2023-11-14T16:36:26-06:00 2023-06-30 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2022-07-01 570602805 SOUTH CAROLINA STUDENT LOAN CORP SOUT 8037980916 PO BOX 102405 COLUMBIA SC 29224 DAVID A SIMON III PRESIDENT/CEO 8037980916 2023-11-14 1 DAVID SIMON III 999009999 0 JANICE A RATICA P00358837 7043338881 2023-11-14 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z DAVID A SIMON III PO BOX 102405 COLUMBIA SC 29224 58916631 0 X WWW.SCSTUDENTLOAN.ORG X 1973 SC THE MISSION OF SCSLC IS TO RECEIVE, DISBURSE, AND ADMINISTER FUNDS FOR EDUCATIONAL PURPOSES. SPECIFICALLY, SCSLC CARRIES OUT THE FUNCTION OF MAKING, HANDLING, AND SERVICING STUDENT LOANS. 11 10 40 0 0 0 0 0 35455281 53247199 3831837 4852368 0 0 39287118 58099567 0 0 0 0 3708345 3978799 0 0 0 31099003 43556761 34807348 47535560 4479770 10564007 1226921014 1048763389 651629156 452251381 575291858 596512008 X SCSLC AIDS 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. SCSLC 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. 0 0 46617515 53247199 PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS. 46617515 1 0 0 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 1 1 1 0 0 1 27 0 1 40 1 0 0 0 0 0 0 0 0 0 0 0 0 X 11 10 1 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X WILLIAM C BOCHETTE III 8036125021 PO BOX 102405 COLUMBIA SC 29224 WILLIE JEFFRIES DIRECTOR 1.00 1.00 X 16000 0 0 JAMES THORNTON KIRBY CHAIR 1.00 1.00 X X 31000 0 0 GAUTAM S GHATNEKAR DVM PH D DIRECTOR 1.00 1.00 X 19456 0 0 CHARLIE C SANDERS JR DIRECTOR 1.00 1.00 X 13000 0 0 BARBARA F WESTON DIRECTOR 1.00 1.00 X 15000 0 0 RENEE R BROOKS DIRECTOR 1.00 1.00 X 9000 0 0 JASON CASKEY VICE CHAIR 1.00 1.00 X X 27000 0 0 NEIL E GRAYSON DIRECTOR 1.00 1.00 X 24136 0 0 A NEILL CAMERON JR DIRECTOR 1.00 1.00 X 14000 0 0 FRED L GREEN III TREASURER 1.00 1.00 X X 25000 0 0 DAVID A SIMON III PRESIDENT & CEO, SECRETARY 35.00 5.00 X X 482761 0 119648 BILL BOCHETTE CFO & COO 35.00 5.00 X 382772 0 61908 CHRISTINE M WOJCIK VICE PRESIDENT OF HUMAN RESOURCES 35.00 1.00 X 137124 0 18247 MELANIE BROOKE THOMAS VICE PRESIDENT OF FINANCE 35.00 1.00 X 143569 0 10630 RALPH JONES VP OF LOAN PROGRAMS 35.00 5.00 X 167999 0 44829 MARSHA KING VP OF OPERATIONS 35.00 5.00 X 142373 0 90660 JOSEPH BUZHARDT DIRECTOR OF BUSINESS INTELLIGENCE 35.00 1.00 X 111819 0 53511 1762009 0 399433 7 0 1 0 ELLIOTT DAVIS LLC PO BOX 6286 GREENVILLE SC 29606 ACCOUNTING SERVICES 208610 1 STUDENT LOAN INTEREST 900099 44374601 44374601 SPECIAL ALLOWANCE 900099 6024522 6024522 US DOE SUBSIDIZED INTEREST 900099 1409019 1409019 LATE CHARGES 900099 929985 929985 SCEAA REMITTANCE 900099 501087 501087 7985 7985 53247199 5666432 5666432 3000 817064 0 -817064 3000 -814064 -814064 58099567 53247199 0 4852368 X 1185142 1066628 118514 2302075 2071867 230208 259148 233233 25915 232434 209191 23243 3061180 3016072 45108 1076639 968975 107664 564938 508444 56494 1116959 1005263 111696 251000 225900 25100 26203923 26203923 660205 594185 