2022-08-09T18:00:39-05:00 2021-09-30 390859910 BAKER TILLY US LLP 15760 VENTURA BLVD SUITE 1100 ENCINO CA 91436 990 2020-10-01 521509402 EDUCAP INC EDUC 7036744718 45610 WOODLAND ROAD NO 440 STERLING VA 20166 MATTHEW MURRAY CHIEF FINANCIAL OFFICER 7036744718 2022-08-08 1 MATTHEW MURRAY XXX-XX-XXXX SHASHI MIRPURI P00874030 8189812600 2022-08-08 X 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z CATHERINE B REYNOLDS FOUNDATION CATHERINE B REYNOLDS 45610 WOODLAND ROAD NO 440 STERLING VA 20166 4047763 0 X WWW.EDUCAP.ORG X 1986 MD SEE PART III, LINES 1, 4A AND 4B. 5 3 10 0 -12643 0 0 0 4058210 2998350 618344 995051 243755 54362 4920309 4047763 4095157 1821694 0 0 2571395 2433254 0 0 0 2973737 2227977 9640289 6482925 -4719980 -2435162 86275715 80424876 37515486 29044009 48760229 51380867 X TO HELP STUDENTS GAIN ACCESS TO FUNDS TO PAY FOR COLLEGE COSTS AND TO SUPPORT A VARIETY OF PHILANTHROPIC PROGRAMS. 0 0 3558659 2998350 1. TO RECEIVE AND ADMINISTER FUNDS FOR RELIGIOUS, SCIENTIFIC, EDUCATIONAL, AND CHARITABLE PURPOSES WITHIN THE MEANING OF SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE OF 1986, AS THE SAME MAY BE AMENDED FROM TIME TO TIME ("THE CODE").2. TO CARRY ON A VARIETY OF PROGRAMS RELATING TO, AMONG OTHER THINGS, THE LENDING OF FUNDS TO OR FOR THE BENEFIT OF STUDENTS, FACULTY AND STAFF OF EDUCATIONAL INSTITUTIONS AND OTHERS FOR EDUCATIONAL PURPOSES, INCLUDING SERVICING AND ADMINISTERING STUDENT LOAN PORTFOLIOS.3. TO ADMINISTER PROGRAMS WHEREBY OTHER GOVERNMENTAL OR NONGOVERNMENTAL ENTITIES LEND FUNDS TO OR FOR THE BENEFIT OF, AMONG OTHERS, STUDENTS, FACULTY AND STAFF OF EDUCATIONAL INSTITUTIONS AND NON-PROFIT INSTITUTIONS, IN FURTHERANCE OF RELIGIOUS, SCIENTIFIC, EDUCATIONAL OR CHARITABLE PURPOSES.4. TO DO ANY OTHER ACT OR THING INCIDENTAL TO OR CONNECTED WITH THE FOREGOING PURPOSES OR IN ADVANCEMENT THEREOF.EXEMPT PURPOSE ACHIEVEMENTS:A. EDUCAP INC. HAS PROVIDED OVER $2,500,000,000 IN EDUCATIONAL LOANS TO OVER 350,000 AMERICANS. THESE FUNDS HAVE ALLOWED THESE INDIVIDUALS THE OPPORTUNITY TO FURTHER THEIR EDUCATION AND MEET THE RISING COST OF OBTAINING A HIGHER EDUCATION.TODAY, EDUCAP INC. ADMINISTERS MULTIPLE LOAN PROGRAMS AND SERVICES APPROXIMATELY $89,306,527 IN EDUCATIONAL LOANS FOR OVER 9,727 STUDENTS.IN ORDER TO RECEIVE A LOAN, THE STUDENT MUST BE ACCEPTED FOR ENROLLMENT FULL TIME OR PART TIME IN AN ACCREDITED COLLEGE, UNIVERSITY OR PRIVATE SECONDARY SCHOOL APPROVED BY EDUCAP INC. FOR THE LOAN PROGRAM UNDER WHICH THE APPLICATION IS BEING MADE.THE BORROWER OR COSIGNER MUST:BE CREDITWORTHY AND BE A U.S. CITIZEN OR PERMANENT RESIDENT ALIEN OR HAVE A CREDITWORTHY COSIGNER WHO IS A U.S. CITIZEN OR PERMANENT RESIDENT ALIEN.BE 18 YEARS OF AGE OR OLDER AT THE