737210 2026-05-13 1 0 SOPHIE R KING P02233384 5152887465 2026-05-13 2024 2025-03-06 01:10:19Z ERIN LACEY 6805 VISTA DRIVE WEST DES MOINES IA 502669307 100298491 0 X WWW.STUDENTLOAN.ORG X 1979 IA TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 11 1 86 0 0 0 0 0 103657296 89770316 11732920 10342355 36275 244 115426491 100112915 685000 685330 0 0 12063746 11943500 0 0 0 95242928 82868720 107991674 95497550 7434817 4615365 1629996277 1556680786 1130059007 1052471036 499937270 504209750 TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 0 0 90718618 685330 100112915 IOWA STUDENT LOAN LIQUIDITY CORPORATION PROVIDES FUNDS FOR THE ACQUISITION AND SERVICING OF STUDENT LOANS UNDER THE U.S. HIGHER EDUCATION ACT OF 1965, AS AMENDED, AND OTHER NON-HIGHER EDUCATION ACT STUDENT LOAN PROGRAMS. AS OF JUNE 30, 2025, THE CORPORATION OWNED AND SERVICED LOANS TOTALING 158,861 WITH AN OUTSTANDING BALANCE OF $$1,387,247,879. 90718618 1 0 0 1 0 0 0 0 0 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 44 0 1 86 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 1 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X RON W FORESMAN 5122737210 6805 VISTA DRIVE WEST DES MOINE IA 50266 X CHRISTINE HENSLEY BOARD CHAIRPERSON 1.00 X 22346 0 0 DANIEL CLUTE BOARD MEMBER 1.00 X 15288 0 0 ADAM VOIGTS BOARD MEMBER 1.00 X 13100 0 0 JULIE PINGEL BOARD MEMBER 1.00 X 11284 0 0 SCOTT SCHNEIDERMANN BOARD VICE CHAIRPERSON 1.00 X 15197 0 0 ROB DENSON BOARD MEMBER 1.00 X 10834 0 0 JIM SCHIPPER BOARD MEMBER 1.00 X 9947 0 0 MARCIA ROGERS BOARD MEMBER 1.00 X 10790 0 0 NANCY DUNKEL BOARD MEMBER 1.00 X 12170 0 0 JUAN GARCIA BOARD MEMBER 1.00 X 11267 0 0 SUZETTE RADKE BOARD MEMBER 1.00 X 11710 0 0 STEVE MCCULLOUGH PRESIDENT AND CEO 40.00 X 458497 0 59896 ERIN LACEY EVP AND TREASURER 40.00 X 313195 0 47109 CINDY BARTZ CIO, PROJ MGMT SVP, & SECR 40.00 X 285575 0 53949 GREG NICHOLS SR. PUB AFFAIRS & COMM REL VP 40.00 X 155619 0 1810 RON FORESMAN ACCOUNTING & RISK MGMT VP 40.00 X 254698 0 43264 JEN HEMPEL COMPL & COMMUNICATIONS VP 40.00 X 152162 0 17591 MARC HENDEL SR. RESEARCHER & DATA MGR 40.00 X 178553 0 43126 CHAD WINTER INFORMATION TECHNOLOGY MGR 40.00 X 176478 0 31195 MARSHA BOENDER DIR, LENDER & SCHOOL SERV 40.00 X 174997 0 28276 KORY MICHAEL TECH SERV & OPERATION MGR 40.00 X 174457 0 25545 SHAWN J SMITH LEAD DATABASE ADMINISTRATOR 40.00 X 160838 0 17727 2629002 0 369488 44 0 1 0 KPMG LLP 666 GRAND AVENUE SUITE 2500 DES MOINES IA 50309 AUDIT & TAX SERVICES 494240 AHLERS & COONEY PC 100 COURT AVE SUITE 600 DES MOINES IA 50309 LEGAL 247779 TTEC HOLDINGS INC 6312 S FIDDLERS GREEN CIR SUITE GREENWOOD VILLAGE CO 80111 CONSULTING - IT 229986 JASON GLADFELDER 756 BROOK FOREST RD NIXA MO 65714 CONSULTING - IT 154923 SUZANNE M BUWALDA 1028 WAYMAKER CT APEX NC 27502 CONSULTING - IT 147664 6 STUDENT LOAN INTEREST 522291 84889306 84889306 OTHER STUDENT LOAN REV 522291 4881010 4881010 89770316 10470574 10470574 57357 185576 -128219 -128219 -128219 MISCELLANEOUS INCOME 522291 244 244 244 100112915 100112915 0 0 685330 685330 2629002 2629002 6829358 6829358 843454 726173 117281 989072 900325 88747 652614 479331 173283 258265 258265 478430 478430 73324 73324 706376 706376 674257 674257 1101963 1101963 306989 306989 95552 95552 50063 50063 47871001 47871001 1033924 1033924 SERVICE CHARGE & FEES 14264780 14264780 DEBT RELATED EXPENSES 4794597 4794597 PROVISION FOR LOAN LOSS 4784309 4784309 CONSOLIDATION REBATE FE 2901690 2901690 3473200 3473200 95497550 90718618 4778932 0 X 742806 678466 210058312 193181951 0 0 1301816999 1247898124 0 0 0 0 0 0 0 0 954023 1218865 45926640 