SOUTH CAROLINA STUDENT LOAN CORPORATION: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- SOUTH CAROLINA STUDENT LOAN CORPORATION (EIN 57-0602805)
- Tax period
- 2011-07-01 to 2012-06-30
- Filed
- 2013-03-04
- IRS object ID
- 201310639349300001
- Schema version
- 2011v1.2
- 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) |
|---|---|---|
| Timestamp | 2013-03-04T13:35:03-06:00 | Timestamp |
| Tax Period End Date | 2012-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 570306533 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DERRICK STUBBS & STITH LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 508 HAMPTON STREET 1ST FLOOR | AddressLine1 |
| City | COLUMBIA | City |
| State | SC | State |
| ZIP Code | 29201 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-07-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 570602805 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SOUTH CAROLINA STUDENT LOAN CORP | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | SOUT | NameControl |
| Phone | 8037980916 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8906 TWO NOTCH ROAD | AddressLine1 |
| City | COLUMBIA | City |
| State | SC | State |
| ZIP Code | 29223 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | CHARLIE C SANDERS JR | Name |
| Title | PRESIDENT/CEO | Title |
| Phone | 8037980916 | Phone |
| Date Signed | 2013-02-28 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | ALAN F GRIMSLEY CPA | Name |
| PTIN | P00557082 | PTIN |
| Phone | 8037995810 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-03-07 17:11:31Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | CHARLIE C SANDERS JR | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8906 TWO NOTCH ROAD | AddressLine1 |
| City | COLUMBIA | City |
| State | SC | State |
| ZIP Code | 29223 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 106339878 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | WWW.SCSTUDENTLOAN.ORG | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1973 | YearFormation |
| State Legal Domicile | SC | StateLegalDomicile |
| Activity Or Mission Description | SEE SCHEDULE O | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 10 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 9 | NbrIndependentVotingMembers |
| Total Nbr Employees | 178 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 36705414 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 27113745 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 77237815 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 78310997 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 17914789 | InvestmentIncomePriorYear |
| Investment Income Current Year | 745261 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | -115282 | OtherRevenuePriorYear |
| Other Revenue Current Year | -367819 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 131742736 | TotalRevenuePriorYear |
| Total Revenue Current Year | 105802184 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 6154119 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 6401345 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 72075509 | OtherExpensePriorYear |
| Other Expenses Current Year | 80503611 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 78229628 | TotalExpensesPriorYear |
| Total Expenses Current Year | 86904956 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 53513108 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 18897228 | RevenuesLessExpensesCY |
| Total Assets BOY | 3751938168 | TotalAssetsBOY |
| Total Assets EOY | 3427376321 | TotalAssetsEOY |
| Total Liabilities BOY | 3286417620 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 2944981323 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 465520548 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 482394998 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | SEE SCHEDULE O | MissionDescription |
| Significant New Program Services | 1 | SignificantNewProgramServices |
| Significant Change | 1 | SignificantChange |
| Expense | 85727975 | Expense |
| Revenue | 779743178 | Revenue |
| Description | SEE SCHEDULE O. | Description |
| Total Program Service Expense | 85727975 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 0 | LobbyingActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 1 | ReportLandBldgEquip |
