SOUTH CAROLINA STUDENT LOAN CORPORATION: Form 990, tax year 2015
View the entire original 990 at ProPublica ↗
- Organization
- SOUTH CAROLINA STUDENT LOAN CORPORATION (EIN 57-0602805)
- Tax period
- 2015-07-01 to 2016-06-30
- Filed
- 2017-02-10
- IRS object ID
- 201730419349300833
- Schema version
- 2015v3.0
- 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 ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return | 2017-02-10T09:49:20-06:00 | ReturnTs |
| Tax Period End | 2016-06-30 | TaxPeriodEndDt |
Preparer Firm PreparerFirmGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Firm EIN | 570381582 | PreparerFirmEIN |
Preparer Firm Name PreparerFirmName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ELLIOTT DAVIS DECOSIMO LLC PLLC | BusinessNameLine1Txt |
Preparer US Address PreparerUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 1901 MAIN STREET SUITE 900 | AddressLine1Txt |
| City | COLUMBIA | CityNm |
| State Abbreviation | SC | StateAbbreviationCd |
| ZIP | 29201 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnTypeCd |
| Tax Period Begin | 2015-07-01 | TaxPeriodBeginDt |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 570602805 | EIN |
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SOUTH CAROLINA STUDENT LOAN CORP | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Control | SOUT | BusinessNameControlTxt |
| Phone | 8037980916 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 102405 | AddressLine1Txt |
| City | COLUMBIA | CityNm |
| State Abbreviation | SC | StateAbbreviationCd |
| ZIP | 29224 | ZIPCd |
Business Officer BusinessOfficerGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | CHARLIE C SANDERS JR | PersonNm |
| Person Title | PRESIDENT/CEO | PersonTitleTxt |
| Phone | 8037980916 | PhoneNum |
| Signature | 2017-02-09 | SignatureDt |
| Discuss With Paid Preparer | Yes (1) | DiscussWithPaidPreparerInd |
Preparer Person PreparerPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Preparer Person | DENISE P HILL CPA | PreparerPersonNm |
| PTIN | P00046615 | PTIN |
| Phone | 8032560002 | PhoneNum |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax | 2015 | TaxYr |
| Build TS | 2021-01-29 14:40:06Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Principal Officer | CHARLIE C SANDERS JR | PrincipalOfficerNm |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 102405 | AddressLine1Txt |
| City | COLUMBIA | CityNm |
| State Abbreviation | SC | StateAbbreviationCd |
| ZIP | 29224 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | $191,697,725 | GrossReceiptsAmt |
| Group Return For Affiliates | 0 | GroupReturnForAffiliatesInd |
| Organization501c3 | Yes (X) | Organization501c3Ind |
| Website Address | WWW.SCSTUDENTLOAN.ORG | WebsiteAddressTxt |
| Type Of Organization Corp | Yes (X) | TypeOfOrganizationCorpInd |
| Formation | 1973 | FormationYr |
| Legal Domicile State | SC | LegalDomicileStateCd |
| Activity Or Mission | 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 | ActivityOrMissionDesc |
| Voting Members Governing Body | 10 | VotingMembersGoverningBodyCnt |
| Voting Members Independent | 8 | VotingMembersIndependentCnt |
| Total Employee | 141 | TotalEmployeeCnt |
| Total Volunteers | 0 | TotalVolunteersCnt |
| Total Gross UBI | $0 | TotalGrossUBIAmt |
| Net Unrelated Bus Txbl Incm | $0 | NetUnrelatedBusTxblIncmAmt |
| PY Contributions Grants | $0 | PYContributionsGrantsAmt |
| CY Contributions Grants | $0 | CYContributionsGrantsAmt |
| PY Program Service Revenue | $95,927,639 | PYProgramServiceRevenueAmt |
| CY Program Service Revenue | $119,155,382 | CYProgramServiceRevenueAmt |
| PY Investment Income | $2,705,854 | PYInvestmentIncomeAmt |
| CY Investment Income | $1,748,403 | CYInvestmentIncomeAmt |
| PY Other Revenue | $0 | PYOtherRevenueAmt |
| CY Other Revenue | $0 | CYOtherRevenueAmt |
| PY Total Revenue | $98,633,493 | PYTotalRevenueAmt |
| CY Total Revenue | $120,903,785 | CYTotalRevenueAmt |
| PY Grants And Similar Paid | $0 | PYGrantsAndSimilarPaidAmt |
| CY Grants And Similar Paid | $0 | CYGrantsAndSimilarPaidAmt |
| PY Benefits Paid To Members | $0 | PYBenefitsPaidToMembersAmt |
| CY Benefits Paid To Members | $0 | CYBenefitsPaidToMembersAmt |
| PY Salaries Comp Emp Bnft Paid | $10,503,003 | PYSalariesCompEmpBnftPaidAmt |
| CY Salaries Comp Emp Bnft Paid | $9,849,976 | CYSalariesCompEmpBnftPaidAmt |
| PY Total Prof Fndrsng Expns | $0 | PYTotalProfFndrsngExpnsAmt |
| CY Total Prof Fndrsng Expns | $0 | CYTotalProfFndrsngExpnsAmt |
| CY Total Fundraising Expense | $0 | CYTotalFundraisingExpenseAmt |
| PY Other Expenses | $64,985,158 | PYOtherExpensesAmt |
| CY Other Expenses | $66,613,982 | CYOtherExpensesAmt |
| PY Total Expenses | $75,488,161 | PYTotalExpensesAmt |
| CY Total Expenses | $76,463,958 | CYTotalExpensesAmt |
| PY Revenues Less Expenses | $23,145,332 | PYRevenuesLessExpensesAmt |
| CY Revenues Less Expenses | $44,439,827 | CYRevenuesLessExpensesAmt |
| Total Assets BOY | $2,769,389,013 | TotalAssetsBOYAmt |
| Total Assets EOY | $2,456,563,686 | TotalAssetsEOYAmt |
| Total Liabilities BOY | $2,230,226,712 | TotalLiabilitiesBOYAmt |
| Total Liabilities EOY | $1,873,681,722 | TotalLiabilitiesEOYAmt |
| Net Assets Or Fund Balances BOY | $539,162,301 | NetAssetsOrFundBalancesBOYAmt |
| Net Assets Or Fund Balances EOY | $582,881,964 | NetAssetsOrFundBalancesEOYAmt |
| Info In Schedule O Part III | Yes (X) | InfoInScheduleOPartIIIInd |
| Mission | 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 | MissionDesc |
| Significant New Program Srvc | 0 | SignificantNewProgramSrvcInd |
