The First Marblehead Other Current Assets Calculation
Technically, the other current assets line may include any asset that will be used up within the next 12 months. However, other current assets never include assets that are listed elsewhere in the current assets section of the balance sheet. For this reason, other current assets are almost never:
Cash
Trade Receivables
Inventory
The assets grouped under other current assets are most commonly:
Prepaid Expenses
Tax Assets
Non-Trade Receivables
Other (too numerous to list)
Some companies can and do choose to report each of these items separately.
Other current assets may be made up largely of Prepaid Expenses - unless these are listed on a separate line of the balance sheet.
Prepaid expenses are exactly what they sound like. If a company pays a $30 million insurance premium on the last day of June that will provide coverage for the entire month of July, the company will record a $30 million prepaid expense to account for the insurance expense it will show in July that it already paid for in June.
Tax assets can be quite complex. It is not common for companies to have both tax assets and tax liabilities. It is important that investors take note of both items when considering future taxes.
Non-Trade receivables are rarely a large item. They include money owed to the company by non-customers. Non-trade receivables can be caused by related party transactions, the sale of a business unit, etc. The notes to the company's financial statements will often provide much more detail on this item if it is truly important.
There are a variety of other current assets like non-trade receivables which are simply too numerous to list. If a company is following correct reporting procedures, it should not lump items that are different from one another and yet individually important to the company together under the line Other Current Assets.
At most companies, other current assets are a small and unimportant part of the total balance sheet.
The First Marblehead (The First Marblehead) Business Description
Traded in Other Exchanges
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Address
The First Marblehead Corp was formed as a limited partnership in 1991 and was incorporated in Delaware in August 1994. It is a specialty finance company focused on the education financing marketplace in the United States. It provides loan programs on behalf of its lender clients for K-12, undergraduate and graduate students and for college graduates seeking to refinance private education loan obligations, as well as tuition planning, tuition billing, refund management and payment technology services. It provides a fully integrated suite of services through its Monogram loan product service platform, which it refer to as its Monogram platform, as well as certain services on a stand-alone, fee-for-service basis. These loan programs are designed to be marketed to prospective student borrowers and their families directly or through educational institutions and to generate portfolios which might be held by the originating lender or financed in the capital markets. It offers a fully integrated suite of services, including its new Monogram loan product, as well as certain services on a standalone, fee-for-service basis. In addition, it provides administrative and other services to securitization trusts that it has facilitated and asset servicing to the third-party owner of certain securitization trusts. The Company's bank subsidiary, Union Federal Savings Bank is a federally chartered thrift that offers residential and commercial mortgage loans, and certain other banking products. Through its Monogram product offering, it enables lenders to offer borrowers private education loans with competitive terms and clear pricing alternatives, but which are also structured to align product options made available to qualified applicants with their credit risk. The Monogram product integrates all of its service offerings, including program design, marketing support, loan origination and portfolio management. The product enables its lender clients to customize their loan programs to meet their risk control and return objectives without a third-party guaranty. Specifically, the client could customize the range of loan terms offered to their qualified applicants, such as repayment options, loan limits and borrower pricing. The Monogram product is based on its proprietary origination risk score model, which was independently reviewed by a credit bureau. It helps clients design their private education loan programs. The Company's design approach begins with a standard set of pricing options, legal agreements and third-party relationships that it could then customize for its clients in order to satisfy their particular needs. The Company's systems have been designed to provide applicants with consumer protection disclosures required by law and regulation, as well as information helpful for making informed decisions about private education loans. It operates in a competitive environment.FIRSTMARBLEHEAD, the checkered logo, MONOGRAM, MONTICELLO STUDENT LOA
Executives
| William Dean Hansen |
director |
|
| John Carter Risley |
10 percent owner |
757 BEDFORD HIGHWAY, BEDFORD A5 B4A3Z7 |
| Peter S Drotch |
director |
|
| Second Curve Capital Llc |
10 percent owner |
150 N RADNOR CHESTER ROAD, SUITE F120, RADNOR PA 19087 |
| Thomas K Brown |
10 percent owner |
C/O SECOND CURVE CAPITAL, LLC, 237 PARK AVENUE, 9TH FLOOR, NEW YORK NY 10017 |
| Cameron Dort A Iii |
director |
|
| George G Daly |
director |
C/O STERN SCHOOL OF BUSINESS NYU, 44 WEST 4TH ST SUITE 8-69, NEW YORK NY 10012 |
| William R Berkley |
director |
165 MASON STREET, GREENWICH CT 06830 |
| Michael Joseph Plunkett |
officer: Managing Director |
C/O ALPHATEC HOLDINGS, INC., 5818 EL CAMINO REAL, CARLSBAD CA 92008 |
| Ryan Randall Brenneman |
officer: Managing Director |
C/O EYEGATE PHARMACEUTICALS, INC., 271 WAVERLEY OAKS ROAD, SUITE 108, WALTHAM MA 02452 |
| Henry Cornell |
director |
1099 18TH STREET, SUITE 2300, DENVER CO 80202 |
| Jack L Kopnisky |
director, officer: CEO, President and COO |
C/O STERLING NATIONAL BANK, 400 RELLA BOULEVARD, MONTEBELLO NY 10901 |
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