2021-11-11T14:01:05-06:00 2020-12-31 390859910 Baker Tilly US LLP 225 South 6th Street Suite 2300 Minneapolis MN 55402 990 2020-01-01 411991995 ECMC Group Inc ECMC 6512210566 111 Washington Ave So 1400 Minneapolis MN 55401 Martin A Scanlon CFO & Treasurer 2021-11-11 true Martin A Scanlon 999009999 Lawrence H Mohr CPA P00447603 6128764500 2020 2022-09-23 18:48:47Z Jeremy J Wheaton 111 Washington Ave So 1400 Minneapolis MN 55401 1716210670 false X www.ecmcgroup.org X 2000 DE ECMC Group, Inc. supports Educational Credit Management Corporation and ECMC Education, Inc. ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation and ECMC Education, Inc. by creating, providing and investing in innovative educational opportunities. ECMC Group, Inc. is a nonprofit corporation whose vision is to empower underserved communities to thrive through education. 8 7 261 0 7136220 0 202597584 188944041 105417773 102833866 49338353 121198194 4365164 5518849 361718874 418494950 43919207 73616491 0 19310836 14701878 0 0 104469622 85150158 167699665 173468527 194019209 245026423 3744530742 4727263783 2897699267 3610165927 846831475 1117097856 X ECMC Group, Inc.'s mission is to help students succeed by creating, providing and investing in innovative educational opportunities. false false 73363000 73363000 0 ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation, ECMC Education, Inc., and ECMC Foundation by creating, providing and investing in innovative educational opportunities. ECMC Group, Inc. is a nonprofit corporation whose vision is to empower underserved communities to thrive through education. $29,800,000 cash contributions made to ECMC Education, Inc. to support its mission to transform career and technical education to provide aspiring and current learners with skills to elevate their careers and communities, a $11,750,000 contribution in the form of a payment made by ECMC Group, Inc. on behalf of ECMC Education, Inc. to assist in the lease buyout of a closed facility and a $1,573,000 contribution made by ECMC Group, Inc. on behalf of ECMC Education, Inc. for accrued section 4968 excise tax on net investment income of ECMC Group, Inc. and subsidiaries. $30,240,000 contributions made to ECMC Foundation for general support of its mission to improve higher education and career success among underserved populations through evidence-based innovation. 71036543 0 102833866 Loan Portfolio Servicing: ECMC Group, Inc. and Oakdale Student Loan Funding, LLC (Oakdale), a wholly owned subsidiary of ECMC Group, Inc., have eligible lender trust (ELT) agreements with Manufacturers and Traders Trust Company. Manufacturers and Traders Trust Company serves as the ELT for ECMC Group, Inc. and Oakdale. Through the ELTs, ECMC Group, Inc. and Oakdale purchase Federal Family Education Loan Program (FFELP) rehabilitated student loans from Educational Credit Management Corporation, a related entity, and other guaranty agencies in order to ensure that student loan borrowers can realize the full benefits afforded them under 34 CFR sec. 682.405. Patriot Student Loan Capital, LLC (Patriot) has interim eligible lender trust agreements with Manufacturers and Traders Trust Company. ECMC Group Student Loan Trust 2016-1 (Trust 2016-1), ECMC Group Student Loan Trust 2017-1 (Trust 2017-1), ECMC Group Student Loan Trust 2017-2 (Trust 2017-2), ECMC Group Student Loan Trust 2018-1 (Trust 2018-1), ECMC Group Student Loan Trust 2018-2 (Trust 2018-2), ECMC Group Student Loan Trust 2019-1 (Trust 2019-1), ECMC Group Student Loan Trust 2020-1 (Trust 2020-1), ECMC Group Student Loan Trust 2020-2 (Trust 2020-2) and ECMC Group Student Loan Trust 2020-3 (Trust 2020-3) collectively (the Trusts), have eligible lender trust agreements with Manufacturers and Traders Trust Company. Manufacturers and Traders Trust Company serves as the interim eligible lender trust (interim ELT) for Patriot and as eligible lender trust (ELT) for Trust 2016-1, Trust 2017-1, Trust 2017-2, Trust 2018-1, Trust 2018-2, Trust 2019-1, Trust 2020-1, Trust 2020-2 and Trust 2020-3. Through the interim ELT, Patriot purchases FFELP rehabilitated student loans from ECMC Group, Inc. and Oakdale and resells the loans through the ELT to the Trusts. The Trusts issued Class A notes secured by the respective student loan portfolios. 730764 3500 0 Through the Public Policy Program, ECMC Group, Inc. shares information among ECMC Group-related members on legislative proposals and governmental regulations that impact their operations. The program enables ECMC Group, Inc. affiliates to monitor public policy matters and provide nonpartisan analysis and research to policymakers, thought leaders and the general public. 