Nonprofit · EIN 42-1137531
IOWA STUDENT LOAN LIQUIDITY CORP
Tax-exempt · WDM, IA 50266
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| June 30, 2025 | 990 | $100,112,915 | $95,497,550 | $4,615,365 | $1,556,680,786 | $1,052,471,036 | $504,209,750 |
| June 30, 2024 | 990 | $115,426,491 | $107,991,674 | $7,434,817 | $1,629,996,277 | $1,130,059,007 | $499,937,270 |
| June 30, 2023 | 990 | $101,452,446 | $103,486,049 | -$2,033,603 | $1,743,077,766 | $1,254,616,939 | $488,460,827 |
Financial details: 990 for the year ended June 30, 2025
Revenue
- Contributions, gifts and grants
- $0
- Program service revenue
- $89,770,316
- Investment income
- $10,342,355
- Net gain from sales of assets
- -$128,219
- Other revenue
- $244
Expenses
- Grants and similar amounts paid
- $685,330
- Compensation of officers, directors and key employees
- $2,629,002
- Other salaries and wages
- $6,829,358
- Salaries, compensation and benefits (total)
- $11,943,500
- Professional fundraising fees
- $0
- Legal fees
- $258,265
- Accounting fees
- $478,430
- Occupancy
- $306,989
- Travel
- $95,552
- Depreciation
- $1,033,924
- Program services (functional)
- $90,718,618
- Management and general (functional)
- $4,778,932
Balance sheet and other
- Total assets, start of year
- $1,629,996,277
- Total assets, end of year
- $1,556,680,786
- Total liabilities, end of year
- $1,052,471,036
- Net assets, end of year
- $504,209,750
- Land, buildings and equipment
- $7,770,754
- Publicly traded securities
- $6,290,675
- Net assets without donor restrictions
- $504,209,750
- Gross receipts
- $100,298,491
- Employees
- 86
- Volunteers
- 0
- Year formed
- 1979
- State of legal domicile
- IA
From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.
Officers, directors and key employees
As listed on the 990 for the year ended June 30, 2025, highest compensation first.
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| STEVE MCCULLOUGH | PRESIDENT AND CEO Officer | 40 | $458,497 | $59,896 |
| ERIN LACEY | EVP AND TREASURER Officer | 40 | $313,195 | $47,109 |
| CINDY BARTZ | CIO, PROJ MGMT SVP, & SECR Officer | 40 | $285,575 | $53,949 |
| RON FORESMAN | ACCOUNTING & RISK MGMT VP Key employee | 40 | $254,698 | $43,264 |
| MARC HENDEL | SR. RESEARCHER & DATA MGR Highest-paid employee | 40 | $178,553 | $43,126 |
| CHAD WINTER | INFORMATION TECHNOLOGY MGR Highest-paid employee | 40 | $176,478 | $31,195 |
| MARSHA BOENDER | DIR, LENDER & SCHOOL SERV Highest-paid employee | 40 | $174,997 | $28,276 |
| KORY MICHAEL | TECH SERV & OPERATION MGR Highest-paid employee | 40 | $174,457 | $25,545 |
| SHAWN J SMITH | LEAD DATABASE ADMINISTRATOR Highest-paid employee | 40 | $160,838 | $17,727 |
| JEN HEMPEL | COMPL & COMMUNICATIONS VP Key employee | 40 | $152,162 | $17,591 |
| GREG NICHOLS | SR. PUB AFFAIRS & COMM REL VP Key employee | 40 | $155,619 | $1,810 |
| CHRISTINE HENSLEY | BOARD CHAIRPERSON Trustee or director | 1 | $22,346 | $0 |
| DANIEL CLUTE | BOARD MEMBER Trustee or director | 1 | $15,288 | $0 |
| SCOTT SCHNEIDERMANN | BOARD VICE CHAIRPERSON Trustee or director | 1 | $15,197 | $0 |
| ADAM VOIGTS | BOARD MEMBER Trustee or director | 1 | $13,100 | $0 |
7 more people on this return
| Name | Title | Hours / week | Compensation |
|---|---|---|---|
| NANCY DUNKEL | BOARD MEMBER Trustee or director | 1 | $12,170 |
| SUZETTE RADKE | BOARD MEMBER Trustee or director | 1 | $11,710 |
| JULIE PINGEL | BOARD MEMBER Trustee or director | 1 | $11,284 |
| JUAN GARCIA | BOARD MEMBER Trustee or director | 1 | $11,267 |
| ROB DENSON | BOARD MEMBER Trustee or director | 1 | $10,834 |
| MARCIA ROGERS | BOARD MEMBER Trustee or director | 1 | $10,790 |
| JIM SCHIPPER | BOARD MEMBER Trustee or director | 1 | $9,947 |
