IOWA STUDENT LOAN LIQUIDITY CORP: Form 990, tax year 2009
View the entire original 990 at ProPublica ↗
- Organization
- IOWA STUDENT LOAN LIQUIDITY CORP (EIN 42-1137531)
- Tax period
- 2009-07-01 to 2010-06-30
- Filed
- 2011-05-16
- IRS object ID
- 201101369349303215
- Schema version
- 2009v1.7
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule C
- Schedule D
- Schedule J
- Schedule K
- Schedule O
- Schedule R
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2011-05-16T11:41:19-05:00 | Timestamp |
| Tax Period End Date | 2010-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | KPMG LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 666 Grand Avenue Suite 2500 | AddressLine1 |
| City | Des Moines | City |
| State | IA | State |
| ZIP Code | 503092578 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2009-07-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 421137531 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | IOWA STUDENT LOAN LIQUIDITY CORPORATION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | IOWA | NameControl |
| Phone | 5152737210 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 6805 VISTA DRIVE | AddressLine1 |
| City | WEST DES MOINES | City |
| State | IA | State |
| ZIP Code | 502669307 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Erin Lacey | Name |
| Title | CFO | Title |
| Date Signed | 2011-05-16 | DateSigned |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 5152887465 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2009 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 115109779 | GrossReceipts |
| Group Return For Affiliates | false | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | www.studentloan.org | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1979 | YearFormation |
| State Legal Domicile | IA | StateLegalDomicile |
| Activity Or Mission Description | To help Iowa students and families obtain the resources necessary to succeed in postsecondary education. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 11 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 2 | NbrIndependentVotingMembers |
| Total Nbr Employees | 324 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 12700 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 859 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 500 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 35139 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 179441231 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 114488992 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 1771855 | InvestmentIncomePriorYear |
| Investment Income Current Year | 561360 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 21187 | OtherRevenuePriorYear |
| Other Revenue Current Year | 24288 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 181234773 | TotalRevenuePriorYear |
| Total Revenue Current Year | 115109779 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 19480061 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 16696910 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 144502475 | OtherExpensePriorYear |
| Other Expenses Current Year | 126931863 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 163982536 | TotalExpensesPriorYear |
| Total Expenses Current Year | 143628773 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 17252237 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | -28518994 | RevenuesLessExpensesCY |
| Total Assets BOY | 4046718510 | TotalAssetsBOY |
| Total Assets EOY | 3748101681 | TotalAssetsEOY |
| Total Liabilities BOY | 3834056112 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 3484779662 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 212662398 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 263322019 | NetAssetsOrFundBalancesEOY |
| Mission Description | To help Iowa students and families obtain the resources necessary to succeed in postsecondary education. | MissionDescription |
| Significant New Program Services | false | SignificantNewProgramServices |
| Significant Change | false | SignificantChange |
| Expense | 139204148 | Expense |
| Revenue | 114500580 | Revenue |
| Description | The 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, 2010, the Corporation serviced borrower loans totaling 694,492 with an outstanding blance of $3,995,331,838. | Description |
| Total Program Service Expense | 139204148 | TotalProgramServiceExpense |
| Described In501 C3 | true | DescribedIn501C3 |
| Schedule B Required | true | ScheduleBRequired |
| Political Activities | false | PoliticalActivities |
| Lobbying Activities | true | LobbyingActivities |
| Donor Advised Funds | false | DonorAdvisedFunds |
| Conservation Easements | false | ConservationEasements |
| Collections Of Art | false | CollectionsOfArt |
| Credit Counseling | false | CreditCounseling |