66020 546926 546926 LOAN LOSS RESERVE 4560743 4560743 ORIGINATION FEES 2654611 2654611 BORROWER INCENTIVE 1778811 1778811 OTHER OPERATING EXPENSE 900000 810000 90000 180826 162743 18083 47535560 46617515 918045 0 6822523 6522099 59776628 32018580 40824338 37590141 857581147 708007276 868147 942407 5064082 3934086 903171 1129996 258272754 258823554 1872306 3729336 1226921014 1048763389 2829465 4998540 60896 22397 606357557 405683275 42381238 41547169 651629156 452251381 X 338953112 425874580 236338746 170637428 575291858 596512008 1226921014 1048763389 10564007 10656143 0 X X 0 1 X 1 0 X 73768586 56261817 37467172 35455281 53247199 256200055 73768586 56261817 37467172 35455281 53247199 256200055 0 0 0 256200055 6279931 3197452 3196818 3880183 5666432 22220816 6279931 3197452 3196818 3880183 5666432 22220816 80048517 59459269 40663990 39335464 58913631 278420871 0.92020 0.92970 0.07980 0.07030 X 0 0 0 0 0 0 0 0 1 2348 2348 0 PART II-B, LINE 1: SC STUDENT LOAN CORPORATION HAS MEMBERSHIPS IN VARIOUS ORGANIZATIONS THAT PARTAKE IN LOBBYING ACTIVITIES. A PORTION OF THE MEMBERSHIP DUES IN THE AMOUNT OF $2,348 HAS BEEN IDENTIFIED AS NON-DEDUCTIBLE LOBBYING EXPENDITURES. 4984052 3854056 1129996 80030 80030 0 1129996 GREENWOOD CAPITAL 81885424 F FIRST CITIZEN BANK & TRUST 92052872 F SILVERCREST 84885258 F 258823554 DUE TO SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY 39835008 LEASE LIABILITY 1712161 41547169 X 68755710 10656143 10656143 58099567 0 58099567 47535560 0 47535560 0 47535560 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 HAS 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 2018. X X X 0 0 0 0 0 0 0 1 0 DAVID A SIMON III PRESIDENT & CEO, SECRETARY 391853 0 90908 0 0 0 84407 0 35241 0 602409 0 0 0 BILL BOCHETTE CFO & COO 271522 0 111250 0 0 0 0 0 61908 0 444680 0 0 0 MARSHA KING VP OF OPERATIONS 123806 0 18567 0 0 0 68104 0 22556 0 233033 0 0 0 RALPH JONES VP OF LOAN PROGRAMS 146684 0 21315 0 0 0 27031 0 17798 0 212828 0 0 0 JOSEPH BUZHARDT DIRECTOR OF BUSINESS INTELLIGENCE 101315 0 10504 0 0 0 13259 0 40252 0 165330 0 0 0 CHRISTINE M WOJCIK VICE PRESIDENT OF HUMAN RESOURCES 126624 0 10500 0 0 0 0 0 18247 0 155371 0 0 0 MELANIE BROOKE THOMAS VICE PRESIDENT OF FINANCE 131069 0 12500 0 0 0 1351 0 9279 0 154199 0 0 0 PART I, LINE 7 THE BOARD PROVIDES DISCRETIONARY BONUSES FOR CERTAIN EXECUTIVES BASED ON THE ACHIEVEMENT OF CERTAIN INDIVIDUAL AND CORPORATE GOALS ESTABLISHED AT THE BEGINNING OF THE FISCAL YEAR. NEIL GRAYSON PARTNER AT NELSON MULLINS 85961 NELSON MULLINS PROVIDES LEGAL SERVICES TO SCSLC. THE TRANSACTION IS AT FAIR MARKET VALUE AND WAS NEGOTIATED AT ARM'S LENGTH. 0 NEILL CAMERON JR DIRECTOR AT SOUTH CAROLINA STUDENT LOAN CORPORATION 23625 MARKETING CONSULTING TO SCSLC. THE TRANSACTION IS AT FAIR MARKET VALUE AND WAS NEGOTIATED AT ARM'S LENGTH. 