249991 249991 0 Grants and sponsorships supplied by ECMC Group, Inc. to schools and individuals in support of its tax-exempt purpose. 249991 249991 145380298 true true false true false false false false false true true true false true true false true false false true false false false false false false true true true false false false false false false false false false false false false true true true true false false true 66 0 261 true true true false false false false false false false false false true false X 8 7 true false false false true true false true true false false true true true true true true true true false MN X Martin A Scanlon 6512210566 111 Washington Ave So Ste 1400 Minneapolis MN 55401 Jeremy J Wheaton President & CEO, ECMC Group, Inc. 40.0 0.0 X X 1136906 0 117083 Derek Langhauser Director 4.0 3.0 X 0 71875 0 Diana J Ingram Director 6.0 3.0 X 0 133750 0 Jack O'Connell Director 4.0 4.0 X 0 130000 0 James V McKeon Board Chair 15.0 4.0 X 0 191250 0 Julia S Gouw Director 5.0 3.0 X 0 157500 0 K Paul Singh Director 4.0 3.0 X 0 137500 0 Maurice M Salter Director 6.0 3.0 X 0 152500 0 Daniel S Fisher Group General Counsel & Corp Sec; ECMC President (effective 07-01-20) 40.0 0.0 X 687972 0 95259 Gregory A Van Guilder Chief Investment Officer 40.0 0.0 X 1072370 0 96552 Martin A Scanlon CFO & Treasurer 40.0 0.0 X 686542 0 90517 Adam Trampe VP, Compliance and Enterprise Risk Management 40.0 0 X 283856 0 66954 Brian Boardman VP, Deputy General Counsel & Asst Corp Secretary 40.0 0 X 354463 0 79276 Christopher Janzen VP, Academic Technology 40.0 0 X 233958 0 46754 Harini Upadhyaya VP, Applications and Analytics 40.0 0 X 315886 0 48304 Heidi J Johnson SVP, Chief of Staff 40.0 0 X 415912 0 74482 Hugh E McSherry VP, Corporate Services 40.0 0 X 317152 0 57794 Iris Cumberbatch SVP, Corporate Affairs 40.0 0 X 394681 0 57028 John McKennell VP, Chief Information Security Officer 40.0 0 X 269930 0 60297 Josh Slayton SVP, Corporate Development & Impact Investing 40.0 0 X 449053 0 80286 Matthew T Mikulski VP, Internal Audit 40.0 0 X 273782 0 63997 Philip Becker VP, Investments 40.0 0 X 369284 0 73958 Rahoul Ghose Chief Information Officer 40.0 0 X 493555 0 84838 Sarah Strehl Chief Human Resources Officer 40.0 0 X 542620 0 82866 Stephen H Hansen VP, Information Technology 40.0 0.0 X 302179 0 38936 Tiffany Thompson VP, Finance & Controller 40.0 0 X 288138 0 37605 Aaron Woodrich Sr Dir, Information Technology 40.0 0 X 224585 0 63929 Dean J Vandecoevering Sr Dir, Financial Planning & Analysis and Business Intelligence 40.0 0 X 259241 0 42677 Scott Reed Sr Mgr, Development 40.0 0 X 222638 0 54454 Steven Hupert Dir, Information Technology 40.0 0 X 232597 0 58018 Troy Gunderman Director Litigation 40.0 0 X 216199 0 53606 I King Jordan Former Director 0.0 0.0 X 0 30000 0 Janice A Hines Former Chief Relationship Officer, ECMC Group, Inc., current Sr Advisor, ECMC 0.0 40.0 X 0 690026 85687 John F DePodesta Former Board Chair 0.0 0.0 X 0 100000 0 Roberta Cooper Ramo Former Director 0.0 0.0 X 0 75000 0 Wendy Badger Former VP, Corporate Compliance Officer 0.0 0 X 223467 0 0 10266966 1869401 1711157 114 true true false Navient Solutions Inc 220 Lasley Ave Hanover Industrial Estates Wilkes Barre PA 18706 Loan Portfolio Servicing 5438485 Amazon Web Services Inc PO Box 84023 Seattle WA 98124 IT Services & Support 3254800 Solution Design Group Inc 7500 Olson Memorial Hwy Golden Valley MN 55427 IT Services & Support 2293672 CDW PO Box 75723 Chicago IL 60675 IT Services & Support 1912040 The Boston Consulting Group Inc PO Box 75200 Chicago IL 60675 Consulting Services 1700000 50 188932000 12041 12041 188944041 Student Loan Portfolio 900099 102833866 102833866 0 0 0 0 102833866 4564597 36631 4527966 0 0 1380968563 33380754 1269048079 28667641 111920484 4713113 116633597 1609609 115023988 Servicing Fees on Trust Student Loans 900099 5489980 5489980 Miscellaneous 900099 18789 18789 Intercompany Servicing Revenue 900099 10080 10080 0 0 0 0 5518849 418494950 102833866 7136220 119580823 73485491 73485491 131000 131000 5843707 5843707 7645455 1706382 5939073 273734 45034 228700 560326 15546 544780 378656 70602 308054 1538132 1538132 371355 371355 5600 5600 28842 28842 10059543 7924510 2135033 0 1153689 42506 1111183 1159642 67958 1091684 331111 331111 89733 23565 66168 0 0 0 0 37589 3474 34115 56099049 56099049 5725413 5725413 240324 240324 177360 177360 Loss on Subsidiaries 4577000 0 4577000 0 Principal Loan Adjustment 3448041 9092 3438949 Sales and Other Taxes 112623 112623 Business Reg and Fees 4830 110 4720 -9718 1724 -11442 0 173468527 145380298 28088229 0 39997765 49136282 120537467 292699901 969702 3289361 0 0 0 0 27701950 55521378 2159977 2905964 26337963 15514301 12590479 10823662 149995180 181924465 1014124580 