2021-02-14T08:24:20-06:00 2020-09-30 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2019-10-01 026007687 New Hampshire Higher Education Assistance Foundation NEWH 6032256612 4 Barrell Court PO Box 877 Concord NH 033020877 Christiana Thornton President & CEO 6032256612 2021-02-10 1 Nicholas E Porto P01310283 2078792100 2021-02-10 2019 2022-09-23 18:48:47Z Christiana Thornton 4 Barrell Court PO Box 877 Concord NH 033020877 5670970 0 X www.nhheaf.org X 1962 NH Student loan guarantor 6 6 0 6 0 0 0 0 1148202 1401885 631438 1018574 1612 992 1781252 2421451 0 358700 0 0 0 0 0 0 0 1435712 1568614 1435712 1927314 345540 494137 26317500 27465523 10927610 11407503 15389890 16058020 X Student loan guarantor 1 0 1585624 358700 1402877 Administrating agent and guarantor in New Hampshire for the Federal Family Education Loan Program, which provides long-term, low interest educational loans by financial institutions to students attending college or technical schools. 1585624 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 646 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 1 1 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 NH X Linda Crump 6032255867 4 Barrell Court Concord NH 033020877 Rene A Drouin Former President & CEO 0.00 0.00 X 0 1197220 24895 Christiana Thornton President & CEO 10.00 30.00 X X 0 392578 32650 John Gennetti Trustee (end 4/20) 0.20 0.00 X 0 0 0 Susan Huard Trustee 0.20 0.20 X 0 0 0 Linda Normandin Trustee 0.20 0.00 X 0 0 0 Deborah Scire Trustee (end 4/20) 0.20 0.00 X 0 0 0 Rick Elwell Chair (begin 4/20) 0.20 0.20 X X 0 0 0 Michael DeBlasi Chair (end 4/20) 0.20 0.00 X X 0 0 0 Sandy Tracy Vice Chair & Secretary (begin 4/20) 0.20 0.20 X X 0 0 0 Todd Emmons Vice Chair (end 4/20) 0.20 0.00 X X 0 0 0 Carol Houle Treasurer 0.20 0.00 X X 0 0 0 David Bellman Treasurer & Secretary (end 4/20) 0.20 0.00 X X 0 0 0 0 1589798 57545 0 1 1 0 0 Loan Rehabilitation Fees 522291 640060 640060 Consolidation Fees 522291 304250 304250 Government Fees & Contracts 522291 287591 287591 Loan Default Recovery 522291 169984 169984 1401885 535403 535403 3732690 3249519 483171 483171 483171 992 992 992 2421451 1402877 0 1018574 X 358700 358700 1061500 885317 176183 67104 67104 55100 55100 35883 35883 25503 25503 299407 299407 5233 5233 1084 1084 Subscriptions & Dues 17800 17800 1927314 1585624 341690 0 2617882 3231738 285913 58697 23365120 24128179 48585 46909 26317500 27465523 66528 299684 10085082 10394819 776000 713000 10927610 11407503 X 15389890 16058020 15389890 16058020 26317500 27465523 494137 173993 0 X 0 1 X 1 0 X 2623067 1913826 1627836 1149814 1402877 8717420 2623067 1913826 1627836 1149814 1402877 8717420 0 0 0 8717420 381629 366067 462855 595564 535403 2341518 381629 366067 462855 595564 535403 2341518 3004696 2279893 2090691 1745378 1938280 11058938 0.78830 0.81720 0.21170 0.18280 X 0 0 0 0 0 1 35883 0 0 0 35883 0 Part II-B, Line 1: The Organization paid $32,550 to Thompson & Coburn, a K Street Washington, DC law firm and $3,333 to Gallagher, Callahan & Gartrell, a Concord, NH law firm, in part for services related to lobbying activities and information on pending legislation that may impact the Organization. 0 X 2569941 173993 173993 2395948 25503 25503 2421451 1901811 0 1901811 25503 25503 1927314 Part X, Line 2: The Foundation has received a determination letter from the Internal Revenue Service stating that it qualifies for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been included in the financial statements. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board (FASB), assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. The Foundation has evaluated the positions taken on its filed tax returns. The Foundation has concluded no uncertain income tax positions exist at September 30, 2020 or 2019. 1 Colby-Sawyer College 541 Main Street New London NH 03257 020222120 501(c)(3) 1250 Tuition assistance for students affected by COVID-19 Dartmouth College 6024 McNutt Hall Hanover NH 03755 364767215 501(c)(3) 5000 Tuition assistance for students affected by COVID-19 Franklin Pierce University 40 University Drive Rindge NH 03461 020263136 501(c)(3) 17500 Tuition assistance for students affected by COVID-19 Granite State College 25 Hall Street Concord NH 03301 Government 12500 Tuition assistance for students affected by COVID-19 Great Bay Community College 320 Corporate Drive Portsmouth NH 03801 Government 19500 Tuition assistance for students affected by COVID-19 Keene State College 229 Main Street Keene NH 03435 Government 31250 Tuition assistance for students affected by COVID-19 Lakes Region Community College 379 Belmont Road Laconia NH 03246 Government 17550 Tuition assistance for students affected by COVID-19 Manchester Community College 1066 Front Street Manchester NH 03102 Government 19500 Tuition assistance for students affected by COVID-19 Nashua Community College 505 Amherst Street Nashua NH 03063 Government 19500 Tuition assistance for students affected by COVID-19 New England College 98 Bridge Street Henniker NH 03242 020223955 501(c)(3) 6250 Tuition assistance for students affected by COVID-19 New Hampshire Technical Institute 31 College Drive Concord NH 03301 Government 19500 Tuition assistance for students affected by COVID-19 Plymouth State University 17 High Street Plymouth NH 03264 Government 31250 Tuition assistance for students affected by