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ANNUAL REPORT Fiscal Year Ended June 30, 2011 And Dated December 31, 2011 Rhode Island Student Loan Authority Making higher education more accessible and affordable.
ANNUAL REPORTFiscal Year EndedJune 30, 2011And Dated December 31, 2011
Rhode Island Student Loan Authority
Making higher education more accessible and affordable.
b o a r d o f d i r e c t o r s
Dr. Anthony J. Santoro, Chairman
Hon. Robert J. McKenna, Vice Chairman
Dr. William Croasdale, Treasurer
John Howell, Secretary
Gina M. Raimondo, General Treasurer, State of RI
Patricia Doyle
Charles P. Kelley, Executive Director
R ISLA 2011 ANNUAL REPORT
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Welcome Letter ..……………………………………….....……..……….…….......………........... 3
Highlights 2011 .................................................................................................................. 4 - 7
RISLA Accomplishments ...............................................................………………..………..... 8- 9
Programs Administered ..........................………………...………….…………...…...……….... 10 - 12
Meeting Minutes and Rules and Regulations ....……………….…….…………….....…............. 13
Operating Statement Summarizing Board of Directors Meetings ............................................ 14 - 15
Staff Supported by RISLA Funds and Debt and Arbitrage Rebate ............................................ 16
Training Courses Held and RISLA Financial Report ............................................................... 17
Statement of Net Assets, Statement of Revenues and Expenses, Statement of Cash
Flows, and Notes to Financial Statements ………………………………......……………......….. Appendix 1
ta b l e o f c o n t e n t s
B l a n k
R ISLA 2011 ANNUAL REPORT
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It is our great pleasure to present the 2011 Annual Report for the Rhode Island Student Loan Authority (RISLA). For over 30 years, RISLA has served as a leading non-profit resource in Rhode Island, making higher education more accessible and affordable. Students and families have grown to count on RISLA to help navigate the complexities of going to college, and we are proud to have helped tens of thousands of students reach their higher education dreams.
2011 was another challenging year for RISLA, as the landscape for educational financing continued to evolve. Even with these challenges in place, RISLA was able to provide $22 million to students and families through its Rhode Island Family Education Loan program. The program enjoys the safety of a fixed interest rate with terms among the most favorable in the nation. With repayment options that commence either immediately or after completion of studies, RISLA’s loan program provides a level of flexibility that is appreciated by student borrowers. The stability of a fixed monthly payment, and the opportunity to save thousands of dollars in finance charges contribute to the popularity of this loan program.
Along with our successful loan program, RISLA continued its tradition of free outreach services to students and parents through the College Planning Center of RI (CPCRI). The CPCRI saw record volume at its locations in Warwick, Cumberland, Bristol, and Providence in 2011, while providing a full range of counseling on financial aid, college selection, and financial literacy. The CPCRI was also instrumental in extending outreach into the state’s growing Latino community through the Latino College Access Coalition. This effort, which reaches many first generation college students, is an essential tool in promoting RISLA’s mission of making higher education more accessible for students.
Another major focus of RISLA’s outreach in 2011 involved the important topic of financial literacy. Our organization is committed to assisting students in gaining a better understanding of financial terms, all with a goal of creating better and more responsible consumers. This year RISLA continued to provide financial literacy training at high schools throughout the state, and recently embarked on a program to assist at-risk students at Central Falls High School. The efforts in Central Falls were initiated when RISLA secured private grant funding to develop a curriculum and begin training Central Falls teachers on financial literacy. This type of outreach to students, particularly those from disadvantaged backgrounds, will continue to be a focus of RISLA in the coming year.
All of the programs and services offered by RISLA are made possible by the dedication and oversight of our volunteer Board of Directors. We acknowledge the Board for its continued guidance and wisdom, including Chairman Anthony Santoro, William Croasdale, Patricia Doyle, John Howell, Robert J. McKenna, and General Treasurer Gina Raimondo. We also acknowledge the dedicated efforts of all our employees, whose hard work enables Rhode Island students to achieve their educational dreams.