1088331786 2366349490 3015417587 16490508 10104152 10722889 3744530742 4727263783 17380267 20212964 2004631 2639587 0 0 424967469 203204598 2453346900 3384108778 2897699267 3610165927 X 846831475 1117097856 846831475 1117097856 3744530742 4727263783 X 245026423 -9478042 34718000 X false true X true false X X 2 Educational Credit Mgmt Corp 411778617 9 true 730764 0 ECMC Education Inc 472237488 2 true 43123000 0 2 43853764 0 true false false false false false false false false false false false false false false true Schedule A, Part I, Line 12b An Organization Organized to Perform and Provide ECMC Group, Inc., the supporting organization, retains the following authority over Educational Credit Management Corporation and ECMC Education, Inc., the supported organizations, and, therefore, has control over Educational Credit Management Corporation and ECMC Education, Inc.: 1. To authorize amendments to the Articles of Incorporation and Bylaws. 2. To approve the strategic and financial plans. 3. To elect and/or approve the members of the Board of Directors. 4. To oversee coordination of programs and services offered. 5. To authorize formation, governance and dissolution. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED false false false false false false true 21259 false false 21259 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY General lobbying activities on legislative issues of relevance to ECMC Group, Inc. 14685232 5504067 9181165 393444 290131 103313 11259287 9720103 1539184 10823662 ECMC Holdings Corporation stock Investment in ECMC Holdings Corporation 7417719 F Investment in Oakdale Investment Management Corporation 3977472 F Alternative Investments 1074883938 F Investment in ECMC Group Student Loan Trust 2018-1 Class B Notes F Investment in Performant Financial Corporation 2052657 F 1088331786 Student Loan Receivable-Held for Sale 224315294 F Student Loan Receivable-Pledged 2718119573 C Mission-Related Investments Direct Investments 33624784 F Impact investments 39357936 F 3015417587 Due to ECMC Holdings Corporation 7138 Foundation deposits in ECMC Group, Inc. Apportioned Investment Pool 811847040 Due to Educational Credit Management Corporation Due to Educational Credit Services Company Payable for unsettled investments 975000 Secured Borrowings of ECMC Group Student Loan Trust 2016-1 202293969 Secured Borrowings of ECMC Group Student Loan Trust 2017-1 255492109 Secured Borrowings of ECMC Group Student Loan Trust 2017-2 309059313 Secured Borrowings of ECMC Group Student Loan Trust 2018-1 332096189 Secured Borrowings of ECMC Group Student Loan Trust 2018-2 241813399 Amount payable to the Department of Education 522400 Deferred Financing Fees -10630351 Operating Lease 2827923 Deferred Grant Revenue from ECMC Foundation Secured Borrowings of ECMC Group Student Loan Trust 2019-1 250412648 Secured Borrowings of ECMC Group Student Loan Trust 2020-1 302643166 Secured Borrowings of ECMC Group Student Loan Trust 2020-2 323855230 Secured Borrowings of ECMC Group Student Loan Trust 2020-3 360893506 Due to the Guarantor Federal Reserve Fund 99 Subordinated Borrowings of ECMC Group Student Loan Trust 2018-1 3384108778 X Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2016-1 $202,293,969 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2016-1. ECMC Group Student Loan Trust 2016-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2017-1 $255,492,109 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2017-1. ECMC Group Student Loan Trust 2017-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2017-2 $309,059,313 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2017-2. ECMC Group Student Loan Trust 2017-2, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2018-1 $332,096,189 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2018-1. ECMC Group Student Loan Trust 2018-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2018-2 $241,813,399 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2018-2. ECMC Group Student Loan Trust 2018-2, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part VII Investment in Performant Financial Corporation At December 31, 2020, ECMC Group, Inc. held a beneficial ownership interest in the publicly traded stock of Performant Financial Corporation (PFMT). ECMC Group, Inc. was the record owner of 1,185,406 shares of PFMT common stock and warrants to purchase an aggregate of 5,794,990 shares of PFMT common stock, the sum of which represent approximately up to 8.1% of diluted common stock. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2019-1 $250,412,648 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2019-1. ECMC Group Student Loan Trust 2019-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Foundation Deposits in ECMC Group, Inc. Apportioned Investment Pool $811,848,040. At December 31, 2020, ECMC Foundation was a participant in the ECMC Group, Inc. Apportioned Investment Pool ("Apportioned Investment Pool"). A portion of ECMC Group, Inc.'s assets are held in the ECMC Group, Inc. Investment Portfolio Asset Pool, which is managed by ECMC Group, Inc. Participation in the Apportioned Investment Pool is available to ECMC Group, Inc. and its eligible subsidiaries. Investments in the Apportioned Investment Pool represent an ownership interest in the investment pool, not in the underlying assets themselves, and are generally redeemable to the eligible subsidiary upon request. Unapportioned Investments, net, are not subject to participation by ECMC Group, Inc.'s subsidiaries. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2020-1 $302,643,166 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2020-1. ECMC Group Student Loan Trust 2020-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2020-2 $323,855,230 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2020-2. ECMC Group Student Loan Trust 2020-2, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2020-3 $360,893,506 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2020-3. ECMC Group Student Loan Trust 2020-3, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The FIN 48 (ASC 470) disclosure in the ECMC Group, Inc. and Subsidiaries Consolidated Financial Statements reads as follows: "ECMC Group, Inc., Education Credit Management Corporation, ECMC Education, Inc., and ECMC Foundation are nonprofit 501(c)(3) corporations and are exempt from federal and state income taxes. ECMC Holdings Corporation and its subsidiaries are taxable entities and account for deferred tax assets and liabilities under the liability method. Deferred tax liabilities are recognized for temporary differences that will result in taxable amounts in future years. Deferred tax assets are recognized for deductible temporary differences and tax operating loss and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. With few exceptions, ECMC Group, Inc. is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for the years before 2017. In the event of any current or future tax assessments, ECMC Holdings Corporation and its subsidiaries has elected to record the income taxes and any related interest and penalties as income tax expense on ECMC Group, Inc.'s consolidated statements of activities." Central America and the Caribbean Investments 517974000 Europe (Including Iceland and Greenland) Investments 6809000 North America (Canada & Mexico only) Investments 265000 0 0 0 0 0 0 525048000 0 525048000 true false true true true false Schedule F, Part I, Line 3(f) Investments Investments are recorded on the trade date and substantially all investments are carried at fair value. Unrealized gains and losses and realized gains and losses, which are determined on the basis of the prior period carrying value, are included in the change in net assets. Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. Alternative Investments - Alternative investments consist of various limited partnerships chosen to support the investment objectives of ECMC Group, Inc. as outlined in the Investment Policy Statement of ECMC Group, Inc. Net asset valuations are provided quarterly by the limited partnerships. ECMC Group, Inc. uses September 30 as the cut-off date for booking investment income and unrealized gain/loss based on statements provided by each fund manager. During the period from September 30 to December 31, capital calls and redemptions are booked to reflect cash movements occurring during the last quarter of the year. Management establishes, reviews and evaluates macroeconomic market factors affecting the investment portfolio's unrealized gain/loss during the last quarter of the year. Management's recommendations on these fair value adjustments are presented to the investment committee for its approval and consideration of the investment fair value. The estimated fair values may differ significantly from the values that could be realized if a ready market existed for these investments, and these differences could be material. true ECMC Foundation 111 Washington Ave So Minneapolis MN 55401 411990628 501(c)(3) 30240000 General Support ECMC Education Inc 111 Washington Ave So Minneapolis MN 55401 472237488 501(c)(3) 29800000 13323000 Book To assist in the lease buyout of a closed facility and excise tax accrual on net investment income. General Support BestPrep 7100 Northland Circle N Brooklyn Park MN 55428 411265355 501(C)(3) 7500 Program Sponsorship Cristo Rey Corporate Internship 2924 Fourth Ave So Minneapolis MN 55408 204548714 