2025-11-11T10:39:11+00:00 2024-12-31 135381590 BDO USA 421 FAYETTEVILLE ST STE 300 RALEIGH NC 276011776 990 2024-01-01 621586836 EDUCATION LOAN FINANCE INC EDUC 8658243051 12700 KINGSTON PIKE KNOXVILLE TN 37934 BILL THOMPSON CFO 2025-11-11 true SANDRA L FEINSMITH P01064157 9197549370 2025-10-16 2024 2025-03-06 01:10:19Z JOHN ARNOLD JR 12700 KINGSTON PIKE KNOXVILLE TN 37934 152761053 false X HTTPS://CORP.ELFI.COM X 1994 TN PROVIDES FUNDING FOR POSTSECONDARY STUDENT LOANS AND GRANTS FOR SCHOLARSHIPS THROUGH ITS SUBSIDIARY. 5 3 34 0 0 4501937 11137062 113968857 102413903 24497577 21528794 12553611 17681294 155521982 152761053 0 0 0 0 5517798 5636431 0 0 0 113493962 129323886 119011760 134960317 36510222 17800736 2155671295 2031275123 1506065000 1358315419 649606295 672959704 PROVIDES FUNDING FOR POSTSECONDARY STUDENT LOANS AND GRANTS FOR SCHOLARSHIPS THROUGH ITS SUBSIDIARY. false false 130604027 0 118534964 ELFI, INC. PROVIDES FUNDING FOR POST-SECONDARY STUDENT LOANS. 0 0 0 THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES. 130604027 true true false false false false false false false false true true false false false true false true false false false false false false false false false false false true false false false false false true false false false false true false false false true true true true false false true 19 0 true 34 true false false false false false false false false false false true false X 5 3 false false false false false false false true true false false false true true true true true true true true false false X BILL THOMPSON 8658243051 12700 KINGSTON PIKE KNOXVILLE TN 37934 BILL THOMPSON EVP/CFO 18.0 22.0 X X 525012 656863 24121 JOHN ARNOLD PRESIDENT/CEO 20.0 20.0 X X 1418864 1423490 24121 CHRISTOPHER SIMMONS DIRECTOR 1.0 0.0 X 72000 0 0 ROBERT ROSENBAUM DIRECTOR 1.0 0.0 X 82000 32000 0 STEPHEN CLARK DIRECTOR 1.0 0.0 X 72000 0 0 BARBARA THOMAS CHIEF OPERATIONS OFFICER 16.0 24.0 X 487320 868752 33003 ERIC STEWART CHIEF ACCOUNTING OFFICER 40.0 0.0 X 305281 0 75932 EVA CHAMPION CHIEF HUMAN RESOURCES OFFICER (THRU 01/2024) 4.0 36.0 X 6091 20555 517 JEFF GIBBS CHIEF INFORMATION OFFICER 4.0 36.0 X 62020 518350 41371 JOSEPH LITTLETON CHIEF INFORMATION SECURITY OFFICER 19.2 20.8 X 108638 116373 41539 MICHAEL O'DONNELL EXECUTIVE VICE PRESIDENT 16.0 24.0 X 324220 498999 18787 VICKI WEAVER CHIEF HUMAN RESOURCES OFFICER (AS OF 03/2024) 4.0 36.0 X 16625 150239 14668 BRENT STARLING MANAGING DIRECTOR 40.0 0.0 X 215356 0 69399 JASON BOLIN CONTROLLER 40.0 0.0 X 189439 0 46881 CHRISTOPHER KIRK ACCOUNTING MANAGER 40.0 0.0 X 106165 0 30183 DAVID BURGETT SYSTEMS ENGINEER 8.0 32.0 X 34479 135580 35679 MELISSA MARKIS AVP SERVICER COMPLIANCE 20.0 20.0 X 57797 57343 39687 STEVEN FISHER SYSTEMS ADMIN 10.0 30.0 X 38227 109192 9859 WILLIAM LEROY TAYLOR SYSTEMS ENGINEER 8.0 32.0 X 32641 128331 11939 4154175 4716067 517686 9 false true false AMERICAN EDUCATION SERVICES PO BOX 64849 Baltimore MD 21264 LOAN SERVICING 2138993 TAVANT PO BOX 670407 DALLAS TX 75267 SOFTWARE DEVELOP./LICENSING 1157520 BANK OF AMERICA NA 401 NORTH TRYON STREET CHARLOTTE NC 28255 BANKING/FINANCIAL SERVICES 1146825 BDO USA PO BOX 642743 PITTSBURG PA 15264 AUDIT/TAX PREP SERVICES 778324 CITIGROUP 388 GREENWICH STREET NEW YORK NY 10013 BANKING/FINANCIAL SERVICES 660480 18 11137062 11137062 11137062 INTEREST & FEES ON STUDENT LOANS 522200 102413903 102413903 0 0 0 0 0 0 102413903 21528794 0 0 21528794 0 0 0 0 0 MISCELLANEOUS INCOME 900099 12731974 11171741 0 1560233 ADMINISTRATION FEES 900099 3816625 3816625 0 0 LOAN SERVICING FEES 900099 1132695 1132695 0 0 0 0 0 0 17681294 152761053 118534964 0 23089027 0 0 4189003 3267422 921581 798630 622932 175698 0 122474 0 122474 0 290225 0 290225 0 236099 0 236099 0 463774 36754 427020 0 121814 0 121814 0 822475 0 822475 0 0 0 0 0 5250 5250 0 0 123087 0 123087 0 628261 0 628261 0 692041 692041 0 0 9914 7733 2181 0 6645 6645 0 0 92569709 92569709 0 0 580378 580378 0 0 233345 0 233345 0 LOAN SERVICING AND ADMIN FEES 11296049 11296049 0 0 RELATED PARTY ACTIVITY 11171741 11171741 