Overview
What is Access Group Loan Reserve Trust I?
Access Group Loan Reserve Trust I is a nonprofit organization, primarily situated in Wilmington, Delaware. Its primary objective is to aid students pursuing post-secondary education, including law school students, graduates preparing for the bar examination, graduate and professional school students, and certain undergraduate students. The trust acts as a supporting organization for post-secondary educational institutions, providing a guarantee fund for student loan programs conducted by AccessLex Institute, a tax-exempt entity under Section 501(c)(3). The trust serves to cover the default of supplemental loans made by AccessLex Institute, typically needed by students whose education expenses exceed federal limits. Without the guarantee provided by the trust, commercial lenders would likely not have been willing to extend loans to these students due to their limited credit records, assets, or income. By making these guarantees, the trust directly aids students in attaining an education. The trust reported a net recovery of $589,831 from student loans in its operations.
Official website here: www.accesslex.org
Is Access Group Loan Reserve Trust I legitimate?
Access Group Loan Reserve Trust I is a legitimate nonprofit organization registered as a 501(c)(3) entity. Access Group Loan Reserve Trust I submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $17,500
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.accesslex.org
What is the mission statement of Access Group Loan Reserve Trust I?
Access Group Loan Reserve Trust I serves as a guarantee fund source for student loans under the tax-exempt loan programs administered by AccessLex Institute. The trust aims to aid law school students, law school graduates preparing for the bar examination, graduate and professional school students, and certain undergraduate students in obtaining an education. It acts as a supporting organization for post-secondary educational institutions described in Section 509(A)(1) or (2) of the Internal Revenue Code. The trust serves its purpose by providing a reserve for supplemental loans made by AccessLex Institute that are not part of the Federal Family Educational Loan Program (FFELP), covering the default of such loans. The trust's activities directly and materially aid students in obtaining an education by making the guarantees needed for commercial lenders to make loans to students with limited credit records, assets, or income. The trust reported student loan net recoveries of $589,831.
Official website here: www.accesslex.org
Who is the CEO of Access Group Loan Reserve Trust I?
Neumann Marlett Iii is the Trustee of Access Group Loan Reserve Trust I.
Official website here: www.accesslex.org
What is the revenue of Access Group Loan Reserve Trust I?
Access Group Loan Reserve Trust I's revenue in 2022 was $589,905.
Official website here: www.accesslex.org
Who are the executives of Access Group Loan Reserve Trust I and what are their salaries?
There is 1 key member and their salary:
- Compensation: $17,500
- Related: $0
- Other: $0
Official website here: www.accesslex.org
Where can I find the form 990 for Access Group Loan Reserve Trust I?
Access Group Loan Reserve Trust I's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.accesslex.org
Learn more at the official website: www.accesslex.org
Mission Statement of Access Group Loan Reserve Trust I
Access Group Loan Reserve Trust I serves as a vital source of guarantee funds for student loans under the tax-exempt loan programs administered by AccessLex Institute. This trust, which supports post-secondary educational institutions described in Section 509(A)(1) or (2) of the Internal Revenue Code, aims to aid law school students, law school graduates preparing for the bar examination, other graduate and professional school students, and certain undergraduate students in attaining an education. It achieves its purpose by serving as a guarantee for student loan programs conducted by AccessLex Institute, a tax-exempt organization under Section 501(c)(3). The trust provides a reserve for supplemental loans made by AccessLex Institute that are not part of the Federal Family Educational Loan Program (FFELP), covering the default of such loans. By making these guarantees, Access Group Loan Reserve Trust I directly and materially aids students in attaining an education. The trust's efforts have resulted in significant financial recoveries, with a net recovery of $589,831 from student loans.
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Impact
October, 2024
Access Group Loan Reserve Trust I plays a crucial role in facilitating access to education for students pursuing higher educational opportunities, particularly in law and other graduate programs. By serving as a source of guarantee funds for supplemental student loans, the Trust mitigates the financial barriers that often prevent eligible students from securing the necessary funding to cover their educational expenses.
The Trust operates within the framework of tax-exempt loan programs administered by AccessLex Institute, addressing the needs of students whose educational costs exceed the limits of federal assistance. Many of these borrowers may lack the credit history or financial resources typically required by commercial lenders for unguaranteed loans. Without the Trust's guarantees, these students would likely face significant challenges in obtaining needed financial support, thereby limiting their educational and career aspirations.
In addition to providing a safety net for lenders and increasing the availability of funds, Access Group Loan Reserve Trust I has successfully recovered net amounts exceeding half a million dollars from student loans, demonstrating its effective management and positive impact on the educational landscape. Overall, the Trust's operations not only support individual students in achieving their academic goals but also contribute to the broader mission of enhancing access to quality education in the legal field and beyond.
This information is meant to be a general summary of Access Group Loan Reserve Trust I. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $74
- Program Service Revenue: $589,831
- Gross Receipts: $589,905
Assets and Liabilities:
- Total Assets: $1,143,709
- Total Liabilities: $4,375
- Net Assets: $1,139,334
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
NET RECOVERIES
Revenue
$589,831
Organization Details
Founding Year
2000
Phone
(302) 636-6728Principal Officer
Neumann Marlett Iii
Main Address
RODNEY SQUARE N 1100 N MARKET ST, WILMINGTON, DE, 19890
Website
www.accesslex.orgNTEE Category
Code: B820 - Education
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