501(C)(3) 12338 Work Study Program Sponsorship Junior Achievement of Tampa Bay Inc 13707 N 22nd St Tampa FL 33613 591098499 501(C)(3) 7500 Program Sponsorship Junior Achievement of the Upper Midwest Inc 1745 University Ave W St Paul MN 55104 411424988 501(C)(3) 6000 Program Sponsorship University of Minnesota Foundation PO Box 860266 Minneapolis MN 55486 416042488 501(C)(3) 71300 John DePodesta Leadership Program & MN Cup Sponsorship 7 0 Robert A. Stein Scholarship 29 131000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. ECMC Group, Inc. is the sole member of ECMC Foundation and ECMC Education, Inc. and closely monitors the use of the cash grant through reports to management and the Board of Directors on a regular basis. The Robert A. Stein Scholarships listed in Part III are issued as jointly payable to the student and the school to ensure the funds are used for educational expenses. The Individual Scholarships were awarded to further the individuals' education. X true true X X X X true true false false true false true false false Jeremy J Wheaton President & CEO, ECMC Group, Inc. 542193 0 572655 0 22058 0 85621 0 31462 0 1253989 0 19500 0 Roberta Cooper Ramo Former Director 0 75000 0 0 0 0 0 0 0 0 0 75000 0 0 John F DePodesta Former Board Chair 0 100000 0 0 0 0 0 0 0 0 0 100000 0 0 I King Jordan Former Director 0 30000 0 0 0 0 0 0 0 0 0 30000 0 0 Julia S Gouw Director 0 157500 0 0 0 0 0 0 0 0 0 157500 0 0 James V McKeon Board Chair 0 191250 0 0 0 0 0 0 0 0 0 191250 0 0 Maurice M Salter Director 0 152500 0 0 0 0 0 0 0 0 0 152500 0 0 Janice A Hines Former Chief Relationship Officer, ECMC Group, Inc., current Sr Advisor, ECMC 0 404301 0 251957 0 33768 0 63348 0 22339 0 775713 0 24804 Daniel S Fisher Group General Counsel & Corp Sec; ECMC President (effective 07-01-20) 388184 0 277324 0 22464 0 60469 0 34790 0 783231 0 19500 0 Martin A Scanlon CFO & Treasurer 365233 0 299798 0 21511 0 58750 0 31767 0 777059 0 17700 0 Gregory A Van Guilder Chief Investment Officer 659911 0 331875 0 80584 0 80180 0 16372 0 1168922 0 19500 0 Wendy Badger Former VP, Corporate Compliance Officer 0 0 0 0 223467 0 0 0 0 0 223467 0 0 0 Philip Becker VP, Investments 265781 0 99000 0 4503 0 41580 0 32378 0 443242 0 3420 0 Brian Boardman VP, Deputy General Counsel & Asst Corp Secretary 239795 0 110860 0 3808 0 40282 0 38994 0 433739 0 0 0 Iris Cumberbatch SVP, Corporate Affairs 218576 0 149062 0 27043 0 43255 0 13773 0 451709 0 0 0 Rahoul Ghose Chief Information Officer 288504 0 196165 0 8886 0 49682 0 35156 0 578393 0 5400 0 Stephen H Hansen VP, Information Technology 219897 0 78336 0 3946 0 37959 0 977 0 341115 0 0 0 Christopher Janzen VP, Academic Technology 212506 0 20004 0 1448 0 30519 0 16235 0 280712 0 0 0 Heidi J Johnson SVP, Chief of Staff 226030 0 168094 0 21788 0 44757 0 29725 0 490394 0 5760 0 John McKennell VP, Chief Information Security Officer 196386 0 71606 0 1938 0 34024 0 26273 0 330227 0 0 0 Hugh E McSherry VP, Corporate Services 200726 0 109471 0 6955 0 38780 0 19014 0 374946 0 0 0 Matthew T Mikulski VP, Internal Audit 194520 0 76106 0 3156 0 35857 0 28140 0 337779 0 0 0 Josh Slayton SVP, Corporate Development & Impact Investing 262380 0 173906 0 12767 0 45496 0 34790 0 529339 0 4200 0 Sarah Strehl Chief Human Resources Officer 309765 0 212511 0 20344 0 50512 0 32354 0 625486 0 0 0 Tiffany Thompson VP, Finance & Controller 213342 0 73725 0 1071 0 35575 0 2030 0 325743 0 0 0 Adam Trampe VP, Compliance and Enterprise Risk Management 196526 0 79546 0 7784 0 35321 0 31633 0 350810 0 0 0 Harini Upadhyaya VP, Applications and Analytics 227186 0 87521 0 1179 0 37634 0 10670 0 364190 0 0 0 Troy Gunderman Director Litigation 177244 0 37984 0 971 0 28374 0 25232 0 269805 0 0 0 Steven Hupert Dir, Information Technology 171443 0 53930 0 7224 0 29940 0 28078 0 290615 0 0 0 Scott Reed Sr Mgr, Development 162225 0 45200 0 15213 0 27558 0 26896 0 277092 0 0 0 Dean J Vandecoevering Sr Dir, Financial Planning & Analysis and Business Intelligence 182716 0 75000 0 1525 0 33059 0 9618 0 301918 0 0 0 Aaron Woodrich Sr Dir, Information Technology 183153 0 40420 0 1012 0 28095 0 35834 0 288514 0 0 0 Schedule J, Part I, Line 1a Tax indemnification and gross-up payments Certain taxable benefits are grossed up to make the employee whole; this has been approved by the Board of Directors. Schedule J, Part I, Line 4a Severance or change-of-control payment The following received a severance payment in 2020: Wendy Badger - $222,360 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan ECMC Group, Inc. maintains a supplemental nonqualified retirement plan described in section 457(f), and a Supplemental Employee Retirement Plan (SERP), to attract and retain employees, typically in