2017-11-10T13:00:41-06:00 2016-12-31 390859910 Baker Tilly Virchow Krause LLP 225 South 6th Street Suite 2300 Minneapolis MN 55402 990 2016-01-01 411991995 ECMC Group Inc ECMC 6512210566 111 Washington Avenue South 1400 Minneapolis MN 55401 Gregory Van Guilder CFO 2017-11-10 true Lawrence H Mohr CPA P00447603 6128764500 2016 2017-02-10 21:41:12Z Jeremy J Wheaton 111 Washington Avenue South 1400 Minneapolis MN 55401 432350521 false X www.ecmcgroup.org X 2000 DE ECMC Group, Inc. supports Educational Credit Management Corporation and Zenith Education Group, Inc. ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation and 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 8 546 0 425480 0 245000000 255000000 6840599 23715371 4677409 19151402 631230 3300354 257149238 301167127 115815173 752969912 0 10264196 11761807 0 0 25703828 24031123 151783197 788762842 105366041 -487595715 1382922773 1873481757 521498122 1490275394 861424651 383206363 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 752645402 752645402 0 ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation, 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. $478,270,902 contributions made to Zenith Education Group, Inc. In September 2016, the Board of Directors of ECMC Group, Inc. adopted a resolution to convert all outstanding principal and interest on notes receivable from Zenith Education Group, Inc. to a contribution to Zenith Education Group, Inc. In addition, the Board resolved that all outstanding intercompany liabilities (net) due from Zenith Education Group, Inc. as of December 31, 2016 would be converted to contributions. The conversion of outstanding principal, interest, and other outstanding intercompany amounts totalled $446,270,902. Cash contributions of $32,000,000 were also made to 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. $274,374,500 contributions made to ECMC FOUNDATION to fund innovative outreach programs and scholarship programs, to convey to students the importance of completing high school, and to develop and distribute programs that focus on access, retention and success in higher education; thereby helping low-income individuals, as well as those who may be the first in their family to attend college, further their education goals. 6854072 0 23715371 LOAN PORTFOLIO SERVICING: ECMC GROUP, INC. HAS AN ELIGIBLE LENDER TRUST AGREEMENT WITH US BANK NATIONAL ASSOCIATION. US BANK SERVES AS AN ELIGIBLE LENDER TRUST (ELT) FOR ECMC GROUP, INC. THROUGH THE ELT, ECMC GROUP, INC. PURCHASES Federal Family Education Loan Program (FFELP) REHABILITATED STUDENT LOANS FROM EDUCATIONAL CREDIT MANAGEMENT CORPORATION, A RELATED ENTITY, AND OTHER GUARANTY AGENCIES. 324510 324510 0 GRANTS AND SPONSORSHIPS SUPPLIED BY ECMC GROUP, INC. TO SCHOOLS AND INDIVIDUALS IN SUPPORT OF ITS TAX-EXEMPT PURPOSE. 319234 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. 319234 760143218 true true false 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 true false false false false true true true true false false true 141 0 546 true true true false false false false false false false false false X 8 8 false false false false true true false true true false false true true true true true true true true false NM MN X Gregory Van Guilder 6512210566 111 Washington Avenue S Suite 1400 Minneapolis MN 55401 David L Hawn Group CEO & President 59.0 0.0 X X 1083898 0 42998 GARY COOK Director 8.0 5.0 X 0 130000 0 ROBERTA COOPER RAMO Director 9.0 7.0 X 0 145500 0 JOHN DEPODESTA Board Chair 14.0 6.0 X 0 183000 0 Julia Gouw Director 4.0 4.0 X 0 130500 0 I KING JORDAN Director 4.0 5.0 X 0 125000 0 JAMES MCKEON Director 9.0 5.0 X 0 167500 0 JACK O'CONNELL Director 5.0 5.0 X 0 120000 0 MAURICE SALTER Director 6.0 4.0 X 0 147500 0 Daniel S Fisher General Counsel/Corp Secretary 50.0 0.0 X 516779 0 50781 Janice A Hines Chief Relationship Officer 24.0 20.0 X 379461 164305 