2022-11-10T20:01:34-06:00 2021-12-31 135565207 KPMG LLP 4200 Wells Fargo Center 90 South Se venth St Minneapolis MN 55402 990 2021-01-01 411991995 ECMC Group Inc ECMC 6512210566 111 Washington Ave So 1400 Minneapolis MN 55401 Martin A Scanlon CFO & Treasurer 2022-11-10 true Martin Scanlon 999009999 Jason Divine P01076050 6123055000 2021 2022-09-23 18:48:47Z Daniel S Fisher 111 Washington Ave So 1400 Minneapolis MN 55401 952654741 false X www.ecmcgroup.org X 2000 DE ECMC Group, Inc. supports Educational Credit Management Corporation and ECMC Education, Inc. ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation and ECMC Education, Inc. by creating, providing and investing in innovative educational opportunities. ECMC Group, Inc. is a nonprofit corporation whose vision is to empower underserved communities to thrive through education. 10 9 243 0 9129086 809909 188944041 277591010 102833866 91960563 121198194 188485958 5518849 5984001 418494950 564021532 73616491 73644007 0 14701878 13655703 0 0 85150158 65173536 173468527 152473246 245026423 411548286 4727263783 5806492820 3610165927 4217559074 1117097856 1588933746 X ECMC Group, Inc.'s mission is to help students succeed by creating, providing and investing in innovative educational opportunities. false false 73286736 73286736 0 ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation, ECMC Education, Inc., and ECMC Foundation by creating, providing and investing in innovative educational opportunities. ECMC Group, Inc. is a nonprofit corporation whose vision is to empower underserved communities to thrive through education. $23,934,444 cash contributions made to ECMC Education, Inc. to support its mission to transform career and technical education to provide aspiring and current learners with skills to elevate their careers and communities, $2,692,292 contribution made by ECMC Group, Inc. on behalf of ECMC Education, Inc. for accrued section 4968 excise tax on net investment income of ECMC Group, Inc. and subsidiaries. $46,660,000 contributions made to ECMC Foundation for general support of its mission to improve higher education and career success among underserved populations through evidence-based innovation. 56882247 0 91960563 Loan Portfolio Servicing: ECMC Group, Inc. and Oakdale Student Loan Funding, LLC (Oakdale), a wholly owned subsidiary of ECMC Group, Inc., have eligible lender trust (ELT) agreements with Manufacturers and Traders Trust Company. Manufacturers and Traders Trust Company serves as the ELT for ECMC Group, Inc. and Oakdale. Through the ELTs, ECMC Group, Inc. and Oakdale purchase Federal Family Education Loan Program (FFELP) rehabilitated student loans from Educational Credit Management Corporation, a related entity, and other guaranty agencies in order to ensure that student loan borrowers can realize the full benefits afforded them under 34 CFR sec. 682.405. Patriot Student Loan Capital, LLC (Patriot) has interim eligible lender trust agreements with Manufacturers and Traders Trust Company. ECMC Group Student Loan Trust 2016-1 (Trust 2016-1), ECMC Group Student Loan Trust 2017-1 (Trust 2017-1), ECMC Group Student Loan Trust 2017-2 (Trust 2017-2), ECMC Group Student Loan Trust 2018-1 (Trust 2018-1), ECMC Group Student Loan Trust 2018-2 (Trust 2018-2), ECMC Group Student Loan Trust 2019-1 (Trust 2019-1), ECMC Group Student Loan Trust 2020-1 (Trust 2020-1), ECMC Group Student Loan Trust 2020-2 (Trust 2020-2), ECMC Group Student Loan Trust 2020-3 (Trust 2020-3) and ECMC Group Student Loan Trust 2021-1 (Trust 2021-1), collectively (the Trusts), have eligible lender trust agreements with Manufacturers and Traders Trust Company. Manufacturers and Traders Trust Company serves as the interim eligible lender trust (interim ELT) for Patriot and as eligible lender trust (ELT) for Trust 2016-1, Trust 2017-1, Trust 2017-2, Trust 2018-1, Trust 2018-2, Trust 2019-1, Trust 2020-1, Trust 2020-2, Trust 2020-3 and Trust 2021-1. Through the interim ELT, Patriot purchases FFELP rehabilitated student loans from ECMC Group, Inc. and Oakdale and resells the loans through the ELT to the Trusts. The Trusts issued Class A notes secured by the respective student loan portfolios. 1320732 5000 0 Through the Public Policy Program, ECMC Group, Inc. shares information among ECMC Group-related members on legislative proposals and governmental regulations that impact their operations. The program enables ECMC Group, Inc. affiliates to monitor public policy matters and provide nonpartisan analysis and research to policymakers, thought leaders and the general public. 352271 352271 0 Grants and sponsorships supplied by ECMC Group, Inc. to schools and individuals in support of its tax-exempt purpose. 