| Significant Change | Yes (1) | SignificantChangeInd |
| Expense | $74,833,611 | ExpenseAmt |
| Revenue | $119,155,382 | RevenueAmt |
| Desc | PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS. | Desc |
| Total Program Service Expenses | $74,833,611 | TotalProgramServiceExpensesAmt |
| Described In Section501c3 | Yes (1) | DescribedInSection501c3Ind |
| Schedule B Required | 0 | ScheduleBRequiredInd |
| Political Campaign Acty | 0 | PoliticalCampaignActyInd |
| Lobbying Activities | 0 | LobbyingActivitiesInd |
| Subject To Proxy Tax | 0 | SubjectToProxyTaxInd |
| Donor Advised Fund | 0 | DonorAdvisedFundInd |
| Conservation Easements | 0 | ConservationEasementsInd |
| Collections Of Art | 0 | CollectionsOfArtInd |
| Credit Counseling | 0 | CreditCounselingInd |
| Temp Or Permanent Endowments | 0 | TempOrPermanentEndowmentsInd |
| Report Land Building Equipment | Yes (1) | ReportLandBuildingEquipmentInd |
| Report Investments Other Sec | Yes (1) | ReportInvestmentsOtherSecInd |
| Report Program Related Invst | 0 | ReportProgramRelatedInvstInd |
| Report Other Assets | 0 | ReportOtherAssetsInd |
| Report Other Liabilities | Yes (1) | ReportOtherLiabilitiesInd |
| Include FIN48 Footnote | Yes (1) | IncludeFIN48FootnoteInd |
| Independent Audit Fincl Stmt | Yes (1) | IndependentAuditFinclStmtInd |
| Consolidated Audit Fincl Stmt | Yes (1) | ConsolidatedAuditFinclStmtInd |
| School Operating | 0 | SchoolOperatingInd |
| Foreign Office | 0 | ForeignOfficeInd |
| Foreign Activities | 0 | ForeignActivitiesInd |
| More Than5000 K To Org | 0 | MoreThan5000KToOrgInd |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividualsInd |
| Professional Fundraising | 0 | ProfessionalFundraisingInd |
| Fundraising Activities | 0 | FundraisingActivitiesInd |
| Gaming Activities | 0 | GamingActivitiesInd |
| Operate Hospital | 0 | OperateHospitalInd |
| Grants To Organizations | 0 | GrantsToOrganizationsInd |
| Grants To Individuals | 0 | GrantsToIndividualsInd |
| Schedule J Required | Yes (1) | ScheduleJRequiredInd |
| Tax Exempt Bonds | 0 | TaxExemptBondsInd |
| Engaged In Excess Benefit Trans | 0 | EngagedInExcessBenefitTransInd |
| PY Excess Benefit Trans | 0 | PYExcessBenefitTransInd |
| Loan Outstanding | 0 | LoanOutstandingInd |
| Grant To Related Person | 0 | GrantToRelatedPersonInd |
| Business Rln With Org Mem | 0 | BusinessRlnWithOrgMemInd |
| Business Rln With Fam Mem | 0 | BusinessRlnWithFamMemInd |
| Business Rln With Officer Ent | Yes (1) | BusinessRlnWithOfficerEntInd |
| Deductible Non Cash Contri | 0 | DeductibleNonCashContriInd |
| Deductible Art Contribution | 0 | DeductibleArtContributionInd |
| Terminate Operations | 0 | TerminateOperationsInd |
| Partial Liquidation | 0 | PartialLiquidationInd |
| Disregarded Entity | 0 | DisregardedEntityInd |
| Related Entity | Yes (1) | RelatedEntityInd |
| Related Organization Ctrl Ent | Yes (1) | RelatedOrganizationCtrlEntInd |
| Transaction With Control Ent | Yes (1) | TransactionWithControlEntInd |
| Trnsfr Exmpt Non Chrtbl Rltd Org | 0 | TrnsfrExmptNonChrtblRltdOrgInd |
| Activities Conducted Prtshp | 0 | ActivitiesConductedPrtshpInd |
| Schedule O Required | Yes (1) | ScheduleORequiredInd |
| IRP Document | 118 | IRPDocumentCnt |
| IRP Document W2 G | 0 | IRPDocumentW2GCnt |
| Backup Wthld Compliance | Yes (1) | BackupWthldComplianceInd |
| Employee | 141 | EmployeeCnt |
| Employment Tax Returns Filed | Yes (1) | EmploymentTaxReturnsFiledInd |
| Unrelated Bus Incm Over Limit | 0 | UnrelatedBusIncmOverLimitInd |
| Foreign Financial Account | 0 | ForeignFinancialAccountInd |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTransInd |
| Taxable Party Notification | 0 | TaxablePartyNotificationInd |
| Nondeductible Contributions | 0 | NondeductibleContributionsInd |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributionsInd |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOfInd |
| Rcv Fnds To Pay Prsnl Bnft Cntrct | 0 | RcvFndsToPayPrsnlBnftCntrctInd |
| Pay Premiums Prsnl Bnft Cntrct | 0 | PayPremiumsPrsnlBnftCntrctInd |
| Indoor Tanning Services | 0 | IndoorTanningServicesInd |
| Info In Schedule O Part VI | Yes (X) | InfoInScheduleOPartVIInd |
| Governing Body Voting Members | 10 | GoverningBodyVotingMembersCnt |
| Independent Voting Member | 8 | IndependentVotingMemberCnt |
| Family Or Business Rln | 0 | FamilyOrBusinessRlnInd |
| Delegation Of Mgmt Duties | 0 | DelegationOfMgmtDutiesInd |
| Change To Org Documents | 0 | ChangeToOrgDocumentsInd |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuseInd |
| Members Or Stockholders | 0 | MembersOrStockholdersInd |
| Election Of Board Members | 0 | ElectionOfBoardMembersInd |
| Decisions Subject To Approva | 0 | DecisionsSubjectToApprovaInd |
| Minutes Of Governing Body | Yes (1) | MinutesOfGoverningBodyInd |
| Minutes Of Committees | Yes (1) | MinutesOfCommitteesInd |
| Officer Mailing Address | 0 | OfficerMailingAddressInd |
| Local Chapters | Yes (1) | LocalChaptersInd |
| Policies Reference Chapters | Yes (1) | PoliciesReferenceChaptersInd |
| Form990 Provided To Gvrn Body | Yes (1) | Form990ProvidedToGvrnBodyInd |
| Conflict Of Interest Policy | Yes (1) | ConflictOfInterestPolicyInd |
| Annual Disclosure Covered Prsn | Yes (1) | AnnualDisclosureCoveredPrsnInd |
| Regular Monitoring Enfrc | Yes (1) | RegularMonitoringEnfrcInd |
| Whistleblower Policy | Yes (1) | WhistleblowerPolicyInd |
| Document Retention Policy | Yes (1) | DocumentRetentionPolicyInd |
| Compensation Process CEO | Yes (1) | CompensationProcessCEOInd |
| Compensation Process Other | Yes (1) | CompensationProcessOtherInd |
