2021-10-14T09:18:31-05:00 2021-07-31 BDO USA LLP 1100 Peachtree Street Suite 700 ATLANTA GA 303094516 990 2020-10-01 581757969 Educational Funding of the South Inc % BILL THOMPSON EDUC 6157718505 501 CORPORATE CENTRE DRIVE STE 320 FRANKLIN TN 37067 Ron Gambill CHAIRMAN/CEO 6157718505 2021-10-11 true Ron Gambill 999009999 Sandra L Feinsmith P01064157 4046886841 2021-10-08 2 2020 2022-09-23 18:48:47Z X Ron Gambill 501 CORPORATE CTR DR STE 320 FRANKLIN TN 37067 32440997 false X www.edsouth.org X 1985 TN ACQUISITION OF STUDENT loans, college and CAREER COUNSELING SERVICES, FINANCIAL LITERACY SERVICES AND NEED-BASED SCHOLARSHIPS. X 5 4 12 0 0 0 0 203473 43326826 29150512 559742 1584104 619621 1502908 44506189 32440997 211500 104000 0 0 1792654 2079031 0 0 0 43788262 31526410 45792416 33709441 -1286227 -1268444 856801782 0 664476768 0 192325014 0 X SEE SCHEDULE O FINANCIAL LITERACY SERVICES, AND NEED-BASED SCHOLARSHIPS false true 25204351 0 29150512 ACQUISITION OF STUDENT LOANS MADE TO STUDENTS AND PARENTS PURSUANT TO TITLE IV OF THE HIGHER EDUCATION ACT OF 1965. 1057178 0 0 STUDENT OUTREACH SERVICES ARE OFFERED TO STUDENTS IN ELEMENTARY SCHOOL THROUGH HIGH SCHOOL TO PROMOTE COLLEGE AND CAREER PLANNING. FINANCIAL LITERACY PROGRAMS ARE OFFERED TO MIDDLE SCHOOLS SERVING LOW-INCOME FAMILIES IN MIDDLE TENNESSEE, HIGH SCHOOL STUDENTS IN GRADES 10-12 IN EAST, MIDDLE AND WEST TENNESSEE, AND POSTSECONDARY INSTITUTIONS IN THE TENNESSEE BOARD OF REGENTS SYSTEM. 104000 104000 0 VOLUNTEER STATE STUDENT ASSISTANCE SCHOLARSHIPS ARE OFFERED TO STUDENTS BASED ON FINANCIAL NEED IN POST SECONDARY EDUCATION AT 4 YEAR PUBLIC AND PRIVATE COLLEGES THROUGHOUT THE STATE OF TENNESSEE. 3722223 0 0 ECAMPUS TOURS 3722223 0 0 30087752 true true false false false false false false false false false false false false false false false false false false false false false false false false false true false true false false false false false false false false false false true false true true false false false true 13 0 true 12 true false false false false false false false false false false false false X 5 4 false false true false false false false true true false false false true true true true true true true false X BILL THOMPSON 6157718505 12700 KINGSTON PIKE KNOXVILLE TN 37934 RON GAMBILL PRESIDENT/CEO 50.0 0.0 X X 781505 0 15474 KEN MANN CFO 40.0 0.0 X 183720 0 11554 Melissa Markis assistant VP loan operations 40.0 0.0 X 103174 0 9382 JOHN MAYS DIRECTOR 1.0 0.0 X 26000 0 0 MIKE RAGSDALE DIRECTOR 1.0 0.0 X 26000 0 0 RICHARD SMELSER DIRECTOR 1.0 0.0 X 25000 0 0 JEFF GERKIN DIRECTOR 1.0 0.0 X 25000 0 0 1170399 0 36410 3 false true false EDUCATION LOAN FINANCE INC 12700 KINGSTON PIKE KNOXVILLE TN 37934 ADMINISTRATION 1977944 AES 1200 NORTH SEVENTH STREET HARRISBURG PA 17102 LOAN SERVICING 1337107 KUDER INC 302 VISIONS PARKWAY ADEL IA 50003 STUDENT OUTREACH 285000 EVERFI INC 2300 N STREET NW SUITE 500 WASHINGTON DC 20037 STUDENT OUTREACH 279000 BDO USA LLP 421 FAYETTEVILLE STREET SUITE 300 RALEIGH NC 27601 AUDIT SERVICES 140396 6 203473 0 203473 STUDENT LOAN INTEREST INCOME 525990 29150512 29150512 29150512 1588852 0 1588852 0 0 0 0 0 -4748 -4748 -4748 -4748 0 0 0 0 0 0 0 0 0 MISCELLANEOUS 525990 1502908 1502908 1502908 32440997 29150512 0 3087012 104000 104000 0 0 0 1927100 578130 1348970 