TIME OF APPLICATION (19 IN ALABAMA AND NEBRASKA, 21 IN MISSISSIPPI AND PUERTO RICO).HAVE NO ADVERSE PUBLIC RECORDS (E.G., COLLECTIONS, TAX LIENS, ETC.) ON THEIR CREDIT REPORTS.HAVE AN ACCEPTABLE BANKRUPTCY SCORE ASSIGNED BY A CREDIT REPORTING AGENCY.HAVE AN ACCEPTABLE CREDIT SCORE (AS DETERMINED BY EDUCAP INC.'S CREDIT SCORING MODEL) FOR THE LOAN PROGRAM UNDER WHICH THE APPLICATION IS BEING MADE.HAVE NEVER DEFAULTED ON A STUDENT LOAN.SUBMIT INCOME VERIFICATION DOCUMENTS.MAXIMUM LOAN AMOUNTS ARE BASED ON:SCHOOL COSTSINCOME AND DEBT TO INCOME RATIO 1821694 1821694 TO MAKE GRANTS TO OTHER 501(C)(3) ORGANIZATIONS IN FURTHERANCE OF ITS MISSION, FOCUSED UPON FOSTERING AN EDUCATED CITIZENRY THROUGH SUPPORT OF EDUCATION, THE ARTS, RESEARCH AND A VARIETY OF OTHER CHARITABLE AND EDUCATIONAL ACTIVITIES.DURING ITS FISCAL YEAR ENDING SEPTEMBER 30, 2021, EDUCAP INC. HAS MADE GRANTS TOTALING $1,821,694 AND HAS PAID OUT $1,660,000 IN CASH CONTRIBUTIONS TO 12 DIFFERENT CHARITABLE ORGANIZATIONS EXEMPT FROM FEDERAL INCOME TAXATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. 5380353 1 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 1 1 0 0 0 0 1 0 0 0 0 1 66 0 1 10 1 0 1 CJ 0 0 0 0 0 0 0 0 0 0 X 5 3 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X EDUCAP INC 7036744718 45610 WOODLAND RD SUITE 440 STERLING VA 20166 CATHERINE REYNOLDS CHAIRMAN OF THE BOARD & CE 40.00 X X 767264 0 51364 WAYNE REYNOLDS DIRECTOR 2.00 X 0 0 0 JOSEPH RALSTON DIRECTOR 2.00 X 0 0 0 STEPHEN GLOVER DIRECTOR 2.00 X 0 0 0 MARGERY KRAUS DIRECTOR 2.00 X 0 0 0 MATTHEW MURRAY CHIEF FINANCIAL OFFICER 40.00 X 437966 0 51896 PATRICIA JEAVONS CONTROLLER 40.00 X 187028 0 30388 MARCUS MAIORCA VICE PRESIDENT OF PORTFOLI 40.00 X 158596 0 28946 VANESSA MOORE EXECUTIVE ASSISTANT TO CHA 40.00 X 143301 0 18657 ETHEL TERRADO-LOWE DIRECTOR OF NEW MEDIA & DE 40.00 X 157726 0 8091 ZABRINA SHEPHERD DIRECTOR, LEGAL 40.00 X 107610 0 16504 1959491 0 205846 7 0 1 0 NELNET 121 SOUTH 13TH STREET SUITE 201 LINCOLN NE 68508 PROCESSING SERVICES 328617 1 INTEREST ON LOANS 525990 2998350 2998350 2998350 995051 -12643 1007694 REIMBURSED EXPENSES 541900 54362 54362 54362 4047763 2998350 -12643 1062056 1821694 1821694 1398260 1118608 279652 641473 398114 243359 79037 49052 29985 217122 134751 82371 97362 60425 36937 137008 114981 22027 78569 48762 29807 140084 140084 37867 29064 8803 56018 34766 21252 93213 57850 35363 132463 82210 50253 61285 38035 23250 153096 153096 4942 3067 1875 212852 132101 80751 COLLECTION FEES 626130 626130 SERVICING FEES 456159 456159 PROGRAM SUPPORT 20140 20140 OTHER EXPENSES 18151 1348 16803 6482925 5380353 1102572 0 970 970 5931005 4669129 37013 2535 54283060 44062822 111350 116389 660448 333378 322379 