| Investment In Joint Venture | 0 | InvestmentInJointVentureInd |
| Upon Request | Yes (X) | UponRequestInd |
Books In Care Of Detail BooksInCareOfDetail
Business Name BusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | JANE HONEYCUTT | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Phone | 8036125096 | PhoneNum |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8906 TWO NOTCH ROAD | AddressLine1Txt |
| City | COLUMBIA | CityNm |
| State Abbreviation | SC | StateAbbreviationCd |
| ZIP | 29223 | ZIPCd |
Form990 Part VII Section A Form990PartVIISectionAGrp (20 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 |
|---|---|---|---|---|---|---|---|---|---|
| CHARLIE C SANDERS JR | |||||||||
| PRESIDENT/CEO/BOARD SEC. | 32.00 | 8.00 | Yes (X) | Yes (X) | $629,660 | $0 | $121,921 | ||
| FREDERICK T HIMMELEIN ESQ | |||||||||
| CHAIRMAN | 1.00 | 1.00 | Yes (X) | $20,000 | $0 | $0 | |||
| J THORNTON KIRBY ESQ | |||||||||
| TREASURER | 1.00 | 1.00 | Yes (X) | $10,000 | $0 | $0 | |||
| WILLIAM M MACKIE JR | |||||||||
| VICE CHAIRMAN THROUGH 12-4-15 | 1.00 | 1.00 | Yes (X) | $7,000 | $0 | $0 | |||
| BARBARA F WESTON | |||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $10,000 | $0 | $0 | |||
| HARRY R BROWN | |||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $17,000 | $0 | $0 | |||
| RENEE R BROOKS | |||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $14,000 | $0 | $0 | |||
| D GRANT CARWILE ESQ | |||||||||
| DIRECTOR THROUGH 12-31-15 | 1.00 | 1.00 | Yes (X) | $10,000 | $0 | $0 | |||
| NEIL E GRAYSON ESQ | |||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $14,000 | $0 | $0 | |||
| FRED L GREEN III | |||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $10,000 | $0 | $0 | |||
| JEFFREY R SCOTT | |||||||||
| DIRECTOR | 1.00 | 1.00 | Yes (X) | $10,000 | $0 | $0 | |||
| D GRANT CARWILE ESQ | |||||||||
| EXECUTIVE VP 1-1-16 | 40.00 | 0.00 | Yes (X) | $0 | $0 | $0 | |||
| JANE HONEYCUTT | |||||||||
| CFO | 32.00 | 8.00 | Yes (X) | $193,253 | $0 | $58,576 | |||
| DONNA DEWISPELAERE | |||||||||
| PRESIDENT/CEO/CAMPUS PARTN | 1.00 | 40.00 | $0 | $149,242 | $8,528 | Yes (X) | |||
| DAVID SIMON | |||||||||
| CIO | 32.00 | 8.00 | $190,640 | $0 | $56,773 | Yes (X) | |||
| ANNE HARVIN GAVIN | |||||||||
| SVP | 32.00 | 8.00 | $136,235 | $0 | $40,048 | Yes (X) | |||
| CINDI CALLAHAM | |||||||||
| RISK MANAGEMENT DIRECTOR | 32.00 | 8.00 | $140,347 | $0 | $37,774 | Yes (X) | |||
| DENISE EASTERLING | |||||||||
| VP, SC3 | 32.00 | 8.00 | $127,423 | $0 | $37,156 | Yes (X) | |||
| DONNA WEATHERSBEE | |||||||||
| HR DIRECTOR | 32.00 | 8.00 | $120,440 | $0 | $28,157 | Yes (X) | |||
| DEBRA MILLER | |||||||||
| CONTROLLER | 32.00 | 8.00 | $115,387 | $0 | $42,595 | Yes (X) | |||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | $1,775,385 | TotalReportableCompFromOrgAmt |
| Tot Reportable Comp Rltd Org | $149,242 | TotReportableCompRltdOrgAmt |
| Total Other Compensation | $431,528 | TotalOtherCompensationAmt |
| Indiv Rcvd Greater Than100 K | 8 | IndivRcvdGreaterThan100KCnt |
| Former Ofcr Employees Listed | 0 | FormerOfcrEmployeesListedInd |
| Total Comp Greater Than150 K | Yes (1) | TotalCompGreaterThan150KInd |
| Compensation From Other Srcs | 0 | CompensationFromOtherSrcsInd |
Contractor Compensation ContractorCompensationGrp (3 entries)
| Address Line1ContractorAddress/USAddress/AddressLine1Txt | CityContractorAddress/USAddress/CityNm | State AbbreviationContractorAddress/USAddress/StateAbbreviationCd | ZIPContractorAddress/USAddress/ZIPCd | ServicesServicesDesc | CompensationCompensationAmt |
|---|---|---|---|---|---|
| ELLIOTT DAVIS DECOSIMO | |||||
| 1901 MAIN STREET SUITE 900 | COLUMBIA | SC | 29201 | EXTERNAL AUDITOR | $203,095 |
| NELSON MULLINS RILEY & SCARBOROUGH LLP | |||||
| 1320 MAIN STREET | COLUMBIA | SC | 29201 | LEGAL SERVICES | $200,135 |
| MCNAIR LAW FIRM PA | |||||
| 100 CALHOUN STREET SUITE 400 | CHARLESTON | SC | 29401 | LEGAL SERVICES | $173,552 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Cntrct Rcvd Greater Than100 K | 3 | CntrctRcvdGreaterThan100KCnt |
| Info In Schedule O Part VIII | Yes (X) | InfoInScheduleOPartVIIIInd |
Program Service Revenue ProgramServiceRevenueGrp (5 entries)
| DescDesc | BusinessBusinessCd | Total Revenue ColumnTotalRevenueColumnAmt | Related Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt |
|---|---|---|---|
| STUDENT LOAN INTEREST | 900099 | $107,638,808 | $107,638,808 |
| BONDS PAYABLE TENDER OFFER DISCOU | 900099 | $32,419,500 | $32,419,500 |
| US DOE SUBSIDIZED INTEREST | 900099 | $14,444,271 | $14,444,271 |
| MISCELLANEOUS INCOME | 900099 | $4,286,140 | $4,286,140 |
| LATE CHARGES | 900099 | $2,093,380 | $2,093,380 |
Total Oth Program Service Rev TotalOthProgramServiceRevGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$41,726,717 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | -$41,726,717 | RelatedOrExemptFuncIncomeAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | $119,155,382 | TotalProgramServiceRevenueAmt |
Investment Income InvestmentIncomeGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $1,804,343 | TotalRevenueColumnAmt |
| Exclusion | $1,804,343 | ExclusionAmt |
Gross Amount Sales Assets GrossAmountSalesAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $70,738,000 | SecuritiesAmt |
Less Cost Oth Basis Sales Expnss LessCostOthBasisSalesExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | $70,793,940 | SecuritiesAmt |
Gain Or Loss GainOrLossGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Securities | -$55,940 | SecuritiesAmt |
