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EDUCATION FINANCE COUNCIL INC: Form 990, tax year 2023

View the entire original 990 at ProPublica ↗

Organization
EDUCATION FINANCE COUNCIL INC (EIN 52-1801566)
Tax period
2023-01-01 to 2023-12-31
Filed
2024-04-11
IRS object ID
202431029349300713
Schema version
2023v5.0
Source
Download XML · Original 990 at ProPublica

Every field in the e-filed return. Faint text is the IRS element name, for citing.

Return header ReturnHeader

FieldValueIRS element (for citing)
Return2024-04-11T09:57:45-04:00ReturnTs
Tax Period End2023-12-31TaxPeriodEndDt

Preparer Firm PreparerFirmGrp

FieldValueIRS element (for citing)
Preparer Firm EIN474306215PreparerFirmEIN

Preparer Firm Name PreparerFirmName

FieldValueIRS element (for citing)
Business Name Line1Mullins PCBusinessNameLine1Txt

Preparer US Address PreparerUSAddress

FieldValueIRS element (for citing)
Address Line17625 Wisconsin AvenueAddressLine1Txt
CityBethesdaCityNm
State AbbreviationMDStateAbbreviationCd
ZIP20814ZIPCd
FieldValueIRS element (for citing)
Return Type990ReturnTypeCd
Tax Period Begin2023-01-01TaxPeriodBeginDt

Filer Filer

FieldValueIRS element (for citing)
EIN521801566EIN

Business Name BusinessName

FieldValueIRS element (for citing)
Business Name Line1Education Finance Council IncBusinessNameLine1Txt
FieldValueIRS element (for citing)
Business Name ControlEDUCBusinessNameControlTxt

US Address USAddress

FieldValueIRS element (for citing)
Address Line1200 Massachusetts Ave NW Suite 700AddressLine1Txt
CityWashingtonCityNm
State AbbreviationDCStateAbbreviationCd
ZIP20001ZIPCd

Business Officer BusinessOfficerGrp

FieldValueIRS element (for citing)
PersonGail daMotaPersonNm
Person TitlePresidentPersonTitleTxt
Phone2029555510PhoneNum
Signature2024-04-08SignatureDt
Discuss With Paid PreparerYes (true)DiscussWithPaidPreparerInd

Signing Officer SigningOfficerGrp

Person Full Name PersonFullName

FieldValueIRS element (for citing)
Person FirstGailPersonFirstNm
Person LastdaMotaPersonLastNm
FieldValueIRS element (for citing)
SSNXXX-XX-XXXXSSN
FieldValueIRS element (for citing)
IRS Responsible Prty Info CurrYes (true)IRSResponsiblePrtyInfoCurrInd

Preparer Person PreparerPersonGrp

FieldValueIRS element (for citing)
Preparer PersonJohn MullinsPreparerPersonNm
PTINP01429307PTIN
Phone2027706371PhoneNum
Preparation2024-04-11PreparationDt

Additional Filer Information AdditionalFilerInformation

Trusted Customer TrustedCustomerGrp

FieldValueIRS element (for citing)
Trusted Customer2TrustedCustomerCd
OOB Security Verification00OOBSecurityVerificationCd
Authentication Assurance LevelAAL2AuthenticationAssuranceLevelCd
Identity Assurance LevelIAL1IdentityAssuranceLevelCd
FieldValueIRS element (for citing)
Tax2023TaxYr
Build TS2023-04-26 12:10:37ZBuildTS