| Term Or Permanent Endowments | false | TermOrPermanentEndowments |
| Balance Sheet Amounts Reported | true | BalanceSheetAmountsReported |
| Independent Audit Financial Stmt | true | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | true | ConsolidatedAuditFinancialStmt |
| School | false | School |
| Foreign Office | false | ForeignOffice |
| Foreign Activities | false | ForeignActivities |
| More Than5000 K To Organizations | false | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividuals |
| Professional Fundraising | false | ProfessionalFundraising |
| Fundraising Activities | false | FundraisingActivities |
| Gaming | false | Gaming |
| Hospital | false | Hospital |
| Grants To Organizations | false | GrantsToOrganizations |
| Grants To Individuals | false | GrantsToIndividuals |
| Schedule J Required | true | ScheduleJRequired |
| Tax Exempt Bonds | true | TaxExemptBonds |
| Invest Tax Exempt Bonds | false | InvestTaxExemptBonds |
| Escrow Account | false | EscrowAccount |
| On Behalf Of Issuer | false | OnBehalfOfIssuer |
| Excess Benefit Transaction | false | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | false | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | false | LoanToOfficerOrDQP |
| Grant To Related Person | false | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | false | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | false | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | false | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | false | DeductibleNonCashContributions |
| Deductible Contributions Of Art | false | DeductibleContributionsOfArt |
| Terminated | false | Terminated |
| Partial Liquidation | false | PartialLiquidation |
| Disregarded Entity | false | DisregardedEntity |
| Related Entity | true | RelatedEntity |
| Related Org Controlled Entity | false | RelatedOrgControlledEntity |
| Transfers To Exempt Non Chrtbl Org | false | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | false | ActivitiesConductedPartnership |
| Schedule O Required | false | ScheduleORequired |
| Number Forms Transmitted With1096 | 48 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Number Of Employees | 324 | NumberOfEmployees |
| Employment Tax Returns Filed | true | EmploymentTaxReturnsFiled |
| Unrelated Business Income | true | UnrelatedBusinessIncome |
| Form990-T Filed | true | Form990-TFiled |
| Foreign Financial Account | false | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTrans |
| Taxable Party Notification | false | TaxablePartyNotification |
| Non Deductible Contributions | false | NonDeductibleContributions |
| Quid Pro Quo Contributions | false | QuidProQuoContributions |
| Form8282 Property Disposed Of | false | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | false | FundsToPayPremiums |
| Premiums Paid | false | PremiumsPaid |
| Excess Business Holdings | false | ExcessBusinessHoldings |
| Nbr Voting Governing Body Members | 11 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 2 | NumberIndependentVotingMembers |
| Family Or Business Relationship | false | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | false | DelegationOfManagementDuties |
| Changes To Organizing Docs | false | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuse |
| Members Or Stockholders | false | MembersOrStockholders |
| Election Of Board Members | false | ElectionOfBoardMembers |
| Decisions Subject To Approval | false | DecisionsSubjectToApproval |
| Minutes Of Governing Body | true | MinutesOfGoverningBody |
| Minutes Of Committees | true | MinutesOfCommittees |
| Officer Mailing Address | false | OfficerMailingAddress |
| Local Chapters | false | LocalChapters |
| Form990 Provided To Governing Body | false | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | true | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | true | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | true | RegularMonitoringEnforcement |
| Whistleblower Policy | true | WhistleblowerPolicy |
| Document Retention Policy | true | DocumentRetentionPolicy |
| Compensation Process CEO | true | CompensationProcessCEO |
| Compensation Process Other | true | CompensationProcessOther |
| Investment In Joint Venture | false | InvestmentInJointVenture |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Person | RON FORESMAN | NamePerson |
| Telephone Number | 5152737210 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 6805 VISTA DR | AddressLine1 |
| City | West Des Moines | City |
| State | IA | State |
| ZIP Code | 50266 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (21 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | OfficerOfficer | Other CompensationOtherCompensation | Highest Compensated EmployeeHighestCompensatedEmployee | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs |
|---|---|---|---|---|---|---|---|
| ROBERT W SACKETT | |||||||
