2023-11-06T14:14:06-06:00 2022-12-31 BDO USA 421 Fayetteville Street Suite 300 Raleigh NC 27601 990 2022-01-01 621586836 EDUCATION LOAN FINANCE INC % BILL THOMPSON EDUC 8658243051 12700 KINGSTON PIKE KNOXVILLE TN 37934 BILL THOMPSON CFO 8658243051 2023-10-27 true BILL THOMPSON 999009999 SANDRA L FEINSMITH P01064157 9192781936 2023-10-26 2 2022 2023-04-26 12:10:37Z John Arnold Jr 12700 KINGSTON PIKE KNOXVILLE TN 37934 139396971 false X HTTPS://CORP.ELFI.COM X 1994 TN PROVIDES FUNDING FOR EDUCATIONAL LOANS AND PROVIDES FUNDING FOR EDUCATION PROGRAMS; FINANCIAL LITERACY; AND GRANTS FOR SCHOLARSHIPS. 8 6 35 0 0 0 124686675 4501937 75297370 103519052 10694008 19194655 16556704 12181327 227234757 139396971 252000 2000 0 0 4953870 4555560 0 0 0 74719826 98312087 79925696 102869647 147309061 36527324 2281627256 2133641824 1718335449 1518667506 563291807 614974318 PROVIDES FUNDING FOR EDUCATIONAL LOANS AND PROVIDES FUNDING FOR EDUCATION PROGRAMS; FINANCIAL LITERACY; AND GRANTS FOR SCHOLARSHIPS. false false 98802072 0 110456935 ELFI, INC. IS A FULLY OPERATING CHARITABLE ORGANIZATION THAT PROVIDES LIQUIDITY FOR POST-SECONDARY STUDENT LOANS. 63810 0 0 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. 2000 2000 0 THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES. 0 0 0 98867882 true true false false false false false false false false true true false false false true false true false false false false false false false false false false false true false false false true false false false false true false false false true true true true false false true 28 0 true 35 true false false false false false false false false false false true false X 8 6 false false false false false false false true true false false true true true true true true true true false X BILL THOMPSON 8658243051 12700 KINGSTON PIKE Knoxville TN 37934 X John Arnold President/CEO 24.0 16.0 X X 1162661 967694 2527 Bill Thompson EVP/CFO 18.0 22.0 X X 466638 514310 2527 Barbara Thomas Chief Operations Officer 16.0 24.0 X 371700 570929 8417 Michael O'Donnell Executive Vice President 16.0 24.0 X 271020 413014 2527 Jeff Gibbs Chief Information Officer 4.0 36.0 X 80365 439465 17777 Eric Stewart Chief Accounting Officer 40.0 0.0 X 302141 0 16360 Wayne Hood General Counsel 6.0 34.0 X 25171 196182 12192 Joseph Littleton Chief Info. Security Officer 19.2 20.8 X 89618 95168 10677 Eva Todd Chief Human Resources Officer 6.0 34.0 X 36012 146490 10279 Brent Starling Managing Director 40.0 0.0 X 183079 0 4465 Jason Bolin Controller 40.0 0.0 X 165495 0 9680 David Burgett Systems Engineer 8.0 32.0 X 36921 118060 9218 Leroy Taylor Systems Admin 8.0 32.0 X 30198 116757 6794 Steven Fisher Systems Admin 10.0 30.0 X 32767 101307 5923 Robert Rosenbaum DIRECTOR 1.0 0.0 X 70000 0 0 Christopher Simmons DIRECTOR 1.0 0.0 X 63000 0 0 Leo Cooper DIRECTOR 1.0 0.0 X 63000 0 0 Dwight Kessel DIRECTOR 1.0 0.0 X 63000 0 0 Thomas Schumpert DIRECTOR 1.0 0.0 X 63000 0 0 Stephen Clark DIRECTOR 1.0 0.0 X 63000 0 0 3638786 3679376 119363 15 false true false American Education Services PO Box 64849 BALTIMORE MD 21264 Loan Servicing 3608128 BMO Capital Markets Corp 115 S LaSalle Street 37th Floor We CHICAGO IL 60603 U/W and LOC Ser. 1200150 Bright Futures Financial 5100 78th Avenue N Suite 1 PINELLAS PARK FL 33781 Loan Conso. Services 827582 BDO USA LLP PO Box 642743 PITTSBURG PA 15264 Audit/Tax prep Serv. 694180 CITIGROUP 388 Greenwich Street NEW YORK NY 10013 Banking/Financial 416850 19 4501937 4501937 4501937 INTEREST & FEES ON STUDENT