ECMC GROUP INC: Form 990, tax year 2016
View the entire original 990 at ProPublica ↗
- Organization
- ECMC GROUP INC (EIN 41-1991995)
- Tax period
- 2016-01-01 to 2016-12-31
- Filed
- 2017-11-10
- IRS object ID
- 201733149349302658
- Schema version
- 2016v3.0
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule D
- Schedule F
- Schedule I
- Schedule J
- Schedule L
- Schedule O
- Schedule R
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2017-11-10T13:00:41-06:00 | ReturnTs |
| Tax Period End | 2016-12-31 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 390859910 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Baker Tilly Virchow Krause LLP | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 225 South 6th Street Suite 2300 | AddressLine1Txt |
| City | Minneapolis | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55402 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2016-01-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 411991995 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ECMC Group Inc | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | ECMC | BusinessNameControlTxt |
| Phone | 6512210566 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 111 Washington Avenue South 1400 | AddressLine1Txt |
| City | Minneapolis | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55401 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | Gregory Van Guilder | PersonNm |
| Person Title | CFO | PersonTitleTxt |
| Signature | 2017-11-10 | SignatureDt |
| Discuss With Paid Preparer | Yes (true) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | Lawrence H Mohr CPA | PreparerPersonNm |
| PTIN | P00447603 | PTIN |
| Phone | 6128764500 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2016 | TaxYr |
| Build TS | 2017-02-10 21:41:12Z | BuildTS |
Form 990 IRS990
Principal Ofcr Business Name PrincipalOfcrBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Jeremy J Wheaton | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 111 Washington Avenue South 1400 | AddressLine1Txt |
| City | Minneapolis | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55401 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $432,350,521 | GrossReceiptsAmt |
| Group Return For Affiliates | false | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | www.ecmcgroup.org | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 2000 | FormationYr |
| Legal Domicile State | DE | LegalDomicileStateCd |
| Activity Or Mission | ECMC Group, Inc. supports Educational Credit Management Corporation and Zenith Education Group, Inc. ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation and Zenith Education Group, Inc. by providing services that help students recognize and realize their potential by investing in, creating and providing innovative education solutions that support schools, and improve student educational outcomes. | ActivityOrMissionDesc |
| Voting Members Governing Body | 8 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 546 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $425,480 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $245,000,000 | PYContributionsGrantsAmt |
| CY Contributions Grants | $255,000,000 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $6,840,599 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $23,715,371 | CYProgramServiceRevenueAmt |
| PY Investment Income | $4,677,409 | PYInvestmentIncomeAmt |
| CY Investment Income | $19,151,402 | CYInvestmentIncomeAmt |
| PY Other Revenue | $631,230 | PYOtherRevenueAmt |
| CY Other Revenue | $3,300,354 | CYOtherRevenueAmt |
| PY Total Revenue | $257,149,238 | PYTotalRevenueAmt |
| CY Total Revenue | $301,167,127 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $115,815,173 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $752,969,912 | CYGrantsAndSimilarPaidAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $10,264,196 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $11,761,807 | CYSalariesCompEmpBnftPaidAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $25,703,828 | PYOtherExpensesAmt |
| CY Other Expenses | $24,031,123 | CYOtherExpensesAmt |
| PY Total Expenses | $151,783,197 | PYTotalExpensesAmt |
| CY Total Expenses | $788,762,842 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $105,366,041 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | -$487,595,715 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $1,382,922,773 | TotalAssetsBOYAmt |
| Total Assets EOY | $1,873,481,757 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $521,498,122 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $1,490,275,394 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $861,424,651 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $383,206,363 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | The mission of ECMC Group, Inc. is to help students recognize and realize their potential by investing in, creating and providing innovative education solutions that support schools and improve student educational outcomes. | MissionDesc |
| Significant New Program Srvc | false | SignificantNewProgramSrvcInd |
| Significant Change | false | SignificantChangeInd |
| Expense | $752,645,402 | ExpenseAmt |
| Grant | $752,645,402 | GrantAmt |
| Revenue | $0 | RevenueAmt |
| Desc | ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation, Zenith Education Group, Inc., and ECMC Foundation by providing services that help students recognize and realize their potential by investing in, creating and providing innovative education solutions that support schools, and improve student educational outcomes. $478,270,902 contributions made to Zenith Education Group, Inc. In September 2016, the Board of Directors of ECMC Group, Inc. adopted a resolution to convert all outstanding principal and interest on notes receivable from Zenith Education Group, Inc. to a contribution to Zenith Education Group, Inc. In addition, the Board resolved that all outstanding intercompany liabilities (net) due from Zenith Education Group, Inc. as of December 31, 2016 would be converted to contributions. The conversion of outstanding principal, interest, and other outstanding intercompany amounts totalled $446,270,902. Cash contributions of $32,000,000 were also made to Zenith Education Group, Inc. to support its mission to help students succeed in their pursuit of an educational experience that prepares them for the workforce. $274,374,500 contributions made to ECMC FOUNDATION to fund innovative outreach programs and scholarship programs, to convey to students the importance of completing high school, and to develop and distribute programs that focus on access, retention and success in higher education; thereby helping low-income individuals, as well as those who may be the first in their family to attend college, further their education goals. | Desc |
Prog Srvc Accom Acty2 ProgSrvcAccomActy2Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $6,854,072 | ExpenseAmt |
| Grant | $0 | GrantAmt |
| Revenue | $23,715,371 | RevenueAmt |
| Desc | LOAN PORTFOLIO SERVICING: ECMC GROUP, INC. HAS AN ELIGIBLE LENDER TRUST AGREEMENT WITH US BANK NATIONAL ASSOCIATION. US BANK SERVES AS AN ELIGIBLE LENDER TRUST (ELT) FOR ECMC GROUP, INC. THROUGH THE ELT, ECMC GROUP, INC. PURCHASES Federal Family Education Loan Program (FFELP) REHABILITATED STUDENT LOANS FROM EDUCATIONAL CREDIT MANAGEMENT CORPORATION, A RELATED ENTITY, AND OTHER GUARANTY AGENCIES. | Desc |
Prog Srvc Accom Acty3 ProgSrvcAccomActy3Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $324,510 | ExpenseAmt |
| Grant | $324,510 | GrantAmt |
| Revenue | $0 | RevenueAmt |
| Desc | GRANTS AND SPONSORSHIPS SUPPLIED BY ECMC GROUP, INC. TO SCHOOLS AND INDIVIDUALS IN SUPPORT OF ITS TAX-EXEMPT PURPOSE. | Desc |
