2024-02-13T12:14:13-06:00 2023-07-31 010494526 Baker Newman & Noyes PO Box 507 Portland ME 04112 990 2022-10-01 026007687 New Hampshire Higher Education Assistance Foundation NEWH 6032256612 3 Barrell Court Concord NH 03302 Scott Rogers Chief Financial Officer 6032256612 2024-02-06 1 Scott Rogers 999009999 0 Connor Smart P02285543 2078792100 2024-02-06 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z X X Christiana Thornton 3 Barrell Court Concord NH 03302 1267632 0 X https://graniteedvance.org/ X 1962 NH Providing scholarships for New Hampshire students of higher education. X 6 5 0 5 0 0 0 20023 452529 0 1014380 787889 0 0 1466909 807912 250000 300000 0 0 0 0 0 0 0 72469 24138 322469 324138 1144440 483774 24303150 0 9284326 0 15018824 0 X Providing scholarships for New Hampshire students of higher education. 0 1 304491 300000 0 Administrating agent and provider of scholarships for New Hampshire students attending higher education. 304491 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 1 0 0 1 0 0 0 1 2 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 6 5 0 1 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 0 0 0 NH X Scott Rogers 6032255867 4 Barrell Court Concord NH 033020877 Susan Huard Trustee 0.20 0.20 X 0 0 0 Linda Normandin Trustee 0.20 0.00 X 0 0 0 Rick Elwell Chair 0.20 0.20 X X 0 0 0 Dan Dubreuil Vice Chair/Secretary 0.20 0.00 X X 0 0 0 Carol Houle Treasurer 0.20 0.20 X X 0 0 0 Christiana Thornton President & CEO 4.00 36.00 X X 0 477520 39871 Scott Rogers CFO 4.00 36.00 X 0 208482 30828 0 686002 70699 0 0 1 0 Texas Guaranteed Student Loan Corp 301 Sundance Round Rock TX 78681 Loan servicing 314471 1 20023 20023 20023 372636 372636 874973 459720 415253 415253 415253 807912 0 0 787889 300000 300000 19647 19647 4491 4491 324138 304491 19647 0 0 4198247 0 0 0 0 0 0 0 0 0 20080103 0 0 0 0 24800 0 24303150 0 4605 0 9279721 0 9284326 0 X 15018824 0 15018824 0 24303150 0 X 483774 1331981 -16834579 X 0 1 X 1 1 1 X 20023 20023 1149814 1402877 916103 452529 3921323 1149814 1402877 916103 452529 20023 3941346 0 0 0 3941346 595564 535403 652504 329931 372636 2486038 595564 535403 652504 329931 372636 2486038 1745378 1938280 1568607 782460 392659 6427384 0.61320 0.68290 0.38680 0.31710 X Schedule A, Part III, Line 13(e) The Foundation terminated in July 2023. Accordingly, this 2022 Form 990 is for the period starting October 2022 and ending July 2023, and so the Foundation's final tax year is also a short tax year. Please refer to this Form 990, Schedule N and Schedule O, for additional information regarding the Foundation's termination and final tax year. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X 2116251 1331981 1331981 784270 19647 3995 23642 807912 296746 0 296746 19647 7745 27392 324138 Part X, Line 2: The Foundation has received a determination letter from the Internal Revenue Service stating that it qualifies for tax-exempt status under Section 501(c)(3) of the Internal Revenue Code. Accordingly, no provision for income taxes has been included in the financial statements. Tax-exempt organizations could be required to record an obligation for income taxes as the result of a tax position they have historically taken on various tax exposure items including unrelated business income or tax status. Under guidance issued by the Financial Accounting Standards Board (FASB), assets and liabilities are established for uncertain tax positions taken or positions expected to be taken in income tax returns when such positions are judged to not meet the "more-likely-than-not" threshold, based upon the technical merits of the position. Estimated interest and penalties, if applicable, related to uncertain tax positions are included as a component of income tax expense. The Foundation has evaluated the positions taken on its filed tax returns. The Foundation has concluded no uncertain income tax positions exist at September 30, 2023 or 2022. Part XI, Line 4b - Other Adjustments: Expenses booked net of revenue 3,995. Part XII, Line 4b - Other Adjustments: Expenses booked net of revenue 3,995. Return of prior year scholarships 3,750. 1 Scholarships 96 300000 Part I, Line 2: In order to ensure that the scholarship recipient is using the funds for direct educational expenses at the Title IV institutions, the following procedures are in place: 1) verification of attendance at a Title IV institution; 2) checks are not released until we have received confirmation of enrollment for the academic period for which the scholarship was granted; 3) once the enrollment status is confirmed, a check is requested made payable to the postsecondary institution and the student. (In this way, the program is assured that the funds were used for direct educational expenses and not for purposes unintended by the program.) 