0 FORM 990, PART VI, SECTION A, LINE 2 DIRECTORS THORNTON KIRBY AND NEILL CAMERON ARE BOTH EMPLOYED AT SC HOSPITAL ASSOCIATION (SCHA). THORNTON KIRBY SERVES ON THE SCHA BOARD OF TRUSTEES AS SECRETARY. FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 WAS SENT TO THE CORPORATION FOR REVIEW AND FINAL SIGNATURE BEFORE SUBMISSION TO THE IRS. THE PROCESS ENTAILED A REVIEW BY THE CHIEF FINANCIAL OFFICER, THE CHIEF EXECUTIVE OFFICER AND ALL MEMBERS OF THE AUDIT COMMITTEE OF THE CORPORATION. AFTER THIS REVIEW, A COPY OF THE COMPLETED FORM 990 WAS PROVIDED TO THE FULL BOARD PRIOR TO THE FILING. ANY QUESTIONS/ISSUES WERE CLARIFIED AND ADDRESSED AS NECESSARY BEFORE THE FINAL SIGNATURE AND SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS AND ACKNOWLEDGES THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS AT ITS MAY MEETING. EACH DIRECTOR IS REQUIRED TO NOTE ANY POTENTIAL CONFLICT OF INTEREST. IN THE EVENT A POTENTIAL CONFLICT ARISES DURING THE YEAR, THE INTERESTED PERSON SHALL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS AND VOTE ON THE MATTER. FURTHER, IN ADDITION TO THE BOARD, EACH EMPLOYEE IS ALSO REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICT OF INTEREST ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE COMPENSATION OF THE PRESIDENT/CEO AND MAKES A RECOMMENDATION TO THE FULL BOARD OF DIRECTORS FOR APPROVAL. THE COMPENSATION FOR OTHER KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT/CEO WHO RELIES UPON THE SALARY OF MANAGEMENT PROFESSIONALS IN SIMILARLY-SITUATED POSITIONS. FURTHER, BOTH THE EXECUTIVE COMMITTEE AND THE PRESIDENT/CEO RELY UPON INDUSTRY SURVEYS TO ENSURE REASONABLENESS OF COMPENSATION. ALL DECISIONS ARE DOCUMENTED. 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, PART IX, LINE 24E MEMBERSHIP TRAINING: PROGRAM SERVICE EXPENSES 162,743. MANAGEMENT AND GENERAL EXPENSES 18,083. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 180,826. FORM 990, PAGE 12, PART XII, LINE 2C THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS HAS OVERSIGHT AND REVIEWS/APPROVES THE AUDITED FINANCIAL REPORT. IN ADDITION THE INDEPENDENT ACCOUNTANTS COMMUNICATE DIRECTLY WITH THIS COMMITTEE TO REVIEW THE FINANCIAL REPORT AS WELL AS RECEIVE ANY OTHER COMMENTS CONCERNING THE AUDIT PROCESS THROUGH A FORMAL REPORT ISSUED DIRECTLY TO THE COMMITTEE AS REQUIRED BY AU-C SECTION 260. THE SELECTION PROCESS FOR INDEPENDENT ACCOUNTANTS IS INITIATED THROUGH THE AUDIT COMMITTEE WHO WILL THEN MAKE A FORMAL RECOMMENDATION TO THE FULL SCSLC BOARD OF DIRECTORS FOR APPROVAL. EDUCATIONAL LOAN SERVICING LLC (DBA CAMPUS PARTNERS) 8906 TWO NOTCH ROAD COLUMBIA SC 29223 LOAN SERVICING SC 0 0 SC STUDENT LOAN CORPORATION EDVANTAGE CORPORATION PO BOX 102405 COLUMBIA SC 29224 451482379 DIRECT LOAN COLLECTIONS THROUGH 2-16-16 SC 501(C)(3) LINE 12A, I SC STUDENT LOAN CORPORATION 1 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 1 1 0 0 EDVANTAGE CORP - SERVICES PERFORMED N NO AMOUNT CHARGED EDVANTAGE CORP - SHARED ASSETS O NO AMOUNT CHARGED EDVANTAGE CORP - SHARED EMPLOYEES Q 3000 FMV EDVANTAGE CORP - REIMBURSEMENT L 3000 FMV