Net Gain Or Loss Investments NetGainOrLossInvestmentsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -$55,940 | TotalRevenueColumnAmt |
| Exclusion | -$55,940 | ExclusionAmt |
Total Revenue TotalRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | $120,903,785 | TotalRevenueColumnAmt |
| Related Or Exempt Func Income | $119,155,382 | RelatedOrExemptFuncIncomeAmt |
| Unrelated Business Revenue | $0 | UnrelatedBusinessRevenueAmt |
| Exclusion | $1,748,403 | ExclusionAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part IX | Yes (X) | InfoInScheduleOPartIXInd |
Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,228,097 | TotalAmt |
| Program Services | $1,105,287 | ProgramServicesAmt |
| Management And General | $122,810 | ManagementAndGeneralAmt |
Other Salaries And Wages OtherSalariesAndWagesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $4,043,629 | TotalAmt |
| Program Services | $3,639,267 | ProgramServicesAmt |
| Management And General | $404,362 | ManagementAndGeneralAmt |
Pension Plan Contributions PensionPlanContributionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $3,628,880 | TotalAmt |
| Program Services | $3,265,991 | ProgramServicesAmt |
| Management And General | $362,889 | ManagementAndGeneralAmt |
Other Employee Benefits OtherEmployeeBenefitsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $595,415 | TotalAmt |
| Program Services | $535,874 | ProgramServicesAmt |
| Management And General | $59,541 | ManagementAndGeneralAmt |
Payroll Taxes PayrollTaxesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $353,955 | TotalAmt |
| Program Services | $318,559 | ProgramServicesAmt |
| Management And General | $35,396 | ManagementAndGeneralAmt |
Fees For Services Legal FeesForServicesLegalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $357,440 | TotalAmt |
| Program Services | $321,696 | ProgramServicesAmt |
| Management And General | $35,744 | ManagementAndGeneralAmt |
Fees For Services Accounting FeesForServicesAccountingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $174,530 | TotalAmt |
| Program Services | $157,077 | ProgramServicesAmt |
| Management And General | $17,453 | ManagementAndGeneralAmt |
Fees For Services Other FeesForServicesOtherGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,087,198 | TotalAmt |
| Program Services | $1,087,198 | ProgramServicesAmt |
Office Expenses OfficeExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $1,570,715 | TotalAmt |
| Program Services | $1,413,643 | ProgramServicesAmt |
| Management And General | $157,072 | ManagementAndGeneralAmt |
Information Technology InformationTechnologyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $225,910 | TotalAmt |
| Program Services | $203,319 | ProgramServicesAmt |
| Management And General | $22,591 | ManagementAndGeneralAmt |
Occupancy OccupancyGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $396,985 | TotalAmt |
| Program Services | $317,588 | ProgramServicesAmt |
| Management And General | $79,397 | ManagementAndGeneralAmt |
Travel TravelGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $44,880 | TotalAmt |
| Program Services | $40,392 | ProgramServicesAmt |
| Management And General | $4,488 | ManagementAndGeneralAmt |
Conferences Meetings ConferencesMeetingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $102,257 | TotalAmt |
| Program Services | $92,031 | ProgramServicesAmt |
| Management And General | $10,226 | ManagementAndGeneralAmt |
Interest InterestGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $27,025,610 | TotalAmt |
| Program Services | $27,025,610 | ProgramServicesAmt |
Depreciation Depletion DepreciationDepletionGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $311,230 | TotalAmt |
| Program Services | $280,107 | ProgramServicesAmt |
| Management And General | $31,123 | ManagementAndGeneralAmt |
Insurance InsuranceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $80,750 | TotalAmt |
| Program Services | $72,675 | ProgramServicesAmt |
| Management And General | $8,075 | ManagementAndGeneralAmt |
Other Expenses OtherExpensesGrp (4 entries)
| DescDesc | TotalTotalAmt | Program ServicesProgramServicesAmt |
|---|---|---|
| ORIGINATION FEES | $9,444,194 | $9,444,194 |
| TLP CANCELLATIONS | $5,766,785 | $5,766,785 |
| BORROWER INCENTIVES | $5,559,353 | $5,559,353 |
| LOAN LOSS EXPENSE | $3,779,330 | $3,779,330 |
All Other Expenses AllOtherExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $10,686,815 | TotalAmt |
| Program Services | $10,407,635 | ProgramServicesAmt |
| Management And General | $279,180 | ManagementAndGeneralAmt |
Total Functional Expenses TotalFunctionalExpensesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $76,463,958 | TotalAmt |
| Program Services | $74,833,611 | ProgramServicesAmt |
| Management And General | $1,630,347 | ManagementAndGeneralAmt |
| Fundraising | $0 | FundraisingAmt |
Cash Non Interest Bearing CashNonInterestBearingGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $286,470,121 | BOYAmt |
| EOY | $201,995,575 | EOYAmt |
Accounts Receivable AccountsReceivableGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $45,300,724 | BOYAmt |
| EOY | $41,869,961 | EOYAmt |
Oth Notes Loans Receivable Net OthNotesLoansReceivableNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,262,887,168 | BOYAmt |
| EOY | $2,025,807,107 | EOYAmt |
Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $255,000 | BOYAmt |
| EOY | $332,703 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Bldg Equip Cost Or Other Bss | $7,435,936 | LandBldgEquipCostOrOtherBssAmt |
| Land Bldg Equip Accum Deprec | $2,581,250 | LandBldgEquipAccumDeprecAmt |
Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $4,975,634 | BOYAmt |
| EOY | $4,854,686 | EOYAmt |
Investments Other Securities InvestmentsOtherSecuritiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $169,048,474 | BOYAmt |
| EOY | $181,703,654 | EOYAmt |
Other Assets Total OtherAssetsTotalGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $451,892 | BOYAmt |
| EOY | $0 | EOYAmt |
Total Assets TotalAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,769,389,013 | BOYAmt |
| EOY | $2,456,563,686 | EOYAmt |
Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $47,303,903 | BOYAmt |
| EOY | $47,281,255 | EOYAmt |
Deferred Revenue DeferredRevenueGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,687,161 | BOYAmt |
| EOY | $1,212,643 | EOYAmt |
Mortg Notes Pybl Scrd Invst Prop MortgNotesPyblScrdInvstPropGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,169,990,501 | BOYAmt |
| EOY | $1,814,476,406 | EOYAmt |
Other Liabilities OtherLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $10,245,147 | BOYAmt |
| EOY | $10,711,418 | EOYAmt |
Total Liabilities TotalLiabilitiesGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,230,226,712 | BOYAmt |
| EOY | $1,873,681,722 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Organization Follows SFAS117 | Yes (X) | OrganizationFollowsSFAS117Ind |
Unrestricted Net Assets UnrestrictedNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $353,278,600 | BOYAmt |
| EOY | $325,912,119 | EOYAmt |
Temporarily Rstr Net Assets TemporarilyRstrNetAssetsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $185,883,701 | BOYAmt |
| EOY | $256,969,845 | EOYAmt |
Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $539,162,301 | BOYAmt |
| EOY | $582,881,964 | EOYAmt |
Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | $2,769,389,013 | BOYAmt |
| EOY | $2,456,563,686 | EOYAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | Yes (X) | InfoInScheduleOPartXIInd |
| Reconcilation Revenue Expnss | $44,439,827 | ReconcilationRevenueExpnssAmt |
| Net Unrlzd Gains Losses Invst | $38,859 | NetUnrlzdGainsLossesInvstAmt |
| Other Changes In Net Assets | -$759,023 | OtherChangesInNetAssetsAmt |
| Info In Schedule O Part XII | Yes (X) | InfoInScheduleOPartXIIInd |
| Method Of Accounting Accrual | Yes (X) | MethodOfAccountingAccrualInd |
| Accountant Compile Or Review | 0 | AccountantCompileOrReviewInd |
| FS Audited | Yes (1) | 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 (1) | AuditCommitteeInd |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequiredInd |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | Yes (X) | PubliclySupportedOrg509a2Ind |
Gifts Grants Contris Rcvd509 GiftsGrantsContrisRcvd509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $27,113,745 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $21,193,491 | CurrentTaxYearMinus3YearsAmt |
| Total | $48,307,236 | TotalAmt |
Gross Receipts Admissions GrossReceiptsAdmissionsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $75,036,369 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $72,166,115 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $100,719,275 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $95,927,639 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $119,155,382 | CurrentTaxYearAmt |
| Total | $463,004,780 | TotalAmt |
Total509 Total509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $102,150,114 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $93,359,606 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $100,719,275 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $95,927,639 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $119,155,382 | CurrentTaxYearAmt |
| Total | $511,312,016 | TotalAmt |
Amounts Rcvd Dsqlfy Person AmountsRcvdDsqlfyPersonGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Substantial Contributors Amt SubstantialContributorsAmtGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
Subst And Dsqlfy Prsns Tot SubstAndDsqlfyPrsnsTotGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | $0 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | $511,312,016 | PublicSupportTotal509Amt |
Gross Investment Income509 GrossInvestmentIncome509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $745,261 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $3,445,952 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $699,628 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $1,406,065 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $1,804,343 | CurrentTaxYearAmt |
| Total | $8,101,249 | TotalAmt |
Investment Income And UBTI InvestmentIncomeAndUBTIGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $745,261 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $3,445,952 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $699,628 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $1,406,065 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $1,804,343 | CurrentTaxYearAmt |
| Total | $8,101,249 | TotalAmt |
Other Income509 OtherIncome509Grp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $2,906,809 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $19,669,212 | CurrentTaxYearMinus3YearsAmt |
| Total | $22,576,021 | TotalAmt |
Total Support Calendar Year TotalSupportCalendarYearGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | $105,802,184 | CurrentTaxYearMinus4YearsAmt |
| Current Tax Year Minus3 Years | $116,474,770 | CurrentTaxYearMinus3YearsAmt |
| Current Tax Year Minus2 Years | $101,418,903 | CurrentTaxYearMinus2YearsAmt |
