asa.org/about ⋅ 2019 Annual Report 14 As a nonprofit organization with a 60-year legacy as a student loan guarantor, American Student Assistance is committed to responsible stewardship of its funds to benefit and impact students nationwide. ASA continues to be well- positioned to fulfill its mission today and well into the future, with more than $700 million of net assets as of December 31, 2019. ASA’s prudent financial management, sustainable annual budget, continued administration of the Federal Family Education Loan Program in Massachusetts, and expected investment returns are aligned with the ability of ASA to meet the educational and career needs of students in grades 6-12. Assets Investments $ 681,312 $ 553,569 Cash and cash equivalents 37,402 43,105 Receivables & Other 33,149 21,018 Total Assets $751,863 $ 617,692 Liabilities and Net Assets Accounts Payable and Other Liabilities $20,133 $ 32,287 Net Assets 731,730 585,405 Total Liabilities and Net Assets $751,863 $ 617,692 Revenues Revenues $59,721 $ 65,272 Grants and Other 2,480 2,224 Net Investment Return 111,947 (31,494) Total Revenues $174,148 36,001 Expenses Grants 5,532 1,272 Operating Expenses 32,937 36,478 Non-Recurring Expenses (10,647) (4,064) Total Grants & Expenses $27,822 33,686 Change in net assets 146,325 2,315 Net assets, beginning of year 585,405 583,089 Net assets, end of year $731,730 $ 585,405 ASA’s Investment Committee, comprised of members of the Board of Directors, sets the investment policy and oversees the investment advisor and the performance of the investment portfolio. ASA’s Board of Directors approves the investment policy and establishes the organization’s annual operating budget. Financial Statements ASA’s financial statements are prepared in accordance with policies and procedures overseen by ASA’s independent Audit Committee and the Board of Directors. A summary of the financial statements is presented here. The most recent audited statements are available by contacting Candice Perodeau, Director of Public Relations,
[email protected] . 2019 Summary Financial Statements (in thousands) 2019 FINANCIALS $ FINANCIAL OVERSIGHT 2019 2018