management positions. In 2020, Jeremy J. Wheaton, Gregory A. Van Guilder, Daniel S. Fisher, Janice A. Hines and Martin A. Scanlon participated in the 457(f) plan, and received employer contributions of $30,759, $23,669, $3,957, $6,836 and $3,888, respectively, and Peter J. Taylor participated in the SERP plan, and received an employer contribution of $76,756. Schedule J, Part I, Line 5b Compensation contingent on revenues of a related organization ECMC Group, Inc.'s annual officer incentive plan requires achievement of stated primary financial goals, which includes revenues, before any payments to any officer is made. Schedule J, Part I, Line 6b Compensation contingent on net earnings of a related organization ECMC Group, Inc.'s annual officer incentive plan requires achievement of stated key performance metrics, which includes net earnings, before any payments to any officer is made. Form 990, Part III, Line 4d Description of other program services (Expenses $ 249,991 including grants of $ 249,991)(Revenue $ 0) Grants and sponsorships supplied by ECMC Group, Inc. to schools and individuals in support of its tax-exempt purpose. Form 990, Part VI, Line 13 Whistleblower Policy The ECMC Group, Inc. whistleblower policy requires directors, officers and employees to observe high standards of business and personal ethics in the conduct of their duties and responsibilities. Employees and representatives of the Corporation, including ECMC Shared Services Company, LLC, a disregarded entity of ECMC Group, Inc., are to practice honesty and integrity in fulfilling their responsibilities and comply with all applicable laws and regulations. The policy requires reporting of potential illegal practices or violations of corporate policies, and prohibits repercussions for good faith reporting of suspected violations under the policy. In addition, ECMC Group, Inc. has a code of ethics and business conduct policy that is affirmed annually by all ECMC Group, Inc., including ECMC Shared Services Company, LLC, a disregarded entity of ECMC Group, Inc., and affiliated companies' officers and employees. There is a provision incorporated into the code of ethics and business conduct policy that binds all employees that states there can be no retaliation against anyone acting in good faith when asking a question, reporting a concern or for participating in an investigation. ECMC Group, Inc. has established an anonymous telephone hotline and website administered by an outside vendor to report concerns. The hotline and website are available and accessible to ECMC Group, Inc. and affiliated companies' directors, officers, employees and vendors. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Mr. McKeon and Mr. Salter - Business relationship Form 990, Part VI, Line 6 Classes of members or stockholders Each Director of the ECMC Group, Inc.'s Board of Directors is a member of ECMC Group, Inc. At year end 2020, there were eight members of the Board of Directors and, therefore, eight members of the corporation. Membership terminates upon the termination of such member's director status on the Board of Directors. There are no stockholders. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The members of ECMC Group, Inc. Board of Directors are nominated by the Governance & Compensation Committee of the Board and elected by the Board of Directors. The Governance & Compensation Committee consists of such independent members appointed to it by the ECMC Group, Inc. Board of Directors. Form 990, Part VI, Line 11b Review of form 990 by governing body All members of the Board of Directors and executive management of ECMC Group, Inc. and its disregarded entities are provided a copy of Form 990 to review and provide comments prior to filing. All members of the Board of Directors and executive management are provided with a copy of the final version of Form 990 before it has been filed. Form 990, Part VI, Line 12c Conflict of interest policy Officers, Directors and all employees of ECMC Group, Inc. and ECMC Shared Services Company, LLC, a disregarded entity of ECMC Group, Inc., are required to reaffirm on an annual basis their understanding of the company's Conflict of Interest Policy. The affirmation specifically references that the individual will comply with the directives of the Conflict of Interest Policy. Officers, Directors and key employees are also required to complete an annual Form 990 relationship disclosure document to identify any potential conflicts of interest. Finally, the company's vendor procurement process includes questions of business unit contract owners to determine if any conflicts of interest may exist. Monitoring and enforcement of the policy are accomplished through