38155886 8299875 7770754 7189562 6290675 38516999 36471293 0 0 0 0 62417701 63170658 1629996277 1556680786 5621711 6523358 0 0 13676097 13565963 179443710 210096335 0 0 0 0 928015766 819899700 0 0 3301723 2385680 1130059007 1052471036 X 499937270 504209750 0 0 499937270 504209750 1629996277 1556680786 X 4615365 -130945 -211940 X 0 1 X 1 0 X 0 0 0 0 0 45328558 50346009 95379910 103657296 89770316 384482089 45328558 50346009 95379910 103657296 89770316 384482089 0 0 0 384482089 512120 310051 6203424 11836707 10470574 29332876 512120 310051 6203424 11836707 10470574 29332876 12500 22231 26 36275 244 71276 45853178 50678291 101583360 115530278 100241134 413886241 0.92900 0.94220 0.07090 0.05760 X PART-III LINE-12 MISCELLANOUS INCOME 2020 AMOUNT: $12,500 2021 AMOUNT: $23,231 2022 AMOUNT: $26 2023 AMOUNT: $36,275 2024 AMOUNT: $244 0 73324 73324 95424226 95497550 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 147720 156101 100489 73324 477634 250000 250000 250000 250000 1000000 1500000 3448738 3448738 7770710 4843005 2927705 1376897 1376897 0 11314607 10356813 957794 22015688 21579171 436517 7770754 ACCRUED INTEREST PAYABLE 2385680 2385680 X 97936264 -130945 -130945 98067209 2045706 2045706 100112915 93663784 0 93663784 1833766 1833766 95497550 PART X, LINE 2: THE CORPORATION IS A TAX-EXEMPT ORGANIZATION AS DESCRIBED IN SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE ACCOMPANYING FINANCIAL STATEMENTS. AS SUCH, THE CORPORATION IS SUBJECT TO FEDERAL AND STATE INCOME TAXES ONLY ON ANY NET UNRELATED BUSINESS INCOME UNDER THE PROVISIONS OF SECTION 511 OF THE INTERNAL REVENUE CODE. PART XI, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT IN SUBSIDIARY 2,045,706. PART XII, LINE 4B - OTHER ADJUSTMENTS: AMORTIZATION OF BOND EXTINGUISHMENT 1,833,766. 1 IOWA COLLEGE ACCESS NETWORK 1770 BOYSON STREET HIAWATHA IA 52233 270915418 501(C)(3) 685330 0 GENERAL SUPPORT 1 0 PART I, LINE 2: DURING CALENDAR YEAR 2009 ISL SPUN OFF A SEGMENT OF ITS BUSINESS INTO A SEPARATE TAX-EXEMPT ORGANIZATION (ICAN). ISL'S CEO/PRESIDENT IS A BOARD MEMBER OF ICAN AND ISL CONTRIBUTES A SIGNIFICANT AMOUNT OF MONEY ANNUALLY TO ICAN TO SUPPORT ITS OPERATIONS. DURING FY 2025 ISL CONTRIBUTED $685,330. X X X 0 0 0 0 0 0 0 0 0 STEVE MCCULLOUGH PRESIDENT AND CEO 458497 0 0 0 0 0 32775 0 27121 0 518393 0 0 0 ERIN LACEY EVP AND TREASURER 313195 0 0 0 0 0 31403 0 15706 0 360304 0 0 0 CINDY BARTZ CIO, PROJ MGMT SVP, & SECR 285575 0 0 0 0 0 27975 0 25974 0 339524 0 0 0 RON FORESMAN ACCOUNTING & RISK MGMT VP 254698 0 0 0 0 0 25128 0 18136 0 297962 0 0 0 MARC HENDEL SR. RESEARCHER & DATA MGR 178553 0 0 0 0 0 17990 0 25136 0 221679 0 0 0 CHAD WINTER INFORMATION TECHNOLOGY MGR 176478 0 0 0 0 0 16918 0 14277 0 207673 0 0 0 MARSHA BOENDER DIR, LENDER & SCHOOL SERV 174997 0 0 0 0 0 16458 0 11818 0 203273 0 0 0 KORY MICHAEL TECH SERV & OPERATION MGR 174457 0 0 0 0 0 16710 0 8835 0 200002 0 0 0 SHAWN J SMITH LEAD DATABASE ADMINISTRATOR 160838 0 0 0 0 0 15568 0 2159 0 178565 0 0 0 JEN HEMPEL COMPL & COMMUNICATIONS VP 152162 0 0 0 0 0 14815 0 2776 0 169753 0 0 0 GREG NICHOLS SR. PUB AFFAIRS & COMM REL VP 155619 0 0 0 0 0 0 0 1810 0 157429 0 0 0 A IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590JU5 2015-05-13 37800000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 B IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590LR9 2018-06-06 74290000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 C IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590MJ6 2019-10-23 92740000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 D IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590NH9 