TY 2018 Form 990

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)	(C) Position (do not check more than one box, unless person is both an officer and a director/trustee)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(1) YVONNE BATTS...................................................................... BOARD MEMBER	4.0 ................. 0.5	X			58,096	0
(2) RICHARD RHODES...................................................................... BOARD MEMBER	4.0 ................. 0.5	X			48,414	0
(3) IVAN ANDARZA...................................................................... BOARD MEMBER	4.0 ................. 0.0	X			45,169	0
(4) DORA ANN VERDE...................................................................... BOARD MEMBER	4.0 ................. 0.5	X			45,169	0
(5) EDWARD ESCUDERO...................................................................... BOARD MEMBER	4.0 ................. 0.5	X			45,169	0
(6) WELCOME WILSON JR...................................................................... BOARD MEMBER	4.0 ................. 0.5	X			38,731	0
(7) RENARD JOHNSON...................................................................... BOARD MEMBER/INTERIM CEO	44.0 ................. 0.5	X			131,053	300
(8) DENNIS MORONEY...................................................................... BOARD MEMBER	4.0 ................. 0.5	X			38,731	0
(9) SCOTT D GILES...................................................................... PRESIDENT/CEO	46.0 ................. 0.5		X		573,483	56,326
(10) GREGORY H DICKENSON...................................................................... INTERIM GENERAL COUNSEL	44.0 ................. 1.0		X		219,172	80,797
(11) LINDA S HACKLEMAN...................................................................... VP/HUMAN RESOURCES	40.0 ................. 0.0		X		199,487	63,060
(12) MARIA RYAN TO 319...................................................................... VP, Controller	46.0 ................. 0.0		X		307,744	73,206
(13) NICOLE S GILGER...................................................................... VP, Controller	46.0 ................. 0.0		X		189,877	19,449
(14) JEFF J WEBSTER...................................................................... DIRECTOR/RESEARCH	45.0 ................. 0.0			X	175,150	43,560
(15) GEORGE C TORRES TO 1218...................................................................... SR. ADVISOR TO PRES	40.0 ................. 0.0			X	159,627	35,078
(16) SHEILA DUNLAP...................................................................... DIRECTOR/OPERATIONS	41.0 ................. 0.0			X	152,260	27,085
(17) BRIAN W GILBERT...................................................................... DIRECTOR/COMM & MRKTG	40.0 ................. 0.0			X	160,904	45,991

- TIN:

SCHEDULE A
(Form 990 or 990EZ)

Department of the Treasury
Internal Revenue Service

Public Charity Status and Public Support

Complete if the organization is a section 501(c)(3) organization or a section 4947(a)(1) nonexempt charitable trust.
right arrow

Attach to Form 990 or Form 990-EZ.
right arrow

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization

TEXAS GUARANTEED STUDENT LOAN CORP

Employer identification number

74-2094204

Part I

Reason for Public Charity Status (All organizations must complete this part.) See instructions.

The organization is not a private foundation because it is: (For lines 1 through 12, check only one box.)

A church, convention of churches, or association of churches described in section 170(b)(1)(A)(i).

A school described in section 170(b)(1)(A)(ii). (Attach Schedule E (Form 990 or 990-EZ).)

A hospital or a cooperative hospital service organization described in section 170(b)(1)(A)(iii).

A medical research organization operated in conjunction with a hospital described in section 170(b)(1)(A)(iii). Enter the hospital's name, city, and state:

An organization operated for the benefit of a college or university owned or operated by a governmental unit described in section 170(b)(1)(A)(iv). (Complete Part II.)

A federal, state, or local government or governmental unit described in section 170(b)(1)(A)(v).

An organization that normally receives a substantial part of its support from a governmental unit or from the general public described in section 170(b)(1)(A)(vi). (Complete Part II.)

A community trust described in section 170(b)(1)(A)(vi). (Complete Part II.)

An agricultural research organization described in 170(b)(1)(A)(ix) operated in conjunction with a land-grant college or university or a non-land grant college of agriculture. See instructions. Enter the name, city, and state of the college or university:

An organization that normally receives: (1) more than 331/3% of its support from contributions, membership fees, and gross receipts from activities related to its exempt functions—subject to certain exceptions, and (2) no more than 331/3% of its support from gross investment income and unrelated business taxable income (less section 511 tax) from businesses acquired by the organization after June 30, 1975. See section 509(a)(2). (Complete Part III.)

An organization organized and operated exclusively to test for public safety. See section 509(a)(4).

An organization organized and operated exclusively for the benefit of, to perform the functions of, or to carry out the purposes of one or more publicly supported organizations described in section 509(a)(1) or section 509(a)(2). See section 509(a)(3). Check the box in lines 12a through 12d that describes the type of supporting organization and complete lines 12e, 12f, and 12g.

Type I. A supporting organization operated, supervised, or controlled by its supported organization(s), typically by giving the supported organization(s) the power to regularly appoint or elect a majority of the directors or trustees of the supporting organization. You must complete Part IV, Sections A and B.

Type II. A supporting organization supervised or controlled in connection with its supported organization(s), by having control or management of the supporting organization vested in the same persons that control or manage the supported organization(s). You must complete Part IV, Sections A and C.

Type III functionally integrated. A supporting organization operated in connection with, and functionally integrated with, its supported organization(s) (see instructions). You must complete Part IV, Sections A, D, and E.

Type III non-functionally integrated. A supporting organization operated in connection with its supported organization(s) that is not functionally integrated. The organization generally must satisfy a distribution requirement and an attentiveness requirement (see instructions). You must complete Part IV, Sections A and D, and Part V.

Check this box if the organization received a written determination from the IRS that it is a Type I, Type II, Type III functionally integrated, or Type III non-functionally integrated supporting organization.

Enter the number of supported organizations ...............................

Provide the following information about the supported organization(s).

(i) Name of supported organization	(ii) EIN	(iv) Is the organization listed in your governing document?		(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)
(i) Name of supported organization	(ii) EIN	Yes	No	(v) Amount of monetary support (see instructions)	(vi) Amount of other support (see instructions)


Total

For Paperwork Reduction Act Notice, see the Instructions for
Form 990 or 990-EZ.

Cat. No. 11285F

Schedule A (Form 990 or 990-EZ) 2018

Page 2

Part II

Support Schedule for Organizations Described in Sections 170(b)(1)(A)(iv), 170(b)(1)(A)(vi), and 170(b)(1)(A)(ix)
(Complete only if you checked the box on line 5, 7, 8, or 9 of Part I or if the organization failed to qualify under Part III. If the organization fails to qualify under the tests listed below, please complete Part III.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grant.") ..	137,607,922	110,755,986	95,917,302	88,662,411	90,375,549	523,319,170
2	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf....						0
3	The value of services or facilities furnished by a governmental unit to the organization without charge..						0
4	Total. Add lines 1 through 3	137,607,922	110,755,986	95,917,302	88,662,411	90,375,549	523,319,170
5	The portion of total contributions by each person (other than a governmental unit or publicly supported organization) included on line 1 that exceeds 2% of the amount shown on line 11, column (f)..						0
6	Public support. Subtract line 5 from line 4.						523,319,170

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
7	Amounts from line 4..	137,607,922	110,755,986	95,917,302	88,662,411	90,375,549	523,319,170
8	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources...	10,636,967	10,700,023	11,825,257	11,770,714	14,426,219	59,359,180
9	Net income from unrelated business activities, whether or not the business is regularly carried on..	0	0	0	0	0	0
10	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.)..	161,592	14,205	116	15,506	640	192,059
11	Total support. Add lines 7 through 10						582,870,409

Gross receipts from related activities, etc. (see instructions) ..................

33,024,214

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization, check this box and stop here........................................ right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2018 (line 6, column (f) divided by line 11, column (f)) .........

89.783 %

Public support percentage for 2017 Schedule A, Part II, line 14 ...............

91.210 %

16a

33 1/3% support test—2018. If the organization did not check the box on line 13, and line 14 is 33 1/3% or more, check this box
and stop here. The organization qualifies as a publicly supported organization ....................... right arrow

33 1/3% support test—2017. If the organization did not check a box on line 13 or 16a, and line 15 is 33 1/3% or more, check this
box and stop here. The organization qualifies as a publicly supported organization ..................... right arrow

17a

10%-facts-and-circumstances test—2018. If the organization did not check a box on line 13, 16a, or 16b, and line 14
is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here. Explain
in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly supported
organization ..................................................... right arrow

10%-facts-and-circumstances test—2017. If the organization did not check a box on line 13, 16a, 16b, or 17a, and line
15 is 10% or more, and if the organization meets the "facts-and-circumstances" test, check this box and stop here.
Explain in Part VI how the organization meets the "facts-and-circumstances" test. The organization qualifies as a publicly
supported organization ................................................ right arrow

Private foundation. If the organization did not check a box on line 13, 16a, 16b, 17a, or 17b, check this box and see
instructions ..................................................... right arrow

Schedule A (Form 990 or 990-EZ) 2018

Page 3

Part III

Support Schedule for Organizations Described in Section 509(a)(2)
(Complete only if you checked the box on line 10 of Part I or if the organization failed to qualify under Part II. If the organization fails to qualify under the tests listed below, please complete Part II.)

Section A. Public Support

Calendar year (or fiscal year beginning in)		(a) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
1	Gifts, grants, contributions, and membership fees received. (Do not include any "unusual grants.") .
2	Gross receipts from admissions, merchandise sold or services performed, or facilities furnished in any activity that is related to the organization's tax-exempt purpose
3	Gross receipts from activities that are not an unrelated trade or business under section 513 .....
4	Tax revenues levied for the organization's benefit and either paid to or expended on its behalf...
5	The value of services or facilities furnished by a governmental unit to the organization without charge
6	Total. Add lines 1 through 5
7a	Amounts included on lines 1, 2, and 3 received from disqualified persons
b	Amounts included on lines 2 and 3 received from other than disqualified persons that exceed the greater of $5,000 or 1% of the amount on line 13 for the year.
c	Add lines 7a and 7b..
8	Public support. (Subtract line 7c from line 6.)

Section B. Total Support

Calendar year (or fiscal year beginning in)		(a) 2014	(b) 2015	(c) 2016	(d) 2017	(e) 2018	(f) Total
9	Amounts from line 6...
10a	Gross income from interest, dividends, payments received on securities loans, rents, royalties and income from similar sources..
b	Unrelated business taxable income (less section 511 taxes) from businesses acquired after June 30, 1975.
c	Add lines 10a and 10b.
11	Net income from unrelated business activities not included in line 10b, whether or not the business is regularly carried on.
12	Other income. Do not include gain or loss from the sale of capital assets (Explain in Part VI.) ..
13	Total support. (Add lines 9, 10c, 11, and 12.)..

First five years. If the Form 990 is for the organization's first, second, third, fourth, or fifth tax year as a section 501(c)(3) organization,
check this box and stop here............................................. right arrow

Section C. Computation of Public Support Percentage

Public support percentage for 2018 (line 8, column (f) divided by line 13, column (f)) .........

Public support percentage from 2017 Schedule A, Part III, line 15 ...............

Section D. Computation of Investment Income Percentage

Investment income percentage for 2018 (line 10c, column (f) divided by line 13, column (f)) ......

Investment income percentage from 2017 Schedule A, Part III, line 17 .............

19a

331/3% support tests—2018. If the organization did not check the box on line 14, and line 15 is more than 33 1/3%, and line 17 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization ....... right arrow

33 1/3% support tests—2017. If the organization did not check a box on line 14 or line 19a, and line 16 is more than 33 1/3% and line 18 is not more than 33 1/3%, check this box and stop here. The organization qualifies as a publicly supported organization .... right arrow

Private foundation. If the organization did not check a box on line 14, 19a, or 19b, check this box and see instructions .... right arrow

Schedule A (Form 990 or 990-EZ) 2018

Page 4

Part IV

Supporting Organizations

(Complete only if you checked a box on line 12 of Part I. If you checked 12a of Part I, complete Sections A and B. If you checked 12b of Part I, complete Sections A and C. If you checked 12c of Part I, complete Sections A, D, and E. If you checked 12d of Part I, complete Sections A and D, and complete Part V.)

