2012-02-13T15:47:45-07:00 2011-06-30 990 2010-07-01 042875329 THE EDUCATION RESOURCES INSTITUTE INC EDUC 6175356834 31 Saint James Avenue Suite 950 Boston MA 02116 William Davidson 6175356835 2012-02-13 2010 2016-02-24 21:20:13Z TERI William Davidson 31 Saint James Ave Suite 950 Boston MA 02116 48148236 0 X www.teri.org X 1985 MA TERI's principal purpose is to promote programs that provide support for financing and other initiatives to assist students and their families in obtaining greater access to educational opportunities and acheive their educational goals. X 8 7 66 0 459946 459946 1545196 1723361 6158981 2829895 3861123 1433212 0 42161768 11565300 48148236 0 0 0 0 6355118 5318984 0 0 42984 19478525 19116290 25833643 24435274 -14268343 23712962 678219490 12445451 689606907 1586928 -11387417 10858523 TERI's principal purpose is to promote programs that provide support for financing and other intiatives to assist students and their families in obtaining greater access to educational opportunities and acheive their educational goals. 0 0 2696482 178326 College Access and Success Programs: TERI offers comprehensive information, guidance and practical help to assist underserved individuals to achieve their postsecondary educational goals. TERI's local college access program consists of College Planning Centers (CPCs) and school-based programs in urban communities. TERI's CPCs served an estimated 25,000 individuals through outreach, Center visits, phone calls, and email. 15,000 were served directly and about 10,000 received information and assistance through phone and email. TERI's school-based activities served 3,800 students, 680 of the students were high school seniors and roughly 74% of those seniors enrolled in programs of postsecondary education. The remaining 3,120 students served were in grades 6-11 and participated in college campus tours, summer programs, standardized tests, and received assistance in selecting college preparatory courses and researching colleges and scholarships. 16906486 44353481 Education Finance Program: TERI's education finance program provided guarantees on private student loans. These loan guarantees enabled students with little or no credit history to obtain loans to help close the gap between education costs and other resources such as financial aid, savings and family support. Through these loan guarantees, TERI brought together lenders, schools, students and families to make available low-cost, high quality financing for post-secondary education. 521944 459946 TERI provides Collection Management Services to banks and the Plan Trust, established in concert with TERI's emergence from Chapter 11 Bankruptcy in November 2011. Services include the outsourcing and management of delinquent (prior to charge-off) private student loans to third party collection agencies. TERI's fee income is contingent and based on the number of loans prevented from defaulting or the dollar amount collected after charge-off. 0 0 0 20124912 1 1 0 0 0 0 0 0 0 1 1 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 1 3199 0 1 66 1 1 1 0 0 0 0 0 X 8 7 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 MA X Eileen Morris 6175356834 31 Saint James Avenue Suite 950 Boston MA 02116 Barbara Tornow 7 X 26550 1000 0 Edward Piana 7 X 30550 2000 0 Grace Fey 7 X 22150 0 0 Howard Jacobson 7 X 32100 2000 0 Neal Finnegan 7 X 23750 0 0 Sherry Penney 7 X 34350 2000 0 Sylvia Simmons 7 X 28400 0 0 Willis Hulings III 37.5 X X 457242 0 25499 William G Davidson 37.5 X 319625 0 18771 Amy Bizar 37.5 X 230355 0 8074 Jane Dixon 37.5 X 157855 0 12690 Kristi Pierce 37.5 X 99636 0 6991 Eileen Morris 37.5 X 191433 0 18417 Alan Blair 37.5 X 191005 0 18440 Michael Gambee 37.5 X 194005 0 17732 Samuel Corrigan 37.5 X 126992 0 7926 Sheryl Asnes 37.5 X 121230 0 17802 2287228 7000 152342 9 0 1 0 Goodwin Procter LLP Exchange Place