Form 990 IRS990

FieldValueIRS element (for citing)
Principal OfficerGail daMotaPrincipalOfficerNm
Gross Receipts$1,338,609GrossReceiptsAmt
Group Return For AffiliatesfalseGroupReturnForAffiliatesInd
Organization501cYes (X)Organization501cInd
Website Addresswww.efc.orgWebsiteAddressTxt
Type Of Organization CorpYes (X)TypeOfOrganizationCorpInd
Formation1992FormationYr
Legal Domicile StateDCLegalDomicileStateCd
Activity Or MissionSee Schedule OActivityOrMissionDesc
Voting Members Governing Body9VotingMembersGoverningBodyCnt
Voting Members Independent9VotingMembersIndependentCnt
Total Employee4TotalEmployeeCnt
Total Gross UBI$0TotalGrossUBIAmt
Net Unrelated Bus Txbl Incm$0NetUnrelatedBusTxblIncmAmt
CY Contributions Grants$0CYContributionsGrantsAmt
PY Program Service Revenue$1,307,515PYProgramServiceRevenueAmt
CY Program Service Revenue$1,303,232CYProgramServiceRevenueAmt
PY Investment Income$7,063PYInvestmentIncomeAmt
CY Investment Income$35,377CYInvestmentIncomeAmt
CY Other Revenue$0CYOtherRevenueAmt
PY Total Revenue$1,314,578PYTotalRevenueAmt
CY Total Revenue$1,338,609CYTotalRevenueAmt
CY Grants And Similar Paid$0CYGrantsAndSimilarPaidAmt
CY Benefits Paid To Members$0CYBenefitsPaidToMembersAmt
PY Salaries Comp Emp Bnft Paid$748,690PYSalariesCompEmpBnftPaidAmt
CY Salaries Comp Emp Bnft Paid$782,919CYSalariesCompEmpBnftPaidAmt
CY Total Prof Fndrsng Expns$0CYTotalProfFndrsngExpnsAmt
CY Total Fundraising Expense$0CYTotalFundraisingExpenseAmt
PY Other Expenses$499,391PYOtherExpensesAmt
CY Other Expenses$531,659CYOtherExpensesAmt
PY Total Expenses$1,248,081PYTotalExpensesAmt
CY Total Expenses$1,314,578CYTotalExpensesAmt
PY Revenues Less Expenses$66,497PYRevenuesLessExpensesAmt
CY Revenues Less Expenses$24,031CYRevenuesLessExpensesAmt
Total Assets BOY$2,242,246TotalAssetsBOYAmt
Total Assets EOY$2,279,778TotalAssetsEOYAmt
Total Liabilities BOY$852,899TotalLiabilitiesBOYAmt
Total Liabilities EOY$866,400TotalLiabilitiesEOYAmt
Net Assets Or Fund Balances BOY$1,389,347NetAssetsOrFundBalancesBOYAmt
Net Assets Or Fund Balances EOY$1,413,378NetAssetsOrFundBalancesEOYAmt
MissionSee Schedule OMissionDesc
Significant New Program SrvcfalseSignificantNewProgramSrvcInd
Significant ChangefalseSignificantChangeInd
Expense$1,172,368ExpenseAmt
Revenue$1,303,232RevenueAmt
DescAdvocating for its state-based and nonprofit members public purpose mission to expand access to postsecondary education and training, facilitate student success, assist students and families in identifying their best sources of education funding, assist individuals with connecting postsecondary education and career outcomes, encourage responsible borrowing, and advocate for and with individuals in support of successful management of their postsecondary education financing.Desc
Total Program Service Expenses$1,172,368TotalProgramServiceExpensesAmt
Described In Section501c3falseDescribedInSection501c3Ind
Schedule B RequiredfalseScheduleBRequiredInd
Political Campaign ActyfalsePoliticalCampaignActyInd
Subject To Proxy TaxYes (true)SubjectToProxyTaxInd
Donor Advised FundfalseDonorAdvisedFundInd
Conservation EasementsfalseConservationEasementsInd
Collections Of ArtfalseCollectionsOfArtInd
Credit CounselingfalseCreditCounselingInd
Donor Rstr Or Quasi EndowmentsfalseDonorRstrOrQuasiEndowmentsInd
Report Land Building EquipmentYes (true)ReportLandBuildingEquipmentInd
Report Investments Other SecfalseReportInvestmentsOtherSecInd
Report Program Related InvstfalseReportProgramRelatedInvstInd
Report Other AssetsfalseReportOtherAssetsInd
Report Other LiabilitiesfalseReportOtherLiabilitiesInd
