2021-10-29T10:26:36-05:00 2020-12-31 BDO USA LLP 1100 PEACHTREE STREET SUITE 700 ATLANTA GA 303094516 990 2020-01-01 621586836 EDUCATION LOAN FINANCE INC % BILL THOMPSON EDUC 8658243051 12700 KINGSTON PIKE KNOXVILLE TN 37934 BILL THOMPSON CFO 8658243051 2021-10-28 true BILL THOMPSON 999009999 SANDRA L FEINSMITH P01064157 4046886841 2021-10-27 2 2020 2022-09-23 18:48:47Z JOHN ARNOLD 12700 KINGSTON PIKE KNOXVILLE TN 37934 88334723 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. 9 7 33 0 0 0 0 0 84801552 65544138 14182303 7697183 18831708 15093402 117815563 88334723 0 0 0 0 4978371 6170396 0 0 0 85940068 66947978 90918439 73118374 26897124 15216349 1728785902 1761111663 1342027662 1353013957 386758240 408097706 PROVIDES FUNDING FOR EDUCATIONAL LOANS AND PROVIDES FUNDING FOR EDUCATION PROGRAMS; FINANCIAL LITERACY; AND GRANTS FOR SCHOLARSHIPS. false false 69070200 73229962 ELFI, INC. IS A FULLY OPERATING CHARITABLE ORGANIZATION THAT PROVIDES LIQUIDITY FOR POST SECONDARY STUDENT LOANS. SINCE 2012 WE HAVE PARTNERED WITH EVERFI TO PROVIDE FINANCIAL LITERACY TRAINING TO MORE THAN 39,410 STUDENTS BY TAKING THE FINANCIAL LITERACY COURSE SPECIFIC TO HIGH SCHOOL AND ELEMENTARY SCHOOL STUDENTS. WE HAVE PROVIDED THIS COURSE AT NO COST TO THE DISTRICTS, SCHOOLS, OR TEACHERS. TO DATE UPWARDS OF 243,102 LEARNING MODULES AND OVER 76,699 HOURS HAVE BEEN COMPLETED ON THE COURSE RESULTING IN AN IMPRESSIVE AVERAGE IMPROVEMENT OF 67% IN STUDENT FINANCIAL KNOWLEDGE BASED ON TESTS EMBEDDED IN THE PLATFORM. THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES. 69070200 true false 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 false false false false true true true true false false true 24 0 true 33 true false false false false false false false false false false true false X 9 7 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 JOHN ARNOLD President/CEO 20.0 20.0 X X 1243998 552078 4476 BILL THOMPSON EVP/CFO 20.0 20.0 X X 466779 470746 4476 Barbara Thomas Chief Operations Officer 20.0 20.0 X 376500 379962 15284 JEFF GIBBS Chief Information Officer 20.0 20.0 X 243024 241105 18726 Michael O'Donnell Executive Vice President 20.0 20.0 X 145732 350381 1034 Eric Stewart Chief Accounting Officer 40.0 0.0 X 285416 0 16964 Wayne Hood General Counsel 20.0 20.0 X 121904 112585 13694 Eva Todd CHRO 20.0 20.0 X 87707 86959 11863 Brent Starling Controller 40.0 0.0 X 151937 0 7701 Jason Bolin Controller 40.0 0.0 X 136831 0 11276 Leroy Taylor Systems Admin 20.0 20.0 X 70905 69940 6421 David Burgett Systems Engineer 20.0 20.0 X 68429 67351 9369 Joseph Littleton ISO/PSO 20.0 20.0 X 66192 64799 10206 Steven Fisher Systems Admin 20.0 20.0 X 61044 60235 7490 Robert Rosenbaum director 1.0 0.0 X 96750 0 0 jeff smith director 1.0 0.0 X 63000 0 0 Dwight Kessel director 1.0 0.0 X 57000 0 0 Leo Cooper director 1.0 0.0 X 57000 0 0 Thomas Schumpert director 1.0 0.0 X 57000 0 0 Stephen Clark director 1.0 0.0 X 57000 0 0 Christopher Simmons director 1.0 0.0 X 28500 0 0 3942648 2456141 138980 14 false true false American Education Services PO Box 64849 BALTIMORE MD 21264 Loan Servicing 2671904 BMO Capital Markets Corp 115 S LaSalle Street 37th Floor We CHICAGO IL 60603 U/W and LOC Ser. 1484130 Bright Futures Financial 5100 78th Avenue N Suite 1 PINELLAS PARK FL 33781 Loan Conso. Services 893779 BDO USA LLP PO Box 642743 PITTSBURG PA 15264 Audit/Tax prep serv. 682374 Tavant Technologies PO BOX 670407 DALLAS TX 75267 Programming & Dev. 614262 10 0 INTEREST & FEES ON STUDENT LOANS 522200 65544138 65544138 65544138 7697183 7697183 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS INCOME 900099 7407578 7407578 ADMINISTRATION FEES 900099 5094261 5094261 LOAN SERVICING FEES 900099 2591563 2591563 15093402 88334723 73229962 15104761 0 0 0 0 3037254 2369058 668196 0 2484419 1937847 546572 0 110449 0 110449 0 315135 315135 223139 223139 680075 32150 647925 65650 65650 670400 670400 0 0 0 0 196555 196555 81045 81045 416903 416903 0 659060 659060 32704 25509 7195 0 4829 4829 41907278 41907278 0 428001 428001 138091 138091 LOAN SERVICING AND ADMIN FEES 10161097 10161097 RELATED PARTY ACTIVITY 7743025 7743025 TRUSTEE FEES 212582 212582 OTHER EXPENSES 3550683 3393209 157474 73118374 69070200 4048174 0 18645053 22513561 96237800 71125992 0 0 1395836747 1413360053 1600000 15379732 0 0 0 0 0 0 291559 165299 4808082 1503301 3118520 3304781 0 0 162643357 178924350 0 0 0 0 50412866 56337895 1728785902 1761111663 