2026-02-17T16:27:27-06:00 2025-09-30 010494526 Baker Newman & Noyes LLC PO Box 507 Portland ME 04112 990 2024-10-01 020368776 Granite Edvance Corporation NHHI 6032265829 3 Barrell Court Concord NH 03302 Scott Rogers Chief Financial Officer 6032265829 2026-02-11 1 0 Connor Smart P02285543 2078792100 2026-02-11 2024 2025-03-06 01:10:19Z Christiana Thornton 3 Barrell Court Concord NH 03302 70339937 0 X www.graniteedvance.org X 1983 NH To support New Hampshire students and families in navigating their education and career pathways. 14 13 101 96 0 0 542652 40000 55454631 53741564 7930559 7508016 12005 -84958 63939847 61204622 650500 1026288 0 0 7754093 8585672 0 0 0 51654512 49588888 60059105 59200848 3880742 2003774 904473074 912774268 590642566 585082056 313830508 327692212 To support New Hampshire students and families in navigating their education and career pathways by providing free advisory services, student loans and scholarships for post-secondary education. 0 0 55794519 1026288 53741564 The Corporation was organized for the charitable and educational purpose of providing low-cost financial assistance primarily to eligible students attending college in New Hampshire or residents attending college out of state. 55794519 1 1 0 1 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 1 180 0 1 101 1 0 0 0 0 0 0 0 0 0 0 0 0 X 14 13 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 NH CA OR X Scott Rogers CFO 6032265829 3 Barrell Court Concord NH 03302 Peter Burger Trustee 0.20 0.00 X 0 0 0 William Dwyer Trustee 0.20 0.00 X 0 0 0 Rick Elwell Trustee 0.20 0.00 X 0 0 0 Chuck Lloyd Trustee 0.20 0.00 X 0 0 0 MB Lufkin Trustee 0.20 0.00 X 0 0 0 Debra Miller Trustee 0.20 0.00 X 0 0 0 Hans Olson Trustee 0.20 0.00 X 0 0 0 Sandy Tracy Trustee 0.20 0.00 X 0 0 0 Susan Huard Chair (end 12/2024); Trustee 0.20 0.00 X X 0 0 0 Paul Provost Trustee; Chair (start 1/2025) 0.20 0.00 X X 0 0 0 Gordon Koff Vice Chair; Trustee 0.20 0.00 X X 0 0 0 Carol Houle Treasurer; Trustee 0.20 0.00 X X 0 0 0 Jamie Burnett Secretary; Trustee 0.20 0.00 X X 0 0 0 Christiana Thornton President & CEO 40.00 0.00 X X 507256 0 46584 Scott Rogers VP & CFO 40.00 0.00 X 281207 0 42168 John Flanders VP & Chief Strategy/Lending Officer 40.00 0.00 X 224643 0 37934 Blessing Chimwanda Gen. Counsel/Chief Compliance Off. 40.00 0.00 X 233919 0 8491 Erik Sobel VP Technology Solutions & Security 40.00 0.00 X 194743 0 20712 Danielle Barrick VP Chief Communications Officer 40.00 0.00 X 191401 0 10153 Daniel Coughlan VP Capital Markets/Asset Management 40.00 0.00 X 152779 0 27987 Kathy-Ann Maguire VP People & Talent Management 40.00 0.00 X 150897 0 35633 Christopher Nadeau VP, Information Security & Business Solutions 40.00 0.00 X 131156 0 34435 Carlton Lewis Solutions Architect 40.00 0.00 X 132775 0 9879 Merek Weisensee AVP, Technical Solutions & Support 40.00 0.00 X 128678 0 9684 Matthew Wallace VP, Education & Career Pathways 40.00 0.00 X 116157 0 29551 Minatchy Visvanathan Business Systems & Data Architect 40.00 0.00 X 112938 0 32916 2558549 0 346127 21 0 1 0 Nelnet Servicing LLC 121 South 13th Street Lincoln NE 68508 Loan Servicing 2595832 Credible Labs Inc 22 4th Street San Francisco CA 94103 Loan Marketing 1000521 Saltwater Collective 40 Congress Street Portsmouth NH 03801 Marketing 673947 Campus Door Holdings Inc 550 Pinetwon Road 208 Fort Washington PA 19034 Loan Processing 380462 Worldcom Exchange Inc 43 Northwestern Drive Salem NH 03079 Technology Solutions 164626 9 25000 15000 40000 Interest Student Loans 522291 48357973 48357973 Loan Servicing Fees 522291 4972654 4972654 Late Charges & Other 522291 246180 246180 Federal Interest Benefit 522291 164757 164757 53741564 7041939 7041939 41161 126119 -84958 -84958 -84958 9475273 9009196 466077 466077 466077 61204622 53741564 0 7423058 248547 248547 777741 777741 2166505 1299903 866602 4815527 3867844 947683 186494 149792 36702 970689 779660 191029 446457 358595 87862 36000 36000 88010 88010 222464 222464 5339325 5198928 140397 251020 211944 39076 401627 339106 62521 3075344 2596609 478735 557657 470847 86810 190599 160929 29670 77637 77637 29954237 29954237 399137 338436 60701 205996 173929 32067 Provision for Loan Loss 5048008 5048008 Rebates/Collections 2558298 2558298 Consolidation Loan Fee 729744 729744 Bond Admin Expenses 453785 453785 59200848 55794519 3406329 0 34728339 47729258 1480288 921654 718681483 695085821 358269 497996 14106365 11072169 1819858 3034196 137197314 156525499 10207523 8979844 904473074 912774268 5298376 3579209 29968850 47573341 553032059 529000832 2343281 4928674 590642566 585082056 X 313830508 327692212 313830508 327692212 904473074 912774268 2003774 11857930 0 X 0 1 X 1 1 1 X 56000 85000 113000 542652 40000 836652 69154478 48401728 56492381 55454631 53741564 283244782 69210478 48486728 56605381 55997283 53781564 284081434 0 0 0 284081434 1534351 1958147 3797977 5487299 7041939 19819713 1534351 1958147 3797977 5487299 7041939 19819713 5055440 5055440 70744829 55500315 60403358 61484582 60823503 308956587 0.91950 0.93680 0.06420 0.04650 X Schedule A, Part III, Line 12, Explanation of Other Income: Gain on Swap Termination - 2021 Amount: $ 5,055,440. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 1 100563 0 0 0 100563 0 Part II-B, Line 1: The Organization participates in various professional associations, membership bodies, and industry groups. For the period covered by this Form 990, the Organization was a member of: - The Mid-Coast Association of Student Financial Aid Administrators; - The New Hampshire School Administrators Association; - The Concord Chamber of Commerce; - The American Bankers Association; - The New Jersey Universal Service Fund; - The DE-DC-MD Association of Student Aid Administrators; - The Massachusetts Association of Student Financial Aid Administrators; - The New York State Financial Aid Administrators Association; - The Education Finance Council; - The National College Attainment Network; - The New Hampshire Bankers Association; - The National Association of Student Financial Aid Administrators; and - The Eastern Association Student Financial Aid Administrators. The Organization's memberships with these various professional bodies allows the Organization to gain access to valuable benefits and resources that advance the Organization's charitable mission. However, it is possible that a portion of the dues paid to these organizations may have been available for lobbying purposes by the associations on behalf of their members in furtherance of their members' tax-exempt missions. Granite Edvance has not been made aware of what portion of the various dues paid to these organizations has been used for lobbying purposes (if any). Therefore, for transparency purposes, the Organization is disclosing 100% of the total dues paid to these associations; however, the actual amount of dues paid that would have been used for lobbying expenditures was likely far less than this reported total. 687587 687587 9974717 8880971 1093746 3444061 2191198 1252863 3034196 Accrued Interest Payable 4928674 4928674 X 67993553 11857930 126119 11984049 56009504 222464 4972654 5195118 61204622 54131849 126119 126119 54005730 222464 4972654 5195118 59200848 Part X, Line 2: The Company 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 Company has evaluated the positions taken on its filed tax returns. The Company has concluded no uncertain income tax positions exist at September 30, 2025 or 2024. Part XI, Line 2d - Other Adjustments: Rental expenses 126,119. Part XI, Line 4b - Other Adjustments: Loan servicing fees, net expenses in financial statements 4,972,654. Part XII, Line 2d - Other Adjustments: Rental expenses 126,119. Part XII, Line 4b - Other Adjustments: Loan servicing fees, net expenses in financial statements 4,972,654. Prior year scholarship refunds 1 University System of New Hampshire 28 College Drive Concord NH 03301 GOV 100000 0 To provide support to enrolled students with short-term financial needs. Community College System of New Hampshire 26 College Drive Concord NH 03301 GOV 100000 0 To provide support to enrolled students with short-term financial needs. 2 0 Scholarships 191 777741 Part I, Line 2: In order to ensure that the scholarship recipient is using the funds for direct educational expenses at the Title IV institutions, the following procedures are in place: 1) verification of attendance at a Title IV institution 2) checks are not released until we have received confirmation of enrollment for the academic period for which the scholarship was granted 3) once enrollment status is confirmed, a check made payable directly to the postsecondary institution and not the student. From time-to-time, the Organization may also provide grants to other charitable entities, non-profits, and government agencies. The Organization will only make such grants if the payments further the Organization's charitable purpose, primarily to benefit students and to advance higher education. 