352271 352271 131841986 true true false false false false false false false true true true false true true false true false false true false false false false false false true true true false false false false false false false false false false false false true true true true false false true 68 0 243 true true true false false false false false false false false false true false X 10 9 true false false false true true false true true false false true true true true true true true true false CA MN X Martin A Scanlon 6512210566 111 Washington Ave So Ste 1400 Minneapolis MN 55401 Jeremy J Wheaton President & CEO, ECMC Group, Inc. (until 07-02-22) 40.0 0.0 X X 1241931 0 121714 Derek Langhauser Director 6.0 4.0 X 0 130000 0 Diana J Ingram Director 7.0 3.0 X 0 138750 0 Jack O'Connell Director 4.0 4.0 X 0 135000 0 James Runcie Director 7.0 3.0 X 0 86250 0 James V McKeon Board Chair 13.0 4.0 X 0 193750 0 Jennifer Anderson Director 6.0 3.0 X 0 91875 0 Julia S Gouw Director 6.0 3.0 X 0 155000 0 K Paul Singh Director 10.0 3.0 X 0 142500 0 Maurice M Salter Director 7.0 3.0 X 0 157500 0 Daniel S Fisher Group President & CEO (eff. 07-03-22); Group Gen Counsel & Corp Sec & ECMC Pres (until 07-02-22) 40.0 0.0 X 823522 0 100834 Gregory A Van Guilder Chief Investment Officer 40.0 0.0 X 1338903 0 106613 Martin A Scanlon CFO & Treasurer 40.0 0.0 X 709896 0 91649 Philip Becker VP, Investments 40.0 0 X 449586 0 73004 Adam Trampe VP, Deputy General Counsel (effective 07-03-22) and VP, Compliance & Enterprise Risk Mgmt 40.0 0 X 281857 0 65098 Brian Boardman Group Gen Counsel & Corp Sec (eff. 07-03-22); VP, DPTY Gen Counsel & Asst Corp Sec (until 07-02-22) 40.0 0 X 358871 0 75554 Christopher Janzen VP, Academic Technology 40.0 0 X 295494 0 52645 Harini Upadhyaya VP, Applications and Analytics 40.0 0 X 220109 0 6139 Heidi J Johnson SVP, Chief of Staff 40.0 0 X 392970 0 70506 Hugh E McSherry VP, Corporate Services 40.0 0 X 289431 0 51537 Iris Cumberbatch SVP, Corporate Affairs 40.0 0 X 370481 0 53342 John McKennell VP, Chief Information Security Officer 40.0 0 X 289079 0 61399 Josh Slayton ECMC Education & ECMC Group Development (eff. 02-02-22); SVP, Corp Dev & Impact Inv (until 02-02-22) 40.0 0 X 428413 0 76468 Matthew T Mikulski VP, Internal Audit 40.0 0 X 272816 0 57125 Rahoul Ghose Chief Information Officer 40.0 0 X 476549 0 81474 Sarah Strehl Chief Human Resources Officer 40.0 0 X 599164 0 82756 Stephen H Hansen VP, Information Technology 40.0 0.0 X 305012 0 61989 Tiffany Thompson VP, Finance & Controller 40.0 0 X 302922 0 35887 Aaron Woodrich Sr Dir, Information Technology 40.0 0 X 236959 0 65188 Dean J Vandecoevering Sr Dir, Financial Planning & Analysis and Business Intelligence 40.0 0 X 259115 0 40295 Joseph Watt Sr Dir, Corp Development & Impact Investing 40.0 0 X 254673 0 40204 Scott Reed Sr Mgr, Development 40.0 0 X 238537 0 28473 Steven Hupert Dir, Information Technology 40.0 0 X 222770 0 56223 I King Jordan Former Director 0.0 0.0 X 0 30000 0 Janice A Hines Former Chief Relationship Officer and President & CEO, ECMC; Current Sr Advisor, ECMC 0.0 40.0 X 0 427664 17459 John F DePodesta Former Board Chair 0.0 0.0 X 0 75000 0 Roberta Cooper Ramo Former Director 0.0 0.0 X 0 60000 0 10659060 1823289 1573575 109 true true false Navient Solutions Inc 220 Lasley Ave Hanover Industrial Estates Wilkes Barre PA 18706 Loan Portfolio Servicing 5506183 Amazon Web Services Inc PO Box 84023 Seattle WA 98124 IT Services & Support 3335578 Solution Design Group Inc 7500 Olson Memorial Hwy Golden Valley MN 55427 IT Services & Support 2681679 CDW PO Box 75723 Chicago IL 60675 IT Services & Support 1903895 Beacon Hill Staffing Group LLC PO Box 846193 Boston MA 02284 Recruiting Services 1564569 41 277587239 3771 277591010 Student Loan Portfolio 900099 91960563 91960563 0 0 0 0 91960563 2208885 -501859 2710744 0 0 43838060 531072222 12745981 375887228 31092079 155184994 186277073 3691024 182586049 Servicing Fees on Trust Student Loans 900099 5939921 5939921 Miscellaneous 900099 34000 34000 Intercompany Servicing Revenue 900099 10080 10080 0 0 0 0 5984001 564021532 91960563 9129086 185340873 73501007 73501007 143000 143000 5684929 5684929 6890088 1893296 4996792 259755 46666 213089 476407 43419 432988 344524 50426 294098 362861 5875 356986 549070 549070 1663 1663 9405744 8538644 867100 0 929815 125797 804018 1272523 167221 1105302 527448 527448 128657 58593 70064 27299 4105 23194 38070563 38070563 6127389 6127389 696234 458059 238175 288649 288649 Impairment 2562582 2562582 Principal Loan Adjustment 2369024 43057 2325967 Loss on Subsidiaries 1657438 1657438 Sales and Other Taxes 167914 167914 28663 624 28039 0 152473246 131841986 20631260 0 49136282 42565086 292699901 276079769 3289361 7455192 0 0 0 0 55521378 0 2905964 3339482 44906100 9018780 10823662 