2020-02-19T08:46:17-06:00 2019-06-30 570381582 ELLIOTT DAVIS LLCPLLC 1901 MAIN STREET SUITE 900 COLUMBIA SC 29201 990 2018-07-01 570602805 SOUTH CAROLINA STUDENT LOAN CORP SOUT 8037980916 PO BOX 102405 COLUMBIA SC 29224 DAVID A SIMON III PRESIDENT/CEO 8037980916 2020-02-11 1 DENISE P HILL P00046615 8032560002 2020-02-11 24.181.201.165 2020-02-11 06:37:19 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 99AFABE94547B544723E04EEA8F4500EFBDE7EE5 2018 2020-09-23 17:36:50Z DAVID A SIMON III PO BOX 102405 COLUMBIA SC 29224 561696195 0 X WWW.SCSTUDENTLOAN.ORG X 1973 SC THE PURPOSE OF THE CORPORATION IS TO RECEIVE, DISBURSE AND ADMINISTER FUNDS FOR EDUCATIONAL PURPOSES WITHOUT PECUNIARY GAIN OR PROFIT. ADDITIONALLY, THE PURPOSE OF THE CORPORATION IS TO AID IN THE FULFILLMENT OF THE DESIRE AND DIRECTION OF THE PEOPLE OF SOUTH CAROLINA IN MAKING LOANS AVAILABLE TO RESIDENTS TO ENABLE THEM TO ATTEND ELIGIBLE INSTITUTIONS WHICH ARE BEYOND THE PUBLIC SCHOOL LEVEL. THE CORPORATION IS ALSO EMPOWERED TO ACT AS AN AGENT FOR OTHER INSTITUTIONS AND FOUNDATIONS TO RECEIVE, INVEST, HANDLE AND DISBURSE FUNDS, AND TO SERVICE STUDENT LOANS, GUARANTEES OF STUDENT LOANS, INSURANCE OF STUDENT LOANS AND ACQUISITIONS OF CONTINGENT INTEREST IN STUDENT LOANS FOR OTHER PRIVATE, OR GOVERNMENTAL INSTITUTIONS AND FOUNDATIONS. IN GENERAL, THE CORPORATION ENGAGES IN AND CARRIES ON THE FUNCTION OF MAKING, HANDLING, SERVICING, AND DEALING WITH STUDENT LOANS, THE RECEIVING, INVESTING AND DISBURSING OF FUNDS, AND ALL THINGS INCIDENT THERETO, PROVIDED THAT NO ACTIVITY SHALL BE 11 10 30 0 0 0 0 0 71865580 73768587 4238246 6211529 0 0 76103826 79980116 0 0 0 0 2101963 4051952 0 0 0 63351512 66172600 65453475 70224552 10650351 9755564 1901845733 1655663840 1356196931 1099663373 545648802 556000467 X THE PURPOSE OF THE CORPORATION IS TO RECEIVE, DISBURSE AND ADMINISTER FUNDS FOR EDUCATIONAL PURPOSES WITHOUT PECUNIARY GAIN OR PROFIT. ADDITIONALLY, THE PURPOSE OF THE CORPORATION IS TO AID IN THE FULFILLMENT OF THE DESIRE AND DIRECTION OF THE PEOPLE OF SOUTH CAROLINA IN MAKING LOANS AVAILABLE TO RESIDENTS TO ENABLE THEM TO ATTEND ELIGIBLE INSTITUTIONS WHICH ARE BEYOND THE PUBLIC SCHOOL LEVEL. THE CORPORATION IS ALSO EMPOWERED TO ACT AS AN AGENT FOR OTHER INSTITUTIONS AND FOUNDATIONS TO RECEIVE, INVEST, HANDLE AND DISBURSE FUNDS, AND TO SERVICE STUDENT LOANS, GUARANTEES OF STUDENT LOANS, INSURANCE OF STUDENT LOANS AND ACQUISITIONS OF CONTINGENT INTEREST IN STUDENT LOANS FOR OTHER PRIVATE, OR GOVERNMENTAL INSTITUTIONS AND FOUNDATIONS. IN GENERAL, THE CORPORATION ENGAGES IN AND CARRIES ON THE FUNCTION OF MAKING, HANDLING, SERVICING, AND DEALING WITH STUDENT LOANS, THE RECEIVING, INVESTING AND DISBURSING OF FUNDS, AND ALL THINGS INCIDENT THERETO, PROVIDED THAT NO ACTIVITY SHALL BE 0 0 68274949 73768587 PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS. 68274949 1 0 0 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 1 1 0 0 1 663 0 1 30 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 1 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X JANE HONEYCUTT 8036125096 8906 TWO NOTCH ROAD COLUMBIA SC 29223 