COVID-19 River Valley Community College 1 College Place Claremont NH 03743 Government 19500 Tuition assistance for students affected by COVID-19 Rivier University 420 South Maine Street Nashua NH 03060 020223339 501(c)(3) 13750 Tuition assistance for students affected by COVID-19 Saint Anselm College 100 Saint Anselm Drive Manchester NH 03102 020222182 501(c)(3) 17500 Tuition assistance for students affected by COVID-19 Southern New Hampshire University 2500 North River Road Manchester NH 03106 020274509 501(c)(3) 31250 Tuition assistance for students affected by COVID-19 University of New Hampshire 105 Main Street Durham NH 03824 Government 62500 Tuition assistance for students affected by COVID-19 White Mountain Community College 2020 Riverside Drive Berlin NH 03570 Government 13650 Tuition assistance for students affected by COVID-19 18 0 Part I, Line 2: The filing organization awarded COVID-19 related emergency grants to Title IV institutions in the State of New Hampshire during the filing period. All funds were used to support mini-grants providing tuition assistance for eligible students identified by the recipient organizations according to standardized guidelines. All recipient insitutions were required to submit a report outlining student eligibility and how funds were used. 0 1 0 0 0 0 0 0 0 Rene A Drouin Former President & CEO 0 74279 0 0 0 1122941 0 1688 0 23207 0 1222115 0 109747 Christiana Thornton President & CEO 0 302308 0 90000 0 270 0 1431 0 31219 0 425228 0 0 Part I, Line 3 During calendar year 2019, the Organization's President & CEO was compensated through a related organization, Granite State Management & Resources; that organization used a compensation committee, Form 990 of other organizations, a compensation study, and board/compensation committee approval to establish the President & CEO's compensation. Part I, Line 4b New Hampshire Higher Education Loan Corporation maintained a 457(f) nonqualified deferred compensation plan for the benefit of Rene Drouin, who retired from the organization in October 2018. A final payout of $507,058 was made to Mr. Drouin in calendar year 2019. An amount of $109,747 has been reported in Schedule J, Part II, Column F to report amounts contributed by the Organization into Mr. Drouin's plan that were reported on previous Form 990 filings. Additionally, Mr. Drouin received a payment of $29,939 of accrued vacation time and $482,060 of accrued sick time earned over his tenure with the Organization. This amount has been reported in Schedule J, Part II, Column B(iii). Form 990, Part III, line 2 The filing organization awarded COVID-19 related emergency grants to Title IV institutions in the State of New Hampshire during the filing period. All funds were used to support mini-grants providing tuition assistance for eligible students identified by the recipient organizations according to standardized guidelines. All recipient insitutions were required to submit a report outlining student eligibility and how funds were used. Form 990, Part VI, Section A, line 3 The organization contracted with Granite State Management & Resources and New Hampshire Higher Education Loan Corporation, related entities, for its management services. Form 990, Part VI, Section A, line 4 As of March 31, 2020, the New Hampshire Higher Education Assistance Foundation (NHHEAF) became a subsidiary of a related organization, the New Hampshire Higher Education Loan Corporation (NHHELCO). As part of this reorganization, NHHEAF made the following changes to the their bylaws: 1. NHHELCO became the sole member of NHHEAF with all powers of the corporation. Under the previous bylaws the Board Of Trustees of NHHEAF exercised all control and authority. 2. The number of Trustees was increased from a minimum of three (3) to not less than five (5) and no more than seven (7). The sole member will nominate and elect two (2) trustees, the Corporation's President/CEO will serve as an ex officio trustee with full voting rights, and the remaining trustees will be nominated by the Governance Committee of the Board of Trustees. 3. The previous bylaws gave the Governer of New Hampshire an ex officio seat on the Board. The revised bylaws removed this provision. 4. The previous bylaws limited trustees to four (4) three-year terms. The revised bylaws limit trustees to no more than three (3) three-year terms. 5. The previous bylaws required the board to meet semi-annually. The revised bylaws require meetings every two (2) months. 6. The previous bylaws gave officers three-year terms and limited officers to no more than two (2) three-year terms. The revised bylaws require officers to be elected annually, and limit them to no more than three (3) consecutive one year terms. Form 990, Part VI, Section A, line 6 New Hampshire Higher Education Loan Corporation, a New Hampshire nonprofit voluntary corporation, is the sole corporate member of the Organization. Form 990, Part VI, Section A, line 7a The sole member will nominate and elect two (2) trustees of the Organization. Form 990, Part VI, Section A, line 7b The Member will have the power to take the following actions with respect to the Organization: (a) Establish and require adherence by the Organization to an integrated strategic plan and objectives for the Member, the Organization, and any other applicable subsidiaries; (b) Adopt, monitor and