0 0 0 0 0 0 0 0 0 Christiana Thornton President & CEO 0 365500 0 111720 0 300 0 10220 0 29651 0 517391 0 0 Scott Rogers CFO 0 196681 0 10511 0 1290 0 5307 0 25521 0 239310 0 0 Part I, Line 3 During calendar year 2022, the Organization's President & CEO was compensated through a related organization, Granite Edvance Corporation, which used a compensation committee, Forms 990 of other organizations, a compensation study, and board and compensation committee approval to establish the President & CEO's compensation. Cash and cash equivalents 2023-07-31 109243 Book Value 020368776 Granite Edvance Corporation 4 Barrell Court Concord NH 03302 501(c)(3) Publicly traded securities 2023-07-31 16729086 Book Value 020368776 Granite Edvance Corporation 4 Barrell Court Concord NH 03302 501(c)(3) Cash and cash equivalents 2023-07-31 9322553 Book Value US Department of Education 830 First Street NE Washington DC 20202 Government Federal Student Loan Liabilities 2023-07-31 9322553 Book Value US Department of Education 830 First Street NE Washington DC 20202 Government 1 1 0 0 1 1 1 1 0 Part I, Line 2e: Person(s) Involved: Susan Huard, Rick Elwell, Carol Houle, Christiana Thornton, and Scott Rogers. Part I, Line 2e: Explanation of Involvement: Susan Huard, Rick Elwell, and Carol Houle were board members of the New Hampshire Higher Education Assistance Foundation during its final tax year ending July 31, 2023. They were also board members of the Granite Edvance Corporation during the Corporation's fiscal year ending September 30, 2023; Granite Edvance is a related 501(c)(3) tax-exempt corporation, which absorbed a portion of the Foundation's net assets and operations upon the Foundation's dissolution. Each of the above-named individuals served on the Corporation's Board prior to the Foundation's liquidation, and their position on the Corporation's Board was not materially changed, nor did they receive any payments or benefits, from being on either the dissolving-Foundation's Board or the successor-Corporation's Board through and after the Foundation's termination.Additionally, Christiana Thornton was an ex-officio board member of the New Hampshire Higher Education Assistance Foundation during the Foundation's final tax year ending July 31, 2023, and was also an ex-officio board member and the President & CEO of the Granite Edvance Corporation during its fiscal year ending September 30, 2023. Scott Rogers was also an officer of the New Hampshire Higher Education Assistance Foundation for the fiscal year ending July 31, 2023, and Mr. Rogers was employed by the Granite Edvance Corporation as its Chief Financial Officer through the Corporation's year ending September 30, 2023. As with the aforementioned board members, both Ms. Thornton and Mr. Rogers served both organizations prior to the Foundation's termination, and their responsibilities and titles as officers of the Corporation did not materially change after the Foundation dissolved into the Corporation. Also, while both Ms. Thornton and Mr. Rogers are compensated for their services provided to the Corporation, they did not become entitled to any additional payments or benefits as a result of the Foundation's termination. Form 990, Schedule N, Part I, Termination Explanation: On March 6, 2023, the trustees voted to implement a plan of liquidation and distribution for the purpose of completing and documenting the dissolution of the New Hampshire Higher Education Assistance Foundation. Following the liquidation of its assets and the satisfaction of all outstanding liabilities, all of the organization's remaining assets were transferred to the sole corporate member, the Granite Edvance Corporation (formerly known as the New Hampshire Higher Education Corporation), which is a nonprofit tax-exempt organization within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986.The Department of Education, upon completion of its review of the supporting documentation regarding the final disposition of the Foundation's Federal Fund, instructed the Foundation to transfer the balance of the Federal Fund in the amount of $9,322,553 as of December 31, 2022, including accrued interest. Accordingly, this transfer represents both a transfer-out of cash-holdings and a removal of liabilities from the Foundation's and successor-Corporation's financial statements.Remaining operating funds and assets, including approximately $110,000 in cash and $16,700,000 in investments, were transferred to the Corporation pursuant to the Foundation's termination agreement and procedures. Form 990, Part III, line 3 On March 6, 2023, the trustees voted to implement a plan of liquidation and distribution for the purpose of completing and documenting the dissolution of the New Hampshire Higher Education Assistance Foundation. Following the liquidation of its assets and the satisfaction of all outstanding liabilities, all of the organization's remaining assets were transferred to the sole corporate member, the Granite Edvance Corporation (formerly known as the New Hampshire Higher Education Corporation), which is a nonprofit tax-exempt organization within the meaning of Section 501(c)(3) of the Internal Revenue Code of 1986. Form 990, Part VI, Section A, line 3 The Organization contracted with Granite Edvance Corporation, a related entity, for its management services. Form 990, Part VI, Section A, line 6 Granite Edvance Corporation, a New Hampshire nonprofit voluntary corporation, is the sole corporate member of the Organization. Form 990, Part VI, Section A, line 7a The sole member will nominate and elect two (2) trustees of the Organization. Form 990, Part VI, Section A, line 7b The Member will have the power to take the following actions with respect to the Organization: (a) Establish and require adherence by the Organization to an integrated strategic plan and objectives for the Member, the Organization, and any other applicable subsidiaries; (b) Adopt, monitor and enforce financial principles, guidelines and performance goals with which the Organization will