Indiana Secondary Market for Education Loans Inc

Public charity · Grantmaker Indianapolis, IN EIN: 31-0995844

For over 40 years, Indiana Secondary Market for Education Loans, inc. (d/b/a "invested") has provided Indiana students and families critical resources and advising services to plan and finance education after high school. As Indiana's only state-based, nonprofit student-loan-making and financial-literacy organization, invested plays a crucial role serving all Indiana students and families before, during, and after their post-secondary studies to make post-secondary educational attainment affordable. Invested provides students and families various services through its student loan program and its financial aid literacy and advising programs, all at no cost to students, their families, or Indiana taxpayers.

Key facts about Indiana Secondary Market for Education Loans Inc

In short: Indiana Secondary Market for Education Loans Inc gave $475K across 1 grant in 2025 (avg $475K), mostly in Indiana. Source: 2025 IRS Form 990.

EIN
31-0995844
Latest 990 filing
Form 990, 2025
Annual giving (2025)
$475,000
Grants made (2025)
1
Average grant
$475,000
Median grant
$475,000
Total assets
$251,203,412
Primary geography
Indiana (100% of itemized 2025 grant dollars)

Data from IRS Form 990, 2025; updated September 2026.

Financial Overview

From 2025 IRS Form 990 · View filing

Total Assets

$251.2M

+4.1% YoY

Annual Giving

$475K

-93.0% YoY

Grant Count

1

-75.0% YoY

Avg Grant Size

$475K

-71.9% YoY

About Indiana Secondary Market for Education Loans Inc

Based on IRS filings

Indiana Secondary Market for Education Loans Inc is a public charity focused on public and societal benefit, based in Indianapolis, IN. IRS filing data is available from 2024 through 2025. As of 2025, the organization holds $251.2M in total assets. In 2025, it awarded 1 grant totaling $475K. Net investment income was $8.1M.

Open Grants

1 open opportunity from Indiana Secondary Market for Education Loans Inc

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Geographic Focus

Where this funder awards grants

Grant Distribution by State

1state

Share of the 2025 grant dollars on its one itemized grant.

States

Cities

IndianapolisBloomingtonWest Lafayette

Giving Over Time

Total grant dollars and number of grants per year

$0$2M$4M$6M$8M4 grants2024 1 grant2025

From 2024 to 2025, annual grant giving ranged from $475K (2025) to $6.8M (2024). In 2025 it made 1 grant totaling $475K.

Grant Insights

How this funder distributes its grants

Top Recipients

Top recipient in 2025

Indiana Commission for Higher Education: $475KIndiana Commission for HigherEducation$475K

The largest 2025 recipient was Indiana Commission for Higher Education ($475K).

Grant Size Distribution

5 grants across all recorded years

<$50K$50–100K$100–250K1$250–500K1$500K–1M3$1–5M$5M+

The most common grant size was in the $1–5M range: 3 grants of 5 (60%).

Giving History

Grant recipients and amounts by year

RecipientPurposeAmount
Indiana Commission for Higher Education Indianapolis, INNon-STEM Dual Credit Credentialing Program$475,000

Financial History

Multi-year comparison from IRS filings

Revenue
Expenses
Net Investment Income
$0$5M$10M$15M$20M2024 2025
Metric20252024
Total Assets$251,203,412$241,352,522
Revenue$16,015,983$16,573,697
Expenses$13,040,212$17,955,703
Net Investment Income$8,133,360$8,603,007

Data update history

When this profile's IRS filing data changed on Grantable

  1. Updated Form 990 for fiscal year 2024 (received by the IRS January 15, 2026)
  2. Added Form 990 for fiscal year 2025 (received by the IRS April 29, 2026)
  3. IRS filings on file for fiscal year 2024

Leadership & Key People

Officers and directors from IRS filings

Indiana Secondary Market for Education Loans Inc is led by Joseph Wood, CEO & President on every filing since 2024; all 16 officers listed in 2025 are compensated.

Officers on the 2025 filing

  • Joseph Wood

    CEO & President

    On filings since 2024

    40 hrs/week

    $471K (2024) → $470K (2025)

  • Charles E. Schalliol

    Chairperson

    On filings since 2024

    2 hrs/week

    $12K (2024) → $7K (2025)

  • Betsy Wiley

    Board Member

    On filings since 2024

    1 hr/week

    $2K (2025)

  • Carol D'amico

    Secretary

    On filings since 2024

    1 hr/week

    $7K (2024) → $3K (2025)

  • Cynthia Stonerock

    Senior Financial Analyst

    On filings since 2024

    40 hrs/week

    $116K (2024) → $122K (2025)

  • Doug Brown

    Board Member

    On filings since 2024

    1 hr/week

    $2K (2025)

  • Fred Payne

    Vice Chairperson

    On filings since 2024

    1 hr/week

    $1K (2025)

  • Jim Snyder

    Board Member

    On filings since 2024

    1 hr/week

    $2K (2025)

  • Linae Devaisher

    CFO & Vice President

    On filings since 2024

    40 hrs/week

    $299K (2024) → $301K (2025)

  • Marshawn Wolley

    Board Member

    On filings since 2024

    1 hr/week

    $1K (2025)

  • Matthew Murphy

    Treasurer

    Vice Chairperson & Treasurer → Treasurer, 2025

    On filings since 2024

    1 hr/week

    $13K (2024) → $3K (2025)

  • Patrick Jason McGrew

    Vice President of External Management

    On filings since 2024

    40 hrs/week

    $203K (2024) → $201K (2025)

  • Tom Guevara

    Board Member

    On filings since 2024

    1 hr/week

    $2K (2025)

  • William Wozniak

    Vice President of Marketing

    On filings since 2024

    40 hrs/week

    $208K (2024) → $223K (2025)

  • Matthew Krieg

    Lending & Bus. Development Mngr.

