2025-11-07T15:18:20-06:00 2025-06-30 135565207 KPMG LLP 1735 MARKET STREET PHILADELPHIA PA 191032499 990 2024-07-01 510423553 PHEAA STUDENT LOAN FOUNDATION INC PHEA 7177202023 1200 NORTH SEVENTH STREET HARRISBURG PA 17102 WILLIAM WALKER TREASURER 7177207758 2025-11-06 1 0 PHILLIP GROFF P01247783 2672567000 2025-11-01 2024 2025-03-06 01:10:19Z WILLIAM WALKER 1200 NORTH SEVENTH ST HARRISBURG PA 17102 71037628 0 X N/A X 2002 PA SEE SCHEDULE O 5 2 0 0 0 0 0 0 105211101 69239433 3736334 1798195 0 0 108947435 71037628 0 0 0 0 0 0 0 0 0 100456887 65646345 100456887 65646345 8490548 5391283 1394931633 1052214630 1236940919 919851350 157990714 132363280 X SEE SCHEDULE O 0 0 65646345 69239433 SEE SCHEDULE O 65646345 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 5 2 0 0 0 0 0 1 0 1 0 1 0 1 0 0 0 0 0 0 X WILLIAM WALKER 7177202023 1200 NORTH SEVENTH STREET HARRISBURG PA 17102 NATHANIEL D HENCH PRESIDENT AND DIRECTOR 1.00 40.00 X X 0 249219 16135 KYLE LEFEVER SECRETARY AND DIRECTOR 1.00 40.00 X X 0 241611 15619 WILLIAM WALKER TREASURER AND DIRECTOR 1.00 40.00 X X 0 159323 10326 REBECCA HOWELL DIRECTOR 1.00 0.00 X 0 3000 0 JENNIFER LUCE DIRECTOR 1.00 0.00 X 0 3000 0 0 656153 42080 0 0 1 0 PHEAA 1200 N 7TH ST HARRISBURG PA 17102 LOAN SERVICING 5054308 BMO CAPITAL MARKETS 115 S LASALLE ST 25TH FLOOR WEST CHICAGO IL 60603 BROKER/DEALER 652292 M&T BANK 213 MARKET STREET 2ND FLOOR HARRISBURG PA 17101 TRUSTEE 274929 3 STUDENT LOAN INTEREST 522291 69239433 69239433 69239433 1798195 1798195 71037628 69239433 0 1798195 8800 8800 58936075 58936075 ADMIN FEES 2584428 2584428 LOAN SERVICING FEES 2469880 2469880 RISK SHARE WRITE OFF 719941 719941 BOND ISSUANCE FEES 381472 381472 545749 545749 65646345 65646345 0 0 2618909 1278272 71883948 21778957 77886965 63097036 1242541811 966060365 1394931633 1052214630 3418747 2110646 1233522172 917740704 1236940919 919851350 X 157990714 132363280 157990714 132363280 1394931633 1052214630 X 5391283 -31018717 X X 0 1 X 0 0 X X X 1 PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY 231693362 6 1 65646345 0 1 65646345 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 FORM 990, SCHEDULE A, PART IV, SECTION A, LINE 2: THE SUPPORTED ORGANIZATION IS THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY, AN INTEGRAL PART AND ARM OF THE COMMONWEALTH OF PENNSYLVANIA. 