Sincerely,
Charles P. KelleyExecutive Director
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R ISLA 2011 ANNUAL REPORT
In 2011 the Rhode Island Student Loan Authority continued to fulfill its mission of making higher education more accessible and affordable for Rhode Islanders. RISLA embarked on a number of initiatives throughout the year, leading to a host of accomplishments. The highlights include:
Governor Chafee Teams With RISLA on Nursing Rewards
On July 26th, RISLA teamed up with Governor Lincoln Chafee to announce the return of its Nursing Rewards program, an interest free loan incentive offered to those studying to be nurses in Rhode Island. The program is designed to offset the projected shortage of licensed nurses in our state, while offering an incentive to students who commit to work in any of the state’s licensed health care facilities. Gov. Chafee participated in a RISLA press conference on the Nursing Rewards program, touting the effort as an important step in creating jobs and assisting the state’s economy. Also taking part in the announcement were RISLA Executive Director Charles Kelley, Rhode Island Hospital CEO Dr. Timothy Babineau, and Dr. Lynne Dunphy from the University of Rhode Island. All of the speakers in the press conference lauded RISLA for offering this important incentive to nursing students. Press attention for the event was extensive, with RISLA’s initiative getting mention and coverage in outlets throughout the country.
RISLA Offers $22 Million in Safe, Fixed-Rate Loans in 2011
During the 2011/2012 academic year, RISLA offered $22 million in loans to students and families. The program was made available to Rhode Island residents and students attending college in Rhode Island. The rate students received depended on the repayment option the borrower chose, not on a credit score. RISLA’s immediate repayment option features a ten year term and represents the lowest cost option with a fixed rate of 6.39%. The deferred repayment option features a 15-year term and allows students to defer their loan payments until 6 months after they leave school and offers a fixed rate of 7.49%. These rates made Rhode Island’s education loan offerings some of the best in the country.
RISLA Continues to Lead on Financial Literacy
RISLA continued its efforts to offer free financial literacy seminars to students from all over Rhode Island. The seminars offered to students take place during regular class time, and cover topics like debt management, how to pay for college, understanding of general financial terms, basic budgeting, credit, and much more. On April 27th, the financial literacy outreach efforts culminated in the largest seminar to date, a presentation to the entire junior and senior classes at North Providence High School. NBC10 covered the North Providence event and aired a story on RISLA’s efforts. The leadership of North Providence High School, including Head of Guidance Jack Kelly and Principal Joseph Goho, expressed their sincere thanks to RISLA for providing such important outreach to its students.
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Financial Literacy Training Extended to Central Falls School District
In October, RISLA received a grant from the nationally acclaimed Council on Economic Education in New York to initiate financial literacy training for at-risk students at Central Falls High School. The grant, which gained the attention of U.S. Secretary of Education Arne Duncan during a visit to Rhode Island, is being used to train teachers in the Central Falls Guide to Success program. Once trained, the teachers will offer coursework to students enrolled in Guide to Success, a multiple pathways program to ensure non-traditional students graduate from high school. RISLA has partnered with the Central Falls School District on this innovative program, and has incorporated the latest technology, including the use of iPads, into the curriculum. The program has gained local media attention as well as coverage in the Boston Globe.
College Goal Sunday
On January 30th, RISLA and the College Planning Center of Rhode Island were lead participants in College Goal Sunday, a free statewide event that assists students and families with college financial aid forms. This year marked the fourth annual College Goal Sunday, which provided financial aid specialists in Central Falls, Lincoln, Newport, Providence, West Warwick, and Woonsocket. Sponsored by the Rhode Island Association of Student Financial Aid Administrators and the Lumina Foundation, College Goal Sunday is open to all Rhode Islanders, with particular attention given to reaching low income and first-generation college students. Counselors from RISLA and the CPCRI played an integral role in the event’s success. RISLA’s Chief Financial Officer Noel Simpson was a lead organizer of the event.
College Planning Center Hosts Major Statewide College Fair
On September 20th, the College Planning Center of Rhode Island hosted a major college fair for students throughout the state at McCoy Stadium in Pawtucket. High school students and families participated in the event, which brought together 100 college representatives from throughout the northeast. The free event allowed attendees to see parts of McCoy Stadium that are normally closed to the public, including the batting cages and locker rooms. The CPCRI gained significant publicity through the PawSox organization for the event, as well as coverage in various local media outlets. Three lucky students who attended the event will receive $750 scholarships from the CPCRI.