Prog Srvc Accom Acty Other ProgSrvcAccomActyOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Expense | $319,234 | ExpenseAmt |
| Grant | $0 | GrantAmt |
| Revenue | $0 | RevenueAmt |
| Desc | 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. | Desc |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Prog Srvc Expense | $319,234 | TotalOtherProgSrvcExpenseAmt |
| Total Program Service Expenses | $760,143,218 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (true) | DescribedInSection501c3Ind |
| Schedule B Required | Yes (true) | ScheduleBRequiredInd |
| Political Campaign Acty | false | PoliticalCampaignActyInd |
| Lobbying Activities | false | LobbyingActivitiesInd |
| Subject To Proxy Tax | false | SubjectToProxyTaxInd |
| Donor Advised Fund | false | DonorAdvisedFundInd |
| Conservation Easements | false | ConservationEasementsInd |
| Collections Of Art | false | CollectionsOfArtInd |
| Credit Counseling | false | CreditCounselingInd |
| Temp Or Permanent Endowments | false | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (true) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (true) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | Yes (true) | ReportProgramRelatedInvstInd |
| Report Other Assets | false | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (true) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (true) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | false | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (true) | ConsolidatedAuditFinclStmtInd |
| School Operating | false | SchoolOperatingInd |
| Foreign Office | false | ForeignOfficeInd |
| Foreign Activities | Yes (true) | ForeignActivitiesInd |
| More Than5000 K To Org | false | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | false | MoreThan5000KToIndividualsInd |
| Professional Fundraising | false | ProfessionalFundraisingInd |
| Fundraising Activities | false | FundraisingActivitiesInd |
| Gaming Activities | false | GamingActivitiesInd |
| Operate Hospital | false | OperateHospitalInd |
| Grants To Organizations | Yes (true) | GrantsToOrganizationsInd |
| Grants To Individuals | Yes (true) | GrantsToIndividualsInd |
| Schedule J Required | Yes (true) | ScheduleJRequiredInd |
| Tax Exempt Bonds | false | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | false | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | false | PYExcessBenefitTransInd |
| Loan Outstanding | false | LoanOutstandingInd |
| Grant To Related Person | false | GrantToRelatedPersonInd |
| Business Rln With Org Mem | false | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | false | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | Yes (true) | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | false | DeductibleNonCashContriInd |
| Deductible Art Contribution | false | DeductibleArtContributionInd |
| Terminate Operations | false | TerminateOperationsInd |
| Partial Liquidation | false | PartialLiquidationInd |
| Disregarded Entity | Yes (true) | DisregardedEntityInd |
| Related Entity | Yes (true) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (true) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | Yes (true) | TransactionWithControlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | false | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | false | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (true) | ScheduleORequiredInd |
| IRP Document | 141 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Employee | 546 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (true) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | Yes (true) | UnrelatedBusIncmOverLimitInd |
| Form990 T Filed | Yes (true) | Form990TFiledInd |
| Foreign Financial Account | false | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | false | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | false | TaxablePartyNotificationInd |
| Nondeductible Contributions | false | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | false | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | false | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | false | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | false | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | false | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 8 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | false | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | false | DelegationOfMgmtDutiesInd |
| Change To Org Documents | false | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | false | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | Yes (true) | MembersOrStockholdersInd |
| Election Of Board Members | Yes (true) | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | false | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (true) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (true) | MinutesOfCommitteesInd |
| Officer Mailing Address | false | OfficerMailingAddressInd |
| Local Chapters | false | LocalChaptersInd |
| Form990 Provided To Gvrn Body | Yes (true) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (true) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (true) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (true) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (true) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (true) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (true) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (true) | CompensationProcessOtherInd |
| Investment In Joint Venture | false | InvestmentInJointVentureInd |
| States Where Copy Of Return Is Fld | NM | StatesWhereCopyOfReturnIsFldCd |
| States Where Copy Of Return Is Fld | MN | StatesWhereCopyOfReturnIsFldCd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Gregory Van Guilder | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 6512210566 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 111 Washington Avenue S Suite 1400 | AddressLine1Txt |
| City | Minneapolis | CityNm |
| State Abbreviation | MN | StateAbbreviationCd |
| ZIP | 55401 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (42 entries)
| TitleTitleTxt | Average Hours Per WeekAverageHoursPerWeekRt | Average Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRt | Individual Trustee Or DirectorIndividualTrusteeOrDirectorInd | OfficerOfficerInd | Reportable Comp From OrgReportableCompFromOrgAmt | Reportable Comp From Rltd OrgReportableCompFromRltdOrgAmt | Other CompensationOtherCompensationAmt | Key EmployeeKeyEmployeeInd | Highest Compensated EmployeeHighestCompensatedEmployeeInd | Former Ofcr Director TrusteeFormerOfcrDirectorTrusteeInd |
|---|---|---|---|---|---|---|---|---|---|---|
| David L Hawn | ||||||||||
| Group CEO & President | 59.0 | 0.0 | Yes (X) | Yes (X) | $1,083,898 | $0 | $42,998 | |||
| GARY COOK | ||||||||||
| Director | 8.0 | 5.0 | Yes (X) | $0 | $130,000 | $0 | ||||
| ROBERTA COOPER RAMO | ||||||||||
| Director | 9.0 | 7.0 | Yes (X) | $0 | $145,500 | $0 | ||||
| JOHN DEPODESTA | ||||||||||
| Board Chair | 14.0 | 6.0 | Yes (X) | $0 | $183,000 | $0 | ||||
| Julia Gouw | ||||||||||
| Director | 4.0 | 4.0 | Yes (X) | $0 | $130,500 | $0 | ||||
| I KING JORDAN | ||||||||||
| Director | 4.0 | 5.0 | Yes (X) | $0 | $125,000 | $0 | ||||
| JAMES MCKEON | ||||||||||
| Director | 9.0 | 5.0 | Yes (X) | $0 | $167,500 | $0 | ||||
| JACK O'CONNELL | ||||||||||
| Director | 5.0 | 5.0 | Yes (X) | $0 | $120,000 | $0 | ||||
| MAURICE SALTER | ||||||||||
| Director | 6.0 | 4.0 | Yes (X) | $0 | $147,500 | $0 | ||||
| Daniel S Fisher | ||||||||||
| General Counsel/Corp Secretary | 50.0 | 0.0 | Yes (X) | $516,779 | $0 | $50,781 | ||||
| Janice A Hines | ||||||||||
| Chief Relationship Officer | 24.0 | 20.0 | Yes (X) | $379,461 | $164,305 | $43,266 | ||||