Include FIN48 FootnoteYes (true)IncludeFIN48FootnoteInd
Independent Audit Fincl StmtfalseIndependentAuditFinclStmtInd
Consolidated Audit Fincl StmtfalseConsolidatedAuditFinclStmtInd
School OperatingfalseSchoolOperatingInd
Foreign OfficefalseForeignOfficeInd
Foreign ActivitiesfalseForeignActivitiesInd
More Than5000 K To OrgfalseMoreThan5000KToOrgInd
More Than5000 K To IndividualsfalseMoreThan5000KToIndividualsInd
Professional FundraisingfalseProfessionalFundraisingInd
Fundraising ActivitiesfalseFundraisingActivitiesInd
Gaming ActivitiesfalseGamingActivitiesInd
Operate HospitalfalseOperateHospitalInd
Grants To OrganizationsfalseGrantsToOrganizationsInd
Grants To IndividualsfalseGrantsToIndividualsInd
Schedule J RequiredYes (true)ScheduleJRequiredInd
Tax Exempt BondsfalseTaxExemptBondsInd
Loan OutstandingfalseLoanOutstandingInd
Grant To Related PersonfalseGrantToRelatedPersonInd
Business Rln With Org MemfalseBusinessRlnWithOrgMemInd
Business Rln With Fam MemfalseBusinessRlnWithFamMemInd
Business Rln With35 Ctrl EntfalseBusinessRlnWith35CtrlEntInd
Deductible Non Cash ContrifalseDeductibleNonCashContriInd
Deductible Art ContributionfalseDeductibleArtContributionInd
Terminate OperationsfalseTerminateOperationsInd
Partial LiquidationfalsePartialLiquidationInd
Disregarded EntityfalseDisregardedEntityInd
Related EntityfalseRelatedEntityInd
Related Organization Ctrl EntfalseRelatedOrganizationCtrlEntInd
Activities Conducted PrtshpfalseActivitiesConductedPrtshpInd
Schedule O RequiredYes (true)ScheduleORequiredInd
IRP Document8IRPDocumentCnt
IRP Document W2 G0IRPDocumentW2GCnt
Backup Wthld ComplianceYes (true)BackupWthldComplianceInd
Employee4EmployeeCnt
Employment Tax Returns FiledYes (true)EmploymentTaxReturnsFiledInd
Unrelated Bus Incm Over LimitfalseUnrelatedBusIncmOverLimitInd
Foreign Financial AccountfalseForeignFinancialAccountInd
Prohibited Tax Shelter TransfalseProhibitedTaxShelterTransInd
Taxable Party NotificationfalseTaxablePartyNotificationInd
Nondeductible ContributionsfalseNondeductibleContributionsInd
Indoor Tanning ServicesfalseIndoorTanningServicesInd
Subj To Tax Rmnrtn Ex Prcht PymtfalseSubjToTaxRmnrtnExPrchtPymtInd
Subject To Excs Tax Net Invst IncfalseSubjectToExcsTaxNetInvstIncInd
Info In Schedule O Part VIYes (X)InfoInScheduleOPartVIInd
Governing Body Voting Members9GoverningBodyVotingMembersCnt
Independent Voting Member9IndependentVotingMemberCnt
Family Or Business RlnfalseFamilyOrBusinessRlnInd
Delegation Of Mgmt DutiesfalseDelegationOfMgmtDutiesInd
Change To Org DocumentsfalseChangeToOrgDocumentsInd
Material Diversion Or MisusefalseMaterialDiversionOrMisuseInd
Members Or StockholdersYes (true)MembersOrStockholdersInd
Election Of Board MembersYes (true)ElectionOfBoardMembersInd
Decisions Subject To ApprovaYes (true)DecisionsSubjectToApprovaInd
Minutes Of Governing BodyYes (true)MinutesOfGoverningBodyInd
Minutes Of CommitteesYes (true)MinutesOfCommitteesInd
Officer Mailing AddressfalseOfficerMailingAddressInd
Local ChaptersfalseLocalChaptersInd
Form990 Provided To Gvrn BodyYes (true)Form990ProvidedToGvrnBodyInd
Conflict Of Interest PolicyYes (true)ConflictOfInterestPolicyInd
Annual Disclosure Covered PrsnYes (true)AnnualDisclosureCoveredPrsnInd
Regular Monitoring EnfrcYes (true)RegularMonitoringEnfrcInd
Whistleblower PolicyYes (true)WhistleblowerPolicyInd
Document Retention PolicyYes (true)DocumentRetentionPolicyInd
Compensation Process CEOYes (true)CompensationProcessCEOInd
Compensation Process OtherYes (true)CompensationProcessOtherInd
Investment In Joint VenturefalseInvestmentInJointVentureInd
Upon RequestYes (X)UponRequestInd