| Current Tax Year Minus1 Year | $97,333,704 | CurrentTaxYearMinus1YearAmt |
| Current Tax Year | $120,959,725 | CurrentTaxYearAmt |
| Total | $541,989,286 | TotalAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support CY509 | 0.94340 | PublicSupportCY509Pct |
| Public Support PY509 | 0.93500 | PublicSupportPY509Pct |
| Investment Income CY | 0.01490 | InvestmentIncomeCYPct |
| Investment Income PY | 0.01350 | InvestmentIncomePYPct |
| Thirty Thr Pct Suprt Tests CY509 | Yes (X) | ThirtyThrPctSuprtTestsCY509Ind |
Schedule D IRS990ScheduleD
Land LandGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $364,900 | OtherCostOrOtherBasisAmt |
| Book Value | $364,900 | BookValueAmt |
Buildings BuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $4,358,670 | OtherCostOrOtherBasisAmt |
| Depreciation | $508,474 | DepreciationAmt |
| Book Value | $3,850,196 | BookValueAmt |
Equipment EquipmentGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $2,599,320 | OtherCostOrOtherBasisAmt |
| Depreciation | $2,009,734 | DepreciationAmt |
| Book Value | $589,586 | BookValueAmt |
Other Land Buildings OtherLandBuildingsGrp
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | $113,046 | OtherCostOrOtherBasisAmt |
| Depreciation | $63,042 | DepreciationAmt |
| Book Value | $50,004 | BookValueAmt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Land Buildings | $4,854,686 | TotalBookValueLandBuildingsAmt |
Other Securities OtherSecuritiesGrp (4 entries)
| DescDesc | Book ValueBookValueAmt | Method ValuationMethodValuationCd |
|---|---|---|
| SCOTT & STRINGFELLOW | $95,827,915 | F |
| GREENWOOD CAPITAL | $10,006,635 | F |
| BB&T CAPITAL MARKETS | $67,400,008 | F |
| OTHER INVESTMENTS | $8,469,096 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Book Value Securities | $181,703,654 | TotalBookValueSecuritiesAmt |
Other Liabilities Org OtherLiabilitiesOrgGrp (2 entries)
| DescDesc | AmtAmt |
|---|---|
| DUE TO US DEPARTMENT OF EDUCATION | $8,182,479 |
| DEFINED BENEFIT PLAN OBLIGATION | $2,528,939 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Liability | $10,711,418 | TotalLiabilityAmt |
| Footnote Text | Yes (X) | FootnoteTextInd |
| Total Rev Etc Audited Fincl Stmt | $121,793,840 | TotalRevEtcAuditedFinclStmtAmt |
| Net Unrealized Gains Invst | $38,859 | NetUnrealizedGainsInvstAmt |
| Other Revenue | $851,196 | OtherRevenueAmt |
| Revenue Not Reported | $890,055 | RevenueNotReportedAmt |
| Revenue Subtotal | $120,903,785 | RevenueSubtotalAmt |
| Revenue Not Reported Fincl Stmt | $0 | RevenueNotReportedFinclStmtAmt |
| Total Revenue Per Form990 | $120,903,785 | TotalRevenuePerForm990Amt |
| Tot Expns Etc Audited Fincl Stmt | $78,074,177 | TotExpnsEtcAuditedFinclStmtAmt |
| Other Expenses Included | $1,610,219 | OtherExpensesIncludedAmt |
| Expenses Not Reported | $1,610,219 | ExpensesNotReportedAmt |
| Expenses Subtotal | $76,463,958 | ExpensesSubtotalAmt |
| Expenses Not Rpt Fincl Stmt | $0 | ExpensesNotRptFinclStmtAmt |
| Total Expenses Per Form990 | $76,463,958 | TotalExpensesPerForm990Amt |
Supplemental Information Detail SupplementalInformationDetail (3 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 2013. |
| PART XI, LINE 2D - OTHER ADJUSTMENTS: | INCOME FROM EDVANTAGE (FILES SEPARATE FORM 990) 641,196. INCOME FROM SC3, LLC (FILES SEPARATE FORM 1120 WITH PIHI) 210,000. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | EXPENSES FROM EDVANTAGE (FILES SEPARATE FORM 990) 640,794. EXPENSES FROM PALMETTO INVESTMENT HOLDINGS, INC (FILES SEPARATE FORM 1120) 500,000. EXPENSES FROM SC3, LLC (FILES SEPARATE 1120 WITH PIHI) 469,425. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Housing Allowance Or Residence | Yes (X) | HousingAllowanceOrResidenceInd |
| Written Policy Ref T And E Expnss | 0 | WrittenPolicyRefTAndEExpnssInd |
| Substantiation Required | 0 | SubstantiationRequiredInd |
| Compensation Committee | Yes (X) | CompensationCommitteeInd |
| Compensation Survey | Yes (X) | CompensationSurveyInd |
| Severance Payment | 0 | SeverancePaymentInd |
| Supplemental Nonqual Rtr Plan | 0 | SupplementalNonqualRtrPlanInd |
| Equity Based Comp Arrngm | 0 | EquityBasedCompArrngmInd |
| Comp Based On Revenue Of Flng Org | 0 | CompBasedOnRevenueOfFlngOrgInd |
| Comp Bsd On Rev Related Orgs | 0 | CompBsdOnRevRelatedOrgsInd |
| Comp Bsd Net Earns Flng Org | 0 | CompBsdNetEarnsFlngOrgInd |
| Comp Bsd Net Earns Rltd Orgs | 0 | CompBsdNetEarnsRltdOrgsInd |
| Any Non Fixed Payments | Yes (1) | AnyNonFixedPaymentsInd |
| Initial Contract Exception | 0 | InitialContractExceptionInd |
Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (8 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CHARLIE C SANDERS JR | ||||||||||||||
| PRESIDENT/CEO/BOARD SEC. | $429,660 | $0 | $200,000 | $0 | $0 | $0 | $74,172 | $0 | $47,749 | $0 | $751,581 | $0 | $0 | $0 |
| JANE HONEYCUTT | ||||||||||||||
| CFO | $155,753 | $0 | $37,500 | $0 | $0 | $0 | $37,265 | $0 | $21,311 | $0 | $251,829 | $0 | $0 | $0 |
| DONNA DEWISPELAERE | ||||||||||||||
| PRESIDENT/CEO/CAMPUS PARTN | $0 | $131,832 | $0 | $17,410 | $0 | $0 | $0 | $0 | $0 | $8,528 | $0 | $157,770 | $0 | $0 |
| DAVID SIMON | ||||||||||||||
| CIO | $153,140 | $0 | $37,500 | $0 | $0 | $0 | $35,182 | $0 | $21,591 | $0 | $247,413 | $0 | $0 | $0 |
| ANNE HARVIN GAVIN | ||||||||||||||
| SVP | $117,235 | $0 | $19,000 | $0 | $0 | $0 | $15,080 | $0 | $24,968 | $0 | $176,283 | $0 | $0 | $0 |
| CINDI CALLAHAM | ||||||||||||||
| RISK MANAGEMENT DIRECTOR | $126,847 | $0 | $13,500 | $0 | $0 | $0 | $18,884 | $0 | $18,890 | $0 | $178,121 | $0 | $0 | $0 |
| DENISE EASTERLING | ||||||||||||||
