2022-05-10T16:43:18-05:00 2021-06-30 135565207 KPMG LLP 4200 WELLS FARGO CENTER 90 S 7TH ST MINNEAPOLIS MN 55402 990 2020-07-01 421137531 IOWA STUDENT LOAN LIQUIDITY CORPORATION IOWA 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 502669307 ERIN LACEY EVP & TREASURER 5152737210 2022-05-06 1 ERIN LACEY XXX-XX-XXXX MONROE JORDAN GIERL P01413237 6123055000 3 AAL1 IAL1 2020 2022-09-23 18:48:47Z ERIN LACEY 6805 VISTA DRIVE WEST DES MOINES IA 502669307 46010188 0 X WWW.STUDENTLOAN.ORG X 1979 IA TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 11 7 94 0 0 0 118400 0 62185593 45328558 2605459 347601 109 12500 64909561 45688659 900000 765000 0 0 12112917 11160515 0 0 0 66138486 48793712 79151403 60719227 -14241842 -15030568 1307508535 1230053718 799490469 733135854 508018066 496917864 TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION. 0 0 56304293 765000 45688659 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, 2021, THE CORPORATION OWNED AND SERVICED LOANS TOTALING 148,437 WITH AN OUTSTANDING BALANCE OF $1,056,917,530. 56304293 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 41 0 1 94 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X RON W FORESMAN 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 50266 X CHRISTINE HENSLEY BOARD CHAIRPERSON 1.00 X 18135 0 0 LAURIE HEMPIN BOARD OF DIRECTOR 1.00 X 10109 0 0 TAMMY BRAMLEY BOARD VICE CHAIRPERSON 1.00 X 13404 0 0 DANIEL CLUTE BOARD OF DIRECTOR 1.00 X 10505 0 0 ADAM VOIGTS BOARD OF DIRECTOR 1.00 X 9523 0 0 LORRAINE GROVES BOARD OF DIRECTOR 1.00 X 8532 0 0 SCOTT SCHNEIDERMANN BOARD OF DIRECTOR 1.00 X 9911 0 0 ROB DENSON BOARD OF DIRECTOR 1.00 X 9119 0 0 JIM SCHIPPER BOARD OF DIRECTOR 1.00 X 9316 0 0 MARCIA ROGERS BOARD OF DIRECTOR 1.00 X 8532 0 0 NANCY DUNKEL BOARD OF DIRECTOR 1.00 X 8524 0 0 STEVE MCCULLOUGH PRESIDENT AND CEO 40.00 X 430243 0 48834 ERIN LACEY EVP AND TREASURER 40.00 X 281428 0 47700 MARY KAY DEBOLT SR. OPERATIONS VP & SECRETARY 40.00 X 0 224772 34920 CINDY BARTZ CIO & PROJ MGMT VP 40.00 X 226103 0 43625 GREG NICHOLS SR. PUB AFFAIRS AND COMM REL VP 40.00 X 207436 0 28821 RON FORESMAN ACCOUNTING & RISK MGMT VP 40.00 X 232360 0 35668 MARC HENDEL SR. RESEARCHER & DATA MGR 40.00 X 205216 0 24986 CHI-MING J LIN CHIEF TECHNICAL ARCHITECT 40.00 X 202210 0 35571 MARSHA BOENDER DIR, LENDER AND SCHOOL SERV. 40.00 X 166307 0 32341 CHRIS HAMMERSTROM PROD. DEV. DIRECTOR 40.00 X 162226 0 27912 SHAWN J SMITH LEAD DATABASE ADMINISTRATOR 40.00 X 157041 0 20680 2386180 224772 381058 37 0 1 0 AHLERS & COONEY PC 100 COURT AVE SUITE 600 DES MOINES IA 50309 LEGAL 373507 KPMG LLP 666 GRAND AVENUE SUITE 2500 DES MOINES IA 50309 AUDIT & TAX SERVICES 307260 JASON GLADFELDER 756 BROOK FOREST RD NIXA MO 65714 CONSULTING - IT 114984 3 STUDENT LOAN INTEREST INCOME 522291 40341872 40341872 OTHER STUDENT LOAN REVENUE 522291 4986686 4986686 45328558 512120 512120 157010 321529 -164519 -164519 -164519 MISCELLANEOUS INCOME 522291 12500 12500 12500 45688659 45688659 0 0 765000 765000 2386180 2386180 6553893 6553893 773169 637167 136002 821754 718188 103566 625519 408664 216855 157373 157373 381869 381869 142237 142237 592792 592792 654879 654879 951104 951104 396409 396409 16153 16153 28814 28814 16761971 16761971 1033089 1033089 SERVICE CHARGES & FEES 14401834 14401834 DEBT RELATED EXPENSES 4344817 4344817 MISCELLANEOUS 4117036 4117036 CONSOLIDATED REBATE FEE 2550834 2550834 2262501 2262501 60719227 56304293 4414934 0 X 1993521 2192433 238718534 225701998 0 0 975745507 903723402 0 0 0 0 0 0 0 0 1345311 990385 43296740 33685763 10564171 9610977 11318685 9755186 38157468 37120478 0 0 0 0 29665338 40958859 1307508535 1230053718 6015268 6340542 0 0 26016953 23128403 360774160 138371447 0 0 0 0 405435685 564208800 0 0 1248403 1086662 799490469 733135854 X 217305765 204226501 290712301 292691363 508018066 496917864 1307508535 1230053718 X -15030568 327775 3602591 X 0 1 X 1 1 1 X 2700 2800 0 118400 0 123900 57889433 65734870 65163176 56165802 45328558 290281839 57892133 65737670 65163176 56284202 45328558 290405739 0 0 0 290405739 1085010 2610542 2561370 2605460 512120 9374502 1085010 2610542 2561370 2605460 512120 9374502 30830 30992 196 109 12500 74627 59007973 68379204 67724742 58889771 45853178 299854868 0.96850 0.96490 0.03130 0.03480 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: MISCELLANEOUS INCOME - 2016 AMOUNT: $ 30,830. 