9723239 12032255 0 0 0 0 0 0 0 0 0 0 1332304423 1340981702 0 0 0 0 1342027662 1353013957 X 386758240 408097706 0 0 386758240 408097706 1728785902 1761111663 X 15216349 6123117 X false true X true true true X 0 0 0 0 0 0 113391313 91200970 95615417 84801552 65544138 450553390 0 0 0 113391313 91200970 95615417 84801552 65544138 450553390 0 0 0 450553390 6680838 7555267 10734058 14182303 7697183 46849649 0 6680838 7555267 10734058 14182303 7697183 46849649 0 17799111 10597617 7015567 18831708 15093402 69337405 137871262 109353854 113365042 117815563 88334723 566740444 0.79499 0.81711 0.08267 0.07757 X 0 0 0 2291541 650542 1640999 29481 29481 0 2487060 823278 1663782 3304781 INVESTMENT IN SOUTHEAST BANCOR 178924350 F 178924350 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, 2020 AND 2019. X true true X X X X false false false false false false false false false JOHN ARNOLD President/CEO 657000 293000 570552 254448 16446 4630 0 0 4476 0 1248474 552078 0 0 BILL THOMPSON EVP/CFO 312136 316184 144066 145934 10577 8628 0 0 4476 0 471255 470746 0 0 JEFF GIBBS Chief Information Officer 176465 176465 60000 60000 6559 4640 7125 7125 4476 0 254625 248230 0 0 Wayne Hood General Counsel 95796 95796 15000 15000 11108 1789 4790 4790 4114 0 130808 117375 0 0 Michael O'Donnell Executive Vice President 98732 299887 47000 47000 0 3494 0 0 517 517 146249 350898 0 0 Barbara Thomas Chief Operations Officer 300000 300000 76500 76500 0 3462 0 14250 517 517 377017 394729 0 0 Eva Todd CHRO 74459 74459 12500 12500 748 0 3723 3723 4417 0 95847 90682 0 0 Eric Stewart Chief Accounting Officer 241756 0 30000 0 13660 0 12629 0 4335 0 302380 0 0 0 Brent Starling Controller 133486 0 18000 0 451 0 5268 0 2433 0 159638 0 0 0 John E Arnold Jr President SPLIT DOLLAR PREMIUM X 410988 416080 true true true John E Arnold Jr President SPLIT DOLLAR PREMIUM X 706255 715004 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 482757 488738 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 3656585 3656585 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 4103197 4103197 false true true JOHN E ARNOLD JR President SPLIT DOLLAR PREMIUM X 6000128 6000128 false true true 15379732 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 PROVIDED 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: $3,516,000 NON CONTROLLING INTEREST INCOME: $1,262,139 ACCUMULATED OCI: $1,344,978 TOTAL OTHER CHANGES IN NET ASSETS: $6,123,117 North Oaks LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 82063 0 NA Edsouth Indenture No 2 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 6555519 68222787 NA Edsouth Indenture No 3 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 7192907 102786247 NA Edsouth Indenture No 4 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 6853869 114683049 NA Edsouth Indenture No 5 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 3239043 46793184 NA Edsouth Indenture No 6 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 7278882 127626592 NA Edsouth Indenture No 7 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 3862251 59577313 NA Edsouth Indenture No 8 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 5602479 88771573 NA Edsouth Indenture No 9 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 10203565 168951058 NA Edsouth Indenture No 10 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 3695086 50214405 NA ELFI Graduate Loan Program 2018-A LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 4844964 78959536 NA Kingston Pike LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 1710547 115799381 NA ELFI Graduate Loan Program 2019-A LLC 12700 KINGSTON PIKE Knoxville TN 37934 student loans TN 12634350 201641068 NA ELFI Graduate Loan Program 2020-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 student loans TN 6666220 256372033 NA SouthEast Bancorp Inc 12700 KINGSTON PIKE FARRAGUT TN 37934 262930965 COMMERICAL BA TN NA C corp 14643616 184876285 0.90110 true SouthEast Bank 12700 KINGSTON PIKE FARRAGUT TN 37934 621859961 BANKING INVES TN SOUTHEAST BANCO C corp 105837523 2094996695 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 false false false true true false false true true true false false true true false false SouthEast Bank a 87473 actual SouthEast Bank g 30565468 actual SouthEast Bank h 447870422 actual Southeast Bancorp Inc & Southeast Bank k 484662 actual SouthEast Bank l 147000 estimation SouthEast Bank q 886239 actual