43266 Gregory A Van Guilder Chief Financial Officer 56.0 0.0 X 852414 0 59520 Heidi J Johnson VP Enterprise Risk Management & Strategic Initiatives 51.0 0.0 X 371393 0 56880 Kathleen M King VP Finance & Controller 50.0 0.0 X 312728 0 48659 Hugh E McSherry VP Corporate Services 61.0 0.0 X 294652 0 52534 Matthew T Mikulski VP Internal Audit 53.0 0.0 X 246819 0 59166 Heather M Renner Government Affairs Director 43.0 0.0 X 270468 0 48767 Michael Bogie VP IT Solutions Delivery 40.0 0 X 215146 0 55559 Andrew Fesler VP Total Rewards 40.0 0 X 214365 0 49672 David Goff Chief Information Officer 50.0 0 X 368752 0 51992 John McKennell Chief Information Security Officer 45.0 0 X 208987 0 49673 Sarah Strehl CAO ECMC Shared Svcs/CHRO 53.0 0 X 366643 0 50697 Joshua Susser VP Corporate Development & Strategic Planning 43.0 0.0 X 283973 0 46786 Wendy Badger Corporate Compliance Officer 52.0 0 X 281282 0 38776 Stephen H Hansen VP Information Technology 45.0 0.0 X 262330 3558 32066 Abigail Seldin VP Innovation and Product Management 40.0 0.0 X 246442 3846 50565 Iris Cumberbatch VP Corporate Affairs 44.0 0 X 261769 0 24465 Joseph Ezra VP Finance 44.0 0.0 X 208174 8279 40380 Ryan Fullmer VP Finance 45.0 0.0 X 207606 14579 46157 Frederick Peguero VP Information Technology 40.0 0.0 X 207565 33345 57560 Adam Trampe VP Compliance Zenith 36.0 9.0 X 199836 3654 48956 Robert Kenyon SVP & Chief Accounting Officer 50.0 0.0 X 286625 11346 51227 Diana Scherer SVP and Deputy General Counsel 40.0 0.0 X 288237 9231 45168 James G Gilbertson ECMCSS SVP Finance 46.0 0.0 X 229036 0 48599 Troy Gunderman Dir Litigation 40.0 2.0 X 182544 3049 47008 Robert Hedrick Dir Application Development 42.0 1.0 X 178433 2921 49481 Aaron Woodrich Dir IT Infrastructure 52.0 0 X 197354 2958 46578 Marc Parrino Dir Finance 40.0 0.0 X 174034 11448 47990 Tara Belair Dir Organization Effectiveness 41.0 0 X 173196 3173 50917 Richard J Boyle Former DIRECTOR/CEO/PRESIDENT 0.0 0.0 X 15889 0 0 Peter J Taylor Former Director, Current Foundation President & Director and Zenith CEO & President 0.0 41.0 X 0 592526 161867 ROBERT STEIN Former Director 0.0 0.0 X 0 60000 0 9586830 2077218 1654707 140 true true false Fluid Interiors LLC 100 North 6th St Suite 100A Minneapolis MN 55403 Consulting Services 4577669 Campus Management Corp 5201 Congress Ave Boca Raton FL 33487 Professional Services 1936879 Network Design Inc 171 Cheshire Lane Suite 700 Plymouth MN 55441 Consulting Services 1863986 Workday Inc 6230 Stoneridge Mall Road Pleasanton CA 94588 Consulting Services 1730225 Eloyalty LLC 9197 S Peoria Street Englewood CO 80112 Call Center Services 1210945 58 255000000 255000000 Student Loan Portfolio 900099 23715371 23715371 0 0 0 0 23715371 14149347 139874 14009473 0 0 136185449 0 131146663 36731 5038786 -36731 5002055 5002055 Income from Subsidiary 900003 2826548 2826548 Servicing Fees on Trust Student Loans 900099 285606 285606 Miscellaneous 900099 188200 188200 0 0 0 0 3300354 301167127 23715371 425480 22026276 752870912 752870912 99000 99000 3377354 319234 3058120 6816790 6816790 503629 503629 762313 762313 301721 301721 2618582 1251170 1367412 358105 0 358105 435281 435281 0 9983114 4072349 5910765 0 100 0 100 -1616742 39571 -1656313 3086029 0 3086029 353720 0 353720 1019631 0 1019631 85510 20372 65138 4522317 0 4522317 3269770 916667 2353103 390385 0 390385 Income Tax Expense -592 0 -592 Usage on Shared Assets -723456 0 -723456 249369 118662 130707 0 788762842 760143218 28619624 0 55513533 56886709 95123495 88635277 109110 1391245 0 0 0 256525000 0 8108666 11433138 42978774 14493230 15822886 28485544 227516082 246057659 540882343 577689373 181292763 855286040 643743 2028895 6973029 1382922773 1873481757 4926545 15708921 828647 1046128 162553156 488377943 353189774 985142402 521498122 1490275394 X 861424651 383206363 861424651 383206363 1382922773 1873481757 X -487595715 -1046735 10424162 