35887320 181924465 201464887 1088331786 1767602196 3015417587 3423737097 16490508 37160725 10722889 11201066 4727263783 5806492820 20212964 17971153 2639587 3307346 0 0 203204598 385917193 3384108778 3810363382 3610165927 4217559074 1117097856 1588933746 1117097856 1588933746 4727263783 5806492820 X 411548286 54258104 6029500 X false true X true false X X 2 Educational Credit Mgmt Corp 411778617 9 true 1320732 0 ECMC Education Inc 472237488 2 true 26815345 0 2 28136077 0 true false false false false false false false false false false false false false false true Schedule A, Part I, Line 12b An Organization Organized to Perform and Provide ECMC Group, Inc., the supporting organization, retains the following authority over Educational Credit Management Corporation and ECMC Education, Inc., the supported organizations, and, therefore, has control over Educational Credit Management Corporation and ECMC Education, Inc.: 1. To authorize amendments to the Articles of Incorporation and Bylaws. 2. To approve the strategic and financial plans. 3. To elect and/or approve the members of the Board of Directors. 4. To oversee coordination of programs and services offered. 5. To authorize formation, governance and dissolution. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 14201214 6260731 7940483 27061389 515891 26545498 3643497 2242158 1401339 35887320 ECMC Holdings Corporation stock Investment in ECMC Holdings Corporation 6394135 F Investment in Oakdale Investment Management Corporation 3343618 F Alternative Investments 1748409915 F Investment in ECMC Group Student Loan Trust 2018-1 Class B Notes Investment in Performant Financial Corporation 9454528 F 1767602196 Student Loan Receivable-Held for Sale 418421038 F Student Loan Receivable-Pledged 2897354230 C Mission-Related Investments Direct Investments 20945612 F Impact investments 87016217 F 3423737097 Due to ECMC Holdings Corporation Foundation deposits in ECMC Group, Inc. Apportioned Investment Pool 1072454019 Due to Educational Credit Management Corporation Due to Educational Credit Services Company Payable for unsettled investments Secured Borrowings of ECMC Group Student Loan Trust 2016-1 193647841 Secured Borrowings of ECMC Group Student Loan Trust 2017-1 245707901 Secured Borrowings of ECMC Group Student Loan Trust 2017-2 295433833 Secured Borrowings of ECMC Group Student Loan Trust 2018-1 309609257 Secured Borrowings of ECMC Group Student Loan Trust 2018-2 228264459 Amount payable to the Department of Education 4071811 Deferred Financing Fees -11625933 Operating Lease 2569506 Deferred Grant Revenue from ECMC Foundation Secured Borrowings of ECMC Group Student Loan Trust 2019-1 231096378 Secured Borrowings of ECMC Group Student Loan Trust 2020-1 264063070 Secured Borrowings of ECMC Group Student Loan Trust 2020-2 282550071 Secured Borrowings of ECMC Group Student Loan Trust 2020-3 324033139 Due to the Guarantor Federal Reserve Fund Subordinated Borrowings of ECMC Group Student Loan Trust 2018-1 Secured Borrowings of ECMC Group Student Loan Trust 2021-1 368488030 3810363382 X Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2016-1 $193,647,841 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2016-1. ECMC Group Student Loan Trust 2016-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2017-1 $245,707,901 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2017-1. ECMC Group Student Loan Trust 2017-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2017-2 $295,433,833 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2017-2. ECMC Group Student Loan Trust 2017-2, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2018-1 $309,609,257 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2018-1. ECMC Group Student Loan Trust 2018-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2018-2 $228,264,459 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2018-2. ECMC Group Student Loan Trust 2018-2, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part VII Investment in Performant Financial Corporation At December 31, 2021, ECMC Group, Inc. held a beneficial ownership interest in the publicly traded stock of Performant Financial Corporation (PFMT). ECMC Group, Inc. was the record owner of 1,485,406 shares of PFMT common stock and warrants to purchase an aggregate of 6,310,100 shares of PFMT common stock, the sum of which represent approximately up to 10.3% of diluted common stock. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2019-1 $231,096,378 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2019-1. ECMC Group Student Loan Trust 2019-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Foundation Deposits in ECMC Group, Inc. Apportioned Investment Pool $1,072,454,019. At December 31, 2021, ECMC Foundation was a participant in the ECMC Group, Inc. Apportioned Investment Pool ("Apportioned Investment Pool"). A portion of ECMC Group, Inc.'s assets are held in the ECMC Group, Inc. Investment Portfolio Asset Pool, which is managed by ECMC Group, Inc. Participation in the Apportioned Investment Pool is available to ECMC Group, Inc. and its eligible subsidiaries. Investments in the Apportioned Investment Pool represent an ownership interest in the investment pool, not in the underlying assets themselves, and are generally redeemable to the eligible subsidiary upon request. Unapportioned Investments, net, are not subject to participation by ECMC Group, Inc.'s subsidiaries. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2020-1 $264,063,070 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2020-1. ECMC Group Student Loan Trust 2020-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2020-2 $282,550,071 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2020-2. ECMC Group Student Loan Trust 2020-2, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2020-3 $324,033,139 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2020-3. ECMC Group Student Loan Trust 2020-3, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2021-1 $368,488,030 Floating Rate Class A Notes secured borrowing of ECMC Group Student Loan Trust 2021-1. ECMC Group Student Loan Trust 2021-1, a Delaware statutory trust, purchases student loans and accrued interest from Patriot Student Loan Capital, LLC and securitizes the assets with an issuance of debt. The securitization uses a two-step structure that legally isolates the transferred assets. These transactions are accounted for as an on-balance sheet secured borrowing. Patriot Student Loan Capital, LLC, a disregarded entity of ECMC Group, Inc., holds the primary beneficial interest in the trust. ECMC Group, Inc. is the primary beneficiary of the securitization trust and is required to consolidate the trust. Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote The FIN 48 (ASC 740) disclosure in the ECMC Group, Inc. and Subsidiaries Consolidated Financial Statements reads as follows: "ECMC Group, ECMC, Education, and ECMC Foundation are nonprofit 501(c)(3) corporations and are exempt from federal and state income taxes. Holdings and its subsidiaries are taxable entities and account for deferred tax assets and liabilities under the liability method. Deferred tax liabilities are recognized for temporary differences that will result in taxable amounts in future years. Deferred tax assets are recognized for deductible temporary differences and tax operating loss and tax credit carry forwards. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more likely than not that some portion or all of the deferred tax assets will not be realized. With few exceptions, Group is no longer subject to U.S. federal, state or local income tax examinations by tax authorities for the years before 2017. In the event of any current or future tax assessments, Holdings and its subsidiaries have elected to record the income taxes and any related interest and penalties as income tax expense on Group's consolidated statements of activities." Central America and the Caribbean Investments 643191000 Europe (Including Iceland and Greenland) Investments 24871000 North America (Canada & Mexico only) Investments 21081000 0 0 0 0 0 0 689143000 0 689143000 true false true true true false Schedule F, Part I, Line 3 Method used to account for expenditures on org's financial statements CENTRAL AMERICA AND THE CARIBBEAN-Accrual; EUROPE (INCLUDING ICELAND AND GREENLAND)-Accrual; NORTH AMERICA (CANADA & MEXICO ONLY)-Accrual true ECMC Foundation 111 Washington Ave So Minneapolis MN 55401 411990628 501(c)(3) 46660000 General Support ECMC Education Inc 111 Washington Ave So Minneapolis MN 55401 472237488 501(c)(3) 26626736 General Support BestPrep 7100 Northland Circle N Brooklyn Park MN 55428 411265355 501(C)(3) 7500 Program Sponsorship Cristo Rey Corporate Internship 2924 Fourth Ave So Minneapolis MN 55408 204548714 501(C)(3) 24938 Work Study Program Sponsorship Junior Achievement of Tampa Bay Inc 13707 N 22nd St Tampa FL 33613 591098499 501(C)(3) 7500 Program Sponsorship Junior Achievement of the Upper Midwest Inc 1745 University Ave W St Paul MN 55104 411424988 501(C)(3) 13500 Program Sponsorship University of Minnesota Foundation PO Box 860266 Minneapolis MN 55486 416042488 501(C)(3) 127500 John DePodesta Leadership Program 7 0 Robert A. Stein Scholarship 31 143000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. ECMC Group, Inc. is the sole member of ECMC Foundation and ECMC Education, Inc. and closely monitors the use of the cash grant through reports to management and the Board of Directors on a