| Report Invest Oth Securities | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 0 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 1 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 0 | TaxExemptBonds |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 1 | RelatedEntity |
| Related Org Controlled Entity | 1 | RelatedOrgControlledEntity |
| Transaction Related Entity | 1 | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 12 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 178 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 0 | PremiumsPaid |
| Form8899 Filed | 0 | Form8899Filed |
| Form1098 C Filed | 0 | Form1098CFiled |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 10 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 9 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 1 | InvestmentInJointVenture |
| Written Policy Or Procedure | 1 | WrittenPolicyOrProcedure |
| States Where Copy Of Return Is Filed | SC | StatesWhereCopyOfReturnIsFiled |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | HARRY BROWN | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 8036125069 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8906 TWO NOTCH ROAD | AddressLine1 |
| City | COLUMBIA | City |
| State | SC | State |
| ZIP Code | 29223 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (18 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | Highest Compensated EmployeeHighestCompensatedEmployee |
|---|---|---|---|---|---|---|---|
| CHARLIE SANDERS | |||||||
| PRESIDENT/CEO | 40.00 | X | X | 304919 | 0 | 28966 | |
| MR FREDRICK T HIMMELEIN ESQ | |||||||
| CHAIRMAN | 1.00 | X | 12000 | 0 | 0 | ||
| J THORNTON KIRBY ESQ | |||||||
| TREASURER | 1.00 | X | 4000 | 0 | 0 | ||
| MR WILLIAM M MACKIE JR | |||||||
| TRUSTEE | 1.00 | X | 4500 | 0 | 0 | ||
| RENEE R BROOKS | |||||||
| TRUSTEE | 1.00 | X | 0 | 0 | 0 | ||
| MRR JASON CASKEY CPA | |||||||
| TRUSTEE | 1.00 | X | 4000 | 0 | 0 | ||
| NEIL E GRAYSON ESQ | |||||||
| TRUSTEE | 1.00 | X | 6000 | 0 | 0 | ||
| MR JEFFREY R SCOTT | |||||||
| TRUSTEE | 1.00 | X | 4500 | 0 | 0 | ||
| MS BARBARA F WESTON | |||||||
| TRUSTEE | 1.00 | X | 2000 | 0 | 0 | ||
| MR VINCE V FORD | |||||||
| TRUSTEE | 1.00 | X | 1500 | 0 | 0 | ||
| JULIA BOYD | |||||||
| FORMER TRUSTEE | 1.00 | X | 2000 | 0 | 0 | ||
| LOREN CARLSON | |||||||
| FORMER TRUSTEE | 1.00 | X | 7500 | 0 | 0 | ||
| ROBERT HILL | |||||||
| FORMER TRUSTEE | 1.00 | X | 5500 | 0 | 0 | ||
| HARRY BROWN | |||||||
| CFO | 40.00 | X | 157001 | 0 | 19260 | ||
| THOMAS DUNNIGAN | |||||||
| FORMER EMPLOYEE | 40.00 | 168086 | 0 | 21448 | X | ||
| ANNE HARVIN GAVIN | |||||||
| VP LOAN | 40.00 | 107837 | 0 | 12162 | X | ||
| DAVID SIMON | |||||||
| CIO | 40.00 | 101362 | 0 | 10739 | X | ||
| JANE HONEYCUTT | |||||||
| VP SENIOR ACCOUNTANT | 40.00 | 127766 | 0 | 14560 | X | ||
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 1020471 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 0 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 107135 | TotalOtherCompensation |
| Number Individuals GT100 K | 6 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| MCNAIR LAW FIRM | |||||
| 1221 MAIN ST 18 | COLUMBIA | SC | 29201 | LEGAL MATTERS | 210890 |
| WILLIAMS & FUDGE | |||||
| 300 CHATHAM AVENUE | ROCK HILL | SC | 29731 | COLLECTION SERVICES-PRIVATE LOANS | 153757 |
| DERRICK STUBBS & STITH | |||||
| 508 HAMPTON ST 1ST FLOOR | COLUMBIA | SC | 29201 | AUDIT/ACCOUNTING SERVICES | 116020 |
| ALFRED WILLIAMS & COMPANY | |||||
| 410 S SALISBURY ST STE 200 | RALEIGH | NC | 27601 | WORKSTATION INSTALLATIONS | 115222 |
| NELSON MULLINS RILEY & SCARBOROUGH LLP | |||||
| 1320 MAIN STREET 17TH FLOOR | COLUMBIA | SC | 29201 | LEGAL MATTERS | 113272 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 5 | NumberOfContractorsGT100K |
| Government Grants | 27113745 | GovernmentGrants |
| Total Contributions | 27113745 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (5 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| STUDENT LOAN INTEREST | 900099 | 147065161 | 147065161 |
| LATE CHARGES | 900099 | 2182323 | 2182323 |
| SCEAA REMITTANCE | 900099 | 643034 | 643034 |
| MISCELLANEOUS INCOME | 900099 | 459118 | 459118 |
| MISC. PAYMENTS OF STUD | 900099 | -9847 | -9847 |
Total Oth Program Service Revenue TotalOthProgramServiceRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -72028792 | TotalRevenueColumn |
| Related Or Exempt Function Income | -72028792 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 78310997 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 745261 | TotalRevenueColumn |
