2020-11-12T18:30:59-06:00 2019-12-31 390859910 Baker Tilly Virchow Krause LLP 225 South 6th Street Suite 2300 Minneapolis MN 55402 990 2019-01-01 411991995 ECMC Group Inc ECMC 6512210566 111 Washington Ave So 1400 Minneapolis MN 55401 Martin A Scanlon CFO & Treasurer 2020-11-12 true Lawrence H Mohr CPA P00447603 6128764500 2019 2021-01-29 14:40:06Z Jeremy J Wheaton 111 Washington Ave So 1400 Minneapolis MN 55401 630918053 false X www.ecmcgroup.org X 2000 DE ECMC Group, Inc. supports Educational Credit Management Corporation and ECMC Education, Inc. (formerly Zenith Education Group, Inc.). ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation and ECMC Education, Inc. (formerly Zenith Education Group, Inc.) by providing services that help students recognize and realize their potential by investing in, creating and providing innovative education solutions that support schools and improve student educational outcomes. 8 7 332 0 3541117 85594 231500000 202597584 96720581 105417773 57005273 49338353 4125572 4365164 389351426 361718874 134515699 43919207 0 19596348 19310836 0 0 101206433 104469622 255318480 167699665 134032946 194019209 3231152033 3744530742 2549969674 2897699267 681182359 846831475 X The mission of ECMC Group, Inc. is to help students recognize and realize their potential by investing in, creating and providing innovative education solutions that support schools and improve student educational outcomes. false false 77622358 0 105417773 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) and ECMC Group Student Loan Trust 2019-1 (Trust 2019-1), 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 and Trust 2019-1. 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. Trust 2018-1 also issued Class B notes to ECMC Group, Inc. The Trust 2018-1 Class B notes are subordinated to the Trust 2018-1 Class A notes. 43500000 43500000 0 ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation, ECMC Education, Inc. (formerly Zenith Education Group, Inc.), and ECMC Foundation by providing services that help students recognize and realize their potential by investing in, creating and providing innovative education solutions that support schools and improve student educational outcomes. $43,500,000 contributions made to ECMC Education, Inc. (formerly Zenith Education Group, Inc.) to support its mission to help students succeed in their pursuit of an educational experience that prepares them for the workforce. 627856 0 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. 419207 419207 0 Grants and sponsorships supplied by ECMC Group, Inc. to schools and individuals in support of its tax-exempt purpose. 419207 419207 122169421 true true false true 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 75 0 332 true true true false false false false false false false false false true false X 8 7 false false false false true true false true true false false true true true true true true true true false MN X Martin A Scanlon 6512210566 111 Washington Ave So Ste 1400 Minneapolis MN 55401 Jeremy J Wheaton President & CEO 40.0 0.0 X X 1070579 0 109874 Diana J Ingram Director 7.0 3.0 X 0 122774 0 Jack O'Connell Director 6.0 4.0 X 0 126524 0 James V McKeon Director 11.0 4.0 X 0 167774 0 John F DePodesta Board Chair 13.0 4.0 X 0 180274 0 Julia S Gouw Director 4.0 3.0 X 0 125274 0 K Paul Singh Director 8.0 3.0 X 0 127774 0 Maurice M Salter Director 8.0 3.0 X 0 140274 0 Daniel S Fisher General Counsel & Corporate Secretary 40.0 0.0 X 617831 0 88346 Gregory A Van Guilder Chief Investment Officer 40.0 0.0 X 1008187 0 92268 Martin A Scanlon CFO & Treasurer 40.0 0.0 X 578981 0 80453 Adam Trampe VP, Compliance and Enterprise Risk Management 40.0 0 X 309052 0 64645 Brian Boardman VP, Deputy General Counsel & Assistant Corp Secretary 40.0 0 X 303245 0 73613 Harini Upadhyaya VP, Applications and Analytics 40.0 0 X 217883 0 37317 Heidi J Johnson SVP, Chief of Staff 40.0 0 X 377344 0 69242 Hugh E McSherry VP, Corporate Services 40.0 0 X 283544 0 61314 Iris Cumberbatch SVP, Corporate Affairs 40.0 0 X 347167 0 56084 John McKennell VP, Chief