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Nonprofiteer
← ECMC GROUP INC

Form 990 for tax year 2023

Filed by ECMC GROUP INC.

Totals

Total revenue
$5,041,564,260
Total expenses
$269,141,527
Contributions and grants received
$266,820,829
Grants paid
$93,361,722
Program service revenue
$191,870,698
Investment income
$4,573,551,121
Other revenue
$9,321,612
Total assets, end of year
$5,293,474,958
Total liabilities, end of year
$4,017,358,201
Net assets or fund balances, end of year
$1,276,116,757
Program services expenses (Part IX)
$247,193,257
Management and general expenses
$21,948,270
Fundraising expenses
$0
Program service expenses (Part III)
$247,193,257

Program services were 91.8% 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.

  • 1d · Related organizations

    $266,820,829

  • 2a · Program service revenue: STUDENT LOAN PORTFOLIO

    total $191,870,698 · related or exempt $191,870,698

  • 3 · Investment income

    total $4,503,584,389 · unrelated business -$763,267 · excluded $4,504,347,656

  • 7a · Gross sales of assets other than inventory

    securities $809,773,391 · other assets $302,494,835

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

    securities $802,541,458 · other assets $239,760,036

  • 7c · Gain or loss

    securities $7,231,933 · other assets $62,734,799

  • 7d · Net gain or loss

    total $69,966,732 · unrelated business $2,084,492 · excluded $67,882,240

  • 11a · Other revenue: SERVICE FEES ON TRUST

    total $5,752,235 · unrelated business $5,752,235

  • 11b · Other revenue: EXCISE TAX REFUNDS

    total $2,618,501 · excluded $2,618,501

  • 11c · Other revenue: ADMINISTRATOR FEES

    total $927,233 · unrelated business $927,233

  • 11d · All other revenue

    total $23,643 · excluded $23,643

  • 11e · Other revenue, total

    $9,321,612

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $93,234,472 · program services $93,234,472

  • 2 · Grants to domestic individuals

    total $127,250 · program services $127,250

  • 5 · Compensation of officers, directors and key employees

    total $5,210,891 · management and general $5,210,891

  • 7 · Other salaries and wages

    total $5,518,333 · program services $1,683,742 · management and general $3,834,591

  • 8 · Pension plan contributions

    total $257,349 · program services $84,955 · management and general $172,394

  • 9 · Other employee benefits

    total $487,695 · program services $93,835 · management and general $393,860

  • 10 · Payroll taxes

    total $318,333 · program services $101,033 · management and general $217,300

  • 11b · Fees: legal

    total $923,954 · management and general $923,954

  • 11c · Fees: accounting

    total $485,895 · management and general $485,895

  • 11d · Fees: lobbying

    total $79,556 · program services $79,556

  • 11f · Fees: investment management

    total $238 · management and general $238

  • 11g · Fees: other

    total $11,646,413 · program services $7,597,136 · management and general $4,049,277

  • 12 · Advertising and promotion

    total $3,387 · management and general $3,387

  • 13 · Office expenses

    total $1,546,650 · program services $53,682 · management and general $1,492,968

  • 14 · Information technology

    total $886,236 · program services $48,650 · management and general $837,586

  • 16 · Occupancy

    total $653,875 · management and general $653,875

  • 17 · Travel

    total $384,592 · program services $138,723 · management and general $245,869

  • 19 · Conferences, conventions and meetings

    total $271,656 · program services $27,050 · management and general $244,606

  • 20 · Interest

    total $138,425,639 · program services $138,425,639

  • 21 · Payments to affiliates

    total $5,478,156 · program services $5,478,156

  • 22 · Depreciation, depletion and amortization

    total $8,094,155 · management and general $8,094,155

  • 23 · Insurance

    total $279,725 · management and general $279,725

  • 24a · Other expenses: UBI TAX EXPENSE

    total $1,466,368 · management and general $1,466,368

  • 24b · Other expenses: IMPAIRMENT

    total $88,136 · management and general $88,136

  • 24c · Other expenses: FILING FEES

    total $5,627 · management and general $5,627

  • 24d · Other expenses: DEFERRED TAX ASSET ADJ

    total -$6,817,576 · management and general -$6,817,576

  • 24e · All other expenses

    total $84,522 · program services $19,378 · management and general $65,144

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $67,232,695 · end of year $32,148,619