Boston MA 02109 Legal Counsel 1973366 Grant Thornton LLP 666 Third Avenue 13th Floor New York NY 10017 Financial Advisor 1062565 First Marblehead Eduation Resources Inc 800 Boylston St Boston MA 02199 Collection Management 930397 Duane Morris LLP 470 Atlantic Avenue Number 500 Boston MA 02210 Legal Counsel 764445 FTI Consulting 3 Times Square 11th Floor New York NY 10036 Bankruptcy Financial Advisor 714087 10 0 0 0 0 1554240 169121 0 1723361 Guarantee Fees 900099 1884059 1884059 0 0 Program Service Revenue 900099 178236 178236 0 0 Interest: Student Loans 900099 3661 3661 0 0 Collection Management Fees 900099 490078 30132 459946 0 Residual Sale & Other 900099 273861 273861 0 0 0 0 0 0 2829895 1433212 1433212 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Gain: Chapter 11 Settlement 900099 42161768 42161768 0 0 0 0 0 0 42161768 48148236 45964929 459946 0 1417292 1417292 2644181 2184554 433098 26529 0 0 0 522637 294252 224251 4134 453356 314479 137191 1686 281518 184817 94849 1852 728279 170358 557921 193586 193586 16861577 16163993 697584 7529 7529 241744 151512 89784 448 94813 64426 30387 471447 145903 325544 107980 69807 37388 785 13347 9034 4313 193229 150734 42495 87696 87696 Provision for Loan Loss -78606 -78606 0 0 School Visits 47366 47366 0 0 Summer Room & Board 62657 62657 0 0 All Other Expense 83646 182097 -106001 7550 24435274 20124912 4267378 42984 2439645 713032 320152483 8260990 149584 193224 33974023 1812636 228328529 1063662 177800 281303 1136221 1015617 288200 120604 92709226 0 678219490 12445451 23452455 1566517 16525214 20411 649629238 0 689606907 1586928 X -26680645 4488096 13293228 4370427 2000000 2000000 -11387417 10858523 678219490 12445451 X 23712962 -1467022 X 0 1 1 X 1 1 X 2714135 2321221 2378125 1545196 1723361 10682038 466394946 298295128 19324984 6158981 2096088 792270127 469109081 300616349 21703109 7704177 3819449 802952165 802952165 29713625 36656235 13621561 3861123 1433212 85285756 459946 459946 29713625 36656235 13621561 3861123 1893158 85745702 273861 273861 498822706 337272584 35324670 11565300 5986468 888971728 0.90324 0.91616 0.09645 0.08384 X Other Income includes: $249,475 related to the sale of residuals and $24,386 other income RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 15293228 0 0 0 8922801 0 6370427 15293228 0 0 0 0 0 15293228 15293228 0 0 0 0 0 15293228 0 0.31 0.69 0 0 0 0 0 0 0 0 0 0 63674 41081 22593 0 1072547 974536 98011 0 0 0 0 120604 48148236 24435274 23712962 -1493776 0 0 364043 -337290 -1467023 22245939 3103706 -1493776 0 0 -43550754 -45044530 48148236 0 0 0 48148236 23403033 0 0 0 -1032241 -1032241 24435274 0 0 0 24435274 SchD_P05_S00_L04 Schedule D, Part V, Line 4 TERI's endowment funds are intended to be used for the purposes of the furtherance of higher education through improvements in the administration of and access to financial aid and support of higher education information centers. SchD_P11_S00_L08 Schedule D, Part XI, Line 8 Other adjustment related to investment in Sub, TFSI, $(168,645) and TFSI merger on June 30, 2011 $(168,645) SchD_P12_S00_L02d Schedule D, Part XII, Line 2d Investment in sub, TFSI, $(168,645). Reorganization expense item from financial statements included in total revenue, interest earned on accumulated cash resulting from Chapter 11 proceedings $1,220,341 and Gain on Chapter 11 settlement $42,161,768 SchD_P13_S00_L02d Schedule D, Part XIII, Line 2d Reorganization expense items from financial statements included in total expense, professional fees $1,032,240 X X X X X X 0 0 0 0 0 0 0 0 0 Willis Hulings III 376000 0 80000 0 1242 0 0 0 25499 0 482741 0 0 0 William G Davidson 252960 0 60000 0 6665 0 0 0 18771 0 338396 0 0 0 Amy Bizar 230355 0 0 0 6075 0 0 0 8074 0 244504 0 0 0 Jane Dixon 156498 0 0 0 1358 0 0 0 12690 0 170546 0 0 0 Eileen Morris 190836 0 0 0 597 0 0 0 18417 0 209850 0 0 0 Alan Blair 193077 