2017 AMOUNT: $ 30,992. 2018 AMOUNT: $ 196. 2019 AMOUNT: $ 109. 2020 AMOUNT: $ 12,500. 0 142237 142237 60719227 60861464 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 147979 153669 151353 142237 595238 250000 250000 250000 250000 1000000 1500000 3129449 3129449 7693147 3230743 4462404 1376897 1375160 1737 10371639 9283027 1088612 20725608 19796833 928775 9610977 ACCRUED INTEREST PAYABLE 1086662 1086662 X 46869698 327775 853264 1181039 45688659 0 45688659 57969899 0 57969899 2749327 2749327 60719226 PART XI, LINE 2D - OTHER ADJUSTMENTS: INVESTMENT IN SUBSIDIARY 853,264. PART XII, LINE 4B - OTHER ADJUSTMENTS: AMORTIZATION OF BOND EXTINGUISHMENT 2,749,327. 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. 1 IOWA COLLEGE ACCESS NETWORK 1770 BOYSON STREET HIAWATHA IA 52233 270915418 501(C)(3) 765000 GENERAL SUPPORT 1 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 2021 ISL CONTRIBUTED $765,000. X X X 0 0 0 0 0 0 0 0 0 STEVE MCCULLOUGH PRESIDENT AND CEO 430243 0 0 0 0 0 27075 0 21759 0 479077 0 0 0 ERIN LACEY EVP AND TREASURER 281428 0 0 0 0 0 26041 0 21659 0 329128 0 0 0 CINDY BARTZ CIO & PROJ MGMT VP 226103 0 0 0 0 0 21060 0 22565 0 269728 0 0 0 RON FORESMAN ACCOUNTING & RISK MGMT VP 232360 0 0 0 0 0 21592 0 14076 0 268028 0 0 0 MARY KAY DEBOLT SR. OPERATIONS VP & SECRETARY 0 224772 0 0 0 0 20844 0 14076 0 34920 224772 0 0 CHI-MING J LIN CHIEF TECHNICAL ARCHITECT 202210 0 0 0 0 0 19155 0 16416 0 237781 0 0 0 GREG NICHOLS SR. PUB AFFAIRS AND COMM REL VP 207436 0 0 0 0 0 19390 0 9431 0 236257 0 0 0 MARC HENDEL SR. RESEARCHER & DATA MGR 205216 0 0 0 0 0 18863 0 6123 0 230202 0 0 0 MARSHA BOENDER DIR, LENDER AND SCHOOL SERV. 166307 0 0 0 0 0 15844 0 16497 0 198648 0 0 0 CHRIS HAMMERSTROM PROD. DEV. DIRECTOR 162226 0 0 0 0 0 15406 0 12506 0 190138 0 0 0 SHAWN J SMITH LEAD DATABASE ADMINISTRATOR 157041 0 0 0 0 0 14417 0 6263 0 177721 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 A 24100000 40587485 601200 745976 2016 0 0 1 1 B 49100000 75707259 742900 1432488 2019 1 0 1 1 C 99501506 1854800 1175030 8578 2021 1 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 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 A 1 B 1 C 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 IT DOCUMENTS AVALIABLE TO THE PUBLIC UPON REQUEST. FORM 990 PART VI LINE 11A ALL COMPLETED FORMS TO BE FILED ARE PRESENTED TO AND REVIEWED WITH THE BOARD OF DIRECTORS. FORM 990, PART VII - COMPENSATION OF THE FIVE HIGHEST PAID IND. CONTRACTORS NAME AND ADDRESS DESCRIPTION OF SERVICES COMPENSATION AHLERS & COONEY, PC LEGAL 373,507. 100 COURT AVE, SUITE 600 DES MOINES, IA 50309 KPMG LLP AUDIT & TAX SERVICES 307,260. 666 GRAND AVENUE, SUITE 2500 DES MOINES, IA 50309 JASON GLADFELDER CONSULTING - IT 114,984. 756 BROOK FOREST RD NIXA, MO 65714 FROM 990 PART X LINE 23 LENDER: BONDS PAYABLE BEGINNING BALANCE DUE ................................ 715,075,173 ENDING BALANCE DUE ................................... 679,106,096 LENDER: NOTES PAYABLE BEGINNING BALANCE DUE ................................. 51,134,672 ENDING BALANCE DUE .................................... 23,474,151 TOTAL BEGINNING MORTGAGES AND OTHER NOTES PAYABLE 766,209,845 TOTAL ENDING MORTGAGES AND OTHER NOTES PAYABLE 702,580,247 FORM 990, PART XI, LINE 9: OTHER CHANGES IN NET ASSETS 3,602,591. FORM 990 PART XI LINE 9 AMORTIZATION OF BOND EXTINGUISHMENT GAIN 2,749,327 REVENUE OF SUBSIDIARY 853,264 FORM 990 PART VI 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 LINE 15A 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 LINE 19 THE ORGANIZATION MAKES IT DOCUMENTS AVALIABLE TO THE PUBLIC UPON REQUEST. ASPIRE RESOURCES INC 6805 VISTA DRIVE WEST DES MOINES IA 50266 421520183 LOAN SERVICING IA ISLLC C 853264 37120478 1.00000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 ASPIRE RESOURCES INC N 2426993 COMPANY RECORDS ASPIRE RESOURCES INC O 2430143 COMPANY RECORDS