2024-11-14T15:00:39-06:00 2023-12-31 135565207 KPMG LLP 350 N 5TH ST SUITE 600 MINNEAPOLIS MN 55401 990 2023-01-01 411778617 EDUCATIONAL CREDIT MANAGEMENT CORPORATION EDUC 6512210566 111 WASHINGTON AVE SO 1400 MINNEAPOLIS MN 55401 MARTIN A SCANLON CFO & TREASURER 6512210566 2024-11-14 1 0 HOLLY K MOEN P01800653 6123055000 2023 2024-10-15 13:58:12Z CHAD TATE 111 WASHINGTON AVE SO 1400 MINNEAPOLIS MN 55401 318087346 0 X WWW.ECMC.ORG X 1994 MN EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) PROVIDES FINANCIAL COUNSELING AND EDUCATION TO EMPOWER STUDENTS TO MAKE BETTER CHOICES ABOUT THEIR FUTURES.ECMC IS A NATIONAL GUARANTY AGENCY DESIGNATED BY THE U.S. SECRETARY OF EDUCATION UNDER AND PURSUANT TO THE PROVISIONS OF THE HIGHER EDUCATION ACT OF 1965, AS AMENDED. IN 2013, ECMC ADDED THE SOLUTIONS PROGRAM, PROVIDING DEFAULT PREVENTION AND FINANCIAL LITERACY TO STUDENT LOAN BORROWERS TO HELP THEM UNDERSTAND THEIR REPAYMENT OPTIONS BEFORE BECOMING DELINQUENT OR DEFAULTING ON THEIR FEDERALLY INSURED STUDENT LOANS. THE PROGRAM INCLUDES RESOURCES FOR POSTSECONDARY INSTITUTIONS TO ASSIST THEM IN MANAGING THEIR COHORT DEFAULT RATE. SERVICES ARE OFFERED TO POSTSECONDARY INSTITUTIONS UNDER A FEE STRUCTURE. 9 8 277 0 0 0 2150000 17188000 359485454 299935137 312952 933773 31320 30436 361979726 318087346 249820764 267565683 0 0 49312550 52103482 0 0 0 39480154 42386842 338613468 362056007 23366258 -43968661 429860105 295093716 347414956 256617228 82445149 38476488 X EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) PROVIDES FINANCIAL COUNSELING AND EDUCATION TO EMPOWER STUDENTS TO MAKE BETTER CHOICES ABOUT THEIR FUTURES. 0 0 29878458 0 210887902 DEFAULT AVERSION, CLAIMS AND COLLECTION PROGRAM:IN EDUCATIONAL CREDIT MANAGEMENT CORPORATION'S (ECMC'S) ROLE AS A FEDERAL STUDENT LOAN GUARANTOR, WE ARE RESPONSIBLE TO PERFORM DEFAULT PREVENTION ACTIVITIES, REIMBURSE LENDERS FOR DEFAULT AND OTHER TYPES OF CLAIMS, AND RECOVER DEFAULTED STUDENT LOANS. DEFAULT PREVENTION PROGRAM: ECMC HAS A ROBUST DEFAULT PREVENTION PROGRAM FOCUSED ON EDUCATING AND COUNSELING DELINQUENT BORROWERS ON REPAYMENT STRATEGIES TO FIND THE ONE THAT BEST FITS THEIR SITUATION SO THEY CAN SUCCESSFULLY REPAY THEIR LOAN. ECMC'S COMMITMENT TO PREVENTING DEFAULTS IS STRONG; OUR POSITIVE RESULTS REFLECT OUR DEDICATION TO THIS PROGRAM. COLLECTION PROGRAM: FOR THOSE BORROWERS WHO FACE THE UNFORTUNATE SITUATION OF STUDENT LOAN DEFAULT, IT IS NOT ONLY OUR FIDUCIARY RESPONSIBILITY TO THE U.S. TREASURY AND THE TAXPAYER TO COLLECT THOSE LOANS, ECMC IS ALSO COMMITTED TO HELPING THE BORROWER RECOVER FROM DEFAULT. FORTUNATELY, CONGRESS HAS GIVEN US TOOLS TO DO SO, SUCH AS THE LOAN REHABILITATION PROGRAM WHERE WE ARE GIVEN SIGNIFICANT LATITUDE TO ESTABLISH AN INCOME-CONTINGENT REPAYMENT ARRANGEMENT WITH THE BORROWER. WITH SUCCESSFUL COMPLETION OF THIS PROGRAM, THE DEFAULT STATUS IS REMOVED FROM THE BORROWER'S RECORD. SINCE INCEPTION, ECMC HAS RETURNED $21.7 BILLION IN STUDENT LOAN RECOVERIES TO THE U.S. TREASURY.IN MARCH 2020, A NOVEL STRAIN OF CORONAVIRUS, REFERRED TO AS COVID-19, WAS DECLARED A GLOBAL PANDEMIC AND CAUSED SIGNIFICANT DISRUPTION IN THE UNITED STATES AND WORLD ECONOMIES. AS A RESULT OF COVID-19, CONGRESS PASSED A SERIES OF LEGISLATIVE STIMULUS BILLS, WHICH CONTAINED PROVISIONS FOR RELIEF FOR SOME STUDENT BORROWERS. ON MARCH 27, 2020, THE CORONAVIRUS AID, RELIEF, AND ECONOMIC SECURITY (CARES) ACT WAS SIGNED INTO LAW. ON APRIL 3, 2020, THE U.S. DEPARTMENT OF EDUCATION (ED) ISSUED ADMINISTRATIVE GUIDANCE TO GUARANTY AGENCIES, WHICH WERE NOT COVERED BY THE CARES ACT, TO STOP COLLECTION ACTIVITIES ON DEFAULTED STUDENT LOANS UNTIL SEPTEMBER 30, 2020. ON MARCH 30, 2021, ECMC RECEIVED VERBAL GUIDANCE FROM ED INTENDED TO EXTEND THE SAME BENEFITS TO DEFAULTED FFELP BORROWERS THAT DIRECT LOAN BORROWERS RECEIVED UNDER THE CARES ACT. ED VERBALLY DIRECTED GUARANTY AGENCIES TO STOP INTEREST ACCRUAL AND INVOLUNTARY COLLECTIONS FOR DEFAULTED FFELP BORROWERS UNTIL SEPTEMBER 30, 2021, SUBSEQUENTLY EXTENDED TO DECEMBER 31, 2022. ON MAY 12, 2021, ED ISSUED A DEAR COLLEAGUE LETTER (DCL) GEN-21-03 CONFIRMING THIS PREVIOUSLY PROVIDED DIRECTION AND EXPRESSLY AUTHORIZING GUARANTORS TO REIMBURSE THEMSELVES FROM THEIR FEDERAL FUND FOR BORROWER REFUNDS, ADJUSTMENTS AND LOST DEFAULT COLLECTIONS REVENUES DUE TO THE COLLECTIONS PAUSE. ON DECEMBER 2, 