| BOARD MEMBER | 1.0 | X | 11736 | ||||
| JOHN O'BYRNE | |||||||
| BOARD MEMBER | 1.0 | X | 15667 | ||||
| CATHERINE BEYERINK | |||||||
| BOARD MEMBER | 1.0 | X | 10658 | ||||
| DR JOHN HARTUNG | |||||||
| BOARD MEMBER | 1.0 | X | 200 | ||||
| CHRISTINE HENSLEY | |||||||
| BOARD OF DIRECTOR | 1.0 | X | 13515 | ||||
| FRANK THOMAS | |||||||
| BOARD OF DIRECTOR | 1.0 | X | 10911 | ||||
| JAMES MARC WARD | |||||||
| BOARD OF DIRECTOR | 1.0 | X | 10513 | ||||
| TIMOTHY BOTTARO | |||||||
| BOARD OF DIRECTOR | 1.0 | X | 15428 | ||||
| DR PATRICIA KEIR | |||||||
| BOARD MEMBER | 1.0 | X | 0 | ||||
| DR TAHIRA K HIRA | |||||||
| BOARD MEMBER | 1.0 | X | 0 | ||||
| LAURIE HEMPIN | |||||||
| BOARD MEMEBER | 1.0 | X | 5033 | ||||
| NICHOLAS SPAETH | |||||||
| BOARD MEMBER | 1.0 | X | 5035 | ||||
| STEVE MCCULLOUGH | |||||||
| PRESIDENT | 40.0 | 281111 | X | 29018 | |||
| MARY KAY DEBOLT | |||||||
| SECRETARY | 40.0 | 161789 | X | 23774 | |||
| WALTER C WITTHOFF | |||||||
| VICE PRESIDENT | 40.0 | 148754 | X | 23630 | |||
| ERIN LACEY | |||||||
| CFO AND TREASURER | 40.0 | 126666 | X | 10871 | |||
| GREG NICHOLS | |||||||
| SENIOR VICE PRESIDENT | 40.0 | 141509 | 24967 | X | |||
| MARC HENDEL | |||||||
| SENIOR RESEARCH ANALYST | 40.0 | 156625 | 23991 | X | 0 | ||
| CHI-MING J LIN | |||||||
| CHIEF TECHNICAL ARCHITECT | 40.0 | 153091 | 23627 | X | |||
| ROGER FIDERLICK | |||||||
| IT DIRECTOR | 40.0 | 142548 | 26493 | X | |||
| ROBERT MILLER | |||||||
| SENIOR VICE PRESIDENT | 40.0 | 134368 | 8668 | X | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 1545157 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 195039 | TotalOtherCompensation |
| Number Individuals GT100 K | 23 | NumberIndividualsGT100K |
| Formers Listed | false | FormersListed |
| Total Comp GT150 K | true | TotalCompGT150K |
| Compensation From Other Sources | false | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| KPMG LLP | |||||
| 666 GRAND AVE STE 2500 | DES MOINES | IA | 50309 | ACCT, AUDIT, TAX | 238435 |
| Ahlers Cooney PC | |||||
| 101 Court Ave Suite 600 | DES MOINES | IA | 50309 | Legal | 644687 |
| AARON PISACANE | |||||
| 37 IMPERIAL AVENUE | WESTPORT | CT | 06880 | FINANCIAL MGMT | 212091 |
| TSIBOURIS ASSOCIATES LLC | |||||
| 88 EAST BROAD STREET STE 1560 | COLUMBUS | OH | 43215 | LEGAL | 128703 |
| CH CONCEPTS INC | |||||
| 8564 LAKE RD | QUEEN CREEK | AZ | 85143 | LOAN MGMT CONSULTING | 127081 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 7 | NumberOfContractorsGT100K |
| All Other Contributions | 35139 | AllOtherContributions |
| Total Contributions | 35139 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (3 entries)
| DescriptionDescription | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|
| STUDENT LOAN INTEREST INCOME | 106907959 | 106907959 |
| OTHER STUDENT LOAN REVENUE | 7578796 | 7578796 |
| LOAN SERVICING REVENUE | 2237 | 2237 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 114488992 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 561360 | TotalRevenueColumn |
| Exclusion | $561,360 | ExclusionAmount |
Income From Invest Bond Proceeds IncomeFromInvestBondProceeds
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Royalties Revenue RoyaltiesRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Gain Or Loss Investments NetGainOrLossInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Fundraising Events NetIncomeFromFundraisingEvents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income From Gaming NetIncomeFromGaming
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Net Income Or Loss NetIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 0 | TotalRevenueColumn |
Other Revenue Misc OtherRevenueMisc (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Unrelated Business RevenueUnrelatedBusinessRevenue | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|---|
| COLLEGE FAIR FEES | 900099 | 12700 | 12700 | |
| MISCELLANEOUS INCOME | 11588 | 11588 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 24288 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 115109779 | TotalRevenueColumn |
| Related Or Exempt Function Income | 114500580 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 12700 | UnrelatedBusinessRevenue |
| Exclusion | $561,360 | ExclusionAmount |
Grants To Domestic Orgs GrantsToDomesticOrgs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Grants To Domestic Individuals GrantsToDomesticIndividuals
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Foreign Grants ForeignGrants
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Benefits To Members BenefitsToMembers
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 815025 | Total |
| Management And General | 815025 | ManagementAndGeneral |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 11806395 | Total |
| Program Services | 11806395 | ProgramServices |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1361141 | Total |
