2025-05-14T11:37:27-05:00 2024-06-30 135565207 KPMG LLP 666 GRAND AVENUE STE 2500 DES MOINES IA 503092578 990 2023-07-01 421137531 IOWA STUDENT LOAN LIQUIDITY CORPORATION IOWA 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 502669307 ERIN LACEY EVP & TREASURER 5152737210 2025-05-12 1 0 SOPHIE R KING P02233384 5152887465 2025-05-12 2023 2025-03-06 01:10:19Z ERIN LACEY 6805 VISTA DRIVE WEST DES MOINES IA 502669307 115549984 0 X WWW.STUDENTLOAN.ORG X 1979 IA TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 11 6 87 0 0 0 0 0 95379910 103657296 6072510 11732920 26 36275 101452446 115426491 685000 685000 0 0 11922623 12063746 0 0 0 90878426 95242928 103486049 107991674 -2033603 7434817 1743077766 1629996277 1254616939 1130059007 488460827 499937270 TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 0 0 103229202 685000 115426491 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, 2024, THE CORPORATION OWNED AND SERVICED LOANS TOTALING 173,825 WITH AN OUTSTANDING BALANCE OF $1,442,176,448. 103229202 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 50 0 1 87 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 6 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 MOINES IA 50266 X CHRISTINE HENSLEY BOARD CHAIRPERSON 1.00 X 20015 0 0 DANIEL CLUTE BOARD MEMBER 1.00 X 12932 0 0 ADAM VOIGTS BOARD MEMBER 1.00 X 11452 0 0 JULIE PINGEL BOARD MEMBER 1.00 X 9919 0 0 SCOTT SCHNEIDERMANN BOARD VICE CHAIRPERSON 1.00 X 11727 0 0 ROB DENSON BOARD MEMBER 1.00 X 9191 0 0 JIM SCHIPPER BOARD MEMBER 1.00 X 11213 0 0 MARCIA ROGERS BOARD MEMBER 1.00 X 9811 0 0 NANCY DUNKEL BOARD MEMBER 1.00 X 9799 0 0 JUAN GARCIA BOARD MEMBER 1.00 X 4844 0 0 SUZETTE RADKE BOARD MEMBER (START 7/2023) 1.00 X 4654 0 0 STEVE MCCULLOUGH PRESIDENT AND CEO 40.00 X 484788 0 54653 ERIN LACEY EVO AND TREASURER 40.00 X 302388 0 44835 CINDY BARTZ CIO, PROJ MGMT SVP, & SECR 40.00 X 261898 0 48666 GREG NICHOLS SR. PUB AFFAIRS & COMM REL VP 40.00 X 224125 0 13666 RON FORSEMAN ACCOUNTING & RISK MGMT VP 40.00 X 244215 0 36222 MARC HENDEL SR. RESEARCHER & DATA MGR 40.00 X 212734 0 11614 CHAD WINTER INFORMATION TECHNOLOGY MGR 40.00 X 167889 0 28874 MARSHA BOENDER DIR, LENDER & SCHOOL SERV. 40.00 X 174132 0 33152 KORY MICHAEL TECH SERV & OPERATION MGR 40.00 X 154614 0 28949 SHAWN J SMITH LEAD DATABASE ADMINISTRATOR 40.00 X 164682 0 23478 2507022 0 324109 42 0 1 0 KPMG LLP 666 GRAND AVENUE SUITE 2500 DES MOINES IA 50309 AUDIT & TAX SERVICES 401850 AHLERS & COONEY PC 100 COURT AVE SUITE 600 DES MOINES IA 50309 LEGAL 302406 JASON GLASFELDER 756 BROOK FOREST RD NIXA MO 65714 CONSULTING - IT 158920 SUZANNE M BUWALDA 1028 WAYMAKER CT APEX NC 27502 CONSULTING - IT 156601 BAKER TILLY US LLP PO BOX 7398 MADISON WI 53707 CONSULT & ACCT SERV 110000 6 STUDENT LOAN INTEREST 522291 97827825 97827825 OTHER STUDENT LOAN REV 522291 5829471 5829471 103657296 11836707 11836707 19706 123493 -103787 -103787 -103787 MISCELLANEOUS INCOME 522291 36275 36275 36275 115426491 115426491 0 0 685000 685000 2507022 2507022 7169379 7169379 820887 702940 117947 897786 817691 80095 668672 502047 166625 176625 176625 513003 513003 100489 100489 636521 636521 543348 543348 1155793 1155793 381597 381597 104032 104032 56979 56979 56093141 56093141 1201155 1201155 SERVICE CHARGE & FEES 15160623 15160623 DEBT RELATED EXPENSES 6148367 6148367 PROVISION FOR LOAN LOSS 5379123 5379123 CONSOLIDATED REBATE FEE 4125194 4125194 3466938 3466938 107991674 103229202 4762472 0 X 689194 742806 180682245 210058312 0 0 1440775608 1301816999 0 0 0 0 0 0 0 0 1022193 954023 45422157 37122282 8780127 8299875 7566156 7189562 37906985 38516999 0 0 0 0 65655258 62417701 1743077766 1629996277 6876270 5621711 0 0 16766219 13676097 123475056 179443710 0 0 0 0 1103870317 928015766 0 0 3629077 3301723 1254616939 1130059007 X 488460827 499937270 0 0 488460827 499937270 1743077766 1629996277 X 7434817 437144 3604482 X 0 1 X 1 0 X 118400 0 0 0 0 118400 56165802 45328558 50346009 95379910 103657296 350877575 56284202 45328558 50346009 