2022, ED ISSUED DCL GEN-22-16 INFORMING GUARANTORS OF THEIR OBLIGATIONS REGARDING FFELP LOANS THAT ARE IN DEFAULT ACCORDANCE WITH THE FRESH START INITIATIVE THAT WOULD ELIMINATE NEGATIVE EFFECTS FOR FEDERAL STUDENT LOAN BORROWERS WHO OPT IN AND ARE IN DEFAULT. IN GOOD FAITH, ECMC HAS COMPLIED WITH ALL DCL GUIDANCE AND UTILIZED HISTORICAL RECOVERY RATES TO DERIVE THE ESTIMATED AMOUNTS, WHICH ARE SUBSTANTIATED BY ECMC'S FINANCIAL REPORTING TO ED. ECMC RECORDED $171.5 MILLION FOR REIMBURSEMENT OF LOST COLLECTIONS REVENUE RESULTING FROM THE COLLECTIONS PAUSE PUBLISHED IN THE DCL. THE DLC REVENUE ENDED ON AUGUST 28,2023, AND ED ESTABLISHED A TRANSITIONAL FEE TO BE PAID TO GUARANTORS FROM SEPTEMBER 1, 2023 THROUGH THE FRESH START PERIOD, WHICH IS SCHEDULED TO END ON SEPTEMBER 30, 2024. THE TRANSITIONAL FEE IS PAID TO GUARANTORS TO HELP THEM INITIATE THE REPAYMENT RESTART WHILE SUPPORTING BORROWERS AND ASSISTING THEM AS THEY NAVIGATE THE FRESH START PERIOD AND ALL THEIR OPTIONS. ECMC RECORDED $33.4 MILLION FOR TRANSITIONAL FEE REVENUE IN 2023, ALL OF WHICH IS AN OUTSTANDING RECEIVABLE AS OF DECEMBER 31, 2023. 13402633 2426854 39200788 LOAN GUARANTEE PROGRAM:EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) IS THE DESIGNATED GUARANTY AGENCY FOR CALIFORNIA, CONNECTICUT, ILLINOIS, LOUISIANA, MAINE, MISSOURI, NORTH CAROLINA, OREGON, RHODE ISLAND, SOUTH CAROLINA, TENNESSEE, UTAH AND VIRGINIA UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). A GUARANTY AGENCY UNDER FFELP PROVIDES FEDERAL STUDENT LOAN GUARANTEES AND ONGOING PROCESSING SERVICES TO U.S. DEPARTMENT OF EDUCATION-APPROVED FFELP LENDERS AND POSTSECONDARY EDUCATION STUDENTS AND THEIR PARENTS FOR LOANS EXTENDED UNDER FFELP. FFELP WAS ESTABLISHED BY THE U.S. CONGRESS AS A MEANS OF MAKING LOANS AVAILABLE TO STUDENTS ATTENDING QUALIFYING POSTSECONDARY EDUCATIONAL INSTITUTIONS AND TO PARENTS OF SUCH STUDENTS. FFELP PROVIDES FOR THE GUARANTOR TO GUARANTEE THE REPAYMENT OF PRINCIPAL AND ACCRUED INTEREST TO THE LENDER FOR EACH ELIGIBLE LOAN. ADDITIONAL SERVICES PROVIDED BY ECMC IN FULFILLING ITS ROLE AS A GUARANTY AGENCY INCLUDE BUT ARE NOT LIMITED TO: ASSISTING BORROWERS AND PARENTS IN PREPARING FOR COLLEGE, FINANCIAL LITERACY AND MONEY MANAGEMENT EDUCATION, EDUCATION REGARDING THE OBLIGATIONS ASSOCIATED WITH STUDENT LOANS, AND EDUCATION ON HOW TO AVOID STUDENT LOAN DEFAULT.ON MARCH 30, 2010, THE HEALTH CARE AND EDUCATION AFFORDABILITY RECONCILIATION ACT OF 2010 WAS SIGNED INTO LAW AND AMENDED THE HIGHER EDUCATION ACT BY TERMINATING THE AUTHORITY TO MAKE OR INSURE NEW LOANS UNDER FFELP AFTER JUNE 30, 2010. AS A RESULT, ECMC CEASED GUARANTEEING LOANS EFFECTIVE JULY 1, 2010. ALL EXISTING FFELP LOANS WILL CONTINUE TO BE GUARANTEED AND SERVICED AS FFELP LOANS THROUGHOUT THEIR REMAINING LIFE, WHICH GENERALLY AVERAGES 6 YEARS. AS OF DECEMBER 31, 2023, THE NON-DEFAULT GUARANTEE PORTFOLIO CONSISTED OF $14.1 BILLION IN ORIGINAL OUTSTANDING PRINCIPAL BALANCE.ON NOVEMBER 1, 2016, ECMC ENTERED INTO A THREE-YEAR AGREEMENT WITH THE U.S. DEPARTMENT OF EDUCATION (ED), WHEREBY ECMC WILL PARTICIPATE IN ED'S PROJECT SUCCESS BY PROVIDING SERVICES ON BEHALF OF ED TO CERTAIN MINORITY-SERVING INSTITUTIONS (INSTITUTIONS). THE SERVICES THAT ECMC MAY PROVIDE TO THE INSTITUTIONS INCLUDE INSTITUTIONAL SUPPORT SERVICES TO BENEFIT THE INSTITUTIONS AND SERVICES TO ASSIST THE INSTITUTION'S STUDENTS. ALL OF THE SERVICES PROVIDED MUST RELATE TO FEDERAL STUDENT LOANS. THE SECRETARY HAS AUTHORIZED ECMC TO USE THE GUARANTOR FEDERAL RESERVE FUND TO PAY THE COST OF PROVIDING SERVICES UNDER THE PROJECT SUCCESS PROGRAM, NOT TO EXCEED $20 MILLION FOR THE THREE-YEAR AGREEMENT. THE AGREEMENT WAS RENEWED ON NOVEMBER 1, 2019 AND SEPTEMBER 25, 2023, FOR AN ADDITIONAL THREE AND TWO YEARS, SUBSEQUESNTLY EXTENDED THROUGH SEPTEMBER 30, 2025. THE GUARANTOR FEDERAL RESERVE FUND REIMBURSED ECMC FOR EXPENSES INCURRED IN THE AMOUNT OF $3.4 MILLION FOR THE YEAR ENDED DECEMBER 31, 2023. 3973318 0 3699197 ECMC SOLUTIONS PROGRAM:THE ECMC SOLUTIONS PROGRAM FOCUSES ON PROVIDING DEFAULT PREVENTION AND FINANCIAL LITERACY TO STUDENT LOAN BORROWERS WHILE THEY ARE STILL IN SCHOOL, IN THEIR GRACE PERIOD OR IN REPAYMENT TO HELP THEM UNDERSTAND THEIR REPAYMENT OPTIONS BEFORE BECOMING DELINQUENT OR DEFAULTING ON THEIR FEDERALLY INSURED STUDENT LOANS. THE PROGRAM INCLUDES RESOURCES FOR POSTSECONDARY INSTITUTIONS TO ASSIST THEM IN MANAGING THEIR COHORT DEFAULT RATE. SERVICES ARE OFFERED TO POSTSECONDARY INSTITUTIONS UNDER A FEE STRUCTURE. 