| Gregory A Van Guilder | ||||||||||
| Chief Financial Officer | 56.0 | 0.0 | Yes (X) | $852,414 | $0 | $59,520 | ||||
| Heidi J Johnson | ||||||||||
| VP Enterprise Risk Management & Strategic Initiatives | 51.0 | 0.0 | Yes (X) | $371,393 | $0 | $56,880 | ||||
| Kathleen M King | ||||||||||
| VP Finance & Controller | 50.0 | 0.0 | Yes (X) | $312,728 | $0 | $48,659 | ||||
| Hugh E McSherry | ||||||||||
| VP Corporate Services | 61.0 | 0.0 | Yes (X) | $294,652 | $0 | $52,534 | ||||
| Matthew T Mikulski | ||||||||||
| VP Internal Audit | 53.0 | 0.0 | Yes (X) | $246,819 | $0 | $59,166 | ||||
| Heather M Renner | ||||||||||
| Government Affairs Director | 43.0 | 0.0 | Yes (X) | $270,468 | $0 | $48,767 | ||||
| Michael Bogie | ||||||||||
| VP IT Solutions Delivery | 40.0 | 0 | Yes (X) | $215,146 | $0 | $55,559 | ||||
| Andrew Fesler | ||||||||||
| VP Total Rewards | 40.0 | 0 | Yes (X) | $214,365 | $0 | $49,672 | ||||
| David Goff | ||||||||||
| Chief Information Officer | 50.0 | 0 | Yes (X) | $368,752 | $0 | $51,992 | ||||
| John McKennell | ||||||||||
| Chief Information Security Officer | 45.0 | 0 | Yes (X) | $208,987 | $0 | $49,673 | ||||
| Sarah Strehl | ||||||||||
| CAO ECMC Shared Svcs/CHRO | 53.0 | 0 | Yes (X) | $366,643 | $0 | $50,697 | ||||
| Joshua Susser | ||||||||||
| VP Corporate Development & Strategic Planning | 43.0 | 0.0 | Yes (X) | $283,973 | $0 | $46,786 | ||||
| Wendy Badger | ||||||||||
| Corporate Compliance Officer | 52.0 | 0 | Yes (X) | $281,282 | $0 | $38,776 | ||||
| Stephen H Hansen | ||||||||||
| VP Information Technology | 45.0 | 0.0 | $262,330 | $3,558 | $32,066 | Yes (X) | ||||
| Abigail Seldin | ||||||||||
| VP Innovation and Product Management | 40.0 | 0.0 | $246,442 | $3,846 | $50,565 | Yes (X) | ||||
| Iris Cumberbatch | ||||||||||
| VP Corporate Affairs | 44.0 | 0 | $261,769 | $0 | $24,465 | Yes (X) | ||||
| Joseph Ezra | ||||||||||
| VP Finance | 44.0 | 0.0 | $208,174 | $8,279 | $40,380 | Yes (X) | ||||
| Ryan Fullmer | ||||||||||
| VP Finance | 45.0 | 0.0 | $207,606 | $14,579 | $46,157 | Yes (X) | ||||
| Frederick Peguero | ||||||||||
| VP Information Technology | 40.0 | 0.0 | $207,565 | $33,345 | $57,560 | Yes (X) | ||||
| Adam Trampe | ||||||||||
| VP Compliance Zenith | 36.0 | 9.0 | $199,836 | $3,654 | $48,956 | Yes (X) | ||||
| Robert Kenyon | ||||||||||
| SVP & Chief Accounting Officer | 50.0 | 0.0 | $286,625 | $11,346 | $51,227 | Yes (X) | ||||
| Diana Scherer | ||||||||||
| SVP and Deputy General Counsel | 40.0 | 0.0 | $288,237 | $9,231 | $45,168 | Yes (X) | ||||
| James G Gilbertson | ||||||||||
| ECMCSS SVP Finance | 46.0 | 0.0 | $229,036 | $0 | $48,599 | Yes (X) | ||||
| Troy Gunderman | ||||||||||
| Dir Litigation | 40.0 | 2.0 | $182,544 | $3,049 | $47,008 | Yes (X) | ||||
| Robert Hedrick | ||||||||||
| Dir Application Development | 42.0 | 1.0 | $178,433 | $2,921 | $49,481 | Yes (X) | ||||
| Aaron Woodrich | ||||||||||
| Dir IT Infrastructure | 52.0 | 0 | $197,354 | $2,958 | $46,578 | Yes (X) | ||||
| Marc Parrino | ||||||||||
| Dir Finance | 40.0 | 0.0 | $174,034 | $11,448 | $47,990 | Yes (X) | ||||
| Tara Belair | ||||||||||
| Dir Organization Effectiveness | 41.0 | 0 | $173,196 | $3,173 | $50,917 | Yes (X) | ||||
| Richard J Boyle | ||||||||||
| Former DIRECTOR/CEO/PRESIDENT | 0.0 | 0.0 | $15,889 | $0 | $0 | Yes (X) | ||||
| Peter J Taylor | ||||||||||
| Former Director, Current Foundation President & Director and Zenith CEO & President | 0.0 | 41.0 | $0 | $592,526 | $161,867 | Yes (X) | ||||
| ROBERT STEIN | ||||||||||
| Former Director | 0.0 | 0.0 | $0 | $60,000 | $0 | Yes (X) | ||||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $9,586,830 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $2,077,218 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $1,654,707 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 140 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | Yes (true) | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (true) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | false | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (5 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| Fluid Interiors LLC | |||||
| 100 North 6th St Suite 100A | Minneapolis | MN | 55403 | Consulting Services | $4,577,669 |
| Campus Management Corp | |||||
| 5201 Congress Ave | Boca Raton | FL | 33487 | Professional Services | $1,936,879 |
| Network Design Inc | |||||
| 171 Cheshire Lane Suite 700 | Plymouth | MN | 55441 | Consulting Services | $1,863,986 |
| Workday Inc | |||||
| 6230 Stoneridge Mall Road | Pleasanton | CA | 94588 | Consulting Services | $1,730,225 |
| Eloyalty LLC | |||||
| 9197 S Peoria Street | Englewood | CO | 80112 | Call Center Services | $1,210,945 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 58 | CntrctRcvdGreaterThan100KCnt |
| Related Organizations | $255,000,000 | RelatedOrganizationsAmt |
| Total Contributions | $255,000,000 | TotalContributionsAmt |
Program Service Revenue ProgramServiceRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Desc | Student Loan Portfolio | Desc |
| Business | 900099 | BusinessCd |
| Total Revenue Column | $23,715,371 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $23,715,371 | RelatedOrExemptFuncIncomeAmt |
Total Oth Program Service Rev TotalOthProgramServiceRevGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $0 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $23,715,371 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $14,149,347 | TotalRevenueColumnAmt |
| Unrelated Business Revenue | $139,874 | UnrelatedBusinessRevenueAmt |
| Exclusion | $14,009,473 | ExclusionAmt |
Rental Income Or Loss RentalIncomeOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | $0 | RealAmt |
| Personal | $0 | PersonalAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $136,185,449 | SecuritiesAmt |
| Other | $0 | OtherAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $131,146,663 | SecuritiesAmt |
| Other | $36,731 | OtherAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $5,038,786 | SecuritiesAmt |
| Other | -$36,731 | OtherAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $5,002,055 | TotalRevenueColumnAmt |
| Exclusion | $5,002,055 | ExclusionAmt |
Other Revenue Misc OtherRevenueMiscGrp (3 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | ExclusionExclusionAmt | Unrelated Business RevenueUnrelatedBusinessRevenueAmt |
|---|---|---|---|---|
| Income from Subsidiary | 900003 | $2,826,548 | $2,826,548 | |
| Servicing Fees on Trust Student Loans | 900099 | $285,606 | $285,606 | |
| Miscellaneous | 900099 | $188,200 | $188,200 |
Miscellaneous Revenue MiscellaneousRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $0 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $0 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $0 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Revenue Total | $3,300,354 | OtherRevenueTotalAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $301,167,127 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $23,715,371 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $425,480 | UnrelatedBusinessRevenueAmt |
| Exclusion | $22,026,276 | ExclusionAmt |
Grants To Domestic Orgs GrantsToDomesticOrgsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $752,870,912 | TotalAmt |
| Program Services | $752,870,912 | ProgramServicesAmt |
Grants To Domestic Individuals GrantsToDomesticIndividualsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $99,000 | TotalAmt |
| Program Services | $99,000 | ProgramServicesAmt |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,377,354 | TotalAmt |
| Program Services | $319,234 | ProgramServicesAmt |
| Management And General | $3,058,120 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $6,816,790 | TotalAmt |
