Totals
- Total revenue
- $152,761,053
- Total expenses
- $134,960,317
- Contributions and grants received
- $11,137,062
- Grants paid
- $0
- Program service revenue
- $102,413,903
- Investment income
- $21,528,794
- Other revenue
- $17,681,294
- Total assets, end of year
- $2,031,275,123
- Total liabilities, end of year
- $1,358,315,419
- Net assets or fund balances, end of year
- $672,959,704
- Program services expenses (Part IX)
- $130,604,027
- Management and general expenses
- $4,356,290
- Fundraising expenses
- $0
- Program service expenses (Part III)
- $130,604,027
Program services were 96.8% 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.
-
1f · All other contributions, gifts and grants
$11,137,062
-
1g · Noncash contributions included above
$11,137,062
-
2a · Program service revenue: INTEREST & FEES ON STUDENT LOANS
total $102,413,903 · related or exempt $102,413,903 · unrelated business $0 · excluded $0
-
2f · All other program service revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
3 · Investment income
total $21,528,794 · related or exempt $0 · unrelated business $0 · excluded $21,528,794
-
6c · Rental income or loss
real property $0 · personal property $0
-
7c · Gain or loss
securities $0 · other assets $0
-
8c · Net income from fundraising events
total $0
-
11a · Other revenue: MISCELLANEOUS INCOME
total $12,731,974 · related or exempt $11,171,741 · unrelated business $0 · excluded $1,560,233
-
11b · Other revenue: ADMINISTRATION FEES
total $3,816,625 · related or exempt $3,816,625 · unrelated business $0 · excluded $0
-
11c · Other revenue: LOAN SERVICING FEES
total $1,132,695 · related or exempt $1,132,695 · unrelated business $0 · excluded $0
-
11d · All other revenue
total $0 · related or exempt $0 · unrelated business $0 · excluded $0
-
11e · Other revenue, total
$17,681,294
Functional expenses
Part IX, the statement of functional expenses.
-
4 · Benefits paid to or for members
total $0 · program services $0
-
5 · Compensation of officers, directors and key employees
total $4,189,003 · program services $3,267,422 · management and general $921,581
-
7 · Other salaries and wages
total $798,630 · program services $622,932 · management and general $175,698 · fundraising $0
-
8 · Pension plan contributions
total $122,474 · program services $0 · management and general $122,474 · fundraising $0
-
9 · Other employee benefits
total $290,225 · program services $0 · management and general $290,225 · fundraising $0
-
10 · Payroll taxes
total $236,099 · program services $0 · management and general $236,099 · fundraising $0
-
11a · Fees: management
total $463,774 · program services $36,754 · management and general $427,020 · fundraising $0
-
11b · Fees: legal
total $121,814 · program services $0 · management and general $121,814 · fundraising $0
-
11c · Fees: accounting
total $822,475 · program services $0 · management and general $822,475 · fundraising $0
-
11g · Fees: other
total $0 · program services $0 · management and general $0 · fundraising $0
-
12 · Advertising and promotion
total $5,250 · program services $5,250 · management and general $0 · fundraising $0
-
13 · Office expenses
total $123,087 · program services $0 · management and general $123,087 · fundraising $0
-
14 · Information technology
total $628,261 · program services $0 · management and general $628,261 · fundraising $0
-
16 · Occupancy
total $692,041 · program services $692,041 · management and general $0 · fundraising $0
-
17 · Travel
total $9,914 · program services $7,733 · management and general $2,181 · fundraising $0
-
19 · Conferences, conventions and meetings
total $6,645 · program services $6,645 · management and general $0 · fundraising $0
-
20 · Interest
total $92,569,709 · program services $92,569,709 · management and general $0 · fundraising $0
-
22 · Depreciation, depletion and amortization
total $580,378 · program services $580,378 · management and general $0 · fundraising $0
-
23 · Insurance
total $233,345 · program services $0 · management and general $233,345 · fundraising $0
-
24a · Other expenses: LOAN SERVICING AND ADMIN FEES
total $11,296,049 · program services $11,296,049 · management and general $0 · fundraising $0
-
24b · Other expenses: RELATED PARTY ACTIVITY
total $11,171,741 · program services $11,171,741 · management and general $0 · fundraising $0
-
24c · Other expenses: OTHER EXPENSES
total $10,300,814 · program services $10,048,784 · management and general $252,030 · fundraising $0
-
24d · Other expenses: TRUSTEE FEES
total $298,589 · program services $298,589 · management and general $0 · fundraising $0
-
24e · All other expenses
total $0 · program services $0 · management and general $0 · fundraising $0
Balance sheet
Part X, book values.
