THE NHHEAF NETWORK ORGANIZATIONS
The NHHEAF NetworkOrganizationsNew Hampshire Higher Education Assistance Foundation(NHHEAF)
Granite State Management & Resources(GSM&R)
New Hampshire Higher Education Loan Corporation(NHHELCO)
Annual Financial Report2015
4 Barrell CourtConcord, NH 03301
www.nhheaf.org
The NHHEAF Network Organizations are comprised of three active 501(c)(3) nonprofit agencies - New Hampshire Higher Education Assistance Foundation (NHHEAF), Granite
State Management & Resources (GSM&R) and New Hampshire Higher Education Loan Corporation (NHHELCO). Our mission is to provide funding assistance for New
Hampshire students and parents pursuing a higher education; and to provide quality service to not only those individuals, but to the educational and financial institutions which participate in and utilize our programs. We recognize that the quality of these
ongoing services is dependent upon our maintaining a sound financial base. Towards that end, we are committed to the continuous evaluation of current services and the
development of new programs which better serve our various constituencies and contribute to the strength of our organization.
Learn more at www.nhheaf.org/AnnualReports.
The NHHEAF Network Organizations, comprised of three independent, nonprofit agencies including Granite State Management & Resources (GSM&R), New Hampshire Higher Education Loan Corporation (NHHELCO), and New Hampshire Higher Education Assistance Foundation (NHHEAF), have over 50 years of experience in helping families plan and pay for higher education.
In FY15, all three agencies continued efforts to be recognized as one of the nation’s most capable, trusted, and innovative organizations in educational loan services. We work diligently
each day to enhance the promotion, advancement, and support of higher education in our state with guidance and support from our three separate and engaged boards of trustees.
The Organizations continue to reinvest student loan earnings in the state of New Hampshire. Charitable spending, including loan fee reduction programs, scholarships, financial literacy programming, and free college planning services for our state’s students and residents, totaled nearly $1.9 million in FY15.
Our NHHEAF Network Cares initiative engages our dedicated workforce to personally make a difference with other nonprofit agencies in our state. Through this employee-led program, food and monetary donations are voluntarily collected and have been shared with 23 nonprofit agencies to date. We are proud of the difference our employees make in their communities, whether through this initiative or their own individual efforts.
In FY15, through its Not-for-Profit (NFP) federal student loan servicing contract, Granite State Management & Resources (GSM&R) added 49,400 new borrowers and 88,100 new loans to its servicing portfolio. Combined with FFELP and alternative loans, by the end of FY15, GSM&R’s Customer Service team serviced a total loan portfolio of $4.5 billion, assisting borrowers from all 50 states, many U.S. territories, and 117 countries across 4,800 postsecondary schools.
EDvestinU®, the national private and consolidation student loan program from the New Hampshire Higher Education Loan Corporation (NHHELCO), experienced over 50% growth in FY15 and ended the year with $13.2 million in new loan volume. This competitive loan program also awarded $36,000 through its National Monthly Scholarship Giveaway and continues to make measurable progress in being known as New Hampshire’s preferred nonprofit higher education lender.
The New Hampshire Higher Education Assistance Foundation (NHHEAF) led the nation for the fourth year in a row with the lowest 3-year Cohort Default Rate (CDR) in the nation at 2.5%, while the national CDR was 11.8%. Expert counseling from staff paired with borrower-friendly federal repayment terms assures continued support of borrowers in all stages of repayment. In addition, the Center for College Planning (CCP) upheld its work with 100% of the public high schools in the state of New Hampshire by counseling families as they navigated the college admissions and financial aid processes.
Message fromthe President René A. Drouin
President & CEO of the NHHEAF Network Organizations
Granite State Management & ResourcesNew Hampshire Higher Education Assistance Foundation
September 30, 2015
ASSETS Operating Fund Cash and cash equivalents $ 687,527 Investments 11,965,673 Interest receivable 8,372 Accounts receivable - U.S. Department of Education:Account maintenance fees 110,715 Default aversion fees 9,641 120,356 Due from operating fund - Total Assets 12,781,928
Federal Fund $ 2,155,969
6,875,11637,826
---
8,7499,077,660
LIABILITIES AND NET ASSETS Operating FundLiabilities: Accounts payable and accrued expenses $ 17,067Due to related party 28,500 Due to federal fund 8,749Due to U.S. Department of Ed. collections on defaulted loans, net -Deferred revenue 976,000Federal loan reserve funds held for U.S. Department of Education -Total liabilities 1,030,316Net assets - unrestricted 11,751,612Total Liabilities and Net Assets 12,781,928
Federal Fund
$ 25,222
- -
271,338330,985
8,450,1159,077,660
-9,077,660
New Hampshire Higher Education Assistance Foundation (NHHEAF)Michael DeBlasiNHHEAF Board Chairman
David BellmanBellman Jewelers, Inc.