| Program Services | 1313105 | ProgramServices |
| Management And General | 48036 | ManagementAndGeneral |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1659586 | Total |
| Program Services | 1620330 | ProgramServices |
| Management And General | 39256 | ManagementAndGeneral |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1054763 | Total |
| Program Services | 990590 | ProgramServices |
| Management And General | 64173 | ManagementAndGeneral |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 787009 | Total |
| Management And General | 787009 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 381476 | Total |
| Management And General | 381476 | ManagementAndGeneral |
Fees For Services Lobbying FeesForServicesLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 123269 | Total |
| Program Services | 123269 | ProgramServices |
Fees For Services Prof Fundraising FeesForServicesProfFundraising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 13246 | Total |
| Program Services | 13246 | ProgramServices |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2438665 | Total |
| Program Services | 2438665 | ProgramServices |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 831187 | Total |
| Program Services | 831187 | ProgramServices |
Royalties Royalties
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1926352 | Total |
| Program Services | 1926352 | ProgramServices |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 191980 | Total |
| Program Services | 191980 | ProgramServices |
Travel Entrtnmnt Public Officials TravelEntrtnmntPublicOfficials
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 109140 | Total |
| Program Services | 109140 | ProgramServices |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 43681281 | Total |
| Program Services | 43681281 | ProgramServices |
Payments To Affiliates PaymentsToAffiliates
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1917354 | Total |
| Management And General | 1917354 | ManagementAndGeneral |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Other Expenses OtherExpenses (5 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices | FundraisingFundraising |
|---|---|---|---|
| DEBT-RELATED EXPENSES | 6260643 | 6260643 | 0 |
| PROVISION FOR LOAN LOSSES | 32949993 | 32949993 | |
| CONSOLIDATION REBATE FEE | 13942751 | 13942751 | |
| DEBT ISSUANCE COST AMORTIZ | 12995698 | 12995698 | |
| OTHER FEES | 3469115 | 3469115 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4912704 | Total |
| Program Services | 4540408 | ProgramServices |
| Management And General | 372296 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 143628773 | Total |
| Program Services | 139204148 | ProgramServices |
| Management And General | 4424625 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4010769 | BOY |
| EOY | 4442809 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 291544917 | BOY |
| EOY | 253850316 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3624318168 | BOY |
| EOY | 3384421682 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 32459844 | BOY |
| EOY | 26719596 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 21347989 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 16130008 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 5504504 | BOY |
| EOY | 5217981 | EOY |
Investments Pub Traded Securities InvestmentsPubTradedSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 22689750 | BOY |
| EOY | 17336187 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3289714 | BOY |
| EOY | 4624609 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 62900844 | BOY |
| EOY | 51488501 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4046718510 | BOY |
| EOY | 3748101681 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 6513949 | BOY |
| EOY | 6811142 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 30248870 | BOY |
| EOY | 25365713 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 495865412 | BOY |
| EOY | 445894787 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3290188623 | BOY |
| EOY | 2985882794 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 11239258 | BOY |
| EOY | 20825226 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3834056112 | BOY |
| EOY | 3484779662 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 121153252 | BOY |
| EOY | 227855438 | EOY |
Permanently Restricted Net Assets PermanentlyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 91509146 | BOY |
| EOY | 35466581 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 212662398 | BOY |
| EOY | 263322019 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4046718510 | BOY |
| EOY | 3748101681 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | false | AccountantCompileOrReview |
| FS Audited | true | FSAudited |
| Audit Committee | true | AuditCommittee |
