2019-02-26T13:46:18-06:00 2018-06-30 570381582 ELLIOTT DAVIS LLCPLLC 1901 MAIN STREET SUITE 900 COLUMBIA SC 29201 990 2017-07-01 570602805 SOUTH CAROLINA STUDENT LOAN CORP SOUT 8037980916 PO BOX 102405 COLUMBIA SC 29224 DAVID A SIMON III PRESIDENT/CEO 8037980916 2019-02-26 1 DENISE P HILL P00046615 8032560002 2019-02-24 104.129.204.55 2019-02-26 09:10:18 ES P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 C9520C96C1773AB04EF2131478939B2DDAC6E37B 2017 2019-02-21 02:37:17Z DAVID A SIMON III PO BOX 102405 COLUMBIA SC 29224 101048251 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 10 9 68 0 0 0 0 0 71161423 71865580 2395622 4238246 0 0 73557045 76103826 0 0 0 0 2421039 2101963 0 0 0 66358567 63351512 68779606 65453475 4777439 10650351 2180491064 1901845733 1646006745 1356196931 534484319 545648802 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 65043417 71863155 PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS. 65043417 1 0 0 0 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 1 917 0 1 68 1 0 0 0 0 0 0 0 0 0 0 X 10 9 1 0 1 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 7000 0 0 HARRY R BROWN DIRECTOR 1.00 1.00 X 14000 0 0 A NEILL CAMERON JR DIRECTOR 1.00 1.00 X 6000 0 0 DR GAUTAM GHATNEKAR DVM PHD DIRECTOR 1.00 1.00 X 10000 0 0 RENEE R BROOKS CHAIR 1.00 1.00 X X 20000 0 0 J THORNTON KIRBY ESQ CO-VICE CHAIR 1.00 1.00 X X 17000 0 0 NEIL E GRAYSON ESQ CO-VICE CHAIR 1.00 1.00 X X 16000 0 0 FRED L GREEN III TREASURER 1.00 1.00 X X 15000 0 0 D GRANT CARWILE ESQ EVP/DIRECTOR (UNTIL 5/2017) 38.00 2.00 X X 569473 0 29053 CHARLIE C SANDERS JR DIRECTOR (EFFECTIVE 1/2/2018) 1.00 1.00 X 0 0 0 CHARLIE C SANDERS JR PRES./CEO/SEC. (UNTIL 11/2017) 35.00 5.00 X 679266 0 117901 DAVID SIMON PRESIDENT/CEO (BEGINNING 11/2017) 35.00 5.00 X 229535 0 75095 JANE HONEYCUTT VP OF FINANCIAL SERVICES 35.00 5.00 X 192141 0 70438 JENNIFER RIDENHOUR SECRETARY (BEGINNING 11/2017) 35.00 5.00 X 88252 0 31072 GERALD LONG VP, RO 35.00 5.00 X 105210 0 32760 DEBRA MILLER CONTROLLER 35.00 5.00 X 121695 0 55430 DENISE EASTERLING VP, SC3 35.00 5.00 X 108340 0 33042 RALPH JONES VP OF LOAN PROGRAMS 35.00 5.00 X 103051 0 29623 MARSHA KING VP OF OPERATIONS 35.00 5.00 X 121831 0 54597 2423794 0 529011 9 0 1 0 NELSON MULLINS RILEY & SCARBOROUGH LLP PO BOX 11009 COLUMBIA SC 29211 LEGAL 196033 ELLIOTT DAVIS 1901 MAIN ST STE 900 COLUMBIA SC 29201 EXTERNAL AUDITOR 183425 LOAN SCIENCE 2111 KRAMER LANE SUITE 200 AUSTIN TX 78758 DATA SUPPORT 171945 3 X STUDENT LOAN INTEREST 900099 81904941 81904941 US DOE SUBSIDIZED INTE 900099 5937291 5937291 LATE CHARGES 900099 1305470 1305470 MISCELLANEOUS INCOME 900099 600154 600154 SCEAA REMITTANCE 900099 411940 411940 -18294216 -18294216 71865580 4240671 4240671 24942000 24944425 -2425 -2425 -2425 76103826 71863155 0 4240671 X 2673376 2406038 267338 -914039 -822635 -91404 182207 163986 18221 160419 144377 