X false true X true false X X 2 EDUCATIONAL CREDIT MGMT CORP 411778617 9 true 319234 0 Zenith Education Group Inc 472237488 2 true 479693986 0 2 480013220 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 Zenith Education Group, Inc., THE SUPPORTED ORGANIZATIONs, AND, THEREFORE, HAS CONTROL OVER EDUCATIONAL CREDIT MANAGEMENT CORPORATION and 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 8370777 643758 7727019 929929 771491 158438 33678068 13077981 20600087 28485544 ECMC Holdings Corporation stock Investment in ECMC Holdings Corporation 37972031 F Investment in Oakdale Investment Management Corporation 2500969 F Alternative Investments 537216373 F 577689373 Student Loan Receivable 833892028 F Mission-Related Direct Investments 21394012 F 855286040 Due to Federal Services Bureau Due to ECMC Foundation 18849 Due to ECMC Holdings Corporation Due to Educational Credit Management Corporation Foundation deposits in Group Investment Pool 637358216 Due to Related Parties Reserve for future defaults Payable for unsettled trades Due to Zenith Education Group, Inc. 796449 Secured Borrowings of ECMC Group Student Loan Trust 2016-1 346968888 985142402 X Schedule D, Part X, Line 1 Secured Borrowings of ECMC Group Student Loan Trust 2016-1 $346,968,888 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 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, Holdings and its subsidiaries are no longer subject to U.S. federal, state or local income tax examinations by tax authorities for the years before 2013. In the event of any current or future tax assessments, Group has elected to record the income taxes and any related interest and penalties as income tax expense on the consolidated statements of activities." Central America and the Caribbean Investments 328317507 0 0 0 0 0 0 328317507 0 328317507 true false false true true false Schedule F, Part I, Line 3(f) INVESTMENTS INVESTMENTS ARE RECORDED ON THE TRADE DATE AND ARE CARRIED AT FAIR VALUE. UNREALIZED GAINS AND LOSSES AND REALIZED GAINS AND LOSSES, DETERMINED ON THE BASIS OF THE COST OF THE SPECIFIC SECURITIES SOLD, ARE INCLUDED IN THE CHANGE IN THE 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 WITH THE INVESTMENT GOAL OF A "FIXED INCOME" AND "GROWTH ASSET" PORTFOLIO. GROUP USES AUDITED FINANCIAL STATEMENTS FOR EACH LIMITED PARTNERSHIP AS A PRACTICAL EXPEDIENT TO ESTIMATE FAIR VALUE. INVESTMENTS HELD BY THE LIMITED PARTNERSHIPS ARE VALUED AT PRICES WHICH APPROXIMATE 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. NET ASSET VALUATIONS ARE PROVIDED QUARTERLY BY THE LIMITED PARTNERSHIPS. true ECMC Foundation 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411990628 501(c)(3) 24374500 250000000 Fair Value Portion of Pooled investments held by ECMC Group, Inc. General Support Zenith Education Group Inc 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 472237488 501(c)(3) 32000000 446270902 Book Converted outstanding debt to a contribution. General support Soleded O'Brien & Brad Raymond Foundation PO Box 20970 New York NY 10023 452440475 501(C)(3) 35000 Assist Lower Income Students EB Research Partnership 132 East 43rd Street Suite 432 New York NY 10017 272417202 501(C)(3) 15000 Sponsorship Cristo Rey Jesuit High School 2924 Fourth Ave South Minneapolis MN 55408 204548714 501(C)(3) 30500 Work Study Program Sponsorship CRHS Sacramento Work Study Inc 8475 Jackson Rd Sacramento CA 95826 412191660 501(C)(3) 23467 Work Study Program Sponsorship People Serving People 614 South 3rd Street Minneapolis MN 55415 411965067 501(C)(3) 25000 Program Sponsorship Minneapolis Public Schools 1250 West Broadway Ave Minneapolis MN 55411 410851980 School District 25000 Program Sponsorship Sacramento Children's Museum 2701 Prospect Park Dr 120 Rancho Cordova CA 95670 202673935 501(C)(3) 50000 Program Sponsorships 9 0 ROBERT A. STEIN SCHOLARSHIP 42 