Section A. All Supporting Organizations

Yes

Are all of the organization’s supported organizations listed by name in the organization’s governing documents?
If "No," describe in Part VI how the supported organizations are designated. If designated by class or purpose,
describe the designation. If historic and continuing relationship, explain.

Did the organization have any supported organization that does not have an IRS determination of status under section 509(a)(1) or (2)? If "Yes," explain in Part VI how the organization determined that the supported organization was described in section 509(a)(1) or (2).

Did the organization have a supported organization described in section 501(c)(4), (5), or (6)? If "Yes," answer (b) and (c) below.

Did the organization confirm that each supported organization qualified under section 501(c)(4), (5), or (6) and satisfied the public support tests under section 509(a)(2)? If "Yes," describe in Part VI when and how the organization made the determination.

Did the organization ensure that all support to such organizations was used exclusively for section 170(c)(2)(B) purposes? If "Yes," explain in Part VI what controls the organization put in place to ensure such use.

Was any supported organization not organized in the United States ("foreign supported organization")? If “Yes” and if you checked 12a or 12b in Part I, answer (b) and (c) below.

Did the organization have ultimate control and discretion in deciding whether to make grants to the foreign supported organization? If “Yes,” describe in Part VI how the organization had such control and discretion despite being controlled or supervised by or in connection with its supported organizations.

Did the organization support any foreign supported organization that does not have an IRS determination under sections 501(c)(3) and 509(a)(1) or (2)? If “Yes,” explain in Part VI what controls the organization used to ensure that all support to the foreign supported organization was used exclusively for section 170(c)(2)(B) purposes.

Did the organization add, substitute, or remove any supported organizations during the tax year? If “Yes,” answer (b) and (c) below (if applicable). Also, provide detail in Part VI, including (i) the names and EIN numbers of the supported organizations added, substituted, or removed; (ii) the reasons for each such action; (iii) the authority under the organization's organizing document authorizing such action; and (iv) how the action was accomplished (such as by amendment to the organizing document).

Type I or Type II only. Was any added or substituted supported organization part of a class already designated in the organization's organizing document?

Substitutions only. Was the substitution the result of an event beyond the organization's control?

Did the organization provide support (whether in the form of grants or the provision of services or facilities) to anyone other than (i) its supported organizations, (ii) individuals that are part of the charitable class benefited by one or more of its supported organizations, or (iii) other supporting organizations that also support or benefit one or more of the filing organization’s supported organizations? If “Yes,” provide detail in Part VI.

Did the organization provide a grant, loan, compensation, or other similar payment to a substantial contributor (defined in section 4958(c)(3)(C)), a family member of a substantial contributor, or a 35% controlled entity with regard to a substantial contributor? If “Yes,” complete Part I of Schedule L (Form 990 or 990-EZ) .

Did the organization make a loan to a disqualified person (as defined in section 4958) not described in line 7? If “Yes,” complete Part I of Schedule L (Form 990 or 990-EZ).

Was the organization controlled directly or indirectly at any time during the tax year by one or more disqualified persons as defined in section 4946 (other than foundation managers and organizations described in section 509(a)(1) or (2))? If “Yes,” provide detail in Part VI.

Did one or more disqualified persons (as defined in line 9a) hold a controlling interest in any entity in which the supporting organization had an interest? If “Yes,” provide detail in Part VI.

Did a disqualified person (as defined in line 9a) have an ownership interest in, or derive any personal benefit from, assets in which the supporting organization also had an interest? If “Yes,” provide detail in Part VI.

10a

Was the organization subject to the excess business holdings rules of section 4943 because of section 4943(f) (regarding certain Type II supporting organizations, and all Type III non-functionally integrated supporting organizations)? If “Yes,” answer line 10b below.

10a

Did the organization have any excess business holdings in the tax year? (Use Schedule C, Form 4720, to determine whether the organization had excess business holdings).

10b

Schedule A (Form 990 or 990-EZ) 2018

Page 5

Part IV

Supporting Organizations (continued)

Yes

Has the organization accepted a gift or contribution from any of the following persons?

A person who directly or indirectly controls, either alone or together with persons described in (b) and (c) below, the governing body of a supported organization?

11a

A family member of a person described in (a) above?

11b

A 35% controlled entity of a person described in (a) or (b) above? If “Yes” to a, b, or c, provide detail in Part VI.

11c

Section B. Type I Supporting Organizations

Yes

Did the directors, trustees, or membership of one or more supported organizations have the power to regularly appoint or elect at least a majority of the organization’s directors or trustees at all times during the tax year? If “No,” describe in Part VI how the supported organization(s) effectively operated, supervised, or controlled the organization’s activities. If the organization had more than one supported organization, describe how the powers to appoint and/or remove directors or trustees were allocated among the supported organizations and what conditions or restrictions, if any, applied to such powers during the tax year.

Did the organization operate for the benefit of any supported organization other than the supported organization(s) that operated, supervised, or controlled the supporting organization? If “Yes,” explain in Part VI how providing such benefit carried out the purposes of the supported organization(s) that operated, supervised or controlled the supporting organization.

Section C. Type II Supporting Organizations

Yes

Were a majority of the organization’s directors or trustees during the tax year also a majority of the directors or trustees of each of the organization’s supported organization(s)? If “No,” describe in Part VI how control or management of the supporting organization was vested in the same persons that controlled or managed the supported organization(s).

Section D. All Type III Supporting Organizations

Yes

Did the organization provide to each of its supported organizations, by the last day of the fifth month of the organization’s tax year, (i) a written notice describing the type and amount of support provided during the prior tax year, (ii) a copy of the Form 990 that was most recently filed as of the date of notification, and (iii) copies of the organization’s governing documents in effect on the date of notification, to the extent not previously provided?

Were any of the organization’s officers, directors, or trustees either (i) appointed or elected by the supported organization(s) or (ii) serving on the governing body of a supported organization? If "No," explain in Part VI how the organization maintained a close and continuous working relationship with the supported organization(s).

By reason of the relationship described in (2), did the organization’s supported organizations have a significant voice in the organization’s investment policies and in directing the use of the organization’s income or assets at all times during the tax year? If "Yes," describe in Part VI the role the organization’s supported organizations played in this regard.

Section E. Type III Functionally-Integrated Supporting Organizations

Check the box next to the method that the organization used to satisfy the Integral Part Test during the year (see instructions):

The organization satisfied the Activities Test. Complete line 2 below.

The organization is the parent of each of its supported organizations. Complete line 3 below.

The organization supported a governmental entity. Describe in Part VI how you supported a government entity (see instructions)

Activities Test. Answer (a) and (b) below.

Yes

Did substantially all of the organization’s activities during the tax year directly further the exempt purposes of the supported organization(s) to which the organization was responsive? If "Yes," then in Part VI identify those supported organizations and explain how these activities directly furthered their exempt purposes, how the organization was responsive to those supported organizations, and how the organization determined that these activities constituted substantially all of its activities.

Did the activities described in (a) constitute activities that, but for the organization’s involvement, one or more of the organization’s supported organization(s) would have been engaged in? If "Yes," explain in Part VI the reasons for the organization’s position that its supported organization(s) would have engaged in these activities but for the organization’s involvement.

Parent of Supported Organizations. Answer (a) and (b) below.

Did the organization have the power to regularly appoint or elect a majority of the officers, directors, or trustees of each of the supported organizations? Provide details in Part VI.

Did the organization exercise a substantial degree of direction over the policies, programs and activities of each of its supported organizations? If "Yes," describe in Part VI. the role played by the organization in this regard.

Schedule A (Form 990 or 990-EZ) 2018

Page 6

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations

Check here if the organization satisfied the Integral Part Test as a qualifying trust on Nov. 20, 1970 (explain in Part VI). See instructions. All other Type III non-functionally integrated supporting organizations must complete Sections A through E.

	Section A - Adjusted Net Income		(A) Prior Year	(B) Current Year (optional)
1	Net short-term capital gain	1
2	Recoveries of prior-year distributions	2
3	Other gross income (see instructions)	3
4	Add lines 1 through 3	4
5	Depreciation and depletion	5
6	Portion of operating expenses paid or incurred for production or collection of gross income or for management, conservation, or maintenance of property held for production of income (see instructions)	6
7	Other expenses (see instructions)	7
8	Adjusted Net Income (subtract lines 5, 6 and 7 from line 4)	8

	Section B - Minimum Asset Amount		(A) Prior Year	(B) Current Year (optional)
1	Aggregate fair market value of all non-exempt-use assets (see instructions for short tax year or assets held for part of year):	1
a	Average monthly value of securities	1a
b	Average monthly cash balances	1b
c	Fair market value of other non-exempt-use assets	1c
d	Total (add lines 1a, 1b, and 1c)	1d
e	Discount claimed for blockage or other factors (explain in detail in Part VI):
2	Acquisition indebtedness applicable to non-exempt use assets	2
3	Subtract line 2 from line 1d	3
4	Cash deemed held for exempt use. Enter 1-1/2% of line 3 (for greater amount, see instructions).	4
5	Net value of non-exempt-use assets (subtract line 4 from line 3)	5
6	Multiply line 5 by .035	6
7	Recoveries of prior-year distributions	7
8	Minimum Asset Amount (add line 7 to line 6)	8

	Section C - Distributable Amount		Current Year
1	Adjusted net income for prior year (from Section A, line 8, Column A)	1
2	Enter 85% of line 1	2
3	Minimum asset amount for prior year (from Section B, line 8, Column A)	3
4	Enter greater of line 2 or line 3	4
5	Income tax imposed in prior year	5
6	Distributable Amount. Subtract line 5 from line 4, unless subject to emergency temporary reduction (see instructions)	6

Check here if the current year is the organization's first as a non-functionally-integrated Type III supporting organization (see instructions)

Schedule A (Form 990 or 990-EZ) 2018

Page 7

Part V

Type III Non-Functionally Integrated 509(a)(3) Supporting Organizations (continued)

Section D - Distributions		Current Year
1 Amounts paid to supported organizations to accomplish exempt purposes
2 Amounts paid to perform activity that directly furthers exempt purposes of supported organizations, in excess of income from activity
3 Administrative expenses paid to accomplish exempt purposes of supported organizations
4 Amounts paid to acquire exempt-use assets
5 Qualified set-aside amounts (prior IRS approval required)
6 Other distributions (describe in Part VI). See instructions
7Total annual distributions. Add lines 1 through 6.
8 Distributions to attentive supported organizations to which the organization is responsive (provide details in Part VI). See instructions
9 Distributable amount for 2018 from Section C, line 6
10 Line 8 amount divided by Line 9 amount

Section E - Distribution Allocations (see instructions)		(i) Excess Distributions	(ii) Underdistributions Pre-2018	(iii) Distributable Amount for 2018
1 Distributable amount for 2018 from Section C, line 6
2 Underdistributions, if any, for years prior to 2018 (reasonable cause required-- explain in Part VI). See instructions.
3 Excess distributions carryover, if any, to 2018:
a From 2013.......
b From 2014.......
c From 2015.......
d From 2016.......
e From 2017.......
fTotal of lines 3a through e
g Applied to underdistributions of prior years
h Applied to 2018 distributable amount
i Carryover from 2013 not applied (see instructions)
j Remainder. Subtract lines 3g, 3h, and 3i from 3f.
4Distributions for 2018 from Section D, line 7:
$
a Applied to underdistributions of prior years
b Applied to 2018 distributable amount
c Remainder. Subtract lines 4a and 4b from 4.
5 Remaining underdistributions for years prior to 2018, if any. Subtract lines 3g and 4a from line 2. If the amount is greater than zero, explain in Part VI. See instructions.
6 Remaining underdistributions for 2018. Subtract lines 3h and 4b from line 1. If the amount is greater than zero, explain in Part VI. See instructions.
7 Excess distributions carryover to 2019. Add lines 3j and 4c.
8 Breakdown of line 7:
a Excess from 2014......
b Excess from 2015.....
c Excess from 2016.....
d Excess from 2017.....
e Excess from 2018.....