regular basis. The Robert A. Stein Scholarships listed in Part III are issued as jointly payable to the student and the school to ensure the funds are used for educational expenses. The Individual Scholarships were awarded to further the individuals' education. X X true true X X X X true true false false true false true false false Jeremy J Wheaton President & CEO, ECMC Group, Inc. (until 07-02-22) 613233 0 605500 0 23198 0 89207 0 32507 0 1363645 0 19500 0 Roberta Cooper Ramo Former Director 0 60000 0 0 0 0 0 0 0 0 0 60000 0 0 John F DePodesta Former Board Chair 0 75000 0 0 0 0 0 0 0 0 0 75000 0 0 I King Jordan Former Director 0 30000 0 0 0 0 0 0 0 0 0 30000 0 0 Julia S Gouw Director 0 155000 0 0 0 0 0 0 0 0 0 155000 0 0 James V McKeon Board Chair 0 193750 0 0 0 0 0 0 0 0 0 193750 0 0 Maurice M Salter Director 0 157500 0 0 0 0 0 0 0 0 0 157500 0 0 Janice A Hines Former Chief Relationship Officer and President & CEO, ECMC; Current Sr Advisor, ECMC 0 15737 0 333791 0 78136 0 17400 0 59 0 445123 0 26374 Philip Becker VP, Investments 267650 0 173750 0 8186 0 42475 0 30529 0 522590 0 6218 0 Daniel S Fisher Group President & CEO (eff. 07-03-22); Group Gen Counsel & Corp Sec & ECMC Pres (until 07-02-22) 413901 0 385921 0 23700 0 66055 0 34779 0 924356 0 19500 0 Martin A Scanlon CFO & Treasurer 366173 0 320702 0 23021 0 59142 0 32507 0 801545 0 19500 0 Gregory A Van Guilder Chief Investment Officer 679500 0 527838 0 131565 0 90009 0 16604 0 1445516 0 19500 0 Brian Boardman Group Gen Counsel & Corp Sec (eff. 07-03-22); VP, DPTY Gen Counsel & Asst Corp Sec (until 07-02-22) 240657 0 110925 0 7289 0 37506 0 38048 0 434425 0 4920 0 Iris Cumberbatch SVP, Corporate Affairs 221425 0 126000 0 23056 0 39360 0 13982 0 423823 0 6244 0 Rahoul Ghose Chief Information Officer 281068 0 171535 0 23946 0 45692 0 35782 0 558023 0 12670 0 Stephen H Hansen VP, Information Technology 211549 0 89303 0 4160 0 35988 0 26001 0 367001 0 947 0 Christopher Janzen VP, Academic Technology 190130 0 83850 0 21514 0 33481 0 19164 0 348139 0 0 0 Heidi J Johnson SVP, Chief of Staff 241287 0 129150 0 22533 0 40717 0 29789 0 463476 0 7746 0 John McKennell VP, Chief Information Security Officer 205733 0 81000 0 2346 0 34837 0 26562 0 350478 0 0 0 Hugh E McSherry VP, Corporate Services 202319 0 83025 0 4087 0 34563 0 16974 0 340968 0 1768 0 Matthew T Mikulski VP, Internal Audit 194547 0 75000 0 3269 0 33000 0 24125 0 329941 0 0 0 Josh Slayton ECMC Education & ECMC Group Development (eff. 02-02-22); SVP, Corp Dev & Impact Inv (until 02-02-22) 261424 0 147000 0 19989 0 41170 0 35298 0 504881 0 10134 0 Sarah Strehl Chief Human Resources Officer 326963 0 250830 0 21371 0 50965 0 31791 0 681920 0 15151 0 Tiffany Thompson VP, Finance & Controller 213925 0 87075 0 1922 0 33675 0 2212 0 338809 0 213 0 Adam Trampe VP, Deputy General Counsel (effective 07-03-22) and VP, Compliance & Enterprise Risk Mgmt 195997 0 84563 0 1297 0 32915 0 32183 0 346955 0 0 0 Harini Upadhyaya VP, Applications and Analytics 39193 0 0 0 180916 0 3845 0 2294 0 226248 0 2272 0 Steven Hupert Dir, Information Technology 176457 0 45487 0 826 0 27286 0 28937 0 278993 0 0 0 Scott Reed Sr Mgr, Development 173631 0 63640 0 1266 0 28473 0 0 0 267010 0 0 0 Dean J Vandecoevering Sr Dir, Financial Planning & Analysis and Business Intelligence 200396 0 57251 0 1468 0 30505 0 9790 0 299410 0 0 0 Joseph Watt Sr Dir, Corp Development & Impact Investing 206027 0 47406 0 1240 0 30280 0 9924 0 294877 0 0 0 Aaron Woodrich Sr Dir, Information Technology 189258 0 47037 0 664 0 29606 0 35582 0 302147 0 0 0 Schedule J, Part I, Line 1a Travel for companions ECMC Group, Inc.'s travel policy had an exception that was approved by the CFO (and deviations from any provision of the policy must be approved in writing by an officer in conjunction with the ECMC Group, Inc. CFO). In 2021, ECMC Group, Inc. paid travel expenses for an ECMC Group, Inc. employee's spouse to attend a company-sponsored event. The exception to policy was approved. Schedule J, Part I, Line 1a Tax indemnification and gross-up payments Certain taxable benefits are grossed up to make the employee whole; this has been approved by the Board of Directors. Schedule J, Part I, Line 4a Severance or change-of-control payment The following received a severance payment in 2021: Janice A. Hines - $14,705 Harini Upadhyaya - $154,291 Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan ECMC Group, Inc. maintains a supplemental nonqualified retirement plan described in section 457(f), and a Supplemental Employee Retirement Plan (SERP), to attract and retain employees, typically in management positions. In 2021, Jeremy J. Wheaton, Gregory A. Van Guilder, Daniel S. Fisher and Martin A. Scanlon participated in the 457(f) plan, and