| Management And General | $6,816,790 | ManagementAndGeneralAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $503,629 | TotalAmt |
| Management And General | $503,629 | ManagementAndGeneralAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $762,313 | TotalAmt |
| Management And General | $762,313 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $301,721 | TotalAmt |
| Management And General | $301,721 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $2,618,582 | TotalAmt |
| Program Services | $1,251,170 | ProgramServicesAmt |
| Management And General | $1,367,412 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $358,105 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $358,105 | ManagementAndGeneralAmt |
Fees For Srvc Invst Mgmnt Fees FeesForSrvcInvstMgmntFeesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $435,281 | TotalAmt |
| Program Services | $435,281 | ProgramServicesAmt |
| Management And General | $0 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $9,983,114 | TotalAmt |
| Program Services | $4,072,349 | ProgramServicesAmt |
| Management And General | $5,910,765 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Advertising AdvertisingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $100 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $100 | ManagementAndGeneralAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | -$1,616,742 | TotalAmt |
| Program Services | $39,571 | ProgramServicesAmt |
| Management And General | -$1,656,313 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,086,029 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $3,086,029 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $353,720 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $353,720 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,019,631 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $1,019,631 | ManagementAndGeneralAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $85,510 | TotalAmt |
| Program Services | $20,372 | ProgramServicesAmt |
| Management And General | $65,138 | ManagementAndGeneralAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,522,317 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $4,522,317 | ManagementAndGeneralAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,269,770 | TotalAmt |
| Program Services | $916,667 | ProgramServicesAmt |
| Management And General | $2,353,103 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $390,385 | TotalAmt |
| Program Services | $0 | ProgramServicesAmt |
| Management And General | $390,385 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (2 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt | Management And GeneralManagementAndGeneralAmt |
|---|---|---|---|
| Income Tax Expense | -$592 | $0 | -$592 |
| Usage on Shared Assets | -$723,456 | $0 | -$723,456 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $249,369 | TotalAmt |
| Program Services | $118,662 | ProgramServicesAmt |
| Management And General | $130,707 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $788,762,842 | TotalAmt |
| Program Services | $760,143,218 | ProgramServicesAmt |
| Management And General | $28,619,624 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $55,513,533 | BOYAmt |
| EOY | $56,886,709 | EOYAmt |
Savings And Temp Cash Invst SavingsAndTempCashInvstGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $95,123,495 | BOYAmt |
| EOY | $88,635,277 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $109,110 | BOYAmt |
| EOY | $1,391,245 | EOYAmt |
Receivables From Officers Etc ReceivablesFromOfficersEtcGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $0 | BOYAmt |
| EOY | $0 | EOYAmt |
Rcvbl From Disqualified Prsn RcvblFromDisqualifiedPrsnGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $0 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $256,525,000 | BOYAmt |
| EOY | $0 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $8,108,666 | BOYAmt |
| EOY | $11,433,138 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $42,978,774 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $14,493,230 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $15,822,886 | BOYAmt |
| EOY | $28,485,544 | EOYAmt |
Investments Pub Traded Sec InvestmentsPubTradedSecGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $227,516,082 | BOYAmt |
| EOY | $246,057,659 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $540,882,343 | BOYAmt |
| EOY | $577,689,373 | EOYAmt |
Investments Program Related InvestmentsProgramRelatedGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $181,292,763 | BOYAmt |
| EOY | $855,286,040 | EOYAmt |
Intangible Assets IntangibleAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | $643,743 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,028,895 | BOYAmt |
| EOY | $6,973,029 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,382,922,773 | BOYAmt |
| EOY | $1,873,481,757 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,926,545 | BOYAmt |
| EOY | $15,708,921 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $828,647 | BOYAmt |
| EOY | $1,046,128 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $162,553,156 | BOYAmt |
| EOY | $488,377,943 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $353,189,774 | BOYAmt |
| EOY | $985,142,402 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $521,498,122 | BOYAmt |
| EOY | $1,490,275,394 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows SFAS117 | Yes (X) | OrganizationFollowsSFAS117Ind |
Unrestricted Net Assets UnrestrictedNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $861,424,651 | BOYAmt |
| EOY | $383,206,363 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $861,424,651 | BOYAmt |
| EOY | $383,206,363 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $1,382,922,773 | BOYAmt |
| EOY | $1,873,481,757 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | -$487,595,715 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | -$1,046,735 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | $10,424,162 | OtherChangesInNetAssetsAmt |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | false | AccountantCompileOrReviewInd |
| FS Audited | Yes (true) | FSAuditedInd |
FS Audited Basis FSAuditedBasisGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Consolidated Basis Fincl Stmt | Yes (X) | ConsolidatedBasisFinclStmtInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | Yes (true) | AuditCommitteeInd |
| Federal Grant Audit Required | false | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Supporting Organization509a3 | Yes (X) | SupportingOrganization509a3Ind |
| Supporting Org Type2 | Yes (X) | SupportingOrgType2Ind |
| Supported Organizations | 2 | SupportedOrganizationsCnt |
Supported Org Information SupportedOrgInformationGrp (2 entries)
| EINEIN | Organization TypeOrganizationTypeCd | Governing Document ListedGoverningDocumentListedInd | SupportSupportAmt | Other SupportOtherSupportAmt |
|---|---|---|---|---|
| EDUCATIONAL CREDIT MGMT CORP | ||||
| 411778617 | 9 | Yes (true) | $319,234 | $0 |
| Zenith Education Group Inc | ||||
| 472237488 | 2 | Yes (true) | $479,693,986 | $0 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Supported Organizations Total | 2 | SupportedOrganizationsTotalCnt |
| Support Sum | $480,013,220 | SupportSumAmt |
| Other Support Sum | $0 | OtherSupportSumAmt |
Form990 Sch A Supporting Org Form990SchASupportingOrgGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Listed By Name Governing Doc | Yes (true) | ListedByNameGoverningDocInd |
| Suprt Org No IRS Determination | false | SuprtOrgNoIRSDeterminationInd |
| Supported Org Section C456 | false | SupportedOrgSectionC456Ind |