Schedule A (Form 990 or 990-EZ) (2018)

Schedule A (Form 990 or 990-EZ) 2018

Page 8

Part VI

Supplemental Information. Provide the explanations required by Part II, line 10; Part II, line 17a or 17b; Part III, line 12; Part IV, Section A, lines 1, 2, 3b, 3c, 4b, 4c, 5a, 6, 9a, 9b, 9c, 11a, 11b, and 11c; Part IV, Section B, lines 1 and 2; Part IV, Section C, line 1; Part IV, Section D, lines 2 and 3; Part IV, Section E, lines 1c, 2a, 2b, 3a and 3b; Part V, line 1; Part V, Section B, line 1e; Part V Section D, lines 5, 6, and 8; and Part V, Section E, lines 2, 5, and 6. Also complete this part for any additional information. (See instructions).

Facts And Circumstances Test

Return Reference	Explanation

Schedule A (Form 990 or 990-EZ) 2018

Additional Data

Software ID:
Software Version:

- TIN:

Schedule B
(Form 990, 990-EZ,
or 990-PF)

Department of the Treasury
Internal Revenue Service

Schedule of Contributors

Attach to Form 990, 990-EZ, or 990-PF.

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Name of the organization

TEXAS GUARANTEED STUDENT LOAN CORP

Employer identification number

74-2094204

Organization type (check one):

Filers of:

Section:

Form 990 or 990-EZ

501(c)( ) (enter number) organization

4947(a)(1) nonexempt charitable trust not treated as a private foundation

527 political organization

Form 990-PF

501(c)(3) exempt private foundation

4947(a)(1) nonexempt charitable trust treated as a private foundation

501(c)(3) taxable private foundation

Check if your organization is covered by the General Rule or a Special Rule.
Note. Only a section 501(c)(7), (8), or (10) organization can check boxes for both the General Rule and a Special Rule. See instructions.

General Rule

For an organization filing Form 990, 990-EZ, or 990-PF that received, during the year, contributions totaling $5,000 or more (in money or other property) from any one contributor. Complete Parts I and II. See instructions for determining a contributor's total contributions.

Special Rules

For an organization described in section 501(c)(3) filing Form 990 or 990-EZ that met the 33¹/3% support test of the regulations
under sections 509(a)(1) and 170(b)(1)(A)(vi), that checked Schedule A (Form 990 or 990-EZ), Part II, line 13, 16a, or 16b, and that received from any one contributor, during the year, total contributions of the greater of (1) $5,000 or (2) 2% of the amount on (i) Form 990, Part VIII, line 1h, or (ii) Form 990-EZ, line 1. Complete Parts I and II.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, total contributions of more than $1,000 exclusively for religious, charitable, scientific, literary, or educational purposes, or for the prevention of cruelty to children or animals. Complete Parts I, II, and III.

For an organization described in section 501(c)(7), (8), or (10) filing Form 990 or 990-EZ that received from any one contributor,
during the year, contributions exclusively for religious, charitable, etc., purposes, but no such contributions totaled more than $1,000. If this box is checked, enter here the total contributions that were received during the year for an exclusively religious, charitable, etc., purpose. Don't complete any of the parts unless the General Rule applies to this organization because it received nonexclusively religious, charitable, etc., contributions totaling $5,000 or more during the year ......... Arrow Bullet

Caution. An organization that isn't covered by the General Rule and/or the Special Rules doesn't file Schedule B (Form 990,
990-EZ, or 990-PF), but it must answer “No” on Part IV, line 2, of its Form 990; or check the box on line H of its
Form 990-EZ or on its Form 990PF, Part I, line 2, to certify that it doesn't meet the filing requirements of Schedule B (Form 990,
990-EZ, or 990-PF).

For Paperwork Reduction Act Notice, see the Instructions
for Form 990, 990-EZ, or 990-PF.

Cat. No. 30613XSchedule B (Form 990, 990-EZ, or 990-PF) (2018)

Schedule B (Form 990, 990-EZ, or 990-PF) (2018) Page 2

Name of organization TEXAS GUARANTEED STUDENT LOAN CORP

Part I	Contributors (See instructions). Use duplicate copies of Part I if additional space is needed.
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
RESTRICTED	,	$ RESTRICTED	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
(a) No.	(b) Name, address, and ZIP + 4	(c) Total contributions	(d) Type of contribution
		$	Person Payroll Noncash (Complete Part II for noncash contributions.)
Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

Page 3

Name of organization TEXAS GUARANTEED STUDENT LOAN CORP		Employer identification number 74-2094204

Part II	Noncash Property (See instructions). Use duplicate copies of Part II if additional space is needed.
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
(a) No. from Part I	(b) Description of noncash property given	(c) FMV (or estimate) (See instructions)	(d) Date received
		$
Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

Page 4


Name of organization TEXAS GUARANTEED STUDENT LOAN CORP			Employer identification number 74-2094204
Part III Exclusively religious, charitable, etc., contributions to organizations described in section 501(c)(7), (8), or (10) that total more than $1,000 for the year from any one contributor. Complete columns (a) through (e) and the following line entry. For organizations completing Part III, enter the total of exclusively religious, charitable, etc., contributions of $1,000 or less for the year. (Enter this information once. See instructions.) $ Use duplicate copies of Part III if additional space is needed.

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

(a)
No. from Part I

(b) Purpose of gift

(d) Description of how gift is held

(e) Transfer of gift
Transferee's name, address, and ZIP 4	Relationship of transferor to transferee

Schedule B (Form 990, 990-EZ, or 990-PF) (2018)

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE C
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Political Campaign and Lobbying Activities

For Organizations Exempt From Income Tax Under section 501(c) and section 527

SchCMd Bullet

Complete if the organization is described below. SchCMd Bullet

Attach to Form 990 or Form 990-EZ.
SchCMd Bullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

If the organization answered "Yes" on Form 990, Part IV, Line 3, or Form 990-EZ, Part V, line 46 (Political Campaign Activities), then
Round Bullet

Section 501(c)(3) organizations: Complete Parts I-A and B. Do not complete Part I-C.
Round Bullet

Section 501(c) (other than section 501(c)(3)) organizations: Complete Parts I-A and C below. Do not complete Part I-B.
Round Bullet

Section 527 organizations: Complete Part I-A only.
If the organization answered "Yes" on Form 990, Part IV, Line 4, or Form 990-EZ, Part VI, line 47 (Lobbying Activities), then
Round Bullet

Section 501(c)(3) organizations that have filed Form 5768 (election under section 501(h)): Complete Part II-A. Do not complete Part II-B.
Round Bullet

Section 501(c)(3) organizations that have NOT filed Form 5768 (election under section 501(h)): Complete Part II-B. Do not complete Part II-A.
If the organization answered "Yes" on Form 990, Part IV, Line 5 (Proxy Tax) (see separate instructions) or Form 990-EZ, Part V, line 35c (Proxy Tax) (see separate instructions), then
Round Bullet

Section 501(c)(4), (5), or (6) organizations: Complete Part III.

Name of the organization

TEXAS GUARANTEED STUDENT LOAN CORP

Employer identification number

74-2094204

Part I-A

Complete if the organization is exempt under section 501(c) or is a section 527 organization.

Provide a description of the organization’s direct and indirect political campaign activities in Part IV (see instructions for definition of “political campaign activities")

Political campaign activity expenditures (see instructions) .................................................................... SchCMd Bullet

Volunteer hours for political campaign activities (see instructions) ..................................................................

Part I-B

Complete if the organization is exempt under section 501(c)(3).

Enter the amount of any excise tax incurred by the organization under section 4955 ................................ SchCMd Bullet

Enter the amount of any excise tax incurred by organization managers under section 4955 ....................... SchCMd Bullet

If the organization incurred a section 4955 tax, did it file Form 4720 for this year? .........................................

Yes No

Was a correction made? ......................................................................................................................

Yes No

If "Yes," describe in Part IV.

Part I-C

Complete if the organization is exempt under section 501(c), except section 501(c)(3).

Enter the amount directly expended by the filing organization for section 527 exempt function activities ..... SchCMd Bullet

Enter the amount of the filing organization's funds contributed to other organizations for section 527 exempt function activities ............................................................................................................................ SchCMd Bullet

Total exempt function expenditures. Add lines 1 and 2. Enter here and on Form 1120-POL, line 17b........... SchCMd Bullet

Did the filing organization file Form 1120-POL for this year? ...................................................................

Yes No

Enter the names, addresses and employer identification number (EIN) of all section 527 political organizations to which the filing
organization made payments. For each organization listed, enter the amount paid from the filing organization’s funds. Also enter the amount of political contributions received that were promptly and directly delivered to a separate political organization, such as a separate segregated fund or a political action committee (PAC). If additional space is needed, provide information in Part IV.

(a) Name	(b) Address	(c) EIN	(d) Amount paid from filing organization's funds. If none, enter -0-.	(e) Amount of political contributions received and promptly and directly delivered to a separate political organization. If none, enter -0-.
1
2
3
4
5
6

For Paperwork Reduction Act Notice, see the instructions for Form 990 or 990-EZ.

Cat. No. 50084S

Schedule C (Form 990 or 990-EZ) 2018

Page 2

Part II-A

Complete if the organization is exempt under section 501(c)(3) and filed Form 5768 (election under section 501(h)).

A Check SchCMd Bullet

if the filing organization belongs to an affiliated group (and list in Part IV each affiliated group member's name, address, EIN, expenses, and share of excess lobbying expenditures).
B Check SchCMd Bullet

if the filing organization checked box A and "limited control" provisions apply.

Limits on Lobbying Expenditures (The term "expenditures" means amounts paid or incurred.)		(a) Filing organization's totals	(b) Affiliated group totals
1a	Total lobbying expenditures to influence public opinion (grass roots lobbying) ......................
b	Total lobbying expenditures to influence a legislative body (direct lobbying) ...............................	97,293
c	Total lobbying expenditures (add lines 1a and 1b) ...................................................................	97,293
d	Other exempt purpose expenditures ........................................................................	46,948,467
e	Total exempt purpose expenditures (add lines 1c and 1d) ...............................................	47,045,760
f	Lobbying nontaxable amount. Enter the amount from the following table in both columns.	1,000,000
	If the amount on line 1e, column (a) or (b) is:The lobbying nontaxable amount is:
	Not over $500,00020% of the amount on line 1e.
	Over $500,000 but not over $1,000,000$100,000 plus 15% of the excess over $500,000.
	Over $1,000,000 but not over $1,500,000$175,000 plus 10% of the excess over $1,000,000.
	Over $1,500,000 but not over $17,000,000$225,000 plus 5% of the excess over $1,500,000.
	Over $17,000,000$1,000,000.

g	Grassroots nontaxable amount (enter 25% of line 1f) .................................................	250,000
h	Subtract line 1g from line 1a. If zero or less, enter -0-. ................................................
i	Subtract line 1f from line 1c. If zero or less, enter -0-. ................................................
j	If there is an amount other than zero on either line 1h or line 1i, did the organization file Form 4720 reporting section 4911 tax for this year? ...................................................................................................................		Yes No

4-Year Averaging Period Under section 501(h) (Some organizations that made a section 501(h) election do not have to complete all of the five columns below. See the separate instructions for lines 2a through 2f.)
Lobbying Expenditures During 4-Year Averaging Period
	Calendar year (or fiscal year beginning in)	(a) 2015	(b) 2016	(c) 2017	(d) 2018	(e) Total

2a	Lobbying nontaxable amount	1,000,000	1,000,000	1,000,000	1,000,000	4,000,000

b	Lobbying ceiling amount (150% of line 2a, column(e))					6,000,000

c	Total lobbying expenditures	90,207	75,539	83,568	63,545	312,859

d	Grassroots nontaxable amount	250,000	250,000	250,000	250,000	1,000,000

e	Grassroots ceiling amount (150% of line 2d, column (e))					1,500,000

f	Grassroots lobbying expenditures

Schedule C (Form 990 or 990-EZ) 2018

Page 3

Part II-B

Complete if the organization is exempt under section 501(c)(3) and has NOT filed Form 5768 (election under section 501(h)).