Information Security Officer 40.0 0 X 263003 0 58587 Josh Slayton SVP, Business Development, Research & Innovation 40.0 0 X 340629 0 68144 Matthew T Mikulski VP, Internal Audit 40.0 0 X 277453 0 61126 Philip Becker VP, Investments 40.0 0 X 326134 0 70069 Rahoul Ghose Chief Information Officer 40.0 0 X 362155 0 74010 Sarah Strehl Chief Human Resources Officer 40.0 0 X 503254 0 76300 Stephen H Hansen VP, Information Technology 40.0 0.0 X 303194 0 35689 Tiffany Thompson VP, Finance & Controller 40.0 0 X 255466 0 33782 Wendy Badger VP, Corporate Compliance Officer 40.0 0 X 289086 0 34504 Aaron Woodrich Sr Dir, Information Technology 40.0 0 X 221008 0 58970 Frederick Peguero VP, Information Technology 40.0 0 X 375023 0 5321 Jeffrey S Jones Dir, Enterprise Corporate Services 40.0 0 X 227454 0 37081 Joanne Wright Dir, Call Center Development 40.0 0 X 217668 0 23551 Michael Bogie VP, Solutions Delivery 40.0 0 X 281996 0 3006 David Goff Former Chief Information Officer 0.0 0 X 127522 0 0 I King Jordan Former Director 0.0 0.0 X 0 30274 0 Janice A Hines President & CEO, ECMC 0.0 40.0 X 0 724849 80740 Joshua Susser VP, Corporate Development & Strategic Planning 0.0 0.0 X 107500 0 0 Peter J Taylor Former Director, Current President & Director, ECMC Foundation 0.0 40.0 X 0 738224 126935 Richard J Boyle Former Director/CEO/President 0.0 0.0 X 0 16362 0 Roberta Cooper Ramo Former Director 0.0 0.0 X 0 75274 0 9592358 2575651 1580971 127 true true false NAVIENT SOLUTIONS INC 220 Lasley Ave Hanover Industrial Estates Wilkes Barre PA 18706 Loan Portfolio Servicing 4041484 EMC Corporation PO Box 790448 St Louis MO 63179 IT Professional Services 3725981 Amazon Web Services Inc PO Box 84023 Seattle WA 98124 IT Support Services 1836217 Ahead LLC 401 North Michigan Ave 3400 Chicago IL 60611 IT Support Services 1491276 CDW PO Box 75723 Chicago IL 60675 IT Support Services 1406979 50 202597584 202597584 Student Loan Portfolio 900099 105417773 105417773 0 0 0 0 105417773 8672036 -782173 9454209 0 0 306222716 3642780 266798029 2401150 39424687 1241630 40666317 40666317 Servicing Fees on Trust Student Loans 900099 4323290 4323290 Miscellaneous 900099 23394 23394 Intercompany Servicing Revenue 900099 18480 18480 0 0 0 0 4365164 361718874 105417773 3541117 50162400 43779707 43779707 139500 139500 3949804 3949804 13004735 1247378 11757357 485556 24923 460633 1170486 13847 1156639 700255 29826 670429 748254 748254 416808 416808 12360 12360 243374 243374 10130668 5886455 4244213 0 1346998 32970 1314028 5093237 47507 5045730 763373 763373 474788 85753 389035 323107 154155 168952 67468567 65541692 1926875 4859868 4859868 1189988 1189988 154344 154344 Unrelated Business Income Tax 56311 56311 Loss on Subsidiaries 4149990 4149990 Principal Loan Adjustment 5046760 26115 5020645 Impairment 1441547 1441547 549280 40 549240 0 167699665 122169421 45530244 0 43842850 39997765 133059099 120537467 451016 969702 0 0 0 0 45800000 27701950 6406684 2159977 26010243 13419764 19343736 12590479 205753523 149995180 918242307 1014124580 1847429373 2366349490 10823445 10104152 3231152033 3744530742 14780008 17380267 1317054 2004631 0 0 96262964 424967469 2437609648 2453346900 2549969674 2897699267 X 681182359 846831475 681182359 846831475 3231152033 3744530742 X 194019209 -7047453 -21322640 X false true X true false X X 2 Educational Credit Mgmt Corp 411778617 9 true 627856 0 ECMC Education Inc (formerly Zenith Education Group Inc) 472237488 2 true 43591342 0 2 44219198 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. (formerly Zenith Education Group, Inc.), the supported organizations, and, therefore, has control over Educational Credit Management Corporation and ECMC Education, Inc. (formerly Zenith Education Group, 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 false false false false false false true 12360 false false 12360 false Schedule C, Part II-B, Line 1 DETAILED DESCRIPTION OF THE LOBBYING ACTIVITY General lobbying activities on legislative issues of relevance to ECMC Group, Inc. 14646739 4263588 10383151 328609 231410 97199 11034895 8924766 2110129 12590479 ECMC