0 0 0 0 0 0 0 0 0 NATHANIEL D HENCH PRESIDENT AND DIRECTOR 0 249219 0 0 0 0 0 16135 0 0 0 265354 0 0 KYLE LEFEVER SECRETARY AND DIRECTOR 0 241611 0 0 0 0 0 15619 0 0 0 257230 0 0 WILLIAM WALKER TREASURER AND DIRECTOR 0 159323 0 0 0 0 0 10326 0 0 0 169649 0 0 FORM 990, PART I, LINE 1: THE PHEAA STUDENT LOAN FOUNDATION, INC. (FOUNDATION) IS ORGANIZED TO CARRY OUT STUDENT LOAN SECURITIZATION TRANSACTIONS FOR THE BENEFIT OF PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY (PHEAA) SO PHEAA CAN IMPROVE HIGHER EDUCATION OPPORTUNITIES FOR STUDENTS AND FACILITATE ITS OTHER GOVERNMENTAL PURPOSES. FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: THE FOUNDATION, A NON-STOCK, NON-MEMBER, NONPROFIT CORPORATION INCORPORATED UNDER PENNSYLVANIA'S NONPROFIT CORPORATION LAW OF 1988, AS AMENDED, IS ORGANIZED TO CARRY OUT STUDENT LOAN SECURITIZATION TRANSACTIONS FOR THE BENEFIT OF, AND TO CARRY OUT THE PURPOSES OF, THE PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY (PHEAA), A STATE AGENCY OF THE COMMONWEALTH OF PENNSYLVANIA (COMMONWEALTH), CREATED AND CONTROLLED BY THE COMMONWEALTH'S LEGISLATURE. THE FOUNDATION'S EXEMPT PURPOSE IS TO FACILITATE THE SECURITIZATION OF STUDENT LOANS IN ORDER TO RAISE FUNDS FOR PHEAA SO THAT PHEAA MAY CONTINUE TO MAKE, SERVICE AND BUY STUDENT LOANS AND TO OTHERWISE IMPROVE HIGHER EDUCATIONAL OPPORTUNITIES FOR STUDENTS, AND FOR ANY OF PHEAA'S OTHER STATUTORY PURPOSES, THEREBY LESSENING PHEAA'S BURDENS OF GOVERNMENT. FORM 990, PART III, LINE 4A, PROGRAM SERVICE ACCOMPLISHMENTS: THE FOUNDATION FORMS SPECIAL PURPOSE STATUTORY TRUSTS UNDER THE LAWS OF THE STATE OF DELAWARE. THE PRINCIPAL PURPOSE OF THE TRUSTS ARE TO SECURITIZE STUDENT LOANS AND RELATED ASSETS, BY ACQUIRING STUDENT LOANS FROM THE FOUNDATION AND ISSUING PROMISSORY NOTES SECURED BY A PLEDGE OF SUCH ASSETS. HOWEVER, AS A CASH BASIS TAXPAYER, THE FOUNDATION DOES NOT HAVE TO RECOGNIZE ITS RESIDUAL INTEREST AS REVENUE UNTIL THE CASH FLOWS BECOME AVAILABLE. THE FOUNDATION DISTRIBUTES TO ITS SOLE BENEFICIARY, PHEAA, FROM TIME TO TIME, ALL OF THE CASH FLOWS DERIVED FROM THE STUDENT LOAN TRUSTS, NET OF EXPENSES (OPERATING EXPENSES AND PRINCIPAL, AND INTEREST PAYMENTS TO INVESTORS). PHEAA USES THE PROCEEDS FROM THE SALE OF THE STUDENT LOANS TO CONTINUE OTHER ACTIVITIES THAT SUBSIDIZE THE COSTS OF HIGHER EDUCATION AND SATISFY PHEAA'S STATUTORY MISSION. AS OF THE BEGINNING OF THE REPORTING PERIOD, THE FOUNDATION HAD TEN ACTIVE SPECIAL PURPOSE TRUSTS. ON NOVEMBER 20, 2013, PHEAA STUDENT LOAN TRUST 2013-3 ISSUED NOTES IN THE AMOUNT OF $517,850,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON MARCH 14, 2014, PHEAA STUDENT LOAN TRUST 2014-1 ISSUED NOTES IN THE AMOUNT OF $573,800,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON JUNE 17, 2014, PHEAA STUDENT LOAN TRUST 2014-2 ISSUED NOTES IN THE AMOUNT OF $611,850,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON SEPTEMBER 18, 2014, PHEAA STUDENT LOAN TRUST 2014-3 ISSUED NOTES IN THE AMOUNT OF $646,700,000, AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON APRIL 22, 2015, PHEAA STUDENT LOAN TRUST 2015-1 ISSUED NOTES IN THE AMOUNT OF $636,900,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON SEPTEMBER 14, 2016, PHEAA STUDENT LOAN TRUST 2016-1 ISSUED NOTES IN THE AMOUNT OF $543,523,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON NOVEMBER 22, 2016, PHEAA STUDENT LOAN TRUST 2016-2 ISSUED NOTES IN THE AMOUNT OF $382,700,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON OCTOBER 29, 2018, PHEAA STUDENT LOAN TRUST 2018-1 ISSUED NOTES IN THE AMOUNT OF $426,700,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON AUGUST 11, 2021 PHEAA STUDENT LOAN TRUST 2021-1 ISSUED NOTES IN THE AMOUNT OF $665,400,000 AND USED SUBSTANTIALLY ALL OF THE PROCEEDS OF THE NOTES TO PURCHASE CERTAIN STUDENT LOANS. ON JULY 12, 2013, PHEAA WAREHOUSE FACILITY TRUST 2013-1 (WAREHOUSE TRUST 2013-1) WAS ESTABLISHED AS A SHORT-TERM FINANCING FACILITY TO PLEDGE, SELL, TRANSFER OR CONVEY STUDENT LOANS OR OTHER ASSETS ACQUIRED, OR TO BE ACQUIRED, TO OTHER THIRD PARTIES SPECIAL PURPOSE ENTITIES, OR TO OBTAIN REPLACEMENT FINANCING FOR ANY ASSETS ACQUIRED, OR TO BE ACQUIRED, THROUGH SECURITIZATION TRANSACTIONS IN ORDER TO ACCOMPLISH OR FACILITATE ONE OR MORE OF PHEAA'S STATUTORY PURPOSES. FORM 990, PART IV, LINE 12 & PART XII, LINE 2: THE FINANCIAL STATEMENTS OF THE FOUNDATION ARE NOT COMPILED OR REVIEWED BY AN INDEPENDENT ACCOUNTANT, NOR ARE THEY AUDITED BY AN INDEPENDENT ACCOUNTANT. HOWEVER, THE FOUNDATION IS INCLUDED IN PHEAA'S ANNUAL AUDITED FINANCIAL STATEMENT AS A BLENDED COMPONENT UNIT. PHEAA STUDENT LOAN TRUST 2013-3, PHEAA STUDENT LOAN TRUST 2014-1, PHEAA STUDENT LOAN TRUST 2014-2, PHEAA STUDENT LOAN TRUST 2014-3, PHEAA STUDENT LOAN TRUST 2015-1, PHEAA STUDENT LOAN TRUST 2016-1, PHEAA STUDENT LOAN TRUST 2016-2, PHEAA STUDENT LOAN TRUST 2018-1 AND PHEAA STUDENT LOAN TRUST 2021-1 HAVE INDEPENDENT AUDITS OF THEIR RESPECTIVE FINANCIAL STATEMENTS PREPARED ANNUALLY. FORM 990, PART V, LINE 1A: 1099S ARE NOT ISSUED TO OUR INDEPENDENT CONTRACTORS BECAUSE THE PAYMENTS MADE ARE NOT REPORTABLE PAYMENTS TO CORPORATIONS, THEREFORE, THEY ARE NOT REQUIRED, PER THE IRS INSTRUCTIONS FOR ISSUING 1099S. FORM 990, PART VI, SECTION A, LINE 7A ALL DIRECTORS ARE TO BE APPOINTED BY RESOLUTION OF THE EXECUTIVE COMMITTEE OF PHEAA, PROVIDED, HOWEVER, IF PHEAA'S EXECUTIVE COMMITTEE FAILS TO APPOINT DIRECTORS, THE PRESIDENT JUDGE OF THE COMMONWEALTH COURT OF PENNSYLVANIA SHALL HAVE THE POWER TO APPOINT THE DIRECTORS. FORM 990, PART VI, SECTION A, LINE 8B THE FOUNDATION DOES NOT HAVE ANY COMMITTEES. FORM 990, PART VI, SECTION A, LINE 9: ADDRESS OF DIRECTORS THAT CANNOT BE REACHED AT THE FOUNDATION'S MAILING