For each "Yes" response on lines 1a through 1i below, provide in Part IV a detailed description of the lobbying activity.

(a)

Yes

(b)

Amount

During the year, did the filing organization attempt to influence foreign, national, state or local legislation, including any attempt to influence public opinion on a legislative matter or referendum, through the use of:

Volunteers? ...........................................................................................................

Paid staff or management (include compensation in expenses reported on lines 1c through 1i)? ........

Media advertisements? ...................................................................................................

Mailings to members, legislators, or the public? .............................................................................

Publications, or published or broadcast statements? ...........................................................

Grants to other organizations for lobbying purposes? ..........................................................

Direct contact with legislators, their staffs, government officials, or a legislative body? .......................

Rallies, demonstrations, seminars, conventions, speeches, lectures, or any similar means? ..................

Other activities? ...................................................................................................................

Total. Add lines 1c through 1i ....................................................................................................

Did the activities in line 1 cause the organization to be not described in section 501(c)(3)? .....

If "Yes," enter the amount of any tax incurred under section 4912 ...........................................

If "Yes," enter the amount of any tax incurred by organization managers under section 4912 ...................

If the filing organization incurred a section 4912 tax, did it file Form 4720 for this year? ........................

Part III-A

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6).

Yes

Were substantially all (90% or more) dues received nondeductible by members? ...............................................

Did the organization make only in-house lobbying expenditures of $2,000 or less? ............................................

Did the organization agree to carry over lobbying and political expenditures from the prior year? .................................

Part III-B

Complete if the organization is exempt under section 501(c)(4), section 501(c)(5), or section 501(c)(6) and if either (a) BOTH Part III-A, lines 1 and 2, are answered "No" OR (b) Part III-A, line 3, is answered “Yes."

Dues, assessments and similar amounts from members ......................................................................

Section 162(e) nondeductible lobbying and political expenditures (do not include amounts of political expenses for which the section 527(f) tax was paid).

Current year .............................................................................................................................

Carryover from last year ............................................................................................................

Total ...........................................................................................................................................

Aggregate amount reported in section 6033(e)(1)(A) notices of nondeductible section 162(e) dues .

If notices were sent and the amount on line 2c exceeds the amount on line 3, what portion of the excess does the organization agree to carryover to the reasonable estimate of nondeductible lobbying and political expenditure next year? ......................................................................................................................

Taxable amount of lobbying and political expenditures (see instructions) .........................................

Part IV

Supplemental Information

Provide the descriptions required for Part l-A, line 1; Part l-B, line 4; Part l-C, line 5; Part II-A (affiliated group list); Part II-A, lines 1 and 2 (see instructions), and Part ll-B, line 1. Also, complete this part for any additional information.

Return Reference	Explanation

Schedule C (Form 990 or 990EZ) 2018

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE D
(Form 990)

Department of the Treasury
Internal Revenue Service

Supplemental Financial Statements

Complete if the organization answered "Yes," on Form 990,
Part IV, line 6, 7, 8, 9, 10, 11a, 11b, 11c, 11d, 11e, 11f, 12a, or 12b.
SchDMd Bullet

Attach to Form 990.
SchDMd Bullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

TEXAS GUARANTEED STUDENT LOAN CORP

Employer identification number

74-2094204

Part I

Organizations Maintaining Donor Advised Funds or Other Similar Funds or Accounts. Complete if the organization answered "Yes" on Form 990, Part IV, line 6.

		(a) Donor advised funds	(b) Funds and other accounts
1	Total number at end of year .........
2	Aggregate value of contributions to (during year)
3	Aggregate value of grants from (during year)
4	Aggregate value at end of year ........

Did the organization inform all donors and donor advisors in writing that the assets held in donor advised funds are the organization’s property, subject to the organization’s exclusive legal control? ............

Yes No

Did the organization inform all grantees, donors, and donor advisors in writing that grant funds can be used only for charitable purposes and not for the benefit of the donor or donor advisor, or for any other purpose conferring impermissible private benefit? ...................................

Yes No

Part II

Conservation Easements. Complete if the organization answered "Yes" on Form 990, Part IV, line 7.

Purpose(s) of conservation easements held by the organization (check all that apply).

Preservation of land for public use (e.g., recreation or education) Preservation of an historically important land area

Protection of natural habitat Preservation of a certified historic structure

Preservation of open space

Complete lines 2a through 2d if the organization held a qualified conservation contribution in the form of a conservation easement on the last day of the tax year.


a	Total number of conservation easements ......................	2a
b	Total acreage restricted by conservation easements ....................	2b
c	Number of conservation easements on a certified historic structure included in (a) .....	2c
d	Number of conservation easements included in (c) acquired after 7/25/06, and not on a historic structure listed in the National Register ...	2d

Number of conservation easements modified, transferred, released, extinguished, or terminated by the organization during the
tax year SchDMd Bullet

Number of states where property subject to conservation easement is located SchDMd Bullet

Does the organization have a written policy regarding the periodic monitoring, inspection, handling of violations, and enforcement of the conservation easements it holds? ............

Yes No

Staff and volunteer hours devoted to monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Amount of expenses incurred in monitoring, inspecting, handling of violations, and enforcing conservation easements during the year
SchDMd Bullet

Does each conservation easement reported on line 2(d) above satisfy the requirements of section 170(h)(4)(B)(i) and section 170(h)(4)(B)(ii)? .............................

Yes No

In Part XIII, describe how the organization reports conservation easements in its revenue and expense statement, and
balance sheet, and include, if applicable, the text of the footnote to the organization’s financial statements that describes
the organization’s accounting for conservation easements.

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets.
Complete if the organization answered "Yes" on Form 990, Part IV, line 8.

If the organization elected, as permitted under SFAS 116 (ASC 958), not to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide, in Part XIII, the text of the footnote to its financial statements that describes these items.

If the organization elected, as permitted under SFAS 116 (ASC 958), to report in its revenue statement and balance sheet works of art, historical treasures, or other similar assets held for public exhibition, education, or research in furtherance of public service, provide the following amounts relating to these items:

(i)

Revenue included on Form 990, Part VIII, line 1 ......................... SchDMd Bullet

(ii)

Assets included in Form 990, Part X ............................... SchDMd Bullet

If the organization received or held works of art, historical treasures, or other similar assets for financial gain, provide the
following amounts required to be reported under SFAS 116 (ASC 958) relating to these items:

Revenue included on Form 990, Part VIII, line 1 .......................... SchDMd Bullet

Assets included in Form 990, Part X ............................... SchDMd Bullet

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 52283D

Schedule D (Form 990) 2018

Page 2

Part III

Organizations Maintaining Collections of Art, Historical Treasures, or Other Similar Assets (continued)

Using the organization’s acquisition, accession, and other records, check any of the following that are a significant use of its collection items (check all that apply):

Public exhibition

Loan or exchange programs

Scholarly research

Other

Preservation for future generations

Provide a description of the organization’s collections and explain how they further the organization’s exempt purpose in
Part XIII.

During the year, did the organization solicit or receive donations of art, historical treasures or other similar
assets to be sold to raise funds rather than to be maintained as part of the organization’s collection?...

Yes No

Part IV

Escrow and Custodial Arrangements. Complete if the organization answered "Yes" on Form 990, Part IV, line 9, or reported an amount on Form 990, Part X, line 21.

Is the organization an agent, trustee, custodian or other intermediary for contributions or other assets not
included on Form 990, Part X? ....................................

Yes No


b	If "Yes," explain the arrangement in Part XIII and complete the following table:		Amount
c	Beginning balance .............................	1c
d	Additions during the year ............................	1d
e	Distributions during the year ..........................	1e
f	Ending balance ................................	1f

Did the organization include an amount on Form 990, Part X, line 21, for escrow or custodial account liability? ...

Yes No

If "Yes," explain the arrangement in Part XIII. Check here if the explanation has been provided in Part XIII ....

Part V

Endowment Funds. Complete if the organization answered "Yes" on Form 990, Part IV, line 10.

		(a)Current year	(b)Prior year	(c)Two years back	(d)Three years back	(e)Four years back

1a	Beginning of year balance ....
b	Contributions ...
c	Net investment earnings, gains, and losses
d	Grants or scholarships ...
e	Other expenditures for facilities and programs ...
f	Administrative expenses ....
g	End of year balance ......

Provide the estimated percentage of the current year end balance (line 1g, column (a)) held as:

Board designated or quasi-endowment SchDMd Bullet

Permanent endowment SchDMd Bullet

Temporarily restricted endowment SchDMd Bullet

The percentages on lines 2a, 2b, and 2c should equal 100%.

Are there endowment funds not in the possession of the organization that are held and administered for the
organization by:

Yes

(i) unrelated organizations .................

3a(i)

(ii) related organizations .................

3a(ii)

If "Yes" on 3a(ii), are the related organizations listed as required on Schedule R? .........

Describe in Part XIII the intended uses of the organization's endowment funds.

Part VI

Land, Buildings, and Equipment.
Complete if the organization answered "Yes" on Form 990, Part IV, line 11a. See Form 990, Part X, line 10.

Description of property		(a) Cost or other basis (investment)	(b) Cost or other basis (other)	(c) Accumulated depreciation	(d) Book value

1a	Land .....	3,315,000		3,315,000
b	Buildings ....	34,508,560	13,210,013	21,298,547
c	Leasehold improvements	434,091	304,483	129,608
d	Equipment ....	10,495,577	9,590,950	904,626
e	Other .....	29,169,027	28,513,467	655,560
Total. Add lines 1a through 1e. (Column (d) must equal Form 990, Part X, column (B), line 10(c).)..				26,303,341

Schedule D (Form 990) 2018

Page 3

Part VII

InvestmentsOther Securities. Complete if the organization answered "Yes" on Form 990, Part IV, line 11b. See Form 990, Part X, line 12.

(a) Description of security or category (including name of security)	(b) Book value	(c) Method of valuation: Cost or end-of-year market value
(1) Financial derivatives.........
(2) Closely-held equity interests........
(3)Other
(A)
(B)
(C)
(D)
(E)
(F)
(G)
(H)
Total. (Column (b) must equal Form 990, Part X, col. (B) line 12.)

Part VIII

InvestmentsProgram Related. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11c. See Form 990, Part X, line 13.

(a) Description of investment	(b) Book value	(c) Method of valuation: Cost or end-of-year market value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 13.)

Part IX

Other Assets. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11d. See Form 990, Part X, line 15.

(a) Description				(b) Book value

(1)
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 15.)...........

Part X

Other Liabilities. Complete if the organization answered 'Yes' on Form 990, Part IV, line 11e or 11f. See Form 990, Part X, line 25.