-
1 · Cash, non-interest-bearing
beginning of year $73,238,027 · end of year $10,792
-
2 · Savings and temporary cash investments
beginning of year $50,881,783 · end of year $182,111,589
-
3 · Pledges and grants receivable
beginning of year $0 · end of year $0
-
4 · Accounts receivable
beginning of year $1,715,284,375 · end of year $1,528,730,884
-
5 · Loans and receivables from officers and key people
beginning of year $22,929,454 · end of year $23,224,562
-
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 $285,331 · end of year $253,544
-
10a · Land, buildings and equipment: cost or other basis
$4,012,613
-
10b · Land, buildings and equipment: accumulated depreciation
$2,688,745
-
10c · Land, buildings and equipment, net
beginning of year $1,522,265 · end of year $1,323,868
-
11 · Investments: publicly traded securities
beginning of year $0 · end of year $0
-
12 · Investments: other securities
beginning of year $239,786,752 · end of year $264,204,413
-
13 · Investments: program-related
beginning of year $0
-
14 · Intangible assets
beginning of year $0 · end of year $0
-
15 · Other assets
beginning of year $51,743,308 · end of year $31,415,471
-
17 · Accounts payable and accrued expenses
beginning of year $20,308,392 · end of year $7,507,547
-
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 $1,485,756,608 · end of year $1,350,807,872
-
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 $649,606,295 · end of year $672,959,704
-
28 · Net assets with donor restrictions
beginning of year $0 · end of year $0
Mission and programs · 2024
Mission
PROVIDES FUNDING FOR POSTSECONDARY STUDENT LOANS AND GRANTS FOR SCHOLARSHIPS THROUGH ITS SUBSIDIARY.
-
ELFI, INC. PROVIDES FUNDING FOR POST-SECONDARY STUDENT LOANS.
Expenses $130,604,027 · Revenue $118,534,964
-
THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES.
As filed on the 2024 return.
Listed in Part VII
-
Bill ThompsonBILL THOMPSON
EVP/CFO
- Total calculated
- $1,205,996
- From this org
- $525,012
- From related orgs
- $656,863
- Other
- $24,121
- Hours/week
- 18 + 22 related
Schedule J breakdown matched by us
- Base
- $308,585 + $377,161 related
- Bonus
- $206,287 + $252,128 related
- Other
- $10,140 + $27,574 related
- Deferred
- $0
- Nontaxable benefits
- $24,121
- Filer's total
- $549,133 + $656,863 related
-
John ArnoldJOHN ARNOLD
PRESIDENT/CEO
- Total calculated
- $2,866,475
- From this org
- $1,418,864
- From related orgs
- $1,423,490
- Other
- $24,121
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $475,000 + $475,000 related
- Bonus
- $935,000 + $935,000 related
- Other
- $8,864 + $13,490 related
- Deferred
- $0
- Nontaxable benefits
- $24,121
- Filer's total
- $1,442,985 + $1,423,490 related
-
Christopher SimmonsCHRISTOPHER SIMMONS
DIRECTOR
- Total calculated
- $72,000
- From this org
- $72,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Robert RosenbaumROBERT ROSENBAUM
DIRECTOR
- Total calculated
- $114,000
- From this org
- $82,000
- From related orgs
- $32,000
- Other
- $0
- Hours/week
- 1
-
Stephen ClarkSTEPHEN CLARK
DIRECTOR
- Total calculated
- $72,000
- From this org
- $72,000
- From related orgs
- $0
- Other
- $0
- Hours/week
- 1
-
Barbara ThomasBARBARA THOMAS
CHIEF OPERATIONS OFFICER
- Total calculated
- $1,389,075
- From this org
- $487,320
- From related orgs
- $868,752
- Other
- $33,003
- Hours/week
- 16 + 24 related
Schedule J breakdown matched by us
- Base
- $261,936 + $392,904 related
- Bonus
- $225,384 + $338,076 related
- Other
- $0 + $137,772 related
- Deferred
- $0 + $17,250 related
- Nontaxable benefits
- $0 + $15,753 related
- Filer's total
- $487,320 + $901,755 related
-
Eric StewartERIC STEWART
CHIEF ACCOUNTING OFFICER
- Total calculated
- $381,213
- From this org
- $305,281
- From related orgs
- $0
- Other
- $75,932