Holdings Corporation stock Investment in ECMC Holdings Corporation 11755409 F Investment in Oakdale Investment Management Corporation 4217631 F Alternative Investments 981494549 F Investment in ECMC Group Student Loan Trust 2018-1 Class B Notes 14587527 F Investment in Performant Financial Corporation 2069464 F 1014124580 Student Loan Receivable-Held for Sale 455155179 F Student Loan Receivable-Pledged 1855729504 C Mission-Related Investments Direct Investments 14852143 F Impact investments 40612664 F 2366349490 Due to ECMC Holdings Corporation Foundation deposits in ECMC Group, Inc. Apportioned Investment Pool 691875570 Due to Educational Credit Management Corporation Due to Educational Credit Services Company Payable for unsettled investments 403073 Secured Borrowings of ECMC Group Student Loan Trust 2016-1 219158013 Secured Borrowings of ECMC Group Student Loan Trust 2017-1 271758264 Secured Borrowings of ECMC Group Student Loan Trust 2017-2 341032104 Secured Borrowings of ECMC Group Student Loan Trust 2018-1 352066216 Secured Borrowings of ECMC Group Student Loan Trust 2018-2 268879339 Amount payable to the Department of Education 1097504 Subordinated Borrowings of ECMC Group Student Loan Trust 2018-1 14587527 Deferred Financing Fees -7391710 Operating Lease 3004070 Deferred Grant Revenue from ECMC Foundation Secured Borrowings of ECMC Group Student Loan Trust 2019-1 296876930 2453346900 X Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2016-1 $219,158,013 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 $271,758,264 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 $341,032,104 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 $352,066,216 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 $268,879,339 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 X, Line 1 Subordinated Borrowings of ECMC Group Student Loan Trust 2018-1 $14,587,527 Floating rate Class B Notes, subordinated to the Secured Borrowings of ECMC Group Student Loan Trust 2018-1. The Class B Notes were transferred to ECMC Group, Inc. at the time of the closing. Schedule D, Part VII Investment in Performant Financial Corporation At December 31, 2019, ECMC Group, Inc. held an 11.7% beneficial ownership interest in the publicly traded stock of Performant Financial Corporation (PFMT). ECMC Group, Inc. was the record owner of 1,185,406 shares of PFMT common stock and warrants to purchase an aggregate of 5,794,990 shares of PFMT common stock that were currently exercisable or exercisable within 60 days. Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2019-1 $296,876,930 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 $691,875,570. At December 31, 2019, 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 2 FIN 48 (ASC 740) footnote The FIN 48 (ASC 470) disclosure in the ECMC Group, Inc. and Subsidiaries Consolidated Financial Statements reads as follows: "ECMC Group, ECMC, Zenith, 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 2016. In the event of any current or future tax assessments, Holdings and its subsidiaries has 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 430855665 0 0 0 0 0 0 430855665 0 430855665 true false false true true false Schedule F, Part I, Line 3(f) Investments Investments are recorded on the trade date and substantially all investments are carried at fair value. Prior to January 1, 2019, investments classified as other investments were carried at lower of cost or fair value depending on investment type. Unrealized gains and losses and realized gains and losses, which are determined on the basis of the cost of the specific investments sold, are included in the change in net assets. Dividend income is recorded on the ex-dividend date. Interest income is accrued daily. Alternative Investments - Alternative investments are various hedge funds set up as limited partnerships chosen to support the investment objectives of ECMC Group, Inc. as outlined in the Investment Policy Statement of ECMC Group, Inc. Net asset valuations are provided quarterly by the limited partnerships. ECMC Group, Inc. uses September 