1.(a) Description of liability	(b) Book value
(1) Federal income taxes	0
OUTSTANDING CHECKS IN FEDERAL FUND	386,304
(2)
(3)
(4)
(5)
(6)
(7)
(8)
(9)
Total. (Column (b) must equal Form 990, Part X, col.(B) line 25.)	386,304
2. Liability for uncertain tax positions. In Part XIII, provide the text of the footnote to the organization's financial statements that reports the organization's liability for uncertain tax positions under FIN 48 (ASC 740). Check here if the text of the footnote has been provided in Part XIII

Schedule D (Form 990) 2018

Page 4

Part XI Reconciliation of Revenue per Audited Financial Statements With Revenue per Return Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total revenue, gains, and other support per audited financial statements .......		1
2	Amounts included on line 1 but not on Form 990, Part VIII, line 12:
a	Net unrealized gains (losses) on investments ....	2a
b	Donated services and use of facilities .........	2b
c	Recoveries of prior year grants ...........	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d .....................		2e
3	Subtract line 2e from line 1..................		3
4	Amounts included on Form 990, Part VIII, line 12, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b .	4a
b	Other (Describe in Part XIII.) ...........	4b
c	Add lines 4a and 4b....................		4c
5	Total revenue. Add lines 3 and 4c. (This must equal Form 990, Part I, line 12.) ......		5

Part XII Reconciliation of Expenses per Audited Financial Statements With Expenses per Return. Complete if the organization answered 'Yes' on Form 990, Part IV, line 12a.
1	Total expenses and losses per audited financial statements ...........		1
2	Amounts included on line 1 but not on Form 990, Part IX, line 25:
a	Donated services and use of facilities .........	2a
b	Prior year adjustments ............	2b
c	Other losses ................	2c
d	Other (Describe in Part XIII.) ............	2d
e	Add lines 2a through 2d....................		2e
3	Subtract line 2e from line 1...................		3
4	Amounts included on Form 990, Part IX, line 25, but not on line 1:
a	Investment expenses not included on Form 990, Part VIII, line 7b ..	4a
b	Other (Describe in Part XIII.) ............	4b
c	Add lines 4a and 4b.....................		4c
5	Total expenses. Add lines 3 and 4c. (This must equal Form 990, Part I, line 18.) ......		5

Part XIII

Supplemental Information

Provide the descriptions required for Part II, lines 3, 5, and 9; Part III, lines 1a and 4; Part lV, lines 1b and 2b; Part V, line 4; Part X, line 2; Part XI, lines 2d and 4b; and Part XII, lines 2d and 4b. Also complete this part to provide any additional information.

Return Reference	Explanation

Schedule D (Form 990) 2018

Additional Data

Software ID:
Software Version:

- TIN:

Note: To capture the full content of this document, please select landscape mode (11" x 8.5") when printing.

Schedule I
(Form 990)

Department of the Treasury
Internal Revenue Service

Grants and Other Assistance to Organizations,
Governments and Individuals in the United States

Complete if the organization answered "Yes," on Form 990, Part IV, line 21 or 22.
lBullet

Attach to Form 990.
lBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization
TEXAS GUARANTEED STUDENT LOAN CORP

Employer identification number
74-2094204

Part I

General Information on Grants and Assistance

Does the organization maintain records to substantiate the amount of the grants or assistance, the grantees' eligibility for the grants or assistance, and
the selection criteria used to award the grants or assistance? ........................

Yes No

Describe in Part IV the organization's procedures for monitoring the use of grant funds in the United States.

Part II

Grants and Other Assistance to Domestic Organizations and Domestic Governments. Complete if the organization answered "Yes" on Form 990, Part IV, line 21, for any recipient

that received more than $5,000. Part II can be duplicated if additional space is needed.

(a) Name and address of organization or government	(b) EIN	(c) IRC section (if applicable)	(d) Amount of cash grant	(h) Purpose of grant or assistance
(1) Austin Community College 5930 Middle Fiskville Rd Suite 501 Austin,TX78752	74-1742036	GOVT	10,000	Sponsorship
(2) Texas State University System Foundation 601 Colorado St Austin,TX78701	74-1946138	501(C)(3)	7,500	Sponsorship
(3) Paso Del Norte Community Foundation 221 N Kansas Suite 1900 El Paso,TX79901	46-1997449	501(C)(3)	25,000	Discretionary Grant
(4) St Philip's College 1801 MLK Dr San Antonio,TX78203	74-2422589	501(C)(3)	30,000	Capacity Building
(5) Morehouse College 830 Westview Dr S W Atlanta,GA30314	58-0566205	501(C)(3)	10,000	Emergency Grant
(6) Our Lady of the Lake University 411 SW 24th St San Antonio,TX78207	74-1109631	501(C)(3)	13,393	Emergency Grant
(7) Texas Southern University 3100 Cleburne St Houston,TX77004	74-1620415	501(C)(3)	18,300	Emergency Grant
(8) Trellis Foundation 301 Sundance Pkwy Round Rock,TX78681	81-4714749	501(C)(3)	3,000,000	GENERAL SUPPORT

Enter total number of section 501(c)(3) and government organizations listed in the line 1 table ................. Bullet Image

Enter total number of other organizations listed in the line 1 table ........................ . Bullet Image

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50055P

Schedule I (Form 990) 2018

Page 2

Part III

Grants and Other Assistance to Domestic Individuals. Complete if the organization answered "Yes" on Form 990, Part IV, line 22.
Part III can be duplicated if additional space is needed.

(a) Type of grant or assistance	(b) Number of recipients	(c) Amount of cash grant	(d) Amount of noncash assistance	(e) Method of valuation (book, FMV, appraisal, other)	(f) Description of noncash assistance

(1)
(2)
(3)
(4)
(5)
(6)
(7)

Part IV

Supplemental Information. Provide the information required in Part I, line 2; Part III, column (b); and any other additional information.

Return Reference

Explanation

PROCEDURES FOR MONITORING THE USE OF GRANT FUNDS

FORM 990, SCHEDULE I, PART I, LINE 2 Once approved for funding, each grantee must review and execute a grant agreement with Trellis. Expectations for the grantees and their respective projects and/or use of funds are outlined in the grant agreement. Reporting requirements are also outlined in the agreement. Grantees are instructed to provide progress report(s), which are reviewed by grant management staff to determine if the grant expenditures are in compliance with requirements and are achieving the stated goals of the program. If there are significant issues noted in the progress report, staff will follow up with the grantee. If there are no significant issues noted, staff process the report and record activity. At the termination of the grant period, staff reviews the final report on each project and accounts for any unspent funds and arranges for the return of funds or other dispensation as provided by Trellis management.

UNEXPENDED GRANT FUNDS

FORM 990, SCHEDULE I, PART IV Grant Refunds - unexpended Grant funds awarded in previous years returned are reported as follows: Scholarship America 3,472 Alamo Colleges District 4,716 The Scholarship Foundation of St. Louis 13,969 Clark Atlanta University 5,000 Oakwood University 800 Alabama A&M University 869

Schedule I (Form 990) 2018

Additional Data

Software ID:
Software Version:

- TIN:

Schedule J
(Form 990)

Department of the Treasury
Internal Revenue Service

Compensation Information

For certain Officers, Directors, Trustees, Key Employees, and Highest
Compensated Employees
SchJMediumBullet

Complete if the organization answered "Yes" on Form 990, Part IV, line 23.
SchJMediumBullet

Attach to Form 990.
SchJMediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

TEXAS GUARANTEED STUDENT LOAN CORP

Employer identification number

74-2094204

Part I

Questions Regarding Compensation

Yes

Check the appropiate box(es) if the organization provided any of the following to or for a person listed on Form
990, Part VII, Section A, line 1a. Complete Part III to provide any relevant information regarding these items.

First-class or charter travel Housing allowance or residence for personal use

Travel for companions Payments for business use of personal residence

Tax idemnification and gross-up payments Health or social club dues or initiation fees

Discretionary spending account Personal services (e.g., maid, chauffeur, chef)

If any of the boxes in line 1a are checked, did the organization follow a written policy regarding payment or reimbursement or provision of all of the expenses described above? If "No," complete Part III to explain .........

Did the organization require substantiation prior to reimbursing or allowing expenses incurred by all
directors, trustees, officers, including the CEO/Executive Director, regarding the items checked in line 1a? ..

Indicate which, if any, of the following the filing organization used to establish the compensation of the
organization's CEO/Executive Director. Check all that apply. Do not check any boxes for methods
used by a related organization to establish compensation of the CEO/Executive Director, but explain in Part III.

Compensation committee Written employment contract

Independent compensation consultant Compensation survey or study

Form 990 of other organizations Approval by the board or compensation committee

During the year, did any person listed on Form 990, Part VII, Section A, line 1a, with respect to the filing organization or a related organization:

Receive a severance payment or change-of-control payment? .............

Yes

Participate in, or receive payment from, a supplemental nonqualified retirement plan? .........

Participate in, or receive payment from, an equity-based compensation arrangement? .........

If "Yes" to any of lines 4a-c, list the persons and provide the applicable amounts for each item in Part III.

Only 501(c)(3), 501(c)(4), and 501(c)(29) organizations must complete lines 5-9.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the revenues of:

The organization? ....................

Any related organization? .......................

If "Yes," on line 5a or 5b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization pay or accrue any
compensation contingent on the net earnings of:

The organization? ..................

Any related organization? ......................

If "Yes," on line 6a or 6b, describe in Part III.

For persons listed on Form 990, Part VII, Section A, line 1a, did the organization provide any nonfixed
payments not described in lines 5 and 6? If "Yes," describe in Part III ............

Yes

Were any amounts reported on Form 990, Part VII, paid or accured pursuant to a contract that was
subject to the initial contract exception described in Regulations section 53.4958-4(a)(3)? If "Yes," describe
in Part III ..........................

If "Yes" on line 8, did the organization also follow the rebuttable presumption procedure described in Regulations section 53.4958-6(c)? .........................

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50053T

Schedule J (Form 990) 2018

Page 2

Part II

Officers, Directors, Trustees, Key Employees, and Highest Compensated Employees. Use duplicate copies if additional space is needed.

For each individual whose compensation must be reported on Schedule J, report compensation from the organization on row (i) and from related organizations, described in the
instructions, on row (ii). Do not list any individuals that are not listed on Form 990, Part VII.
Note. The sum of columns (B)(i)-(iii) for each listed individual must equal the total amount of Form 990, Part VII, Section A, line 1a, applicable column (D) and (E) amounts for that individual.

