2011-05-16T11:41:19-05:00 2010-06-30 KPMG LLP 666 Grand Avenue Suite 2500 Des Moines IA 503092578 990 2009-07-01 421137531 IOWA STUDENT LOAN LIQUIDITY CORPORATION IOWA 5152737210 6805 VISTA DRIVE WEST DES MOINES IA 502669307 Erin Lacey 2011-05-16 5152887465 2009 2016-02-24 21:20:13Z 115109779 false X www.studentloan.org X 1979 IA To help Iowa students and families obtain the resources necessary to succeed in postsecondary education. 11 2 324 0 12700 859 500 35139 179441231 114488992 1771855 561360 21187 24288 181234773 115109779 0 0 0 0 19480061 16696910 0 0 0 144502475 126931863 163982536 143628773 17252237 -28518994 4046718510 3748101681 3834056112 3484779662 212662398 263322019 To help Iowa students and families obtain the resources necessary to succeed in postsecondary education. false false 139204148 114500580 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. 139204148 true true false true false false false false false true 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 false 48 0 324 true true true false false false false false false false false false 11 2 false false false false false false false true true false false false true true true true true true true false X RON FORESMAN 5152737210 6805 VISTA DR West Des Moines IA 50266 ROBERT W SACKETT 1.0 X 11736 JOHN O'BYRNE 1.0 X 15667 CATHERINE BEYERINK 1.0 X 10658 DR JOHN HARTUNG 1.0 X 200 CHRISTINE HENSLEY 1.0 X 13515 FRANK THOMAS 1.0 X 10911 JAMES MARC WARD 1.0 X 10513 TIMOTHY BOTTARO 1.0 X 15428 DR PATRICIA KEIR 1.0 X 0 DR TAHIRA K HIRA 1.0 X 0 LAURIE HEMPIN 1.0 X 5033 NICHOLAS SPAETH 1.0 X 5035 STEVE MCCULLOUGH 40.0 X 281111 29018 MARY KAY DEBOLT 40.0 X 161789 23774 WALTER C WITTHOFF 40.0 X 148754 23630 ERIN LACEY 40.0 X 126666 10871 GREG NICHOLS 40.0 X 141509 24967 MARC HENDEL 40.0 X 156625 0 23991 CHI-MING J LIN 40.0 X 153091 23627 ROGER FIDERLICK 40.0 X 142548 26493 ROBERT MILLER 40.0 X 134368 8668 1545157 0 195039 23 false true false 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 7 35139 35139 STUDENT LOAN INTEREST INCOME 106907959 106907959 OTHER STUDENT LOAN REVENUE 7578796 7578796 LOAN SERVICING REVENUE 2237 2237 114488992 561360 561360 0 0 0 0 0 0 COLLEGE FAIR FEES 900099 12700 12700 MISCELLANEOUS INCOME 11588 11588 24288 115109779 114500580 12700 561360 0 0 0 0 815025 815025 0 11806395 11806395 1361141 1313105 48036 1659586 1620330 39256 1054763 990590 64173 0 787009 787009 381476 381476 123269 123269 0 0 0 13246 13246 2438665 2438665 831187 831187 0 1926352 1926352 191980 191980 0 109140 109140 43681281 43681281 0 1917354 1917354 0 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 4912704 4540408 372296 0 143628773 139204148 4424625 0 4010769 4442809 291544917 253850316 3624318168 3384421682 32459844 26719596 21347989 16130008 5504504 5217981 22689750 17336187 3289714 4624609 62900844 51488501 4046718510 3748101681 6513949 6811142 30248870 25365713 495865412 445894787 3290188623 2985882794 11239258 20825226 3834056112 3484779662 X 121153252 227855438 91509146 35466581 212662398 263322019 4046718510 3748101681 X false true true X false X false false false 500 35139 35639 181033814 235303090 266996975 179440731 114486755 977261365 181033814 235303090 266996975 179441231 114521894 977297004 977297004 31059085 35409884 14040045 1771855 561360 82842229 31059085 35409884 14040045 1771855 561360 82842229 1149261 1024121 925535 21187 61664 3181768 213242160 271737095 281962555 181234273 115144918 1063321001 0.91910 0.91160 0.07791 0.08480 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 123269 123269 140149226 140272495 1000000 250000 false 1000000 23979 1000000 1000000 3023979 4535969 57161 119984 126035 123269 426449 250000 5995 250000 250000 755995 1133993 1475477 914986 560491 6443824 6055220 388604 13428687 9159801 4268886 5217981 0 ACCRUED INTEREST PAYABLE 1912790 ARBITRAGE OBLIGATION 18562600 INTERFUND PAYABLE 349836 20825226 115109779 143628773 -28518994 79597020 79597020 51078026 176412760 61302981 61302981 115109779 115109779 125334734 -18294039 -18294039 143628773 143628773 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 X X X false false false false false false false false false 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 0 16136 7855 180616 0 CHI-MING J LIN 153091 15870 7757 176718 ROGER FIDERLICK 142548 14725 11768 169041 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 3326456 68970000 353544 2003 true false true true 38694844 469500 23150000 285656 2006 true false true true 34875657 4603400 189916824 2452123 2010 true false false true false false false false false true false false false false false true false false false false false true true true false false false false false true false false false false false false false false false false 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. 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 ISL Service Corp 6805 Vista Dr West Des Moines IA 50266 421520183 Loan servicing IA ISLLC C 1334896 4808470 1.00000 false false false false false false false false false false false false true true false true false true Participation Partnership for Iowans R 6976220 ISL Service Corp P 1679636 ISL Service Corp M ISL Service Corp N