2022-06-23 26400000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 A 35500000 40587485 378000 745976 2016 0 0 1 1 B 63290000 7577259 742904 1432488 2019 1 0 1 1 C 40575000 99501506 1288900 1175030 2021 1 0 1 1 D 29535390 528000 435000 2022 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 1 B 0 1 0 0 0 0 0 1 C 0 1 0 0 0 0 0 1 D 0 1 0 0 0 0 0 1 A 1 B 1 C 1 D 1 A IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590NR7 2023-08-22 66430000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 B IOWA STUDENT LOAN LIQUIDITY CORPORATION 421137531 462590NR7 2024-08-29 43840000 PROVIDE FUNDS FOR ELIGIBLE STUDENT 0 0 0 A 71611859 1328600 765927 2023 0 0 1 1 B 45503376 876800 466954 726369 2024 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 0 A 0 1 0 0 0 0 0 1 B 0 1 0 0 0 0 0 1 A 1 B 1 FORM 990, PART VI, SECTION B, LINE 11B ALL COMPLETED FORMS TO BE FILLED ARE PRESENTED TO AND REVIEWED WITH THE BOARD OF DIRECTORS FORM 990, PART VI, SECTION B, LINE 12C A DIRECTOR SHOULD BE SENSITIVE TO ANY INTEREST AND POTENTIAL CONFLICT HE OR SHE MAY HAVE IN A DECISION TO BE MADE BY THE BOARD OF DIRECTORS AND, AS FAR AS POSSIBLE, RECOGNIZE SUCH INTEREST AND POTENTIAL CONFLICT PRIOR TO THE DISCUSSION OR PRESENTATION OF SUCH A MATTER BEFORE THE BOARD. WHEN A DIRECTOR HAS AN INTEREST IN A TRANSACTION BEING CONSIDERED BY THE BOARD OF DIRECTORS, THE DIRECTOR SHOULD DISCLOSE THE CONFLICT BEFORE THE BOARD TAKES ACTION ON THE MATTER. UPON DISCLOSURE BY THE DIRECTOR, THE BOARD SHOULD TAKE APPROPRIATE PROTECTIVE STEPS. ON AN ANNUAL BASIS, ALL DIRECTORS ARE ASKED TO DISCLOSE ANY CONFLICTS OF INTEREST THROUGH A COMPLETED AND SIGNED SUBMITTED FORM. FORM 990, PART VI, SECTION B, LINE 15 THE ISL BOARD OF DIRECTORS CONDUCTS A PERFORMANCE REVIEW OF THE CEO ANNUALLY. THE SALARY RANGE FOR THE CEO IS ESTABLISHED WITH THE HELP OF AN OUTSIDE INDEPENDENT COMPENSATION EXPERT. SEVERAL SALARY SURVEYS ARE CONDUCTED TO MAKE SURE THE CORPORATION IS COMPENSATING THE CEO AT A COMPETITIVE YET REASONABLE RATE. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES IT DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VII - COMPENSATION OF THE FIVE HIGHEST PAID IND. CONTRACTORS NAME AND ADDRESS DESCRIPTION OF SERVICES COMPENSATION KPMG LLP AUDIT & TAX SERVICES 494,240. 666 GRAND AVENUE, SUITE 2500 DES MOINES, IA 50309 AHLERS & COONEY, PC LEGAL 247,779. 100 COURT AVE DES MOINES, IA 50309 TTEC HOLDINGS, INC CONSULTING - IT 229,986. 6312 S. FIDDLER'S GREEN CIRCLE GREENWOOD VILLAGE, CO 80111 JASON GLADFELDER CONSULTING - IT 154,923. 756 BROOK FOREST RD NIXA, MO 65714 SUZANNE M BUWALDA CONSULTING - IT 147,664. 1028 WAYMAKER CT APEX, NC 27502 FROM 990 PART X LINE 23 LENDER: BONDS PAYABLE BEGINNING BALANCE DUE ................................ 1,103,516,181 ENDING BALANCE DUE ................................... 1,020,167,508 LENDER: NOTES PAYABLE BEGINNING BALANCE DUE ................................. 3,943,295 ENDING BALANCE DUE .................................... 9,828,527 TOTAL BEGINNING MORTGAGES AND OTHER NOTES PAYABLE 1,107,459,476 TOTAL ENDING MORTGAGES AND OTHER NOTES PAYABLE 1,029,996,035 FORM 990, PART XI, LINE 9: AMORTIZATION OF DEFERRED GAIN ON REFUNDED DEBT 1,833,766. GAIN/LOSS ON SUBSIDIARY INVESTMENT -2,045,706. ASPIRE RESOURCES INC 6805 VISTA DRIVE WEST DES MOINES IA 50266 421520183 LOAN SERVICING IA ISLLC C 2045706 36471293 1.00000 1 1 0 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 ASPIRE RESOURCES INC M 14280054 COMPANY RECORDS ASPIRE RESOURCES INC N 1972366 COMPANY RECORDS ASPIRE RESOURCES INC O 2878738 COMPANY RECORDS