0 0 0 927 0 0 0 18440 0 212444 0 0 0 Michael Gambee 193077 0 0 0 927 0 0 0 17732 0 211736 0 0 Kristi Pierce 98876 0 0 0 760 0 0 0 6991 0 106627 0 0 0 See Part III Supplemental Information 2010-11-19 576637025 See Part III Supplemental Information Various 0 0 0 0 SchN_P02_S00_L01 Schedule N, Part II, Line 1 1a. On November 19, 2010 TERI emerged from Chapter 11 bankruptcy and pursuant to The Plan of Reorganization approved by the Bankruptcy court. TERI distributed cash to the beneficiaries of pledge accounts, the Plan Trust established for the benefit of unsecured creditors and holders of approved convenience and priority class claims totaling $360.3 million. TERI also transferred its defaulted loan to the Plan Trust and various securitization trusts and it's performing loans to the Plan Trust, totaling $216.2 million. 1d. The FMV of the defaulted loan portfolio is based on historical recovery experience and management's best estimate of future recovery rates. The performing loans are valued at the outstanding unpaid principal balance net of a reserve for loan loss. F990_P06_S0B_L11a Form 990, Part VI, Section B, Line 11a Before the Form 990 is finalized, TERI's Finance Department prepares a draft, presents it to senior management for review and comment, and then provides it to its Board of Directors for their comments. When all comments have been reviewed and the form is finalized, the Finance Department files the form. F990_P06_S0B_L12c Form 990, Part VI, Section B, Line 12c TERI's Board of Directors has adopted a Conflicts of Interest Policy. Each January, all TERI officers and directors are required to read the policy and affirm their understanding, agreement and commitment to the policy by signing an Acknowledgement and Disclosure Form. The responses to questions of outside interests and potential conflicts of interest provided by TERI officers are reviewed by the Vice President, Administration and the responses from directors reviewed by the chair of the Audit Committee. If necessary, follow-up action is then taken. F990_P06_S0B_L15 Form 990, Part VI, Section B, Line 15 The compensation for TERI's chief executive officer and other officers is determined by the Board of Directors, based on a comparability study prepared by independent consultants. TERI's Board or Executive Committee makes all decisions relating to the compensation of the CEO and TERI's other officers. F990_P06_S0C_L19 Form 990, Part VI, Section C, Line 19 TERI makes its governing documents, conflicts of interest policy and financial statements available to the public upon request, written or oral. F990_P11_S00_L05 Form 990, Part XI, Line 5 Other changes in net assets include: $364,043 prior period adjustment to correct accounting errors related to promises to give in prior years, $(1,493,775) unrealized loss on investments, $(168,645) related to investment in sub TFSI and $(168,645) related to TFSI merger on June 30, 2011 TERI Financial Services Inc 31 Saint James Avenue Suite 950 Boston MA 02116 043247228 See schedule O MA 501(c)(3) N/A 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 TERI Financial Services Inc r 1591861 On June 30, 2011 TERI Financial Services Inc. merged with The Education Resources Institute Inc. (TERI). TFSI is a related organization and the two non profits shared board members and officers. Merger documents were filed with the Commonwealth of Massachusetts and approved on June 22, 2011 with an effective date of June 30, 2011. The assets of TFSI were comprised of cash $528,199, performing student loans $997,694 and a defaulted student loan receivable $65,968. The assets were transferred equal to the audited 6/30/11 balances TERI Financial Services Inc a-i 8354 TERI received $8,354 in interest on a note receivable with TERI Financial Services, Inc. TERI filed Form 8868 and was granted a three month extension.