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Nonprofiteer
← EDUCATION LOAN FINANCE INC

Form 990 for tax year 2022

Filed by EDUCATION LOAN FINANCE INC.

Totals

Total revenue
$139,396,971
Total expenses
$102,869,647
Contributions and grants received
$4,501,937
Grants paid
$2,000
Program service revenue
$103,519,052
Investment income
$19,194,655
Other revenue
$12,181,327
Total assets, end of year
$2,133,641,824
Total liabilities, end of year
$1,518,667,506
Net assets or fund balances, end of year
$614,974,318
Program services expenses (Part IX)
$98,867,882
Management and general expenses
$4,001,765
Fundraising expenses
$0
Program service expenses (Part III)
$98,867,882

Program services were 96.1% 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.

  • 1f · All other contributions, gifts and grants

    $4,501,937

  • 1g · Noncash contributions included above

    $4,501,937

  • 2a · Program service revenue: INTEREST & FEES ON STUDENT LOANS

    total $103,519,052 · related or exempt $103,519,052

  • 3 · Investment income

    total $19,194,655 · unrelated business $0 · excluded $19,194,655

  • 4 · Income from investment of tax-exempt bond proceeds

    total $0

  • 5 · Royalties

    total $0

  • 6c · Rental income or loss

    real property $0 · personal property $0

  • 6d · Net rental income or loss

    total $0

  • 7d · Net gain or loss

    total $0

  • 8a · Fundraising events: gross income

    $0

  • 8b · Fundraising events: direct expenses

    $0

  • 8c · Net income from fundraising events

    total $0

  • 9a · Gaming: gross income

    $0

  • 9b · Gaming: direct expenses

    $0

  • 9c · Net income from gaming

    total $0

  • 10a · Gross sales of inventory

    $0

  • 10b · Cost of goods sold

    $0

  • 10c · Net income from sales of inventory

    total $0

  • 11a · Other revenue: MISCELLANEOUS INCOME

    total $5,243,444 · excluded $5,243,444

  • 11b · Other revenue: ADMINISTRATION FEES

    total $4,469,731 · related or exempt $4,469,731

  • 11c · Other revenue: LOAN SERVICING FEES

    total $2,468,152 · related or exempt $2,468,152

  • 11e · Other revenue, total

    $12,181,327

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $2,000 · program services $2,000

  • 2 · Grants to domestic individuals

    total $0

  • 3 · Grants to foreign organizations and individuals

    total $0

  • 4 · Benefits paid to or for members

    total $0

  • 5 · Compensation of officers, directors and key employees

    total $2,805,327 · program services $2,188,155 · management and general $617,172

  • 6 · Compensation of disqualified persons

    total $0

  • 7 · Other salaries and wages

    total $1,024,650 · program services $799,227 · management and general $225,423

  • 8 · Pension plan contributions

    total $103,729 · management and general $103,729

  • 9 · Other employee benefits

    total $412,274 · management and general $412,274

  • 10 · Payroll taxes

    total $209,580 · management and general $209,580

  • 11a · Fees: management

    total $793,878 · program services $183,433 · management and general $610,445

  • 11b · Fees: legal

    total $65,165 · management and general $65,165

  • 11c · Fees: accounting

    total $723,989 · management and general $723,989

  • 11d · Fees: lobbying

    total $0

  • 11e · Fees: professional fundraising services

    total $0

  • 11f · Fees: investment management

    total $0

  • 11g · Fees: other

    total $0

  • 12 · Advertising and promotion

    total $9,498 · management and general $9,498

  • 13 · Office expenses

    total $106,358 · management and general $106,358

  • 14 · Information technology

    total $576,387 · management and general $576,387

  • 15 · Royalties

    total $0

  • 16 · Occupancy

    total $709,119 · program services $709,119

  • 17 · Travel

    total $8,505 · program services $6,634 · management and general $1,871

  • 18 · Travel or entertainment for public officials

    total $0

  • 19 · Conferences, conventions and meetings

    total $4,050 · program services $4,050

  • 20 · Interest

    total $69,412,589 · program services $69,412,589

  • 21 · Payments to affiliates

    total $0

  • 22 · Depreciation, depletion and amortization

    total $355,672 · program services $355,672

  • 23 · Insurance

    total $194,103 · management and general $194,103

  • 24a · Other expenses: LOAN SERVICING AND ADMIN FEES

    total $19,569,482 · program services $19,569,482

  • 24b · Other expenses: RELATED PARTY ACTIVITY

    total $5,252,577 · program services $5,252,577

  • 24c · Other expenses: TRUSTEE FEES

    total $294,864 · program services $294,864

  • 24d · Other expenses: OTHER EXPENSES

    total $235,851 · program services $90,080 · management and general $145,771

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $48,642,345 · end of year $49,721,125

