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Nonprofiteer
← SOUTH CAROLINA STUDENT LOAN CORPORATION

Form 990 for tax year 2023

Filed by SOUTH CAROLINA STUDENT LOAN CORPORATION.

Totals

Total revenue
$65,003,840
Total expenses
$47,614,325
Contributions and grants received
$0
Grants paid
$1,250,000
Program service revenue
$55,083,295
Investment income
$9,920,545
Other revenue
$0
Total assets, end of year
$941,337,493
Total liabilities, end of year
$324,422,994
Net assets or fund balances, end of year
$616,914,499
Program services expenses (Part IX)
$46,219,441
Management and general expenses
$1,394,884
Fundraising expenses
$0
Program service expenses (Part III)
$46,219,441

Program services were 97.1% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 2a · Program service revenue: UNSUBSIDIZED INTEREST

    total $43,864,752 · related or exempt $43,864,752

  • 2b · Program service revenue: SPECIAL ALLOWANCE

    total $8,785,222 · related or exempt $8,785,222

  • 2c · Program service revenue: SUBSIDIZED INTEREST

    total $1,103,215 · related or exempt $1,103,215

  • 2d · Program service revenue: LATE CHARGES

    total $818,151 · related or exempt $818,151

  • 2e · Program service revenue: FEES FOR SERVICES

    total $504,312 · related or exempt $504,312

  • 2f · All other program service revenue

    total $7,643 · related or exempt $7,643

  • 3 · Investment income

    total $7,978,118 · excluded $7,978,118

  • 7a · Gross sales of assets other than inventory

    securities $1,942,427

  • 7b · Less cost or other basis and sales expenses

    securities $0

  • 7c · Gain or loss

    securities $1,942,427

  • 7d · Net gain or loss

    total $1,942,427 · excluded $1,942,427

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $1,250,000 · program services $1,250,000

  • 5 · Compensation of officers, directors and key employees

    total $891,986 · program services $758,188 · management and general $133,798

  • 7 · Other salaries and wages

    total $3,157,115 · program services $2,683,548 · management and general $473,567

  • 9 · Other employee benefits

    total -$154,081 · program services -$130,968 · management and general -$23,113

  • 10 · Payroll taxes

    total $238,038 · program services $202,331 · management and general $35,707

  • 11d · Fees: lobbying

    total $78,624 · management and general $78,624

  • 11g · Fees: other

    total $3,022,709 · program services $2,994,865 · management and general $27,844

  • 12 · Advertising and promotion

    total $1,441,574 · program services $1,225,338 · management and general $216,236

  • 13 · Office expenses

    total $503,151 · program services $427,678 · management and general $75,473

  • 14 · Information technology

    total $1,591,987 · program services $1,353,189 · management and general $238,798

  • 19 · Conferences, conventions and meetings

    total $256,024 · program services $217,620 · management and general $38,404

  • 20 · Interest

    total $24,725,397 · program services $24,725,397

  • 22 · Depreciation, depletion and amortization

    total $441,734 · program services $375,474 · management and general $66,260

  • 23 · Insurance

    total $514,646 · program services $514,646

  • 24a · Other expenses: LOAN LOSS RESERVE

    total $5,824,688 · program services $5,824,688 · management and general $0

  • 24b · Other expenses: ORIGINATION FEES

    total $2,055,113 · program services $2,055,113 · management and general $0

  • 24c · Other expenses: BORROWER INCENTIVE

    total $1,553,716 · program services $1,553,716 · management and general $0

  • 24d · Other expenses: MEMBERSHIP TRAINING

    total $221,904 · program services $188,618 · management and general $33,286

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $6,522,099 · end of year $4,563,658

  • 2 · Savings and temporary cash investments

    beginning of year $32,018,580 · end of year $36,056,242

  • 4 · Accounts receivable

    beginning of year $37,590,141 · end of year $33,611,635

  • 7 · Other notes and loans receivable

    beginning of year $708,007,276 · end of year $585,921,887

  • 9 · Prepaid expenses and deferred charges

    beginning of year $942,407 · end of year $712,785

  • 10a · Land, buildings and equipment: cost or other basis

    $5,377,372

  • 10b · Land, buildings and equipment: accumulated depreciation

    $4,375,820

  • 10c · Land, buildings and equipment, net

    beginning of year $1,129,996 · end of year $1,001,552

  • 12 · Investments: other securities

    beginning of year $258,823,554 · end of year $275,055,113

  • 15 · Other assets

    beginning of year $3,729,336 · end of year $4,414,621

  • 17 · Accounts payable and accrued expenses

    beginning of year $4,998,540 · end of year $4,391,901

  • 19 · Deferred revenue

    beginning of year $22,397 · end of year $3,513

  • 23 · Secured mortgages and notes payable

    beginning of year $405,683,275 · end of year $278,634,529

  • 25 · Other liabilities

    beginning of year $41,547,169 · end of year $41,393,051

  • 27 · Net assets without donor restrictions

    beginning of year $425,874,580 · end of year $451,971,894

  • 28 · Net assets with donor restrictions

    beginning of year $170,637,428 · end of year $164,942,605

Mission and programs · 2023

Mission

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.

Activities or mission (Part I)

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.

  • PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS.