99000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. ECMC Group, Inc. is the sole member of ECMC Foundation and 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 false true false false true false true false false David L Hawn Group CEO & President 519553 0 560722 0 3624 0 23850 0 19148 0 1126896 0 44472 0 Richard J Boyle Former DIRECTOR/CEO/PRESIDENT 0 0 0 0 15889 0 0 0 0 0 15889 0 0 0 Peter J Taylor Former Director, Current Foundation President & Director and Zenith CEO & President 0 478163 0 111958 0 2405 119661 31800 0 10406 119661 634733 0 11856 ROBERT STEIN Former Director 0 60000 0 0 0 0 0 0 0 0 0 60000 0 0 JOHN DEPODESTA Board Chair 0 183000 0 0 0 0 0 0 0 0 0 183000 0 0 JAMES MCKEON Director 0 167500 0 0 0 0 0 0 0 0 0 167500 0 0 Daniel S Fisher General Counsel/Corp Secretary 311679 0 199457 0 5642 0 31800 0 18981 0 567560 0 19052 0 Janice A Hines Chief Relationship Officer 175868 159347 196772 101 6821 4856 15900 7950 11197 8219 406558 180473 10616 0 Gregory A Van Guilder Chief Financial Officer 455680 0 393608 0 3126 0 31800 0 27720 0 911934 0 35531 0 Heidi J Johnson VP Enterprise Risk Management & Strategic Initiatives 241487 0 128301 0 1604 0 31800 0 25080 0 428272 0 11964 0 Kathleen M King VP Finance & Controller 197388 0 107715 0 7626 0 31800 0 16859 0 361387 0 2610 0 Hugh E McSherry VP Corporate Services 170687 0 113852 0 10113 0 24821 0 27713 0 347187 0 0 0 Matthew T Mikulski VP Internal Audit 163468 0 80427 0 2924 0 29953 0 29213 0 305985 0 0 0 Heather M Renner Government Affairs Director 184663 0 84043 0 1762 0 31800 0 16967 0 319234 0 2670 0 Michael Bogie VP IT Solutions Delivery 199187 0 14648 0 1310 0 26346 0 29213 0 270705 0 0 0 Andrew Fesler VP Total Rewards 196343 0 15524 0 2497 0 25851 0 23821 0 264037 0 0 0 David Goff Chief Information Officer 296888 0 70007 0 1857 0 31800 0 20192 0 420744 0 0 0 John McKennell Chief Information Security Officer 181187 0 25875 0 1925 0 25293 0 24380 0 258660 0 0 0 Sarah Strehl CAO ECMC Shared Svcs/CHRO 291386 0 73249 0 2007 0 31800 0 18897 0 417340 0 0 0 Joshua Susser VP Corporate Development & Strategic Planning 197124 0 81866 0 4983 0 31800 0 14986 0 330759 0 9764 0 Wendy Badger Corporate Compliance Officer 198936 0 79617 0 2728 0 31800 0 6976 0 320058 0 0 0 Stephen H Hansen VP Information Technology 181302 3558 78094 0 2933 0 31311 213 542 0 294182 3771 289 0 Abigail Seldin VP Innovation and Product Management 164670 3846 81000 0 772 0 23069 231 27265 0 296777 4077 0 0 Iris Cumberbatch VP Corporate Affairs 146780 0 102 0 114886 0 17737 0 6728 0 286233 0 0 0 Joseph Ezra VP Finance 206798 8279 104 0 1272 0 12667 0 27713 0 248554 8279 0 0 Ryan Fullmer VP Finance 206798 8279 101 6300 707 0 18007 437 27713 0 253326 15016 0 0 Frederick Peguero VP Information Technology 205175 8319 101 25000 2288 25 25529 1666 30365 0 263459 35011 0 0 Adam Trampe VP Compliance Zenith 182533 3654 10101 0 7201 0 24357 219 24380 0 248572 3873 0 0 Robert Kenyon SVP & Chief Accounting Officer 285180 11346 104 0 1341 0 24580 0 26647 0 337852 11346 0 0 Diana Scherer SVP and Deputy General Counsel 189250 9231 98000 0 987 0 23850 0 21318 0 333405 9231 0 0 James G Gilbertson ECMCSS SVP Finance 226185 0 102 0 2749 0 24083 0 24515 0 277635 0 0 0 Troy Gunderman Dir Litigation 151705 3049 30101 0 737 0 22598 30 24380 0 229521 3080 0 0 Robert Hedrick Dir Application Development 144670 2921 29600 0 4163 0 21593 175 27713 0 227739 3097 0 0 Aaron Woodrich Dir IT Infrastructure 151204 2958 40677 0 5473 0 19648 0 26930 0 243932 2958 0 0 Marc Parrino Dir Finance 172456 11423 101 0 1477 25 21185 571 26234 0 221452 12020 0 0 Tara Belair Dir Organization Effectiveness 155379 3173 16601 0 1216 0 21513 190 29213 0 223923 3363 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 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 2016, Gregory Van Guilder and Sarah Strehl participated in the 457(f) plan, and received employer contributions of $15,179 and $6,421, respectively, and Peter J. Taylor participated in the SERP plan, and received an employer contribution of $119,661. 