2661472 0 2661472 BANKRUPTCY SERVICING:EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) SERVICES AND MONITORS THE BANKRUPTCY CASES ON FFELP STUDENT LOANS CURRENTLY UNDER CHAPTER 7 OR 13 OF THE BANKRUPTCY CODE. THE BANKRUPTCY LOANS ARE TRANSFERRED FROM THE U.S. DEPARTMENT OF EDUCATION (ED) AND OTHER GUARANTY AGENCIES FOR PROCESSING BY ECMC. AT THE REQUEST OF ED, SPECIALTY STUDENT LOAN SERVICES ARE ALSO PERFORMED FOR ED. THE BANKRUPTCY STUDENT LOAN PORTFOLIO AT DECEMBER 31, 2023 CONSISTED OF $576 MILLION IN OUTSTANDING PRINCIPAL, INTEREST AND FEES. 851615 0 43485778 THIRD-PARTY GUARANTOR SERVICING:EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) PERFORMS FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) LOAN PORTFOLIO SERVICING ACTIVITIES FOR OTHER STATE AND NONPROFIT GUARANTORS OF FFELP LOANS IN RETURN FOR A FEE. FFELP GUARANTOR LOAN PORTFOLIO SERVICING ACTIVITIES ARE IDENTICAL TO THOSE SERVICES THAT IT PERFORMS ON ITS OWN BEHALF AND INCLUDE LOAN CONVERSION ACTIVITIES, DEFAULT AVERSION, BORROWER UPDATES, CUSTOMER SERVICE, PAYMENT PROCESSING, DUE DILIGENCE PROCEDURES AND CLAIM PROCESSING. 265138829 265138829 0 CONTRIBUTIONS MADE TO ECMC GROUP, INC.:ECMC GROUP, INC. IS THE PARENT OF AND A SUPPORTING ORGANIZATION TO EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC). ECMC GROUP, INC. RETAINS THE FOLLOWING AUTHORITY OVER ECMC:1. TO AUTHORIZE AMENDMENTS TO THE ARTICLES OF INCORPORATION AND BYLAWS.2. TO APPROVE THE STRATEGIC AND FINANCIAL PLANS.3. TO ELECT AND/OR APPROVE THE MEMBERS OF THE BOARD OF DIRECTORS.4. TO OVERSEE COORDINATION OF PROGRAMS AND SERVICES OFFERED.5. TO AUTHORIZE FORMATION, GOVERNANCE AND DISSOLUTION.ECMC GROUP, INC. AUTHORIZES THE DISTRIBUTION OF FUNDS FROM ECMC TO ECMC GROUP, INC. SECTION 422B OF THE HIGHER EDUCATION ACT OF 1965, AS AMENDED, ALLOWS ECMC TO INVEST FUNDS AT ITS DISCRETION IN ACCORDANCE WITH PRUDENT INVESTOR STANDARDS AND TO USE FUNDS FOR HIGHER EDUCATION-RELATED ACTIVITIES. ECMC DISTRIBUTES FUNDS TO ECMC GROUP, INC. TO INVEST AND TO DISTRIBUTE TO ECMC FOUNDATION AND ECMC EDUCATION, INC. TO USE FOR HIGHER EDUCATION-RELATED ACTIVITIES. 268651916 265138829 46147250 315906325 1 1 0 1 0 0 0 0 1 1 1 0 0 1 1 1 1 1 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 4025 0 277 1 0 0 0 0 0 0 0 0 0 0 0 0 X 9 8 0 0 0 0 1 1 1 1 1 0 0 1 1 1 1 1 1 1 1 0 CA OK OR X MARTIN A SCANLON 6512210566 111 WASHINGTON AVE SO STE 1400 MINNEAPOLIS MN 55401 X DANIEL FISHER PRESIDENT & CEO, ECMC GROUP 0.00 40.00 X 0 1268659 126730 JAMES V MCKEON BOARD CHAIR 1.00 16.00 X 0 197500 0 DIANA J INGRAM DIRECTOR 1.00 11.00 X 0 151250 0 JACK O'CONNELL DIRECTOR 1.00 9.00 X 0 145000 0 JULIA S GOUW DIRECTOR 1.00 9.00 X 0 155000 0 DEREK LANGHAUSER DIRECTOR 1.00 8.00 X 0 137500 0 JAMES RUNCIE DIRECTOR 1.00 10.00 X 0 128750 0 JENNIFER ANDERSON DIRECTOR 1.00 9.00 X 0 148750 0 K PAUL SINGH DIRECTOR 1.00 11.00 X 0 141875 0 BRIAN BOARDMAN GENERAL COUNSEL & CORP SECRETARY 0.00 40.00 X 0 453655 86354 CHAD TATE PRESIDENT, ECMC 40.00 0.00 X 566278 0 88833 MARTIN SCANLON CFO & TREASURER 0.00 40.00 X 0 918311 104819 PAULA CRAW VP, OUTREACH 40.00 0.00 X 274082 0 27240 THERESE BICKLER VP, ECMC OPERATIONS 40.00 0.00 X 335947 0 45295 J HAMLIN SJOBERG SENIOR DIR, GUARANTOR SERVICES 40.00 0.00 X 229871 0 41636 HAN CHO DIR, PORTFOLIO MANAGEMENT 40.00 0.00 X 198984 0 55444 JAN JACOBSON DIR, CUSTOMER SERVICE 40.00 0.00 X 193873 0 53950 NATE MALMO DIR, INTERNAL DEFAULT MANAGEMENT 40.00 0.00 X 196704 0 54724 NATHAN VICKERY SENIOR DIR, REPAYMENT SUCCESS CENTER 40.00 0.00 X 236870 0 56496 JEREMY WHEATON FORMER PRESIDENT & CEO, ECMC GROUP 0.00 0.00 X 0 1622127 0 I KING JORDAN FORMER DIRECTOR 0.00 0.00 X 0 30000 0 JOHN F DEPODESTA FORMER BOARD CHAIR 0.00 0.00 X 0 60000 0 2232609 5558377 741521 45 1 1 0 ADMITHUB PBC 1 WASHINGTON MALL 1349 BOSTON MA 02108 SOFTWARE & SERVICES 806791 NOBLE SYSTEMS CORPORATION 211 PERIMETER CENTER PKWY STE 200 ATLANTA GA 30346 SOFTWARE & SERVICES 691418 ALLIED INTERSTATE INC PO BOX 931203 COLUMBUS OH 44193 COLLECTION AGENCY 478678 AUTOMATED COLLECTION SERVICES INC 2802 OPRYLAND DR NASHVILLE TN 37214 COLLECTION AGENCY 428987 LIVEVOX INC PO BOX 775337 CHICAGO IL 60677 MARKETING SERVICES 428869 16 17188000 17188000 COLLECTION