    Expenses $44,969,441 · Revenue $55,083,295

  • POWER:ED, AN ARM OF THE CORPORATION ESTABLISHED TO ASSIST IN FULFILLING SOME OF THE CORPORATION'S PHILANTHROPIC INITIATIVES WITHIN ITS MISSION, PROVIDED APPROXIMATELY $1,250,000 IN GRANT AWARDS DURING THE FISCAL YEAR ENDED JUNE 30, 2024.

    Expenses $1,250,000 · Grants $1,250,000

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Willie Jeffries

    DIRECTOR

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • James Thornton Kirby

    CHAIR

    Total calculated
    $30,000
    From this org
    $30,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • Gautam S Ghatnekar DVM Ph D

    DIRECTOR

    Total calculated
    $21,669
    From this org
    $21,669
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Charlie C Sanders Jr

    DIRECTOR

    Total calculated
    $15,000
    From this org
    $15,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Barbara F Weston

    DIRECTOR

    Total calculated
    $13,000
    From this org
    $13,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Renee R Brooks

    DIRECTOR

    Total calculated
    $7,000
    From this org
    $7,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Jason Caskey

    VICE CHAIR

    Total calculated
    $30,000
    From this org
    $30,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • Neil E Grayson

    DIRECTOR

    Total calculated
    $23,751
    From this org
    $23,751
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • A Neill Cameron Jr

    DIRECTOR

    Total calculated
    $14,000
    From this org
    $14,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Fred L Green III

    TREASURER

    Total calculated
    $26,000
    From this org
    $26,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1 + 1 related

  • David A Simon III

    PRESIDENT & CEO, SECRETARY

    Total calculated
    $535,807
    From this org
    $486,554
    From related orgs
    $0
    Other
    $49,253
    Hours/week
    35 + 5 related

    Schedule J breakdown matched by us

    Base
    $391,912
    Bonus
    $94,642
    Other
    $0
    Deferred
    -$3,020
    Nontaxable benefits
    $52,273
    Filer's total
    $535,807

  • Octavia Williams-Blake

    DIRECTOR

    Total calculated
    $4,103
    From this org
    $4,103
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Bill Bochette

    CFO & COO

    Total calculated
    $468,575
    From this org
    $405,432
    From related orgs
    $0
    Other
    $63,143
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $287,303
    Bonus
    $118,129
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $63,143
    Filer's total
    $468,575

  • Ralph Jones

    VP OF LOAN PROGRAMS

    Total calculated
    $194,202
    From this org
    $177,460
    From related orgs
    $0
    Other
    $16,742
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $156,906
    Bonus
    $20,554
    Other
    $0
    Deferred
    -$2,024
    Nontaxable benefits
    $18,766
    Filer's total
    $194,202

  • Marsha King

    VP OF OPERATIONS

    Total calculated
    $163,607
    From this org
    $150,318
    From related orgs
    $0
    Other
    $13,289
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $131,007
    Bonus
    $19,311
    Other
    $0
    Deferred
    -$9,475
    Nontaxable benefits
    $22,764
    Filer's total
    $163,607

  • Christine M Wojcik

    VICE PRESIDENT OF HUMAN RE

    Total calculated
    $188,573
    From this org
    $170,029
    From related orgs
    $0
    Other
    $18,544
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $147,769
    Bonus
    $22,260
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $18,544
    Filer's total
    $188,573

  • Melanie Brooke Thomas

    VICE PRESIDENT OF FINANCE

    Total calculated
    $197,667
    From this org
    $159,653
    From related orgs
    $0
    Other
    $38,014
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $139,653
    Bonus
    $20,000
    Other
    $0
    Deferred
    $2,658
    Nontaxable benefits
    $35,356
    Filer's total
    $197,667

  • Claire Ann Gibbons

    EXECUTIVE DIRECTOR OF POWER:ED

    Total calculated
    $164,129
    From this org
    $146,991
    From related orgs
    $0
    Other
    $17,138
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $126,991
    Bonus
    $20,000
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $17,138
    Filer's total
    $164,129

  • Joseph Buzhardt

    DIRECTOR OF BUSINESS INTELLIGENCE

    Total calculated
    $167,016
    From this org
    $124,255
    From related orgs
    $0
    Other
    $42,761
    Hours/week
    35

    Schedule J breakdown matched by us

    Base
    $110,255
    Bonus
    $14,000
    Other
    $0
    Deferred
    -$1,387
    Nontaxable benefits
    $44,148
    Filer's total
    $167,016

  • Weston Faircloth

    IT-OPERATIONS MANAGER

    Total calculated
    $121,623
    From this org
    $109,094
    From related orgs
    $0
    Other
    $12,529
    Hours/week
    35

  • Ericka Green

    DIRECTOR OF RISK MANAGEMENT

    Total calculated
    $123,427
    From this org
    $109,890
    From related orgs
    $0
    Other
    $13,537
    Hours/week
    35

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Form 990 of other organizations
  • 3 · Written employment contract
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 7 · Other non-fixed payments

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

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.

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

The 10 largest by cash amount. The API serves every itemized grant.

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

  • EDVANTAGE CORPORATION

    501(C)(3) · DIRECT LOAN COLLECTIONS THROUGH 2-16-16 · SC · controlled entity

    Directly controlled by SC STUDENT LOAN CORPORATION

Provenance

Return type
form_990
Tax year
2023
Filed
12 November 2024
IRS schema version
2023v5.1
Source object
202413189349300736

Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.

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