  • 2 · Savings and temporary cash investments

    beginning of year $190,228,631 · end of year $192,123,007

  • 4 · Accounts receivable

    beginning of year $7,151,574 · end of year $17,246,124

  • 9 · Prepaid expenses and deferred charges

    beginning of year $3,001,839 · end of year $9,786,258

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

    $45,693,857

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

    $30,864,945

  • 10c · Land, buildings and equipment, net

    beginning of year $25,094,576 · end of year $14,828,912

  • 11 · Investments: publicly traded securities

    beginning of year $324,915,975 · end of year $434,013,918

  • 12 · Investments: other securities

    beginning of year $1,911,377,364 · end of year $2,069,629,882

  • 13 · Investments: program-related

    beginning of year $2,848,783,342 · end of year $2,481,748,933

  • 14 · Intangible assets

    beginning of year $26,352,419 · end of year $23,823,395

  • 15 · Other assets

    beginning of year $18,225,233 · end of year $18,125,910

  • 17 · Accounts payable and accrued expenses

    beginning of year $21,659,174 · end of year $19,914,744

  • 19 · Deferred revenue

    beginning of year $2,966,952 · end of year $2,885,869

  • 23 · Secured mortgages and notes payable

    beginning of year $377,992,351 · end of year $316,218,000

  • 25 · Other liabilities

    beginning of year $3,870,544,377 · end of year $3,678,339,588

  • 27 · Net assets without donor restrictions

    beginning of year $1,149,200,794 · end of year $1,276,116,757

Mission and programs · 2023

Mission

ECMC GROUP, INC'S MISSION IS TO HELP STUDENTS SUCCEED BY CREATING, PROVIDING AND INVESTING IN INNOVATIVE EDUCATIONAL OPPORTUNITIES.

Activities or mission (Part I)

TO HELP STUDENTS SUCCEED BY CREATING, PROVIDING AND INVESTING IN INNOVATIVE EDUCATIONAL OPPORTUNITIES.

  • LOAN PORTFOLIO SERVICING:ECMC GROUP, INC. AND OAKDALE STUDENT LOAN FUNDING,LLC (OAKDALE), A WHOLLY OWNED SUBSIDIARY OF ECMC GROUP, INC., HAVE ELIGIBLE LENDER TRUST (ELT) AGREEMENTS WITH MANUFACTURERS AND TRADERS TRUST COMPANY. MANUFACTURERS AND TRADERS TRUST COMPANY SERVES AS THE ELT FOR ECMC GROUP, INC. AND OAKDALE. THROUGH THE ELTS, ECMC GROUP, INC. AND OAKDALE PURCHASE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) REHABILITATED STUDENT LOANS FROM EDUCATIONAL CREDIT MANAGEMENT CORPORATION, A RELATED ENTITY, AND OTHER GUARANTY AGENCIES IN ORDER TO ENSURE THAT STUDENT LOAN BORROWERS CAN REALIZE THE FULL BENEFITS AFFORDED THEM UNDER 34 CFR SEC. 682.405. (CONTINUED ON SCHEDULE O)PATRIOT STUDENT LOAN CAPITAL, LLC (PATRIOT) HAS INTERIM ELIGIBLE LENDER TRUST AGREEMENTS WITH MANUFACTURERS AND TRADERS TRUST COMPANY. ECMC GROUP STUDENT LOAN TRUST 2016-1 (TRUST 2016-1), ECMC GROUP STUDENT LOAN TRUST 2017-1 (TRUST 2017-1), ECMC GROUP STUDENT LOAN TRUST 2017-2 (TRUST 2017-2), ECMC GROUP STUDENT LOAN TRUST 2018-1 (TRUST 2018-1), ECMC GROUP STUDENT LOAN TRUST 2018-2 (TRUST 2018-2), ECMC GROUP STUDENT LOAN TRUST 2019-1 (TRUST 2019-1), ECMC GROUP STUDENT LOAN TRUST 2020-1 (TRUST 2020-1), ECMC GROUP STUDENT LOAN TRUST 2020-2 (TRUST 2020-2), ECMC GROUP STUDENT LOAN TRUST 2020-3 (TRUST 2020-3) AND ECMC GROUP STUDENT LOAN TRUST 2021-1 (TRUST 2021-1), COLLECTIVELY (THE TRUSTS), HAVE ELIGIBLE LENDER TRUST AGREEMENTS WITH MANUFACTURERS AND TRADERS TRUST COMPANY. MANUFACTURERS AND TRADERS TRUST COMPANY SERVES AS THE INTERIM ELIGIBLE LENDER TRUST (INTERIM ELT) FOR PATRIOT AND AS ELIGIBLE LENDER TRUST (ELT) FOR TRUST 2016-1, TRUST 2017-1, TRUST 2017-2, TRUST 2018-1, TRUST 2018-2, TRUST 2019-1, TRUST 2020-1, TRUST 2020-2, TRUST 2020-3 AND TRUST 2021-1. THROUGH THE INTERIM ELT, PATRIOT PURCHASES FFELP REHABILITATED STUDENT LOANS FROM ECMC GROUP, INC. AND OAKDALE AND RESELLS THE LOANS THROUGH THE ELT TO THE TRUSTS. THE TRUSTS ISSUED CLASS A NOTES SECURED BY THE RESPECTIVE STUDENT LOAN PORTFOLIOS.

