Indiana Secondary Market for Education Loans Inc
Nonprofit profile at a glance
- EIN
- 310995844
- IRS 990 coverage
- 2023–2024
- Forms available
- Form 990 2024
- Location
- Indianapolis, IN, USA
- Phone
- 3177159000
- Rating
- 77
- Verdict
- SUPPORTED
- Rating confidence
- Moderate
- Sector
- Financial Institutions
Reported finances
- Revenue
- $16,015,983
- Expenses
- $13,040,212
- Assets
- $251,203,412
- Liabilities
- $71,292,496
Source: IRS Form 990. Selected filing: tax year 2024. Amounts in USD.
Leadership & pay
16 people listed
Executive titles in this filing
- JOSEPH WOOD (CEO & PRESIDENT)
Highest reported compensation
- JOSEPH WOOD (CEO & PRESIDENT): $506,699 total reported compensation
- LINAE DEVAISHER (CFO & VP): $322,297 total reported compensation
- WILLIAM WOZNIAK (VP OF MARKETING): $258,256 total reported compensation
Source: IRS Form 990. Selected filing: tax year 2024. Names and roles reflect this filing, not necessarily current officeholders.
Overview
Mission
For over 40 years, Indiana secondary market for education loans, inc. (d/b/a "invested") has provided Indiana students and families critical resources and advising services to plan and finance education after high school. As Indiana's only state-based, nonprofit student-loan-making and financial-literacy organization, invested plays a crucial role serving all Indiana students and families before, during, and after their post-secondary studies to make post-secondary educational attainment affordable. Invested provides students and families various services through its student loan program and its financial aid literacy and advising programs, all at no cost to students, their families, or Indiana taxpayers.
What it reported doing in 2024
In fiscal year 2025, through its financial aid literacy and advising services, invested conducted 1,060 in-person events at partner schools for 94,454 attendees, and provided direct one-on-one support to 16,358 individuals. Information discussed and shared during group events and individual sessions includes, but is not limited to:- materials and information: demonstrating the value proposition of postsecondary credentials and degrees;- resources: demystifying information barriers, and assistance carefully navigating available grants, scholarships, cost savings, and optimal funding options to meet postsecondary education needs and career goals; and - assistance: accessing Indiana's exceptionally generous state financial aid program, as well as federal resources through programs like free application for student aid (fafsa) completion events, and ongoing concierge-style guidance and support by phone, email, and online chat.
Operating model
- Revenue model
- Earned-program. 62% of the money available for current operations came from fees and other program revenue.
- Distribution model
- Direct operator. The filing allocates 95% of reported program-service expenses outside its grant, affiliate-payment, and member-benefit lines. This expense classification does not rule out separately announced grant awards.
The verdict
SUPPORTED - The filed numbers largely add up and a large share of available resources goes toward mission work. Program spending has declined or grown slowly and revenue has declined or grown slowly.
Rating breakdown
- Financial Efficiency: 60
- Transparency & Controls: 93
- Accountability: 100
- Sustainability: 73
- Growth: 20
Detailed rating inputs
Financial Efficiency
- Mission deployment rate: 62.8%; rating input score 63
- Program expense ratio: 75%; rating input score 75
- Fundraising efficiency: Limited
Transparency & Controls
- Consistency checks: 85.7%; rating input score 86; 1st percentile among comparable filings
- Pay-setting controls: 6 of 6 controls in place; rating input score 100
- Compensation committee: Pass
- Independent consultant: Pass
- Other Form 990s reviewed: Pass
- Written employment contract: Pass
- Compensation survey or study: Pass
- Board or committee approval: Pass
- Foreign activity oversight: Limited
- Grant itemization coverage: 99.2%; rating input score 99; 32nd percentile among comparable filings
- Major donor itemization: Limited
- Related-party transparency: Limited
Accountability
- Independent voting board: 100%; rating input score 100; 66th percentile among comparable filings
- Governance controls: 9 of 9 controls in place; rating input score 100
- Conflict-of-interest policy: Pass
- Whistleblower policy: Pass
- Document-retention policy: Pass
- CEO compensation review process: Pass
- Other executive compensation review process: Pass
- Form 990 shared with the board: Pass
- Board meeting minutes documented: Pass
- Audit committee oversight: Pass
- Independent financial-statement audit: Pass
Sustainability
- Operating margin: 18.6%; rating input score 81; 81st percentile among comparable filings
- Total-asset coverage ratio: 19.26; rating input score 96; 96th percentile among comparable filings
- Liabilities to assets ratio: 0.28; rating input score 48; 48th percentile among comparable filings
- Officer compensation ratio: 13.7%; rating input score 10; 10th percentile among comparable filings
Growth
- Program expense growth: -40.5% per year; rating input score 0; 0th percentile among comparable filings
- Revenue growth: -3.4% per year; rating input score 0; 3rd percentile among comparable filings
- Asset growth: 4% per year; rating input score 100; 29th percentile among comparable filings
Details
- Where the money goes: 62.8% of revenue deployed · 75% of spending went to programs
- Governance: 9 of 9 board members independent · 9 of 9 filing controls reported
- Programs: 1 filed program accomplishment · $9.8M in reported program spending
- Leadership: top reported pay $507K · 16 people listed · 6 of 6 pay-setting controls reported
- Highest-paid contractors: 5 contractors listed · $1.8M reported
- Consistency: 36 of 38 current checks pass · 2 findings to review
- Schedules: 8 filed schedules · includes grants and executive pay
- Filing history: 2 filing years from 2023 to 2024
- Contacts: How to reach this organization
- Money network: 17 filed money-flow records
- Related organizations: 1 filed related-organization link
- Grant readiness: Federal tax and exclusion status, award history, and grant-maker relationships.
- People: Everyone the filings name, and which of them the filings identify by more than a name.
Key Signals
Signals prioritize questions for review. They are not findings of misconduct.
- High — Growth: Program expense growth scored 0/100.
- High — Growth: Revenue growth scored 0/100.
- High — Sustainability: Officer compensation ratio scored 10/100.
- Review — Transparency & Controls: Domestic grant itemization did not reconcile in the filed values.
- Review — Transparency & Controls: Schedule R controlled transactions itemized did not reconcile in the filed values.
- Moderate — Sustainability: Liabilities to assets ratio scored 48/100.