  • 2 · Savings and temporary cash investments

    beginning of year $100,931,098 · end of year $77,960,459

  • 3 · Pledges and grants receivable

    beginning of year $0 · end of year $0

  • 4 · Accounts receivable

    beginning of year $1,844,189,922 · end of year $1,697,773,900

  • 5 · Loans and receivables from officers and key people

    beginning of year $22,478,873 · end of year $22,638,473

  • 6 · Loans and receivables from disqualified persons

    beginning of year $0 · end of year $0

  • 7 · Other notes and loans receivable

    beginning of year $0 · end of year $0

  • 8 · Inventories for sale or use

    beginning of year $0 · end of year $0

  • 9 · Prepaid expenses and deferred charges

    beginning of year $163,272 · end of year $244,967

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

    $3,278,230

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

    $1,599,577

  • 10c · Land, buildings and equipment, net

    beginning of year $1,945,304 · end of year $1,678,653

  • 11 · Investments: publicly traded securities

    beginning of year $0 · end of year $0

  • 12 · Investments: other securities

    beginning of year $197,302,601 · end of year $221,549,407

  • 13 · Investments: program-related

    beginning of year $0 · end of year $0

  • 14 · Intangible assets

    beginning of year $0 · end of year $0

  • 15 · Other assets

    beginning of year $65,973,841 · end of year $62,074,840

  • 17 · Accounts payable and accrued expenses

    beginning of year $35,433,536 · end of year $24,899,443

  • 18 · Grants payable

    beginning of year $0 · end of year $0

  • 19 · Deferred revenue

    beginning of year $0 · end of year $0

  • 20 · Tax-exempt bond liabilities

    beginning of year $0 · end of year $0

  • 21 · Escrow or custodial account liability

    beginning of year $0 · end of year $0

  • 22 · Loans and payables to officers and key people

    beginning of year $0 · end of year $0

  • 23 · Secured mortgages and notes payable

    beginning of year $1,682,901,913 · end of year $1,493,768,063

  • 24 · Unsecured notes and loans payable

    beginning of year $0 · end of year $0

  • 25 · Other liabilities

    beginning of year $0 · end of year $0

  • 27 · Net assets without donor restrictions

    beginning of year $563,291,807 · end of year $614,974,318

  • 28 · Net assets with donor restrictions

    beginning of year $0 · end of year $0

Mission and programs · 2022

Mission

PROVIDES FUNDING FOR EDUCATIONAL LOANS AND PROVIDES FUNDING FOR EDUCATION PROGRAMS; FINANCIAL LITERACY; AND GRANTS FOR SCHOLARSHIPS.

  • ELFI, INC. IS A FULLY OPERATING CHARITABLE ORGANIZATION THAT PROVIDES LIQUIDITY FOR POST-SECONDARY STUDENT LOANS.

    Expenses $98,802,072 · Revenue $110,456,935

  • FROM VIRTUAL CAMPUS VISITS TO FREE RESOURCES FOR STUDENTS AND PARENTS, ECAMPUSTOURS' CUTTING-EDGE SERVICES ARE DESIGNED TO SUPPORT PRE-COLLEGE AND COLLEGE STUDENTS ALONG THEIR EDUCATIONAL JOURNEYS.

    Expenses $63,810

  • THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES.

    Expenses $2,000 · Grants $2,000

As filed on the 2022 return.

Listed in Part VII

  • John Arnold

    President/CEO

    Total calculated
    $2,132,882
    From this org
    $1,162,661
    From related orgs
    $967,694
    Other
    $2,527
    Hours/week
    24 + 16 related

    Schedule J breakdown matched by us

    Base
    $570,001 + $380,000 related
    Bonus
    $575,000 + $575,000 related
    Other
    $17,660 + $12,694 related
    Deferred
    $0
    Nontaxable benefits
    $2,527
    Filer's total
    $1,165,188 + $967,694 related

  • Bill Thompson

    EVP/CFO

    Total calculated
    $983,475
    From this org
    $466,638
    From related orgs
    $514,310
    Other
    $2,527
    Hours/week
    18 + 22 related

    Schedule J breakdown matched by us

    Base
    $298,924 + $347,461 related
    Bonus
    $154,000 + $154,000 related
    Other
    $13,714 + $12,849 related
    Deferred
    $0
    Nontaxable benefits
    $2,527
    Filer's total
    $469,165 + $514,310 related

  • Barbara Thomas

    Chief Operations Officer

    Total calculated
    $951,046
    From this org
    $371,700
    From related orgs
    $570,929
    Other
    $8,417
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    $246,900 + $370,351 related
    Bonus
    $124,800 + $187,200 related
    Other
    $0 + $13,378 related
    Deferred
    $0 + $5,890 related
    Nontaxable benefits
    $0 + $2,527 related
    Filer's total
    $371,700 + $579,346 related