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $261,609
- Bonus
- $35,000
- Other
- $8,672
- Deferred
- $14,949
- Nontaxable benefits
- $60,983
- Filer's total
- $381,213
-
Eva ChampionEVA CHAMPION
CHIEF HUMAN RESOURCES OFFICER (THRU 01/2024)
- Total calculated
- $27,163
- From this org
- $6,091
- From related orgs
- $20,555
- Other
- $517
- Hours/week
- 4 + 36 related
-
Jeff GibbsJEFF GIBBS
CHIEF INFORMATION OFFICER
- Total calculated
- $621,741
- From this org
- $62,020
- From related orgs
- $518,350
- Other
- $41,371
- Hours/week
- 4 + 36 related
Schedule J breakdown matched by us
- Base
- $39,352 + $354,170 related
- Bonus
- $17,500 + $157,500 related
- Other
- $5,168 + $6,680 related
- Deferred
- $0 + $17,250 related
- Nontaxable benefits
- $24,121
- Filer's total
- $86,141 + $535,600 related
-
Joseph LittletonJOSEPH LITTLETON
CHIEF INFORMATION SECURITY OFFICER
- Total calculated
- $266,550
- From this org
- $108,638
- From related orgs
- $116,373
- Other
- $41,539
- Hours/week
- 19.2 + 20.8 related
Schedule J breakdown matched by us
- Base
- $95,421 + $103,373 related
- Bonus
- $12,000 + $13,000 related
- Other
- $1,217
- Deferred
- $5,396 + $5,819 related
- Nontaxable benefits
- $30,324
- Filer's total
- $144,358 + $122,192 related
-
Michael O'DonnellMICHAEL O'DONNELL
EXECUTIVE VICE PRESIDENT
- Total calculated
- $842,006
- From this org
- $324,220
- From related orgs
- $498,999
- Other
- $18,787
- Hours/week
- 16 + 24 related
Schedule J breakdown matched by us
- Base
- $184,220 + $276,329 related
- Bonus
- $140,000 + $210,000 related
- Other
- $0 + $12,670 related
- Deferred
- $0
- Nontaxable benefits
- $0 + $18,787 related
- Filer's total
- $324,220 + $517,786 related
-
Vicki WeaverVICKI WEAVER
CHIEF HUMAN RESOURCES OFFICER (AS OF 03/2024)
- Total calculated
- $181,532
- From this org
- $16,625
- From related orgs
- $150,239
- Other
- $14,668
- Hours/week
- 4 + 36 related
Schedule J breakdown matched by us
- Base
- $13,125 + $118,125 related
- Bonus
- $3,500 + $31,500 related
- Other
- $0 + $614 related
- Deferred
- $831 + $7,492 related
- Nontaxable benefits
- $2,494 + $3,851 related
- Filer's total
- $19,950 + $161,582 related
-
Brent StarlingBRENT STARLING
MANAGING DIRECTOR
- Total calculated
- $284,755
- From this org
- $215,356
- From related orgs
- $0
- Other
- $69,399
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $184,675
- Bonus
- $30,000
- Other
- $681
- Deferred
- $10,766
- Nontaxable benefits
- $58,633
- Filer's total
- $284,755
-
Jason BolinJASON BOLIN
CONTROLLER
- Total calculated
- $236,320
- From this org
- $189,439
- From related orgs
- $0
- Other
- $46,881
- Hours/week
- 40
Schedule J breakdown matched by us
- Base
- $160,431
- Bonus
- $28,000
- Other
- $1,008
- Deferred
- $9,422
- Nontaxable benefits
- $37,459
- Filer's total
- $236,320
-
Christopher KirkCHRISTOPHER KIRK
ACCOUNTING MANAGER
- Total calculated
- $136,348
- From this org
- $106,165
- From related orgs
- $0
- Other
- $30,183
- Hours/week
- 40
-
David BurgettDAVID BURGETT
SYSTEMS ENGINEER
- Total calculated
- $205,738
- From this org
- $34,479
- From related orgs
- $135,580
- Other
- $35,679
- Hours/week
- 8 + 32 related
Schedule J breakdown matched by us
- Base
- $28,395 + $113,580 related
- Bonus
- $5,500 + $22,000 related
- Other
- $584
- Deferred
- $1,445 + $5,779 related
- Nontaxable benefits
- $28,455
- Filer's total
- $64,379 + $141,359 related
-
Melissa MarkisMELISSA MARKIS
AVP SERVICER COMPLIANCE
- Total calculated
- $154,827
- From this org
- $57,797
- From related orgs
- $57,343
- Other
- $39,687
- Hours/week
- 20 + 20 related
Schedule J breakdown matched by us
- Base
- $54,843 + $54,843 related
- Bonus
- $2,500 + $2,500 related
- Other
- $454
- Deferred
- $2,742 + $2,742 related
- Nontaxable benefits
- $34,203
- Filer's total
- $94,742 + $60,085 related