| VP, SC3 | $106,423 | $0 | $21,000 | $0 | $0 | $0 | $16,653 | $0 | $20,503 | $0 | $164,579 | $0 | $0 | $0 |
| DEBRA MILLER | ||||||||||||||
| CONTROLLER | $100,387 | $0 | $15,000 | $0 | $0 | $0 | $36,241 | $0 | $6,354 | $0 | $157,982 | $0 | $0 | $0 |
Supplemental Information Detail SupplementalInformationDetail (2 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| PART I, LINE 1A | NON-BUSINESS HOUSING WAS PROVIDED TO DONNA DEWISPELAERE, PRESIDENT AND CEO OF CAMPUS PARTNERS (SINGLE MEMBER LLC). THIS COMPENSATION WAS INCLUDED IN HER TAXABLE WAGES. |
| PART I, LINE 7 | THE BOARD PROVIDES DISCRETIONARY BONUSES FOR CERTAIN EXECUTIVES. |
Schedule L IRS990ScheduleL
Bus Tr Involve Interested Prsn BusTrInvolveInterestedPrsnGrp
Name Of Interested NameOfInterested
| Field | Value | IRS element (for citing) |
|---|---|---|
| Person | D GRANT CARWILE | PersonNm |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Relationship Description | DIRECTOR OF SL CAPITAL STRATEGIES | RelationshipDescriptionTxt |
| Transaction | $104,011 | TransactionAmt |
| Transaction | ADVISOR FOR AMBAC/2004 TRUST RESTRUCTURING AND 2015 SERIES BOND ISSUE | TransactionDesc |
| Sharing Of Revenues | 0 | SharingOfRevenuesInd |
Schedule O IRS990ScheduleO
Supplemental Information Detail SupplementalInformationDetail (13 entries)
| Form And Line ReferenceFormAndLineReferenceDesc | ExplanationExplanationTxt |
|---|---|
| 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 III, LINE 3 | CAMPUS PARTNERS (SINGLE MEMBER LLC) ENDED ITS CORE BUSINESS THROUGH ASSIGNMENT OF SCHOOL CONTRACTS TO A 3RD PARTY IN THE PRIOR YEAR. THE MAJORITY OF THE REMAINING ASSETS OF CAMPUS PARTNERS WERE SOLD TO A THIRD PARTY DURING THIS TAX YEAR WHO ALSO ASSUMED RESPONSIBLITY FOR REMAINING VENDOR CONTRACTS. FUTURE PLANS FOR THIS ENTITY ARE BEING EVALUATED. EDVANTAGE IS NOT ACTIVELY SERVING AS A DEBT COLLECTOR AT THIS TIME. |
| FORM 990, PART VI, SECTION B, LINE 11 | 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 CHIEF FINANCIAL OFFICER, THE CHIEF EXECUTIVE OFFICER AND ALL MEMBERS OF THE AUDIT COMMITTEE OF THE CORPORATION. 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 AUGUST 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 COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF THE CORPORATION DETERMINES THE COMPENSATION OF THE PRESIDENT/CEO. MEMBERS OF THE COMPENSATION COMMITTEE ARE VERY KNOWLEDGEABLE ABOUT EXECUTIVE COMPENSATION IN GENERAL. ONE MEMBER IS A FORMER PRESIDENT OF A STUDENT LOAN PROVIDER AND THE CHAIRMAN OF THE COMPENSATION COMMITTEE IS A FORMER SENIOR VICE PRESIDENT AND HUMAN RESOURCES DIRECTOR OF A NATIONAL AND A COMMUNITY BANK. 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 COMPENSATION 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 (42,240,786) SPECIAL ALLOWANCE, SCSEAA REMITANCES 526,162 AND (12,093) MISCELLANEOUS PAYMENTS OF STUDENT LOANS. |
| FORM 990, PART IX, LINE 24E | AMORTIZATION OF DEFERRED COST OF BOND: PROGRAM SERVICE EXPENSES 3,584,251. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,584,251. PAYMENTS TO SC SEAA FOR STUDENT LOAN INC: PROGRAM SERVICE EXPENSES 2,911,633. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,911,633. OTHER OPERATING EXPENSES: PROGRAM SERVICE EXPENSES 2,385,566. MANAGEMENT AND GENERAL EXPENSES 265,063. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,650,629. RECALL OF FUNDS: PROGRAM SERVICE EXPENSES 1,339,512. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 1,339,512. OTHER: PROGRAM SERVICE EXPENSES 127,053. MANAGEMENT AND GENERAL EXPENSES 14,117. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 141,170. SUBSCRIPTIONS AND FEES: PROGRAM SERVICE EXPENSES 59,620. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 59,620. |
| FORM 990, PART XI, LINE 9: | EDVANTAGE FYE 6-30-16 CHANGE IN NET ASSETS 402. PALMETTO INVESTMENT HOLDINGS, INC.FYE 6-30-16 CHANGE IN NET ASSETS -500,000. SC3,LLC FYE 6-30-16 CHANGE IN NET ASSETS -259,425. |
| 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. |
| FORM 990, PAGE 5, PART V, LINE 2A | IN ADDITION TO THE EMPLOYEES REPORTED ON PAGE 5, PART V, LINE 2A, THE ORGANIZATION OWNS 100% OF A DISREGARDED ENTITY, EDUCATIONAL LOAN SERVICING, LLC D/B/A CAMPUS PARTNERS, WHICH REPORTED 50 EMPLOYEES ON THEIR SEPARATE 2015 FORM W-3. |
| FORM 990, PAGE 5, PART V, LINE 1A | IN ADDITION TO THE NUMBER OF 1099'S REPORTED ON PAGE 5, PART V, LINE 1A, THE ORGANIZATION OWNS 100% OF A DISREGARDED ENTITY, EDUCATIONAL LOAN SERVICING, LLC D/B/A CAMPUS PARTNERS, WHICH REPORTED 4 FORM 1099'S ON THEIR SEPARATE 2015 FORM 1096. |
Schedule R IRS990ScheduleR
Id Disregarded Entities IdDisregardedEntitiesGrp (2 entries)
| Address Line1USAddress/AddressLine1Txt | CityUSAddress/CityNm | State AbbreviationUSAddress/StateAbbreviationCd | ZIPUSAddress/ZIPCd | Primary ActivitiesPrimaryActivitiesTxt | Legal Domicile StateLegalDomicileStateCd | Total IncomeTotalIncomeAmt | End Of Year AssetsEndOfYearAssetsAmt | Business Name Line1DirectControllingEntityName/BusinessNameLine1Txt | EINEIN |
|---|---|---|---|---|---|---|---|---|---|
| EDUCATIONAL LOAN SERVICING LLC (DBA CAMPUS PARTNERS) | |||||||||
| 8906 TWO NOTCH ROAD | COLUMBIA | SC | 29223 | LOAN SERVICING | SC | $2,965,469 | $396,085 | SC STUDENT LOAN CORPORATION | |
| SC3 SOLUTIONS LLC | |||||||||
| 8906 TWO NOTCH ROAD | COLUMBIA | SC | 29223 | CALL AND CUSTOMER CONTACT CENTER | SC | $210,000 | -$203,095 | PALMETTO INVESTMENT HOLDINGS INC | 300883821 |
Id Related Tax Exempt Org IdRelatedTaxExemptOrgGrp
Disregarded Entity Name DisregardedEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | EDVANTAGE CORPORATION | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8906 TWO NOTCH RD | AddressLine1Txt |