received employer contributions of $35,757, $14,209, $10,755 and $3,842, respectively, and Peter J. Taylor participated in the SERP plan, and received an employer contribution of $81,361. Schedule J, Part I, Line 5b Compensation contingent on revenues of a related organization ECMC Group, Inc.'s annual officer incentive plan requires achievement of stated primary financial goals, which includes revenues, before any payment to any officer is made. Schedule J, Part I, Line 6b Compensation contingent on net earnings of a related organization ECMC Group, Inc.'s annual officer incentive plan requires achievement of stated key performance metrics, which includes net earnings, before any payment to any officer is made. Form 990, Part III, Line 4d Description of other program services (Expenses $ 352,271 including grants of $ 352,271)(Revenue $ 0) Grants and sponsorships supplied by ECMC Group, Inc. to schools and individuals in support of its tax-exempt purpose. Form 990, Part VI, Line 13 Whistleblower Policy The ECMC Group, Inc. Whistleblower Policy requires directors, officers and employees to observe high standards of business and personal ethics in the conduct of their duties and responsibilities. Employees and representatives of the Corporation, including ECMC Shared Services Company, LLC, a disregarded entity of ECMC Group, Inc., are directed to practice honesty and integrity in fulfilling their responsibilities and comply with all applicable laws and regulations. The policy requires reporting of potential illegal practices or violations of corporate policies, and prohibits retaliation for good faith reporting of suspected violations under the policy. In addition, ECMC Group, Inc. has a Code of Ethics and Business Conduct Policy that is affirmed annually by all ECMC Group, Inc., including ECMC Shared Services Company, LLC, a disregarded entity of ECMC Group, Inc., and affiliated companies' officers and employees. There is a provision incorporated into the Code of Ethics and Business Conduct Policy that states there can be no retaliation against anyone acting in good faith when asking a question, reporting a concern or for participating in an investigation. ECMC Group, Inc. has established a telephone hotline and website administered by an outside vendor to report concerns, with an option to report anonymously. The hotline and website are available and accessible to ECMC Group, Inc. and affiliated companies' directors, officers, employees and vendors. Form 990, Part VI, Line 2 Family/business relationships amongst interested persons Mr. McKeon and Mr. Salter - Business relationship Form 990, Part VI, Line 6 Classes of members or stockholders Each Director of the ECMC Group, Inc.'s Board of Directors is a member of ECMC Group, Inc. At year end 2021, there were 10 members of the Board of Directors and, therefore, 10 members of the corporation. Membership terminates upon the termination of such member's director status on the Board of Directors. There are no stockholders. Form 990, Part VI, Line 7a Members or stockholders electing members of governing body The members of ECMC Group, Inc. Board of Directors are nominated by the Governance & Compensation Committee of the Board and elected by the Board of Directors. The Governance & Compensation Committee consists of such independent members appointed to it by the ECMC Group, Inc. Board of Directors. Form 990, Part VI, Line 11b Review of form 990 by governing body All members of the Board of Directors and executive management of ECMC Group, Inc. and its disregarded entities are provided a copy of Form 990 to review and provide comments prior to filing. All members of the Board of Directors and executive management are provided with a copy of the final version of Form 990 before it has been filed. Form 990, Part VI, Line 12c Conflict of interest policy Officers, Directors and all employees of ECMC Group, Inc. and ECMC Shared Services Company, LLC, a disregarded entity of ECMC Group, Inc., are required to reaffirm on an annual basis their understanding of the company's Conflict of Interest Policy. The affirmation specifically references that the individual will comply with the directives of the Conflict of Interest Policy. Officers, Directors and key employees are also required to complete an annual Form 990 relationship disclosure document to identify any potential conflicts of interest. Finally, the company's vendor procurement process includes questions of business unit contract owners to determine if any conflicts of interest may exist. Monitoring and enforcement of the policy are accomplished through the policy reaffirmation process, affirmative disclosure requests and the policy requirement that all conflicts of interest be reported. In