| Financial Statement Consolidated | X | FinancialStatementConsolidated |
| Federal Grant Audit Required | false | FederalGrantAuditRequired |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | X | PubliclySupportedOrg509a2 |
| Contrib By Controlling Individual | false | ContribByControllingIndividual |
| Contribution By Related Party | false | ContributionByRelatedParty |
| Contrib By35 Controlled Entity | false | ContribBy35ControlledEntity |
Gifts Grants Contrib Received509 GiftsGrantsContribReceived509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus1 Year | 500 | CurrentTaxYearMinus1Year |
| Current Tax Year | 35139 | CurrentTaxYear |
| Total | 35639 | Total |
Gross Receipts From Admissions GrossReceiptsFromAdmissions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 181033814 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 235303090 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 266996975 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 179440731 | CurrentTaxYearMinus1Year |
| Current Tax Year | 114486755 | CurrentTaxYear |
| Total | 977261365 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 181033814 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 235303090 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 266996975 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 179441231 | CurrentTaxYearMinus1Year |
| Current Tax Year | 114521894 | CurrentTaxYear |
| Total | 977297004 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 977297004 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 31059085 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 35409884 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 14040045 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 1771855 | CurrentTaxYearMinus1Year |
| Current Tax Year | 561360 | CurrentTaxYear |
| Total | 82842229 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 31059085 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 35409884 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 14040045 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 1771855 | CurrentTaxYearMinus1Year |
| Current Tax Year | 561360 | CurrentTaxYear |
| Total | 82842229 | Total |
Other Income509 OtherIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 1149261 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 1024121 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 925535 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 21187 | CurrentTaxYearMinus1Year |
| Current Tax Year | 61664 | CurrentTaxYear |
| Total | 3181768 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 213242160 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 271737095 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 281962555 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 181234273 | CurrentTaxYearMinus1Year |
| Current Tax Year | 115144918 | CurrentTaxYear |
| Total | 1063321001 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.91910 | PublicSupportPercentage509 |
| Prior Year Support Percentage | 0.91160 | PriorYearSupportPercentage |
| Investment Income Percentage | 0.07791 | InvestmentIncomePercentage |
| Prior Yr Invest Income Percentage | 0.08480 | PriorYrInvestIncomePercentage |
| Thirty Three Percnt Tests CY509 | X | ThirtyThreePercntTestsCY509 |
Schedule B IRS990ScheduleB
Contributor Info ContributorInfo
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor Number | RESTRICTED | ContributorNumber |
Contributor Name Business ContributorNameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor Address US ContributorAddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Aggregate Contributions | RESTRICTED | AggregateContributions |
Schedule C IRS990ScheduleC
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Grassroots Lobbying | TotalGrassrootsLobbying |
Total Direct Lobbying TotalDirectLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 123269 | FilingOrganizationsTotals |
Total Lobbying Expenditures TotalLobbyingExpenditures
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 123269 | FilingOrganizationsTotals |
Other Exempt Purpose Expenditures OtherExemptPurposeExpenditures
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 140149226 | FilingOrganizationsTotals |
Total Exempt Purpose Expenditures TotalExemptPurposeExpenditures
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 140272495 | FilingOrganizationsTotals |
Lobbying Nontaxable LobbyingNontaxableAmount
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 1000000 | FilingOrganizationsTotals |
Grassroots Nontaxable GrassrootsNontaxableAmount
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 250000 | FilingOrganizationsTotals |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tot Lobbying Grassroot Minus Non Tx | TotLobbyingGrassrootMinusNonTx | |
| Tot Lobby Expend Mns Lobbying Nontx | TotLobbyExpendMnsLobbyingNontx | |