95379910 103657296 350995975 0 0 0 350995975 2605460 512120 310051 6203424 11836707 21467762 2605460 512120 310051 6203424 11836707 21467762 109 12500 22231 26 36275 71141 58889771 45853178 50678291 101583360 115530278 372534878 0.94220 0.96240 0.05760 0.03750 X PART-III LINE-12 MISCELLANOUS INCOME 2019 AMOUNT: 109 2020 AMOUNT: $12,500 2021 AMOUNT: $23,231 2022 AMOUNT: $26 2023 AMOUNT: $36,275 0 100489 100489 107891185 107991674 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 142237 147720 156101 100489 546547 250000 250000 250000 250000 1000000 1500000 3448738 3448738 7770710 4463666 3307044 1376897 1376897 0 11314607 10076002 1238605 21511205 21205717 305488 8299875 ACCRUED INTEREST PAYABLE 3301723 3301723 X 116473649 437144 610014 1047158 115426491 0 115426491 104997206 0 104997206 2994468 2994468 107991674 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 2D - OTHER ADJUSTMENTS: INVESTMENT IN SUBSIDIARY 610,014. PART XII, LINE 4B - OTHER ADJUSTMENTS: AMORTIZATION OF BOND EXTINGUISHMENT 2,994,468. 1 IOWA COLLEGE ACCESS NETWORK 1770 BOYSON STREET HIAWATHA IA 52233 270915418 501(C)(3) 685000 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 2024 ISL CONTRIBUTED $685,000. X X X 0 0 0 0 0 0 0 0 0 STEVE MCCULLOUGH PRESIDENT AND CEO 484788 0 0 0 0 0 31350 0 23303 0 539441 0 0 0 ERIN LACEY EVO AND TREASURER 302388 0 0 0 0 0 29783 0 15052 0 347223 0 0 0 CINDY BARTZ CIO, PROJ MGMT SVP, & SECR 261898 0 0 0 0 0 27813 0 20853 0 310564 0 0 0 RON FORSEMAN ACCOUNTING & RISK MGMT VP 244215 0 0 0 0 0 24043 0 12179 0 280437 0 0 0 GREG NICHOLS SR. PUB AFFAIRS & COMM REL VP 224125 0 0 0 0 0 4958 0 8708 0 237791 0 0 0 MARC HENDEL SR. RESEARCHER & DATA MGR 212734 0 0 0 0 0 4715 0 6899 0 224348 0 0 0 MARSHA BOENDER DIR, LENDER & SCHOOL SERV. 174132 0 0 0 0 0 17492 0 15660 0 207284 0 0 0 CHAD WINTER INFORMATION TECHNOLOGY MGR 167889 0 0 0 0 0 16872 0 12002 0 196763 0 0 0 SHAWN J SMITH LEAD DATABASE ADMINISTRATOR 164682 0 0 0 0 0 16302 0 7176 0 188160 0 0 0 KORY MICHAEL TECH SERV & OPERATION MGR 154614 0 0 0 0 0 15447 0 13502 0 183563 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 462590LT9 2018-06-06 74290000 PROVIDE FUNDS FOR ELIGIBLE STUDNET 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 32700000 40587485 378000 745976 2016 0 0 1 1 B 59100000 75707259 742904 1432488 2019 1 0 1 1 C 34300000 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 0 1 B 0 1 0 0 0 0 0 0 1 C 0 1 0 0 0 0 0 0 1 D 0 1 0 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 A 71611859 1328600 765927 2023 0 0 1 1 A 0 0 0 0 0 0 1 A 0 1 0 0 0 0 0 0 1 A 1 FORM 990, PART VI, SECTION B, LINE 11B ALL COMPLETED FORMS TO BE FILED 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 ITS 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 401,850. 666 GRAND AVENUE, SUITE 2500 DES MOINES, IA 50309 AHLERS & COONEY, PC LEGAL 302,406. 100 COURT AVE DES MOINES, IA 50309 JASON GLADFELDER CONSULTING - IT 158,920. 756 BROOK FOREST RD NIXA, MO 65714 SUZANNE M BUWALDA CONSULTING - IT 156,601. 1028 WAYMAKER CT APEX, NC 27502 BAKER TILLY US LLP CONSULT & ACCT SERV 110,000. PO BOX 7398 MADISON, WI 53707 FROM 990 PART X LINE 23 LENDER: BONDS PAYABLE BEGINNING BALANCE DUE ................................ 1,141,350,542 ENDING BALANCE DUE ................................... 1,103,516,181 LENDER: NOTES PAYABLE BEGINNING BALANCE DUE ................................. 85,994,832 ENDING BALANCE DUE .................................... 3,943,295 TOTAL BEGINNING MORTGAGES AND OTHER NOTES PAYABLE 1,227,345,374 TOTAL ENDING MORTGAGES AND OTHER NOTES PAYABLE 1,107,459,476 FORM 990, PART XI - RECONCILIATION OF NET ASSETS, LINE 9 AMORTIZATION OF BOND EXTINGUISHMENT GAIN 2,994,468 REVENUE OF SUBSIDIARY 610,014 ASPIRE RESOURCES INC 6805 VISTA DRIVE WEST DES MOINES IA 50266 421520183 LOAN SERVICING IA ISLLC C 610014 38516999 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 15001445 COMPANY RECORDS ASPIRE RESOURCES INC N 2438036 COMPANY RECORDS ASPIRE RESOURCES INC O 3331067 COMPANY RECORDS