cases where a potential conflict exists at the officer and key employee levels, the issue is disclosed to the individual's supervisor, General Counsel, and/or Vice President, Deputy General Counsel. For potential conflicts involving Directors, the disclosure is made to the Board Chair. The Director will be required to excuse themselves from deliberation and voting on matters for which they may have a conflict of interest. Form 990, Part VI, Line 15a Process to establish compensation of top management official The following describes the ECMC Group, Inc., including ECMC Shared Services Company, LLC, Educational Credit Management Corporation (ECMC) and ECMC Education, Inc. executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2021, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter Kaye Scholer LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter Kaye Scholer LLP provided an opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter Kaye Scholer LLP includes salary and incentive data from an appropriate peer group under IRS regulations and includes both nonprofit and for-profit entities. Form 990, Part VI, Line 15b Process to establish compensation of other employees The following describes the ECMC Group, Inc., including ECMC Shared Services Company, LLC, Educational Credit Management Corporation (ECMC) and ECMC Education, Inc. executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2021, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter Kaye Scholer LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter Kaye Scholer LLP provided an opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter Kaye Scholer LLP includes salary and incentive data from an appropriate peer group under IRS regulations and includes both nonprofit and for-profit entities. Form 990, Part VI, Line 19 Required documents available to the public Documents are made available to the public as required by law. Form 990, Part VII, Section A Consulting John F. DePodesta, Roberta Cooper Ramo and I. King Jordan, former Directors, had consulting agreements in 2021. Form 990, Part X, Line 25 Other Liabilities Other liabilities at December 31, 2021, include $1,072,454,019 ECMC Foundation deposits in the ECMC Group, Inc. Apportioned Investment Pool ("Apportioned Investment Pool"). A portion of ECMC Group, Inc.'s assets are held in the ECMC Group, Inc. Investment Portfolio Asset Pool, which is managed by ECMC Group, Inc. Participation in the Apportioned Investment Pool is available to ECMC Group, Inc. and its eligible subsidiaries. Investments in the Apportioned Investment Pool represent an ownership interest in the investment pool, not in the underlying assets themselves, and are generally redeemable to the eligible subsidiary upon request. Unapportioned Investments, net, are not subject to participation by ECMC Group, Inc.'s subsidiaries. Form 990, Part XI, Line 5 Net unrealized loss on investments Net unrealized gain on investment in the ECMC Group, Inc. Apportioned Investment Pool are $54,258,104. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Provision for Change in Note Receivable Held for Sale-Related Party - 6029500; Oakdale Student Loan Funding LLC 111 Washington Ave So Ste 1400 Minneapolis MN 55401 271914648 Holding FFELP Loans DE 42997280 633276621 ECMC Group Inc ECMC Shared Services Company LLC 111 Washington Ave So Ste 1400 Minneapolis MN 55401 810690960 Support Services Functions DE 0 23744942 ECMC Group Inc Patriot Student Loan Capital LLC 111 Washington Ave So Ste 1400 Minneapolis MN 55401 813501777 Trust Student Loans DE 87 116474645 ECMC Group Inc Educational Credit Mgmt Corp 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411778617 FFELP Guarantor MN 501(c)(3) 10 ECMC Group Inc true ECMC Foundation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411990628 Promote Education DE 501(c)(3) Type II ECMC Group Inc true ECMC Education Inc 111 Washington Ave So Ste 1400 Minneapolis MN 55401 472237488 Career Colleges DE 501(c)(3) 2 ECMC Group Inc true ECMC Revenue Management Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 831761663 Student Loan Default Resolution DE 501(c)(3) 10 Educational Credit Management Corporation false ECMC Services Inc 111 Washington Ave So Ste 1400 Minneapolis MN 55401 831763915 Student Loan Repayment Services DE 501(c)(3) 10 Educational Credit Management Corporation false ATX A-Team The Guild LP 500 W Second St Ste 1900 153 Austin TX 78701 843490066 Investments TX ECMC Group Inc Excluded 0 2700000 false false 0.7 ATX Venture Partners IV LP 500 W Second St Ste 1900 153 Austin TX 78701 872760203 Investments DE ECMC Group Inc Excluded 0 3226726 false false 0.51 Aubrey Gems Partners LP 800 Third Ave 28th Fl New York NY 10022 365009933 Investments