ADDRESS: WSFS SPE SERVICES LLC JENNIFER LUCE 300 BELLEVUE PARKWAY, SUITE 300 WILMINGTON, DE 19809 WSFS SPE SERVICES LLC REBECCA HOWELL 300 BELLEVUE PARKWAY, SUITE 300 WILMINGTON, DE 19809 FORM 990, PART VI, SECTION B, LINE 11B THE FOUNDATION ENGAGES AN INDEPENDENT ACCOUNTING FIRM TO ASSIST IN THE COMPILATION AND COMPLETION OF FORM 990. IT IS REVIEWED BY OUTSIDE LEGAL COUNSEL, WHO PROVIDED COMMENTS AND ADVICE AS TO POTENTIAL FACTUAL ISSUES. THE FORM 990 IS THEN PROVIDED TO EACH DIRECTOR FOR HIS OR HER REVIEW PRIOR TO SUBMISSION TO THE IRS. FORM 990, PART VI, SECTION C, LINE 19 THE FOUNDATION MAKES ITS GOVERNING DOCUMENTS AND FINANCIAL STATEMENTS AVAILABLE TO THE GENERAL PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: RESIDUAL TRANSFERS TO PHEAA -20,497,421. EQUITY DISTRIBUTION -10,521,296. FORM 990, PART XII, LINE 2C: NO. THE ORGANIZATION DOES NOT HAVE A SEPARATE COMMITTEE THAT ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT REVIEW OR COMPILATION OF THE FINANCIAL STATEMENTS. A SEPARATE COMMITTEE IS NOT NECESSARY BECAUSE THE AUDIT IS CONDUCTED AS PART OF PHEAA'S CONSOLIDATED FINANCIAL STATEMENTS, WHICH DOES HAVE A COMMITTEE. PHEAA STUDENT LOAN TRUST 2012-1 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 0 0 PHEAA SL FND PHEAA WAREHOUSE FACILITY TRUST 2013-1 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 390680 1387 PHEAA SL FND PHEAA STUDENT LOAN TRUST 2013-3 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 5613664 87575213 PHEAA SL FND PHEAA STUDENT LOAN TRUST 2014-1 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 5779965 87131518 PHEAA SL FND PHEAA STUDENT LOAN TRUST 2014-2 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 6303022 96051911 PHEAA SL FND PHEAA STUDENT LOAN TRUST 2014-3 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 6205291 91355159 PHEAA SL FND PHEAA STUDENT LOAN TRUST 2015-1 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 7218454 106932045 PHEAA SL FND PHEAA STUDENT LOAN TRUST 2016-1 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 7200852 107225573 PHEAA SL FND PHEAA STUDENT LOAN TRUST 2016-2 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 5168714 76746489 PHEAA SL FND PHEAA STUDENT LOAN TRUST 2018-1 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 8053394 116910070 PHEAA SL FND PHEAA STUDENT LOAN TRUST 2021-1 1200 N 7TH ST HARRISBURG PA 17102 510423553 STUDENT LOANS PA 19103592 282285265 PHEAA SL FND PENNSYLVANIA HIGHER EDUCATION ASSISTANCE AGENCY 1200 N 7TH ST HARRISBURG PA 17102 231693362 STUDENT LOANS PA N/A N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 0 PHEAA M 5054308 BOOK VALUE PHEAA O 650152 BOOK VALUE PHEAA R 20497421 BOOK VALUE