BARBARA F WESTON DIRECTOR 1.00 1.00 X 12000 0 0 HARRY R BROWN DIRECTOR 1.00 1.00 X 17000 0 0 A NEILL CAMERON JR DIRECTOR 1.00 1.00 X 11000 0 0 GAUTAM S GHATNEKAR DVM PH D DIRECTOR 1.00 1.00 X 14000 0 0 CHARLIE C SANDERS JR DIRECTOR 10.00 2.00 X 45000 0 0 JASON CASKEY CPA DIRECTOR 1.00 1.00 X 7000 0 0 RENEE R BROOKS CHAIR 1.00 1.00 X X 28000 0 0 J THORNTON KIRBY ESQ CO-VICE CHAIR 1.00 1.00 X X 21000 0 0 NEIL E GRAYSON CO-VICE CHAIR 1.00 1.00 X X 19000 0 0 FRED L GREEN III TREASURER 1.00 1.00 X X 24000 0 0 JENNIFER RIDENHOUR SECRETARY 35.00 5.00 X X 100635 0 27020 DAVID A SIMON III PRESIDENT & CEO 35.00 5.00 X X 371576 0 71580 CHARLIE C SANDERS JR PRESIDENT/CEO (UNTIL 1/2/18) 35.00 5.00 X 505457 0 74346 JANE HONEYCUTT VP OF FINANCIAL SERVICES 35.00 5.00 X 199809 0 67377 MARSHA KING VP OF OPERATIONS 35.00 5.00 X 120172 0 49411 DAVID CARWILE FORMER EVP/DIRECTOR 0.00 0.00 X 150000 0 2526 1645649 0 292260 6 1 1 0 ELLIOTT DAVIS 1901 MAIN ST STE 900 COLUMBIA SC 29201 EXTERNAL AUDITOR 141520 NELSON MULLINS RILEY & SCARBOROUGH LLP PO BOX 11009 COLUMBIA SC 29211 LEGAL 114571 2 X STUDENT LOAN INTEREST 900099 73089052 73089052 US DOE SUBSIDIZED INTE 900099 5733582 5733582 LATE CHARGES 900099 1140924 1140924 MISCELLANEOUS INCOME 900099 623231 623231 SCEAA REMITTANCE 900099 420830 420830 -7239032 -7239032 73768587 6279931 6279931 481647677 481716079 -68402 -68402 -68402 79980116 73768587 0 6211529 X 1501764 1351588 150176 924854 832369 92485 1265384 1138846 126538 179813 161832 17981 180137 162123 18014 428877 34048 394829 165835 165835 3880 3492 388 4530281 4530281 53585 48225 5360 81220 73096 8124 291999 291999 27945 25150 2795 208511 187660 20851 38824125 38824125 475893 475893 73739 66365 7374 ORIGINATION FEES 6635324 6635324 0 LOAN LOSS RESERVE 5062973 5062973 0 BORROWER INCENTIVE 3813030 3813030 0 AMORTIZATION OF DEFERRE 3074114 3074114 0 2421269 2250308 170961 70224552 68274949 1949603 0 148432033 77733802 43664714 45461017 1514801323 1317824432 1365935 491391 9320829 3856221 4357533 5464608 186732240 207042146 2491955 1646444 1901845733 1655663840 7925927 7205220 836065 626993 1258693492 999916050 88741447 91915110 1356196931 1099663373 X 343590046 343899933 202058756 212100534 545648802 556000467 1901845733 1655663840 X 9755564 595911 4000 -3810 X X 0 1 X 1 0 X 95927639 119365383 71161423 71865580 73768586 432088611 95927639 119365383 71161423 71865580 73768586 432088611 0 0 0 432088611 1406065 1804343 2394042 4240671 6279931 16125052 1406065 1804343 2394042 4240671 6279931 16125052 97333704 121169726 73555465 76106251 80048517 448213663 0.96400 0.97750 0.03600 0.02250 X 0 0 0 0 0 0 0 0 1 3880 3880 0 PART II-B, LINE 1: SC STUDENT LOAN CORPORATION HAS MEMBERSHIPS IN VARIOUS ORGANIZATIONS THAT PARTAKE IN LOBBYING ACTIVITIES. A PORTION OF THE MEMBERSHIP DUES IN THE AMOUNT OF $3,880 HAS BEEN IDENTIFIED AS NON-DEDUCTIBLE LOBBYING EXPENDITURES. 