327070 17716159 22965761 7873779 8280200 86275715 80424876 524744 523351 239186 399880 36504293 27873515 247263 247263 37515486 29044009 X 48760229 51380867 48760229 51380867 86275715 80424876 -2435162 5055800 0 X X 0 1 X 1 0 X 10418983 6175070 5755787 4058210 2998350 29406400 10418983 6175070 5755787 4058210 2998350 29406400 0 0 0 29406400 183033 518965 623574 597881 608179 2531632 183033 518965 623574 597881 608179 2531632 37942 5020 8439 56432 -12643 95190 167590 250409 216771 243755 54362 932887 10807548 6949464 6604571 4956278 3648248 32966109 0.89200 0.92590 0.07680 0.04540 X SCHEDULE A, PART III, LINE 12, EXPLANATION OF OTHER INCOME: REIMBURSED EXPENSES - 2016 AMOUNT: $ 167,590. 2017 AMOUNT: $ 250,409. 2018 AMOUNT: $ 216,771. 2019 AMOUNT: $ 243,755. 2020 AMOUNT: $ 54,362. 51725 48771 2954 510351 186235 324116 98372 98372 0 327070 ABSOLUTE RETURN 2085946 F HEDGED EQUITY 4264188 F PRIVATE EQUITY LPS 1839016 F REAL ESTATE LP 91050 F 8280200 X 9049201 5055800 5055800 3993401 54362 54362 4047763 6428563 0 6428563 54362 54362 6482925 PART X, LINE 2: EDUCAP INC. IS EXEMPT FROM FEDERAL AND STATE INCOME TAX UNDER THE PROVISIONS OF IRC SECTION 501(C)(3), HOWEVER, ACCOUNTING PRINCIPLES GENERALLY ACCEPTED IN THE UNITED STATES OF AMERICA REQUIRE MANAGEMENT TO EVALUATE TAX POSITIONS TAKEN AND RECOGNIZE A TAX LIABILITY (OR ASSET) IF THE ORGANIZATION HAS TAKEN AN UNCERTAIN POSITION THAT MORE LIKELY THAN NOT WOULD NOT BE SUSTAINED UPON EXAMINATION BY THE INTERNAL REVENUE SERVICE ("IRS"). MANAGEMENT HAS ANALYZED THE TAX POSITIONS TAKEN BY EDUCAP INC., AND HAS CONCLUDED AS OF SEPTEMBER 30, 2021 AND 2020, THERE ARE NO POSITIONS TAKEN OR EXPECTED TO BE TAKEN THAT WOULD REQUIRE RECOGNITION OF THE LIABILITY (OR ASSET) OR DISCLOSURE IN THE FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: MISCELLANEOUS INCOME TREATED AS CONTRA EXPENSE ON FINANCIAL STATMENTS 54,362. PART XII, LINE 4B - OTHER ADJUSTMENTS: MISCELLANEOUS INCOME TREATED AS CONTRA EXPENSE ON FINANCIAL STATMENTS 54,362. 1 ALASKA AVIATION HERITAGE MUSEUM 4721 AIRCRAFT DRIVE ANCHORAGE AK 99502 920071852 501(C)(3) 10000 GENERAL SUPPORT AMERICAN ACADEMY OF ACHIEVEMENT 1222 16TH STREET NW WASHINGTON DC 20036 756042129 501(C)(3) 1350000 GENERAL SUPPORT CENTRO NIA 1420 COLUMBIA ROAD NW WASHINGTON DC 20009 251689720 501(C)(3) 10000 GENERAL SUPPORT CLOSE UP FOUNDATION 1330 BRADDOCK PLACE SUITE 400 ALEXANDRIA VA 22314 237122882 501(C)(3) 5000 GENERAL SUPPORT ISLAND CONSERVATION - GOLAPAGOS ISLAND RELIEF FUND 2100 DELAWARE AVE SUITE 1 SANTA CRUZ CA 95060 911839907 501(C)(3) 5000 GENERAL SUPPORT JOHN F KENNEDY CENTER FOR THE PERFORMING ARTS 2700 F STREET NW WASHINGTON DC 20566 530245017 501(C)(3) 120000 GENERAL SUPPORT LIBRARY OF CONGRESS 