REVENUE 900099 173558290 173558290 THIRD-PARTY GUARANTOR 900099 43485778 43485778 TRANSITIONAL FEE 900099 33398020 33398020 CLAIM REPURCHASE 900099 28537450 28537450 ACCOUNT MAINTENANCE 900099 8586045 8586045 12369554 12369554 299935137 933773 933773 INTERCOMPANY SERVICING 900099 30436 30436 30436 318087346 299935137 0 964209 266923489 266923489 642194 642194 1337674 1337674 40281542 18538046 21743496 1884864 837517 1047347 5839429 3356952 2482477 2759973 1334604 1425369 1404626 783804 620822 470990 470990 187231 187231 5649972 1743892 3906080 6619949 2737651 3882298 7299109 4292432 3006677 2990860 141175 2849685 613544 340297 273247 337222 187752 149470 2726556 59413 2667143 1270581 47022 1223559 DEFAULT AVERSION FEES 11160905 11160905 COMMISSION EXPENSE 1057588 1057588 PROJECT SUCCESS EXPENSE 156064 156064 STUDENT SERVICE EXPENSE 4514 4514 437131 36109 401022 362056007 315906325 46149682 0 3178184 3265360 10520461 13778223 15977699 55442546 559594 447065 1584195 1555086 62197 29109 2216666 1108333 397345304 221023080 429860105 295093716 7357132 8185460 353208 359924 1363765 740402 1088312 1467535 337252539 245863907 347414956 256617228 X 78925149 35004488 3520000 3472000 82445149 38476488 429860105 295093716 -43968661 0 X 0 1 X 1 1 1 X 2256993 925578 2234612 2150000 17188000 24755183 319718755 273320049 421826420 359516774 299965573 1674347571 321975748 274245627 424061032 361666774 317153573 1699102754 2256993 500000 1910000 2150000 17188000 24004993 27385124 19035350 36252863 30432977 31002480 144108794 29642117 19535350 38162863 32582977 48190480 168113787 1530988967 729719 149808 10722 312952 933773 2136974 729719 149808 10722 312952 933773 2136974 322705467 274395435 424071754 361979726 318087346 1701239728 0.89990 0.91720 0.00130 0.00100 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 1 0 0 0 0 1 192496 0 0 192496 0 PART II-B, LINE 1: GENERAL LOBBYING ACTIVITIES ON LEGISLATIVE ISSUES OF RELEVANCE TO EDUCATIONAL CREDIT MANAGEMENT CORPORATION. 0 1 X 3520000 494000 542000 3472000 3486000 664000 630000 3520000 3216000 964000 694000 3486000 3614000 398000 3216000 3781905 167905 3614000 1.00000 0 0 68459 39350 29109 225000 225000 0 1290736 1290736 0 29109 CUSTODIAL ASSETS HELD FOR GUARANTOR FEDERAL RESERVE 199601641 CUSTODIAL ASSETS HELD FOR FEDERAL SERVICES BUREAU 18264597 DUE FROM FEDERAL SERVICES BUREAU 2965627 RIGHT OF USE ASSET 184490 DUE FROM ECMC EDUCATION, INC. 6708 DUE FROM ECMC HOLDINGS CORPORATION 17 221023080 OBLIGATIONS TO GUARANTOR FEDERAL RESERVE 199601641 OBLIGATIONS TO FEDERAL SERVICES BUREAU 18264597 DUE TO GUARANTOR FEDERAL RESERVE 22652190 DUE TO ECMC SHARED SERVICES COMPANY, LLC 4686112 LEASE LIABILITIES 184490 DUE TO ECMC GROUP, INC. 474877 245863907 X 288920905 0 288920905 29166441 29166441 318087346 82938737 0 82938737 279117270 279117270 362056007 PART IV, LINE 2B: EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) IS UNDER CONTRACT TO SERVICE THE LOAN PORTFOLIO OF THIRD-PARTY GUARANTY AGENCIES. PORTFOLIO SERVICING ACTIVITIES INCLUDE LOAN CONVERSION ACTIVITIES, DEFAULT AVERSION, BORROWER UPDATES, CUSTOMER SERVICE, PAYMENT PROCESSING, DUE DILIGENCE PROCEDURES AND CLAIM PROCESSING. ASSOCIATED WITH SOME OF THESE ACTIVITIES, ECMC HOLDS FUNDS ON BEHALF OF OTHERS THAT INCLUDE DEPOSITS FOR BORROWERS TO BE APPLIED TO BORROWER ACCOUNTS AT SOME FUTURE TIME. ALL RECORDKEEPING FUNCTIONS FOR THE FUNDS ARE PERFORMED BY ECMC. PART V, LINE 4: EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) HAD NET ASSETS WITH DONOR RESTRICTIONS OF $3,472,000 AT DECEMBER 31, 2023 FOR GRANTS ASSOCIATED WITH THE ECMC SCHOLARS PROGRAM THAT WILL BE RELEASED UPON THE OCCURRENCE OF CANDIDATES MEETING CERTAIN PROGRAM REQUIREMENTS. THE ECMC SCHOLARS PROGRAM IS A TWO-YEAR MENTORING PROGRAM AVAILABLE TO HIGH SCHOOL STUDENTS IN CONNECTICUT, OREGON AND VIRGINIA. THE PROGRAM IS DESIGNED FOR HIGH SCHOOL JUNIORS AND SENIORS TO HELP THEM BUILD ACADEMIC AND LIFE SKILLS. STUDENTS SELECTED TO PARTICIPATE IN THE ECMC SCHOLARS PROGRAM, AND COMPLETE THE PROGRAM, EARN GRANTS OF UP TO $4,000 AND $2,000 TO BE USED FOR THEIR FIRST AND SECOND YEARS, RESPECTIVELY, OF ENROLLMENT IN A DEGREE OR CERTIFICATE PROGRAM AT AN ACCREDITED COLLEGE, UNIVERSITY, OR CAREER AND TECHNICAL EDUCATION INSTITUTION. PART X, LINE 2: ECMC IS EXEMPT FROM TAX ON RELATED INCOME UNDER SECTION 501(C)(3) AND QUALIFIES