1 X X X X X 0 0 0 0 0 0 0 1 0 Christiana Thornton President & CEO 385427 0 121529 0 300 0 12711 0 33873 0 553840 0 0 0 Scott Rogers VP & CFO 231297 0 47930 0 1980 0 14397 0 27771 0 323375 0 0 0 John Flanders VP & Chief Strategy/Lending Officer 201798 0 20715 0 2130 0 10660 0 27274 0 262577 0 0 0 Blessing Chimwanda Gen. Counsel/Chief Compliance Off. 211414 0 21275 0 1230 0 6981 0 1510 0 242410 0 0 0 Erik Sobel VP Technology Solutions & Security 184018 0 9435 0 1290 0 9808 0 10904 0 215455 0 0 0 Danielle Barrick VP Chief Communications Officer 177597 0 12574 0 1230 0 8539 0 1614 0 201554 0 0 0 Kathy-Ann Maguire VP People & Talent Management 139077 0 10530 0 1290 0 7981 0 27652 0 186530 0 0 0 Daniel Coughlan VP Capital Markets/Asset Management 141117 0 10372 0 1290 0 7796 0 20191 0 180766 0 0 0 Christopher Nadeau VP, Information Security & Business 124212 0 6094 0 850 0 6820 0 27615 0 165591 0 0 0 Part I, Line 3 The organization relies upon Form 990 data from similar non-profit private student loan providers and educational financing authorities, a compensation study, input from the Compensation Committee of the Board of Trustees and final approval by the full Board of Trustees to establish the President/ CEO compensation. Part I, Line 7 Employees who meet certain eligibility requirements are eligible to participate in an annual incentive program which provides for performance-based variable compensation. The plan is subject to review by the Board of Trustees and paid annually. A New Hampshire Health and Education Facilities Authority 020279886 64461XJD8 2023-10-18 29996003 Qualified student loan bonds 0 0 0 B New Hampshire Health and Education Facilities Authority 020279886 64461XKM6 2024-10-24 21616281 Qualified student loan bonds 0 0 0 A 2396003 29996003 593800 599920 28802283 2023 0 0 1 1 B 1815000 21616281 420200 431210 20764871 2024 0 0 1 1 A 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 B 0 0 0 0 0.00000 0.00000 0.00000 0 0 1 A 0 1 0 0 0 0 1 The Toronto-Dominion 14.100000000000 1 0 1 B 0 1 0 0 0 0 1 The Toronto-Dominion 2.022000000000 1 0 1 A 1 B 1 Form 990, Part VI, Section A, line 2 Christiana Thornton, President and CEO, and Board Trustee Paul Provost had a business relationship during the year. Form 990, Part VI, Section B, line 11b A draft of the annual Form 990 is reviewed by management and provided to each Trustee before filing. Trustees had the opportunity to review the form, ask questions and gain clarification as needed. Form 990, Part VI, Section B, line 12c The organization regularly and consistently monitors and enforces compliance with its Conflict-of-Interest Policy. The organization monitoring process includes the following measures: - All trustees and officers are required to annually receive, read, and sign a conflict-of-interest disclosure and certification form. - If any potential or actual conflict is revealed in the disclosures, or at any time throughout the year, the organization promptly and appropriately addresses the conflict, by the General Counsel and Chief Compliance Officer, conducting a pecuniary benefit transaction review and drafting a memo for the board of trustees to vote on the conflict, if applicable. - The affected individual is recused from discussions and voting, and the process for managing the conflict is documented in the Board meeting minutes. - Annual training is conducted for all covered personnel to reinforce their understanding of the conflict-of-interest policy and the importance of timely disclosure. Form 990, Part VI, Section B, line 15 During fiscal year 2025, an independent consultant firm was retained by the Board of Trustees ("Board") to conduct and 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 and other members of senior management. The report utilized multiple data sources, not limited to non-profit, public, and private financial institutions which are considered to compete or employ similar talent as the organization. The Compensation Committee of the Board of Trustees establishes compensation levels and approves overall officer compensation. The Compensation Committee relies upon an externally-prepared compensation study. Form 990, Part VI, Section C, line 19 The organization governing documents, conflict of interest policy, and financial statements are available to the public upon request. EDvestinU Private Education Loan Issue No 1 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 475156259 Purchase private student loans DE 2157759 21432057 Granite Edvance Corporation EdvestinU Private Education Loan Issue No 2 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 832287656 Purchase private student loans DE 5123456 68746099 Granite Edvance Corporation EDvestinU Private Education Loan Issue No 3 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 861733223 Purchase private student loans DE 10136336 134047859 Granite Edvance Corporation EDvestinU Private Education Loan Issue No 4 LLC c/o Granite Edvance 3 Barrell Court Concord NH 03302 883061704 Purchase private student loans DE 10398399 165031954 Granite Edvance Corporation