101 INDEPENDENCE AVE SE WASHINGTON DC 20540 536002532 GOV'T ENTITY 25000 GENERAL SUPPORT NEW YORK UNIVERSITY 726 BROADWAY 2ND FLOOR NEW YORK NY 10003 135562308 501(C)(3) 10000 GENERAL SUPPORT OAKWOOD SERVICES INTERNATIONAL 7210 BRADDOCK ROAD ANNANDALE VA 22003 540898129 501(C)(3) 5000 GENERAL SUPPORT THE BOARD OF TRUSTEES OF THE LELAND STANFORD JUNIOR UNIVERSITY 326 GALVEZ STREET STANFORD CA 94305 941156365 501(C)(3) 100000 GENERAL SUPPORT THE WASHINGTON BALLET 3515 WISCONSIN AVE NW WASHINGTON DC 20016 520846173 501(C)(3) 15000 GENERAL SUPPORT WASHINGTON PERFORMING ARTS SOCIETY 1400 K STREET SUITE 500 WASHINGTON DC 20005 526062439 501(C)(3) 5000 GENERAL SUPPORT 12 PART I, LINE 2: EDUCAP INC. MONITORS THE USE OF FUNDS IT GRANTS TO OTHER NON-PROFIT ORGANIZATIONS IN A VARIETY OF WAYS, INCLUDING FIRST-HAND MONITORING, BOARD AFFILIATIONS, AND REPUTATIONAL AND OTHER FEEDBACK. X 1 1 X X X X X X 0 0 0 0 0 0 0 0 0 CATHERINE REYNOLDS CHAIRMAN OF THE BOARD & CE 569000 0 180000 0 18264 0 26000 0 25364 0 818628 0 0 0 MATTHEW MURRAY CHIEF FINANCIAL OFFICER 294000 0 125000 0 18966 0 14700 0 37196 0 489862 0 0 0 PATRICIA JEAVONS CONTROLLER 170000 0 15000 0 2028 0 8500 0 21888 0 217416 0 0 0 MARCUS MAIORCA VICE PRESIDENT OF PORTFOLI 148000 0 10000 0 596 0 7400 0 21546 0 187542 0 0 0 ETHEL TERRADO-LOWE DIRECTOR OF NEW MEDIA & DE 152400 0 5000 0 326 0 7620 0 471 0 165817 0 0 0 VANESSA MOORE EXECUTIVE ASSISTANT TO CHA 140000 0 3000 0 301 0 7000 0 11657 0 161958 0 0 0 PART I, LINE 1A EDUCAP INC. PROVIDES FIRST CLASS TRAVEL FOR ITS SENIOR EXECUTIVES WHEN APPROPRIATE PURSUANT TO EDUCAP INC.'S TRAVEL POLICY. WAYNE REYNOLDS THE AMERICAN ACADEMY OF ACHIEVEMENT'S PRESIDENT & CHAIRMAN IS MR. REYNOLDS 1350000 GRANTS ARE PROVIDED FROM EDUCAP INC. TO THE AMERICAN ACADEMY OF ACHIEVEMENT. 0 WAYNE REYNOLDS THE AMERICAN ACADEMY OF ACHIEVEMENT'S PRESIDENT & CHAIRMAN IS MR. REYNOLDS 79946 OFFICE RENT IS PAID BY EDUCAP INC. TO THE AMERICAN ACADEMY OF ACHIEVEMENT FOR OFFICE SPACE LEASED TO EDUCAP INC. 0 WAYNE REYNOLDS THE AMERICAN ACADEMY OF ACHIEVEMENT'S PRESIDENT & CHAIRMAN IS MR. REYNOLDS 54362 ACCOUNTING AND ADMINISTRATIVE SERVICES ARE PROVIDED BY EDUCAP INC. TO THE AMERICAN ACADEMY OF ACHIEVEMENT. 0 FORM 990, PART VI, SECTION A, LINE 2 CATHERINE REYNOLDS AND WAYNE REYNOLDS, FAMILY RELATIONSHIP. FORM 990, PART VI, SECTION B, LINE 11B EDUCAP INC.'S FORM 990 REVIEW POLICY IS AS FOLLOWS: 1. EDUCAP INC. PROVIDES ITS BOARD OF DIRECTORS WITH EDUCAP INC.'S FORM 990 EACH YEAR PRIOR TO FILING THE FORM 990 WITH THE IRS. 2. THE AUDIT COMMITTEE OR A SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS AND APPROVES THE FORM 990 PRIOR TO ITS FILING WITH THE IRS. TO ASSIST THE AUDIT COMMITTEE OR A SPECIAL COMMITTEE