Sherlock Scholarship Awards
For the eighth consecutive year, RISLA was proud to award 25 scholarships to needy Rhode Islanders in the name of the late state representative and former RISLA board member, Paul V. Sherlock. The $50,000 in scholarships was awarded randomly to qualified students from across Rhode Island at a June ceremony in the State House. Governor Lincoln Chafee attended the awards ceremony and offered words of encouragement for all the students. Joining the Governor in hosting the event were Dave DeBlois, Director of the CPCRI, RISLA Executive Director Charles Kelley, and RISLA CFO Noel Simpson.
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RISLA Joins U.S. Senator Jack Reed for College Aid Workshop
U.S. Senator Jack Reed held his 21st annual College Aid Workshop at Cranston High School West on November 22nd. RISLA Executive Director Charles Kelley joined Sen. Reed in the presentation to students and families. College Planning Center of RI Director Stacy Crooks also participated in the program. RISLA has enjoyed a long-standing tradition of working with Senator Reed on his college aid workshops.
College Planning Center Expands its Hours & Outreach
In 2011, the College Planning Center of RI expanded its hours to better serve the thousands of students and families who utilize its services annually. As always, the CPCRI’s services are free of charge. During the year, the CPCRI staffed a West Bay office at the Warwick Mall, an East Bay office on Metacom Avenue in Bristol, a Northern Rhode Island office at the Boys & Girls Club of Cumberland, and a Providence office at the Elmwood Community Center. Expanded hours during 2011 included nights and weekend sessions, complemented by the CPCRI’s interactive website: www.collegeplanningcenter.org.
For Spanish-speaking members of the community, the CPCRI continues to offer outreach services through its Latino College Access Coalition. Through the Coalition, CPCRI staffers are able to provide a full complement of outreach services, including financial aid assistance and completion of forms, in Spanish.
Longtime CPCRI Leader Retires
2011 saw the end of an era at the College Planning Center when longtime Executive Director David DeBlois announced his retirement. Dave was a fixture at local high schools for many years, offering outreach and guidance to thousands of students seeking a higher education. Dave’s work earned the praise and appreciation of countless leaders in the state’s education community. Dave’s lasting legacy is the CPCRI’s dedicated and professional staff, who will continue his efforts to help students in the years ahead.
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Looking Ahead
2011 was an exciting year for the Rhode Island Student Loan Authority. RISLA began the year by providing $22 million in a highly competitive loan program, with interest rates and terms more favorable than those offered by the Federal PLUS Loan. The affordable, fixed-rate option for students and families continues to be an attractive program, and RISLA looks forward to continuing to offer its competitive financing options in the coming year.
Along with RISLA’s long-standing commitment to making higher education more affordable, 2011 saw an ongoing commitment to helping students access a college education. Through the highly popular College Planning Center, student and families utilized the free one-on-one counseling and guidance services at record numbers. The outreach services have been particularly effective to those in the state’s growing Latino community, where RISLA and the CPCRI have formed the Latino College Access Coalition. By targeting this segment of the population, many of which are first generation college students, RISLA is enhancing its commitment to making higher education more accessible.
RISLA is particularly proud of its efforts to assist students in the area of financial literacy. By working collaboratively with high schools throughout the state, RISLA has provided effective seminars and trainings for students. Providing students with a greater understanding of basic financial principles and terms is the foundation for allowing them to make better financial decisions into the future. RISLA has always made responsible lending a top priority, and having a population of students who are better informed about finances is a benefit to our state.
RISLA looks to capitalize in 2012 on the financial literacy outreach that took place in the past year. The efforts underway in the Central Falls School District are particularly exciting. The grant money secured by RISLA to train teachers in financial literacy at Central Falls High School has gained the positive attention of U.S. Education Secretary Arne Duncan. The subsequent curriculum will benefit students at the school, including those who are most at-risk for dropping out. RISLA’s efforts in Central Falls will serve as a springboard to further financial literacy outreach throughout the state.
As always, RISLA will continue its long tradition of working collaboratively and effectively with elected leaders throughout the state. RISLA’s volunteer board and dedicated staff work each day to carry out a mission of helping students and families with higher education. In a spirit of ongoing cooperation, RISLA looks forward to continuing to be a vital and important resource for all Rhode Islanders.
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R ISLA 2011 ANNUAL REPORT
RISLA Operations
Effective July 1, 2010, all federally guaranteed student loans were originated under the Federal Direct Student Loan Program. RISLA continues to hold and administer its $617,725,913 portfolio of federally guaranteed Stafford, PLUS and Consolidation loans. As a state-based not-for-profit lender/servicer, RISLA’s management is analyzing the possibility of Direct Loan servicing for the U.S. Department of Education.