Books In Care Of Detail BooksInCareOfDetail

FieldValueIRS element (for citing)
PersonGail daMotaPersonNm
Phone2029555510PhoneNum

US Address USAddress

FieldValueIRS element (for citing)
Address Line1200 Massachusetts Ave NW Suite 700AddressLine1Txt
CityWashingtonCityNm
State AbbreviationDCStateAbbreviationCd
ZIP20001ZIPCd

Form990 Part VII Section A Form990PartVIISectionAGrp (12 entries)

TitleTitleTxtAverage Hours Per WeekAverageHoursPerWeekRtAverage Hours Per Week Rltd OrgAverageHoursPerWeekRltdOrgRtOfficerOfficerIndReportable Comp From OrgReportableCompFromOrgAmtReportable Comp From Rltd OrgReportableCompFromRltdOrgAmtOther CompensationOtherCompensationAmtHighest Compensated EmployeeHighestCompensatedEmployeeIndIndividual Trustee Or DirectorIndividualTrusteeOrDirectorInd
Gail daMota
President40.000.00Yes (X)$291,288$0$32,907
Alex Ricci
VP Gov Affairs & Communicatio40.000.00$151,355$0$22,751Yes (X)
Meghan Lustig
VP Operations & Development40.000.00$119,802$0$25,895Yes (X)
David Schwanke
Director1.000.00$0$0$0Yes (X)
Steven W McCullough
Director1.000.00$0$0$0Yes (X)
James Steeley
Director1.000.00$0$0$0Yes (X)
Sana Efird
Director1.000.00$0$0$0Yes (X)
Will Shaffner
Director1.000.00$0$0$0Yes (X)
Jeanette W Weldon
Secretary1.000.00Yes (X)$0$0$0Yes (X)
Trey Simon
Chair2.000.00Yes (X)$0$0$0Yes (X)
Lynne Riley
Vice Chair1.000.00Yes (X)$0$0$0Yes (X)
Noel Simpson
Treasurer1.000.00Yes (X)$0$0$0Yes (X)
FieldValueIRS element (for citing)
Total Reportable Comp From Org$562,445TotalReportableCompFromOrgAmt
Tot Reportable Comp Rltd Org$0TotReportableCompRltdOrgAmt
Total Other Compensation$81,553TotalOtherCompensationAmt
Indiv Rcvd Greater Than100 K3IndivRcvdGreaterThan100KCnt
Former Ofcr Employees ListedfalseFormerOfcrEmployeesListedInd
Total Comp Greater Than150 KYes (true)TotalCompGreaterThan150KInd
Compensation From Other SrcsfalseCompensationFromOtherSrcsInd

Contractor Compensation ContractorCompensationGrp

Contractor Name ContractorName

FieldValueIRS element (for citing)
PersonHolland KnightPersonNm

Contractor Address ContractorAddress

US Address USAddress

FieldValueIRS element (for citing)
Address Line1800 17th Sreet NWAddressLine1Txt
CityWashCityNm
State AbbreviationDCStateAbbreviationCd
ZIP20006ZIPCd
FieldValueIRS element (for citing)
ServicesGvt AffairsServicesDesc
Compensation$133,940CompensationAmt
FieldValueIRS element (for citing)
Cntrct Rcvd Greater Than100 K1CntrctRcvdGreaterThan100KCnt

Program Service Revenue ProgramServiceRevenueGrp (3 entries)

DescDescBusinessBusinessCdTotal Revenue ColumnTotalRevenueColumnAmtRelated Or Exempt Func IncomeRelatedOrExemptFuncIncomeAmt
Membership Dues900099$968,520$968,520
Member Meetings900099$325,512$325,512
Membership Services900099$9,200$9,200
FieldValueIRS element (for citing)
Total Program Service Revenue$1,303,232TotalProgramServiceRevenueAmt