16042 262911 236620 26291 162431 146188 16243 5258164 5258164 51753 46578 5175 70634 63571 7063 331903 265522 66381 30173 27156 3017 137883 124095 13788 35378554 35378554 244916 220424 24492 76410 68769 7641 ORIGINATION FEES 8068775 8068775 BORROWER INCENTIVES 4283820 4283820 AMORTIZATION OF DEFERRE 3496180 3496180 LOAN LOSS EXPENSE 2979562 2979562 2517443 2487673 29770 65453475 65043417 410058 0 177531891 148432033 37878417 43664714 1774723697 1514801323 203499 1365935 7659116 3301583 4544809 4357533 184685684 186732240 923067 2491955 2180491064 1901845733 7551982 7925927 1029199 836065 1533812905 1258693492 103612659 88741447 1646006745 1356196931 X 335003247 343590046 199481072 202058756 534484319 545648802 2180491064 1901845733 X 10650351 693771 16000 -195639 X X 0 1 X 1 0 X 100719275 95927639 119365383 71161423 71865580 459039300 100719275 95927639 119365383 71161423 71865580 459039300 0 0 0 459039300 699628 1406065 1804343 2394042 4240671 10544749 699628 1406065 1804343 2394042 4240671 10544749 101418903 97333704 121169726 73555465 76106251 469584049 0.97750 0.94230 0.02250 0.01910 X 364900 364900 4358670 731996 3626674 2822500 2462491 360009 113046 107096 5950 4357533 SCOTT & STRINGFELLOW 166997654 F GREENWOOD CAPITAL 11199102 F OTHER INVESTMENTS 8535484 F 186732240 DUE TO US DEPARTMENT OF EDUCATION 2310969 DUE TO SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY 39835163 DUE TO STATE 46595315 88741447 X 76923097 693771 16000 109500 819271 76103826 0 76103826 65758614 305139 305139 65453475 0 65453475 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 HAD 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 2015. PART XI, LINE 2D - OTHER ADJUSTMENTS: INCOME FROM SC3, LLC (FILES SEPARATE FORM 1120 WITH PIHI) 106,500. 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) 6,901. EXPENSES FROM SC3, LLC (FILES SEPARATE FORM 1120 WITH PIHI) 295,238. EXPENSES FROM EDVANTAGE (FILES SEPARATE FORM 990) 3,000. X X 1 0 0 0 0 0 0 1 0 D GRANT CARWILE ESQ EVP/DIRECTOR (UNTIL 5/2017) 419473 0 150000 0 0 0 22694 0 6359 0 598526 0 0 0 CHARLIE C SANDERS JR PRES./CEO/SEC. (UNTIL 11/2017) 454266 0 225000 0 0 0 74341 0 43560 0 797167 0 0 0 DAVID SIMON PRESIDENT/CEO (BEGINNING 11/2017) 184535 0 45000 0 0 0 48256 0 26839 0 304630 0 0 0 JANE HONEYCUTT VP OF FINANCIAL SERVICES 172141 0 20000 0 0 0 45161 0 25277 0 262579 0 0 0 DEBRA MILLER CONTROLLER 101695 0 20000 0 0 0 46715 0 8715 0 177125 0 0 0 MARSHA KING VP OF OPERATIONS 96831 0 25000 0 0 0 39329 0 15268 0 176428 0 0 0 PART I, LINE 4A DAVID CARWILE RECEIVED $300,000 AS SEVERANCE PAYMENT RELATED TO A REDUCTION-IN-FORCE AT SC STUDENT LOAN CORPORATION DUE TO OUT-SOURCING OF SOME LOAN SERVICES. GERALD LONG RECEIVED $32,000 AS SEVERANCE PAYMENT RELATED TO A REDUCTION-IN-FORCE AT SC STUDENT LOAN CORPORATION DUE TO OUT-SOURCING OF SOME LOAN SERVICES. DENISE EASTERLING RECEIVED $16,769 AS SEVERANCE PAYMENT RELATED TO A REDUCTION-IN-FORCE AT SC STUDENT LOAN CORPORATION DUE TO OUT-SOURCING OF SOME LOAN SERVICES. PART I, LINE 7 THE BOARD PROVIDES DISCRETIONARY BONUSES FOR CERTAIN EXECUTIVES. NEIL GRAYSON PARTNER AT NELSON MULLINS 196033 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 AS 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 A, LINE 4 EFFECTIVE NOVEMBER 7, 2017 SOUTH CAROLINA STUDENT LOAN CORPORATION COMPLETED A PERIODIC UPDATING OF ITS BYLAWS WHICH INCLUDED THE FOLLOWING SIGNIFICANT REVISIONS: - CHANGING THE NUMBER OF PERSONS ON THE BOARD OF DIRECTORS TO NOT LESS THAN SEVEN NOR MORE THAN FIFTEEN; - SPECIFICALLY NAMING THE PRESIDENT OF THE CORPORATION AS ONE MEMBER OF THE BOARD SERVING AS AN EX OFFICIO VOTING MEMBER OF THE BOARD; - REMOVED TERM LIMITS FOR DIRECTORS; - DIVIDED THE ELECTED MEMBERS OF THE BOARD INTO THREE CLASSES, WHICH ARE REASONABLY EQUAL IN NUMBER, WITH RESPECT TO THE TIMING OF THEIR SERVICE; - OTHER THAN THE CHAIRMAN AND ANY VICE CHAIRMAN WHO MUST BE DIRECTORS TO SERVE IN THOSE ROLES, THE OFFICERS OF THE CORPORATION MAY BE, BUT ARE NOT REQUIRED TO BE, DIRECTORS; - REDEFINED THE EXECUTIVE COMMITTEE TO CONSIST OF THE CHAIRMAN AND SUCH OTHER MEMBERS OF THE BOARD OF DIRECTORS AS MAY BE RECOMMENDED BY THE CHAIRMAN, OR ANY SUCH COMMITTEE AS DESIGNATED BY THE CHAIRMAN, AND APPROVED BY THE BOARD OF DIRECTORS FROM TIME TO TIME. 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 (18,309,815) SPECIAL ALLOWANCE AND 15,599 MISCELLANEOUS PAYMENTS OF STUDENT LOANS. FORM 990, PART IX, LINE 24E PAYMENTS TO SC SEAA FOR STUDENT LOAN INC: PROGRAM SERVICE EXPENSES 2,139,915. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,139,915. OTHER OPERATING EXPENSES: PROGRAM SERVICE EXPENSES 267,920. MANAGEMENT AND GENERAL EXPENSES 29,770. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 297,690. SUBSCRIPTIONS AND FEES: PROGRAM SERVICE EXPENSES 79,838. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 79,838. FORM 990, PART XI, LINE 9: PALMETTO INVESTMENT HOLDINGS, INC.FYE 6-30-18 CHANGE IN NET ASSETS -6,901. SC3,LLC FYE 6-30-18 CHANGE IN NET ASSETS -188,738. FORM 990, PAGE 12, PART XII, LINE 2C THE AUDIT COMMITTEE OF SCSLC ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS CONSOLIDATED FINANCIAL STATEMENTS, INCLUDING EDVANTAGE, AND SELECTION OF AN INDEPENDENT ACCOUNTANT. EDUCATIONAL LOAN SERVICING LLC (DBA CAMPUS PARTNERS) 8906 TWO NOTCH ROAD COLUMBIA SC 29223 LOAN SERVICING SC 0 1070554 SC STUDENT LOAN CORPORATION SC3 SOLUTIONS LLC 8906 TWO NOTCH ROAD COLUMBIA SC 29223 300883821 CALL AND CUSTOMER CONTACT CENTER SC 106500 -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 -639782 1 0 0 1 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 PALMETTO INVESTMENTS HOLDINGS INC C 1500000 CONTRIBUTED CAPITAL 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 295238 FMV