LOANS 522200 103519052 103519052 103519052 19194655 0 19194655 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS INCOME 900099 5243444 5243444 ADMINISTRATION FEES 900099 4469731 4469731 LOAN SERVICING FEES 900099 2468152 2468152 12181327 139396971 110456935 0 24438099 2000 2000 0 0 0 2805327 2188155 617172 0 1024650 799227 225423 103729 103729 412274 412274 209580 209580 793878 183433 610445 65165 65165 723989 723989 0 0 0 0 9498 9498 106358 106358 576387 576387 0 709119 709119 8505 6634 1871 0 4050 4050 69412589 69412589 0 355672 355672 194103 194103 LOAN SERVICING AND ADMIN FEES 19569482 19569482 RELATED PARTY ACTIVITY 5252577 5252577 TRUSTEE FEES 294864 294864 OTHER EXPENSES 235851 90080 145771 102869647 98867882 4001765 0 48642345 49721125 100931098 77960459 0 0 1844189922 1697773900 22478873 22638473 0 0 0 0 0 0 163272 244967 3278230 1599577 1945304 1678653 0 0 197302601 221549407 0 0 0 0 65973841 62074840 2281627256 2133641824 35433536 24899443 0 0 0 0 0 0 0 0 0 0 1682901913 1493768063 0 0 0 0 1718335449 1518667506 X 563291807 614974318 0 0 563291807 614974318 2281627256 2133641824 X 36527324 15155187 X false true X true true true X 0 0 0 124686675 4501937 129188612 95615417 84801552 65544138 75297370 103519052 424777529 0 0 0 95615417 84801552 65544138 199984045 108020989 553966141 0 0 0 553966141 10734058 14182303 7697183 10694008 19194655 62502207 0 10734058 14182303 7697183 10694008 19194655 62502207 0 7015567 18831708 15093402 16556704 12181327 69678708 113365042 117815563 88334723 227234757 139396971 686147056 0.80736 0.81869 0.09109 0.07752 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 27492 27492 0 3250738 1572085 1678653 1678653 INVESTMENT IN SOUTHEAST BANCOR 221549407 F 221549407 0 0 X SCHEDULE D, PART X, LINE 2: ACCOUNTING STANDARDS CODIFICATION ("ASC") 740 (FORMERLY FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") ISSUED INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES-AN INTERPRETATION OF FASB STATEMENT NO. 109) WAS ADOPTED BY THE COMPANY AS OF JANUARY 1, 2009. THIS INTERPRETATION CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS IN ACCORDANCE PRIMARILY WITH ASC 740. UNDER ASC 740, THE IMPACT OF AN UNCERTAIN INCOME TAX POSITION ON THE INCOME TAX RETURNS MUST BE RECOGNIZED AT THE LARGEST AMOUNT THAT IS MORE-LIKELY-THAN-NOT TO BE REQUIRED TO BE RECOGNIZED UPON AUDIT BY THE RELEVANT TAXING AUTHORITY. ASC 740 ALSO PROVIDES GUIDANCE ON DE-RECOGNITION, MEASUREMENT, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING FOR INTERIM PERIODS, AND DISCLOSURE AND TRANSITION ISSUES WITH RESPECT TO TAX POSITIONS. THE COMPANY DID NOT HAVE ANY SIGNIFICANT UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2022 AND 2021. X true true X X X X false false false false false false false false false John Arnold President/CEO 570001 380000 575000 575000 17660 12694 0 0 2527 0 1165188 967694 0 0 Bill Thompson EVP/CFO 298924 347461 154000 154000 13714 12849 0 0 2527 0 469165 514310 0 0 Jeff Gibbs Chief Information Officer 60192 310740 13500 121500 6673 7225 3273 11977 2527 0 86165 451442 0 0 Wayne Hood General Counsel 24902 168799 0 22000 269 5383 1245 9540 621 786 27037 206508 0 0 Joseph Littleton Chief Info. Security Officer 78247 84768 9600 10400 1771 0 3912 4238 2527 0 96057 99406 0 0 Michael O'Donnell Executive Vice President 171020 256530 100000 150000 0 6484 0 0 0 2527 271020 415541 0 0 Barbara Thomas Chief Operations Officer 246900 370351 124800 187200 0 13378 0 5890 0 2527 371700 579346 0 0 Eva Todd Chief Human Resources