Form 990 for tax year 2023
Filed by EDUCATIONAL CREDIT MANAGEMENT CORPORATION.
Totals
- Total revenue
- $318,087,346
- Total expenses
- $362,056,007
- Contributions and grants received
- $17,188,000
- Grants paid
- $267,565,683
- Program service revenue
- $299,935,137
- Investment income
- $933,773
- Other revenue
- $30,436
- Total assets, end of year
- $295,093,716
- Total liabilities, end of year
- $256,617,228
- Net assets or fund balances, end of year
- $38,476,488
- Program services expenses (Part IX)
- $315,906,325
- Management and general expenses
- $46,149,682
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $315,906,325
Program services were 87.3% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.
Listed in Part VII
-
DANIEL FISHER
PRESIDENT & CEO, ECMC GROUP
- Total calculated
- $1,395,389
- From this org
- $0
- From related orgs
- $1,268,659
- Other
- $126,730
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $565,637 related
- Bonus
- $0 + $676,489 related
- Other
- $0 + $26,533 related
- Deferred
- $0 + $91,123 related
- Nontaxable benefits
- $0 + $35,607 related
- Filer's total
- $0 + $1,395,389 related
-
JAMES V MCKEON
BOARD CHAIR
- Total calculated
- $197,500
- From this org
- $0
- From related orgs
- $197,500
- Other
- $0
- Hours/week
- 1 + 16 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
- 1 + 11 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
- 1 + 9 related
-
JULIA S GOUW
DIRECTOR
- Total calculated
- $155,000
- From this org
- $0
- From related orgs
- $155,000
- Other
- $0
- Hours/week
- 1 + 9 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
- 1 + 8 related
-
JAMES RUNCIE
DIRECTOR
- Total calculated
- $128,750
- From this org
- $0
- From related orgs
- $128,750
- Other
- $0
- Hours/week
- 1 + 10 related
-
JENNIFER ANDERSON
DIRECTOR
- Total calculated
- $148,750
- From this org
- $0
- From related orgs
- $148,750
- Other
- $0
- Hours/week
- 1 + 9 related
-
K PAUL SINGH
DIRECTOR
- Total calculated
- $141,875
- From this org
- $0
- From related orgs
- $141,875
- Other
- $0
- Hours/week
- 1 + 11 related
-
BRIAN BOARDMAN
GENERAL COUNSEL & CORP SECRETARY
- Total calculated
- $540,009
- From this org
- $0
- From related orgs
- $453,655
- Other
- $86,354
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $285,326 related
- Bonus
- $0 + $160,921 related
- Other
- $0 + $7,408 related
- Deferred
- $0 + $45,095 related
- Nontaxable benefits
- $0 + $41,259 related
- Filer's total
- $0 + $540,009 related
-
CHAD TATE
PRESIDENT, ECMC
- Total calculated
- $655,111
- From this org
- $566,278
- From related orgs
- $0
- Other
- $88,833
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $342,187
- Bonus
- $213,959
- Other
- $10,132
- Deferred
- $54,830
- Nontaxable benefits
- $34,003
- Filer's total
- $655,111
-
MARTIN SCANLON
CFO & TREASURER
- Total calculated
- $1,023,130
- From this org
- $0
- From related orgs
- $918,311
- Other
- $104,819
- Hours/week
- 0 + 40 related
Schedule J breakdown matched by us
- Base
- $0 + $417,201 related
- Bonus
- $0 + $475,795 related
- Other
- $0 + $25,315 related
- Deferred
- $0 + $74,390 related
- Nontaxable benefits
- $0 + $30,429 related
- Filer's total
- $0 + $1,023,130 related
-
PAULA CRAW
VP, OUTREACH
- Total calculated
- $301,322
- From this org
- $274,082
- From related orgs
- $0
- Other
- $27,240
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $195,109
- Bonus
- $76,560
- Other
- $2,413
- Deferred
- $26,740
- Nontaxable benefits
- $500
- Filer's total
- $301,322
-
THERESE BICKLER
VP, ECMC OPERATIONS
- Total calculated
- $381,242
- From this org
- $335,947
- From related orgs
- $0
- Other
- $45,295
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $205,648
- Bonus
- $109,113
- Other
- $21,186
- Deferred
- $29,927
- Nontaxable benefits
- $15,368
- Filer's total
- $381,242
-
J HAMLIN SJOBERG
SENIOR DIR, GUARANTOR SERVICES
- Total calculated
- $271,507
- From this org
- $229,871
- From related orgs
- $0
- Other
- $41,636
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $185,551
- Bonus
- $42,694
- Other
- $1,626
- Deferred
- $27,674
- Nontaxable benefits
- $13,962
- Filer's total
- $271,507
-
HAN CHO
DIR, PORTFOLIO MANAGEMENT
- Total calculated
- $254,428
- From this org
- $198,984
- From related orgs
- $0
- Other
- $55,444