| Exclusion | $745,261 | ExclusionAmount |
Gross Rents GrossRents
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | 169875 | Real |
Less Rental Expenses LessRentalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | 537694 | Real |
Rental Income Or Loss RentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Real | -367819 | Real |
Net Rental Income Or Loss NetRentalIncomeOrLoss
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | -367819 | TotalRevenueColumn |
| Related Or Exempt Function Income | -367819 | RelatedOrExemptFunctionIncome |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 105802184 | TotalRevenueColumn |
| Related Or Exempt Function Income | 77943178 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $745,261 | ExclusionAmount |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 510145 | Total |
| Program Services | 382609 | ProgramServices |
| Management And General | 127536 | ManagementAndGeneral |
Comp Disqual Persons CompDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 53500 | Total |
| Program Services | 48150 | ProgramServices |
| Management And General | 5350 | ManagementAndGeneral |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4169608 | Total |
| Program Services | 3791206 | ProgramServices |
| Management And General | 378402 | ManagementAndGeneral |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 769194 | Total |
| Program Services | 685247 | ProgramServices |
| Management And General | 83947 | ManagementAndGeneral |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 562948 | Total |
| Program Services | 502179 | ProgramServices |
| Management And General | 60769 | ManagementAndGeneral |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 335950 | Total |
| Program Services | 299514 | ProgramServices |
| Management And General | 36436 | ManagementAndGeneral |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 589092 | Total |
| Program Services | 548253 | ProgramServices |
| Management And General | 40839 | ManagementAndGeneral |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 149958 | Total |
| Program Services | 135392 | ProgramServices |
| Management And General | 14566 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4220150 | Total |
| Program Services | 4220150 | ProgramServices |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 161917 | Total |
| Program Services | 135102 | ProgramServices |
| Management And General | 26815 | ManagementAndGeneral |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 537694 | Total |
| Program Services | 430155 | ProgramServices |
| Management And General | 107539 | ManagementAndGeneral |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 71365 | Total |
| Program Services | 64225 | ProgramServices |
| Management And General | 7140 | ManagementAndGeneral |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 52626 | Total |
| Program Services | 47363 | ProgramServices |
| Management And General | 5263 | ManagementAndGeneral |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 32534496 | Total |
| Program Services | 32534496 | ProgramServices |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 165823 | Total |
| Program Services | 149241 | ProgramServices |
| Management And General | 16582 | ManagementAndGeneral |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 79692 | Total |
| Program Services | 71723 | ProgramServices |
| Management And General | 7969 | ManagementAndGeneral |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices |
|---|---|---|
| ORIGINATION FEES | 13322920 | 13322920 |
| LOAN LOSS EXPENSE | 9207469 | 9207469 |
| BORROWER INCENTIVES | 6005741 | 6005741 |
| TLP CANCELLATIONS | 5063394 | 5063394 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 8341274 | Total |
| Program Services | 8083446 | ProgramServices |
| Management And General | 257828 | ManagementAndGeneral |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 86904956 | Total |
| Program Services | 85727975 | ProgramServices |
| Management And General | 1176981 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 263542320 | BOY |
| EOY | 210038953 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 96389978 | BOY |
| EOY | 91604919 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3332884597 | BOY |
| EOY | 3052531484 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 20693 | BOY |