Investment Income InvestmentIncomeGrp

FieldValueIRS element (for citing)
Total Revenue Column$35,377TotalRevenueColumnAmt
Exclusion$35,377ExclusionAmt

Total Revenue TotalRevenueGrp

FieldValueIRS element (for citing)
Total Revenue Column$1,338,609TotalRevenueColumnAmt
Related Or Exempt Func Income$1,303,232RelatedOrExemptFuncIncomeAmt
Unrelated Business Revenue$0UnrelatedBusinessRevenueAmt
Exclusion$35,377ExclusionAmt
FieldValueIRS element (for citing)
Info In Schedule O Part IXYes (X)InfoInScheduleOPartIXInd

Comp Current Ofcr Directors CompCurrentOfcrDirectorsGrp

FieldValueIRS element (for citing)
Total$291,288TotalAmt
Program Services$245,917ProgramServicesAmt
Management And General$45,371ManagementAndGeneralAmt

Other Salaries And Wages OtherSalariesAndWagesGrp

FieldValueIRS element (for citing)
Total$353,291TotalAmt
Program Services$298,262ProgramServicesAmt
Management And General$55,029ManagementAndGeneralAmt

Pension Plan Contributions PensionPlanContributionsGrp

FieldValueIRS element (for citing)
Total$38,757TotalAmt
Program Services$32,720ProgramServicesAmt
Management And General$6,037ManagementAndGeneralAmt

Other Employee Benefits OtherEmployeeBenefitsGrp

FieldValueIRS element (for citing)
Total$55,766TotalAmt
Program Services$47,080ProgramServicesAmt
Management And General$8,686ManagementAndGeneralAmt

Payroll Taxes PayrollTaxesGrp

FieldValueIRS element (for citing)
Total$43,817TotalAmt
Program Services$36,992ProgramServicesAmt
Management And General$6,825ManagementAndGeneralAmt

Fees For Services Legal FeesForServicesLegalGrp

FieldValueIRS element (for citing)
Total$750TotalAmt
Program Services$656ProgramServicesAmt
Management And General$94ManagementAndGeneralAmt

Fees For Services Accounting FeesForServicesAccountingGrp

FieldValueIRS element (for citing)
Total$38,491TotalAmt
Program Services$33,680ProgramServicesAmt
Management And General$4,811ManagementAndGeneralAmt

Fees For Services Other FeesForServicesOtherGrp

FieldValueIRS element (for citing)
Total$148,575TotalAmt
Program Services$147,996ProgramServicesAmt
Management And General$579ManagementAndGeneralAmt

Office Expenses OfficeExpensesGrp

FieldValueIRS element (for citing)
Total$19,742TotalAmt
Program Services$18,566ProgramServicesAmt
Management And General$1,176ManagementAndGeneralAmt

Information Technology InformationTechnologyGrp

FieldValueIRS element (for citing)
Total$32,096TotalAmt
Program Services$28,532ProgramServicesAmt
Management And General$3,564ManagementAndGeneralAmt

Occupancy OccupancyGrp

FieldValueIRS element (for citing)
Total$32,152TotalAmt
Program Services$28,133ProgramServicesAmt
Management And General$4,019ManagementAndGeneralAmt

Travel TravelGrp

FieldValueIRS element (for citing)
Total$9,052TotalAmt
Program Services$9,052ProgramServicesAmt

Conferences Meetings ConferencesMeetingsGrp

FieldValueIRS element (for citing)
Total$187,732TotalAmt
Program Services$187,732ProgramServicesAmt

Depreciation Depletion DepreciationDepletionGrp

FieldValueIRS element (for citing)
Total$5,058TotalAmt
Program Services$4,426ProgramServicesAmt
Management And General$632ManagementAndGeneralAmt

Insurance InsuranceGrp

FieldValueIRS element (for citing)
Total$9,407TotalAmt
Program Services$8,230ProgramServicesAmt
Management And General$1,177ManagementAndGeneralAmt

Other Expenses OtherExpensesGrp (2 entries)

DescDescTotalTotalAmtProgram ServicesProgramServicesAmtManagement And GeneralManagementAndGeneralAmt
Dues and Subscriptions$34,730$30,520$4,210
Communications$13,874$13,874