| Supported Org Not Organized US | false | SupportedOrgNotOrganizedUSInd |
| Organization Change Suprt Org | false | OrganizationChangeSuprtOrgInd |
| Support Non Supported Org | false | SupportNonSupportedOrgInd |
| Payment Substantial Contribtr | false | PaymentSubstantialContribtrInd |
| Loan Disqualified Person | false | LoanDisqualifiedPersonInd |
| Controlled Disqualified Prsn | false | ControlledDisqualifiedPrsnInd |
| Disqualified Prsn Controll Int | false | DisqualifiedPrsnControllIntInd |
| Disqualified Prsn Ownr Int | false | DisqualifiedPrsnOwnrIntInd |
| Excess Business Holdings Rules | false | ExcessBusinessHoldingsRulesInd |
| Contribution Controller | false | ContributionControllerInd |
| Contribution Family | false | ContributionFamilyInd |
| Contribution35 Controlled | false | Contribution35ControlledInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Majority Dir Trst Supported Org | Yes (true) | MajorityDirTrstSupportedOrgInd |
Form990 Schedule A Part VI Form990ScheduleAPartVIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule A, Part I, Line 12b AN ORGANIZATION ORGANIZED TO PERFORM AND PROVIDE | FormAndLineReferenceDesc |
| Explanation | ECMC GROUP, INC., THE SUPPORTING ORGANIZATION, RETAINS THE FOLLOWING AUTHORITY OVER EDUCATIONAL CREDIT MANAGEMENT CORPORATION and Zenith Education Group, Inc., THE SUPPORTED ORGANIZATIONs, AND, THEREFORE, HAS CONTROL OVER EDUCATIONAL CREDIT MANAGEMENT CORPORATION and Zenith Education Group, 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. | ExplanationTxt |
Schedule B IRS990ScheduleB
Contributor Information ContributorInformationGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor | RESTRICTED | ContributorNum |
Contributor Business Name ContributorBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor US Address ContributorUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Contributions | RESTRICTED | TotalContributionsAmt |
Schedule D IRS990ScheduleD
Leasehold Improvements LeaseholdImprovementsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $8,370,777 | OtherCostOrOtherBasisAmt |
| Depreciation | $643,758 | DepreciationAmt |
| Book Value | $7,727,019 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $929,929 | OtherCostOrOtherBasisAmt |
| Depreciation | $771,491 | DepreciationAmt |
| Book Value | $158,438 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $33,678,068 | OtherCostOrOtherBasisAmt |
| Depreciation | $13,077,981 | DepreciationAmt |
| Book Value | $20,600,087 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $28,485,544 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (4 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| ECMC Holdings Corporation stock | ||
| Investment in ECMC Holdings Corporation | $37,972,031 | F |
| Investment in Oakdale Investment Management Corporation | $2,500,969 | F |
| Alternative Investments | $537,216,373 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $577,689,373 | TotalBookValueSecuritiesAmt |
Invst Program Related Org InvstProgramRelatedOrgGrp (2 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| Student Loan Receivable | $833,892,028 | F |
| Mission-Related Direct Investments | $21,394,012 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Program Rltd | $855,286,040 | TotalBookValueProgramRltdAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (10 entries)
| DescDesc | AmtAmt |
|---|---|
| Due to Federal Services Bureau | |
| Due to ECMC Foundation | $18,849 |
| Due to ECMC Holdings Corporation | |
| Due to Educational Credit Management Corporation | |
| Foundation deposits in Group Investment Pool | $637,358,216 |
| Due to Related Parties | |
| Reserve for future defaults | |
| Payable for unsettled trades | |
| Due to Zenith Education Group, Inc. | $796,449 |
| Secured Borrowings of ECMC Group Student Loan Trust 2016-1 | $346,968,888 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $985,142,402 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2016-1 | $346,968,888 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 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, ECMC, Zenith, and ECMC Foundation are nonprofit 501(c)(3) corporations and are exempt from federal and state income taxes. Holdings 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, Holdings and its subsidiaries are no longer subject to U.S. federal, state or local income tax examinations by tax authorities for the years before 2013. In the event of any current or future tax assessments, Group has elected to record the income taxes and any related interest and penalties as income tax expense on the consolidated statements of activities." |
Schedule F IRS990ScheduleF
Account Activities Outside US AccountActivitiesOutsideUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Region | Central America and the Caribbean | RegionTxt |
| Type Of Activities Conducted | Investments | TypeOfActivitiesConductedTxt |
| Region Total Expenditures | $328,317,507 | RegionTotalExpendituresAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Subtotal Offices | 0 | SubtotalOfficesCnt |
| Subtotal Employees | 0 | SubtotalEmployeesCnt |
| Continutation Total Office | 0 | ContinutationTotalOfficeCnt |
| Continutation Total Employee | 0 | ContinutationTotalEmployeeCnt |
| Total Office | 0 | TotalOfficeCnt |
| Total Employee | 0 | TotalEmployeeCnt |
| Subtotal Spent | $328,317,507 | SubtotalSpentAmt |
| Continuation Spent | $0 | ContinuationSpentAmt |
| Total Spent | $328,317,507 | TotalSpentAmt |
| Transfer To Foreign Corp | Yes (true) | TransferToForeignCorpInd |
| Interest In Foreign Trust | false | InterestInForeignTrustInd |
| Foreign Corp Ownership | false | ForeignCorpOwnershipInd |
| Passive Foreign Investmest Co | Yes (true) | PassiveForeignInvestmestCoInd |
| Foreign Partnership | Yes (true) | ForeignPartnershipInd |
| Boycott Countries | false | BoycottCountriesInd |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule F, Part I, Line 3(f) INVESTMENTS | FormAndLineReferenceDesc |
| Explanation | INVESTMENTS ARE RECORDED ON THE TRADE DATE AND ARE CARRIED AT FAIR VALUE. UNREALIZED GAINS AND LOSSES AND REALIZED GAINS AND LOSSES, DETERMINED ON THE BASIS OF THE COST OF THE SPECIFIC SECURITIES SOLD, ARE INCLUDED IN THE CHANGE IN THE NET ASSETS. DIVIDEND INCOME IS RECORDED ON THE EX-DIVIDEND DATE. INTEREST INCOME IS ACCRUED DAILY. ALTERNATIVE INVESTMENTS-ALTERNATIVE INVESTMENTS ARE VARIOUS HEDGE FUNDS SET UP AS LIMITED PARTNERSHIPS WITH THE INVESTMENT GOAL OF A "FIXED INCOME" AND "GROWTH ASSET" PORTFOLIO. GROUP USES AUDITED FINANCIAL STATEMENTS FOR EACH LIMITED PARTNERSHIP AS A PRACTICAL EXPEDIENT TO ESTIMATE FAIR VALUE. INVESTMENTS HELD BY THE LIMITED PARTNERSHIPS ARE VALUED AT PRICES WHICH APPROXIMATE 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. NET ASSET VALUATIONS ARE PROVIDED QUARTERLY BY THE LIMITED PARTNERSHIPS. | ExplanationTxt |
Schedule I IRS990ScheduleI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Records Maintained | Yes (true) | GrantRecordsMaintainedInd |
Recipient Table RecipientTable (9 entries)
| Address Line1USAddress/AddressLine1Txt | Address Line2USAddress/AddressLine2Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Recipient EINRecipientEIN | IRC SectionIRCSectionDesc | Cash GrantCashGrantAmt | Non Cash AssistanceNonCashAssistanceAmt | Valuation Method UsedValuationMethodUsedDesc | Non Cash AssistanceNonCashAssistanceDesc | Purpose Of GrantPurposeOfGrantTxt |
|---|---|---|---|---|---|---|---|---|---|---|---|
| ECMC Foundation | |||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 411990628 | 501(c)(3) | $24,374,500 | $250,000,000 | Fair Value | Portion of Pooled investments held by ECMC Group, Inc. | General Support |