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. Richard J Boyle Mr. Boyle is a Director and President of the contracted company. 180000 The consulting contract for advisory services began after Mr. Boyle retired from the organization on February 1, 2014. The proposed terms of the contract were reviewed by the Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors which is wholly comprised of independent, outside directors. The Committee reviewed the business terms, tasks, duration of the proposed agreement and comparability data. They also heard from compensation consultants and outside counsel. The Committee made a recommendation that was then approved by the full ECMC Group, Inc. Board of Directors. false Form 990, Part III, Line 4d Description of other program services (Expenses $ 319,234 including grants of $ 0)(Revenue $ 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. 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 repercussions for good faith reporting of potential illegal practices or violations of corporate policies. ECMC Group, Inc. has established an anonymous whistleblower telephone hotline and website administered by an outside vendor. 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 2016, 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 Code of Ethics and Business Conduct. The affirmation specifically references that the individual will comply with the directives of the Code of Ethics and Business Conduct. Conflicts of Interest and disclosure of potential conflicts are included in the Code of Ethics and Business Conduct. Monitoring and enforcement of the policy are accomplished through the reaffirmation process. In cases where a potential conflict exists at the officer and key employee levels, the issue is disclosed to the CEO and Director of Corporate Compliance. For potential or real conflicts involving the CEO or a member of the Board of Directors, the disclosure is made to the Board Chairman. The Board member or CEO 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), 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 2016, 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 a written 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), 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 2016, 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 a written 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 Robert Stein, a former Director, had a consulting agreement in 2016. Form 990, Part XI, Line 5 Net unrealized gains on investments Net unrealized loss on investment in the ECMC Group, Inc. Investment Pool are $1,046,735. Form 990, Part XI, Line 9 Other changes in net assets or fund balances Transfer of Net Assets - 10424162; Form 990, Part XI, Line 9 Other Changes in Net Assets $10,424,162. Transfer of Net Assets. $5,948,508. On January 1, 2016, approximately 246 Educational Credit Management Corporation (ECMC) employees in the information technology, finance and accounting, human resources, and other corporate support departments were hired into ECMC Shared Services Company, LLC, a wholly owned subsidiary of ECMC Group, Inc. Additionally, property, equipment and leasehold improvements of approximately $3.59 million, net of accumulated depreciation and amortization, and prepaid expenses and other assets of approximately $2.36 million, were transferred into ECMC Shared Services Company, LLC, a wholly owned subsidiary of ECMC Group, Inc. $4,475,654. On January 1, 2016 approximately 175 Zenith Education Group, Inc. employees in the information technology, finance and accounting, human resources, and other corporate support departments were hired into ECMC Shared Services Company, LLC, a wholly owned subsidiary