(A) Name and Title		(B) Breakdown of W-2 and/or 1099-MISC compensation			(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)	(F) Compensation in column (B) reported as deferred on prior Form 990
(A) Name and Title		(i) Base compensation	(ii) Bonus & incentive compensation	(iii) Other reportable compensation	(C) Retirement and other deferred compensation	(D) Nontaxable benefits	(E) Total of columns (B)(i)-(D)
1SCOTT D GILES PRESIDENT/CEO	(i) (ii)	397,201 ------------- 0	140,000 ------------- 0	36,282 ------------- 0	32,028 ------------- 0	24,298 ------------- 0	629,809 ------------- 0	0 ------------- 0
2GREGORY H DICKENSON INTERIM GENERAL COUNSEL	(i) (ii)	135,368 ------------- 0	75,807 ------------- 0	7,997 ------------- 0	27,378 ------------- 0	53,419 ------------- 0	299,969 ------------- 0	0 ------------- 0
3LINDA S HACKLEMAN VP/HUMAN RESOURCES	(i) (ii)	116,142 ------------- 0	66,880 ------------- 0	16,465 ------------- 0	29,292 ------------- 0	33,768 ------------- 0	262,547 ------------- 0	0 ------------- 0
4JEFF J WEBSTER DIRECTOR/RESEARCH	(i) (ii)	126,984 ------------- 0	37,622 ------------- 0	10,544 ------------- 0	32,245 ------------- 0	11,315 ------------- 0	218,710 ------------- 0	0 ------------- 0
5GEORGE C TORRES TO 1218 SR. ADVISOR TO PRES	(i) (ii)	123,879 ------------- 0	30,957 ------------- 0	4,791 ------------- 0	16,372 ------------- 0	18,706 ------------- 0	194,705 ------------- 0	0 ------------- 0
6SHEILA DUNLAP DIRECTOR/OPERATIONS	(i) (ii)	116,680 ------------- 0	21,656 ------------- 0	13,924 ------------- 0	15,508 ------------- 0	11,577 ------------- 0	179,345 ------------- 0	0 ------------- 0
7BRIAN W GILBERT DIRECTOR/COMM & MRKTG	(i) (ii)	112,991 ------------- 0	38,597 ------------- 0	9,316 ------------- 0	26,921 ------------- 0	19,070 ------------- 0	206,895 ------------- 0	0 ------------- 0
8MATTHEW R STEINER DIRECTOR/CORP ANALYTICS	(i) (ii)	108,050 ------------- 0	42,605 ------------- 0	9,521 ------------- 0	16,756 ------------- 0	26,675 ------------- 0	203,607 ------------- 0	0 ------------- 0
9DONNA M FRITZ VP/MARKETING	(i) (ii)	171,153 ------------- 0	42,529 ------------- 0	14,514 ------------- 0	25,589 ------------- 0	33,187 ------------- 0	286,972 ------------- 0	0 ------------- 0
10JAMES E ZIMMERMAN VP/INFORMATION TECH	(i) (ii)	163,669 ------------- 0	84,372 ------------- 0	19,602 ------------- 0	30,286 ------------- 0	48,558 ------------- 0	346,487 ------------- 0	0 ------------- 0
11SUSAN G HIGH VP/OPERATIONS	(i) (ii)	149,828 ------------- 0	37,997 ------------- 0	16,437 ------------- 0	23,090 ------------- 0	35,633 ------------- 0	262,985 ------------- 0	0 ------------- 0
12AUDREY WEBB DIRECTOR/IT SHARED SERV	(i) (ii)	141,238 ------------- 0	67,537 ------------- 0	11,918 ------------- 0	37,608 ------------- 0	20,271 ------------- 0	278,572 ------------- 0	0 ------------- 0
13BRYAN M ASHTON VP/COMM INVEST & GOVT AFFAIRS	(i) (ii)	140,501 ------------- 0	79,703 ------------- 0	5,500 ------------- 0	32,035 ------------- 0	18,261 ------------- 0	276,000 ------------- 0	0 ------------- 0
14MARIA RYAN TO 319 VP, Controller	(i) (ii)	179,628 ------------- 0	111,229 ------------- 0	16,887 ------------- 0	40,342 ------------- 0	32,864 ------------- 0	380,950 ------------- 0	0 ------------- 0
15NICOLE S GILGER VP, Controller	(i) (ii)	122,505 ------------- 0	64,788 ------------- 0	2,584 ------------- 0	18,980 ------------- 0	469 ------------- 0	209,326 ------------- 0	0 ------------- 0
16MARK J ZARSKY TO 0118 FORMER OFFICER	(i) (ii)	11,104 ------------- 0	0 ------------- 0	198,943 ------------- 0	5,729 ------------- 0	1,367 ------------- 0	217,143 ------------- 0	0 ------------- 0
17MARY O NEGRETE TO 0118 FORMER OFFICER	(i) (ii)	5,551 ------------- 0	0 ------------- 0	183,444 ------------- 0	3,336 ------------- 0	1,379 ------------- 0	193,710 ------------- 0	0 ------------- 0
18JAMES PATTERSON TO 0417 FORMER OFFICER	(i) (ii)	0 ------------- 0	0 ------------- 0	350,000 ------------- 0	0 ------------- 0	0 ------------- 0	350,000 ------------- 0	0 ------------- 0

Schedule J (Form 990) 2018

Page 3

Part III

Supplemental Information

Provide the information, explanation, or descriptions required for Part I, lines 1a, 1b, 3, 4a, 4b, 4c, 5a, 5b, 6a, 6b, 7, and 8, and for Part II. Also complete this part for any additional information.

Return Reference

Explanation

SUPPLEMENTAL INFORMATION 1

FORM 990, SCHEDULE J, PART I: COMPENSATION INFORMATION James Patterson, President/CEO, left Trellis Company effective April 18, 2017. He received a $600,000 payment in accordance with the terms and conditions of his severance agreement, of which $250,000 was paid in 2017 and $350,000 was paid in 2018. Mark Zarsky, Chief Financial Officer and Mary Negrete, Chief HR Officer, left Trellis Company effective January 17, 2018. They received payments of $348,527 and $317,222, respectively, in accordance with the terms and conditions of their settlement agreements. Of these amounts, $174,264 and $158,611, respectively, were paid in 2018 and the remainder will be paid in 2019.

SUPPLEMENTAL INFORMATION 2

FORM 990, SCHEDULE J, PART I: COMPENSATION INFORMATION LINE 7: NON-FIXED PAYMENTS Trellis' Board of Directors' approves the corporate performance award program which is designed to award a share of profits to employees, and compensates eligible employees based on corporate results, ensuring minimum profit levels are attained. Corporate goals are typically approved by the Board before the beginning of the fiscal year and are based on the organization achieving its goals. Eligible employees include all regular employees, employed at the end of the fiscal year, not participating in another departmental or individual incentive plan, and meeting minimum performance standards. Employee eligibility is based on specific position and awards are determined by respective management utilizing competitive market bonus ranges.

Schedule J (Form 990) 2018

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service

Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet

Attach to Form 990 or 990-EZ.
MediumBullet

Go to www.irs.gov/Form990 for the latest information.

OMB No. 1545-0047

2018

Open to Public
Inspection

Name of the organization

TEXAS GUARANTEED STUDENT LOAN CORP

Employer identification number

74-2094204

Return Reference	Explanation
GENERAL STATEMENT 1	FORM 990, PART III, MISSION STATEMENT "Our vision is that people receive trusted guidance to make informed decisions and improve their lives." Trellis administers the Federal Family Education Loan Program (FFELP).
GENERAL STATEMENT 2	FORM 990, PART III, LINE 4A - Guarantor Operations: Trellis' guarantor operation encompasses the administration of the Federal Family Education Loan Program (FFELP) on behalf of the U.S. Department of Education. As of fiscal year end, Trellis' outstanding loan portfolio balance totaled $6.7 billion and defaulted loans collection portfolio of $1.2 billion. Program Service Accomplishments: Promoting borrower success is a long-term endeavor, starting before a student borrower enrolls in college and lasting through repayment. Trellis has a set of specialized teams - Customer Assistance, Default Prevention, Claims and Default Recovery - that serve borrowers throughout the student loan lifecycle. These teams educate student borrowers about loans and their repayment options and help them return to repayment in the case of delinquency or default. Default Prevention - Trellis works with student loan borrowers, lenders and servicers to help prevent default on student loans. Counselors work with borrowers who have entered delinquency, educating them on student loan repayment options, deferments and forbearances in order for borrowers to successfully repay their federal student loans and avoid default. In FY19 the team received 96,149 Default Aversion Assistance Requests from lenders and successfully averted approximately $1.9 billion from default. As a result, more borrowers return to and make progress in repayment, which allows the borrowers to avoid the negative consequences of default, including damaged credit, the loss of eligibility for federal student aid and the high cost of collection fees. Claims - Trellis processes default claims submitted by lenders that have been unsuccessful in transitioning borrowers with delinquent loans back into repayment. When lenders submit claims on Trellis -guaranteed loans, Trellis verifies the lender's compliance with FFEL program requirements, and, if valid, manages the purchase of the loan from the lender. It is at that time that the loan enters Trellis' portfolio for collection. In FY19, Trellis processed claims totaling approximately $372 million. Collections - Upon default claim payment, Trellis is statutorily required to pursue collection efforts on behalf of the federal government on all Trellis -guaranteed student loans. While the team's core responsibility is to recover taxpayer assets, Trellis works with borrowers to find the best option for them in resolving their default. The goal is to help the borrower return to repayment in a way that repairs their credit. In FY19, Trellis' Default Recovery team set up new repayment plans for 12,948 borrowers. Of those new repayment plans, 87.3 percent started borrowers on beneficial rehabilitation programs, the best solution for borrowers with defaulted loans. In FY19, Trellis collected approximately $587 million in defaulted student loans.
GENERAL STATEMENT 3	FORM 990, PART III, Line 4b - Non-Guarantor Operations: Trellis' non-guarantor operations include various endeavors related to promoting access to higher education, including Trellis' philanthropic activities. Additionally, Trellis provides a variety of services targeted at enhancing the higher education community and creating positive student outcomes, including: Research and Public Policy Services: Trellis provides extensive research services that are targeted at understanding the consumer experience related to financing, participating and persisting in higher education. These services are utilized to better understand the challenges associated with post-secondary financing and participation and are used to inform campus administrators, student service providers and policy makers. Trellis administers a wide variety of qualitative and quantitative research throughout the year to support these goals. Student Support Services - Trellis provides a variety of support services targeted at assisting students in navigating the college access and completion journey. These services include: 1. Financial coaching services (which provides in depth one on one consultations regarding student finances), 2. Support services for filling out the Free Application for Federal Student Aid (FAFSA), 3. Student financial literacy resources, 4. Communication services to help students start and stay in college, 5. A free, public-access website Adventures in Education (aie.org) to provide resources about how and why to pay for college, 6. Default prevention services to students prior to default, and 7. Support to assist students who have stopped-out to return to complete the degree. Institutional Support Services: Trellis provides support resources for college and universities to assist in developing capacity on campus. These services support the development of policies, procedures and programs that assist in helping more student obtain a postsecondary degree or credential.
GENERAL STATEMENT 4	FORM 990, PART VI, SECTION A, LINE 2: The following Trellis Company employees, as officers/directors of Trellis Holdings, have a business relationship: Yvonne Batts Renard Johnson Edward Escudero Dennis Moroney Greg Dickenson The following Trellis Company employees, as officers of Waypoint Resource Group, have a business relationship: Scott Giles Greg Dickenson Danen Shiek
GENERAL STATEMENT 5	CHANGES TO GOVERNING DOCUMENTS FORM 990, PART VI, SECTION A, LINE 4: EFFECTIVE JUNE 7, 2019, TRELLIS established the role of the Treasurer for the Corporation, where the Chair of the Finance and Audit Committee shall serve as the Treasurer, and the Controller or highest-ranking finance employee shall serve as the Assistant Treasurer and the Controller or highest-ranking employee in the Finance group as the Assistant Treasurer. The Treasurer will have oversight for certain finance activities. The Assistant Treasurer will have the right to sign documents on behalf of the Treasurer.
GENERAL STATEMENT 6	PROCESS OF REVIEWING THE 990 FORM 990, PART VI, Section B, Line 11b: Trellis' Accounting Department works with its CPA firm to prepare the 990. Once a final draft is available, it is submitted to executive management for review. Once all questions have been resolved, the return, in its final form, is provided to the Trellis Board of Directors for their review.
ENFORCEMENT OF CONFLICT OF INTEREST POLICY	Form 990, PART VI, Section B, Line 12c: Trellis' Code of Business Conduct is a policy which all employees, officers, and directors must agree to. Within the Code of Business Conduct, managers, keys employees, officers and directors are required to disclose any business interests outside of Trellis. Trellis' legal counsel proactively reviews and acts on potential conflicts. Actual conflicts, should they occur, may result in disciplinary action, up to and including termination and possible criminal prosecution. Trellis team members are required to complete periodic training as it relates to Trellis' Code of Business Conduct.
COMPENSATION DETERMINATION	Form 990, Part VI, Section B, Line 15a and 15b: Trellis contracts with a third party consultant to provide benchmark data for Trellis employees and officers, including annual compensation studies which are presented to the Trellis Board of Directors for their review. In 2015, Trellis also engaged a third party consultant to perform a compensation analysis for the board positions and the Board adopted the consultant's recommendations. The third party consultants use compensation data for similarly qualified persons in the comparable positions for both officers and key employees in similar organizations. Documentation to support benchmark decisions regarding compensation arrangements for all employees is retained. The officer and employee positions for which the benchmarking process is used to establish compensation occurs annually. The Board of Directors specifically reviews executive management compensation benchmarks and approves annual adjustments and/or merit increases as recommended by the President/CEO. Annually, the Board makes specific decisions of the President/CEO's salary. Decisions regarding compensation are documented in the board meeting minutes.
DISCLOSURE OF DOCUMENTS	Form 990, Part VI, Section C, Line 19: Trellis' Code of Business Conduct is available to all employees and the general public via Trellis' website: www.trelliscompany.org. Trellis' audited financial statements are available upon request.
GENERAL STATEMENT 7	FORM 990, PART VII, SECTION A: OFFICERS, DIRECTORS, TRUSTEES, KEY EMPLOYEES, AND HIGHEST PAID COMPENSATED EMPLOYEES Renard Johnson also served as Trellis' Interim CEO prior to the hiring of the current Chief Executive Officer Scott D. Giles in 2018.
GENERAL STATEMENT 8	FORM 990, PART VII, SECTION B: INDEPENDENT CONTRACTORS Name & Address Description of Service Compensation -------------------------------------------------------------------- LOAN SCIENCE, LLC Loan Management 1,274,603 2201 Donley Drive, Suite 110 Services Austin, TX 78758 ACCOUNT CONTROL TECHNOLOGY, INC. Collection Service 392,103 6918 Owensmouth Ave. Canoga Park, CA 91309-8102 KPMG Audit/Tax 319,630 3 Chestnut Ridge Road Montvale, NJ 07645 WHITEHAT VIRTUAL TECHNOLOGIES, LLC Info Tech 236,615 7301 Ranch Rd Services 620 N Suite 155-266 Austin, TX 78726 CLARUS CONSULTING, LLC Consulting Service 210,468 8280 Willow Oaks Corporate Dr. Suite 600 Fairfax, VA 22031 ---------- TOTAL COMPENSATION 2,433,418 ----------
GENERAL STATEMENT 9	FORM 990, PART XI, LINE 9: Back a Boiler - ISA fund II, LLC - Loss not recorded on books $1,420
GENERAL STATEMENT 10	Section 1.263(a)-3(n) Election - Book Conformity Election TEXAS GUARANTEED STUDENT LOAN CORPORATION D/B/A TRELLIS COMPANY is making the election under Treas. Reg. 1.263(a)-3(n) to capitalize those repair and maintenance costs that it treats as capital expenditures on its books and records for the tax year ended SEPTEMBER 30, 2019. Taxpayer Name: TEXAS GUARANTEED STUDENT LOAN CORPORATION D/B/A TRELLIS COMPANY Address: P.O. BOX 83100 ROUND ROCK, TX 78683 Taxpayer Identification Number: 74-2094204 Section 1.263(a)-1(f) De Minimis Safe Harbor Election TEXAS GUARANTEED STUDENT LOAN CORPORATION D/B/A TRELLIS COMPANY hereby makes the de minimis safe harbor election under Section 1.263(a)-1(f) of the Treasury Regulations, effective for the tax year ending SEPTEMBER 30, 2019. Taxpayer has an Applicable Financial Statement for the year of the election. This election permits the taxpayer to deduct for tax purposes any item deducted under its book policy that does not exceed $5,000 per invoice (or per item, as substantiated by the invoice) or items having an economic useful life of twelve months or less as described in Section 1.263(a)-1(f)(1)(i). Taxpayer Name: TEXAS GUARANTEED STUDENT LOAN CORPORATION D/B/A TRELLIS COMPANY Address: P.O. BOX 83100 ROUND ROCK, TX 78683 Taxpayer Identification Number: 74-2094204