0 0 54327 16298 38029 17430 5229 12201 80174 24052 56122 2523020 1261510 1261510 0 35388 35388 0 0 5390 4312 1078 0 73660 58928 14732 9967 7974 1993 68580 54864 13716 0 89212 71370 17842 14517 11614 2903 0 6440 5152 1288 8566352 8566352 0 4079584 3263667 815917 0 LARS 10738891 10738891 CONSOLIDATION REBATE FEES 4547030 4547030 MISCELLANEOUS 768379 768379 33709441 30087752 3621689 0 0 0 29602012 0 0 0 30366681 0 0 0 0 0 775851316 0 0 0 94313 0 424905 0 14742625 0 0 0 0 0 3722222 0 1997708 0 856801782 0 4751929 0 0 0 0 0 0 0 0 0 0 0 659724839 0 0 0 0 0 664476768 0 X 192325014 0 0 0 192325014 0 856801782 0 X -1268444 -191056570 X false false false X 0 0 0 0 203473 203473 60507592 53421201 53900002 43326826 29150512 240306133 0 0 0 60507592 53421201 53900002 43326826 29353985 240509606 0 0 0 240509606 802955 1109711 1524415 2485826 1588852 7511759 0 802955 1109711 1524415 2485826 1588852 7511759 0 628244 437099 449816 619621 1502908 3637688 61938791 54968011 55874233 46432273 32445745 251659053 0.95570 0.96746 0.02985 0.02286 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED true Belmont University 1900 Belmont BLVD Nashville TN 37212 620465076 501(c)(3) 7000 Scholarships Lipscomb University One University Park Dr Nashville TN 37204 620485733 501(c)(3) 7000 Scholarships University of Memphis 3720 alumni ave memphis TN 38152 621237951 501(c)(3) 6000 Scholarships Vanderbilt University 2309 West End Avenue Nashville TN 37203 620476822 501(c)(3) 7000 Scholarships 4 FORM 990, SCHEDULE I, PART I, LINE 2: THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS AND WITH WORKING RELATIONS WITH ELIGIBLE postsecondary institutions, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES. X true true X X X X X false false false false false false false false false RON GAMBILL PRESIDENT/CEO 722150 0 0 0 59355 0 14250 0 1224 0 796979 0 0 0 KEN MANN CFO 178917 0 2500 0 2303 0 9148 0 2406 0 195274 0 0 0 PART 1, LINE 1A HEALTH CLUB FEES ARE PAID PER WRITTEN POLICY AND ARE PAID ONCE SUBSTANTIATED. LINE OF CREDIT 2021-06-30 19147521 BOOK VALUE 621586836 EDUCATION LOAN FINANCE INC 12700 KINGSTON PIKE KNOXVILLE TN 37934 501c3 CORPORATE FACILITY 2021-06-30 184631 BOOK VALUE 621586836 EDUCATION LOAN FINANCE INC 12700 KINGSTON PIKE KNOXVILLE TN 37934 501c3 CORP. INSURANCE 2021-06-27 2360078 BOOK VALUE 621586836 EDUCATION LOAN FINANCE INC 12700 KINGSTON PIKE KNOXVILLE TN 37934 501c3 INVESTMENTS 2021-06-30 15483180 Book Value 621586836 Education Loan Finance Inc 12700 KINGSTON PIKE KNOXVILLE TN 37934 501c3 ROU 2021-06-30 499262 BOOK VALUE 621586836 EDUCATION LOAN FINANCE INC 12700 KINGSTON PIKE KNOXVILLE TN 37934 501c3 LEASE DEPOSIT 2021-06-30 3063 BOOK VALUE 621586836 EDUCATION LOAN FINANCE INC 12700 KINGSTON PIKE KNOXVILLE TN 37934 501c3 STUDENT LOANS 2021-07-23 697346783 BOOK VALUE 621586836 EDUCATION LOAN FINANCE INC 12700 KINGSTON PIKE KNOXVILLE TN 37934 501c3 CASH 2021-07-26 13568663 BOOK VALUE 621586836 EDUCATION LOAN FINANCE INC 12700 KINGSTON PIKE KNOXVILLE TN 37934 501c3 false false false true PART I: On June 23, 2021 the board of directors authorized the dissolution of Educational Funding of the South, Inc. Additional days, through July 31, 2021, were utilized to wind up organizational affairs. PART I, LINE 2D: RON GAMBILL - BONUS BASED ON INDEPENDENT COMPENSATION