| City | COLUMBIA | CityNm |
| State Abbreviation | SC | StateAbbreviationCd |
| ZIP | 29223 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 451482379 | EIN |
| Primary Activities | LOAN COLLECTIONS THROUGH 2-16-16 | PrimaryActivitiesTxt |
| Legal Domicile State | SC | LegalDomicileStateCd |
| Exempt Code Section | 501(C)(3) | ExemptCodeSectionTxt |
| Public Charity Status | LINE 11A, I | PublicCharityStatusTxt |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SC STUDENT LOAN CORPORATION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Controlled Organization | Yes (1) | ControlledOrganizationInd |
Id Related Org Txbl Corp Tr IdRelatedOrgTxblCorpTrGrp
Related Organization Name RelatedOrganizationName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | PALMETTO INVESTMENT HOLDINGS INC | BusinessNameLine1Txt |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8906 TWO NOTCH ROAD | AddressLine1Txt |
| City | COLUMBIA | CityNm |
| State Abbreviation | SC | StateAbbreviationCd |
| ZIP | 29223 | ZIPCd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 475117347 | EIN |
| Primary Activities | HOLDING COMPANY FOR FOR-PROFIT VENTURES | PrimaryActivitiesTxt |
| Legal Domicile State | SC | LegalDomicileStateCd |
Direct Controlling Entity Name DirectControllingEntityName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SC STUDENT LOAN CORPORATION | BusinessNameLine1Txt |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Entity Type | C | EntityTypeTxt |
| Share Of EOY Assets | -$556,329 | ShareOfEOYAssetsAmt |
| Controlled Organization | Yes (1) | ControlledOrganizationInd |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Annts Rnts Rylts | 0 | ReceiptOfIntAnntsRntsRyltsInd |
| Gift Grnt Or Cap Contri To Oth Org | Yes (1) | GiftGrntOrCapContriToOthOrgInd |
| Gift Grnt Cap Contri From Oth Org | 0 | GiftGrntCapContriFromOthOrgInd |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrgInd |
| Loans Or Guarantees From Oth Org | 0 | LoansOrGuaranteesFromOthOrgInd |
| Div Related Organization | 0 | DivRelatedOrganizationInd |
| Asset Sale To Other Org | 0 | AssetSaleToOtherOrgInd |
| Asset Purchase From Other Org | 0 | AssetPurchaseFromOtherOrgInd |
| Asset Exchange | 0 | AssetExchangeInd |
| Rental Of Facilities To Oth Org | Yes (1) | RentalOfFacilitiesToOthOrgInd |
| Rental Of Fclts From Oth Org | 0 | RentalOfFcltsFromOthOrgInd |
| Perform Of Services For Oth Org | 0 | PerformOfServicesForOthOrgInd |
| Perform Of Services By Other Org | Yes (1) | PerformOfServicesByOtherOrgInd |
| Sharing Of Facilities | Yes (1) | SharingOfFacilitiesInd |
| Paid Employees Sharing | Yes (1) | PaidEmployeesSharingInd |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrgInd |
| Reimbursement Paid By Other Org | Yes (1) | ReimbursementPaidByOtherOrgInd |
| Transfer To Other Org | 0 | TransferToOtherOrgInd |
| Transfer From Other Org | 0 | TransferFromOtherOrgInd |
Transactions Related Org TransactionsRelatedOrgGrp (6 entries)
| Transaction TypeTransactionTypeTxt | InvolvedInvolvedAmt | Method Of Amount DeterminationMethodOfAmountDeterminationTxt |
|---|---|---|
| EDVANTAGE CORP - LEASED ASSETS | ||
| J | $14,496 | RENT BASED ON SQ.FT.UTILIZED |
| EDVANTAGE CORP - SHARED ASSETS | ||
| N | NO AMOUNT CHARGED | |
| EDVANTAGE CORP - SHARED EMPLOYEES | ||
| O | NO AMOUNT CHARGED | |
| EDVANTAGE CORP - SERVICES PERFORMED THROUGH 2-16-16 | ||
| M | $641,196 | COLLECTION FEES PER CONTRACT |
| SC3LLC - SHARED SERVICES | ||
| Q | $469,424 | FAIR MARKET VALUE |
| PALMETTO INVESTMENT HOLDINGS INC | ||
| B | $2,300,000 | CONTRIBUTED CAPITAL |
Supplemental Information Detail SupplementalInformationDetail
| Field | Value | IRS element (for citing) |
|---|---|---|
| Form And Line Reference | SCHEDULE R, PART V, 1I: | FormAndLineReferenceDesc |
| Explanation | EDVANTAGE CORPORATION RECEIVED APPROVAL OF ITS TAX-EXEMPT STATUS EFFECTIVE APRIL 1, 2011. SCHEDULE R DISCLOSURE IS AS FOLLOWS: EDVANTAGE CORPORATION WAS FORMED APRIL 1, 2011 AS A SOUTH CAROLINA NON-PROFIT PUBLIC BENEFIT CORPORATION WITH THE PRIMARY PURPOSE OF BECOMING A CONTRACTOR FOR DIRECT LOAN COLLECTIONS FOR THE UNITED STATES DEPARTMENT OF EDUCATION (THE "DOE") UNDER GUIDELINES OF THE SMALL BUSINESS ADMINISTRATION (THE "SBA"). THE CORPORATION MADE A CONTRIBUTION OF CAPITAL TO EDVANTAGE AT THE INCEPTION OF EDVANTAGE IN EXCHANGE FOR ALL OF THE OWNERSHIP RIGHTS IN EDVANTAGE. THE SECOND CONTRIBUTION WAS FOR OPERATING CAPITAL. EDVANTAGE ENTERED INTO A CONTRACT WITH PERFORMANT/DCS ("EDVANTAGE CONTRACT") AS A SUBCONTRACTOR TO PROVIDE COLLECTION SERVICES. PERFORMANT/DCS IS A LARGE CONTRACTOR FOR DOE. EDVANTAGE BEGAN PERFORMING THE SUBCONTRACT UNDER THE SMALL BUSINESS SET ASIDE, AS DEFINED BY REGULATIONS OF THE SBA. WHEN EDVANTAGE APPLIED FOR SMALL BUSINESS CERTIFICATION, IT LEARNED THAT IT WOULD NOT OUALIFY DUE TO SBA REQUIREMENTS RELATED TO REVENUE OF ITS PARENT AND ITS NON-PROFIT STATUS. AS A RESULT, EDVANTAGE CEASED PROVIDING SUBCONTRACTOR SERVICES FOR PFC AS OF APRIL 1, 2014; HOWEVER,EDVANTAGE HAS MAINTAINED REQUIRED LICENSING. ON APRIL 1, 2014, EDVANTAGE BEGAN PROVIDING 3RD PARTY COLLECTION SERVICES FOR THE SOUTH CAROLINA STUDENT LOAN CORPORATION, PURSUANT TO THEIR CONTRACTUAL RELATIONSHIP WITH THE SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY. THESE SERVICES CONTINUED THROUGH FEBRUARY 16, 2016. AT THAT TIME THE COLLECTION SERVICES ON THESE ACCOUNTS REVERTED TO THE AUTHORITY. EDVANTAGE IS NOT ACTIVELY SERVING AS A DEBT COLLECTOR AT THIS TIME. | ExplanationTxt |