  • Michael O'Donnell

    Executive Vice President

    Total calculated
    $686,561
    From this org
    $271,020
    From related orgs
    $413,014
    Other
    $2,527
    Hours/week
    16 + 24 related

    Schedule J breakdown matched by us

    Base
    $171,020 + $256,530 related
    Bonus
    $100,000 + $150,000 related
    Other
    $0 + $6,484 related
    Deferred
    $0
    Nontaxable benefits
    $0 + $2,527 related
    Filer's total
    $271,020 + $415,541 related

  • Jeff Gibbs

    Chief Information Officer

    Total calculated
    $537,607
    From this org
    $80,365
    From related orgs
    $439,465
    Other
    $17,777
    Hours/week
    4 + 36 related

    Schedule J breakdown matched by us

    Base
    $60,192 + $310,740 related
    Bonus
    $13,500 + $121,500 related
    Other
    $6,673 + $7,225 related
    Deferred
    $3,273 + $11,977 related
    Nontaxable benefits
    $2,527
    Filer's total
    $86,165 + $451,442 related

  • Eric Stewart

    Chief Accounting Officer

    Total calculated
    $318,501
    From this org
    $302,141
    From related orgs
    $0
    Other
    $16,360
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $253,989
    Bonus
    $35,000
    Other
    $13,152
    Deferred
    $13,888
    Nontaxable benefits
    $2,472
    Filer's total
    $318,501

  • Wayne Hood

    General Counsel

    Total calculated
    $233,545
    From this org
    $25,171
    From related orgs
    $196,182
    Other
    $12,192
    Hours/week
    6 + 34 related

    Schedule J breakdown matched by us

    Base
    $24,902 + $168,799 related
    Bonus
    $0 + $22,000 related
    Other
    $269 + $5,383 related
    Deferred
    $1,245 + $9,540 related
    Nontaxable benefits
    $621 + $786 related
    Filer's total
    $27,037 + $206,508 related

  • Joseph Littleton

    Chief Info. Security Officer

    Total calculated
    $195,463
    From this org
    $89,618
    From related orgs
    $95,168
    Other
    $10,677
    Hours/week
    19.2 + 20.8 related

    Schedule J breakdown matched by us

    Base
    $78,247 + $84,768 related
    Bonus
    $9,600 + $10,400 related
    Other
    $1,771
    Deferred
    $3,912 + $4,238 related
    Nontaxable benefits
    $2,527
    Filer's total
    $96,057 + $99,406 related

  • Eva Todd

    Chief Human Resources Officer

    Total calculated
    $192,781
    From this org
    $36,012
    From related orgs
    $146,490
    Other
    $10,279
    Hours/week
    6 + 34 related

    Schedule J breakdown matched by us

    Base
    $31,274 + $125,240 related
    Bonus
    $3,750 + $21,250 related
    Other
    $988
    Deferred
    $1,564 + $6,262 related
    Nontaxable benefits
    $2,453
    Filer's total
    $40,029 + $152,752 related

  • Brent Starling

    Managing Director

    Total calculated
    $187,544
    From this org
    $183,079
    From related orgs
    $0
    Other
    $4,465
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $156,512
    Bonus
    $26,000
    Other
    $567
    Deferred
    $1,938
    Nontaxable benefits
    $2,527
    Filer's total
    $187,544

  • Jason Bolin

    Controller

    Total calculated
    $175,175
    From this org
    $165,495
    From related orgs
    $0
    Other
    $9,680
    Hours/week
    40

    Schedule J breakdown matched by us

    Base
    $140,548
    Bonus
    $24,000
    Other
    $947
    Deferred
    $8,227
    Nontaxable benefits
    $1,453
    Filer's total
    $175,175

  • David Burgett

    Systems Engineer

    Total calculated
    $164,199
    From this org
    $36,921
    From related orgs
    $118,060
    Other
    $9,218
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $31,765 + $102,060 related
    Bonus
    $4,000 + $16,000 related
    Other
    $1,156
    Deferred
    $1,588 + $5,103 related
    Nontaxable benefits
    $2,527
    Filer's total
    $41,036 + $123,163 related

  • Leroy Taylor

    Systems Admin

    Total calculated
    $153,749
    From this org
    $30,198
    From related orgs
    $116,757
    Other
    $6,794
    Hours/week
    8 + 32 related

    Schedule J breakdown matched by us

    Base
    $25,189 + $100,757 related
    Bonus
    $4,500 + $16,000 related
    Other
    $509
    Deferred
    $1,284 + $5,038 related
    Nontaxable benefits
    $472
    Filer's total
    $31,954 + $121,795 related