    Expenses $153,559,210 · Revenue $191,870,698

  • ECMC GROUP, INC. SUPPORTS THE FURTHERANCE OF THE EXEMPT PURPOSE OF EDUCATIONAL CREDIT MANAGEMENT CORPORATION, ECMC EDUCATION, INC., AND ECMC FOUNDATION BY CREATING, PROVIDING AND INVESTING IN INNOVATIVE EDUCATIONAL OPPORTUNITIES. ECMC GROUP, INC. IS A NONPROFIT CORPORATION WHOSE VISION IS TO EMPOWER UNDERSERVED COMMUNITIES TO THRIVE THROUGH EDUCATION. $18,000,000 CASH CONTRIBUTIONS MADE TO ECMC EDUCATION, INC. TO SUPPORT ITS MISSION TO TRANSFORM CAREER AND TECHNICAL EDUCATION TO PROVIDE ASPIRING AND CURRENT LEARNERS WITH SKILLS TO ELEVATE THEIR CAREERS AND COMMUNITIES, $959,896 CONTRIBUTION MADE BY ECMC GROUP, INC. ON BEHALF OF ECMC EDUCATION, INC. FOR ACCRUED SECTION 4968 EXCISE TAX ON NET INVESTMENT INCOME OF ECMC GROUP, INC. AND SUBSIDIARIES. $58,528,000 CASH CONTRIBUTIONS MADE TO ECMC FOUNDATION FOR GENERAL SUPPORT OF ITS MISSION TO IMPROVE HIGHER EDUCATION AND CAREER SUCCESS AMONG UNDERSERVED POPULATIONS THROUGH EVIDENCE-BASED INNOVATION. $15,188,000 CASH CONTRIBUTIONS MADE TO EDUCATIONAL CREDIT MANAGEMENT CORPORATION TO SUPPORT ITS MISSION TO PROVIDE FINANCIAL COUNSELING AND EDUCATION TO EMPOWER STUDENTS TO MAKE BETTER CHOICES ABOUT THEIR FUTURES.

    Expenses $92,675,896 · Grants $92,675,896

  • GRANTS & SPONSORSHIPS:GRANTS AND SPONSORSHIPS SUPPLIED BY ECMC GROUP, INC. TO SCHOOLS AND INDIVIDUALS IN SUPPORT OF ITS TAX-EXEMPT PURPOSE.

    Expenses $684,326 · Grants $684,326

  • PUBLIC POLICY:THROUGH THE PUBLIC POLICY PROGRAM, ECMC GROUP, INC. SHARES INFORMATION AMONG ECMC GROUP-RELATED MEMBERS ON LEGISLATIVE PROPOSALS AND GOVERNMENTAL REGULATIONS THAT IMPACT THEIR OPERATIONS. THE PROGRAM ENABLES ECMC GROUP, INC. AFFILIATES TO MONITOR PUBLIC POLICY MATTERS AND PROVIDE NONPARTISAN ANALYSIS AND RESEARCH TO POLICYMAKERS, THOUGHT LEADERS AND THE GENERAL PUBLIC.