WITH ITS REVIEW OF THE FORM 990, THE AUDIT COMMITTEE OR A SPECIAL COMMITTEE MAY, AMONG OTHER THINGS, SPEAK WITH THE ACCOUNTANT WHO PREPARED THE FORM 990 AND COUNSEL WHO REVIEWED THE FORM 990. FORM 990, PART VI, SECTION B, LINE 12C MONITORING, COMPLIANCE ENFORCEMENT, AND PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST MONITORING AND COMPLIANCE ENFORCEMENT - EACH DIRECTOR, PRINCIPAL OFFICER, KEY EMPLOYEE, AND MEMBER OF A COMMITTEE WITH BOARD-DELEGATED POWERS SHALL ANNUALLY SIGN A STATEMENT WHICH AFFIRMS THAT SUCH PERSON: A. HAS RECEIVED A COPY OF THE CONFLICTS OF INTEREST POLICY. B. HAS READ AND UNDERSTANDS THE POLICY. C. HAS AGREED TO COMPLY WITH THE POLICY. D. UNDERSTANDS THAT EDUCAP INC. IS A TAX-EXEMPT ORGANIZATION AND IN ORDER TO MAINTAIN ITS FEDERAL TAX EXEMPTION, IT MUST ENGAGE IN PRIMARILY ACTIVITIES THAT ACCOMPLISH ONE OR MORE OF ITS TAX-EXEMPT PURPOSES. TO ENSURE THAT EDUCAP OPERATES IN A MANNER CONSISTENT WITH TAX-EXEMPT PURPOSES AND DOES NOT ENGAGE IN ACTIVITIES THAT COULD JEOPARDIZE ITS TAX-EXEMPT STATUS, PERIODIC REVIEWS SHALL BE CONDUCTED. THE PERIODIC REVIEWS SHALL, AT A MINIMUM, INCLUDE THE FOLLOWING SUBJECTS: A. WHETHER COMPENSATION ARRANGEMENTS AND BENEFITS ARE REASONABLE, BASED ON COMPETENT SURVEY INFORMATION, AND THE RESULT OF ARM'S LENGTH BARGAINING. B. WHETHER PARTNERSHIPS, JOINT VENTURES, AND ARRANGEMENTS WITH MANAGEMENT ORGANIZATIONS CONFORM TO EDUCAP INC.'S WRITTEN POLICIES, ARE PROPERLY RECORDED, REFLECT REASONABLE INVESTMENT OR PAYMENTS FOR GOODS AND SERVICES, FURTHER TAX-EXEMPT PURPOSES AND DO NOT RESULT IN INUREMENT, IMPERMISSIBLE PRIVATE BENEFIT OR IN AN EXCESS BENEFIT TRANSACTION. PROCEDURES FOR ADDRESSING THE CONFLICT OF INTEREST: A. AN INTERESTED PERSON MAY MAKE A PRESENTATION AT THE BOARD OR COMMITTEE MEETING, BUT AFTER THE PRESENTATION, HE/SHE SHALL LEAVE THE MEETING DURING THE DISCUSSION OF, AND THE VOTE ON, THE TRANSACTION OR ARRANGEMENT INVOLVING THE POSSIBLE CONFLICT OF INTEREST. B. THE CHAIRPERSON OF THE BOARD OR COMMITTEE SHALL, IF APPROPRIATE, APPOINT A DISINTERESTED PERSON OR COMMITTEE TO INVESTIGATE ALTERNATIVES TO THE PROPOSED TRANSACTION OR ARRANGEMENT. C. AFTER EXERCISING DUE DILIGENCE, THE BOARD OR COMMITTEE SHALL DETERMINE WHETHER EDUCAP CAN OBTAIN WITH REASONABLE EFFORTS A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT FROM A PERSON OR ENTITY THAT WOULD NOT GIVE RISE TO A CONFLICT OF INTEREST. D. IF A MORE ADVANTAGEOUS TRANSACTION OR ARRANGEMENT IS NOT REASONABLY POSSIBLE UNDER CIRCUMSTANCES NOT PRODUCING A CONFLICT OF INTEREST, THE BOARD OR COMMITTEE SHALL DETERMINE BY A MAJORITY VOTE OF THE DISINTERESTED DIRECTORS WHETHER THE TRANSACTION OR ARRANGEMENT IS IN EDUCAP'S BEST INTEREST, FOR ITS OWN BENEFIT, AND