enforce financial principles, guidelines and performance goals with which the Organization will comply; (c) Mandate participation by the Organization in any program or initiative that will benefit the Organization, the Member, and any applicable subsidiaries, such as (but not limited to) compliance programs, information technology integration, group purchasing and shared corporate services; (d) Request funding, whether in the form of a loan or capital contribution, from unrestricted, available assets of the Organization to further the integrated strategic objectives of the Member and its subsidiaries, which request will be considered promptly by the Organization's Board of Trustees; and, (e) Following consultation with the Organization's Chair of the Board, hire, evaluate, compensate and/or terminate the President/Chief Executive Officer and Chief Financial Officer of the Organization, which individuals may also serve as president/chief executive officer and chief financial officer, respectively, of the Member and/or any of its other subsidiaries. Additionally, each of the following actions voted upon by the Organization's Board of Trustees must be approved by the Member before it becomes effective: (a) Election or removal of a Trustee of the Organization; (b) Final adoption of, and any approval of a material deviation from, the annual and any revised operating and capital budgets of the Organization; (c) Any single incurrence, or cumulative incurrences in any twelve (12) month period, of unbudgeted indebtedness by the Organization in excess of Fifty Thousand Dollars ($50,000.00); (d) Sale, lease or exchange outside the ordinary course of business of any material portion of the assets of, or the statutory merger, consolidation, corporate division, dissolution, or liquidation of, the Organization; (e) Appointment of a firm of independent public accountants to conduct an independent audit of the Organization's financial statements or a special project which materially impacts assets, revenues or operations; (f) The participation by the Organization in a key strategic relationship; (g) Elimination or addition of any material service or program by the Organization; and, (h) The amendment of the Articles of Agreement, Bylaws or other governing documents of the Organization where such proposed amendment would (i) impact the powers reserved to the Member in these Bylaws, (ii) reasonably be expected to have any material strategic, competitive or financial impact on the Member or on the Member and its subsidiaries collectively, or (iii) impact the obligations of the Organization and/or the Member or any subsidiary under any agreement between or among them. Form 990, Part VI, Section B, line 11b A copy of the form 990 was emailed to the board before filing. Board members had the opportunity to review the form and ask questions or for clarifications. Form 990, Part VI, Section B, line 12c Any conflicts of interest revealed in the annual survey or at any time throughout the year are addressed promptly and appropriately. Form 990, Part VI, Section B, line 15 An on-going internal review of salaries is conducted by Human Resources Management of NHHELCO using salary surveys from local and national resources to compare salaries for positions in the organization to local market data. The compensation structure is adjusted based on the results of these reviews. An independent consultant completed the Affirmative Action Plan, which included a review of salary and hiring practices to ensure nondiscrimination. The Organization's internal review of market data for staff and executive salaries includes executive salaries for organizations of comparable size, structure, geographical location, operations and asset composition to NHHELCO. Based on this comparative market data, the Chairman of the Board of NHHELCO and the Chairman of its Compensation Committee review the proposed CEO and other senior officer compensation packages for reasonableness and fairness. In August 2020, an independent consultant was retained by the Board to provide an Executive Compensation Analysis Report. The purpose of the report was to ensure the Board met its fiduciary responsibilities as it relates to determining a reasonable market rate of compensation for the position of President and CEO. The report utilized multiple data sources to ensure a robust market assessment and to establish a rebuttable presumption of reasonableness for each member of the authorized body. Form 990, Part VI, Section C, line 19 The Organization will provide its governing documents, conflict of interest policy, and financial statements available to the public upon request. Form 990, Part IX, line 11g Collection Agency Fees: Program service expenses 299,407. Management and general expenses 0. Fundraising expenses 0. Total expenses 299,407. Granite State Management & Resources 4 Barrell Court Concord NH 03302 020404239 Administrator/servicer of student loans NH 501(c)(3) Line 10 N/A 0 New Hampshire Higher Education Loan Corporation 4 Barrell Court Concord NH 03302 020368776 Financial assistance to eligible borrowers NH 501(c)(3) Line 10 N/A 0 NHHEAF Network Educational Foundation 4 Barrell Court Concord NH 03302 300289044 Grants and scholarships NH 501(c)(3) PF New Hampshire Higher Education Loan Corporation 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0