Total Functional Expenses TotalFunctionalExpensesGrp

FieldValueIRS element (for citing)
Total$1,314,578TotalAmt
Program Services$1,172,368ProgramServicesAmt
Management And General$142,210ManagementAndGeneralAmt
Fundraising$0FundraisingAmt

Cash Non Interest Bearing CashNonInterestBearingGrp

FieldValueIRS element (for citing)
BOY$54,012BOYAmt
EOY$50,015EOYAmt

Savings And Temp Cash Invst SavingsAndTempCashInvstGrp

FieldValueIRS element (for citing)
BOY$2,153,036BOYAmt
EOY$2,183,869EOYAmt

Prepaid Expenses Defrd Charges PrepaidExpensesDefrdChargesGrp

FieldValueIRS element (for citing)
BOY$29,669BOYAmt
EOY$43,764EOYAmt
FieldValueIRS element (for citing)
Land Bldg Equip Cost Or Other Bss$11,228LandBldgEquipCostOrOtherBssAmt
Land Bldg Equip Accum Deprec$9,098LandBldgEquipAccumDeprecAmt

Land Bldg Equip Basis Net LandBldgEquipBasisNetGrp

FieldValueIRS element (for citing)
BOY$5,529BOYAmt
EOY$2,130EOYAmt

Total Assets TotalAssetsGrp

FieldValueIRS element (for citing)
BOY$2,242,246BOYAmt
EOY$2,279,778EOYAmt

Accounts Payable Accr Expnss AccountsPayableAccrExpnssGrp

FieldValueIRS element (for citing)
BOY$48,899BOYAmt
EOY$55,900EOYAmt

Deferred Revenue DeferredRevenueGrp

FieldValueIRS element (for citing)
BOY$804,000BOYAmt
EOY$810,500EOYAmt

Total Liabilities TotalLiabilitiesGrp

FieldValueIRS element (for citing)
BOY$852,899BOYAmt
EOY$866,400EOYAmt
FieldValueIRS element (for citing)
Organization Follows FASB117Yes (X)OrganizationFollowsFASB117Ind

No Donor Restriction Net Assets NoDonorRestrictionNetAssetsGrp

FieldValueIRS element (for citing)
BOY$1,376,251BOYAmt
EOY$1,409,330EOYAmt

Donor Restriction Net Assets DonorRestrictionNetAssetsGrp

FieldValueIRS element (for citing)
BOY$13,096BOYAmt
EOY$4,048EOYAmt

Total Net Assets Fund Balance TotalNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$1,389,347BOYAmt
EOY$1,413,378EOYAmt

Tot Liab Net Assets Fund Balance TotLiabNetAssetsFundBalanceGrp

FieldValueIRS element (for citing)
BOY$2,242,246BOYAmt
EOY$2,279,778EOYAmt
FieldValueIRS element (for citing)
Reconcilation Revenue Expnss$24,031ReconcilationRevenueExpnssAmt
Other Changes In Net Assets$0OtherChangesInNetAssetsAmt
Method Of Accounting AccrualYes (X)MethodOfAccountingAccrualInd
Accountant Compile Or ReviewYes (true)AccountantCompileOrReviewInd

Acct Compile Or Review Basis AcctCompileOrReviewBasisGrp

FieldValueIRS element (for citing)
Separate Basis Fincl StmtYes (X)SeparateBasisFinclStmtInd
FieldValueIRS element (for citing)
FS AuditedfalseFSAuditedInd
Audit CommitteeYes (true)AuditCommitteeInd
Federal Grant Audit RequiredfalseFederalGrantAuditRequiredInd

Schedule C IRS990ScheduleC

FieldValueIRS element (for citing)
Substantially All Dues NondedfalseSubstantiallyAllDuesNondedInd
Only In House LobbyingfalseOnlyInHouseLobbyingInd
Agree Carryover Prior YearfalseAgreeCarryoverPriorYearInd
Dues Assessments$968,520DuesAssessmentsAmt
Non Deductible Lbbyng Pltcl CY$81,107NonDeductibleLbbyngPltclCYAmt
Non Ded Lbbyng Pltcl Cyov-$21,240NonDedLbbyngPltclCyovAmt
Non Deductible Lbbyng Pltcl Tot$59,867NonDeductibleLbbyngPltclTotAmt
Aggregate Reported Dues Ntc$53,269AggregateReportedDuesNtcAmt
Carried Over$6,598CarriedOverAmt