WHETHER IT IS FAIR AND REASONABLE. IN CONFORMITY WITH THE ABOVE DETERMINATION IT SHALL MAKE ITS DECISION AS TO WHETHER TO ENTER INTO THE TRANSACTION OR ARRANGEMENT. VIOLATIONS OF THE CONFLICTS OF INTEREST POLICY A. IF THE BOARD OR COMMITTEE HAS REASONABLE CAUSE TO BELIEVE THAT A BOARD MEMBER HAS FAILED TO DISCLOSE ACTUAL OR POSSIBLE CONFLICTS OF INTEREST, IT SHALL INFORM THE BOARD MEMBER OF THE BASIS FOR SUCH BELIEF AND AFFORD THE BOARD MEMBER AN OPPORTUNITY TO EXPLAIN THE ALLEGED FAILURE TO DISCLOSE. B. IF, AFTER HEARING THE BOARD MEMBER'S RESPONSE AND AFTER MAKING FURTHER INVESTIGATION AS WARRANTED BY THE CIRCUMSTANCES, THE BOARD OR COMMITTEE DETERMINES THE BOARD MEMBER HAS FAILED TO DISCLOSE AN ACTUAL OR POSSIBLE CONFLICT OF INTEREST, IT SHALL TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION FOR OFFICERS IS APPROVED ANNUALLY BY THE SPECIAL COMMITTEE OF THE BOARD OF DIRECTORS, COMPRISED OF INDEPENDENT BOARD MEMBERS. ADDITIONALLY, THE SPECIAL COMMITTEE MEMBERS UTILIZE THE EXPERTISE OF AN INDEPENDENT COMPENSATION EXPERT WHO MEETS WITH THE SPECIAL COMMITTEE MEMBERS AND PROVIDES AND REVIEWS A COMPENSATION COMPARABILITY REPORT, IN ACCORDANCE WITH BEST PRACTICES OUTLINED BY THE INTERNAL REVENUE SERVICE. FORM 990, PART VI, SECTION C, LINE 19 TO THE EXTENT REQUIRED BY LAW, THE FORM 990 AND FINANCIAL STATEMENTS ARE AVAILABLE BY REQUEST. FORM 990, PART XII, LINE 2C EDUCAP INC. HAS AN AUDIT COMMITTEE, COMPRISED OF INDEPENDENT BOARD MEMBERS, THAT ASSUMES OVERSIGHT OF THE AUDIT. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR FISCAL YEAR. FORM 990, PART I, DOING BUSINESS AS: EDUCAP INC. ALSO DOES BUSINESS USING THE NAME LOAN TO LEARN. FORM 990, PART X, LINE 7 STUDENT LOANS RECEIVABLE AS OF SEPTEMBER 30, 2021, CONSISTED OF THE FOLLOWING: STUDENT LOAN PRINCIPAL RECEIVABLE 89,306,527 DEFERRED LOAN ORIGINATION INCOME -1,265,644 ------------ 88,040,883 LESS: ALLOWANCE FOR LOAN LOSSES -44,182,733 ------------ 43,858,150 STUDENT LOAN INTEREST RECEIVABLE 219,942 LESS: ALLOWANCE FOR UNCOLLECTABLE INTEREST -15,270 ------------ STUDENT LOANS RECEIVABLE 44,062,822 ============ FORM 990, PART X, LINE 23 EDUCATION LOAN NOTES PAYABLE AS OF SEPTEMBER 30, 2021, CONSISTED OF THE FOLLOWING: SENIOR NOTES: SERIES 2006 AB, DUE 2031 28,332,150 LESS: ORIGINAL ISSUE DISCOUNT -38,297 LESS: DEBT ISSUANCE COSTS -420,388 ------------ TOTAL EDUCATION LOAN NOTES PAYABLE 27,873,515 ============ L2L EDUCATION LOAN TRUST 2006-1 45610 WOODLAND ROAD SUITE 440 STERLING VA 20166 026182050 FINANCING THE PURCHASE OF STUDENT LOANS VA 2034829 72184125 EDUCAP INC L2L EDUCATION LOAN FUNDING LLC 45610 WOODLAND ROAD SUITE 440 STERLING VA 20166 205944194 FINANCING THE PURCHASE OF STUDENT LOANS VA -124345 EDUCAP INC