the policy reaffirmation process, affirmative disclosure requests and the policy requirement that all conflicts of interest be reported. In cases where a potential conflict exists at the officer and key employee levels, the issue is disclosed to the ECMC Group, Inc. CEO, General Counsel, and/or Vice President, Deputy General Counsel. For potential conflicts involving Directors, the disclosure is made to the Board Chair. The Director will be required to excuse themselves from deliberation and voting on matters which they may have a conflict of interest. Form 990, Part VI, Line 15a Process to establish compensation of top management official The following describes the ECMC Group, Inc., including ECMC Shared Services Company, LLC, Educational Credit Management Corporation (ECMC) and ECMC Education, Inc. executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2020, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter Kaye Scholer LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter Kaye Scholer LLP provided an opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter Kaye Scholer LLP includes salary and incentive data from an appropriate peer group under IRS regulations and includes both nonprofit and for-profit entities. Form 990, Part VI, Line 15b Process to establish compensation of other employees The following describes the ECMC Group, Inc., including ECMC Shared Services Company, LLC, Educational Credit Management Corporation (ECMC) and ECMC Education, Inc. executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2020, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter Kaye Scholer LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter Kaye Scholer LLP provided an opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter Kaye Scholer LLP includes salary and incentive data from an appropriate peer group under IRS regulations and includes both nonprofit and for-profit entities. Form 990, Part VI, Line 19 Required documents available to the public No documents are made available to the public. Form 990, Part VII, Section A Consulting John F. DePodesta, Roberta Cooper Ramo and I. King Jordan, former Directors, had consulting agreements in 2020. Derek Langhauser had a consulting agreement in 2020; the agreement ended prior to his appointment to the Board of Directors. Form 990, Part X, Line 25 Other Liabilities Other liabilities at December 31, 2020, include $811,847,040 ECMC Foundation deposits in the ECMC Group, Inc. Apportioned Investment Pool ("Apportioned Investment Pool"). A portion of ECMC Group, Inc.'s assets are held in the ECMC Group, Inc. Investment Portfolio Asset Pool, which is managed by ECMC Group, Inc. Participation in the Apportioned Investment Pool is available to ECMC Group, Inc. and its eligible subsidiaries. Investments in the Apportioned Investment Pool represent an ownership interest in the investment pool, not in the underlying assets themselves, and are generally redeemable to the eligible subsidiary upon request. Unapportioned Investments, net, are not subject to participation by ECMC Group, Inc.'s subsidiaries. Form 990, Part XI, Line 5 Net unrealized loss on investments Net unrealized loss on investment in the ECMC Group, Inc. Apportioned Investment Pool are $9,478,042. Form 990, Part XI, Line 9 Other changes in net assets or fund balances $34,718,000 Other Changes in Net Assets or Fund Balances. $36,239,147 Provision for Change in Note Receivable Held for Investment-Related Party. $1,521,147 Notes Receivable Held for Sale-Related Party Warrant Amortization. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Provision for Change in Note Receivable Held for Investment-Related Party - 36239147; Notes Receivable Held for Sale-Related Party Warrant Amortization - -1521147; Oakdale Student Loan Funding LLC 111 Washington Ave So Ste 1400 Minneapolis MN 55401 271914648 Holding FFELP Loans DE 84475818 434073264 ECMC Group Inc ECMC Shared Services Company LLC 111 Washington Ave So Ste 1400 Minneapolis MN 55401 810690960 Support Services Functions DE 0 24230620 ECMC Group Inc Patriot Student Loan Capital LLC 111 Washington Ave So Ste 1400 Minneapolis MN 55401 813501777 Trust Student Loans DE 0 145962826 ECMC Group Inc Educational Credit Mgmt Corp 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411778617 FFELP Guarantor MN 501(c)(3) 10 ECMC Group Inc true ECMC Foundation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411990628 Promote Education DE 501(c)(3) Type II ECMC Group Inc true ECMC Education Inc 111 Washington Ave So Ste 1400 Minneapolis MN 55401 472237488 Career Colleges DE 501(c)(3) 2 ECMC Group Inc true ECMC Revenue Management Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 831761663 