2022-11-08T10:22:36-06:00 2021-12-31 BDO USA LLP 1100 PEACHTREE STREET SUITE 700 ATLANTA GA 303094516 990 2021-01-01 621586836 EDUCATION LOAN FINANCE INC % BILL THOMPSON EDUC 8658243051 12700 KINGSTON PIKE KNOXVILLE TN 37934 BILL THOMPSON CFO 8658243051 2022-11-07 true BILL THOMPSON 999009999 SANDRA L FEINSMITH P01064157 4046886841 2022-11-07 2 2021 2022-09-23 18:48:47Z John Arnold Jr 12700 KINGSTON PIKE KNOXVILLE TN 37934 227234757 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 36 0 0 0 0 124686675 65544138 75297370 7697183 10694008 15093402 16556704 88334723 227234757 0 252000 0 0 6170396 4953870 0 0 0 66947978 74719826 73118374 79925696 15216349 147309061 1761111663 2281627256 1353013957 1718335449 408097706 563291807 X PROVIDES FUNDING FOR EDUCATIONAL LOANS AND PROVIDES FUNDING FOR EDUCATION PROGRAMS; FINANCIAL LITERACY; AND GRANTS FOR SCHOLARSHIPS. true true 75568822 100000 82375240 ELFI, INC. IS A FULLY OPERATING CHARITABLE ORGANIZATION THAT PROVIDES LIQUIDITY FOR POST-SECONDARY STUDENT LOANS. 32763 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. 152000 152000 THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES. 75753585 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 true false true false false false true false false false false true false false false true true true true false false true 25 0 true 36 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 1175205 646327 2493 Bill Thompson EVP/CFO 20.0 20.0 X X 471844 469116 2493 Barbara Thomas Chief Operations Officer 16.0 24.0 X 340000 471221 11993 Michael O'Donnell Executive Vice President 16.0 24.0 X 223067 338158 2493 Jeff Gibbs Chief Information Officer 14.0 26.0 X 178521 325147 16993 Eric Stewart Chief Accounting Officer 40.0 0.0 X 294491 0 15353 Wayne Hood General Counsel 14.0 26.0 X 85481 159902 12840 Eva Todd CHRO 14.0 26.0 X 62939 115061 10036 Brent Starling Controller 40.0 0.0 X 167137 0 9723 David Burgett Systems Engineer 14.0 26.0 X 53495 97279 8976 Jason Bolin Controller 40.0 0.0 X 150472 0 8911 Leroy Taylor Systems Admin 8.0 32.0 X 29440 113862 6587 Joseph Littleton ISO/PSO 19.2 20.8 X 67132 71206 8339 Steven Fisher Systems Admin 8.0 32.0 X 26775 103714 5782 Robert Rosenbaum DIRECTOR 1.0 0.0 X 70000 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 Christopher Simmons DIRECTOR 1.0 0.0 X 63000 0 0 3710999 2910993 123012 14 false true false American Education Services PO Box 64849 BALTIMORE MD 21264 Loan Servicing 2903471 Tavant Technologies PO BOX 670407 DALLAS TX 75267 Programming & Devel. 1374850 BMO Capital Markets Corp 115 S LaSalle Street 37th Floor We CHICAGO IL 60603 U/W and LOC Ser. 1195120 Bright Futures Financial 5100 78th Avenue N Suite 1 PINELLAS PARK FL 33781 Loan Conso. Services 893491 BDO USA LLP PO Box 642743 PITTSBURG PA 15264 Audit/Tax prep Serv. 603788 18 124686675 111146727 124686675 INTEREST & FEES ON STUDENT LOANS 522200 75297370 75297370 75297370 10694008 10694008 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS INCOME 900099 9478834 9478834 ADMINISTRATION FEES 900099 4412856 4412856 LOAN SERVICING FEES 900099 2665014 2665014 16556704 227234757 82375240 20172842 252000 252000 0 0 0 2898680 2260970 637710 0 1539087 1200488 338599 113906 113906 183636 183636 218561 218561 834920 157191 677729 431193 431193 648657 648657 0 0 0 0 1044 1044 89885 89885 443817 443817 0 848942 848942 6849 5342 1507 0 1018 1018 42337890 42337890 0 2096728 2096728 238594 238594 LOAN SERVICING AND ADMIN FEES 16917048 16917048 0 RELATED PARTY ACTIVITY 9067475 9067475 TRUSTEE FEES 207132 207132 OTHER EXPENSES 548634 401361 147273 79925696 75753585 4172111 0 22513561 48642345 71125992 100931098 0 0 1413360053 1844189922 15379732 22478873 0 0 0 0 0 0 165299 163272 3227993 1282689 3304781 1945304 0 0 178924350 197302601 0 0 0 0 56337895 65973841 1761111663 2281627256 12032255 35433536 0 0 0 0 0 0 0 0 0 0 1340981702 1682901913 0 0 0 0 1353013957 1718335449 X 408097706 563291807 0 0 408097706 563291807 1761111663 2281627256 X 147309061 7885040 X false true X true true true X 0 0 0 0 124686675 124686675 91200970 95615417 84801552 65544138 75297370 412459447 0 0 0 91200970 95615417 84801552 65544138 199984045 537146122 0 0 0 537146122 7555267 10734058 14182303 7697183 10694008 50862819 0 7555267 10734058 14182303 7697183 10694008 50862819 0 10597617 7015567 18831708 15093402 16556704 68094998 109353854 113365042 117815563 88334723 227234757 656103939 0.81869 0.79499 0.07752 0.08267 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 29481 29481 3198512 1253208 1945304 1945304 INVESTMENT IN SOUTHEAST BANCOR 197302601 F 197302601 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, 2010. 