Rhode Island Family Education Loan program loan volume decreased from $25,879,498 for the year ended June 30, 2010 to $21,763,825 for the year ended June 30, 2011, a decrease of 15.90%.
For the Fiscal Year 2011, RISLA serviced approximately 73,000 borrowers, a vast majority of whom are Rhode Island residents or attend Rhode Island institutions.
RISLA Programs
In FY 2011, RISLA continued to offer fixed rate state-based student loans through its Rhode Island Family Education Loan program (RIFEL). Qualified students attending college in Rhode Island and state residents attending an eligible out-of-state school could choose a ten year immediate repayment option at a fixed rate for the life of the loan. Students could also choose a fifteen year deferred repayment option, also at a fixed rate for the life of the loan. RISLA originated approximately $22,000,000 in RIFEL loans in FY 2011. RISLA was able to secure financing to originate another $25.5 million for the fiscal year ended June 30, 2012.
RISLA offered a reduced rate on PLUS loans from FY 1994 through FY 2009 which saved borrowers approximately $10 million in reduced interest costs. RISLA discontinued the reduced rate PLUS program in FY 2009 due to federal restrictions on purchasing loans with borrower benefits. RISLA continues to honor prior commitments to parent borrowers.
Teacher, Nurse, Nurse Educator, and Pharmacy reward programs offer interest free borrowing and, under certain programs, loan forgiveness for eligible students in the above fields of study. Borrowers with Stafford loans disbursed from July 1, 2002 to July 1, 2008 are eligible for the Teacher, Nurse, Nurse Educator, and Pharmacy Reward Programs.
The College Planning Center made 10,668 contacts with students and parents during FY 2011, providing admissions and financial aid counseling and guidance.
RISLA conducted 106 financial literacy workshops/presentations throughout Rhode Island, serving approximately 2,640 individuals during FY 2011. Sessions were conducted over a wide range of audiences including students, school administrators, and counselors. Sessions covered a variety of topics such as financial fundamentals, understanding credit, budgeting, and student loan repayment.
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Future Activities
The Authority has operated a robust state-based loan program since 1992 and intends to continue to do so in the future. Moreover, as part of the Budget Reconciliation Act of 2010, Congress mandated that the United States Department of Education contract with eligible not-for-profit servicers to service Direct Student Loans, provided the servicers meet the standards for servicing federal assets and have the capacity to service the loan volume allocated to them. Under that Act, the Department must allocate to each eligible not-for-profit servicer the servicing rights for the loan accounts of 100,000 borrowers and establish a separate pricing tier for each of the first 100,000 borrower loan accounts at a competitive market rate. The Authority has selected a Direct Loan Servicing Platform and plans to submit in early 2012 an application to the U.S. Department of Education to provide Direct Loan Services.
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Rhode Island Family Education Loan Program (RIFEL)
Started in 1992, the RIFEL program is credit based and requires both the student and a cosigner. The interest rate is fixed depending on when the student entered into the loan agreement and the repayment option the student chose. The loan program has a fee equal to 4% of the loan amount.
On March 30, 2010 RISLA issued Tax Exempt Fixed Rate Student Loan Program Revenue Bonds in the amount of $16,970,000. The purpose of this bond issue was to fund RIFEL loans originated in FY 2011. RISLA issued an additional $25,570,000 of Tax Exempt Fixed Rate Student Loan Program Revenue Bonds on December 16, 2010. The purpose of this bond issue was to fund RIFEL loans originated in FY 2012.
College Planning Center Of Rhode Island (CPCRI)
Started by RISLA in 1998, the CPCRI provides free expert college admissions and financial aid counseling to parents and students. The CPCRI has experienced former financial aid and college planning counselors on their staff.
CPCRI staff provides one-on-one counseling to parents and students in completing the often-complex financial aid forms such as the FAFSA and Profile, used by colleges.
Working with high school guidance counselors, CPCRI staff provides workshops on financial aid, essay writing and college selection.
The College Planning Center made 10,668 contacts with parents and students through in-person counseling and seminars to assist with their college planning needs in FY 2011.
The College Planning Center also has many of its financial aid and admissions resources on the web at www.collegeplanningcenter.org.
