Iowa Student Loan Liquidity Corp
- Assets
- $1.2b
- Revenue
- $45.7m
- Investments
- $37.1m
- Employees
- 94
- Location
- West Des Moines, IA
- Founding
- 02/1981
- Data as of
- 06/2021
- EIN
- 42-1137531
Organization Overview
Iowa Student Loan Liquidity Corp is located in West Des Moines, IA. The organization was established in 1981. 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 06/2021, Iowa Student Loan Liquidity Corp employed 94 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Iowa Student Loan Liquidity Corp 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 06/2021, Iowa Student Loan Liquidity Corp generated $45.7m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (4.9%) each year. All expenses for the organization totaled $60.7m during the year ending 06/2021. As we would expect to see with falling revenues, expenses have declined by (2.6%) per year over the past 6 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
IOWA STUDENT LOAN LIQUIDITY 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, 2021, THE CORPORATION OWNED AND SERVICED LOANS TOTALING 148,437 WITH AN OUTSTANDING BALANCE OF $1,056,917,530.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Steve Mccullough President And CEO | Officer | 40 | $430,243 |
Erin Lacey Evp And Treasurer | Officer | 40 | $281,428 |
Ron Foresman Accounting & Risk Mgmt VP | Officer | 40 | $232,360 |
Cindy Bartz Cio & Proj Mgmt VP | Officer | 40 | $226,103 |
Greg Nichols Sr. Pub Affairs And Comm Rel VP | Officer | 40 | $207,436 |
Marc Hendel Sr. Researcher & Data Mgr | 40 | $205,216 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ahlers & Cooney Pc Legal | 6/29/21 | $373,507 |
Kpmg Llp Audit & Tax Services | 6/29/21 | $307,260 |
Jason Gladfelder Consulting - It | 6/29/21 | $114,984 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Total Program Service Revenue | $45,328,558 |
| Investment income | $512,120 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$164,519 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $45,688,659 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $765,000 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $2,386,180 |
| Compensation of current officers, directors, key employees. | $2,386,180 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $6,553,893 |
| Pension plan accruals and contributions | $773,169 |
| Other employee benefits | $821,754 |
| Payroll taxes | $625,519 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $157,373 |
| Fees for services: Accounting | $381,869 |
| Fees for services: Lobbying | $142,237 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $592,792 |
| Office expenses | $654,879 |
| Information technology | $951,104 |
| Royalties | $0 |
| Occupancy | $396,409 |
| Travel | $16,153 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $28,814 |
| Interest | $16,761,971 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,033,089 |
| Insurance | $0 |
| All other expenses | $2,262,501 |
| Total functional expenses | $60,719,227 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $2,192,433 |
| Savings and temporary cash investments | $225,701,998 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $903,723,402 |
| 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 | $990,385 |
| Net Land, buildings, and equipment | $9,610,977 |
| Investments—publicly traded securities | $9,755,186 |
| Investments—other securities | $37,120,478 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $40,958,859 |
| Total assets | $1,230,053,718 |
| Accounts payable and accrued expenses | $6,340,542 |
| Grants payable | $0 |
| Deferred revenue | $23,128,403 |
| Tax-exempt bond liabilities | $138,371,447 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $564,208,800 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $1,086,662 |
| Total liabilities | $733,135,854 |
| Net assets without donor restrictions | $204,226,501 |
| Net assets with donor restrictions | $292,691,363 |
| 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 | $1,230,053,718 |
Grants Recieved
Over the last fiscal year, we have identified 1 grants that Iowa Student Loan Liquidity Corp has recieved totaling $125,000.
| Awarding Organization | Amount |
|---|---|
Strada Education Network Inc Indianapolis, IN PURPOSE: OPERATING GRANT | $125,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
National Equity Fund Inc Chicago, IL | $118,912,735 | $59,533,345 |
Iowa Student Loan Liquidity Corp West Des Moines, IA | $1,230,053,718 | $45,688,659 |
National Merit Scholarship Corporation Evanston, IL | $183,825,978 | $50,191,294 |
Northstar Education Finance Inc Eagan, MN | $1,293,468,719 | $40,177,777 |
Evans Scholars Foundation Glenview, IL | $101,873,087 | $62,566,812 |
Northwestern Mutual Life Foundation Inc Milwaukee, WI | $106,326,341 | $38,353,841 |
Scholarship America Inc Minneapolis, MN | $219,130,905 | $29,933,482 |
Nebraska Student Loan Program Inc Lincoln, NE | $230,624,169 | $45,453,979 |
Future Leaders Of Americafoundation Inc Chicago, IL | $0 | $13,517,008 |
Kansas City Scholars Inc Kansas City, MO | $5,810,030 | $12,156,402 |
Des Moines Golf And Country Club West Des Moines, IA | $24,329,403 | $13,657,003 |
Waitt Foundation North Sioux City, SD | $157,175,219 | $6,009,824 |