| EOY | 111139 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 10270350 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 2668577 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3047547 | BOY |
| EOY | 7601773 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 44955270 | BOY |
| EOY | 56760025 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 11097763 | BOY |
| EOY | 8728028 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3751938168 | BOY |
| EOY | 3427376321 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 47105243 | BOY |
| EOY | 49917579 | EOY |
Deferred Revenue DeferredRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 312831 | BOY |
| EOY | 2088543 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3226120662 | BOY |
| EOY | 2880753014 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 12878884 | BOY |
| EOY | 12222187 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3286417620 | BOY |
| EOY | 2944981323 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 188112333 | BOY |
| EOY | 216629837 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 277408215 | BOY |
| EOY | 265765161 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 465520548 | BOY |
| EOY | 482394998 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3751938168 | BOY |
| EOY | 3427376321 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 18897228 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -2022778 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Consolidated | X | FinancialStatementConsolidated |
| Federal Grant Audit Required | 1 | FederalGrantAuditRequired |
| Federal Grant Audit Performed | 1 | FederalGrantAuditPerformed |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | X | PubliclySupportedOrg509a2 |
Gifts Grants Contrib Received509 GiftsGrantsContribReceived509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 64300598 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 4222822 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 50256006 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 36705414 | CurrentTaxYearMinus1Year |
| Current Tax Year | 27113745 | CurrentTaxYear |
| Total | 182598585 | Total |
Gross Receipts From Admissions GrossReceiptsFromAdmissions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus2 Years | 65583547 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 72193006 | CurrentTaxYearMinus1Year |
| Current Tax Year | 75036369 | CurrentTaxYear |
| Total | 212812922 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 64300598 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 4222822 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 115839553 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 108898420 | CurrentTaxYearMinus1Year |
| Current Tax Year | 102150114 | CurrentTaxYear |
| Total | 395411507 | Total |
Amts Recd From Disqual Persons AmtsRecdFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Amts From Subst Contributors AmtsFromSubstContributors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Support From DQ Ps Etc SupportFromDQPsEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 395411507 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 8541845 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 5273921 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 726475 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 921135 | CurrentTaxYearMinus1Year |
| Current Tax Year | 745261 | CurrentTaxYear |
| Total | 16208637 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 8541845 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 5273921 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 726475 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 921135 | CurrentTaxYearMinus1Year |
| Current Tax Year | 745261 | CurrentTaxYear |
| Total | 16208637 | Total |
Other Income509 OtherIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 153597340 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 154889477 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 8580180 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 5044809 | CurrentTaxYearMinus1Year |
| Current Tax Year | 2906809 | CurrentTaxYear |
| Total | 325018615 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 226439783 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 164386220 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 125146208 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 114864364 | CurrentTaxYearMinus1Year |