AS A PUBLIC CHARITY UNDER SECTION 509(A)(2) OF THE INTERNAL REVENUE CODE. ECMC IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. ECMC FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITIONS TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY ECMC FOR UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022. ECMC'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. PART XI, LINE 4B - OTHER ADJUSTMENTS: BANKRUPTCY SERVICING 2,661,472. DEFAULT AVERSION FEES RETURNED TO THE GUARANTOR FEDERAL RESERVE FUND 11,160,905. PROJECT SUCCESS EXPENSES NOT REIMBURSED 156,064. CONTRIBUTIONS FROM ECMC GROUP, INC. 15,188,000. PART XII, LINE 4B - OTHER ADJUSTMENTS: DISTRIBUTION TO ECMC GROUP, INC 265,138,829. BANKRUPTCY SERVICING 2,661,472. DEFAULT AVERSION FEES RETURNED TO THE GUARANTOR FEDERAL RESERVE FUND 11,160,905. PROJECT SUCCESS EXPENSES NOT REIMBURSED 156,064. 1 MAPPING YOUR FUTURE INC PO BOX 1017 LAKE DALLAS TX 75065 460458615 501(C)(3) 7000 0 OUTREACH & FINANCIAL LITERACY ADAMS STATE UNIVERSITY 208 EDGEMONT ALAMOSA CO 81101 846000542 STATE SCHOOL 10000 0 PROJECT SUCCESS FOOD PANTRY ALLEN UNIVERSITY 1530 HARDEN ST COLUMBIA SC 29204 570341191 501(C)(3) 20500 0 PROJECT SUCCESS FOOD PANTRY BENEDICT COLLEGE 1600 HARDEN ST COLUMBIA SC 29204 570314365 501(C)(3) 20000 0 PROJECT SUCCESS FOOD PANTRY BOWIE STATE UNIVERSITY FOUNDATION 14000 JERICHO PARK RD BOWIE MD 20715 520952758 501(C)(3) 40000 0 PROJECT SUCCESS FOOD PANTRY CENTRAL CAROLINA TECHNICAL COLLEGE 506 N GUIGNARD DR SUMTER SC 29150 570425905 STATE SCHOOL 16000 0 PROJECT SUCCESS FOOD PANTRY CITY COLLEGES OF CHICAGO 1900 W JACKSON BLVD CHICAGO IL 60612 362606236 STATE SCHOOL 15000 0 PROJECT SUCCESS FOOD PANTRY CLAFLIN UNIVERSITY 400 MAGNOLIA ST ORANGEBURG SC 29115 570314374 501(C)(3) 10000 0 PROJECT SUCCESS FOOD PANTRY COLORADO COMMUNITY COLLEGES 900 W ORMAN AVE PUEBLO CO 81004 383721881 STATE SCHOOL 27000 0 PROJECT SUCCESS FOOD PANTRY & EMERGENCY AID COPPIN STATE UNIVERSITY DEVELOPMENT FOUNDATION 2500 W NORTH AVENUE BALTIMORE MD 21216 237127440 501(C)(3) 60000 0 PROJECT SUCCESS FOOD PANTRY EDQUITY INC 44 COURT ST 1217-1061 BROOKYLN NY 11201 814521518 783135 0 PROJECT SUCCESS EMERGENCY AID FAYETTEVILLE STATE UNIVERSITY 1200 MURCHISON RD FAYETTEVILLE NC 28301 561238736 STATE SCHOOL 10000 0 PROJECT SUCCESS FOOD PANTRY FAYETTEVILLE TECH COMMUNITY COLLEGE FOUNDATION INC 2201 HULL RD FAYETTEVILLE NC 28303 581640133 501(C)(3) 15000 0 PROJECT SUCCESS FOOD PANTRY FIRST FRUITS FARM INC 20431 MIDDLETOWN RD FREELAND MD 21053 651220502 501(C)(3) 10000 0 PROJECT SUCCESS HAMPTON UNIVERSITY 100 E QUEEN ST HAMPTON VA 23668 540505990 501(C)(3) 15000 0 PROJECT SUCCESS FOOD PANTRY JOHNSON C SMITH UNIVERSITY 100 BEATTIES FORD RD CHARLOTTE NC 28216 250983069 501(C)(3) 20000 0 PROJECT SUCCESS FOOD PANTRY LANE COLLEGE 545 LANE AVE JACKSON TN 38301 620570060 501(C)(3) 76000 0 PROJECT SUCCESS FOOD PANTRY & ACTIVE MINDS LEMOYNE OWEN COLLEGE 807 WALKER AVE MEMPHIS TN 38126 620475690 501(C)(3) 20000 0 PROJECT SUCCESS FOOD PANTRY LIMESTONE UNIVERSITY 1115 COLLEGE DR GAFFNEY SC 29340 570314402 501(C)(3) 7500 0 PROJECT SUCCESS FOOD PANTRY LIVINGSTONE COLLEGE 701 W MONROE ST SALISBURY NC 28144 560603922 501(C)(3) 10000 0 PROJECT SUCCESS FOOD PANTRY LOS ANGELES CITY COLLEGE FOUNDATION 855 N VERMONT AVE LOS ANGELES CA 90029 956207819 501(C)(3) 55500 0 PROJECT SUCCESS FOOD PANTRY LOS ANGELES COMMUNITY COLLEGE DISTRICT 770 WILSHIRE BLVD LOS ANGELES CA 90017 952587353 STATE SCHOOL 7500 0 PROJECT SUCCESS FOOD PANTRY MESALANDS COMMUNITY COLLEGE 911 S 10TH ST TUCUMCARI NM 88401 850273163 STATE SCHOOL 5500 0 PROJECT SUCCESS FOOD PANTRY & EMERGENCY AID MORGAN STATE UNIVERSITY 1700 E COLDSPRING LN BALTIMORE MD 21251 526002033 STATE SCHOOL 20000 0 PROJECT SUCCESS FOOD PANTRY MORGAN STATE UNIVERSITY FOUNDATION INC 1700 E COLD SPRING LN TRUTH HALL 201 BALTIMORE MD 21251 237089143 501(C)(3) 20000 0 PROJECT SUCCESS FOOD PANTRY NEW MEXICO STATE UNIVERSITY PO BOX 30001 MSC-4570 LAS CRUCES NM 88003 856000401 STATE SCHOOL 40500 0 PROJECT SUCCESS FOOD PANTRY ORANGEBURG-CALHOUN TECHNICAL COLLEGE 3250 ST MATTHEWS RD ORANGEBURG SC 29118 570481987 STATE SCHOOL 7000 0 PROJECT SUCCESS EMERGENCY AID OTERO JUNIOR COLLEGE FOUNDATION 1802 COLORADO AVE LA JUNTA CO 81050 841472517 501(C)(3) 17000 0 PROJECT SUCCESS FOOD PANTRY PERALTA COMMUNITY COLLEGE DISTRICT 555 RALPH APPEZZATO MEMORIAL