0 0 OTHER EXPENSES 10300814 10048784 252030 0 TRUSTEE FEES 298589 298589 0 0 0 0 0 0 134960317 130604027 4356290 0 73238027 10792 50881783 182111589 0 0 1715284375 1528730884 22929454 23224562 0 0 0 0 0 0 285331 253544 4012613 2688745 1522265 1323868 0 0 239786752 264204413 0 0 0 51743308 31415471 2155671295 2031275123 20308392 7507547 0 0 0 0 0 0 0 0 0 0 1485756608 1350807872 0 0 0 0 1506065000 1358315419 X 649606295 672959704 0 0 649606295 672959704 2155671295 2031275123 X 17800736 5552673 X false true true true true X 0 124686675 4501937 4501937 11137062 144827611 65544138 75297370 103519052 113968857 102413903 460743320 0 0 0 65544138 199984045 108020989 118470794 113550965 605570931 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 605570931 7697183 10694008 19194655 24497577 21528794 83612217 0 7697183 10694008 19194655 24497577 21528794 83612217 0 15093402 16556704 12181327 12553611 17681294 74066338 88334723 227234757 139396971 155521982 152761053 763249486 0.79341 0.79201 0.11 0.1047 X Schedule A, Part III, Line 12 Other Income DESCRIPTION - ADMINISTRATIVE FEES, COLUMN A - 5094261.0, COLUMN B - 4412856.0, COLUMN C - 4469731.0, COLUMN D - 3978118.0, COLUMN E - 3816625.0, COLUMN F - 21771591.0; DESCRIPTION - MISCELLANEOUS INCOME, COLUMN A - 7407578.0, COLUMN B - 9478834.0, COLUMN C - 5243444.0, COLUMN D - 6614922.0, COLUMN E - 12731974.0, COLUMN F - 41476752.0; DESCRIPTION - LOAN SERVICING FEES, COLUMN A - 2591563.0, COLUMN B - 2665014.0, COLUMN C - 2468152.0, COLUMN D - 1960571.0, COLUMN E - 1132695.0, COLUMN F - 10817995.0; RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 57980 57087 893 3954633 2631658 1322975 1323868 Closely-held equity interests Financial derivatives INVESTMENT IN SOUTHEAST BANCORP 264204413 F 264204413 0 X 0 0 0 0 0 0 0 0 0 0 0 0 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote 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, 2009. 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, 2024 AND 2023. X true true X X X X false false false false false false false false false BILL THOMPSON EVP/CFO 308585 377161 206287 252128 10140 27574 0 0 24121 0 549133 656863 0 0 JOHN ARNOLD PRESIDENT/CEO 475000 475000 935000 935000 8864 13490 0 0 24121 0 1442985 1423490 0 0 BARBARA THOMAS CHIEF OPERATIONS OFFICER 261936 392904 225384 338076 0 137772 0 17250 0 15753 487320 901755 0 0 ERIC STEWART CHIEF ACCOUNTING OFFICER 261609 0 35000 0 8672 0 14949 0 60983 0 381213 0 0 0 VICKI WEAVER CHIEF HUMAN RESOURCES OFFICER (AS OF 03/2024) 13125 118125 3500 31500 0 614 831 7492 2494 3851 19950 161582 0 0 JEFF GIBBS CHIEF INFORMATION OFFICER 39352 354170 17500 157500 5168 6680 0 17250 24121 0 86141 535600 0 0 JOSEPH LITTLETON CHIEF INFORMATION SECURITY OFFICER 95421 103373 12000 13000 1217 0 5396 5819 30324 0 144358 122192 0 0 MICHAEL O'DONNELL EXECUTIVE VICE PRESIDENT 184220 276329 140000 210000 0 12670 0 0 0 18787 324220 517786 0 0 BRENT STARLING MANAGING DIRECTOR 184675 0 30000 0 681 0 10766 0 58633 0 284755 0 0 0 JASON BOLIN CONTROLLER 160431 0 28000 0 1008 0 9422 0 37459 0 236320 0 0 0 DAVID BURGETT SYSTEMS ENGINEER 28395 113580 5500 22000 584 0 1445 5779 28455 0 64379 141359 0 0 MELISSA MARKIS AVP SERVICER COMPLIANCE 54843 54843 2500 2500 454 0 2742 2742 34203 0 94742 60085 0 0 STEVEN FISHER SYSTEMS ADMIN 30022 90067 7288 19125 917 0 947 2758 6154 0 45328 111950 0 0 WILLIAM LEROY TAYLOR SYSTEMS ENGINEER 26983 107931 5100 20400 558 0 1374 5497 5068 0 39083 133828 0 0 JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 410988 436312 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 706255 749773 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 482757 512503 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 3656585 3787899 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 4103197 4250548 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 6000128 6215601 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 5748789 5972426 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 380454 395254 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 