| Current Tax Year | 105802184 | CurrentTaxYear |
| Total | 736638759 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.53680 | PublicSupportPercentage509 |
| Investment Income Percentage | 0.02200 | InvestmentIncomePercentage |
| Thirty Three Percnt Tests CY509 | X | ThirtyThreePercntTestsCY509 |
| General Explanation | SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: SOUTH CAROLINA STUDENT LOAN CORPORATION CHANGED ITS REASON FOR PUBLIC CHARITY STATUS FROM LINE 7 TO LINE 9 AS THE CORPORATION NOW DERIVES ITS SUPPORT MAINLY FROM ACTIVITIES WHICH SUPPORT EXEMPT ORGANIZATIONS. | GeneralExplanation |
Schedule D IRS990ScheduleD
Land Land
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 929900 | InvestmentCostOrOtherBasis |
| Book Value | 929900 | BookValue |
Buildings Buildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 6484448 | InvestmentCostOrOtherBasis |
| Depreciation | 590411 | Depreciation |
| Book Value | 5894037 | BookValue |
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 2782439 | InvestmentCostOrOtherBasis |
| Depreciation | 2004603 | Depreciation |
| Book Value | 777836 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Investment Cost Or Other Basis | 73563 | InvestmentCostOrOtherBasis |
| Depreciation | 73563 | Depreciation |
| Book Value | 0 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 7601773 | TotalOfBookValueLandBuildings |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | DUE TO US DEPARTMENT OF EDUCATION | Description |
| Amount | $12,222,187 | Amount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 12222187 | TotalOfAmounts |
| Total Revenue | 105802184 | TotalRevenue |
| Total Expenses | 86904956 | TotalExpenses |
| Excess Or Deficit For Year | 18897228 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | 33473 | NetUnrealizedGLOnInvestments |
| Other | -$2,056,251 | OtherAmount |
| Total Adjustments | -2022778 | TotalAdjustments |
| Excess Or Deficit Per FS | 16874450 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 106455553 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | 33473 | NetUnrealizedGainsInvestments |
| Other Revenues | 619896 | OtherRevenues |
| Revenue Not Rptd F990 | 653369 | RevenueNotRptdF990 |
| Revenue Subtotal | 105802184 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 105802184 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 88228762 | TotExpensesEtcAuditedFinclStmt |
| Other Expenses Included | 1323806 | OtherExpensesIncluded |
| Expenses Not Rptd F990 | 1323806 | ExpensesNotRptdF990 |
| Expenses Subtotal | 86904956 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 86904956 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (3 entries)
| IdentifierIdentifier | ExplanationExplanation |
|---|---|
| PART XI, LINE 8 - OTHER ADJUSTMENTS: | EMPLOYEE BENEFITS-RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST -2056251. |
| PART XII, LINE 2D - OTHER ADJUSTMENTS: | RENTAL EXPENSE INCLUDED ON LINE 6B 537694. FROM EDVANTAGE INCOME 82202. |
| PART XIII, LINE 2D - OTHER ADJUSTMENTS: | RENTAL EXPENSE INCLUDED ON LINE 6B 537694. FROM EDVANTAGE EXPENSES 786112. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Compensation Committee | X | CompensationCommittee |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | 0 | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | 0 | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | 0 | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | 0 | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | 0 | AnyNonFixedPayments |
| Initial Contract Exception | 0 | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII (3 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CHARLIE SANDERS | |||||||||||||
| 304919 | 0 | 0 | 0 | 0 | 0 | 28966 | 0 | 0 | 0 | 333885 | 0 | 318654 | 0 |
| HARRY BROWN | |||||||||||||
| 157001 | 0 | 0 | 0 | 0 | 0 | 19260 | 0 | 0 | 0 | 176261 | 0 | 157663 | 0 |
| THOMAS DUNNIGAN | |||||||||||||
| 168086 | 0 | 0 | 0 | 0 | 0 | 21448 | 0 | 0 | 0 | 189534 | 0 | 176399 | 0 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (11 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| ORGANIZATION MISSION STATEMENT | FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION 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 IS TO ENGAGE IN AND CARRY ON THE FUNCTION OF MAKING, HANDLING, SERVICING, AND DEALING WITH STUDENT LOANS, THE RECEIVING, INVESTING AND DISBURSING OF FUNDS, AND ALL THINGS INCIDENT THERE TO, PROVIDED THAT NO ACTIVITY SHALL BE CARRIED ON WHICH IS NOT PERMITTED BY A CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE. |
