2014-05-14T09:14:45-05:00 2013-06-30 KPMG LLP 666 Grand Avenue Suite 2500 Des Moines IA 503092578 990 2012-07-01 421137531 Iowa Student Loan Liquidity Corporation % RON W FORESMAN IOWA 5152737210 6805 VISTA DRIVE Suite WEST DES MOINES IA 502669307 Erin Lacey 5152737210 2014-05-13 true 5152887465 2012 2016-02-25 16:41:14Z 82762681 false X www.studentloan.org X 1979 IA To Help Iowa Students and Families obtain the resources necessary to succeed in postsecondary eduction. 11 5 322 1200 0 0 70026566 82730268 28783 31554 0 808 70055349 82762630 0 0 0 0 15283094 12146596 0 0 0 106496052 80884261 121779146 93030857 -51723797 -10268227 2395521113 2195691978 1948145694 1700529284 447375419 495162694 To help Iowa students and families obtain the resources necessary to succeed in postsecondary education. false false 88639430 82761430 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, 2013, the Corporation serviced borrower loans totaling 477,106 with an outstanding balance of $2,880,765,613. 88639430 true false false true false false false false false false true false false false true false true true false false false false false false false false false false false true true false false false false false false false false false false false false false false false true false false false true 388 0 322 true true true false false false false false false false false false X 11 5 false false false false false false false true true false false true true true true true true true false false X RON W FORESMAN 5152737210 6805 VISTA DRIVE West Des Moines IA 50266 ROBERT W SACKETT 1.0 X 10658 0 0 JOHN O'BYRNE 1.0 X 10685 0 0 CATHERINE BEYERINK 1.0 X 12113 0 0 Laurie Hempin 1.0 X 9033 0 0 Tammy Bramley 1.0 X 12113 0 0 Dan Clute 1.0 X 4579 0 0 Adam Voigts 1.0 X 3529 0 0 Dr Tahira K Hira 1.0 X 0 0 0 Dr Debra Derr 1.0 X 0 0 0 Christine Hensley 1.0 X 15978 0 0 STEVE MCCULLOUGH 40.0 X 320005 0 43334 MARY KAY DEBOLT 40.0 X 177046 0 30303 WALTER C WITTHOFF 40.0 X 159777 30001 Erin Lacey 40.0 X 162229 0 33292 RON FORESMAN 40.0 X 142170 0 28150 GREG NICHOLS 40.0 X 156234 0 33575 Cindy Bartz 40.0 X 156959 0 35201 Marc Hendel 40.0 X 188495 0 36543 Chi-Ming J Lin 40.0 X 168172 0 30523 1709775 0 300922 34 false true false Ahlers Cooney PC 100 Court Ave Suite 600 DES MOINES IA 50309 Legal 741666 Fitch Ratings Inc PO Box 26858 NEW YORK NY 10087 Bond Rating Services 300000 KPMG LLP 666 GRAND AVE STE 2500 DES MOINES IA 50309 ACCT, AUDIT, TAX 217521 Moody's Analytics Inc PO Box 116714 ATLANTA GA 30368 Bond Rating Services 108675 NAI Ruhl Ruhl Commercial Company 1701 48th Street Suite 111 WEST DES MOINES IA 50309 Real Estate Services 130700 6 0 STUDENT LOAN INTEREST INCOME 522291 78801972 78801972 OTHER STUDENT LOAN REVENUE 522291 3927096 3927096 LOAN SERVICING REVENUE 522291 1200 1200 82730268 31236 31236 0 0 0 0 0 369 51 318 318 318 0 0 0 MISCELLANEOUS INCOME 522291 808 808 808 82762630 82761430 1200 0 0 0 0 897745 897745 0 7189975 7189975 1294499 1236959 57540 1702988 1623598 79390 1061389 940479 120910 0 637239 637239 235161 235161 139575 139575 0 0 0 93174 93174 1612017 1612017 998498 998498 0 1356473 1356473 131573 131573 0 97722 97722 40234166 40234166 0 1915649 1915649 0 DEBT RELATED EXPENSES 2531313 2531313 PROVISION FOR LOAN LOSSES 9385887 9385887 CONSOLIDATED REBATE FEES 5631931 5631931 AMORTIZATION 8162550 8162550 7721333 7273540 447793 93030857 88639430 4391427 0 2103300 2262590 214136460 187806260 0 0 2110232670 1906265024 0 0 0 0 0 0 0 0 14350989 10762514 33595587 21322395 3213544 12273192 9644171 29502028 4756849 961458 0 0 0 0 37083130 45858912 2395521113 2195691978 3565506 13316451 0 0 16903390 12968928 658201150 594541822 0 0 0 0 1245726827 1077173788 0 0 23748821 2528295 1948145694 1700529284 X 201795195 272491838 0 0 245580224 222670856 447375419 495162694 2395521113 2195691978 X -10268227 16321020 41734482 X false true X true true true X 500 35139 0 0 0 35639 179440731 114486755 105200952 70025366 82729068 551882872 0 0 0 179441231 114521894 105200952 70025366 82729068 551918511 0 0 0 551918511 1771855 561360 90316 28783 31236 2483550 0 1771855 561360 90316 28783 31236 2483550 0 21187 61664 228696 1200 2326 315073 181234273 115144918 105519964 70055349 82762630 554717134 0.99496 0.97650 0.00448 0.02190 X 