| Form4720 Filed | false | Form4720Filed |
Lobbying Nontaxable Amount2 LobbyingNontaxableAmount2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year Minus3 | 1000000 | CurrentYearMinus3 |
| Current Year Minus2 | 23979 | CurrentYearMinus2 |
| Current Year Minus1 | 1000000 | CurrentYearMinus1 |
| Current Year | 1000000 | CurrentYear |
| Total | 3023979 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Lobbying Ceiling | $4,535,969 | LobbyingCeilingAmount |
Total Lobbying Expenditures2 TotalLobbyingExpenditures2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year Minus3 | 57161 | CurrentYearMinus3 |
| Current Year Minus2 | 119984 | CurrentYearMinus2 |
| Current Year Minus1 | 126035 | CurrentYearMinus1 |
| Current Year | 123269 | CurrentYear |
| Total | 426449 | Total |
Grassroots Nontaxable Amount2 GrassrootsNontaxableAmount2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year Minus3 | 250000 | CurrentYearMinus3 |
| Current Year Minus2 | 5995 | CurrentYearMinus2 |
| Current Year Minus1 | 250000 | CurrentYearMinus1 |
| Current Year | 250000 | CurrentYear |
| Total | 755995 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grassroots Ceiling | $1,133,993 | GrassrootsCeilingAmount |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Art Public Exhibition Amts | ArtPublicExhibitionAmts | |
| Held Works Of Art Amts | HeldWorksOfArtAmts | |
| Land | Land | |
| Buildings | Buildings |
Leasehold Improvements LeaseholdImprovements
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 1475477 | InvestmentCostOrOtherBasis |
| Depreciation | 914986 | Depreciation |
| Book Value | 560491 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 6443824 | InvestmentCostOrOtherBasis |
| Depreciation | 6055220 | Depreciation |
| Book Value | 388604 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 13428687 | InvestmentCostOrOtherBasis |
| Depreciation | 9159801 | Depreciation |
| Book Value | 4268886 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 5217981 | TotalOfBookValueLandBuildings |
| Federal Income Tax Liability | 0 | FederalIncomeTaxLiability |
Other Liabilities OtherLiabilities (3 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| ACCRUED INTEREST PAYABLE | $1,912,790 |
| ARBITRAGE OBLIGATION | $18,562,600 |
| INTERFUND PAYABLE | $349,836 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 20825226 | TotalOfAmounts |
| Total Revenue | 115109779 | TotalRevenue |
| Total Expenses | 143628773 | TotalExpenses |
| Excess Or Deficit For Year | -28518994 | ExcessOrDeficitForYear |
| Other | $79,597,020 | OtherAmount |
| Total Adjustments | 79597020 | TotalAdjustments |
| Excess Or Deficit Per FS | 51078026 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 176412760 | TotRevenueEtcAuditedFinclStmt |
| Other Revenues | 61302981 | OtherRevenues |
| Revenue Not Rptd F990 | 61302981 | RevenueNotRptdF990 |
| Revenue Subtotal | 115109779 | RevenueSubtotal |
| Total Revenue Per Form990 | 115109779 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 125334734 | TotExpensesEtcAuditedFinclStmt |
| Other Expenses Included | -18294039 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | -18294039 | ExpensesNotRptdF990 |
| Expenses Subtotal | 143628773 | ExpensesSubtotal |
| Total Expenses Per Form990 | 143628773 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (3 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Other Adjustments to Net Assets | Part XI, Line 8 | Gain on Extinguishment of Bonds 56,745,262 Amortization of bond extinguishment gain 20,282,878 Revenue of consolidated taxable subsidiary 4,557,719 Expenses of consolidated taxable subsidiary -1,988,839 |
| Other Adjustments to Revenue | Part XII, Line 2d | Revenue of consolidated taxable subsidiary 4,557,719 Gain on Extinguishment of Bonds 56,745,262 |
| Other Adjustments to Expenses | Part XIII, Line 2D | Expenses of consolidated taxable subsidiary 1,988,839 Amortization of bond extinguishment gain -20,282,878 |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Independent Consultant | X | IndependentConsultant |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | false | SeverancePayment |
| Supplemental Nonqual Retire Plan | false | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | false | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | false | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | false | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | false | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | false | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | false | AnyNonFixedPayments |
| Initial Contract Exception | false | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII (7 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Deferred Comp Filing OrgDeferredCompFilingOrg | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Total Compensation Filing OrgTotalCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Total Compensation Related OrgsTotalCompensationRelatedOrgs |
