2016-05-12T13:42:52-05:00 2015-09-30 710271741 Thomas & Thomas LLP 201 E Markham Suite 500 Little Rock AR 72201 990 2014-10-01 710394768 Student Loan Guarantee Foundation of Arkansas Inc STUD 5016887616 10 Turtle Creek Lane Little Rock AR 72202 Susan Balest Executive Director 5016887624 2016-05-06 1 Sherry Chesser CPA P00174819 5013752025 2014 2016-08-17 19:52:53Z Susan Balest 10 Turtle Creek Lane Little Rock AR 72202 112268 0 X www.slgfa.org X 1966 AR To provide support to colleges and universities in the area of student debt management. 8 7 39 0 0 0 0 0 20563991 3976 5573 101742 0 6550 20569564 112268 0 0 0 0 2661908 2094549 0 0 0 16060404 823163 18722312 2917712 1847252 -2805444 20551826 14803241 2988938 189128 17562888 14614113 X To provide support to colleges and universities in the area of student debt management and other supporting services for the administration of financial aid programs. 1 1 2480055 3976 GuidEd Services - Provided support to colleges and universities in the area of student debt management and other supporting services for the administration of financial aid programs. 2480055 1 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 10 0 1 39 1 0 0 0 0 0 0 0 0 0 0 X 8 7 0 0 1 0 0 0 0 1 1 0 0 1 1 1 1 0 1 1 1 0 X The Organization 5016887616 10 Turtle Creek Lane Little Rock AR 72202 Dr Tom Bishop Director 1.00 X 1525 0 0 Mr Gary Greene Director 1.00 X 1525 0 0 Dr Samuel Howell Director 1.00 X 1950 0 0 Ms Cheryl Lyons Director 1.00 X 0 0 0 Mr Harold McDonald Director 1.00 X 1950 0 0 Mr Bert Mullens Director 1.00 X 1425 0 0 Mr Mark Ryan Director 1.00 X 1250 0 0 Ms Susan Balest Executive Director/CFO 40.00 X X 180559 0 26916 190184 0 26916 1 0 1 0 Navient Solutions Inc PO Box 8003 Fishers IN 46038 Portfolio Management & Collection 5300814 1 GuidEd Services 900099 3976 3976 3976 101742 101742 6550 0 6550 6550 6550 112268 3976 0 108292 235421 200108 35313 1376188 1169760 206428 97992 83293 14699 190472 161901 28571 194476 165305 29171 122579 104192 18387 73760 62696 11064 85813 72941 12872 86867 73837 13030 186405 158444 27961 12790 10872 1918 16337 13886 2451 171537 145806 25731 55354 47051 8303 Dues/Publications 9732 8272 1460 Public Relations 1289 1096 193 Sponsorship 700 595 105 2917712 2480055 437657 0 250 250 14805793 9472356 243999 2060 16689 12568 7680442 2364435 5485095 5316007 20551826 14803241 2988938 189128 2988938 189128 X 17562888 14614113 17562888 14614113 20551826 14803241 -2805444 -143331 0 X 0 1 X 1 0 X 17190032 19469130 20143583 20563991 3976 77370712 17190032 19469130 20143583 20563991 3976 77370712 0 0 0 77370712 6307 9180 6829 5573 108292 136181 6307 9180 6829 5573 108292 136181 17196339 19478310 20150412 20569564 112268 77506893 0.99820 0.99960 0.00180 0.00040 X 0 0 1563132 1563132 4941303 1226104 3715199 970565 945645 24920 205442 192686 12756 5316007 X -31063 -143331 -143331 112268 0 112268 2917712 0 2917712 0 2917712 Part X, Line 2: The Foundation is a tax-exempt organization under the provisions of Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been made in the accompanying financial statements. The Foundation has also been classified as an entity that is not a private foundation within the meaning of Internal Revenue Code Section 509(a). Accounting standards require the Foundation to evaluate tax positions and recognize a tax liability (or asset) if the Foundation has taken an uncertain position that more likely than not would not be sustained upon examination by the Internal Revenue Service. The Foundation has analyzed the tax positions taken and has concluded that as of September 30, 2015, there are no uncertain positions taken or expected to be taken that would require the recognition of a liability (or asset) or disclosure in the financial statements. The Foundation may be subject to audit by the Internal Revenue Service; however there are currently no audits for any tax periods in progress. 1 X X X 0 0 0 0 0 0 0 0 0 Ms Susan Balest Executive Director/CFO 180559 0 0 0 0 0 13367 0 13549 0 207475 0 0 0 Form 990, Part III, line 2 On February 18, 2015 SLGFA completed the transfer of all of its student loan guarantee responsibilities to Great Lakes Higher Education Guaranty Corporation. Pursuant to 20 USC Section 1072b (d)(1) SLGFA was allowed to keep certain funds for post secondary educational use. SLGFA is currently using these funds to develop default management services, and support services for post secondary institutions. Form 990, Part III, line 3 On February 18, 2015 SLGFA completed the transfer of all of its student loan guarantee responsibilities to Great Lakes Higher Education Guaranty Corporation. The Foundation has discontinued all services related to the issuance of loan guarantees. Form 990, Part VI, Section A, line 4 On June 4, 2015 the bylaws were amended to allow membership on the board by any interested person selected by the board, without regard to their Arkansas residency; to clarify the process for removing of a board member; allow notice of meetings by electronic means; and to allow the preparation of board minutes by non-board members, so long as they are approved by the board. Form 990, Part VI, Section B, line 11 Prior to being filed, the Form 990 is reviewed by the Executive Director, the Finance Committee, and then by the full Board of Directors. Form 990, Part VI, Section B, line 12c The conflict of interest policy is set forth in the Organization's Bylaws, and is based on 34 CFR Section 682.410(b)(1). A copy of this policy is provided to each board member and officer. In addition, each employee is provided a copy of the "prohibited inducement" policy and required to acknowledge in writing that they have read and understand the requirements of the policy. Although an annual report is not required of board members or key employees, to ensure compliance with these policies legal counsel is made aware of all significant transactions and attends board meetings to ensure that any conflict is considered, disclosed and resolved in accordance with policy. Board members are required to recuse themselves from any vote or deliberation which might result in a violation of the conflict of interest policy. Form 990, Part VI, Section B, line 15 The compensation of all employees is determined by vote of the Board of Directors based on recommendations of the Personnel Committee. The compensation packages are established based on performance evaluations, comparisons to similar organizations, and salary surveys. Form 990, Part VI, Section C, line 19 Copies of the Organization's governing documents, policies, and financial statements are available to the public at the Organization's physical location listed on Page 1, Box C.