Schedule D IRS990ScheduleD

Equipment EquipmentGrp

FieldValueIRS element (for citing)
Other Cost Or Other Basis$11,228OtherCostOrOtherBasisAmt
Depreciation$9,098DepreciationAmt
Book Value$2,130BookValueAmt
FieldValueIRS element (for citing)
Total Book Value Land Buildings$2,130TotalBookValueLandBuildingsAmt
Footnote TextYes (X)FootnoteTextInd

Supplemental Information Detail SupplementalInformationDetail

FieldValueIRS element (for citing)
Form And Line ReferenceFootnote for uncertain tax position under FIN 48 (Part X)FormAndLineReferenceDesc
ExplanationEFC follows the Financial Accounting Standards Board Accounting Standards Codification (FASB ASC), which provides guidance on accounting for uncertainty in income taxes recognized in EFCs financial statements, if any. As of the end of the current year, EFC had no unrecognized tax benefits related to uncertain tax positions in its information return that would qualify for either recognition or disclosure in its financial statements.EFCs policy is to recognize interest and penalties on tax positions related to its unrecognized tax benefits in income tax expense in the financial statements. Through the end of the current year, there have been no matters that would have resulted in an accrual for interest and/or penalties.ExplanationTxt

Schedule J IRS990ScheduleJ

FieldValueIRS element (for citing)
Compensation CommitteeYes (X)CompensationCommitteeInd
Independent ConsultantYes (X)IndependentConsultantInd
Form990 Of Other OrganizationsYes (X)Form990OfOtherOrganizationsInd
Compensation SurveyYes (X)CompensationSurveyInd
Board Or Committee ApprovalYes (X)BoardOrCommitteeApprovalInd
Severance PaymentfalseSeverancePaymentInd
Supplemental Nonqual Rtr PlanfalseSupplementalNonqualRtrPlanInd
Equity Based Comp ArrngmfalseEquityBasedCompArrngmInd

Rltd Org Officer Trst Key Empl RltdOrgOfficerTrstKeyEmplGrp (2 entries)

TitleTitleTxtBase Compensation Filing OrgBaseCompensationFilingOrgAmtBonus Filing OrganizationBonusFilingOrganizationAmountOther Compensation Filing OrgOtherCompensationFilingOrgAmtDeferred Compensation Flng OrgDeferredCompensationFlngOrgAmtNontaxable Benefits Filing OrgNontaxableBenefitsFilingOrgAmtTotal Compensation Filing OrgTotalCompensationFilingOrgAmt
Gail daMota
President$261,200$26,500$3,588$17,706$15,201$324,195
Alex Ricci
VP Gov Affairs & Communications$135,064$13,843$2,448$9,283$13,468$174,106

Schedule O IRS990ScheduleO

Supplemental Information Detail SupplementalInformationDetail (10 entries)