|---|---|---|---|---|---|
| STEVE MCCULLOUGH | |||||
| 281111 | 17250 | 11768 | 310129 | ||
| MARY KAY DEBOLT | |||||
| 161789 | 16473 | 7301 | 185563 | ||
| WALTER C WITTHOFF | |||||
| 148754 | 16171 | 7459 | 172384 | ||
| GREG NICHOLS | |||||
| 141509 | 13744 | 11223 | 166476 | ||
| MARC HENDEL | |||||
| 156625 | 16136 | 7855 | 180616 | 0 | 0 |
| CHI-MING J LIN | |||||
| 153091 | 15870 | 7757 | 176718 | ||
| ROGER FIDERLICK | |||||
| 142548 | 14725 | 11768 | 169041 | ||
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI (3 entries)
| Issuer EINIssuerEIN | CUSIP NumberCUSIPNumber | Date IssuedDateIssued | Issue PriceIssuePrice | Description Of PurposeDescriptionOfPurpose | DefeasedDefeased | On Behalf Of IssuerOnBehalfOfIssuer |
|---|---|---|---|---|---|---|
| Iowa Student Loan Liquidity Corporation | ||||||
| 421137531 | 462590FG0 | 2003-03-27 | 72650000 | Fund the acquisition of eligible s | false | false |
| Iowa Student Loan Liquidity Corporation | ||||||
| 421137531 | 462590GH7 | 2006-06-02 | 39450000 | Fund the acquisition of eligible s | false | false |
| Iowa Student Loan Liquidity Corporation | ||||||
| 421137531 | 462590HV5 | 2009-11-24 | 231848004 | Fund the acquisition of eligible s | false | false |
Form990 Schedule K Part II Form990ScheduleKPartII (3 entries)
| Total ProceedsTotalProceeds | Amount DefeasedAmountDefeased | Issuance Costs From ProceedsIssuanceCostsFromProceeds | Year Of Subst CompletionYearOfSubstCompletion | Current RefundingCurrentRefunding | Advance RefundingAdvanceRefunding | Final Allocation MadeFinalAllocationMade | Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind | Amount In Reserve FundAmountInReserveFund |
|---|---|---|---|---|---|---|---|---|
| 3326456 | 68970000 | 353544 | 2003 | true | false | true | true | |
| 38694844 | 23150000 | 285656 | 2006 | true | false | true | true | 469500 |
| 34875657 | 189916824 | 2452123 | 2010 | true | false | false | true | 4603400 |
Form990 Schedule K Part III Form990ScheduleKPartIII (3 entries)
| Owning Bond Financed PropertyOwningBondFinancedProperty | Any Lease ArrangementsAnyLeaseArrangements | Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty | Any Research AgreementsAnyResearchAgreements | Bond Counsel Routinely EngagedBondCounselRoutinelyEngaged | Post Issuance Compliance ProcdrsPostIssuanceComplianceProcdrs |
|---|---|---|---|---|---|
| false | false | false | false | false | true |
| false | false | false | false | false | true |
| false | false | false | false | false | true |
Form990 Schedule K Part IV Form990ScheduleKPartIV (3 entries)
| Form8038 T FiledForm8038TFiled | Variable Rate IssueVariableRateIssue | Hedge Identified In Books And RecdsHedgeIdentifiedInBooksAndRecds | Gross Proceeds Invested In GICGrossProceedsInvestedInGIC | Gross Proceeds InvestedGrossProceedsInvested | Exception To RebateExceptionToRebate |
|---|---|---|---|---|---|
| true | true | false | false | false | false |
| false | true | false | false | false | false |
| false | false | false | false | false | false |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (7 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Conflict Policy | Form 990, Part VI, Section B, Line 12B & 12C | This policy only applies to Directors. All directors complete a questionnaire that requires disclosure of relationships that may constitute a conflict of interest. Each director is instructed to 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 before the board. When a director has an interest in a transaction being considered by the board of directors, the director is required to disclose the conflict before the board takes action on the matter. Upon disclosure the board should take the appropriate proactive steps. On an annual basis, all directors are asked to disclose any conflicts of interest in conjunction with the annual audit of the organization's financial statements by its outside auditing firm. If it becomes apparent that a director's conflicts preclude him or her from a signifcant 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. |
| 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, Line 19 | The organization makes its documents available to the public upon request. |
| Identification of Related Organizations Taxable as a Partnership | Schedule R, Part III (A) & (B) | (A) Participation Partnership for Iowans 6805 Vista Dr West Des Moines, IA 50266 EIN: 90-0487165 (B) All other nondepository credit intermediation |
| Identification of Related Organizations Taxable as a Partnership | Schedule R, Part III, (A) & (B) | (A) Participation Partnership for Iowans II 6805 Vista Dr West Des Moines, IA 50266 EIN: 27-1641242 (B) All other nondepository credit intermediation |
