Granite Edvance Corporation
- Assets
- $915.7m
- Revenue
- $61.7m
- Investments
- $6.4m
- Employees
- 147
- Location
- Concord, NH
- Founding
- 04/1983
- Data as of
- 09/2023
- EIN
- 02-0368776
Organization Overview
Granite Edvance Corporation is located in Concord, NH. The organization was established in 1983. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 09/2023, Granite Edvance Corporation employed 147 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Granite Edvance Corporation is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 09/2023, Granite Edvance Corporation generated $61.7m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 6.1% each year. All expenses for the organization totaled $60.4m during the year ending 09/2023. While expenses have increased by 6.7% per year over the past 8 years. They've been increasing with an increasing level of total revenue. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2023
Describe the Organization's Mission:
Part 3 - Line 1
FINANCIAL ASSISTANCE TO ELIGIBLE BORROWERS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
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.
SERVICE EDUCATION LOAN PROGRAMS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Peter Burger Trustee | Trustee | 0.2 | $0 |
William Dwyer Trustee (start 7/2023) | Trustee | 0.2 | $0 |
Susan Hollinger Trustee (end 9/2023) | Trustee | 0.2 | $0 |
Carol Houle Trustee | Trustee | 0.2 | $0 |
Gordon Koff Trustee | Trustee | 0.2 | $0 |
Chuck Lloyd Trustee | Trustee | 0.2 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nelnet Servicing Llc Loan Servicing | 9/29/23 | $6,629,746 |
Credible Labs Inc Loan Marketing | 9/29/23 | $3,501,091 |
Saltwater Collective Marketing | 9/29/23 | $422,365 |
Spinnaker Consulting Group Llc Consulting | 9/29/23 | $503,709 |
Campus Door Holdings Inc Loan Processing | 9/29/23 | $1,452,322 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $88,000 |
| All other contributions, gifts, grants, and similar amounts not included above | $25,000 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $113,000 |
| Total Program Service Revenue | $56,492,381 |
| Investment income | $3,791,389 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $6,588 |
| Net Gain/Loss on Asset Sales | $1,322,309 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $61,725,667 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $44,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,207,008 |
| Compensation of current officers, directors, key employees. | $482,803 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,433,595 |
| Pension plan accruals and contributions | $295,404 |
| Other employee benefits | $1,454,382 |
| Payroll taxes | $572,312 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $1,087,951 |
| Fees for services: Accounting | $197,089 |
| Fees for services: Lobbying | $45,655 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $295,429 |
| Fees for services: Other | $5,726,593 |
| Advertising and promotion | $551,405 |
| Office expenses | $951,886 |
| Information technology | $3,024,377 |
| Royalties | $0 |
| Occupancy | $652,099 |
| Travel | $101,443 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $22,885 |
| Interest | $28,754,189 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $624,748 |
| Insurance | $262,758 |
| All other expenses | $0 |
| Total functional expenses | $60,413,588 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $27,761,368 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,422,624 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $761,787,925 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $6,694 |
| Net Land, buildings, and equipment | $1,840,653 |
| Investments—publicly traded securities | $114,524,650 |
| Investments—other securities | $6,372,413 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $915,716,327 |
| Accounts payable and accrued expenses | $4,582,849 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $614,313,385 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $562,267 |
| Total liabilities | $619,458,501 |
| Net assets without donor restrictions | $296,257,826 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $915,716,327 |