of ECMC Group, Inc. Additionally, the related property, equipment, and leasehold improvements of approximately $2.91 million and prepaid expenses and other assets of approximately $1.57 million were transferred into ECMC Shared Services Company, LLC, a wholly owned subsidiary of ECMC Group, Inc. OAKDALE STUDENT LOAN FUNDING LLC 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 271914648 HOLDING FFELP LOANS DE 55328835 379066074 ECMC GROUP INC PREMIERE CREDIT OF NORTH AMERICA LLC 2002 WELLESLEY BLVD 100 INDIANAPOLIS IN 46219 352085743 ACCOUNTS RECEIVABLE MANAGEMENT IN ECMC HOLDINGS CORP ECMC Shared Services Company LLC 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 810690960 Support Services Functions DE 30000000 69936623 ECMC Group Inc Patriot Student Loan Capital LLC 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 813501777 Trust Student Loans DE 0 19017713 ECMC Group Inc Healthcare Billing Administrators LLC 2002 Wellesley Blvd 100 Indianapolis IN 46219 814038009 Provider of Contingent Collections in the Healthcare Provider Market IN Premiere Credit of North America LLC EDUCATIONAL CREDIT MGMT CORP 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411778617 FFELP GUARANTOR MN 501(c)(3) 10 ECMC GROUP INC true ECMC FOUNDATION 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411990628 PROMOTE EDUCATION DE 501(c)(3) Type II ECMC GROUP INC true Zenith Education Group Inc 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 472237488 Career Colleges DE 501(c)(3) 2 ECMC Group Inc true OAKDALE INVESTMENT MANAGEMENT CORPORATION 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 461549752 HOLDING INVESTMENTS DE ECMC GROUP INC C Corporation 0 2500969 1 true ECMC HOLDINGS CORPORATION 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411991992 STRATEGIC OVERSIGHT DE ECMC GROUP INC C Corporation 47905881 45384655 1 true EDUCATIONAL CREDIT SERVICES COMPANY 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411992001 PRIVATE LOANS DE NA C Corporation true ECMC RECORDS & REC MGMT CORPORATION 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411989959 DOCUMENT MANAGEMENT DE NA C Corporation true ECMC MANAGEMENT SERVICES CORPORATION 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411989960 MANAGEMENT SERVICES DE NA C Corporation true ECMC TECHNOLOGY SERVICES CORPORATION 111 Washington Avenue South Suite 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 true false false false false false false false true true true true false true ECMC Foundation B 274374500 Allocation Zenith Education Group Inc B 478270902 Allocation and Book Value Educational Credit Management Corporation C 255000000 Allocation Zenith Education Group Inc D 381200000 Principal Outstanding at time of conversion to a contribution Zenith Education Group Inc D 2800000 Letters of Credit Contingent Liability ECMC Holdings Corporation F 10000000 Cash Educational Credit Management Corporation S 5948508 Book Value Zenith Education Group Inc S 4475654 Book Value Zenith Education Group Inc N 1423084 Allocation Zenith Education Group Inc Q 15691755 Allocation ECMC Foundation N 373532 Allocation ECMC Foundation Q 911962 Allocation Educational Credit Management Corporation N 7634454 Allocation Educational Credit Management Corporation O 45640908 Allocation Educational Credit Management Corporation P 11169270 Allocation ECMC Holdings Corporation Q 59934 Allocation Premiere Credit of North America LLC a subsidiary of ECMC Holdings Corporat ion Q 274427 Allocation Schedule R, Part V, Line 1d Loans or loan guarantees to or for related organization(s) In September 2016, the Board of Directors of ECMC Group, Inc. adopted a resolution to convert all outstanding principal and interest on notes receivable from Zenith Education Group, Inc. to a contribution to Zenith Education Group, Inc. The conversion of outstanding principal amounted to $381,200,000.