    Expenses $273,825 · Grants $1,500

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

Listed in Part VII

  • DANIEL FISHER

    PRESIDENT & CEO, ECMC GROUP

    Total calculated
    $1,395,389
    From this org
    $1,268,659
    From related orgs
    $0
    Other
    $126,730
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $565,637
    Bonus
    $676,489
    Other
    $26,533
    Deferred
    $91,123
    Nontaxable benefits
    $35,607
    Filer's total
    $1,395,389

  • JAMES V MCKEON

    BOARD CHAIR

    Total calculated
    $197,500
    From this org
    $0
    From related orgs
    $197,500
    Other
    $0
    Hours/week
    12 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $197,500 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $197,500 related

  • DIANA J INGRAM

    DIRECTOR

    Total calculated
    $151,250
    From this org
    $0
    From related orgs
    $151,250
    Other
    $0
    Hours/week
    7 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $151,250 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $151,250 related

  • JACK O'CONNELL

    DIRECTOR

    Total calculated
    $145,000
    From this org
    $0
    From related orgs
    $145,000
    Other
    $0
    Hours/week
    5 + 5 related

  • JULIA S GOUW

    DIRECTOR

    Total calculated
    $155,000
    From this org
    $0
    From related orgs
    $155,000
    Other
    $0
    Hours/week
    5 + 5 related

    Schedule J breakdown matched by us

    Base
    $0 + $155,000 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $155,000 related

  • DEREK LANGHAUSER

    DIRECTOR

    Total calculated
    $137,500
    From this org
    $0
    From related orgs
    $137,500
    Other
    $0
    Hours/week
    4 + 5 related

  • JAMES RUNCIE

    DIRECTOR

    Total calculated
    $128,750
    From this org
    $0
    From related orgs
    $128,750
    Other
    $0
    Hours/week
    7 + 4 related

  • JENNIFER ANDERSON

    DIRECTOR

    Total calculated
    $148,750
    From this org
    $0
    From related orgs
    $148,750
    Other
    $0
    Hours/week
    5 + 5 related

  • K PAUL SINGH

    DIRECTOR

    Total calculated
    $141,875
    From this org
    $0
    From related orgs
    $141,875
    Other
    $0
    Hours/week
    7 + 5 related

  • BRIAN BOARDMAN

    GENERAL COUNSEL & CORP SECRETARY

    Total calculated
    $540,009
    From this org
    $453,655
    From related orgs
    $0
    Other
    $86,354
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $285,326
    Bonus
    $160,921
    Other
    $7,408
    Deferred
    $45,095
    Nontaxable benefits
    $41,259
    Filer's total
    $540,009

  • GREGORY VAN GUILDER

    CHIEF INVESTMENT OFFICER

    Total calculated
    $1,247,575
    From this org
    $1,149,769
    From related orgs
    $0
    Other
    $97,806
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $687,163
    Bonus
    $411,404
    Other
    $51,202
    Deferred
    $87,614
    Nontaxable benefits
    $10,192
    Filer's total
    $1,247,575

  • JOSEPH WATT

    VP, IMPACT INVESTING

    Total calculated
    $387,946
    From this org
    $353,937
    From related orgs
    $0
    Other
    $34,009
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $250,000
    Bonus
    $99,965
    Other
    $3,972
    Deferred
    $34,009
    Nontaxable benefits
    $0
    Filer's total
    $387,946

  • MARTIN SCANLON

    CFO & TREASURER

    Total calculated
    $1,023,130
    From this org
    $918,311
    From related orgs
    $0
    Other
    $104,819
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $417,201
    Bonus
    $475,795
    Other
    $25,315
    Deferred
    $74,390
    Nontaxable benefits
    $30,429
    Filer's total
    $1,023,130

  • PHILIP BECKER

    VP, INVESTMENTS

    Total calculated
    $616,840
    From this org
    $531,762
    From related orgs
    $0
    Other
    $85,078
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $363,279
    Bonus
    $154,503
    Other
    $13,980
    Deferred
    $49,195
    Nontaxable benefits
    $35,883
    Filer's total
    $616,840

  • ADAM TRAMPE

    VP, DEPUTY GENERAL COUNSEL

    Total calculated
    $414,663
    From this org
    $346,448
    From related orgs
    $0
    Other
    $68,215
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $234,368
    Bonus
    $105,000
    Other
    $7,080
    Deferred
    $32,268
    Nontaxable benefits
    $35,947
    Filer's total
    $414,663

  • BRUCE FEIST

    VP, APPLICATIONS & ANALYTICS

    Total calculated
    $483,812
    From this org
    $400,940
    From related orgs
    $0
    Other
    $82,872
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $277,113
    Bonus
    $121,800
    Other
    $2,027
    Deferred
    $43,400
    Nontaxable benefits
    $39,472
    Filer's total
    $483,812