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, 2021 AND 2020. true The University of Tennessee Foundation Inc Suite 100 UT Conf Cntr Knoxville TN 37996 621844686 501(c)(3) 152000 SCHOLARSHIPS Shangri-La Therapeutic Academy Riding Inc 11800 Hwy 11E Lenoir City TN 37772 621330640 501(c)(3) 100000 Community Support 2 PART I, LINE 2 THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES. X true true X X X X false false false false false false false false false John Arnold President/CEO 570000 380000 587842 262158 17363 4169 0 0 2493 0 1177698 646327 0 0 Bill Thompson EVP/CFO 314160 314160 144066 145934 13618 9022 0 0 2493 0 474337 469116 0 0 Jeff Gibbs Chief Information Officer 126095 234176 45500 84500 6926 6471 5343 9157 2493 0 186357 334304 0 0 Wayne Hood General Counsel 71337 132483 8750 16250 5394 11169 4004 7437 1399 0 90884 167339 0 0 Michael O'Donnell Executive Vice President 163067 244600 60000 90000 0 3558 0 0 0 2493 223067 340651 0 0 Barbara Thomas Chief Operations Officer 240000 360000 100000 100000 0 11221 0 9500 0 2493 340000 483214 0 0 Eva Todd CHRO 53205 98811 8750 16250 984 0 2660 4941 2435 0 68034 120002 0 0 David Burgett Systems Engineer 45381 84279 7000 13000 1114 0 2269 4214 2493 0 58257 101493 0 0 Eric Stewart Chief Accounting Officer 246689 0 35000 0 12802 0 12904 0 2449 0 309844 0 0 0 Jason Bolin Controller 129591 0 20000 0 881 0 7480 0 1431 0 159383 0 0 0 Brent Starling Controller 144589 0 22000 0 548 0 7230 0 2493 0 176860 0 0 0 John E Arnold Jr President SPLIT DOLLAR PREMIUM X 410988 423355 false true true John E Arnold Jr President SPLIT DOLLAR PREMIUM X 706255 727506 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 482757 497283 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 3656585 3675405 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 4103197 4124315 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 6000128 6031010 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 5748789 5748789 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 380454 380454 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 51835 51835 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 480812 480812 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 338109 338109 false true true 22478873 X EFS Net Asset Transfer 1 111146727 Book Value false false false PART III, LINE 2: eCampus Tours is a website designed to provide free educational resources for parents and students. PART III, LINE 3: EVERFI PROGRAM TRANSFERRED TO A RELATED PARTY. 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. 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. 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 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. 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. PART XI, LINE 9: COMMON STOCK CONTRIBUTED TO ESOP: $3,950,277 NON CONTROLLING INTEREST INCOME : $2,205,901 CHANGE IN OCI : $1,728,862 TOTAL OTHER CHANGES IN NET ASSETS: $7,885,040 Edsouth Indenture No 2 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 5558933 56054980 NA Edsouth Indenture No 3 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 6169665 87766818 NA Edsouth Indenture No 4 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 5375132 95833998 NA Edsouth Indenture No 5 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 2591830 37883561 NA Edsouth Indenture No 6 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 6000541 105046694 NA Edsouth Indenture No 7 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 3166640 49085519 NA Edsouth Indenture No 8 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 4531693 71671203 NA Edsouth Indenture No 9 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 8433079 139131581 NA Edsouth Indenture No 10 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 2723163 37807362 NA ELFI Graduate Loan Program 2018-A LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 2673863 45471998 NA ELFI Graduate Loan Program 2019-A LLC 12700 KINGSTON PIKE Knoxville TN 37934 student loans TN 7793497 123221516 NA ELFI Graduate Loan Program 2020-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 student loans TN 9043645 160180337 NA ELFI Graduate Loan Program 2021-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 2170201 308702680 NA EFS VOLUNTEER LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 Student Loans TN 1641116 44758016 NA EFS VOLUNTEER NO 2 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 4353256 153780201 NA EFS VOLUNTEER NO 3 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 4164004 117159553 NA KINGSTON PIKE LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 4083798 225096 N/A SouthEast Bancorp Inc 12700 KINGSTON PIKE FARRAGUT TN 37934 262930965 COMMERICAL BA TN NA C corp 17446240 227422512 0.88020 true SouthEast Bank 12700 KINGSTON PIKE FARRAGUT TN 37934 621859961 BANKING INVES TN SOUTHEAST BANCO C corp 101317284 2204882943 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 false true false false Southeast Bank A 69849 ACTUAL Southeast Bancorp D 19000000 ACTUAL Southeast Bank G 9363630 ACTUAL Southeast Bank H 262070959 ACTUAL Southeast Bancorp Inc & Southeast Bank K 491851 ACTUAL Southeast Bank L 144000 ESTIMATION Southeast Bank Q 1481329 ACTUAL