Todd EmmonsColby-Sawyer College
Joseph FaganNHHEAF Secretary/Treasurer Rivier University (retired)
Ex-Officio:René A. DrouinNHHEAF NetworkOrganizationsPresident & CEO
The Honorable Governor Maggie Hassan
Virginia HazenDartmouth College (retired)
Daniel Hebert NHHEAF Vice ChairmanNH Jump$tart Coalition
Jeffrey PentaSouthern New Hampshire University
Deborah ScireCampus Compact for NH
Granite State Management & Resources (GSM&R)Cornelius Joyce GSM&R Board Chairman
Anthony ChismarkGSM&R Vice Chairman Centrix Bank (retired)
Clinton Hanson Jr.ConsultantThomas More College of Liberal Arts
Charles RolecekGSM&R Treasurer The Premier Companies
Robert TuvesonPlymouth State University (retired) Ex-Officio:René A. DrouinNHHEAF NetworkOrganizations President & CEO
Thomas Horgan GSM&R Board SecretaryNew Hampshire College & University Council
Gerald LittleNH State Senator District 8
Brad PoznanskiNew England College
New Hampshire Higher Education Loan Corporation
September 30, 2015
ASSETS Cash and cash equivalents $ 281,682Restricted cash 33,107,400Amounts due from loan servicer 306,841Interest receivable 9,221,639Amounts due from US Government- 834,403 Subsidized interest and other Investment securities 40,922,182Student loans, net 658,011,292Debt issuance costs, net 5,041,393Total Assets 747,726,832
LIABILITIES AND NET ASSETS Liabilities: Line of credit $3,698,070Accounts payable and accrued expenses 742,839Accrued interest payable 852,387Special allowance and fees payable to the US Government 2,222,667 Due to related entities 1,154,641Arbitrage earnings rebatable 89,874Bonds and Notes Payable, net 533,223,988Total Liabilities 541,984,466Net assets - unrestricted 205,742,366Total Liabilities and Net Assets 747,726,832
New Hampshire Higher Education Loan Corporation (NHHELCO)Daniel R. DubreuilNHHELCO Board ChairmanMathes Associates, Inc.
Peter BurgerOrr & Reno, P.A.
Harvey D. HillNHHELCO Secretary Eagle Publications, Inc. (retired)
Susan HowardAntioch University New England
Linda D. NormandinNHHELCO Vice Chair & Treasurer Laconia Savings Bank (retired)
Tim SinkGreater Concord Chamber of Commerce
Christiana ThorntonNH Bankers Association
Michael DeBlasiNHHEAF Board Chairman
Cornelius JoyceGSM&R Board Chairman
Daniel R. DubreuilNHHELCO Board Chairman
Outstanding Portfolioby Loan Type = $675.7
- (in millions)
FFELConsolidation
$336.3
EDvestinU$16.8
SubsidizedStafford$82.7
Unsub.Stafford$72.4
PLUS$15.7
SLS$0.1
TREE$44.6
LEAF$107.1September 30, 2015
ASSETS Cash and cash equivalents $ 490,812Investments 36,343,680Interest receivable 118,644Accounts receivable 7,298Due from related entities 1,183,142Property, plant and equipment, net 4,809,557Assets whose use is limited:Cash collected on serviced loans - private loans and Federal Family Education Loan Program 378,018Prepaid service contract 91,667Other Assets 48,981Total Assets 43,471,799
LIABILITIES AND NET ASSETS Liabilities: Accounts payable and accrued expenses $ 3,034,471Amounts due lenders on serviced loans - private loans and Federal Family Education Loan Program 378,018 Accrual for estimated loss on serviced loans 1,000,000Total Liabilities 4,412,489Net assets - unrestricted 39,059,310Total Liabilities and Net Assets 43,471,799