30 as the cut-off date for booking investment income and unrealized gain/loss based on statements provided by each fund manager. During the period from September 30 to December 31, capital calls and redemptions are booked to reflect cash movements occurring during the last quarter of the year. Management establishes, reviews and evaluates macroeconomic market factors affecting the investment portfolio's unrealized gain/loss during the last quarter of the year. Management's recommendations on these fair value adjustments are presented to the investment committee for its approval and consideration of the investment fair value. The estimated fair values may differ significantly from the values that could be realized if a ready market existed for these investments, and these differences could be material. true ECMC Education Inc (formerly Zenith Education Group Inc) 111 Washington Ave So Minneapolis NM 55401 472237488 501(c)(3) 43500000 General Support The Ohio State University Foundation 1480 W Lane Ave Columbus OH 43221 311145986 501(C)(3) 100000 Edward H. Jennings Scholarship Fund BestPrep 7100 Northland Circle N Brooklyn Park MN 55428 411265355 501(C)(3) 25885 Program Support Cristo Rey Corporate Internship 2924 Fourth Ave So Minneapolis MN 55408 204548714 501(C)(3) 20371 Work Study Program Sponsorship Junior Achievement of Georgia Inc 275 Northside Dr NW Atlanta GA 30314 580598050 501(C)(3) 10000 Program Support Junior Achievement of Sacramento Inc 3800 Watt Ave Sacramento CA 95821 946080866 501(C)(3) 15125 Program Support Junior Achievement of Southeast Texas 2115 E Governors Circle Houston TX 77092 741153957 501(C)(3) 10000 Program Support Junior Achievement of Southern California Inc 6250 Forest Lawn Dr Los Angeles CA 90068 951799192 501(C)(3) 10000 Program Support Junior Achievement of Tampa Bay Inc 13707 N 22nd St Tampa FL 33613 591098499 501(C)(3) 10000 Program Support Junior Achievement of the Upper Midwest Inc 1745 University Ave W St Paul MN 55104 411424988 501(C)(3) 45000 Community Outreach Grant and Program Support 10 0 Robert A. Stein Scholarship 41 139500 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. (formerly Zenith Education Group, 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 true true X X X X true true false false true false true false false Richard J Boyle Former Director/CEO/President 0 0 0 0 0 16362 0 0 0 0 0 16362 0 16362 Jeremy J Wheaton President & CEO 542487 0 506688 0 21404 0 78501 0 31373 0 1180453 0 19000 0 Roberta Cooper Ramo Former Director 0 75274 0 0 0 0 0 0 0 0 0 75274 0 0 I King Jordan Former Director 0 30274 0 0 0 0 0 0 0 0 0 30274 0 0 Peter J Taylor Former Director, Current President & Director, ECMC Foundation 0 373218 0 80000 0 285006 0 118011 0 8924 0 865159 0 254247 John F DePodesta Board Chair 0 180274 0 0 0 0 0 0 0 0 0 180274 0 0 James V McKeon Director 0 167774 0 0 0 0 0 0 0 0 0 167774 0 0 Janice A Hines President & CEO, ECMC 0 404536 0 280000 0 40313 0 58200 0 22540 0 805589 0 24373 Joshua Susser VP, Corporate Development & Strategic Planning 0 0 0 0 107500 0 0 0 0 0 107500 0 0 0 Daniel S Fisher General Counsel & Corporate Secretary 331229 0 265000 0 21602 0 53377 0 34969 0 706177 0 16850 0 Martin A Scanlon CFO & Treasurer 357958 0 200000 0 21023 0 49600 0 30853 0 659434 0 9076 0 Gregory A Van Guilder Chief Investment Officer 635036 0 350000 0 23151 0 76050 0 16218 0 1100455 0 19000 0 David Goff Former Chief Information Officer 0 0 122170 0 5352 0 0 0 0 0 127522 0 5352 0 Wendy Badger VP, Corporate Compliance Officer 192096 0 75557 0 21433 0 14279 0 20225 0 323590 0 0 0 Philip Becker VP, Investments 263484 0 62000 0 650 0 35320 0 34749 0 396203 0 0 0 Brian Boardman VP, Deputy General Counsel & Assistant Corp Secretary 217995 0 83661 0 1589 0 34144 0 39469 0 376858 0 1109 0 Iris Cumberbatch SVP, Corporate Affairs 195959 0 100000 0 51208 0 37158 0 18926 0 403251 0 0 0 Rahoul Ghose Chief Information Officer 288723 0 70000 0 3432 0 39000 0 35010 0 436165 0 0 0 Stephen H Hansen VP, Information Technology 209702 0 90000 0 3492 0 34800 0 889 0 338883 0 0 0 Heidi J Johnson