364900 364900 4358670 843757 3514913 4517229 2932434 1584795 80030 80030 0 5464608 SCOTT & STRINGFELLOW 62917447 F GREENWOOD CAPITAL 11804197 F CHARLES SCHWAB 8989668 F FIRST CITIZEN BANK & TRUST 123330834 F 207042146 DUE TO US DEPARTMENT OF EDUCATION 1419824 DUE TO SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY 39835259 DUE TO STATE 50660027 91915110 X 80583027 595911 4000 3000 602911 79980116 0 79980116 70231364 6812 6812 70224552 0 70224552 PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT HAS EVALUATED THE CORPORATION'S TAX POSITIONS AND CONCLUDED THAT THE CORPORATION HAS TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE CORPORATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATION BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2016. PART XI, LINE 2D - OTHER ADJUSTMENTS: INCOME FROM EDVANTAGE (FILES SEPARATE FORM 990) 3,000. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENSES FROM PALMETTO INVESTMENT HOLDINGS, INC (FILES SEPARATE FORM 1120) 3,812. EXPENSES FROM EDVANTAGE (FILES SEPARATE FORM 990) 3,000. X X 0 0 0 0 0 0 0 1 0 DAVID A SIMON III PRESIDENT & CEO 246576 0 125000 0 0 0 45936 0 25644 0 443156 0 0 0 CHARLIE C SANDERS JR PRESIDENT/CEO (UNTIL 1/2/18) 505457 0 0 0 0 0 72510 0 1836 0 579803 0 0 0 JANE HONEYCUTT VP OF FINANCIAL SERVICES 187309 0 12500 0 0 0 39264 0 28113 0 267186 0 0 0 MARSHA KING VP OF OPERATIONS 108672 0 11500 0 0 0 30919 0 18492 0 169583 0 0 0 DAVID CARWILE FORMER EVP/DIRECTOR 0 0 150000 0 0 0 2526 0 0 0 152526 0 0 0 PART I, LINE 7 THE BOARD PROVIDES DISCRETIONARY BONUSES FOR CERTAIN EXECUTIVES. NEIL GRAYSON PARTNER AT NELSON MULLINS 114571 NELSON MULLINS IS A VENDOR OF SCSLC 0 FORM 990, PAGE 1, PART I, LINE 1: CARRIED ON WHICH IS NOT PERMITTED BY A CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. FORM 990, PAGE 2, PART III, LINE 1: CARRIED ON WHICH IS NOT PERMITTED BY A CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. FORM 990, PART VI, SECTION A, LINE 2 DIRECTORS THORNTON KIRBY AND NEILL CAMERSON ARE BOTH EMPLOYED AT SC HOSPITAL ASSOCIATION (SCHA). THORNTON KIRBY SERVES ON THE SCHA BOARD OF TRUSTEES AS SECRETARY. GRANT CARWILE SERVES ON THE BOARD OF GAUTAM GHATNEKAR'S COMPANY. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 WAS SENT TO THE CORPORATION FOR REVIEW AND FINAL SIGNATURE BEFORE SUBMISSION TO THE IRS. THE PROCESS ENTAILED A REVIEW BY THE VP OF FINANCIAL SERVICES, THE CHIEF EXECUTIVE OFFICER AND ALL MEMBERS OF THE AUDIT COMMITTEE OF THE CORPORATION. AFTER THIS REVIEW, A COPY OF THE COMPLETED FORM 990 WAS PROVIDED TO THE FULL BOARD PRIOR TO THE FILING. ANY QUESTIONS/ISSUES WERE CLARIFIED AND ADDRESSED AS NECESSARY BEFORE THE FINAL SIGNATURE AND SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C A WRITTEN CONFLICT OF INTEREST POLICY IS DISTRIBUTED WITH THE MEETING MATERIALS FOR THE MAY MEETING OF THE BOARD OF DIRECTORS FOR COMPLETION BY EACH DIRECTOR. ALL FORMS ARE COLLECTED AND REVIEWED BY STAFF FOR ANY APPARENT CONFLICT. ALL EMPLOYEES COMPLETE DOCUMENTATION ANNUALLY TO DISCLOSE ANY CONFLICTS OF INTEREST. NEW HIRES COMPLETE THIS FORM AT THE TIME OF HIRING. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS OF THE CORPORATION RECOMMENDS THE COMPENSATION OF THE PRESIDENT/CEO TO THE FULL BOARD OF DIRECTORS FOR APPROVAL. MEMBERS OF THE EXECUTIVE COMMITTEE ARE VERY KNOWLEDGEABLE ABOUT EXECUTIVE COMPENSATION IN GENERAL. NEITHER THE PRESIDENT NOR OTHER MEMBERS OF THE CORPORATION STAFF ARE INVOLVED IN THESE PRESIDENT/CEO COMPENSATION DISCUSSIONS. TOP MANAGEMENT COMPENSATION IS DETERMINED BY THE PRESIDENT/CEO, WHO IS FAMILIAR WITH COMPENSATION STRUCTURES IN THE REGIONAL MARKETPLACE FOR SIMILAR TYPES OF ORGANIZATIONS. BOTH THE EXECUTIVE COMMITTEE AND THE CEO USE INDUSTRY COMPENSATION SURVEYS TO ASSIST IN THEIR COMPENSATION DECISIONS. FORM 990, PART VI, SECTION C, LINE 19 THE CORPORATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST TO THE PUBLIC. THE CORPORATION'S YEARLY AUDITED FINANCIAL STATEMENTS ARE POSTED TO ITS WEBSITE. FORM 990, PAGE 9, PART VIII, LINE 2F ALL OTHER PROGRAM SERVICE REVENUE IS COMPRISED OF (7,251,714) SPECIAL ALLOWANCE AND 12,682 MISCELLANEOUS PAYMENTS OF STUDENT LOANS. FORM 990, PART IX, LINE 11G PROCESSING FEE: PROGRAM SERVICE EXPENSES 3,690,538. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,690,538. OTHER: PROGRAM SERVICE EXPENSES 839,743. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 839,743. FORM 990, PART IX, LINE 24E PAYMENTS TO SC SEAA FOR STUDENT LOAN INC: PROGRAM SERVICE EXPENSES 1,935,938. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,935,938. OTHER OPERATING EXPENSE: PROGRAM SERVICE EXPENSES 215,855. MANAGEMENT AND GENERAL EXPENSES 170,961. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 386,816. SUBSCRIPTIONS AND FEES: PROGRAM SERVICE EXPENSES 98,515. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 98,515. FORM 990, PART XI, LINE 9: PALMETTO INVESTMENT HOLDINGS, INC.FYE 6-30-19 CHANGE IN NET ASSETS -3,812. ROUNDING 2. FORM 990, PAGE 12, PART XII, LINE 2C THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS HAS OVERSIGHT AND REVIEWS/APPROVES THE AUDITED FINANCIAL REPORT. IN ADDITION THE INDEPENDENT ACCOUNTANTS COMMUNICATE DIRECTLY WITH THIS COMMITTEE TO REVIEW THE FINANCIAL REPORT AS WELL AS RECEIVE ANY OTHER COMMENTS CONCERNING THE AUDIT PROCESS THROUGH A FORMAL REPORT ISSUED DIRECTLY TO THE COMMITTEE AS REQUIRED BY AU-C SECTION 260. THE SELECTION PROCESS FOR INDEPENDENT ACCOUNTANTS IS INITIATED THROUGH THE AUDIT COMMITTEE WHO WILL THEN MAKE A FORMAL RECOMMENDATION TO THE FULL SCSLC BOARD OF DIRECTORS FOR APPROVAL. EDUCATIONAL LOAN SERVICING LLC (DBA CAMPUS PARTNERS) 8906 TWO NOTCH ROAD COLUMBIA SC 29223 LOAN SERVICING SC 35044 1097869 SC STUDENT LOAN CORPORATION SC3 SOLUTIONS LLC 8906 TWO NOTCH ROAD COLUMBIA SC 29223 300883821 CALL AND CUSTOMER CONTACT CENTER SC 0 -694998 PALMETTO INVESTMENT HOLDINGS INC EDVANTAGE CORPORATION 8906 TWO NOTCH RD COLUMBIA SC 29223 451482379 DIRECT LOAN COLLECTIONS THROUGH 2-16-16 SC 501(C)(3) LINE 12A, I SC STUDENT LOAN CORPORATION 1 PALMETTO INVESTMENT HOLDINGS INC 8906 TWO NOTCH ROAD COLUMBIA SC 29223 475117347 HOLDING COMPANY FOR FOR-PROFIT VENTURES SC SC STUDENT LOAN CORPORATION C -643594 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 EDVANTAGE CORP - SERVICES PERFORMED M 3000 FMV EDVANTAGE CORP - SHARED ASSETS N 0 NO AMOUNT CHARGED EDVANTAGE CORP - SHARED EMPLOYEES O 0 NO AMOUNT CHARGED EDVANTAGE CORP - REIMBURSEMENT P 3000 FMV SC3LLC - SHARED SERVICES Q 0 NO AMOUNT CHARGED