PKWY ALAMEDA CA 94501 941590799 STATE SCHOOL 55000 0 PROJECT SUCCESS FOOD PANTRY & EMERGENCY AID PONTIFICAL CATHOLIC UNIV OF PUERTO RICO 2250 BLVD LUIS A FERRE AGUAYO STE 523 PONCE RQ 00717 660191965 501(C)(3) 15000 0 PROJECT SUCCESS EMERGENCY AID ROANOKE-CHOWAN COMMUNITY COLLEGE 109 COMMUNITY COLLEGE RD AHOSKIE NC 27910 560891591 STATE SCHOOL 10000 0 PROJECT SUCCESS FOOD PANTRY SAINT AUGUSTINE'S UNIVERSITY 1315 OAKWOOD AVE RALEIGH NC 27610 560547478 501(C)(3) 10500 0 PROJECT SUCCESS FOOD PANTRY SAN DIEGO CITY COLLEGE FOUNDATION INC 1313 PARK BLVD RM T-160 SAN DIEGO CA 92101 237261624 501(C)(3) 10000 0 PROJECT SUCCESS FOOD PANTRY SAN DIEGO COMMUNITY COLLEGE DISTRICT 1313 PARK BLVD SAN DIEGO CA 92101 952644299 STATE SCHOOL 20000 0 PROJECT SUCCESS FOOD PANTRY SISTEMA UNIVERSITARIO ANA G MENDEZ 1339 ANA G MENDEZ AVE SAN JUAN RQ 00928 660201206 501(C)(3) 30500 0 PROJECT SUCCESS FOOD PANTRY SOUTH SUBURBAN COLLEGE 15800 S STATE ST SOUTH HOLLAND IL 60473 362597699 STATE SCHOOL 22500 0 PROJECT SUCCESS FOOD PANTRY TRITON COLLEGE 2000 5TH AVE RM G-220 RIVER GROVE IL 60171 362537114 STATE SCHOOL 29300 0 PROJECT SUCCESS FOOD PANTRY, ACTIVE MINDS, & TRANSPORTATION PROGRAM UNIVERSIDAD DE PUERTO RICO EN AGUADILLA PO BOX 6150 AGUADILLA RQ 00604 660560807 STATE SCHOOL 40000 0 PROJECT SUCCESS FOOD PANTRY UNIVERSIDAD DE PUERTO RICO EN ARECIBO CARR 653 KM 08 BO LAS DUNAS ARECIBO RQ 00614 STATE SCHOOL 10000 0 PROJECT SUCCESS FOOD PANTRY UNIVERSIDAD DE PUERTO RICO-COLEGIO BAYAMON 170 CARR 174 MINILLAS INDUSTRIAL PARK BAYAMON RQ 00959 660560805 STATE SCHOOL 30000 0 PROJECT SUCCESS FOOD PANTRY & EMERGENCY AID UNIVERSITY OF DC FOUNDATION 4200 CONNECTICUT AVE NW WASHINGTON DC 20008 521152624 501(C)(3) 10000 0 PROJECT SUCCESS FOOD PANTRY UNIVERSITY OF THE DISTRICT OF COLUMBIA 4200 CONNECTICUT AVE NW WASHINGTON DC 20008 536001131 STATE SCHOOL 10000 0 PROJECT SUCCESS FOOD PANTRY VIRGINIA STATE UNIVERSITY 1 HAYDEN DR PETERSBURG VA 23806 546001811 STATE SCHOOL 10000 0 PROJECT SUCCESS FOOD PANTRY VOORHEES COLLEGE PO BOX 678 DENMARK SC 29042 570329786 501(C)(3) 15500 0 PROJECT SUCCESS FOOD PANTRY WASHINGTON ADVENTIST UNIVERSITY 7600 FLOWER AVE TAKOMA PARK MD 20912 520643528 501(C)(3) 20000 0 PROJECT SUCCESS FOOD PANTRY WESTERN NEW MEXICO UNIVERSITY 1000 W COLLEGE AVE PO BOX 680 SILVER CITY NM 88062 856000543 STATE SCHOOL 30000 0 PROJECT SUCCESS FOOD PANTRY & EMERGENCY AID ECMC GROUP INC 111 WASHINGTON AVE S STE 1400 MINNEAPOLIS MN 55401 411991995 501(C)(3) 265138829 0 GENERAL SUPPORT 46 1 COLLEGE NIGHT SCHOLARSHIPS 86 84500 THE COLLEGE PLACE SCHOLARSHIPS 12 7500 ECMC SCHOLARS SCHOLARSHIPS 172 550194 PART I, LINE 2: ECMC GROUP, INC. IS THE PARENT OF EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) AND EXERCISES OVERSIGHT OF ECMC BY PROVIDING STRATEGIC DIRECTION AND COORDINATION OF PROGRAMS AND SERVICES OFFERED BY ECMC. ECMC GROUP, INC. AUTHORIZES THE DISTRIBUTION FROM ECMC TO ECMC GROUP, INC. ECMC AND ECMC GROUP, INC. HAVE OVERLAPPING BOARDS AND THE BOARD OF ECMC GROUP, INC. MONITORS THE USE OF GRANT FUNDS. THE REMAINDER OF THE GRANTS AND ASSISTANCE TO THE OTHER ORGANIZATIONS LISTED IN PART II ARE MINIMAL IN NATURE AND GENERALLY ARE ISSUED IN SUPPORT OF STUDENT FINANCIAL AID CONFERENCES AND ORGANIZATIONS AND DO NOT REQUIRE MONITORING. THE ASSISTANCE LISTED IN PART III ARE FUNDS AWARDED TO INDIVIDUALS TO BE USED TOWARD CONTINUING THEIR EDUCATION. THESE ARE ISSUED JOINTLY PAYABLE TO THE STUDENT AND THE SCHOOL THE STUDENT IS ATTENDING TO ENSURE THE FUNDS ARE USED FOR EDUCATIONAL EXPENSES. X 1 1 X X X X 1 1 0 1 0 1 0 0 0 JEREMY WHEATON FORMER PRESIDENT & CEO, ECMC GROUP 0 0 0 0 0 1622127 0 0 0 0 0 1622127 0 122127 DANIEL FISHER PRESIDENT & CEO, ECMC GROUP 0 565637 0 676489 0 26533 0 91123 0 35607 0 1395389 0 22500 MARTIN SCANLON CFO & TREASURER 0 417201 0 475795 0 25315 0 74390 0 30429 0 1023130 0 22500 CHAD TATE PRESIDENT, ECMC 342187 0 213959 0 10132 0 54830 0 34003 0 655111 0 7764 0 BRIAN BOARDMAN GENERAL COUNSEL & CORP SECRETARY 0 285326 0 160921 0 7408 0 45095 0 41259 0 540009 0 4902 THERESE BICKLER VP, ECMC OPERATIONS 205648 0 109113 0 21186 0 29927 0 15368 0 381242 0 1034 0 PAULA CRAW VP, OUTREACH 195109 0 76560 0 2413 0 26740 0 500 0 301322 0 0 0 NATHAN VICKERY SENIOR DIR, REPAYMENT SUCCESS CENTER 188231 0 47765 0 874 0 26621 0 29875 0 293366 0 0 0 J HAMLIN SJOBERG SENIOR DIR, GUARANTOR SERVICES 