SVP, Chief of Staff 233391 0 130000 0 13953 0 39360 0 29882 0 446586 0 6009 0 John McKennell VP, Chief Information Security Officer 196013 0 65556 0 1434 0 31867 0 26720 0 321590 0 0 0 Hugh E McSherry VP, Corporate Services 199064 0 77957 0 6523 0 31645 0 29669 0 344858 0 0 0 Matthew T Mikulski VP, Internal Audit 195240 0 80556 0 1657 0 33633 0 27493 0 338579 0 0 0 Josh Slayton SVP, Business Development, Research & Innovation 269968 0 70000 0 661 0 34435 0 33709 0 408773 0 0 0 Sarah Strehl Chief Human Resources Officer 312927 0 171000 0 19327 0 44860 0 31440 0 579554 0 0 0 Tiffany Thompson VP, Finance & Controller 187264 0 67635 0 567 0 30111 0 3671 0 289248 0 0 0 Adam Trampe VP, Compliance and Enterprise Risk Management 191862 0 114421 0 2769 0 33926 0 30719 0 373697 0 0 0 Harini Upadhyaya VP, Applications and Analytics 217290 0 0 0 593 0 26538 0 10779 0 255200 0 0 0 Michael Bogie VP, Solutions Delivery 6366 0 69211 0 206419 0 2032 0 974 0 285002 0 0 0 Jeffrey S Jones Dir, Enterprise Corporate Services 160672 0 64966 0 1816 0 27255 0 9826 0 264535 0 0 0 Frederick Peguero VP, Information Technology 14461 0 141684 0 218878 0 1770 0 3551 0 380344 0 0 0 Aaron Woodrich Sr Dir, Information Technology 178130 0 42321 0 557 0 25367 0 33603 0 279978 0 0 0 Joanne Wright Dir, Call Center Development 100245 0 25144 0 92279 0 7711 0 15840 0 241219 0 0 0 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 2019: Frederick Peguero - $192,512 Michael Bogie - $175,412 Joshua Susser - $107,500 Joanne Wright - $90,739 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 2019, Jeremy J. Wheaton, Gregory A. Van Guilder, Daniel S. Fisher and Janice A. Hines participated in the 457(f) plan, and received employer contributions of $27,101, $22,950, $277 and $5,100, respectively, and Peter J. Taylor participated in the SERP plan, and received an employer contribution of $72,411. 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 $ 419,207 including grants of $ 419,207)(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 ECMC Group, Inc. has a code of ethics and business conduct policy that is affirmed annually by all ECMC Group, Inc. and affiliated companies' officers and employees. While there is not a specific whistleblower policy, there is a provision incorporated into the code of ethics and business conduct policy that binds all employees 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 an anonymous telephone hotline and website administered by an outside vendor to report concerns. The hotline and website are available and accessible to ECMC Group, Inc. directors, officers, employees and vendors. 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 2019, there were eight members of the Board of Directors and, therefore, eight 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 ECMC Group, Inc. CEO, General Counsel, and/or Vice President, Deputy General Counsel. For potential or real conflicts involving Directors or officers, the disclosure is made to the Board Chair. The Director or officer will be required to excuse themselves from deliberation and voting on matters 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 Educational Credit Management Corporation (ECMC), ECMC Education, Inc. (formerly Zenith Education Group, Inc.) and ECMC Group, Inc., including ECMC Shared Services Company, LLC, executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2019, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter LLP provided an opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter 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 Educational Credit Management Corporation (ECMC), ECMC Education, Inc. (formerly Zenith Education Group, Inc.) and ECMC Group, Inc., including ECMC Shared Services Company, LLC, executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2019, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter LLP provided an opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter 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 No documents are made available to the public. Form 990, Part VII, Section