139575 139575 92891282 93030857 1000000 250000 1000000 1000000 1000000 1000000 4000000 6000000 123269 130330 124356 139575 517530 250000 250000 250000 250000 1000000 1500000 3129449 3129449 5727557 166682 5560875 1492358 1182988 309370 7331343 6507474 823869 15914881 13465252 2449629 12273192 0 ACCRUED INTEREST PAYABLE 2528295 2528295 123125072 16321020 24041422 40362442 82762630 82762630 73050573 -19980284 -19980284 93030857 93030857 Other Adjustments To Revenue Part XI, Line 2D Financial Statement Elimination -2,715,020 Gain on Extinguishment of Bonds 2,428,885 GAAP Valuation Loss Recovery 7,262,698 Revenue of Taxable Subsidiary 17,064,859 Other Adjustments to Expenses Part XII, Line 2d Financial Statement Elimination -2,715,020 Amortization of Bonds Extinguishment Gain -38,125,514 Expenses of Taxable Subsidiary 20,860,250 X X X false false false false false false false false false STEVE MCCULLOUGH 320005 0 0 0 0 0 26950 0 16384 0 363339 0 0 0 RON FORESMAN 142170 0 0 0 0 0 12274 0 15876 0 170320 0 0 0 MARY KAY DEBOLT 177046 0 0 0 0 0 19659 0 10644 0 207349 0 0 0 WALTER C WITTHOFF 159777 0 0 18380 11621 189778 0 GREG NICHOLS 156234 0 0 0 0 0 17659 0 15916 0 189809 0 0 0 Erin Lacey 162229 0 0 0 0 0 17359 0 15933 0 195521 0 0 0 Cindy Bartz 156959 0 0 0 0 0 17730 0 17471 0 192160 0 0 0 Marc Hendel 188495 0 0 0 0 0 20500 0 16043 0 225038 0 0 0 Chi-Ming J Lin 168172 0 0 0 0 0 18802 0 11721 0 198695 0 0 0 A Iowa Student Loan Liquidity Corporation 421137531 462590HV5 2009-11-24 231848004 Provide funds for the acqusition o false false false B Iowa Student Loan Liquidity Corporation 421137531 462590JQ4 2011-11-10 419500000 Provide funds for the acqusition o false false false A 74650000 0 231848004 3110400 0 0 2452123 0 0 0 0 0 2010 true false true true B 39925000 0 419500000 7591500 0 0 2418906 0 0 0 0 0 2012 true false true true A false false false false 0.00000 0.00000 0.00000 false false false true B false false false false 0.00000 0.00000 0.00000 false false false true A false true false false 0 false 0 false true B false true false true Morgan Stnaley 19. false false false 0 false true A true B true Conflict Policy Form 990, Part VI, Section B, Line 12B & 12C Directors may have interests that at times conflict with those of the Corporation. The duty of loyalty requires that a director be conscious of the potential of such conflict and act with candor and care in dealing with such situations. Conflicts of interest involving a director are not inherently illegal, nor are they to be regarded as a reflection on the integrity of the Board or the director. It is the manner in which the director and the Board deal with the conflict that determines the propriety of the transaction. 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 in conjunction with the annual audit of the Corporation's financial statements by the Corporation's outside auditing firm. If it becomes apparent that a director's conflicts preclude him or her from a significant portion of the Board's activities so as to impair the ability to function as a director, the Board may ask such director to resign. Review Process Form 990, Part VI, Question 11A All completed forms to be filed are presented to and reviewed with the Board of Directors. Compensation Review 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 we are compensating the CEO at a competitive yet reasonable rate. Making Documents Public FORM 990, PART VI, Section C, LINE 19 THE ORGANIZATION MAKES ITS DOCUMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. Other changes in net assets or fund balances FORM 990, PART XI, LINE 9 AMORTIZATION OF BOND EXTINGUISHMENT GAIN 38,125,514 REVENUE OF TAXABLE SUBSIDIARY 17,064,859 GAAP VALUATION LOSS RECOVERY 7,262,698 GAIN ON EXTINGUISHMENT OF BONDS 2,428,885 EXPENSES OF TAXABLE SUBSIDIARY -20,860,250 Financial Statement Items Prior Year Reconciling Item -2,287,224 Aspire Resources Inc 6805 Vista Drive West Des Moines IA 50266 421520183 Loan Servicing IA ISLLC C Corporation -3795391 3044444 1.00000 false false false false false false false false false false false false false false true true true true false false Aspire Resources Inc P 2638868 GAAP Aspire Resources Inc Q 5470320 GAAP Aspire Resources Inc N Aspire Resources Inc O