-
Steven FisherSTEVEN FISHER
SYSTEMS ADMIN
- Total calculated
- $157,278
- From this org
- $38,227
- From related orgs
- $109,192
- Other
- $9,859
- Hours/week
- 10 + 30 related
Schedule J breakdown matched by us
- Base
- $30,022 + $90,067 related
- Bonus
- $7,288 + $19,125 related
- Other
- $917
- Deferred
- $947 + $2,758 related
- Nontaxable benefits
- $6,154
- Filer's total
- $45,328 + $111,950 related
-
William Leroy TaylorWILLIAM LEROY TAYLOR
SYSTEMS ENGINEER
- Total calculated
- $172,911
- From this org
- $32,641
- From related orgs
- $128,331
- Other
- $11,939
- Hours/week
- 8 + 32 related
Schedule J breakdown matched by us
- Base
- $26,983 + $107,931 related
- Bonus
- $5,100 + $20,400 related
- Other
- $558
- Deferred
- $1,374 + $5,497 related
- Nontaxable benefits
- $5,068
- Filer's total
- $39,083 + $133,828 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 · 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 3 LLC
STUDENT LOANS · TN · income $2,302,605 · assets $0
Directly controlled by NA
-
EDSOUTH INDENTURE NO 5 LLC
STUDENT LOANS · TN · income $2,894,862 · assets $0
Directly controlled by NA
-
EDSOUTH INDENTURE NO 6 LLC
STUDENT LOANS · TN · income $5,164,602 · assets $52,892,079
Directly controlled by NA
-
EDSOUTH INDENTURE NO 7 LLC
STUDENT LOANS · TN · income $2,825,941 · assets $25,275,635
Directly controlled by NA
-
EDSOUTH INDENTURE NO 8 LLC
STUDENT LOANS · TN · income $3,913,736 · assets $34,589,656
Directly controlled by NA
-
EDSOUTH INDENTURE NO 9 LLC
STUDENT LOANS · TN · income $7,456,512 · assets $72,445,420
Directly controlled by NA
-
ELFI GRADUATE LOAN PROGRAM 2018-A LLC
STUDENT LOANS · TN · income $830,667 · assets $0
Directly controlled by NA
-
ELFI GRADUATE LOAN PROGRAM 2019-A LLC
STUDENT LOANS · TN · income $3,898,045 · assets $67,097,477
Directly controlled by NA
-
ELFI GRADUATE LOAN PROGRAM 2020-A LLC
STUDENT LOANS · TN · income $4,703,681 · assets $88,434,647
Directly controlled by NA
-
ELFI GRADUATE LOAN PROGRAM 2021-A LLC
STUDENT LOANS · TN · income $7,628,717 · assets $177,960,001
Directly controlled by NA
-
ELFI GRADUATE LOAN PROGRAM 2022-A LLC
STUDENT LOANS · TN · income $8,919,330 · assets $203,615,012
Directly controlled by NA
-
ELFI GRADUATE LOAN PROGRAM 2023-A LLC
STUDENT LOANS · TN · income $15,774,898 · assets $253,796,214
Directly controlled by NA
-
ELFI GRADUATE LOAN PROGRAM 2024-A LLC
STUDENT LOANS · TN · income $9,555,707 · assets $255,192,804
Directly controlled by NA
-
EFS VOLUNTEER LLC
STUDENT LOANS · TN · income $3,843,275 · assets $0
Directly controlled by NA
-
EFS VOLUNTEER NO 2 LLC
STUDENT LOANS · TN · income $7,977,304 · assets $69,135,028
Directly controlled by NA
-
EFS VOLUNTEER NO 3 LLC
STUDENT LOANS · TN · income $8,189,877 · assets $0
Directly controlled by NA
-
NORTH PETERS LLC
STUDENT LOANS · TN · income $3,877,947 · assets $112,862,024
Directly controlled by NA
-
NEW CAMPBELL STATION LLC
STUDENT LOANS · TN · income $8,891,249 · assets $113,714,400
Directly controlled by NA
Related corporations and trusts
Part IV: related organizations taxable as a corporation or trust.
-
SOUTHEAST BANCORP INC
C Corporation · COMMERCIAL BANK · TN · 83.3% owned · controlled entity
Directly controlled by NA
-
SOUTHEAST BANK
C Corporation · BANKING INVEST · TN · 100% owned · share of income $199,813,379 · share of assets $2,975,060,080 · controlled entity
Directly controlled by SOUTHEAST BANCORP
-
SOUTHEAST BANCSHARES INC STATUTORY TRUST
C Corporation · BANKING INVEST · TN · 100% owned · share of income $0 · share of assets $0 · controlled entity
Directly controlled by SOUTHEAST BANCORP
Provenance
- Return type
- form_990
- Tax year
- 2024
- Filed
- 11 November 2025
- IRS schema version
- 2024v5.1
- Source object
- 202503159349303010
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