| Review Process | Part VI, Question 11A | The organization's policy is to have all members of the board of directors review Form 990 before filing. However, for the current year this was not possible due to time constraints near the filing deadline. Form 990 was reviewed by management and will be provided to the board subsequent to filing for its review. In future years the organization's normal policy will be adhered to. |
| US Department of Education | Form 990, Part X-Secured Mortgages and Notes Payable | The taxpayer has recorded a note payable to the US Department of Education (USDE) for $148,187,466 in its statement of net assets as of June 30, 2010. The taxpayer entered into a master participation agreement with USDE with respect to certain pools of student loans. This arrangement is treated as a partnership for federal and state income tax purpses, pursuant to the agreement, and this amount has been reflected in the partnership returns as contributed capital. See schedule R with respect to Participation Partnership for Iowans II. The taxpayer has recorded a note payable to the US Department of Education (USDE) for $647,835,527 in its statement of net assets as of June 30, 2011 after the USDE launched its Ed Conduit Program on May 11, 2009. The student loan Short-Term Notes issued by the program are supported by a combination of Funding Notes backed by FFELP student loans, the Liquidity Agreement with the Federal Financing Bank (FFB), and the Put Agreement provided by the ED. If the Conduit does not have sufficient funds to pay the short-term notes, then they will be repaid with funds from the FFB. The FFB will hold notes for a short period of time and if at the end of that time the short-term notes still cannot be paid off, the underlying FFELP loans that serve as collateral to the ED Conduit will be sold to ED through the Put Agreement. |
Schedule R IRS990ScheduleR
Form990 Schedule R Part III Form990ScheduleRPartIII (2 entries)
| Primary ActivityPrimaryActivity | Legal Domicile StateLegalDomicileState | Business Name Line1DirectControllingEntityName/BusinessNameLine1 | Predominant Income TypePredominantIncomeType | Share Of Total IncomeShareOfTotalIncome | Share Of EOY AssetsShareOfEOYAssets | Disproportionate AllocationsDisproportionateAllocations | Code VCodeVAmount | General Or Managing PartnerGeneralOrManagingPartner |
|---|---|---|---|---|---|---|---|---|
| See Schedule O | ||||||||
| See Schedule O | IA | NA | Related | 6076565 | 0 | false | $0 | true |
| See Schedule O | ||||||||
| See Schedule O | IA | NA | RELATED | 568232 | 1442811 | false | $0 | true |
Form990 Schedule R Part IV Form990ScheduleRPartIV
Name Of Related Org NameOfRelatedOrg
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ISL Service Corp | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 6805 Vista Dr | AddressLine1 |
| City | West Des Moines | City |
| State | IA | State |
| ZIP Code | 50266 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 421520183 | EIN |
| Primary Activity | Loan servicing | PrimaryActivity |
| Legal Domicile State | IA | LegalDomicileState |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ISLLC | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Type Of Entity | C | TypeOfEntity |
| Share Of Total Income | 1334896 | ShareOfTotalIncome |
| Share Of EOY Assets | 4808470 | ShareOfEOYAssets |
| Percentage Ownership | 1.00000 | PercentageOwnership |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | false | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | false | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | false | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | false | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | false | LoansOrGuaranteesFromOtherOrg |
| Sale Of Assets To Other Org | false | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | false | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | false | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | false | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | false | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | false | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | false | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | true | SharingOfFacilities |
| Sharing Of Paid Employees | true | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | false | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | true | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | false | OtherTransferToOtherOrg |
| Other Transfer From Other Org | true | OtherTransferFromOtherOrg |
Transactions Related Orgs Table TransactionsRelatedOrgsTable (4 entries)
| Transaction TypeTransactionType | Amount InvolvedAmountInvolved |
|---|---|
| Participation Partnership for Iowans | |
| R | 6976220 |
| ISL Service Corp | |
| P | 1679636 |
| ISL Service Corp | |
| M | |
| ISL Service Corp | |
| N | |