CONSULTANT REPORT & VACATION PAYOUT FOR UNUSED VACATION HOURS CONSISTENT WITH EMPLOYEE POLICY; KEN MANN - PAID ADVANCED SALARY & VACATION PAYOUT FOR UNUSED VACATION HOURS CONSISTENT WITH EMPLOYEE POLICY; EFS BOARD OF DIRECTORS - BONUSES BASED ON INDEPENDENT COMPENSATION CONSULTANT REPORT. FORM 990, PART III, LINE 1: EDUCATIONAL FUNDING OF THE SOUTH, INC (THE COMPANY) IS A NOT-FOR-PROFIT PUBLIC BENEFIT CORPORATION FORMED IN 1985. THE COMPANY ACQUIRED AND FUNDED LOANS TO STUDENTS AND PARENTS OF STUDENTS THROUGHOUT THE UNITED STATES PURSUANT TO TITLE IV OF THE HIGHER EDUCATION ACT OF 1965 UNTIL JULY 1, 2010. THE COMPANY ALSO PROVIDES COLLEGE AND CAREER COUNSELING SERVICES THROUGH THE STUDENT OUTREACH PROGRAM FOR STUDENTS IN ELEMENTARY, MIDDLE AND HIGH SCHOOL. THE COMPANY ALSO AWARDS SCHOLARSHIPS TO STUDENTS IN NEED FOR PUBLIC AND PRIVATE postsecondary institutions IN THE STATE OF TENNESSEE. FORM 990, PART III, LINE 3: On June 23, 2021 the board of directors authorized the dissolution of Educational Funding of the South, Inc. Additional days, through July 31, 2021, were utilized to wind up organizational affairs. FORM 990, PART VI, SECTION A, LINE 4: On June 23, 2021 the board of directors authorized the dissolution of Educational Funding of the South, Inc. Additional days, through July 31, 2021, were utilized to wind up organizational affairs. FORM 990, PART VI, SECTION B, LINE 12C: ALL EMPLOYEES OF EDUCATIONAL FUNDING OF THE SOUTH, INC., 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 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 A 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 OTHERWISE DISCLOSED, THE RELEVANT BOARD MEMBER IS PRECLUDED FROM VOTING AND PROHIBITED FROM INFLUENCING THE VOTE ON ANY MATTER TO WHICH THE CONFLICT RELATES. FORM 990, PART VI, SECTION B, LINE 15A: THE PROCESS FOR DETERMINING COMPENSATION FOR CEO AND PRESIDENT BEGAN IN 2006. THE BOARD OF DIRECTORS USES OUTSIDE CONSULTANTS IN DETERMINING THE COMPENSATION FOR THE ABOVE POSITION BY COMPARING COMPENSATION PAID TO OTHER COMPARABLY-SIZED NON-PROFITS. A COMPENSATION COMMITTEE COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD OF DIRECTORS USES THE COMPENSATION INFORMATION FROM OUTSIDE CONSULTANTS IN DETERMINING THE COMPENSATION. THERE IS AN ANNUAL REVIEW OF COMPENSATION BY THE COMMITTEE. EXECUTIVE MANAGEMENT ALSO EVALUATES THE PERFORMANCE OF OTHER OFFICERS AND KEY EMPLOYEES IN CONNECTION WITH MARKET FACTORS TO ADJUST COMPENSATION. EFS FOLLOWED THIS POLICY FOR THE YEAR. FORM 990, PART VI, SECTION C, LINE 19: EDUCATIONAL FUNDING OF THE SOUTH, INC., PROVIDES COPIES OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS UPON REQUEST AT ITS KNOXVILLE, TENNESSEE LOCATION. FORM 990, PART XI, LINE 9: EFS NET ASSET TRANSFER $ -191,056,570 EFS VOLUNTEER LLC 501 CORPORATE CTR DR STE 320 FRANKLIN TN 37067 STUDENT LOANS DE 3339767 0 EFS INC EFS VOLUNTEER NO 2 LLC 501 CORPORATE CTR DR STE 320 FRANKLIN TN 37067 STUDENT LOANS DE 9419931 0 EFS INC EFS VOLUNTEER NO 3 LLC 501 CORPORATE CTR DR STE 320 FRANKLIN TN 37067 STUDENT LOANS DE 8862934 0 EFS INC EFS SERVICING 501 CORPORATE CTR DR STE 320 FRANKLIN TN 37067 450678183 DISSOLVED TN UND TN LAW EFS INC false false false false false false false false false false false false false false false false false false false false