    New on the 2025 filing

    40 hrs/week

    $109K (2025)

  • Susan Mayberry

    Advisor & Outreach Mngr.

    New on the 2025 filing

    40 hrs/week

    $109K (2025)

Former officers (7)
  • Former: Anthony Armstrong (2024) — Board Member
  • Former: Brett Merritt (2024) — Board Member
  • Former: C. Todd Richardson (2024) — Board Member
  • Former: David B. Skinner (2024) — Board Member
  • Former: Diana H. Hamilton (2024) — Board Member
  • Former: Eugene Johnson (2024) — Program Director
  • Former: Michael T. Vea (2024) — Board Member

Data from IRS Form 990 filings, 2024–2025. "On filings since" is the earliest filing we hold that lists the person; hours are average hours per week as reported.

Compensation Overview

From 2025 IRS filing

Joseph Wood — CEO & President: $470KJoseph WoodCEO & President$470KLinae Devaisher — CFO & VP: $301KLinae DevaisherCFO & VP$301KWilliam Wozniak — VP of Marketing: $223KWilliam WozniakVP of Marketing$223KPatrick Jason McGrew — VP of External Management: $201KPatrick Jason McGrewVP of External Management$201KCynthia Stonerock — Senior Financial Analyst: $122KCynthia StonerockSenior Financial Analyst$122KMatthew Krieg — Lending, Bus. Dev. MNGR.: $109KMatthew KriegLending, Bus. Dev. MNGR.$109KSusan Mayberry — ADV. & Outreach MNGR.: $109KSusan MayberryADV. & Outreach MNGR.$109KCharles E Schalliol — Chairperson: $7KCharles E SchalliolChairperson$7KMatthew Murphy — Treasurer: $3KMatthew MurphyTreasurer$3KCarol D'Amico — Secretary: $3KCarol D'AmicoSecretary$3KDoug Brown — Board Member: $2KDoug BrownBoard Member$2KTom Guevara — Board Member: $2KTom GuevaraBoard Member$2KJim Snyder — Board Member: $2KJim SnyderBoard Member$2KBetsy Wiley — Board Member: $2KBetsy WileyBoard Member$2KFred Payne — Vice Chairperson: $1KFred PayneVice Chairperson$1KMarshawn Wolley — Board Member: $1KMarshawn WolleyBoard Member$1K

The highest reported compensation on the 2025 filing was $470K, to Joseph Wood (CEO & President). 16 officers or directors reported compensation on that filing.

Frequently asked questions about Indiana Secondary Market for Education Loans Inc

How much does Indiana Secondary Market for Education Loans Inc give each year?

Indiana Secondary Market for Education Loans Inc gave $475K across 1 grant in 2025, according to its 2025 IRS Form 990. In 2024 it gave $6.8M across 4 grants.

How large is Indiana Secondary Market for Education Loans Inc?

Indiana Secondary Market for Education Loans Inc reported $251.2M in total assets on its 2025 IRS Form 990. Its revenue that year was $16.0M.

What is Indiana Secondary Market for Education Loans Inc?

Indiana Secondary Market for Education Loans Inc is a public charity focused on public and societal benefit, based in Indianapolis, IN. It holds $251.2M in total assets as of 2025.

Where does Indiana Secondary Market for Education Loans Inc operate?

Indiana Secondary Market for Education Loans Inc has awarded grants in Indiana.

What is Indiana Secondary Market for Education Loans Inc's EIN?

Indiana Secondary Market for Education Loans Inc's EIN (Employer Identification Number) is 31-0995844. IRS Form 990 filing data is available on this page for 2024–2025.

Data last updated September 2026. Sourced from IRS Form 990 filings.

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Cite this profile

Grantable. (2026). Indiana Secondary Market for Education Loans Inc funder profile. GrantGraph. Retrieved October 4, 2026, from https://grantable.co/funders/indiana-secondary-market-for-education-loans-inc-morg_e680aef9f9794816ac9894ead926eb2c

BibTeX
@misc{grantable_310995844_2026,
  author       = {{Grantable}},
  title        = {{Indiana Secondary Market for Education Loans Inc funder profile}},
  howpublished = {GrantGraph},
  year         = {2026},
  url          = {https://grantable.co/funders/indiana-secondary-market-for-education-loans-inc-morg_e680aef9f9794816ac9894ead926eb2c},
  note         = {Accessed 2026-10-04. Data licensed CC BY 4.0}
}

The figures on this page are open data under CC BY 4.0: reuse them with credit to Grantable and a link. Download the data.

Figures come from Indiana Secondary Market for Education Loans Inc's IRS filings (methodology). AI-written summaries, news items and logos are not covered by the open licence. Spot an error? Email hello@grantable.co.

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