NY ECMC Group Inc Excluded -3421973 46020120 false false 0.85 BST 052 a series of SAX Capital Series Fund III LP PO Box 3217 Seattle WA 98114 853876811 Investments DE ECMC Group Inc Excluded 329614 306617 false false 1 CRP VF IV GP LP 7600 N Cap of TX Hwy Bldg B Ste 130 Austin TX 78731 863644095 Investments DE ECMC Group Inc Excluded -92705 172632 false false 0.94 Capridge Partners Value Fund IV LP 7600 N Cap of TX Hwy Bldg B Ste 130 Austin TX 78731 863617471 Investments DE ECMC Group Inc Excluded -123606 230177 false false 0.53 Chloe Capital Fund I LP 700 Cascadilla St Ste 201 Ithaca NY 14850 844269068 Investments DE ECMC Group Inc Excluded 142 2224250 false false 0.7 Commonfund Capital Secondaries Opportunities Fund LP 15 Old Danbury Rd Wilton CT 06897 842082338 Investments DE ECMC Group Inc Excluded 3403742 24005100 false 342860 false 1 ECMC-UV Co-Investment Fund LP 104 W 40th St Ste 1600 New York NY 10018 813873029 Investments DE ECMC Group Inc Excluded 0 3482538 false false 0.9859 GEM Mining 4 LLC 550 S Main St Ste 310 Greenville SC 29601 871562792 Investments DE ECMC Group Inc Excluded -27828008 718130 false false 0.99 1 North China A Equity Fund LLC 1 N Wacker Dr Chicago IL 60606 844524632 Investments DE ECMC Group Inc Excluded 403558 30358300 false false 1 OnRamp Education and Workforce Innovation Fund I LLC 821 E Washington Ave Ste 200-G Madison WI 53703 843999115 Investments DE ECMC Group Inc Excluded 5719 780719 false false 0.86 PC-1 Developers LLC 3600 Mayberry Dr Reno NV 89509 831603672 Investments NV ECMC Group Inc Excluded -22511 4792851 false -22511 false 0.67 R7 Family Fund LP 100 S Wacker Dr Ste 1675 Chicago IL 60606 851019413 Investments DE ECMC Group Inc Excluded 0 11097488 false false 1 RI Fund I a series of Boost VC SPV LP PO Box 3217 Seattle WA 98114 874641779 Investments CJ ECMC Group Inc Excluded 0 2626418 false false 0.99 Tabor Offshore Opportunities Ltd co Tabor Asset Management LP 11 E 44th St Ste 705 New York NY 10017 Investments CJ ECMC Group Inc Excluded 0 25000000 false false 0.64 UP Fund I a series of Boost VC SPV LP PO Box 3217 Seattle WA 98114 851519551 Investments DE ECMC Group Inc Excluded 0 1043000 false false 0.9991 VVP Zipari Co-Investment LLC 2784 Homestead Rd 375 Santa Clara CA 95051 850778306 Investments DE ECMC Group Inc Excluded 0 45007 false false 0.9 WY Fund I a series of Boost VC SPV LP PO Box 3217 Seattle WA 98114 851519506 Investments DE ECMC Group Inc Excluded 79769 1163307 false false 0.9991 Oakdale Investment Management Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 352085743 Holding Investments DE ECMC Group Inc C Corporation -633726 3455772 1 true ECMC Holdings Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411991992 Strategic Oversight DE ECMC Group Inc C Corporation 709627 6447252 1 true Educational Credit Services Company 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411992001 Private Loans DE ECMC Holdings Corporation C Corporation true ECMC Records & Rec Mgmt Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411989959 Document Management DE ECMC Holdings Corporation C Corporation true ECMC Management Services Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411989960 Management Services DE ECMC Holdings Corporation C Corporation true ECMC Technology Services Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411989958 Technology Services DE ECMC Holdings Corporation C Corporation true ECMC Servicing Corporation 111 Washington Ave So Ste 1400 Minneapolis MN 55401 471154366 Loan Servicing DE ECMC Holdings Corporation C Corporation true ECMC Private Market Opportunities LP 156 W 56th St Cityspire Bldg Squad 301 New York NY 10019 842552668 Investments DE ECMC Group Inc C Corporation 15973241 70905285 1 true false true true true false false false false false false false false false true true true true false true ECMC Education Inc B 26626736 Allocation ECMC Foundation B 46660000 Allocation ECMC Foundation C 200000 Allocation Educational Credit Management Corporation C 277387239 Allocation ECMC Education Inc D 150000 Letter of Credit Contingent Liability ECMC Education Inc D 42948000 Non-cancelable operating leases guaranteed ECMC Education Inc D 28000000 Commitment to provide financial support projected to cover cash flow needs through March 31, 2023 ECMC Education Inc N 188609 Allocation ECMC Foundation N 477552 Allocation Educational Credit Management Corporation N 7234550 Allocation ECMC Foundation O 1983781 Allocation Educational Credit Management Corporation O 48505542 Allocation Educational Credit Management Corporation P 4132570 Allocation ECMC Education Inc Q 455874 Allocation ECMC Foundation Q 487632 Allocation ECMC Holdings Corporation Q 75139 Allocation ECMC Holdings Corporation S 801000 Cost