| ORGANIZATION MISSION STATEMENT | FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION 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 IS TO ENGAGE IN AND CARRY ON THE FUNCTION OF MAKING, HANDLING, SERVICING, AND DEALING WITH STUDENT LOANS, THE RECEIVING, INVESTING AND DISBURSING OF FUNDS, AND ALL THINGS INCIDENT THERE TO, PROVIDED THAT NO ACTIVITY SHALL BE CARRIED ON WHICH IS NOT PERMITTED BY A CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE. |
| NEW PROGRAM SERVICES | FORM 990, PART III, LINE 2 | ON MAY 17, 2011 SCSLC ENTERED INTO A MEMORANDUM OF UNDERSTANDING WITH THE DEPARTMENT OF EDUCATION (DOE) TO PROVIDE DIRECT LOAN (DL) SERVICING ACTIVITIES AS A SUBCONTRACTOR FOR LOANS HELD BY THE DOE. SCSLC WAS AWARDED AUTHORITY TO OPERATE (ATO) STATUS ON JUNE 25, 2012 FROM THE DOE. SCSLC WAS AWARDED GO LIVE STATUS ON AUGUST 20, 2012 AND BEGAN PROVIDING SERVICES FOR THE DOE IN SEPTEMBER 2012. THESE SERVICES ARE BEING PROVIDED BY SCSLC UNDER THE D/B/A NAME OF EDMANAGE. ON NOVEMBER 23, 2011 SCSLC SIGNED A CONTRACT WITH EDUCATIONAL LOAN SERVICING, LLC (ELS) D/B/A CAMPUS PARTNERS (CP) AS A VENDOR TO PROVIDE A PLATFORM AND SERVICING FUNCTIONALITY SUFFICIENT TO MEET THE REQUIREMENTS FOR SERVICING THE DOE DIRECT LOANS. IN AN EFFORT TO FURTHER SUPPORT THE DEVELOPMENT BY CP OF THE SOFTWARE FOR THE DL SERVICING ACTIVITY, SCSLC INVESTED $4,000,000 INTO CP FOR 27.67% OWNERSHIP OF THE COMPANY. SUBSEQUENTLY, ON JUNE 20, 2012, SCSLC MADE AN OFFER UNDER CERTAIN CONDITIONS TO PROVIDE CP A $6,000,000 REVOCABLE LINE OF CREDIT TO FURTHER ASSIST IN THE DEVELOPMENT OF THE SOFTWARE PLATFORM REQUIRED FOR THE SERVICING OF DIRECT LOANS FOR DOE. ONE OF THE CONDITIONS OF THE REVOCABLE LINE OF CREDIT WAS THAT SCSLC WOULD, AS A RESULT OF THE LINE OF CREDIT AGREEMENT, BECOME THE MAJORITY OWNER (51%) OF CP. DOCUMENTATION WAS COMPLETED JULY 20, 2012 TO FINALIZE THE LINE OF CREDIT AND ON JULY 20,2012 SCSLC ASSUMED 51% OWNERSHIP OF CP. CP IS ALSO PROVIDING ITS SOFTWARE PLATFORM FOR DL SERVICING FOR SEVERAL OTHER NOT FOR PROFIT (NFP'S) AS THEY ALSO PERFORM DL SERVICING ACTIVITIES FOR DOE. |
| CHANGES IN PROGRAM SERVICES | FORM 990, PART III, LINE 3 | DURING THE CURRENT REPORTING PERIOD, EDVANTAGE DETERMINED THAT IT WOULD NOT QUALIFY FOR THE SBA SET ASIDE FOR THE PERFORMANT/DCS SUBCONTRACTING SERVICES DUE TO IT'S AFFILIATION WITH SOUTH CAROLINA STUDENT LOAN CORP. AS A RESULT AND WITH PERFORMANT/DCS ASSISTANCE, EDVANTAGE HAS DECIDED TO SEEK A LARGE DIRECT LOAN COLLECTION CONTRACT WITH THE DEPARTMENT OF EDUCATION (DOE) WHEN THE DOE OPENS IT'S NEXT BIDDING PROCESS TO AWARD NEW DL COLLECTION SERVICES. EDVANTAGE INTENDS TO CONTINUE TO OPERATE THE PERFORMANT/DCS COLLECTIONS SOFTWARE PLATFORM THROUGH A CONTRACT AND SEAT LICENSING PROCESS IF EDVANTAGE RECEIVES A LARGE DL COLLECTIONS AWARD FROM DOE AS A RESULT OF THE NEW BIDDING OPPORTUNITY. |
| PROGRAM SERVICE STATEMENT | FORM 990, PART III, LINE 4A, EXEMPT PURPOSE ACHIEVEMENTS: | PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS. |
| 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 AGENDA PACKET MATERIALS FOR THE AUGUST MEETING OF THE BOARD OF DIRECTORS FOR THEIR COMPLETION. 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 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 CEO OF A STUDENT LOAN PROVIDER AND THE CHAIRMAN OF THE COMPENSATION COMMITTEE IS A FORMER SENIOR VICE PRESIDENT AND HUMAN RESOURCES DIRECTOR OF A COMMUNITY BANK. NEITHER THE PRESIDENT/CEO NOR OTHER MEMBERS OF THE CORPORATION STAFF ARE INVOLVED IN THESE CEO COMPENSATION DISCUSSIONS. TOP MANAGEMENT COMPENSATION IS DETERMINED BY THE PRESIDENT/CEO, WHO IS FAMILIAR WITH COMPENSATION STRUCTURES IN THE REGIONAL MARKETPLACE FOR OUR TYPE OF ORGANIZATION. BOTH THE COMPENSATION COMMITTEE AND THE CEO USE AN INDUSTRY COMPENSATION SERVICE 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. | |
| CHANGES IN NET ASSETS OR FUND BALANCES: | FORM 990, PART XI, LINE 5: | NET UNREALIZED GAINS ON INVESTMENTS: 33473. EMPLOYEE BENEFITS-RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST -2056251. TOTAL TO FORM 990, PART XI, LINE 5: -2022778. |