| Zenith Education Group Inc | |||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 472237488 | 501(c)(3) | $32,000,000 | $446,270,902 | Book | Converted outstanding debt to a contribution. | General support |
| Soleded O'Brien & Brad Raymond Foundation | |||||||||||
| PO Box 20970 | New York | NY | 10023 | 452440475 | 501(C)(3) | $35,000 | Assist Lower Income Students | ||||
| EB Research Partnership | |||||||||||
| 132 East 43rd Street Suite 432 | New York | NY | 10017 | 272417202 | 501(C)(3) | $15,000 | Sponsorship | ||||
| Cristo Rey Jesuit High School | |||||||||||
| 2924 Fourth Ave South | Minneapolis | MN | 55408 | 204548714 | 501(C)(3) | $30,500 | Work Study Program Sponsorship | ||||
| CRHS Sacramento Work Study Inc | |||||||||||
| 8475 Jackson Rd | Sacramento | CA | 95826 | 412191660 | 501(C)(3) | $23,467 | Work Study Program Sponsorship | ||||
| People Serving People | |||||||||||
| 614 South 3rd Street | Minneapolis | MN | 55415 | 411965067 | 501(C)(3) | $25,000 | Program Sponsorship | ||||
| Minneapolis Public Schools | |||||||||||
| 1250 West Broadway Ave | Minneapolis | MN | 55411 | 410851980 | School District | $25,000 | Program Sponsorship | ||||
| Sacramento Children's Museum | |||||||||||
| 2701 Prospect Park Dr 120 | Rancho Cordova | CA | 95670 | 202673935 | 501(C)(3) | $50,000 | Program Sponsorships | ||||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total501c3 Org | 9 | Total501c3OrgCnt |
| Total Other Org | 0 | TotalOtherOrgCnt |
Grants Other Asst To Indiv In US GrantsOtherAsstToIndivInUSGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grant Type | ROBERT A. STEIN SCHOLARSHIP | GrantTypeTxt |
| Recipient | 42 | RecipientCnt |
| Cash Grant | $99,000 | CashGrantAmt |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. | FormAndLineReferenceDesc |
| Explanation | ECMC Group, Inc. is the sole member of ECMC Foundation and Zenith Education Group, 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. | ExplanationTxt |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Idemnification Gross Up Pmts | Yes (X) | IdemnificationGrossUpPmtsInd |
| Written Policy Ref T And E Expnss | Yes (true) | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | Yes (true) | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Independent Consultant | Yes (X) | IndependentConsultantInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Board Or Committee Approval | Yes (X) | BoardOrCommitteeApprovalInd |
| Severance Payment | false | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | Yes (true) | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | false | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | false | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | Yes (true) | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | false | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | Yes (true) | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | false | AnyNonFixedPaymentsInd |
| Initial Contract Exception | false | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (36 entries)
| TitleTitleTxt | Base Compensation Filing OrgBaseCompensationFilingOrgAmt | Compensation Based On Rltd OrgsCompensationBasedOnRltdOrgsAmt | Bonus Filing OrganizationBonusFilingOrganizationAmount | Bonus Related OrganizationsBonusRelatedOrganizationsAmt | Other Compensation Filing OrgOtherCompensationFilingOrgAmt | Other Compensation Rltd OrgsOtherCompensationRltdOrgsAmt | Deferred Compensation Flng OrgDeferredCompensationFlngOrgAmt | Deferred Comp Rltd OrgsDeferredCompRltdOrgsAmt | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmt | Nontaxable Benefits Rltd OrgsNontaxableBenefitsRltdOrgsAmt | Total Compensation Filing OrgTotalCompensationFilingOrgAmt | Total Compensation Rltd OrgsTotalCompensationRltdOrgsAmt | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrgAmt | Comp Report Prior990 Rltd OrgsCompReportPrior990RltdOrgsAmt |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| David L Hawn | ||||||||||||||
| Group CEO & President | $519,553 | $0 | $560,722 | $0 | $3,624 | $0 | $23,850 | $0 | $19,148 | $0 | $1,126,896 | $0 | $44,472 | $0 |
| Richard J Boyle | ||||||||||||||
| Former DIRECTOR/CEO/PRESIDENT | $0 | $0 | $0 | $0 | $15,889 | $0 | $0 | $0 | $0 | $0 | $15,889 | $0 | $0 | $0 |
| Peter J Taylor | ||||||||||||||
| Former Director, Current Foundation President & Director and Zenith CEO & President | $0 | $478,163 | $0 | $111,958 | $0 | $2,405 | $119,661 | $31,800 | $0 | $10,406 | $119,661 | $634,733 | $0 | $11,856 |
| ROBERT STEIN | ||||||||||||||
| Former Director | $0 | $60,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $60,000 | $0 | $0 |
| JOHN DEPODESTA | ||||||||||||||
| Board Chair | $0 | $183,000 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $183,000 | $0 | $0 |
| JAMES MCKEON | ||||||||||||||
| Director | $0 | $167,500 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $0 | $167,500 | $0 | $0 |
| Daniel S Fisher | ||||||||||||||
| General Counsel/Corp Secretary | $311,679 | $0 | $199,457 | $0 | $5,642 | $0 | $31,800 | $0 | $18,981 | $0 | $567,560 | $0 | $19,052 | $0 |
| Janice A Hines | ||||||||||||||
| Chief Relationship Officer | $175,868 | $159,347 | $196,772 | $101 | $6,821 | $4,856 | $15,900 | $7,950 | $11,197 | $8,219 | $406,558 | $180,473 | $10,616 | $0 |
| Gregory A Van Guilder | ||||||||||||||
| Chief Financial Officer | $455,680 | $0 | $393,608 | $0 | $3,126 | $0 | $31,800 | $0 | $27,720 | $0 | $911,934 | $0 | $35,531 | $0 |
| Heidi J Johnson | ||||||||||||||
| VP Enterprise Risk Management & Strategic Initiatives | $241,487 | $0 | $128,301 | $0 | $1,604 | $0 | $31,800 | $0 | $25,080 | $0 | $428,272 | $0 | $11,964 | $0 |
| Kathleen M King | ||||||||||||||
| VP Finance & Controller | $197,388 | $0 | $107,715 | $0 | $7,626 | $0 | $31,800 | $0 | $16,859 | $0 | $361,387 | $0 | $2,610 | $0 |
| Hugh E McSherry | ||||||||||||||
| VP Corporate Services | $170,687 | $0 | $113,852 | $0 | $10,113 | $0 | $24,821 | $0 | $27,713 | $0 | $347,187 | $0 | $0 | $0 |
| Matthew T Mikulski | ||||||||||||||
| VP Internal Audit | $163,468 | $0 | $80,427 | $0 | $2,924 | $0 | $29,953 | $0 | $29,213 | $0 | $305,985 | $0 | $0 | $0 |
| Heather M Renner | ||||||||||||||
| Government Affairs Director | $184,663 | $0 | $84,043 | $0 | $1,762 | $0 | $31,800 | $0 | $16,967 | $0 | $319,234 | $0 | $2,670 | $0 |
| Michael Bogie | ||||||||||||||
| VP IT Solutions Delivery | $199,187 | $0 | $14,648 | $0 | $1,310 | $0 | $26,346 | $0 | $29,213 | $0 | $270,705 | $0 | $0 | $0 |
| Andrew Fesler | ||||||||||||||
| VP Total Rewards | $196,343 | $0 | $15,524 | $0 | $2,497 | $0 | $25,851 | $0 | $23,821 | $0 | $264,037 | $0 | $0 | $0 |
| David Goff | ||||||||||||||
| Chief Information Officer | $296,888 | $0 | $70,007 | $0 | $1,857 | $0 | $31,800 | $0 | $20,192 | $0 | $420,744 | $0 | $0 | $0 |
| John McKennell | ||||||||||||||
| Chief Information Security Officer | $181,187 | $0 | $25,875 | $0 | $1,925 | $0 | $25,293 | $0 | $24,380 | $0 | $258,660 | $0 | $0 | $0 |
| Sarah Strehl | ||||||||||||||
| CAO ECMC Shared Svcs/CHRO | $291,386 | $0 | $73,249 | $0 | $2,007 | $0 | $31,800 | $0 | $18,897 | $0 | $417,340 | $0 | $0 | $0 |
| Joshua Susser | ||||||||||||||
| VP Corporate Development & Strategic Planning | $197,124 | $0 | $81,866 | $0 | $4,983 | $0 | $31,800 | $0 | $14,986 | $0 | $330,759 | $0 | $9,764 | $0 |
| Wendy Badger | ||||||||||||||
| Corporate Compliance Officer | $198,936 | $0 | $79,617 | $0 | $2,728 | $0 | $31,800 | $0 | $6,976 | $0 | $320,058 | $0 | $0 | $0 |
| Stephen H Hansen | ||||||||||||||
| VP Information Technology | $181,302 | $3,558 | $78,094 | $0 | $2,933 | $0 | $31,311 | $213 | $542 | $0 | $294,182 | $3,771 | $289 | $0 |
| Abigail Seldin | ||||||||||||||
| VP Innovation and Product Management | $164,670 | $3,846 | $81,000 | $0 | $772 | $0 | $23,069 | $231 | $27,265 | $0 | $296,777 | $4,077 | $0 | $0 |
