Granite State Management and Resources
- Assets
- $0.0
- Revenue
- $15.1m
- Investments
- $0.0
- Employees
- 237
- Location
- Concord, NH
- Founding
- 12/1987
- Data as of
- 03/2020
- EIN
- 02-0404239
Organization Overview
Granite State Management and Resources is located in Concord, NH. The organization was established in 1987. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 03/2020, Granite State Management and Resources employed 237 individuals. Granite State Management and Resources 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 03/2020, Granite State Management and Resources generated $15.1m in total revenue. The organization has seen a slow decline revenue. Over the past 5 years, revenues have fallen by an average of (2.9%) each year. All expenses for the organization totaled $14.1m during the year ending 03/2020. As we would expect to see with falling revenues, expenses have declined by (6.7%) per year over the past 5 years. 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
2020
Describe the Organization's Mission:
Part 3 - Line 1
ADMINISTRATOR/SERVICER OF STUDENT LOANS
Describe the Organization's Program Activity:
Part 3 - Line 4a
ADMINISTERED THE GUARANTEED STUDENT LOAN PROGRAM IN THE STATE OF NH IN COOPERATION WITH NH LENDERS AND SECONDARY MARKETS. THE FILING ORGANIZATION CEASED OPERATIONS ON MARCH 31, 2020.
SERVICED EDUCATION LOAN PROGRAMS UNTIL CEASING OPERATIONS ON MARCH 31, 2020.
ADMINISTERED THE LOAN ORIGINATION PROGRAM FOR NH HIGHER EDUCATION LOAN CORPORATION UNTIL CEASING OPERATIONS ON MARCH 31, 2020.
ADMINISTERED THE GUARANTEED STUDENT LOAN PROGRAM IN THE STATE OF NH IN COOPERATION WITH NH LENDERS AND SECONDARY MARKETS. THE FILING ORGANIZATION CEASED OPERATIONS ON MARCH 31, 2020.
SERVICED EDUCATION LOAN PROGRAMS UNTIL CEASING OPERATIONS ON MARCH 31, 2020.
ADMINISTERED THE LOAN ORIGINATION PROGRAM FOR NH HIGHER EDUCATION LOAN CORPORATION UNTIL CEASING OPERATIONS ON MARCH 31, 2020.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Rene A Drouin Former President & CEO | 0 | $690,162 | |
Christiana Thornton President & CEO | Officer | 20 | $392,578 |
Dean A Grondin VP & CFO (end 10/19) | Officer | 20 | $233,082 |
Sara Tremaine Former VP & Cso | 0 | $135,913 | |
Michael Levasseur VP Compliance | Officer | 40 | $128,105 |
Robert Woodburn Avp Project Management | 40 | $125,291 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Nelnet Servicing Llc Loan Servicing | 3/30/20 | $6,066,276 |
Baker Newman Noyes Auditing/tax Services | 3/30/20 | $229,625 |
Nelnet Servicing Llc Loan Servicing | 3/30/20 | $6,066,276 |
Avtex Solutions Llc Telephony Consulting | 3/30/20 | $150,171 |
Donald Bertier Jr It Consulting | 3/30/20 | $198,239 |
Baker Newman Noyes Auditing/tax Services | 3/30/20 | $229,625 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $62,306 |
| All other contributions, gifts, grants, and similar amounts not included above | $24,199 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $86,505 |
| Total Program Service Revenue | $14,371,324 |
| Investment income | $1,125,779 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$486,971 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,096,637 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $12,000 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,485,451 |
| Compensation of current officers, directors, key employees. | $594,180 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $3,913,082 |
| Pension plan accruals and contributions | $215,641 |
| Other employee benefits | $1,249,227 |
| Payroll taxes | $391,714 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $267,799 |
| Fees for services: Accounting | $137,169 |
| Fees for services: Lobbying | $18,718 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $98,381 |
| Fees for services: Other | $0 |
| Advertising and promotion | $35,483 |
| Office expenses | $2,027,382 |
| Information technology | $3,155,732 |
| Royalties | $0 |
| Occupancy | $398,177 |
| Travel | $51,931 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $97 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $459,806 |
| Insurance | $200,110 |
| All other expenses | $0 |
| Total functional expenses | $14,117,900 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| 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 | $0 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
St Marys Bank Manchester, NH | $1,405,116,910 | $59,217,128 |
Granite State Management and Resources Concord, NH | $0 | $15,096,637 |
Tremont Credit Union Milton, MA | $244,401,139 | $9,907,662 |
One Credit Union Springfield, VT | $231,054,967 | $9,424,805 |
Melmac Education Foundation Augusta, ME | $52,278,105 | $8,545,235 |
New Hampshire Higher Education Assistance Foundation Concord, NH | $24,303,150 | $1,466,909 |
Quaboag Valley Business Assistance Corporation Ware, MA | $1,911,936 | $80,140 |