  • Steven Fisher

    Systems Admin

    Total calculated
    $139,997
    From this org
    $32,767
    From related orgs
    $101,307
    Other
    $5,923
    Hours/week
    10 + 30 related

  • Robert Rosenbaum

    DIRECTOR

    Total calculated
    $70,000
    From this org
    $70,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Christopher Simmons

    DIRECTOR

    Total calculated
    $63,000
    From this org
    $63,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Leo Cooper

    DIRECTOR

    Total calculated
    $63,000
    From this org
    $63,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Dwight Kessel

    DIRECTOR

    Total calculated
    $63,000
    From this org
    $63,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Thomas Schumpert

    DIRECTOR

    Total calculated
    $63,000
    From this org
    $63,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Stephen Clark

    DIRECTOR

    Total calculated
    $63,000
    From this org
    $63,000
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

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 · Health or social club dues or initiation fees
  • 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

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
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

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

No itemized grants to organizations on this return.

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.

  • Edsouth Indenture No 2 LLC

    Student Loans · TN · income $5,118,364 · assets $43,726,934

    Directly controlled by NA

  • Edsouth Indenture No 3 LLC

    Student Loans · TN · income $5,616,206 · assets $64,438,315

    Directly controlled by NA

  • Edsouth Indenture No 4 LLC

    Student Loans · TN · income $4,931,942 · assets $73,709,514

    Directly controlled by NA

  • Edsouth Indenture No 5 LLC

    Student Loans · TN · income $2,458,272 · assets $28,499,091

    Directly controlled by NA

  • Edsouth Indenture No 6 LLC

    Student Loans · TN · income $5,520,245 · assets $81,802,225

    Directly controlled by NA

  • Edsouth Indenture No 7 LLC

    Student Loans · TN · income $2,994,325 · assets $38,687,962

    Directly controlled by NA

  • Edsouth Indenture No 8 LLC

    Student Loans · TN · income $4,336,582 · assets $55,959,060

    Directly controlled by NA

  • Edsouth Indenture No 9 LLC

    Student Loans · TN · income $7,958,617 · assets $113,187,530

    Directly controlled by NA

  • Edsouth Indenture No 10 LLC

    Student Loans · TN · income $2,570,259 · assets $27,816,857

    Directly controlled by NA

  • ELFI Graduate Loan Program 2018-A LLC

    Student Loans · TN · income $1,792,226 · assets $32,305,063

    Directly controlled by NA

  • ELFI Graduate Loan Program 2019-A LLC

    student loans · TN · income $5,309,538 · assets $92,145,270

    Directly controlled by NA

  • ELFI Graduate Loan Program 2020-A LLC

    student loans · TN · income $6,502,107 · assets $125,306,433

    Directly controlled by NA

  • ELFI Graduate Loan Program 2021-A LLC

    STUDENT LOANS · TN · income $10,205,097 · assets $245,936,891

    Directly controlled by NA

  • ELFI Graduate Loan Program 2022-A LLC

    Student Loans · TN · income $5,886,031 · assets $256,489,390

    Directly controlled by NA

  • EFS VOLUNTEER LLC

    STUDENT LOANS · TN · income $3,388,623 · assets $34,475,375

    Directly controlled by NA

  • EFS VOLUNTEER NO 2 LLC

    STUDENT LOANS · TN · income $9,300,290 · assets $109,892,685

    Directly controlled by NA

  • EFS VOLUNTEER NO 3 LLC

    STUDENT LOANS · TN · income $8,236,685 · assets $87,007,184

    Directly controlled by NA

  • Kingston Pike LLC

    STUDENT LOANS · TN · income $953,083 · assets $0

    Directly controlled by NA

  • New Gladstone LLC

    STUDENT LOANS · TN · income $1,785,410 · assets $46,485,245

    Directly controlled by NA

Related corporations and trusts

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

  • SouthEast Bancorp Inc

    C corp · COMMERCIAL BA · TN · 86.38% owned · share of income $22,503,556 · share of assets $219,608,055 · controlled entity

    Directly controlled by NA

  • SouthEast Bank

    C corp · BANKING INVES · TN · 100% owned · share of income $115,904,385 · share of assets $2,303,742,449 · controlled entity

    Directly controlled by SOUTHEAST BANCO

  • Southeast Bancshares Inc Statutory Tru

    C corp · BANKING INVES · TN · 100% owned · share of income $0 · share of assets $0 · controlled entity

    Directly controlled by SOUTHEAST BANCO

Provenance

Return type
form_990
Tax year
2022
Filed
27 October 2023
IRS schema version
2022v5.0
Source object
202313109349302726

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