Student Loan Default Resolution DE 501(c)(3) 10 Educational Credit Management Corporation false ECMC Services Inc 111 Washington Ave So Ste 1400 Minneapolis MN 55401 831763915 Student Loan Repayment Services DE 501(c)(3) 10 Educational Credit Management Corporation false ATX A-Team The Guild LP 500 W Second St Ste 1900 153 Austin TX 78701 843490066 Investments TX ECMC Group Inc Excluded 0 2000000 false false 0.7018 ATX A-Team Zenbusiness LP 500 W Second St Ste 1900 153 Austin TX 78701 853438448 Investments TX ECMC Group Inc Excluded 0 2500000 false false 0.629 Blackhorn Select LP 1800 Wazee St Ste 300 Denver CO 80202 844370139 Investments DE ECMC Group Inc Excluded 0 20000000 false false 1 BST 052 a series of SAX Capital Series Fund III LP PO Box 3217 Seattle WA 98114 853876811 Investments DE ECMC Group Inc Excluded 0 1053000 false false 0.9551 Commonfund Capital Secondaries Opportunities Fund LP 15 Old Danbury Rd Wilton CT 06897 842082338 Investments DE ECMC Group Inc Excluded 963288 23383399 false -258154 false 1 ECMC-UV Co-Investment Fund LP 530 7th Ave Ste 1909 New York NY 10018 813873029 Investments DE ECMC Group Inc Excluded 0 3508132 false false 0.9859 First Light Prism Fund LP 3300 Edinborough Way Ste 201 Edina MN 55435 371911642 Investments DE ECMC Group Inc Excluded 3168994 27187677 false 0 false 0.6316 R7 Partners Growth Fund I LP 100 S Wacker Dr Ste 1675 Chicago IL 60606 851019413 Investments DE ECMC Group Inc Excluded 0 5000000 false false 1 OnRamp Education and Workforce Innovation Fund I LLC 821 E Washington Ave Ste 200-G Madison WI 53703 843999115 Investments DE ECMC Group Inc Excluded 0 183334 false false 0.8611 PC-1 Developers LLC 3636 Mayberry Dr Reno NV 89509 831603672 Investments NV ECMC Group Inc Excluded -84919 3038803 false false 0.6757 UP Fund I a series of Boost VC SPV LP PO Box 3217 Seattle WA 98114 851519551 Investments DE ECMC Group Inc Excluded 0 1058000 false false 0.9991 Wilshire Institutional Master Fund II SPC - Oakdale Liquid Alternatives SP 190 Elgin Ave George Town Grand Cayman CJ KY19005 981538445 Investments CJ ECMC Group Inc Excluded 337978 50148264 false false 1 WY Fund I a series of Boost VC SPV LP PO Box 3217 Seattle WA 98114 851519506 Investments DE ECMC Group Inc Excluded 40538 1098538 false false 0.9991 Oakdale Investment Management Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 352085743 Holding Investments DE ECMC Group Inc C Corporation 0 4089498 1 true ECMC Holdings Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411991992 Strategic Oversight DE ECMC Group Inc C Corporation 315245 7449566 1 true Educational Credit Services Company 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411992001 Private Loans DE ECMC Holdings Corporation C Corporation true ECMC Records & Rec Mgmt Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411989959 Document Management DE ECMC Holdings Corporation C Corporation true ECMC Management Services Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411989960 Management Services DE ECMC Holdings Corporation C Corporation true ECMC Technology Services Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411989958 Technology Services DE ECMC Holdings Corporation C Corporation true ECMC Servicing Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 471154366 Loan Servicing DE ECMC Holdings Corporation C Corporation true ECMC Private Market Opportunities LP 452 Fifth Ave 29th Fl New York NY 10018 842552668 Investments DE ECMC Group Inc C Corporation 2481441 35223193 1 true Palo Alto Advanced Life Sciences Offshore Ltd c/o Walkers Cayman Corporate Center 27 Hospital Rd Georgetown Grand Cayman CJ KY19008 Investments CJ ECMC Group Inc C Corporation 21207170 28938161 0.5856 true false true true true false true false false false false false false false true true true true false false Educational Credit Management Corporation C 176060000 Allocation ECMC Education Inc B 43123000 Allocation ECMC Foundation B 30240000 Allocation ECMC Foundation C 9872000 Allocation ECMC Education Inc D 150000 Letter of Credit Contingent Liability ECMC Education Inc D 56453000 Non-cancelable operating leases guaranteed ECMC Education Inc D 31000000 Commitment to provide financial support projected to cover cash flow needs through March 31, 2022 Educational Credit Management Corporation N 5774223 Allocation Educational Credit Management Corporation O 43901294 Allocation Educational Credit Management Corporation P 2725865 Allocation ECMC Foundation N 655609 Allocation ECMC Foundation O 1583536 Allocation ECMC Foundation Q 78094 Allocation ECMC Education Inc N 118201 Allocation ECMC Education Inc P 119829 Allocation ECMC Holdings Corporation F 3000000 Cash ECMC Holdings Corporation Q 95154 Allocation