185551 0 42694 0 1626 0 27674 0 13962 0 271507 0 0 0 HAN CHO DIR, PORTFOLIO MANAGEMENT 160510 0 37377 0 1097 0 24699 0 30745 0 254428 0 0 0 NATE MALMO DIR, INTERNAL DEFAULT MANAGEMENT 150581 0 45536 0 587 0 24357 0 30367 0 251428 0 0 0 JAN JACOBSON DIR, CUSTOMER SERVICE 156398 0 35430 0 2045 0 22707 0 31243 0 247823 0 0 0 JAMES V MCKEON BOARD CHAIR 0 197500 0 0 0 0 0 0 0 0 0 197500 0 0 JULIA S GOUW DIRECTOR 0 155000 0 0 0 0 0 0 0 0 0 155000 0 0 DIANA J INGRAM DIRECTOR 0 151250 0 0 0 0 0 0 0 0 0 151250 0 0 JOHN F DEPODESTA FORMER BOARD CHAIR 0 60000 0 0 0 0 0 0 0 0 0 60000 0 0 I KING JORDAN FORMER DIRECTOR 0 30000 0 0 0 0 0 0 0 0 0 30000 0 0 PART I, LINE 1A CERTAIN TAXABLE BENEFITS ARE GROSSED UP TO MAKE THE EMPLOYEE WHOLE; THIS HAS BEEN APPROVED BY THE BOARD OF DIRECTORS. PART I, LINES 4A-B LINE 4A - SEVERANCE OR CHANGE-OF-CONTROL PAYMENT: JEREMY WHEATON RECEIVED A $1,500,000 SEVERANCE PAYMENT IN 2023. LINE 4B - SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN: ECMC GROUP, INC. MAINTAINS A SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN DESCRIBED IN SECTION 457(F), AND A SUPPLEMENTAL EMPLOYEE RETIREMENT PLAN (SERP), TO ATTRACT AND RETAIN EMPLOYEES, TYPICALLY IN MANAGEMENT POSITIONS. IN 2023, DANIEL FISHER AND MARTIN SCANLON PARTICIPATED IN THE 457(F) PLAN, AND RECEIVED EMPLOYER CONTRIBUTIONS OF $32,289 AND $11,248, RESPECTIVELY. PART I, LINE 5 ECMC GROUP, INC.'S ANNUAL OFFICER INCENTIVE PLAN REQUIRES ACHIEVEMENT OF STATED PRIMARY FINANCIAL GOALS, WHICH INCLUDES REVENUES, BEFORE ANY PAYMENT TO ANY OFFICER IS MADE. PART I, LINE 6 ECMC GROUP, INC.'S ANNUAL OFFICER INCENTIVE PLAN REQUIRES ACHIEVEMENT OF STATED KEY PERFORMANCE METRICS, WHICH INCLUDES NET EARNINGS, BEFORE ANY PAYMENT TO ANY OFFICER IS MADE. FORM 990, PART VI, SECTION A, LINE 6 EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) HAS ONE MEMBER. THE MEMBER IS ECMC GROUP, INC., A DELAWARE NON-STOCK, NONPROFIT CORPORATION EXEMPT UNDER SECTION 501(C)(3). THERE ARE NO STOCKHOLDERS. FORM 990, PART VI, SECTION A, LINE 7A ECMC GROUP, INC. HAS THE RIGHT TO ELECT AND/OR APPROVE ALL THE DIRECTORS OF THE EDUCATIONAL CREDIT MANAGEMENT CORPORATION BOARD OF DIRECTORS. FORM 990, PART VI, SECTION A, LINE 7B ECMC GROUP, INC., THE SOLE MEMBER OF EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC), RETAINS THE FOLLOWING AUTHORITY OVER EDUCATIONAL CREDIT MANAGEMENT CORPORATION: 1. TO AUTHORIZE AMENDMENTS TO THE ARTICLES OF INCORPORATION AND BYLAWS. 2. TO APPROVE THE STRATEGIC AND FINANCIAL PLANS. 3. TO ELECT AND/OR APPROVE THE MEMBERS OF THE BOARD OF DIRECTORS. 4. TO OVERSEE COORDINATION OF PROGRAMS AND SERVICES OFFERED. 5. TO AUTHORIZE FORMATION, GOVERNANCE AND DISSOLUTION. FORM 990, PART VI, SECTION B, LINE 11B ALL MEMBERS OF THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT ARE PROVIDED A COPY OF FORM 990 TO REVIEW AND PROVIDE COMMENTS PRIOR TO FILING. ALL MEMBERS OF THE BOARD OF DIRECTORS AND EXECUTIVE MANAGEMENT ARE PROVIDED WITH A COPY OF THE FINAL VERSION OF FORM 990 BEFORE IT HAS BEEN FILED. FORM 990, PART VI, SECTION B, LINE 12C OFFICERS, DIRECTORS AND ALL EMPLOYEES ARE REQUIRED TO REAFFIRM ON AN ANNUAL BASIS THEIR UNDERSTANDING OF THE COMPANY'S CONFLICT OF INTEREST POLICY. THE AFFIRMATION SPECIFICALLY REFERENCES THAT THE INDIVIDUAL WILL COMPLY WITH THE DIRECTIVES OF THE CONFLICT OF INTEREST POLICY. OFFICERS, DIRECTORS AND KEY EMPLOYEES ARE ALSO REQUIRED TO COMPLETE AN ANNUAL FORM 990 RELATIONSHIP DISCLOSURE DOCUMENT TO IDENTIFY ANY POTENTIAL CONFLICTS OF INTEREST. FINALLY, THE COMPANY'S VENDOR PROCUREMENT PROCESS INCLUDES QUESTIONS OF BUSINESS UNIT CONTRACT OWNERS TO DETERMINE IF ANY CONFLICTS OF INTEREST MAY EXIST. MONITORING AND ENFORCEMENT OF THE POLICY ARE ACCOMPLISHED THROUGH THE POLICY REAFFIRMATION PROCESS, AFFIRMATIVE DISCLOSURE REQUESTS AND THE POLICY REQUIREMENT THAT ALL CONFLICTS OF INTEREST BE REPORTED. IN CASES WHERE A POTENTIAL CONFLICT EXISTS AT THE OFFICER AND KEY EMPLOYEE LEVELS, THE ISSUE IS DISCLOSED TO THE INDIVIDUAL'S SUPERVISOR, GENERAL COUNSEL AND/OR VICE PRESIDENT, DEPUTY GENERAL COUNSEL. FOR POTENTIAL CONFLICTS INVOLVING DIRECTORS, THE DISCLOSURE IS MADE TO THE BOARD (OR APPLICABLE COMMITTEE). THE DIRECTOR WILL BE REQUIRED TO EXCUSE THEMSELVES FROM DELIBERATION AND VOTING ON MATTERS FOR WHICH THEY MAY HAVE A CONFLICT OF INTEREST. FORM 990, PART VI, SECTION B, LINE 15 THE