  • CHRISTOPHER JANZEN

    VP, ACADEMIC TECHNOLOGY - PART YEAR

    Total calculated
    $308,171
    From this org
    $304,915
    From related orgs
    $0
    Other
    $3,256
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $16,312
    Bonus
    $0
    Other
    $288,603
    Deferred
    $1,834
    Nontaxable benefits
    $1,422
    Filer's total
    $308,171

  • HEIDI JOHNSON

    CHIEF OF STAFF

    Total calculated
    $596,897
    From this org
    $507,841
    From related orgs
    $0
    Other
    $89,056
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $237,342
    Bonus
    $245,155
    Other
    $25,344
    Deferred
    $49,584
    Nontaxable benefits
    $39,472
    Filer's total
    $596,897

  • HUGH MCSHERRY

    VP, CORPORATE SERVICES

    Total calculated
    $392,629
    From this org
    $331,116
    From related orgs
    $0
    Other
    $61,513
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,674
    Bonus
    $104,895
    Other
    $2,547
    Deferred
    $29,103
    Nontaxable benefits
    $32,410
    Filer's total
    $392,629

  • IRIS CUMBERBATCH

    SR VP, CORPORATE AFFAIRS

    Total calculated
    $579,780
    From this org
    $523,304
    From related orgs
    $0
    Other
    $56,476
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $247,369
    Bonus
    $249,710
    Other
    $26,225
    Deferred
    $40,838
    Nontaxable benefits
    $15,638
    Filer's total
    $579,780

  • JOHN MCKENNELL

    CHIEF INFORMATION SECURITY OFFICER

    Total calculated
    $414,564
    From this org
    $345,175
    From related orgs
    $0
    Other
    $69,389
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $245,581
    Bonus
    $97,500
    Other
    $2,094
    Deferred
    $39,386
    Nontaxable benefits
    $30,003
    Filer's total
    $414,564

  • MATTHEW MIKULSKI

    VP, INTERNAL AUDIT

    Total calculated
    $351,637
    From this org
    $293,968
    From related orgs
    $0
    Other
    $57,669
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $204,190
    Bonus
    $86,625
    Other
    $3,153
    Deferred
    $33,175
    Nontaxable benefits
    $24,494
    Filer's total
    $351,637

  • RAHOUL GHOSE

    CHIEF INFORMATION OFFICER

    Total calculated
    $788,370
    From this org
    $688,263
    From related orgs
    $0
    Other
    $100,107
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $319,753
    Bonus
    $338,689
    Other
    $29,821
    Deferred
    $60,763
    Nontaxable benefits
    $39,344
    Filer's total
    $788,370

  • SARAH STREHL

    CHIEF HUMAN RESOURCES OFFICER

    Total calculated
    $796,479
    From this org
    $699,742
    From related orgs
    $0
    Other
    $96,737
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $329,011
    Bonus
    $345,405
    Other
    $25,326
    Deferred
    $59,524
    Nontaxable benefits
    $37,213
    Filer's total
    $796,479

  • STEVE HANSEN

    VP, IT

    Total calculated
    $380,538
    From this org
    $322,529
    From related orgs
    $0
    Other
    $58,009
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $226,418
    Bonus
    $90,956
    Other
    $5,155
    Deferred
    $28,878
    Nontaxable benefits
    $29,131
    Filer's total
    $380,538

  • TIFFANY THOMPSON

    VP, FINANCE & CONTROLLER

    Total calculated
    $360,983
    From this org
    $327,202
    From related orgs
    $0
    Other
    $33,781
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $229,291
    Bonus
    $96,750
    Other
    $1,161
    Deferred
    $31,531
    Nontaxable benefits
    $2,250
    Filer's total
    $360,983

  • AARON WOODRICH

    SR DIR, IT

    Total calculated
    $315,624
    From this org
    $245,794
    From related orgs
    $0
    Other
    $69,830
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $199,974
    Bonus
    $44,597
    Other
    $1,223
    Deferred
    $29,808
    Nontaxable benefits
    $40,022
    Filer's total
    $315,624

