IOWA STUDENT LOAN LIQUIDITY CORPORATION (EIN 421137531) - Form 990 Financial Analysis & Trantor Score

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1979

Legal Domicile

Principal Officer

ERIN LACEY

Phone

5152737210

Tax Period

2022-07-01 to 2023-06-30

IOWA STUDENT LOAN LIQUIDITY CORPORATION, founded in 1979, is a major nonprofit in the Education sector that reported $101.5M in total revenue in fiscal year 2022. Revenue surged 100% from the prior year, signaling strong growth momentum. Net assets of $488.5M represent 58 months of operating reserves.

Mission

TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2022)

Revenue Breakdown

Contributions & Grants $0

Program Service Revenue $95,379,910

Investment Income $6,072,510

Other Revenue $26

TOTAL REVENUE $101,452,446

Expense Breakdown

Grants Paid $685,000

Salaries & Benefits $11,922,623

Fundraising Expenses $0

Program Expenses $98,774,705

Other Expenses $90,878,426

TOTAL EXPENSES $103,486,049

Year-over-Year Comparison

	2022	2021	Change
Revenue	$101,452,446	$50,621,901	+1.0%
Expenses	$103,486,049	$63,703,769	+0.6%
Net Income	$-2,033,603	$-13,081,868	-0.8%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✓ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✗ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✓ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$1,448,189

Total Directors

$111,921

Key Employees

$532,530

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
CHRISTINE HENSLEY	BOARD CHAIRPERSON	1.00	Director	$16,938	$0	$16,938
LAURIE HEMPIN	BOARD OF DIRECTOR (END 4/2023)	1.00	Director	$8,136	$0	$8,136
TAMMY BRAMLEY	BOARD VICE CHAIRPERSON	1.00	Director	$13,000	$0	$13,000
DANIEL CLUTE	BOARD MEMBER	1.00	Director	$10,282	$0	$10,282
ADAM VOIGTS	BOARD MEMBER	1.00	Director	$10,687	$0	$10,687
JULIE PINGEL	BOARD MEMBER	1.00	Director	$9,308	$0	$9,308
SCOTT SCHNEIDERMANN	BOARD MEMBER	1.00	Director	$10,298	$0	$10,298
ROB DENSON	BOARD MEMBER	1.00	Director	$8,516	$0	$8,516
JIM SCHIPPER	BOARD MEMBER	1.00	Director	$8,904	$0	$8,904
MARCIA ROGERS	BOARD MEMBER	1.00	Director	$8,120	$0	$8,120
NANCY DUNKEL	BOARD MEMBER	1.00	Director	$7,732	$0	$7,732
JUAN GARCIA	BOARD MEMBER (START 4/2023)	1.00	Director	$0	$0	$0
STEVE MCCULLOUGH	PRESIDENT & CEO	40.00	Officer	$483,370	$56,100	$539,470
ERIN LACEY	EVP & TREASURER	40.00	Officer	$297,316	$49,731	$347,047
MARY KAY DEBOLT	SR. OPERATIONS VP & SECRETARY	40.00	Officer	$0	$31,395	$273,698
CINDY BARTZ	CIO & PROJ MGMT VP	40.00	Officer	$237,020	$50,954	$287,974
GREG NICHOLS	SR. PUB AFFAIRS & COMM REL VP	40.00	Key Emp	$220,880	$31,921	$252,801
RON FORESMAN	ACCOUNTING & RISK MGMT VP	40.00	Key Emp	$240,889	$38,840	$279,729
MARC HENDEL	SR. RESEARCHER & DATA MGR	40.00	Highest	$205,988	$27,835	$233,823
CHAD WINTER	INFORMATION TECHNOLOGY MGR	40.00	Highest	$161,542	$31,178	$192,720
MARSHA BOENDER	DIR, LENDER & SCHOOL SERV.	40.00	Highest	$172,374	$36,683	$209,057
BRYAN PHILLIPS	SENIOR SOFTWARE DEVELOPER	40.00	Highest	$157,820	$10,929	$168,749
SHAWN SMITH	LEAD DATABASE ADMINISTRATOR	40.00	Highest	$164,511	$23,558	$188,069

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2025	No data	No data	No data	No data
2024	No data	No data	No data	No data
2023	$101,452,446	$103,486,049	$1,743,077,766	$-2,033,603
2022	$50,621,901	$63,703,769	$1,901,708,317	$-13,081,868
2021	$45,688,659	$60,719,227	$1,230,053,718	$-15,030,568
2020	$64,909,561	$79,151,403	$1,307,508,535	$-14,241,842
2019	$72,469,069	$87,375,106	$1,332,262,692	$-14,906,037
2018	$67,762,446	$84,212,086	$1,544,042,175	$-16,449,640

IOWA STUDENT LOAN LIQUIDITY CORPORATION