For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.

Cat. No. 51056K

Schedule O (Form 990 or 990-EZ) 2018

Additional Data

Software ID:
Software Version:

- TIN:

SCHEDULE R
(Form 990)

Department of the Treasury
Internal Revenue Service

Related Organizations and Unrelated Partnerships

Complete if the organization answered "Yes" on Form 990, Part IV, line 33, 34, 35b, 36, or 37.
MediumBullet

Attach to Form 990.
MediumBullet

Go to www.irs.gov/Form990 for instructions and the latest information.

OMB No. 1545-0047

2018

Open to Public Inspection

Name of the organization

TEXAS GUARANTEED STUDENT LOAN CORP

Employer identification number

74-2094204

Part I

Identification of Disregarded Entities Complete if the organization answered "Yes" on Form 990, Part IV, line 33.

(a) Name, address, and EIN (if applicable) of disregarded entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Total income	(e) End-of-year assets	(f) Direct controlling entity

Part II

Identification of Related Tax-Exempt Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related tax-exempt organizations during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	(g) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Exempt Code section	(e) Public charity status (if section 501(c)(3))	(f) Direct controlling entity	Yes	No
(1)TRELLIS FOUNDATION PO BOX 5393 ROUND ROCK,TX786835393 81-4714749	GRANT FDN	TX	501(C)(3)	LINE 7	TRELLIS CO	Yes

For Paperwork Reduction Act Notice, see the Instructions for Form 990.

Cat. No. 50135Y

Schedule R (Form 990) 2018

Page 2

Part III

Identification of Related Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a partnership during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Part IV

Identification of Related Organizations Taxable as a Corporation or Trust Complete if the organization answered "Yes" on Form 990, Part IV, line 34 because it had one or more related organizations treated as a corporation or trust during the tax year.

(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets	(h) Percentage ownership	(i) Section 512(b)(13) controlled entity?
(a) Name, address, and EIN of related organization	(b) Primary activity	(c) Legal domicile (state or foreign country)	(d) Direct controlling entity	(e) Type of entity (C corp, S corp, or trust)	(f) Share of total income	(g) Share of end-of-year assets		Yes	No
(1) TRELLIS HOLDINGS INC PO BOX 6714 ROUND ROCK,TX78683 74-2748786	COLLECTION AG	TX	TRELLIS CO	C CORP	5,399,963	13,299,648	100.000 %	Yes

Schedule R (Form 990) 2018

Page 3

Part V

Transactions With Related Organizations Complete if the organization answered "Yes" on Form 990, Part IV, line 34, 35b, or 36.

Note. Complete line 1 if any entity is listed in Parts II, III, or IV of this schedule.

Yes

1 During the tax year, did the orgranization engage in any of the following transactions with one or more related organizations listed in Parts II-IV?

a Receipt of (i) interest, (ii) annuities, (iii) royalties, or (iv) rent from a controlled entity .....................

b Gift, grant, or capital contribution to related organization(s) ............................

Yes

c Gift, grant, or capital contribution from related organization(s) ............................

d Loans or loan guarantees to or for related organization(s) ............................

e Loans or loan guarantees by related organization(s) ............................

f Dividends from related organization(s) ............................

g Sale of assets to related organization(s) ............................

h Purchase of assets from related organization(s) ............................

i Exchange of assets with related organization(s) ............................

j Lease of facilities, equipment, or other assets to related organization(s) .......................

k Lease of facilities, equipment, or other assets from related organization(s) ......................

l Performance of services or membership or fundraising solicitations for related organization(s) .....................

m Performance of services or membership or fundraising solicitations by related organization(s) .................

n Sharing of facilities, equipment, mailing lists, or other assets with related organization(s) ...................

Yes

o Sharing of paid employees with related organization(s) ............................

Yes

p Reimbursement paid to related organization(s) for expenses ............................

q Reimbursement paid by related organization(s) for expenses ............................

Yes

r Other transfer of cash or property to related organization(s) ............................

s Other transfer of cash or property from related organization(s) ............................

If the answer to any of the above is "Yes," see the instructions for information on who must complete this line, including covered relationships and transaction thresholds.

(a) Name of related organization	(b) Transaction type (a-s)	(c) Amount involved	(d) Method of determining amount involved
(1) TRELLIS FOUNDATION	B	3,000,000	FMV
(2) TRELLIS HOLDINGS INC	B	36,500	FMV
(3) TRELLIS HOLDINGS INC	Q	867,169	FMV
(4) TRELLIS HOLDINGS INC	O	1,140,855	FMV
(5) TRELLIS HOLDINGS INC	N	258,157	FMV
(6) TRELLIS FOUNDATION	B	300,589	FMV

Schedule R (Form 990) 2018

Page 4

Part VI

Unrelated Organizations Taxable as a Partnership Complete if the organization answered "Yes" on Form 990, Part IV, line 37.

Provide the following information for each entity taxed as a partnership through which the organization conducted more than five percent of its activities (measured by total assets or gross revenue) that was not a related organization. See instructions regarding exclusion for certain investment partnerships.

(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	(e) Are all partners section 501(c)(3) organizations?		(f) Share of total income	(g) Share of end-of-year assets	(h) Disproprtionate allocations?		(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	(j) General or managing partner?
(a) Name, address, and EIN of entity	(b) Primary activity	(c) Legal domicile (state or foreign country)	Yes	No	(f) Share of total income	(g) Share of end-of-year assets	Yes	No	(i) Code V-UBI amount in box 20 of Schedule K-1 (Form 1065)	Yes	No

Schedule R (Form 990) 2018

Page 5

Part VII

Supplemental Information

Provide additional information for responses to questions on Schedule R (see instructions).

Return Reference	Explanation
GENERAL STATEMENT 1	SCHEDULE R, PART V, LINE 1B: DURING FY2019, TRELLIS COMPANY MADE CASH DONATIONS TOTALING $3,000,000 TO TRELLIS FOUNDATION, A RELATED ORGANIZATION. IN ADDITION, TRELLIS COMPANY DONATED SERVICES AND FACILITIES TO TRELLIS FOUNDATION TOTALING $300,589.