A Consulting Roberta Cooper Ramo and I. King Jordan, former Directors, had consulting agreements in 2019. Form 990, Part X, Line 25 Other Liabilities Other liabilities at December 31, 2019, include $691,875,570 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 loss on investment in the ECMC Group, Inc. Apportioned Investment Pool are $7,047,453. Form 990, Part XI, Line 9 Other changes in net assets or fund balances $21,322,640 Other Changes in Net Assets or Fund Balances. $32,865,351 Provision for Loss on Note Receivable. $11,542,711 Cumulative Net Unrealized Gain Adjustment at January 1, 2019, for the Initial Adoption of Accounting Standards Update (ASU) No. 2016-01, Financial Instruments-Overall (Subtopic 825-10): Recognition and Measurement of Financial Assets and Financial Liabilities, issued by the Financial Accounting Standards Board (FASB). This Initial Adoption Adjustment represents the difference in the carrying value and fair value of the Impact Investments and Other Direct Investments in the ECMC Group, Inc. Apportioned Investment Pool as of December 31, 2018. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Provision for Loss on Note Receivable - -32865351; Adjustment for Initial Adoption of Accounting Standards Update (ASU) No. 2016-01 - 11542711; Oakdale Student Loan Funding LLC 111 Washington Ave So Ste 1400 Minneapolis MN 55401 271914648 Holding FFELP Loans DE 63474896 601407032 ECMC Group Inc ECMC Shared Services Company LLC 111 Washington Ave So Ste 1400 Minneapolis MN 55401 810690960 Support Services Functions DE 1000000 23986566 ECMC Group Inc Patriot Student Loan Capital LLC 111 Washington Ave So Ste 1400 Minneapolis MN 55401 813501777 Trust Student Loans DE 18440 88692163 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 (formerly Zenith Education Group 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 OAKDALE INVESTMENT MANAGEMENT CORPORATION 111 Washington Ave So Ste 1400 Minneapolis MN 55401 461549752 HOLDING INVESTMENTS DE ECMC GROUP INC C Corporation 1830172 4330966 1 true ECMC HOLDINGS CORPORATION 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411991992 STRATEGIC OVERSIGHT DE ECMC GROUP INC C Corporation 2382093 11803853 1 true EDUCATIONAL CREDIT SERVICES COMPANY 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411992001 PRIVATE LOANS DE NA C Corporation true ECMC RECORDS & REC MGMT CORPORATION 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411989959 DOCUMENT MANAGEMENT DE NA C Corporation true ECMC MANAGEMENT SERVICES CORPORATION 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411989960 MANAGEMENT SERVICES DE NA C Corporation true ECMC TECHNOLOGY SERVICES CORPORATION 111 Washington Ave So Ste 1400 Minneapolis MN 55401 411989958 TECHNOLOGY SERVICES DE NA C Corporation true ECMC SERVICING CORPORATION 10370 PETER A MCCUEN BLVD MATHER CA 95655 471154366 LOAN SERVICING DE NA C Corporation true false true true true false false false false false false false false false true true true true false true Educational Credit Management Corporation C 200000000 Allocation ECMC Education Inc (formerly Zenith Education Group Inc) B 43500000 Allocation ECMC Foundation C 2597584 Grant ECMC Education Inc (formerly Zenith Education Group Inc) D 150000 Letter of Credit Contingent Liability ECMC Education Inc (formerly Zenith Education Group Inc) D 92228000 Non-cancelable operating leases guaranteed ECMC Education Inc (formerly Zenith Education Group Inc) D 30000000 Commitment to provide financial support projected to cover cash flow needs through March 31, 2021 Educational Credit Management Corporation N 8127142 Allocation Educational Credit Management Corporation O 38525443 Allocation Educational Credit Management Corporation P 2038784 Allocation ECMC Foundation N 605652 Allocation ECMC Foundation O 483233 Allocation ECMC Foundation Q 430861 Allocation ECMC Education Inc (formerly Zenith Education Group Inc) N 91342 Allocation ECMC Education Inc (formerly Zenith Education Group Inc) Q 4258138 Allocation ECMC Holdings Corporation Q 83466 Allocation ECMC Holdings Corporation S 403073 Cost