51835 53851 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 480812 499516 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 338109 350879 false true true 23224562 X CONVEYANCE INCOME 1 11137062 Other - BOOK VALUE 0 false false false Form 990, Part VI, Line 11b Review of form 990 by governing body THE FORM 990 IS REVIEWED BY THE CFO AND CEO OF ELFI, INC. PRIOR TO BEING FILED WITH THE IRS, AND A FINAL COPY OF THE 990 IS MADE AVAILABLE TO EACH BOARD MEMBER PRIOR TO BEING FILED. Form 990, Part VI, Line 12c Conflict of interest policy 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. Form 990, Part VI, Line 15a Process to establish compensation of top management official 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 CHAIRMAN OF THE COMPENSATION COMMITTEE RETAINS INDEPENDENT COUNSEL WITH NATIONAL EXPERIENCE IN EXECUTIVE BENEFITS TO REVIEW THE COMPENSATION REPORT AND CONFER WITH THE INDEPENDENT COMPENSATION CONSULTANT WITH ANY QUESTIONS PRIOR TO SUBMITTING THE COMPENSATION REPORT TO THE COMPENSATION COMMITTEE. 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. Form 990, Part VI, Line 15b Process to establish compensation of other employees 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. Form 990, Part VI, Line 19 Required documents available to the public ELFI, INC. MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, Line 9 Other changes in net assets or fund balances NON CONTROLLING INTEREST INCOME - 3461669; COMMON STOCK CONTRIBUTED TO ESOP - 3695120; CHANGE IN OCI - -1604116; Total - 5552673; EDSOUTH INDENTURE NO 3 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 2302605 0 NA EDSOUTH INDENTURE NO 5 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 2894862 0 NA EDSOUTH INDENTURE NO 6 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 5164602 52892079 NA EDSOUTH INDENTURE NO 7 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 2825941 25275635 NA EDSOUTH INDENTURE NO 8 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 3913736 34589656 NA EDSOUTH INDENTURE NO 9 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 7456512 72445420 NA ELFI GRADUATE LOAN PROGRAM 2018-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 830667 0 NA ELFI GRADUATE LOAN PROGRAM 2019-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 3898045 67097477 NA ELFI GRADUATE LOAN PROGRAM 2020-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 4703681 88434647 NA ELFI GRADUATE LOAN PROGRAM 2021-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 7628717 177960001 NA ELFI GRADUATE LOAN PROGRAM 2022-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 8919330 203615012 NA ELFI GRADUATE LOAN PROGRAM 2023-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 15774898 253796214 NA ELFI GRADUATE LOAN PROGRAM 2024-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 9555707 255192804 NA EFS VOLUNTEER LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 3843275 0 NA EFS VOLUNTEER NO 2 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 7977304 69135028 NA EFS VOLUNTEER NO 3 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 8189877 0 NA NORTH PETERS LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 3877947 112862024 NA NEW CAMPBELL STATION LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 8891249 113714400 NA SOUTHEAST BANCORP INC 12700 KINGSTON PIKE KNOXVILLE TN 37934 262930965 COMMERCIAL BANK TN NA C Corporation 0.833 true SOUTHEAST BANK 12700 KINGSTON PIKE KNOXVILLE TN 37934 621859961 BANKING INVEST TN SOUTHEAST BANCORP C Corporation 199813379 2975060080 1 true SOUTHEAST BANCSHARES INC STATUTORY TRUST 12700 KINGSTON PIKE KNOXVILLE TN 37934 376417777 BANKING INVEST TN SOUTHEAST BANCORP C Corporation 0 0 1 true true false false true false false true true false false true true true false false true true false false SOUTHEAST BANK A 271 ACTUAL SOUTHEAST BANK G 302220987 ACTUAL SOUTHEAST BANK H 426588735 ACTUAL SOUTHEAST BANK K 495140 ACTUAL SOUTHEAST BANK L 108000 ESTIMATION SOUTHEAST BANK Q 1244245 ACTUAL SOUTHEAST BANCORP INC D 19000000 ACTUAL