In addition to the College Planning Center locations in Warwick and Bristol, two new CPCRI locations were opened during FY 2010, one in Providence and the other in Cumberland.
RISLA also started the Latino College Access Coalition in FY 2010. The Coalition is a partnership of 11 community based and business organizations with a goal of increasing college attendance and success among the Latino residents of the state.
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Paul Sherlock Scholarship Fund
$50,000 need based annual scholarship fund named after former college professor, leader in special education, RISLA Board member, and legislator. Funds resulted from agreement between RISLA and National Education Loan Network, Inc (Nelnet). Nelnet continues to support need-based financial aid and financial literacy programs in Rhode Island.
RISLA has funded 200 need based scholarships totaling $400,000 through FY 2011.
Teaching, Nursing And Pharmacy Rewards Programs
RISLA offers a zero interest Stafford loan for the first four years of repayment for students that enter high need occupations in teaching, nursing and pharmacy.
In FY 2007, RISLA enhanced the Nursing Rewards Program by adding an additional $1,000 principal forgiveness in each of the first four years of repayment.
One hundred twenty students have entered repayment under the Rewards programs and approximately another 150 students are potentially eligible when they enter repayment. An eligible teaching, nursing, or pharmacy student with a $16,000 loan balance can potentially save over $1,800 in interest payments with RISLA’s rewards programs.
Borrowers with Stafford loans disbursed from July 1, 2002 to July 1, 2008 are eligible for the Teaching, Nursing and Pharmacy Reward programs.
Nurse Educators Reward Program
RISLA offers a Nurse Educators Reward program which offers a $5,000 principal forgiveness in each of the first four years of repayment for students who borrow a RISLA Stafford loan, RISLA Graduate PLUS, or RISLA alternative loan, for a total amount of $20,000 savings.
RISLA also offers eligible borrowers a zero interest RISLA Stafford loan, RISLA Graduate PLUS or RISLA alternative loan for the first four years of repayment.
Borrowers with Stafford loans disbursed from July 1, 2006 to July 1, 2008 are eligible for the Nurse Educator Rewards program.
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Customer Service
RISLA has been known and continues to be known for its superior customer service. A local presence is important for schools and students and that factor distinguishes RISLA from its out-of-state competition.
Examples of the superior customer service are: locally operated call center for students and schools; locally operated loan disbursement center; default prevention programs for students and schools; financial literacy counseling; and online entrance and exit sessions. By establishing our local presence, our loan origination staff is available to meet with students and their families to explain the various loan programs, assist in completion of loan applications and help to clear credit issues.
Technology plays an important role in providing superior customer service. RISLA has invested in communication equipment, hardware and software to insure that RISLA stays ahead of the pack in customer service.
Information on the Authority’s programs is available by calling 1-800-758-7562 or locally at 401-468-1700 or on the web at www.risla.com.
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In accordance with the RI Open Meetings Laws, R.I. Gen. Laws § 42-46-7(d), all public bodies are required to file a copy of the minutes of all open meetings with the secretary of state for inspection by the public within thirty-five (35) days of the meeting.
The Rhode Island Student Loan Authority’s Board of Directors Meeting Minutes for the fiscal year ended June 30, 2011 can be found on the Office of the Secretary of State’s website at the following address: http://www.state.ri.us/govtracker//index.php?page=DetailDeptAgency&eid=529.
RISLA’s promulgated rules and regulations can be found on the same website as noted above.
A summary of the RISLA Board of Directors meeting minutes can be found on the following pages of this annual report.
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Summary of Board of Directors MeetingsYear Ending June 30, 2011
Board Meeting Date: September 21, 2010
Items discussed and voted:
Voted to approve the 2010 Financial Audit Report.Discussed and voted to select Janney Montgomery for the Fixed Rate transaction and to select Deutsche Bank for the Floating Rate Refinancing.
Board Meeting Date: November 9, 2010
Items discussed and voted:
Discussed and voted to authorize the selection of RBC Capital Markets as c-manager for the fixed rate bond issue.Discussed and voted to authorize the expenditure of up to $591,000 for bond issuance costs.Discussed and voted to adopt the authorizing resolution for the $50M fixed rate bond issue. Discussed the reaffirmation of the ratings on the Authority’s bonds by rating agencies.