Schedule R (Form 990) 2018

Additional Data

Software ID:
Software Version:

1	Briefly describe the organization’s mission or most significant activities: OUR VISION IS THAT PEOPLE RECEIVE TRUSTED GUIDANCE TO MAKE INFORMED DECISIONS AND IMPROVE THEIR LIVES. TRELLIS ADMINISTERS THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP).
2	Check this box
3	Number of voting members of the governing body (Part VI, line 1a) ........	3	8
4	Number of independent voting members of the governing body (Part VI, line 1b) .....	4	8
5	Total number of individuals employed in calendar year 2018 (Part V, line 2a) ......	5	399
6	Total number of volunteers (estimate if necessary) .............	6	0
7a	Total unrelated business revenue from Part VIII, column (C), line 12 ........	7a	1,213,923
b	Net unrelated business taxable income from Form 990-T, line 34 .........	7b

		Prior Year	Current Year
8	Contributions and grants (Part VIII, line 1h) .........	88,662,411	90,375,549
9	Program service revenue (Part VIII, line 2g) .........	7,653,401	5,028,168
10	Investment income (Part VIII, column (A), lines 3, 4, and 7d ) ....	10,815,665	9,261,745
11	Other revenue (Part VIII, column (A), lines 5, 6d, 8c, 9c, 10c, and 11e)	579,820	569,919
12	Total revenue—add lines 8 through 11 (must equal Part VIII, column (A), line 12)	107,711,297	105,235,381
13	Grants and similar amounts paid (Part IX, column (A), lines 1–3 )...	3,392,733	3,372,536
14	Benefits paid to or for members (Part IX, column (A), line 4).....	0	0
15	Salaries, other compensation, employee benefits (Part IX, column (A), lines 5–10)	36,400,799	31,132,995
16a	Professional fundraising fees (Part IX, column (A), line 11e) .....	0	0
b	Total fundraising expenses (Part IX, column (D), line 25) 0
17	Other expenses (Part IX, column (A), lines 11a–11d, 11f–24e)....	12,386,895	12,540,229
18	Total expenses. Add lines 13–17 (must equal Part IX, column (A), line 25)	52,180,427	47,045,760
19	Revenue less expenses. Subtract line 18 from line 12.......	55,530,870	58,189,621
		Beginning of Current Year	End of Year
20	Total assets (Part X, line 16).............	697,614,088	781,073,412
21	Total liabilities (Part X, line 26).............	38,400,263	31,959,809
22	Net assets or fund balances. Subtract line 21 from line 20.....	659,213,825	749,113,603

Sign Here

	Signature of officer	Date

	Type or print name and title


4a	(Code: ) (Expenses $ 22,814,917 including grants of $ ) (Revenue $ 5,028,168 )
	SEE SCHEDULE O, GENERAL STATEMENT 2

4b	(Code: ) (Expenses $ 9,294,709 including grants of $ 3,372,536 ) (Revenue $ -780 )
	SEE SCHEDULE O, GENERAL STATEMENT 3

4c	(Code: ) (Expenses $ including grants of $ ) (Revenue $ )












4d	Other program services (Describe in Schedule O.)
	(Expenses $ including grants of $ ) (Revenue $ )
4e	Total program service expenses32,109,626

(A) Name and Title	(B) Average hours per week (list any hours for related organizations below dotted line)				(D) Reportable compensation from the organization (W- 2/1099-MISC)	(E) Reportable compensation from related organizations (W- 2/1099-MISC)	(F) Estimated amount of other compensation from the organization and related organizations
(A) Name and Title
(18) MATTHEW R STEINER........................................................................ DIRECTOR/CORP ANALYTICS	44.0 .......................0.0	X			160,176	0	43,431
(19) DONNA M FRITZ........................................................................ VP/MARKETING	42.0 .......................0.0		X		228,196	0	58,776
(20) JAMES E ZIMMERMAN........................................................................ VP/INFORMATION TECH	44.0 .......................0.0		X		267,643	0	78,844
(21) SUSAN G HIGH........................................................................ VP/OPERATIONS	48.0 .......................0.0		X		204,262	0	58,723
(22) AUDREY WEBB........................................................................ DIRECTOR/IT SHARED SERV	49.0 .......................0.0		X		220,693	0	57,879
(23) BRYAN M ASHTON........................................................................ VP/COMM INVEST & GOVT AFFAIRS	51.0 .......................0.0		X		225,704	0	50,296
(24) MARK J ZARSKY TO 0118........................................................................ FORMER OFFICER	47.0 .......................0.0			X	210,047	0	7,096
(25) MARY O NEGRETE TO 0118........................................................................ FORMER OFFICER	46.0 .......................0.0			X	188,995	0	4,715
(26) JAMES PATTERSON TO 0417........................................................................ FORMER OFFICER	51.0 .......................0.0			X	350,000	0	0

1b	Sub-Total................
c	Total from continuation sheets to Part VII, Section A....
d	Total (add lines 1b and 1c)...........	4,643,952	0	804,612

(A) Name and business address	(B) Description of services	(C) Compensation
SEE SCHEDULE O GENERAL STATEMENT 8,		2,433,418




2 Total number of independent contractors (including but not limited to those listed above) who received more than $100,000 of compensation from the organization 10

1a	Federated campaigns..		1a
b	Membership dues..		1b
c	Fundraising events..		1c
d	Related organizations		1d
e	Government grants (contributions)		1e	90,324,897

f	All other contributions, gifts, grants, and similar amounts not included above		1f	50,652

g	Noncash contributions included in lines 1a - 1f:$
h Total. Add lines 1a-1f.......		90,375,549

		Business Code
2a	REPURCHASE INTEREST	522291	3,751,740	3,751,740
b	ADJUSTMENT TO LOAN LOSS PROVISION	522291	62,505	62,505
c	COLLECTIONS REVENUE	522291	1,213,923		1,213,923
d
e
f	All other program service revenue.
g	Total. Add lines 2a–2f ....		5,028,168

3 Investment income (including dividends, interest, and othersimilar amounts) ......			13,463,145			13,463,145
4 Income from investment of tax-exempt bond proceeds			0
5 Royalties...........			0
		(ii) Personal	(i) Real
6a	Gross rents		963,074
b	Less: rental expenses		392,375
c	Rental income or (loss)	0	570,699
d	Net rental income or (loss)......			570,699			570,699
		(ii) Other	(i) Securities
7a	Gross amount from sales of assets other than inventory		642,496,198
b	Less: cost or other basis and sales expenses		646,697,598
c	Gain or (loss)		-4,201,400
d	Net gain or (loss).....			-4,201,400			-4,201,400
8a	Gross income from fundraising events (not including $ of contributions reported on line 1c). See Part IV, line 18 ....
	a		0
b	Less: direct expenses ...b		0
c	Net income or (loss) from fundraising events..			0
9a	Gross income from gaming activities. See Part IV, line 19 ...
	a		0
b	Less: direct expenses ...b		0
c	Net income or (loss) from gaming activities..			0
10a	Gross sales of inventory, less returns and allowances ..
	a		0
b	Less: cost of goods sold ..b		0
c	Net income or (loss) from sales of inventory..			0
Business Code			Miscellaneous Revenue
11a	MISC. INCOME		900099	640	640
b	PARTNERSHIP INCOME		900099	-1,420	-1,420
c
d	All other revenue ....
e	Total. Add lines 11a–11d ......			-780
12	Total revenue. See Instructions......			105,235,381	3,813,465	1,213,923	9,832,444

1	Grants and other assistance to domestic organizations and domestic governments. See Part IV, line 21	3,372,536	3,372,536
2	Grants and other assistance to domestic individuals. See Part IV, line 22	0
3	Grants and other assistance to foreign organizations, foreign governments, and foreign individuals. See Part IV, line 15 and 16.	0
4	Benefits paid to or for members	0
5	Compensation of current officers, directors, trustees, and key employees ....	2,906,206	1,898,126	1,008,080
6	Compensation not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B) ....	561,210	366,542	194,668
7	Other salaries and wages	21,912,862	14,396,617	7,516,245
8	Pension plan accruals and contributions (include section 401(k) and 403(b) employer contributions) ....	1,137,658	747,767	389,891
9	Other employee benefits .......	2,633,332	1,729,712	903,620
10	Payroll taxes ...........	1,981,727	1,301,232	680,495
11	Fees for services (non-employees):
a	Management ......	0
b	Legal .........	296,479	193,639	102,840
c	Accounting ...........	535,906	355,428	180,478
d	Lobbying ...........	97,293	63,545	33,748
e	Professional fundraising services. See Part IV, line 17	0
f	Investment management fees ......	2,322	2,322
g	Other (If line 11g amount exceeds 10% of line 25, column (A) amount, list line 11g expenses on Schedule O)	3,233,724	2,115,665	1,118,059
12	Advertising and promotion ....	34,785	23,574	11,211
13	Office expenses .......	1,198,897	786,680	412,217
14	Information technology ......	3,306,463	2,164,187	1,142,276
15	Royalties ..	0
16	Occupancy ...........	562,087	367,115	194,972
17	Travel ............	375,000	244,923	130,077
18	Payments of travel or entertainment expenses for any federal, state, or local public officials .	0
19	Conferences, conventions, and meetings ....	252,872	188,862	64,010
20	Interest ...........	139,563	139,563
21	Payments to affiliates .......	0
22	Depreciation, depletion, and amortization ..	1,999,749	1,306,093	693,656
23	Insurance ...	366,456	244,396	122,060
24	Other expenses. Itemize expenses not covered above (List miscellaneous expenses in line 24e. If line 24e amount exceeds 10% of line 25, column (A) amount, list line 24e expenses on Schedule O.)
a	LEGAL SETTLEMENTS	1,900	1,241	659
b	SPONSORSHIPS	29,650	29,650
c	ALL OTHER EXPENSES	107,083	70,211	36,872
d
e	All other expenses
25	Total functional expenses. Add lines 1 through 24e	47,045,760	32,109,626	14,936,134	0
26	Joint costs. Complete this line only if the organization reported in column (B) joint costs from a combined educational campaign and fundraising solicitation. Check here if following SOP 98-2 (ASC 958-720).

1	Cash–non-interest-bearing ........			0	1	0
2	Savings and temporary cash investments .........			44,894,198	2	62,246,067
3	Pledges and grants receivable, net ......			23,758,022	3	26,173,250
4	Accounts receivable, net .............			5,557,035	4	6,003,825
5	Loans and other receivables from current and former officers, directors, trustees, key employees, and highest compensated employees. Complete Part II of Schedule L .............
				0	5	0
6	Loans and other receivables from other disqualified persons (as defined under section 4958(f)(1)), persons described in section 4958(c)(3)(B), and contributing employers and sponsoring organizations of section 501(c)(9) voluntary employees' beneficiary organizations (see instructions) Complete Part II of Schedule L ..............
				0	6	0
7	Notes and loans receivable, net ....			0	7	0
8	Inventories for sale or use ........			0	8	0
9	Prepaid expenses and deferred charges ......			1,422,436	9	1,474,038
10a	Land, buildings, and equipment: cost or other basis. Complete Part VI of Schedule D	10a	77,922,255
b	Less: accumulated depreciation	10b	51,618,914	27,743,224	10c	26,303,341
11	Investments—publicly traded securities .			577,459,082	11	639,436,641
12	Investments—other securities. See Part IV, line 11 .....			16,726,760	12	19,029,441
13	Investments—program-related. See Part IV, line 11 ..			0	13	0
14	Intangible assets ...............			0	14	0
15	Other assets. See Part IV, line 11 ...........			53,331	15	406,809
16	Total assets. Add lines 1 through 15 (must equal line 34)...			697,614,088	16	781,073,412

17	Accounts payable and accrued expenses .....	38,400,263	17	31,573,505
18	Grants payable ...	0	18	0
19	Deferred revenue .........	0	19	0
20	Tax-exempt bond liabilities .........	0	20	0
21	Escrow or custodial account liability. Complete Part IV of Schedule D	0	21	0
22	Loans and other payables to current and former officers, directors, trustees, key employees, highest compensated employees, and disqualified
	persons. Complete Part II of Schedule L..	0	22	0
23	Secured mortgages and notes payable to unrelated third parties ..	0	23	0
24	Unsecured notes and loans payable to unrelated third parties ..	0	24	0
25	Other liabilities (including federal income tax, payables to related third parties, and other liabilities not included on lines 17 - 24). Complete Part X of Schedule D	0	25	386,304
26	Total liabilities. Add lines 17 through 25..	38,400,263	26	31,959,809

	Organizations that follow SFAS 117 (ASC 958), check here and complete lines 27 through 29, and lines 33 and 34.
27	Unrestricted net assets		27
28	Temporarily restricted net assets ...........		28
29	Permanently restricted net assets		29
	Organizations that do not follow SFAS 117 (ASC 958), check here and complete lines 30 through 34.
30	Capital stock or trust principal, or current funds .....	0	30	0
31	Paid-in or capital surplus, or land, building or equipment fund ...	27,743,224	31	26,303,341
32	Retained earnings, endowment, accumulated income, or other funds	631,470,601	32	722,810,262
33	Total net assets or fund balances ...........	659,213,825	33	749,113,603
34	Total liabilities and net assets/fund balances ........	697,614,088	34	781,073,412