  • CASSIE STARK

    DIR, HUMAN RESOURCES & TALENT

    Total calculated
    $311,770
    From this org
    $243,269
    From related orgs
    $0
    Other
    $68,501
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $181,707
    Bonus
    $60,075
    Other
    $1,487
    Deferred
    $29,296
    Nontaxable benefits
    $39,205
    Filer's total
    $311,770

  • DEAN VANDECOEVERING

    SR DIR, FINANCE

    Total calculated
    $307,128
    From this org
    $262,274
    From related orgs
    $0
    Other
    $44,854
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $212,718
    Bonus
    $48,353
    Other
    $1,203
    Deferred
    $31,356
    Nontaxable benefits
    $13,498
    Filer's total
    $307,128

  • JAMES FISHER

    SR DIR, INVESTMENTS

    Total calculated
    $315,477
    From this org
    $269,097
    From related orgs
    $0
    Other
    $46,380
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $223,845
    Bonus
    $43,985
    Other
    $1,267
    Deferred
    $16,762
    Nontaxable benefits
    $29,618
    Filer's total
    $315,477

  • STEVEN HUPERT

    DIR, IT

    Total calculated
    $308,623
    From this org
    $237,136
    From related orgs
    $0
    Other
    $71,487
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $193,877
    Bonus
    $41,710
    Other
    $1,549
    Deferred
    $39,740
    Nontaxable benefits
    $31,747
    Filer's total
    $308,623

  • JEREMY WHEATON

    FORMER PRESIDENT & CEO, ECMC GROUP

    Total calculated
    $1,622,127
    From this org
    $1,622,127
    From related orgs
    $0
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0
    Bonus
    $0
    Other
    $1,622,127
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $1,622,127

  • I KING JORDAN

    FORMER DIRECTOR

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

    Schedule J breakdown matched by us

    Base
    $0 + $30,000 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $30,000 related

  • JOHN F DEPODESTA

    FORMER BOARD CHAIR

    Total calculated
    $60,000
    From this org
    $0
    From related orgs
    $60,000
    Other
    $0
    Hours/week
    0

    Schedule J breakdown matched by us

    Base
    $0 + $60,000 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0
    Nontaxable benefits
    $0
    Filer's total
    $0 + $60,000 related

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

  • 1a · First-class or charter travel
  • 1a · Travel for companions
  • 1a · Tax indemnification and gross-up payments
  • 1b · Written policy on the line-1a expenses
  • 2 · Substantiation required before reimbursing expenses
  • 3 · Compensation committee
  • 3 · Independent compensation consultant
  • 3 · Compensation survey or study
  • 3 · Approval by the board or compensation committee
  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 5b · Pay contingent on a related organization's revenues
  • 6b · Pay contingent on a related organization's net earnings

Answered no

  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
TRAVEL FOR COMPANIONS: ECMC GROUP, INC.'S TRAVEL POLICY HAD AN EXCEPTION THAT WAS APPROVED BY THE CFO (AND DEVIATIONS FROM ANY PROVISION OF THE POLICY MUST BE APPROVED IN WRITING BY AN OFFICER IN CONJUNCTION WITH THE ECMC GROUP, INC. CFO). IN 2023, ECMC GROUP, INC. PAID TRAVEL EXPENSES FOR AN ECMC GROUP, INC. EMPLOYEE'S SPOUSE TO ATTEND A COMPANY-SPONSORED EVENT. THE EXCEPTION TO POLICY WAS APPROVED. FIRST-CLASS OR CHARTER TRAVEL: GREGORY VAN GUILDER TRAVELED FIRST-CLASS PAID FOR BY ECMC GROUP, INC. THIS BENEFIT WAS NOT TREATED AS TAXABLE COMPENSATION IN 2023. TAX INDEMNIFICATION AND GROSS-UP PAYMENTS: 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: THE FOLLOWING RECEIVED A SEVERANCE PAYMENT IN 2023: JEREMY WHEATON - $1,500,000 CHRISTOPHER JANZEN - $237,409 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.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Related partnerships

Part III: related organizations taxable as a partnership, with the filer's share.