| FORM 990, PART XII, LINE 2C: | THE AUDIT COMMITTEE OF THE CORPORATION ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS CONSOLIDATED FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDEDNT ACCOUNTANT. |
Schedule R IRS990ScheduleR
Form990 Schedule R Part II Form990ScheduleRPartII
Name Of Disregarded Entity NameOfDisregardedEntity
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | EDVANTAGE CORPORATION | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 8906 TWO NOTCH RD | AddressLine1 |
| City | COLUMBIA | City |
| State | SC | State |
| ZIP Code | 29223 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 451482379 | EIN |
| Primary Activities | DIRECT LOAN COLLECTIONS | PrimaryActivities |
| Legal Domicile State | SC | LegalDomicileState |
| Exempt Code Section | 501(C)(3) | ExemptCodeSection |
| Public Charity Status | LINE 9 | PublicCharityStatus |
| Controlled Org | 1 | ControlledOrg |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | 0 | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | 0 | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | 0 | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | 0 | LoansOrGuaranteesFromOtherOrg |
| Sale Of Assets To Other Org | 0 | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | 0 | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | 0 | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | 1 | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | 0 | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | 0 | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | 0 | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | 0 | SharingOfFacilities |
| Sharing Of Paid Employees | 0 | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | 0 | OtherTransferToOtherOrg |
| Other Transfer From Other Org | 0 | OtherTransferFromOtherOrg |
Transactions Related Orgs Table TransactionsRelatedOrgsTable
Name Of Other Organization NameOfOtherOrganization
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | EDVANTAGE CORP | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Transaction Type | I | TransactionType |
| Amount Involved | 18480 | AmountInvolved |
| Method Of Amt Determination | RENT BASED ON SQUARE FOOTAGE UTIL | MethodOfAmtDetermination |
Form990 Schedule R Part VII Form990ScheduleRPartVII
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Reference | SCHEDULE R, PART V, 1I: | ReturnReference |
| Explanation | EDVANTAGE CORPORATION IS NOTED HERE AS A TAX-EXEMPT ORGANIZATION. FORM 1023 WAS FILED IN JANUARY 2013 REQUESTING TAX-EXEMPT STATUS. SCHEDULE R DISCLOSURE IS AS FOLLOWS: EDVANTAGE CORPORATION WAS FORMED APRIL 1, 2011 AS A SOUTH CAROLINA NONPROFIT 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 THE SMALL BUSINESS ADMINISTRATION GUIDELINES (THE "SBA"). THE CORPORATION MADE A CONTRIBUTION OF CAPITAL AT THE INCEPTION OF EDVANTAGE IN EXCHANGE FOR ALL OF THE OWNERSHIP RIGHTS IN EDVANTAGE CORPORATION. AT THE TIME OF THE FILING OF FORM 990, FOR THE PERIOD ENDING JUNE 30, 2011, EDVANTAGE INTENDED TO APPLY FOR ITS OWN EXEMPTION FROM FEDERAL INCOME TAXATION BY SUBMITTING FORM 1023. FORM 1023 WAS SUBMITTED IN JANUARY 2013. EDVANTAGE ENTERED INTO A CONTRACT WITH PERFORMANT/DCS ("EDVANTAGE CONTRACT") AS A SUBCONTRACTOR TO PROVIDE COLLECTION SERVICES AND TO PREPARE ITSELF FOR EVENTUALLY APPLYING FOR AND BECOMING A CONTRACTOR FOR DOE. 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 WAS LEARNED THAT IT WOULD NOT QUALIFY DUE TO SBA REQUIREMENTS RELATED TO REVENUE OF OUR PARENT AND NON PROFIT STATUS. EDVANTAGE HAS UNSUCCESSFULLY ATTEMPTED TO GET A RULING FROM SBA SO THAT IT CAN CONTINUE TO BE A SUBCONTRACTOR FOR PERFORMANT/DCS UNDER THE SMALL BUSINESS SET ASIDE. EDVANTAGE CONTINUES TO OPERATE AS A SUBCONTRACTOR FOR PERFORMANT/DCS AND IS PLANNING TO BID AS A LARGE CONTRACTOR TO PROVIDE COLLECTION SERVICES FOR DOE WHEN THE DOE OPENS BIDS FOR NEW CONTRACTORS, HOPEFULLY DURING 2013. PERFORMANT/DCS HAS AGREED TO ASSIST EDVANTAGE IN ITS FILING TO OBTAIN A BID FROM DOE FOR COLLECTION SERVICES WHEN THE BIDDING PROCESS IS OPENED, AND ADDITIONALLY PERFORMANT/DCS HAS AGREED TO ALLOW EDVANTAGE TO CONTINUE USING ITS SOFTWARE TO PERFORM THE FUNCTION REQUIRED FOR THE COLLECTION SERVICES IF EDVANTAGE IS SUCCESSFUL IN OBTAINING A BID FROM DOE. EDVANTAGE WILL OPERATE THE SOFTWARE OF PERFORMANT BASED ON PAYMENT OF SEAT LICENSES AND SPECIFIC CONTRACT ARRANGEMENTS ONCE EDVANTAGE RECEIVES ITS OWN COLLECTION SERVICES CONTRACT WITH DOE. | Explanation |