Granite Edvance Corporation
94% goes to programs $0 to raise $100 Strong reserves
Granite Edvance Corporation is a 501(c)(3) organization based in Concord, New Hampshire, registered in 1983, with $61,204,622 in FY2024 revenue. CharityIndex grades it A, and it directs about 94% of spending to programs.
3 Barrell Court, Concord, NH, 03301 EIN 02-0368776 Since 1983
Revenue (FY2024)
$61.2M
▼ 4.3% vs prior year
Education median: $200K
Expenses (FY2024)
$59.2M
Net assets
$327.7M
Employees
101
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
A+Program efficiency40% of the rating94% to programs · $0 to raise $100
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Granite Edvance Corporation: 94% to programs · $0 to raise $100 earns a A+ on this criterion. See the exact thresholds →
B+Financial health25% of the rating66 mo reserves · +3% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Granite Edvance Corporation: 66 mo reserves · +3% margin earns a B+ on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Granite Edvance Corporation: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Granite Edvance Corporation: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
To support new hampshire students and families in navigating their education and career pathways.
What they do
Administer the guaranteed student loan program in the state of nh in cooperation with nh lenders and secondary markets.
Contact & location
- Address
- 3 Barrell Court, Concord, NH, 03301
- City
- Concord
- State
- New Hampshire
- Category
- Education
- Subcategory
- Student Services & Aid
- Phone
- …
- Website
- …
Financial trends
Revenue grew from $42.9M (FY2013) to $61.2M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $585.1MNet assets $327.7M
Operating margin
3.3%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$912.8M
Total liabilities
$585.1M
Net assets
$327.7M
Salaries & benefits
$8.6M
15% of expenses
Board members
14
13 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $61,204,622▼4.3% | $59,200,848▼1.4% | $327,692,212▲4.4% | $912,774,268▲0.9% | 990 |
| 2023 | $63,939,847▲3.6% | $60,059,105▼0.6% | $313,830,508▲5.9% | $904,473,074▼1.2% | 990 |
| 2022 | $61,725,667▲2.8% | $60,413,588▲15.0% | $296,257,826▲9.1% | $915,716,327▼1.4% | 990 |
| 2021 | $60,034,018▼20.1% | $52,511,711▼15.4% | $271,583,787▼6.0% | $928,313,847▲1.9% | 990 |
| 2020 | $75,110,962▲37.0% | $62,096,640▲10.7% | $289,001,931▲7.5% | $910,620,336▲4.9% | 990 |
| 2019 | $54,814,259▲0.1% | $56,076,554▲4.7% | $268,826,689▲20.5% | $867,907,952▲12.3% | 990 |
| 2018 | $54,774,294▲13.8% | $53,581,370▲22.2% | $223,042,547▲0.9% | $772,977,645▲11.5% | 990 |
| 2017 | $48,139,019▲18.5% | $43,835,663▲16.7% | $221,098,613▲1.9% | $693,191,534▲4.2% | 990 |
| 2016 | $40,637,789▲6.1% | $37,548,859▲4.7% | $217,006,214▲3.0% | $665,247,990▼8.7% | 990 |
| 2015 | $38,301,361▼5.6% | $35,859,899▲1.6% | $210,633,599▲2.4% | $728,918,980▼2.5% | 990 |
| 2014 | $40,569,011▼5.4% | $35,302,496▼10.8% | $205,742,366▲0.9% | $747,726,832▼9.3% | 990 |
| 2013 | $42,889,133 | $39,557,862▼16.2% | $203,938,468▲2.3% | $824,702,305▼9.5% | 990 |
| 2012 | — | $47,179,986▼9.4% | $199,351,235▲1.4% | $911,607,505▼10.3% | 990 |
| 2011 | — | $52,051,091▼10.3% | $196,635,210▲2.0% | $1,016,677,936▼12.4% | 990 |
| 2010 | — | $58,004,696▼24.6% | $192,860,087▲81.4% | $1,160,116,531▼22.0% | 990 |
| 2009 | — | $76,925,940 | $106,322,434 | $1,487,986,493 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Christiana Thornton — $507,256 (0.86% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Christiana Thornton | President & Ceo | 40 | $507,256 |
| Scott Rogers | Vp & Cfo | 40 | $281,207 |
| Blessing Chimwanda | Gen. Counsel/chief Compliance Off. | 40 | $233,919 |
| John Flanders | Vp & Chief Strategy/lending Officer | 40 | $224,643 |
| Erik Sobel | Vp Technology Solutions & Security | 40 | $194,743 |
| Danielle Barrick | Vp Chief Communications Officer | 40 | $191,401 |
| Daniel Coughlan | Vp Capital Markets/asset Management | 40 | $152,779 |
| Kathy-ann Maguire | Vp People & Talent Management | 40 | $150,897 |
| Carlton Lewis | Solutions Architect | 40 | $132,775 |
| Christopher Nadeau | Vp, Information Security & Business Solutions | 40 | $131,156 |
| Merek Weisensee | Avp, Technical Solutions & Support | 40 | $128,678 |
| Matthew Wallace | Vp, Education & Career Pathways | 40 | $116,157 |
| Minatchy Visvanathan | Business Systems & Data Architect | 40 | $112,938 |
| Carol Houle | Treasurer; Trustee | 0.2 | — |
| Chuck Lloyd | Trustee | 0.2 | — |
| Debra Miller | Trustee | 0.2 | — |
| Gordon Koff | Vice Chair; Trustee | 0.2 | — |
| Hans Olson | Trustee | 0.2 | — |
| Jamie Burnett | Secretary; Trustee | 0.2 | — |
| Mb Lufkin | Trustee | 0.2 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Nelnet Servicing LLC | Loan Servicing | $2,595,832 |
| Credible Labs Inc | Loan Marketing | $1,000,521 |
| Saltwater Collective | Marketing | $673,947 |
| Campus Door Holdings Inc | Loan Processing | $380,462 |
| Worldcom Exchange Inc | Technology Solutions | $164,626 |
Grants received · $507K total
1 grant to Granite Edvance Corporation totaling $507K, reported by foundations on their Schedule I filings.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| Educational Credit Management Corporation | Fafsa student support | 2024 | $506,652 |
Grants made · $200K in FY2024
2 grants totaling $200K in FY2024. All grants made by Granite Edvance Corporation →
| Recipient | Purpose | Amount |
|---|---|---|
| University System of New Hampshire | To provide support to enrolled students with short-term financial needs. | $100,000 |
| Community College System of New Hampshire | To provide support to enrolled students with short-term financial needs. | $100,000 |
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Compare Granite Edvance Corporation
Frequently asked questions
- Is Granite Edvance Corporation a legitimate nonprofit?
- Yes. Granite Edvance Corporation is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 02-0368776, based in Concord, New Hampshire. Donations are tax-deductible.
- What is Granite Edvance Corporation's EIN?
- Granite Edvance Corporation's Employer Identification Number (EIN) is 02-0368776.
- How much revenue does Granite Edvance Corporation report?
- Granite Edvance Corporation reported $61,204,622 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Granite Edvance Corporation's spending goes to programs?
- Granite Edvance Corporation spends about 94% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Granite Edvance Corporation have?
- CharityIndex grades Granite Edvance Corporation A, based on program efficiency and fundraising cost.
- How much does Granite Edvance Corporation's highest-paid employee make?
- The highest reported compensation on Granite Edvance Corporation's latest Form 990 is $507,256, paid to Christiana Thornton (President & Ceo).
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Data for Granite Edvance Corporation (EIN 02-0368776) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.