| Iris Cumberbatch | ||||||||||||||
| VP Corporate Affairs | $146,780 | $0 | $102 | $0 | $114,886 | $0 | $17,737 | $0 | $6,728 | $0 | $286,233 | $0 | $0 | $0 |
| Joseph Ezra | ||||||||||||||
| VP Finance | $206,798 | $8,279 | $104 | $0 | $1,272 | $0 | $12,667 | $0 | $27,713 | $0 | $248,554 | $8,279 | $0 | $0 |
| Ryan Fullmer | ||||||||||||||
| VP Finance | $206,798 | $8,279 | $101 | $6,300 | $707 | $0 | $18,007 | $437 | $27,713 | $0 | $253,326 | $15,016 | $0 | $0 |
| Frederick Peguero | ||||||||||||||
| VP Information Technology | $205,175 | $8,319 | $101 | $25,000 | $2,288 | $25 | $25,529 | $1,666 | $30,365 | $0 | $263,459 | $35,011 | $0 | $0 |
| Adam Trampe | ||||||||||||||
| VP Compliance Zenith | $182,533 | $3,654 | $10,101 | $0 | $7,201 | $0 | $24,357 | $219 | $24,380 | $0 | $248,572 | $3,873 | $0 | $0 |
| Robert Kenyon | ||||||||||||||
| SVP & Chief Accounting Officer | $285,180 | $11,346 | $104 | $0 | $1,341 | $0 | $24,580 | $0 | $26,647 | $0 | $337,852 | $11,346 | $0 | $0 |
| Diana Scherer | ||||||||||||||
| SVP and Deputy General Counsel | $189,250 | $9,231 | $98,000 | $0 | $987 | $0 | $23,850 | $0 | $21,318 | $0 | $333,405 | $9,231 | $0 | $0 |
| James G Gilbertson | ||||||||||||||
| ECMCSS SVP Finance | $226,185 | $0 | $102 | $0 | $2,749 | $0 | $24,083 | $0 | $24,515 | $0 | $277,635 | $0 | $0 | $0 |
| Troy Gunderman | ||||||||||||||
| Dir Litigation | $151,705 | $3,049 | $30,101 | $0 | $737 | $0 | $22,598 | $30 | $24,380 | $0 | $229,521 | $3,080 | $0 | $0 |
| Robert Hedrick | ||||||||||||||
| Dir Application Development | $144,670 | $2,921 | $29,600 | $0 | $4,163 | $0 | $21,593 | $175 | $27,713 | $0 | $227,739 | $3,097 | $0 | $0 |
| Aaron Woodrich | ||||||||||||||
| Dir IT Infrastructure | $151,204 | $2,958 | $40,677 | $0 | $5,473 | $0 | $19,648 | $0 | $26,930 | $0 | $243,932 | $2,958 | $0 | $0 |
| Marc Parrino | ||||||||||||||
| Dir Finance | $172,456 | $11,423 | $101 | $0 | $1,477 | $25 | $21,185 | $571 | $26,234 | $0 | $221,452 | $12,020 | $0 | $0 |
| Tara Belair | ||||||||||||||
| Dir Organization Effectiveness | $155,379 | $3,173 | $16,601 | $0 | $1,216 | $0 | $21,513 | $190 | $29,213 | $0 | $223,923 | $3,363 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (4 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 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 2016, Gregory Van Guilder and Sarah Strehl participated in the 457(f) plan, and received employer contributions of $15,179 and $6,421, respectively, and Peter J. Taylor participated in the SERP plan, and received an employer contribution of $119,661. |
| 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 payment 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 payment to any officer is made. |
Schedule L IRS990ScheduleL
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp
Name Of Interested NameOfInterested
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Richard J Boyle | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship Description | Mr. Boyle is a Director and President of the contracted company. | RelationshipDescriptionTxt |
| Transaction | $180,000 | TransactionAmt |
| Transaction | The consulting contract for advisory services began after Mr. Boyle retired from the organization on February 1, 2014. The proposed terms of the contract were reviewed by the Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors which is wholly comprised of independent, outside directors. The Committee reviewed the business terms, tasks, duration of the proposed agreement and comparability data. They also heard from compensation consultants and outside counsel. The Committee made a recommendation that was then approved by the full ECMC Group, Inc. Board of Directors. | TransactionDesc |
| Sharing Of Revenues | false | SharingOfRevenuesInd |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (13 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| Form 990, Part III, Line 4d Description of other program services | (Expenses $ 319,234 including grants of $ 0)(Revenue $ 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. |
| Form 990, Part VI, Line 13 WHISTLEBLOWER POLICY | ECMC Group, Inc. has a code of ethics and business conduct policy that is affirmed annually by all ECMC Group, Inc. and affiliated companies' officers and employees. While there is not a specific whistleblower policy, there is a provision incorporated into the code of ethics and business conduct policy that binds all employees that states there can be no repercussions for good faith reporting of potential illegal practices or violations of corporate policies. ECMC Group, Inc. has established an anonymous whistleblower telephone hotline and website administered by an outside vendor. The hotline and website are available and accessible to ECMC Group, Inc. directors, officers, employees and vendors. |
| 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 2016, 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 Code of Ethics and Business Conduct. The affirmation specifically references that the individual will comply with the directives of the Code of Ethics and Business Conduct. Conflicts of Interest and disclosure of potential conflicts are included in the Code of Ethics and Business Conduct. Monitoring and enforcement of the policy are accomplished through the reaffirmation process. In cases where a potential conflict exists at the officer and key employee levels, the issue is disclosed to the CEO and Director of Corporate Compliance. For potential or real conflicts involving the CEO or a member of the Board of Directors, the disclosure is made to the Board Chairman. The Board member or CEO 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 Educational Credit Management Corporation (ECMC), Zenith Education Group, Inc. and ECMC Group, Inc., including ECMC Shared Services Company, LLC, executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2016, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter LLP provided a written opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter 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 Educational Credit Management Corporation (ECMC), Zenith Education Group, Inc. and ECMC Group, Inc., including ECMC Shared Services Company, LLC, executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2016, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter LLP provided a written opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter 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 | Robert Stein, a former Director, had a consulting agreement in 2016. |
| Form 990, Part XI, Line 5 Net unrealized gains on investments | Net unrealized loss on investment in the ECMC Group, Inc. Investment Pool are $1,046,735. |
| Form 990, Part XI, Line 9 Other changes in net assets or fund balances | Transfer of Net Assets - 10424162; |
| Form 990, Part XI, Line 9 Other Changes in Net Assets | $10,424,162. Transfer of Net Assets. $5,948,508. On January 1, 2016, approximately 246 Educational Credit Management Corporation (ECMC) employees in the information technology, finance and accounting, human resources, and other corporate support departments were hired into ECMC Shared Services Company, LLC, a wholly owned subsidiary of ECMC Group, Inc. Additionally, property, equipment and leasehold improvements of approximately $3.59 million, net of accumulated depreciation and amortization, and prepaid expenses and other assets of approximately $2.36 million, were transferred into ECMC Shared Services Company, LLC, a wholly owned subsidiary of ECMC Group, Inc. $4,475,654. On January 1, 2016 approximately 175 Zenith Education Group, Inc. employees in the information technology, finance and accounting, human resources, and other corporate support departments were hired into ECMC Shared Services Company, LLC, a wholly owned subsidiary of ECMC Group, Inc. Additionally, the related property, equipment, and leasehold improvements of approximately $2.91 million and prepaid expenses and other assets of approximately $1.57 million were transferred into ECMC Shared Services Company, LLC, a wholly owned subsidiary of ECMC Group, Inc. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (5 entries)