GOVERNANCE & COMPENSATION COMMITTEE OF THE ECMC GROUP, INC. (EDUCATIONAL CREDIT MANAGEMENT CORPORATION'S PARENT ORGANIZATION) BOARD OF DIRECTORS IS WHOLLY COMPRISED OF INDEPENDENT, OUTSIDE DIRECTORS. IN 2023, THE COMMITTEE RETAINED EXECUTIVE COMPENSATION EXPERTS FROM GRANT THORNTON, PEARL MEYER AND AON, GLOBAL COMPENSATION CONSULTING ORGANIZATIONS, THROUGH ARNOLD & PORTER KAYE SCHOLER LLP TO IDENTIFY APPROPRIATE CEO AND SENIOR EXECUTIVE COMPENSATION PACKAGES. ARNOLD & PORTER KAYE SCHOLER LLP PROVIDED AN OPINION ON THE REASONABLENESS OF THIS COMPENSATION. THE MARKET ANALYSIS PERFORMED BY GRANT THORNTON, PEARL MEYER AND AON FOR ARNOLD & PORTER KAYE SCHOLER LLP INCLUDES SALARY AND INCENTIVE DATA FROM AN APPROPRIATE PEER GROUP UNDER IRS REGULATIONS AND INCLUDES BOTH NONPROFIT AND FOR-PROFIT ENTITIES. FORM 990, PART VI, SECTION C, LINE 19 DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC AS REQUIRED BY LAW. FORM 990, PART VII, SECTION A: JOHN DEPODESTA AND I. KING JORDAN, FORMER DIRECTORS, HAD CONSULTING AGREEMENTS IN 2023. ECMC GROUP INC 111 WASHINGTON AVE SO STE 1400 MINNEAPOLIS MN 55401 411991995 EDUCATION FINANCE DE 501(C)(3) LINE 12B TYPE II N/A 0 ECMC FOUNDATION 111 WASHINGTON AVE SO STE 1400 MINNEAPOLIS MN 55401 411990628 PROMOTE EDUCATION DE 501(C)(3) LINE 12B TYPE II ECMC GROUP INC 0 ECMC EDUCATION INC 111 WASHINGTON AVE SO STE 1400 MINNEAPOLIS MN 55401 472237488 CAREER COLLEGES DE 501(C)(3) LINE 2 ECMC GROUP INC 0 ECMC REVENUE MANAGEMENT CORPORATION 111 WASHINGTON AVE SO STE 1400 MINNEAPOLIS MN 55401 831761663 STUDENT LOAN DEFAULT RESOLUTION DE 501(C)(3) LINE 10 EDUCATIONAL CREDIT MANAGEMENT CORPORATION 1 ECMC SERVICES INC 111 WASHINGTON AVE SO STE 1400 MINNEAPOLIS MN 55401 831763915 STUDENT LOAN REPAYMENT SERVICES DE 501(C)(3) LINE 10 ECMC GROUP INC 0 AUBREY GEMS PARTNERS LP 800 THIRD AVE 28TH FL NEW YORK NY 10022 365009933 INVESTMENTS NY N/A 0 0 CHLOE CAPITAL FUND I LP 700 CASCADILLA ST STE 201 ITHACA NY 14850 844269068 INVESTMENTS DE N/A 0 0 COMMONFUND CAP SECONDARIES OPP FUND 15 OLD DANBURY RD WILTON CT 06897 842082338 INVESTMENTS DE N/A 0 0 CRP VF IV GP LP 7600 N CAP OF TX HWY BLDG B STE 130 AUSTIN TX 78731 863644095 INVESTMENTS DE N/A 0 0 ECMC-UV CO-INVESTMENT FUND LP 104 W 40TH ST STE 1600 NEW YORK NY 10018 813873029 INVESTMENTS DE N/A 0 0 FUND D-2 A SERIES OF RIOT VENTURES 313 GRAND BLVD 1079 VENICE CA 90291 920652495 INVESTMENTS DE N/A 0 0 GEM MINING 4 LLC 550 S MAIN ST STE 310 GREENVILLE SC 29601 871562792 INVESTMENTS DE N/A 0 0 ONRAMP EDUC & WORKFORCE INNOV FUND 821 E WASHINGTON AVE STE 200-G MADISON WI 53703 843999115 INVESTMENTS DE N/A 0 0 PC-1 DEVELOPERS LLC 3600 MAYBERRY DR RENO NV 89509 831603672 INVESTMENTS NV N/A 0 0 R7 FAMILY FUND LP 100 S WACKER DR STE 1675 CHICAGO IL 60606 851019413 INVESTMENTS DE N/A 0 0 RI FUND I A SERIES OF BOOST VC SPV LP PO BOX 3217 SEATTLE WA 98114 874641779 INVESTMENTS CJ N/A 0 0 TABOR OFFSHORE OPPORTUNITIES LTD 11 E 44TH ST STE 705 NEW YORK NY 10017 INVESTMENTS CJ N/A 0 0 UP FUND I A SERIES OF BOOST VC SPV LP PO BOX 3217 SEATTLE WA 98114 851519551 INVESTMENTS DE N/A 0 0 WY FUND I A SERIES OF BOOST VC SPV LP PO BOX 3217 SEATTLE WA 98114 851519506 INVESTMENTS DE N/A 0 0 BACKFLIP INCOME FUND 2 LLC 1312 17TH ST STE 71618 DENVER CO 80202 932740244 INVESTMENTS DE N/A 0 0 COLT ENERGY OPPORTUNITIES II LLC 2101 CEDAR SPRINGS RD STE 1230 DALLAS TX 75201 933370182 INVESTMENTS TX N/A 0 0 SOLGEN CAPITAL PARTNERS I LP 2000 PGA BLVD STE 4440 PALM BEACH GARDENS FL 33408 921378980 INVESTMENTS DE N/A 0 0 503 WWS INVESTORS LLC 2540 NE MARTIN LUTHER KING JR BLVD PORTLAND OR 97212 921393452 INVESTMENTS DE N/A 0 0 GENGLOBAL CORE LLC 2810 N CHURCH ST PMB 85501 WILMINGTON DE 19802 934209535 INVESTMENTS DE N/A 0 0 GALAHAD INVESTORS EAU CLAIRE LLC 4688 KEYSTONE CROSSING EAU CLAIRE WI 54701 991926788 INVESTMENTS MN N/A 0 0 GALAHAD INVESTORS MAPLEWOOD LLC 1910 COUNTY RD C E MAPLEWOOD MN 55109 991935774 INVESTMENTS MN N/A 0 0 OAKDALE INVESTMENT MANAGEMENT CORPORATION 111 WASHINGTON AVE SO STE 1400 MINNEAPOLIS MN 55401 352085743 HOLDING INVESTMENTS DE N/A C 0 ECMC HOLDINGS CORPORATION 111 WASHINGTON AVE SO STE 1400 MINNEAPOLIS MN 55401 411991992 STRATEGIC OVERSIGHT DE N/A C 0 ECMC RECORDS & RECEIVABLES MANAGEMENT CORPORATION 111 WASHINGTON AVE SO STE 1400 MINNEAPOLIS MN 55401 411989959 DOCUMENT MANAGEMENT DE N/A C 0 0 1 1 0 0 0 0 0 0 0 0 1 1 1 1 1 1 0 0