comply; (c) Mandate participation by the Organization in any program or initiative that will benefit the Organization, the Member, and any applicable subsidiaries, such as (but not limited to) compliance programs, information technology integration, group purchasing and shared corporate services; (d) Request funding, whether in the form of a loan or capital contribution, from unrestricted, available assets of the Organization to further the integrated strategic objectives of the Member and its subsidiaries, which request will be considered promptly by the Organization's Board of Trustees; and, (e) Following consultation with the Organization's Chair of the Board, hire, evaluate, compensate and/or terminate the President/Chief Executive Officer and Chief Financial Officer of the Organization, which individuals may also serve as president/chief executive officer and chief financial officer, respectively, of the Member and/or any of its other subsidiaries. Additionally, each of the following actions voted upon by the Organization's Board of Trustees must be approved by the Member before it becomes effective: (a) Election or removal of a Trustee of the Organization; (b) Final adoption of, and any approval of a material deviation from, the annual and any revised operating and capital budgets of the Organization; (c) Any single incurrence, or cumulative incurrences in any twelve (12) month period, of unbudgeted indebtedness by the Organization in excess of Fifty Thousand Dollars ($50,000.00); (d) Sale, lease or exchange outside the ordinary course of business of any material portion of the assets of, or the statutory merger, consolidation, corporate division, dissolution, or liquidation of, the Organization; (e) Appointment of a firm of independent public accountants to conduct an independent audit of the Organization's financial statements or a special project which materially impacts assets, revenues or operations; (f) The participation by the Organization in a key strategic relationship; (g) Elimination or addition of any material service or program by the Organization; and, (h) The amendment of the Articles of Agreement, Bylaws or other governing documents of the Organization where such proposed amendment would (i) impact the powers reserved to the Member in these Bylaws, (ii) reasonably be expected to have any material strategic, competitive or financial impact on the Member or on the Member and its subsidiaries collectively, or (iii) impact the obligations of the Organization and/or the Member or any subsidiary under any agreement between or among them. Form 990, Part VI, Section B, line 11b A copy of the form 990 was emailed to the board before filing. Board members had the opportunity to review the form and ask questions or for clarifications. Form 990, Part VI, Section B, line 12c Any conflicts of interest revealed in the annual survey or at any time throughout the year are addressed promptly and appropriately. Form 990, Part VI, Section B, line 15 The Organization's employee officers who are part of management were compensated as employees by Granite Edvance Corporation, a related organization, which used a compensation committee, Form 990 of other organizations, a compensation study, and board/compensation committee approval to establish the officers' compensation. As shown in Part VII, with the exception of the President/CEO, who is an ex-officio board member, no individuals are compensated for services in their capacity as members of the board of directors. An on-going internal review of salaries is conducted by Human Resources Management of Granite Edvance Corporation using salary surveys from local and national resources to compare salaries for positions in the organization to local market data. The compensation structure is adjusted based on the results of these reviews. An independent consultant completed the Affirmative Action Plan, which included a review of salary and hiring practices to ensure nondiscrimination. The Organization's internal review of market data for staff and executive salaries includes executive salaries for organizations of comparable size, structure, geographical location, operations and asset composition to Granite Edvance Corporation. Based on this comparative market data, the Compensation Committee reviews the proposed CEO compensation package for reasonableness and fairness and makes a recommendation to the full board. During fiscal year 2023, an independent consultant was retained by the Board to provide an Executive Compensation Analysis Report. The purpose of the report was to ensure the Board met its fiduciary responsibilities as it relates to determining a reasonable market rate of compensation for the position of President and CEO. The report utilized multiple data sources to ensure a robust market assessment and to establish a rebuttable presumption of reasonableness for each member of the authorized body. Form 990, Part VI, Section C, line 19 The Organization will provide its governing documents, conflict of interest policy, and financial statements available to the public upon request. Form 990, Part XI, line 9: Transfer to Granite Edvance Corp -16,838,329. Return of prior year scholarships 3,750. Granite Edvance Corporation 3 Barrell Court Concord NH 03302 020368776 Financial assistance to eligible borrowers NH 501(c)(3) Line 10 N/A 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 1 0 1 0