| Address Line1USAddress/AddressLine1Txt | Address Line2USAddress/AddressLine2Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt |
|---|---|---|---|---|---|---|---|---|---|---|
| OAKDALE STUDENT LOAN FUNDING LLC | ||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 271914648 | HOLDING FFELP LOANS | DE | $55,328,835 | $379,066,074 | ECMC GROUP INC |
| PREMIERE CREDIT OF NORTH AMERICA LLC | ||||||||||
| 2002 WELLESLEY BLVD 100 | INDIANAPOLIS | IN | 46219 | 352085743 | ACCOUNTS RECEIVABLE MANAGEMENT | IN | ECMC HOLDINGS CORP | |||
| ECMC Shared Services Company LLC | ||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 810690960 | Support Services Functions | DE | $30,000,000 | $69,936,623 | ECMC Group Inc |
| Patriot Student Loan Capital LLC | ||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 813501777 | Trust Student Loans | DE | $0 | $19,017,713 | ECMC Group Inc |
| Healthcare Billing Administrators LLC | ||||||||||
| 2002 Wellesley Blvd 100 | Indianapolis | IN | 46219 | 814038009 | Provider of Contingent Collections in the Healthcare Provider Market | IN | Premiere Credit of North America LLC | |||
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp (3 entries)
| Address Line1USAddress/AddressLine1Txt | Address Line2USAddress/AddressLine2Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Exempt Code SectionExemptCodeSectionTxt | Public Charity StatusPublicCharityStatusTxt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | Controlled OrganizationControlledOrganizationInd |
|---|---|---|---|---|---|---|---|---|---|---|---|
| EDUCATIONAL CREDIT MGMT CORP | |||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 411778617 | FFELP GUARANTOR | MN | 501(c)(3) | 10 | ECMC GROUP INC | Yes (true) |
| ECMC FOUNDATION | |||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 411990628 | PROMOTE EDUCATION | DE | 501(c)(3) | Type II | ECMC GROUP INC | Yes (true) |
| Zenith Education Group Inc | |||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 472237488 | Career Colleges | DE | 501(c)(3) | 2 | ECMC Group Inc | Yes (true) |
Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp (7 entries)
| Address Line1USAddress/AddressLine1Txt | Address Line2USAddress/AddressLine2Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | EINEIN | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | Entity TypeEntityTypeTxt | Share Of Total IncomeShareOfTotalIncomeAmt | Share Of EOY AssetsShareOfEOYAssetsAmt | OwnershipOwnershipPct | Controlled OrganizationControlledOrganizationInd |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| OAKDALE INVESTMENT MANAGEMENT CORPORATION | |||||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 461549752 | HOLDING INVESTMENTS | DE | ECMC GROUP INC | C Corporation | $0 | $2,500,969 | 1 | Yes (true) |
| ECMC HOLDINGS CORPORATION | |||||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 411991992 | STRATEGIC OVERSIGHT | DE | ECMC GROUP INC | C Corporation | $47,905,881 | $45,384,655 | 1 | Yes (true) |
| EDUCATIONAL CREDIT SERVICES COMPANY | |||||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 411992001 | PRIVATE LOANS | DE | NA | C Corporation | Yes (true) | |||
| ECMC RECORDS & REC MGMT CORPORATION | |||||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 411989959 | DOCUMENT MANAGEMENT | DE | NA | C Corporation | Yes (true) | |||
| ECMC MANAGEMENT SERVICES CORPORATION | |||||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 411989960 | MANAGEMENT SERVICES | DE | NA | C Corporation | Yes (true) | |||
| ECMC TECHNOLOGY SERVICES CORPORATION | |||||||||||||
| 111 Washington Avenue South | Suite 1400 | Minneapolis | MN | 55401 | 411989958 | TECHNOLOGY SERVICES | DE | NA | C Corporation | Yes (true) | |||
| ECMC SERVICING CORPORATION | |||||||||||||
| 10370 PETER A MCCUEN BLVD | MATHER | CA | 95655 | 471154366 | LOAN SERVICING | DE | NA | C Corporation | Yes (true) | ||||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | false | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | Yes (true) | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | Yes (true) | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | Yes (true) | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | false | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | Yes (true) | DivRelatedOrganizationInd |
| Asset Sale To Other Org | false | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | false | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | false | AssetExchangeInd |
| Rental Of Facilities To Oth Org | false | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | false | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | false | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | false | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (true) | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (true) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | Yes (true) | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | Yes (true) | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | false | TransferToOtherOrgInd |
| Transfer From Other Org | Yes (true) | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp (17 entries)
| Transaction TypeTransactionTypeTxt | InvolvedInvolvedAmt | Method Of Amount DeterminationMethodOfAmountDeterminationTxt | Business Name Line2OtherOrganizationName/BusinessNameLine2Txt |
|---|---|---|---|
| ECMC Foundation | |||
| B | $274,374,500 | Allocation | |
| Zenith Education Group Inc | |||
| B | $478,270,902 | Allocation and Book Value | |
| Educational Credit Management Corporation | |||
| C | $255,000,000 | Allocation | |
| Zenith Education Group Inc | |||
| D | $381,200,000 | Principal Outstanding at time of conversion to a contribution | |
| Zenith Education Group Inc | |||
| D | $2,800,000 | Letters of Credit Contingent Liability | |
| ECMC Holdings Corporation | |||
| F | $10,000,000 | Cash | |
| Educational Credit Management Corporation | |||
| S | $5,948,508 | Book Value | |
| Zenith Education Group Inc | |||
| S | $4,475,654 | Book Value | |
| Zenith Education Group Inc | |||
| N | $1,423,084 | Allocation | |
| Zenith Education Group Inc | |||
| Q | $15,691,755 | Allocation | |
| ECMC Foundation | |||
| N | $373,532 | Allocation | |
| ECMC Foundation | |||
| Q | $911,962 | Allocation | |
| Educational Credit Management Corporation | |||
| N | $7,634,454 | Allocation | |
| Educational Credit Management Corporation | |||
| O | $45,640,908 | Allocation | |
| Educational Credit Management Corporation | |||
| P | $11,169,270 | Allocation | |
| ECMC Holdings Corporation | |||
| Q | $59,934 | Allocation | |
| Premiere Credit of North America LLC a subsidiary of ECMC Holdings Corporat | |||
| Q | $274,427 | Allocation | ion |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | Schedule R, Part V, Line 1d Loans or loan guarantees to or for related organization(s) | FormAndLineReferenceDesc |
| Explanation | In September 2016, the Board of Directors of ECMC Group, Inc. adopted a resolution to convert all outstanding principal and interest on notes receivable from Zenith Education Group, Inc. to a contribution to Zenith Education Group, Inc. The conversion of outstanding principal amounted to $381,200,000. | ExplanationTxt |