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $160,510
- Bonus
- $37,377
- Other
- $1,097
- Deferred
- $24,699
- Nontaxable benefits
- $30,745
- Filer's total
- $254,428
-
JAN JACOBSON
DIR, CUSTOMER SERVICE
- Total calculated
- $247,823
- From this org
- $193,873
- From related orgs
- $0
- Other
- $53,950
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $156,398
- Bonus
- $35,430
- Other
- $2,045
- Deferred
- $22,707
- Nontaxable benefits
- $31,243
- Filer's total
- $247,823
-
NATE MALMO
DIR, INTERNAL DEFAULT MANAGEMENT
- Total calculated
- $251,428
- From this org
- $196,704
- From related orgs
- $0
- Other
- $54,724
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $150,581
- Bonus
- $45,536
- Other
- $587
- Deferred
- $24,357
- Nontaxable benefits
- $30,367
- Filer's total
- $251,428
-
NATHAN VICKERY
SENIOR DIR, REPAYMENT SUCCESS CENTER
- Total calculated
- $293,366
- From this org
- $236,870
- From related orgs
- $0
- Other
- $56,496
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $188,231
- Bonus
- $47,765
- Other
- $874
- Deferred
- $26,621
- Nontaxable benefits
- $29,875
- Filer's total
- $293,366
-
JEREMY WHEATON
FORMER PRESIDENT & CEO, ECMC GROUP
- Total calculated
- $1,622,127
- From this org
- $0
- From related orgs
- $1,622,127
- Other
- $0
- Hours/week
- 0
Schedule J breakdown matched by us
- Base
- $0
- Bonus
- $0
- Other
- $0 + $1,622,127 related
- Deferred
- $0
- Nontaxable benefits
- $0
- Filer's total
- $0 + $1,622,127 related
-
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 · 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
- 5a · Pay contingent on this organization's revenues
- 6a · Pay contingent on this organization's net earnings
Answered no
- 4c · Equity-based compensation arrangement
- 5b · Pay contingent on a related organization's revenues
- 6b · Pay contingent on a related 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
- 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.
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
-
$265,138,829
GENERAL SUPPORT
-
$783,135
PROJECT SUCCESS EMERGENCY AID
-
$76,000
PROJECT SUCCESS FOOD PANTRY & ACTIVE MINDS
-
PROJECT SUCCESS FOOD PANTRY
-
PROJECT SUCCESS FOOD PANTRY
-
PROJECT SUCCESS FOOD PANTRY & EMERGENCY AID
-
$40,500
PROJECT SUCCESS FOOD PANTRY
-
PROJECT SUCCESS FOOD PANTRY
-
PROJECT SUCCESS FOOD PANTRY
-
PROJECT SUCCESS FOOD PANTRY
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.
-
501(C)(3) · EDUCATION FINANCE · DE
-
501(C)(3) · PROMOTE EDUCATION · DE
Directly controlled by ECMC GROUP INC
-
501(C)(3) · CAREER COLLEGES · DE
Directly controlled by ECMC GROUP INC
-
ECMC REVENUE MANAGEMENT CORPORATION
501(C)(3) · STUDENT LOAN DEFAULT RESOLUTION · DE · controlled entity
Directly controlled by EDUCATIONAL CREDIT MANAGEMENT CORPORATION
-
501(C)(3) · STUDENT LOAN REPAYMENT SERVICES · DE
Directly controlled by ECMC GROUP INC
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.
Related partnerships
Part III: related organizations taxable as a partnership, with the filer's share.
-
INVESTMENTS · NY
-
INVESTMENTS · DE
-
COMMONFUND CAP SECONDARIES OPP FUND
INVESTMENTS · DE
-
INVESTMENTS · DE
-
INVESTMENTS · DE
-
FUND D-2 A SERIES OF RIOT VENTURES
INVESTMENTS · DE
-
INVESTMENTS · DE
-
ONRAMP EDUC & WORKFORCE INNOV FUND
INVESTMENTS · DE
-
INVESTMENTS · NV
-
INVESTMENTS · DE
-
RI FUND I A SERIES OF BOOST VC SPV LP
INVESTMENTS · CJ
-
TABOR OFFSHORE OPPORTUNITIES LTD
INVESTMENTS · CJ
-
UP FUND I A SERIES OF BOOST VC SPV LP
INVESTMENTS · DE
-
WY FUND I A SERIES OF BOOST VC SPV LP
INVESTMENTS · DE
-
INVESTMENTS · DE
-
COLT ENERGY OPPORTUNITIES II LLC
INVESTMENTS · TX
-
INVESTMENTS · DE
-
INVESTMENTS · DE
-
INVESTMENTS · DE
-
GALAHAD INVESTORS EAU CLAIRE LLC
INVESTMENTS · MN
-
GALAHAD INVESTORS MAPLEWOOD LLC
INVESTMENTS · MN
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
OAKDALE INVESTMENT MANAGEMENT CORPORATION
C · HOLDING INVESTMENTS · DE
-
C · STRATEGIC OVERSIGHT · DE
-
ECMC RECORDS & RECEIVABLES MANAGEMENT CORPORATION
C · DOCUMENT MANAGEMENT · DE
Provenance
- Return type
- form_990
- Tax year
- 2023
- Filed
- 14 November 2024
- IRS schema version
- 2023v5.1
- Source object
- 202413199349312911
Check it against the return as filed: the GivingTuesday Data Lake hosts a public copy of the original XML.
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