Board Meeting Date: December 14, 2010
Items discussed and voted:
Discussed and voted to authorize a 3% increase in salaries effective January 1, 2011 and an additional 3% overall increase in salaries effective July 1, 2011 provided the State gives such increase to union and non-union employees on July 1, 2011. Discussed and voted to increase the employees’ contribution to their health care premium.Discussed and voted to re-establish the parity of the Executive Director’s salary with the salary of the Executive Director of RIHEAA, to which the Board had previously committed.Discussed mortality loan forgiveness options.
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Board Meeting Date: January 28, 2011
Items discussed and voted:
Discussed the RIFEL bond transaction that closed in December 2010 that will fund loans for the 2011/2012 academic year. Discussed the refinancing of the VRDN and Letter of Credit with State Street that will terminate on August 15, 2011.Discussed and voted to forgive the loan balance on any non federal loan due to the death of the student borrower.
Board Meeting Date: March 31, 2011
Items discussed and voted:
Discussed the conversion of the College Bound and RIFEL loans from Granite State to RISLA for servicing.Discussed and voted to enter into a servicing contract with Nelnet with respect to RISLA’s FFELP loan portfolio.Discussed and voted the authorize the issuance of $150 million variable rate bonds to refund FFELP loans.
Board Meeting Date: June 17, 2011
Items discussed and voted:
Discussed the progress of the conversion of the servicing of RISLA’s College Bound and RIFEL loans from Granite State to RISLA for in-house servicing. Discussed and voted to approve the authorizing resolution regarding the Extension of Letter of Credit with State Street.Discussed and voted to approve an interest forgiveness program for students who obtain a RISLA RIFEL loan commencing with the 2011-2012 academic year and who thereafter work as RN’s in the State of Rhode Island, such individuals to receive 0% interest benefit for each year they work as an RN in Rhode Island for up to four years.
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Staff Supported by RISLA Funds
RISLA receives no state appropriation and is entirely funded through revenues generated from its student loan programs and bond issues. RISLA’s authorizing statute (RIGL Chapter 16-62) grants the Board of Directors the authority to appoint an Executive Director to run the day-to-day operations of RISLA. As of November 2011, RISLA had 34 full time employees who were responsible for managing RISLA’s programs, financial reporting and the control and accounting of the flow of funds in RISLA’s bond trust estates.
The Authority has separate agreements with Nelnet, University Accounting Services and Pennsylvania Higher Education Assistance Authority to provide in school and loan repayment servicing to RISLA’s student loan portfolio.
Summary of RISLA Debt and Arbitrage Rebate
As of June 30, 2011 RISLA had $668,270,000 in Bonds outstanding. None of this debt is an obligation of the state of Rhode Island and is entirely supported by revenues generated from student loans issued and owned by RISLA. Student loan receivables amounted to $1,010,496,016 on June 30, 2011.
As of June 30, 2011 RISLA had $645,670,000 in tax-exempt bonds outstanding. The United States Department of Treasury and the Internal Revenue Service (IRS) have issued regulations that limit the amount of income that can be generated from both non-purpose and purpose investments. This is known as arbitrage rebate. Excess income from purpose investments, which includes student loan income, is limited to 2% above the cost of the tax-exempt debt instruments. Costs that can be included in the tax-exempt debt instruments include underwriting and other issuance costs, bond interest, remarketing, credit support and trustee costs.
Excess income from purpose investments must either be paid back every ten years to the IRS or funded back to student loan borrowers in the form of loan forgiveness or borrower benefits. Income earned on non-purpose investments above the cost of the tax debt instrument must be rebated back to the IRS every five years. As of June 30, 2011, RISLA has accrued an arbitrage rebate liability of $393,720 for non purpose investments and has accrued $8,421,294 for purpose investments. It is RISLA’s intent to lower the purpose liability over time through the borrower benefit programs offered by RISLA.
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Summary of Training Courses Held Pursuant to This Chapter
RISLA’s staff has attended the training sessions conducted by the Attorney General Ethics Commission, and the University of Rhode Island School of Continuing Education on Open Meetings, Retention of Public Records and Ethics Commission gift and conflict requirements.
RISLA Financial Report for Fiscal Year 2011
On the next several pages is RISLA’s statement of net assets; statement of revenue, expenses, and changes in net assets; statement of cash flows; and notes to financial statements for the year ending June 30, 2011. RISLA’s complete audited financial statements, including the auditor’s opinion letter and management discussion and analysis, is available on the web at www.risla.com or by calling the Authority at 401-468-1700.
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