990 for the year ended June 30, 2024: 21 people
| Name | Title | Hours / week | Compensation | Other / benefits |
|---|---|---|---|---|
| STEVE MCCULLOUGH | PRESIDENT AND CEO Officer | 40 | $484,788 | $54,653 |
| ERIN LACEY | EVO AND TREASURER Officer | 40 | $302,388 | $44,835 |
| CINDY BARTZ | CIO, PROJ MGMT SVP, & SECR Officer | 40 | $261,898 | $48,666 |
| RON FORSEMAN | ACCOUNTING & RISK MGMT VP Key employee | 40 | $244,215 | $36,222 |
| GREG NICHOLS | SR. PUB AFFAIRS & COMM REL VP Key employee | 40 | $224,125 | $13,666 |
| MARC HENDEL | SR. RESEARCHER & DATA MGR Highest-paid employee | 40 | $212,734 | $11,614 |
| MARSHA BOENDER | DIR, LENDER & SCHOOL SERV. Highest-paid employee | 40 | $174,132 | $33,152 |
| CHAD WINTER | INFORMATION TECHNOLOGY MGR Highest-paid employee | 40 | $167,889 | $28,874 |
| SHAWN J SMITH | LEAD DATABASE ADMINISTRATOR Highest-paid employee | 40 | $164,682 | $23,478 |
| KORY MICHAEL | TECH SERV & OPERATION MGR Highest-paid employee | 40 | $154,614 | $28,949 |
| CHRISTINE HENSLEY | BOARD CHAIRPERSON Trustee or director | 1 | $20,015 | $0 |
| DANIEL CLUTE | BOARD MEMBER Trustee or director | 1 | $12,932 | $0 |
| SCOTT SCHNEIDERMANN | BOARD VICE CHAIRPERSON Trustee or director | 1 | $11,727 | $0 |
| ADAM VOIGTS | BOARD MEMBER Trustee or director | 1 | $11,452 | $0 |
| JIM SCHIPPER | BOARD MEMBER Trustee or director | 1 | $11,213 | $0 |
| JULIE PINGEL | BOARD MEMBER Trustee or director | 1 | $9,919 | $0 |
| MARCIA ROGERS | BOARD MEMBER Trustee or director | 1 | $9,811 | $0 |
| NANCY DUNKEL | BOARD MEMBER Trustee or director | 1 | $9,799 | $0 |
| ROB DENSON | BOARD MEMBER Trustee or director | 1 | $9,191 | $0 |
| JUAN GARCIA | BOARD MEMBER Trustee or director | 1 | $4,844 | $0 |
| SUZETTE RADKE | BOARD MEMBER (START 7/2023) Trustee or director | 1 | $4,654 | $0 |
990 for the year ended June 30, 2023: 23 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| STEVE MCCULLOUGH | PRESIDENT & CEO Officer | 40 | $483,370 | $0 | $56,100 |
| ERIN LACEY | EVP & TREASURER Officer | 40 | $297,316 | $0 | $49,731 |
| CINDY BARTZ | CIO & PROJ MGMT VP Officer | 40 | $237,020 | $0 | $50,954 |
| RON FORESMAN | ACCOUNTING & RISK MGMT VP Key employee | 40 | $240,889 | $0 | $38,840 |
| MARY KAY DEBOLT | SR. OPERATIONS VP & SECRETARY Officer | 40 | $0 | $242,303 | $31,395 |
| GREG NICHOLS | SR. PUB AFFAIRS & COMM REL VP Key employee | 40 | $220,880 | $0 | $31,921 |
| MARC HENDEL | SR. RESEARCHER & DATA MGR Highest-paid employee | 40 | $205,988 | $0 | $27,835 |
| MARSHA BOENDER | DIR, LENDER & SCHOOL SERV. Highest-paid employee | 40 | $172,374 | $0 | $36,683 |
| CHAD WINTER | INFORMATION TECHNOLOGY MGR Highest-paid employee | 40 | $161,542 | $0 | $31,178 |
| SHAWN SMITH | LEAD DATABASE ADMINISTRATOR Highest-paid employee | 40 | $164,511 | $0 | $23,558 |
| BRYAN PHILLIPS | SENIOR SOFTWARE DEVELOPER Highest-paid employee | 40 | $157,820 | $0 | $10,929 |
| CHRISTINE HENSLEY | BOARD CHAIRPERSON Trustee or director | 1 | $16,938 | $0 | $0 |
| TAMMY BRAMLEY | BOARD VICE CHAIRPERSON Trustee or director | 1 | $13,000 | $0 | $0 |
| ADAM VOIGTS | BOARD MEMBER Trustee or director | 1 | $10,687 | $0 | $0 |
| SCOTT SCHNEIDERMANN | BOARD MEMBER Trustee or director | 1 | $10,298 | $0 | $0 |
| DANIEL CLUTE | BOARD MEMBER Trustee or director | 1 | $10,282 | $0 | $0 |
| JULIE PINGEL | BOARD MEMBER Trustee or director | 1 | $9,308 | $0 | $0 |
| JIM SCHIPPER | BOARD MEMBER Trustee or director | 1 | $8,904 | $0 | $0 |
| ROB DENSON | BOARD MEMBER Trustee or director | 1 | $8,516 | $0 | $0 |
| LAURIE HEMPIN | BOARD OF DIRECTOR (END 4/2023) Trustee or director | 1 | $8,136 | $0 | $0 |
| MARCIA ROGERS | BOARD MEMBER Trustee or director | 1 | $8,120 | $0 | $0 |
| NANCY DUNKEL | BOARD MEMBER Trustee or director | 1 | $7,732 | $0 | $0 |