Form And Line ReferenceFormAndLineReferenceDescExplanationExplanationTxt
Members or stockholder classes and rights Part VI line 6EFC Voting Membership is open to private and public nonprofit organizations and state agencies whose primary purpose is the purchase, servicing, origination, or funding of education loans and the improvement of students and families access to and success in higher education. EFCs primary membership is comprised of its Voting Members, who form the governing structure of EFC and drive the agenda of the association. EFC Affiliate Membership is open to for-profit and nonprofit organizations interested in the availability, administration, or funding of education loans and may include banks, credit unions, guaranty agencies, brokerage houses, rating agencies, debt collection organizations, loan servicers, bond counsel, accounting firms, student loan finance corporations, and software developers.
Member election for additional members Part VI line 7aDirectors are elected by the voting members by ballot annually with each voting member entitled to cast one vote for each individual it supports for the board up to the number of positions available. In the event of a vacancy on the board occurring because of a directors death, incapacity, resignation, or removal, the board may appoint any qualified individual to serve for the remainder of the term of the vacant position, or the Board may choose to leave the seat vacant until the next Board of Directors election.
Governing body decisions Part VI line 7bThe following actions may be taken by an affirmative vote by the majority of Voting Members: change to Voting member dues structure, amendments to the Bylaws, and amendments to the Certificate of Incorporation. The following actions may be taken by affirmative vote of two-thirds (2/3) of all Voting members: revoking membership of a member, removal of a director, and dissolution of the association.
Form 990 governing body review Part VI line 11EFC management performs a preliminary review of the Form 990 and if necessary, sends the contracted accountant corrections and/or updates. The subsequent draft of Form 990 is submitted to the Audit/Finance Committee for additional review. Once the Audit/Finance Committee completes its review, the final draft is submitted to the full Board of Directors for review and approval. Upon approval by the Board of Directors, the Form 990 is submitted to the Internal Revenue Service.
Conflict of interest policy compliance Part VI line 12cEFC maintains a Conflict of Interest Policy that covers the Board of Directors and all EFC employees. In general, a conflict of interest is a circumstance in which a reasonable person would perceive a Board or a staff members judgment to be compromised. A conflict of interest may also include situations in which a Board or staff member has a private or personal interest sufficient to appear to influence the objective exercise of his or her official duties. If personal pursuits create obligations or interests that are not compatible with EFC objectives or responsibilities, a conflict of interest arises. The policy covers a broad spectrum of areas where potential conflicts could occur, including but not limited to: outside financial interest; outside employment; relations with members and suppliers; relations with government officials; holding public office; corporate gifts; and procurement. When a conflict of interest, or a reasonable appearance of one, cannot be avoided, depending upon who has the potential conflict Board, staff, or president the policy addresses the appropriate channels and procedures for reporting a potential conflict, who will be involved in the discussion of the issue and the potential conflict, and who will decide how to deal with the reported conflict.
CEO executive director top management comp Part VI line 15aIn determining the presidents salary and compensation package, the EFC Board of Directors periodically examines comparative data of organizations in the greater Washington, DC area that are similarly structured, sized, and purposed. The Board also annually reviews the presidents performance based on established criteria of success, and provides an annual review of, and adjustment of, the presidents base salary as well as any potential performance-based bonus awards. In 2023, EFC retained the services of a compensation consultant to perform a comparative analysis of the presidents salary and provide recommendations to the Board of Directors.
Other officer or key employee compensation Part VI line 15bThe president determines employee compensation based on performance reviews and comparative data. The Board reviews and approves the compensation and benefits package through the budgeting process. In 2023, EFC retained the services of a compensation consultant to perform a comparative analysis of employee salaries and provide the president and the Board of Directors with recommendations. In addition, in September 2022, the EFC Board of Directors approved a revised Annual Employee Bonus Plan (Plan), that is designed to provide an effective means to motivate and compensate eligible employees, on an annual basis, through cash award bonuses based on the achievement of business performance objectives within the fiscal year. The compensation contemplated under this Plan is considered payment for success in that any payout under the Plan is subject to the achievement of specific performance goals by EFC staff. The Plan is intended to be EFCs primary vehicle for the granting of bonuses. However, EFCs Board of Directors may, in certain limited circumstances, grant bonuses outside of this program, at is sole discretion.
Governing documents etc available to public Part VI line 19EFC has a Corporate Governance Manual that contains all of the organizations policies and procedures including those covering conflicts of interest. This manual as well as the Form 990, the EFC Financial Review, and the in-house quarterly financial statements are available on the EFC website for voting members, directors, and staff to access and review. The EFC Corporate Governance Manual and the EFC financials are available upon request to affiliate members but are not available to the public. The Form 990 is available to the public upon request.
List of other fees for services expenses Part IX line 11gGovernment Relations Firm: $133,940Research: $10,000Other Consultants: $4,635
General explanation attachmentMission Statement: Education Finance Council supports state-based and nonprofit members public purpose mission to expand access to postsecondary education and training, facilitate student success, assist students and families in identifying their best sources of education funding, assist individuals with connecting postsecondary education and career outcomes, encourage responsible borrowing, and advocate for and with individuals in support of successful management of their postsecondary education financing.

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