Officer 31274 125240 3750 21250 988 0 1564 6262 2453 0 40029 152752 0 0 Leroy Taylor Systems Admin 25189 100757 4500 16000 509 0 1284 5038 472 0 31954 121795 0 0 David Burgett Systems Engineer 31765 102060 4000 16000 1156 0 1588 5103 2527 0 41036 123163 0 0 Eric Stewart Chief Accounting Officer 253989 0 35000 0 13152 0 13888 0 2472 0 318501 0 0 0 Jason Bolin Controller 140548 0 24000 0 947 0 8227 0 1453 0 175175 0 0 0 Brent Starling Managing Director 156512 0 26000 0 567 0 1938 0 2527 0 187544 0 0 0 JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 410988 427586 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 706255 734777 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 482757 502254 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 3656585 3712479 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 4103197 4165918 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 6000128 6091845 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 5748789 5751755 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 380454 380651 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 51835 51862 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 480812 481062 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 338109 338284 false true true 22638473 X CONVEYANCE INC 1 4501937 Book Value false false false FORM 990, PART VI, SECTION B, LINE 11B: THE FORM 990 IS REVIEWED BY THE CFO AND CEO OF ELFI, INC. PRIOR TO BEING FILED WITH THE IRS, AND A FINAL COPY OF THE 990 IS MADE AVAILABLE TO EACH BOARD MEMBER PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C: ALL EMPLOYEES ARE REQUIRED TO SIGN A CONFLICT-OF-INTEREST STATEMENT EACH YEAR STATING THAT THERE ARE NO DUTIES OR RESPONSIBILITIES THAT ARE MUTUALLY INCOMPATIBLE OR THAT THERE ARE NO DIRECT OR INDIRECT FINANCIAL INTERESTS. IF A POTENTIAL ACTIVITY IS IN QUESTION OR AN EMPLOYEE IN DOUBT, THEY SHOULD DISCUSS WITH THEIR DEPARTMENT MANAGER, THE PRESIDENT OR CHAIRMAN OF THE BOARD. IF THE BOARD OF DIRECTORS HAS REASONABLE CAUSE TO BELIEVE THAT A DIRECTOR, OFFICER, OR AN EMPLOYEE HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL INFORM THE DIRECTOR OR OFFICER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE DIRECTOR, OFFICER, OR EMPLOYEE AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. IF IT IS DETERMINED THAT THE DIRECTOR, OFFICER, OR EMPLOYEE HAS IN FACT, FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, THE BOARD OF DIRECTORS SHALL CONSIDER APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. IF A CONFLICT IS FOUND TO EXIST OR IS OTHERWISE DISCLOSED, THE RELEVANT BOARD MEMBER IS PRECLUDED FROM VOTING AND PROHIBITED FROM INFLUENCING THE VOTE ON ANY MATTER TO WHICH THE CONFLICT RELATED. FORM 990, PART VI, SECTION B, LINE 15A & 15B: THE BOARD OF DIRECTORS ESTABLISHES A COMPENSATION COMMITTEE COMPRISED OF INDEPENDENT BOARD MEMBERS AND RETAINS THE SERVICES OF AN INDEPENDENT COMPENSATION CONSULTANT TO DETERMINE THE COMPENSATION OF THE EXECUTIVE OFFICERS. THE COMPENSATION COMMITTEE RECEIVES THE REPORT FROM THE COMPENSATION CONSULTANT AND MEETS WITH THE COMPENSATION CONSULTANT INDEPENDENTLY OF ANY MEMBER OF MANAGEMENT, INCLUDING THE EXECUTIVE OFFICER. THE CHAIRMAN OF THE COMPENSATION COMMITTEE RETAINS INDEPENDENT COUNSEL WITH NATIONAL EXPERIENCE IN EXECUTIVE BENEFITS TO REVIEW THE COMPENSATION REPORT AND CONFER WITH THE INDEPENDENT COMPENSATION CONSULTANT WITH ANY QUESTIONS PRIOR TO SUBMITTING THE COMPENSATION REPORT TO THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE ESTABLISHES THE COMPENSATION FOR THE EXECUTIVE OFFICER BASED ON THIS REPORT. THE CHAIRMAN OF THE COMPENSATION COMMITTEE THEN PROVIDES A REPORT TO THE FULL BOARD OF DIRECTORS AND THE REPORT IS ACCEPTED OR AMENDED BASED ON THE REPORT AND THE EVALUATION OF THE PERFORMANCE OF THE EXECUTIVE OFFICER. EXECUTIVE MANAGEMENT ALSO EVALUATES THE PERFORMANCE OF OTHER OFFICERS AND KEY EMPLOYEES IN CONNECTION WITH MARKET FACTORS TO ADJUST COMPENSATION WHICH IS DETERMINED BASED ON COMPARISON OF THE REGIONAL SALARY LEVELS AND FOLLOWING AN EVALUATION BY THE CEO DURING THE PREVIOUS YEAR. FORM 990, PART VI, SECTION C, LINE 19: ELFI, INC. MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: NON CONTROLLING INTEREST INCOME : $ 8,698,956 COMMON STOCK CONTRIBUTED TO ESOP : $ 3,651,378 CHANGE IN OCI : $ 2,804,853 TOTAL OTHER CHANGES IN NET ASSETS: $15,155,187 Edsouth Indenture No 2 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 5118364 43726934 NA Edsouth Indenture No 3 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 5616206 64438315 NA Edsouth Indenture No 4 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 4931942 73709514 NA Edsouth Indenture No 5 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 2458272 28499091 NA Edsouth Indenture No 6 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 5520245 81802225 NA Edsouth Indenture No 7 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 2994325 38687962 NA Edsouth Indenture No 8 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 4336582 55959060 NA Edsouth Indenture No 9 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 7958617 113187530 NA Edsouth Indenture No 10 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 2570259 27816857 NA ELFI Graduate Loan Program 2018-A LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 1792226 32305063 NA ELFI Graduate Loan Program 2019-A LLC 12700 KINGSTON PIKE Knoxville TN 37934 student loans TN 5309538 92145270 NA ELFI Graduate Loan Program 2020-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 student loans TN 6502107 125306433 NA ELFI Graduate Loan Program 2021-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 10205097 245936891 NA ELFI Graduate Loan Program 2022-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 Student Loans TN 5886031 256489390 NA EFS VOLUNTEER LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 3388623 34475375 NA EFS VOLUNTEER NO 2 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 9300290 109892685 NA EFS VOLUNTEER NO 3 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 8236685 87007184 NA Kingston Pike LLC 12700 KINGSTON PIKE Knoxville TN 37934 STUDENT LOANS TN 953083 0 NA New Gladstone LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 1785410 46485245 NA SouthEast Bancorp Inc 12700 KINGSTON PIKE FARRAGUT TN 37934 262930965 COMMERCIAL BA TN NA C corp 22503556 219608055 0.86380 true SouthEast Bank 12700 KINGSTON PIKE FARRAGUT TN 37934 621859961 BANKING INVES TN SOUTHEAST BANCO C corp 115904385 2303742449 1.00000 true Southeast Bancshares Inc Statutory Tru 12700 KINGSTON PIKE FARRAGUT TN 37934 376417777 BANKING INVES TN SOUTHEAST BANCO C corp 0 0 1.00000 true true false false true false false true true false false true true true false false true true false false Southeast Bank A 150646 ACTUAL Southeast Bank G 137785954 ACTUAL Southeast Bank H 459036612 ACTUAL Southeast Bancorp Inc & Southeast Bank K 485710 ACTUAL Southeast Bank L 105000 ESTIMATION Southeast Bank Q 692183 ACTUAL Southeast Bancorp Inc D 19000000 ACTUAL