| JUAN GARCIA | BOARD MEMBER (START 4/2023) Trustee or director | 1 | $0 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 6805 VISTA DR, WDM, IA 50266-9307
- In care of
- % RON W FORESMAN
- Principal officer (990 for 2024)
- ERIN LACEY, 6805 VISTA DRIVE, WEST DES MOINES, IA 502669307
- Signed the 990
- ERIN LACEY, EVP & TREASURER
- Phone
- (515) 273-7210
- Website
- WWW.STUDENTLOAN.ORG
- Return prepared by
- KPMG LLP
Mission
TO HELP IOWA STUDENTS AND FAMILIES OBTAIN THE RESOURCES NECESSARY TO SUCCEED IN POSTSECONDARY EDUCATION.
Program accomplishments
- 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, 2025, THE CORPORATION OWNED AND SERVICED LOANS TOTALING 158,861 WITH AN OUTSTANDING BALANCE OF $$1,387,247,879.Expenses $90,718,618 · grants $685,330 · revenue $100,112,915
What it must file and when
IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in June, so each return is due on the 15th day of the 5th month after that.
| Tax year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | June 30, 2026 | November 16, 2026 | Not due yet |
| 2024 | June 30, 2025 | November 17, 2025 | 990 on file |
| 2023 | June 30, 2024 | November 15, 2024 | 990 on file |
IRS record
- EIN
- 42-1137531
- Tax-exempt status
- 501(c)(3): Charitable, religious, educational or scientific organization
- Foundation status
- Publicly supported organization (509(a)(2))
- Donations deductible (Pub 78)
- Public charity, 50% deduction limit
- Exempt since
- 1981
- Accounting year ends
- June
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B820)
- Assets (IRS master file)
- $1,556,680,786
- Income (IRS master file)
- $100,298,491
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | June 2025 | $100,112,915 | $95,497,550 | $1,556,680,786 | IRS |
| 990 | June 2024 | $115,426,491 | $107,991,674 | $1,629,996,277 | IRS |
| 990 | June 2023 | $101,452,446 | $103,486,049 | $1,743,077,766 | XML |
| 990 | June 2022 | $50,621,901 | $63,703,769 | $1,901,708,317 | IRS |
| 990 | June 2021 | – | – | – | IRS |
| 990 | June 2020 | – | – | – | IRS |
| 990 | June 2019 | – | – | – | IRS |
| 990 | June 2018 | – | – | – | IRS |
990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 42-1137531).
Questions about IOWA STUDENT LOAN LIQUIDITY CORP
- What is the EIN of IOWA STUDENT LOAN LIQUIDITY CORP?
- The employer identification number (EIN) of IOWA STUDENT LOAN LIQUIDITY CORP is 42-1137531.
- Is IOWA STUDENT LOAN LIQUIDITY CORP tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1981.
- Are donations to IOWA STUDENT LOAN LIQUIDITY CORP tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does IOWA STUDENT LOAN LIQUIDITY CORP file?
- Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
- When is the next return of IOWA STUDENT LOAN LIQUIDITY CORP due?
- The return for tax year 2025 (the year ending June 30, 2026) is due November 16, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
- When did IOWA STUDENT LOAN LIQUIDITY CORP last file with the IRS?
- The latest return in the IRS public files is the 990 for the year ended June 2025.
- Who is the principal officer of IOWA STUDENT LOAN LIQUIDITY CORP?
- The 990 for the year ended June 30, 2025 names ERIN LACEY.
- Who are the officers and directors of IOWA STUDENT LOAN LIQUIDITY CORP?
- The 990 for the year ended June 30, 2025 lists 22 people; 22 received compensation from the organization, the highest $458,497 (STEVE MCCULLOUGH, PRESIDENT AND CEO).
- How much revenue does IOWA STUDENT LOAN LIQUIDITY CORP have?
- On its 990 for the year ended June 30, 2025 it reported revenue of $100,112,915, expenses of $95,497,550 and total assets of $1,556,680,786 at year end.
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