  • AUBREY GEMS PARTNERS LP

    EXCLUDED · INVESTMENTS · NY · 54% owned · share of income -$2,352,888 · share of assets $11,340,247

    Directly controlled by ECMC GROUP INC

  • CHLOE CAPITAL FUND I LP

    EXCLUDED · INVESTMENTS · DE · 51% owned · share of income -$129,596 · share of assets $3,567,195

    Directly controlled by ECMC GROUP INC

  • COMMONFUND CAP SECONDARIES OPP FUND

    EXCLUDED · INVESTMENTS · DE · 100% owned · share of income $69,464 · share of assets $25,131,964

    Directly controlled by ECMC GROUP INC

  • CRP VF IV GP LP

    EXCLUDED · INVESTMENTS · DE · 94% owned · share of income -$476,551 · share of assets $16,428,583

    Directly controlled by ECMC GROUP INC

  • ECMC-UV CO-INVESTMENT FUND LP

    EXCLUDED · INVESTMENTS · DE · 99% owned · share of assets $3,431,153

    Directly controlled by ECMC GROUP INC

  • FUND D-2 A SERIES OF RIOT VENTURES

    EXCLUDED · INVESTMENTS · DE · 100% owned · share of assets $884,827

    Directly controlled by ECMC GROUP INC

  • GEM MINING 4 LLC

    EXCLUDED · INVESTMENTS · DE · 99.7% owned · share of income $1,609,201 · share of assets $2,418,386

    Directly controlled by ECMC GROUP INC

  • ONRAMP EDUC & WORKFORCE INNOV FUND

    EXCLUDED · INVESTMENTS · DE · 75% owned · share of income -$49,519 · share of assets $1,091,918

    Directly controlled by ECMC GROUP INC

  • PC-1 DEVELOPERS LLC

    EXCLUDED · INVESTMENTS · NV · 67% owned · share of income $173,413 · share of assets $5,242,500

    Directly controlled by ECMC GROUP INC

  • R7 FAMILY FUND LP

    EXCLUDED · INVESTMENTS · DE · 100% owned · share of assets $14,897,488

    Directly controlled by ECMC GROUP INC

  • RI FUND I A SERIES OF BOOST VC SPV LP

    EXCLUDED · INVESTMENTS · CJ · 99% owned · share of assets $2,573,759

    Directly controlled by ECMC GROUP INC

  • TABOR OFFSHORE OPPORTUNITIES LTD

    EXCLUDED · INVESTMENTS · CJ · 95% owned · share of income $2,216,686 · share of assets $45,469,108

    Directly controlled by ECMC GROUP INC

  • UP FUND I A SERIES OF BOOST VC SPV LP

    EXCLUDED · INVESTMENTS · DE · 99.9% owned · share of assets $1,023,000

    Directly controlled by ECMC GROUP INC

  • WY FUND I A SERIES OF BOOST VC SPV LP

    EXCLUDED · INVESTMENTS · DE · 99.9% owned · share of income $80,002 · share of assets $1,305,810

    Directly controlled by ECMC GROUP INC

  • BACKFLIP INCOME FUND 2 LLC

    EXCLUDED · INVESTMENTS · DE · 64% owned · share of income $19,164 · share of assets $4,092,179

    Directly controlled by ECMC GROUP INC

  • COLT ENERGY OPPORTUNITIES II LLC

    EXCLUDED · INVESTMENTS · TX · 82% owned · share of assets $4,006,154

    Directly controlled by ECMC GROUP INC

  • SOLGEN CAPITAL PARTNERS I LP

    EXCLUDED · INVESTMENTS · DE · 63% owned · share of income $445,858 · share of assets $10,285,490

    Directly controlled by ECMC GROUP INC

  • 503 WWS INVESTORS LLC

    EXCLUDED · INVESTMENTS · DE · 50% owned · share of income -$2,877,295 · share of assets $99,682

    Directly controlled by ECMC GROUP INC

  • GENGLOBAL CORE LLC

    EXCLUDED · INVESTMENTS · DE · 80% owned · share of assets $4,042,467

    Directly controlled by ECMC GROUP INC

  • GALAHAD INVESTORS EAU CLAIRE LLC

    EXCLUDED · INVESTMENTS · MN · 87% owned · share of assets $1,345,378

    Directly controlled by ECMC GROUP INC

  • GALAHAD INVESTORS MAPLEWOOD LLC

    EXCLUDED · INVESTMENTS · MN · 67% owned · share of assets $1,500,000

    Directly controlled by ECMC GROUP INC

Related corporations and trusts

Part IV: related organizations taxable as a corporation or trust.

Provenance

Return type
form_990
Tax year
2023
Filed
14 November 2024
IRS schema version
2023v5.1
Source object
202423199349313627

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