2016-11-14T12:00:46-06:00 2015-12-31 390859910 Baker Tilly Virchow Krause LLP 225 South 6th Street Suite 2300 Minneapolis MN 55402 990 2015-01-01 411991995 ECMC Group Inc ECMC 6512210566 111 Washington Avenue South 1400 Minneapolis MN 55401 Gregory Van Guilder CFO 2016-11-10 true Lawrence H Mohr CPA P00447603 6128764500 2015 2017-02-10 21:41:12Z Gregory Van Guilder 111 Washington Avenue South Minneapolis MN 55401 552774400 false X N/A X 2000 DE ECMC Group, Inc. supports Educational Credit Management Corporation and, effective January 22, 2015, Zenith Education Group, Inc. ECMC Group, Inc. supports the furtherance of the exempt purpose of Educational Credit Management Corporation and, effective January 22, 2015, 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. 9 8 41 0 -281987 -281987 261055758 245000000 7796012 6840599 6766469 4677409 10555450 631230 286173689 257149238 176285847 115815173 0 9969674 10264196 0 0 16645398 25703828 202900919 151783197 83272770 105366041 1071870418 1382922773 309548891 521498122 762321527 861424651 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 115479049 115479049 0 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. 3213593 0 6840599 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 FFELP REHABILITATED STUDENT LOANS FROM EDUCATIONAL CREDIT MANAGEMENT CORPORATION, A RELATED ENTITY, AND OTHER GUARANTY AGENCIES. 534570 336124 0 GRANTS AND SPONSORSHIPS SUPPLIED BY ECMC GROUP, INC. TO SCHOOLS AND INDIVIDUALS IN SUPPORT OF ITS TAX EXEMPT PURPOSE. 512855 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. 512855 119740067 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 72 0 41 true true true false false false false false false false false false X 9 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 HAWN Group CEO & President 61.0 0.0 X X 1018467 0 101323 JOHN DEPODESTA Board Chair 15.0 6.0 X 189638 0 0 GARY COOK DIRECTOR 6.0 5.0 X 140388 0 0 Julia Gouw Director 3.0 4.0 X 54000 0 0 I KING JORDAN DIRECTOR 4.0 4.0 X 105000 0 0 JAMES MCKEON DIRECTOR 9.0 6.0 X 160000 0 0 JACK O'CONNELL DIRECTOR 5.0 5.0 X 102500 0 0 ROBERTA COOPER RAMO DIRECTOR 7.0 7.0 X 124250 0 0 MAURICE SALTER DIRECTOR 8.0 5.0 X 130496 0 0 GREGORY VAN GUILDER CHIEF FINANCIAL OFFICER 57.0 0.0 X 884417 0 92437 DANIEL FISHER SECRETARY/GENERAL COUNSEL 54.0 0.0 X 591979 0 70788 HEIDI JOHNSON Vice President 55.0 6.0 X 472650 0 66285 HEATHER RENNER VICE PRESIDENT 41.0 0.0 X 315663 0 49867 KATHLEEN KING Controller/Vice President 47.0 0.0 X 313146 0 49358 MATTHEW MIKULSKI VICE PRESIDENT 54.0 0.0 X 256054 0 54863 HUGH MCSHERRY VICE PRESIDENT 60.0 0.0 X 251182 0 52063 JANICE HINES Chief Relationship Officer 42.0 0.0 X 458627 0 59864 JOSHUA SUSSER Sr Advisor to CEO 42.0 0.0 X 431329 0 53184 WENDY BADGER Vice President & Chief Compliance Officer 53.0 0.0 X 245451 0 29333 ABIGAIL SELDIN VP Innovation & Product Management 0.0 47.0 X 0 251419 45792 SARAH STREHL Chief Human Resources Officer 52.0 0 X 217527 0 38742 DAVID GOFF Chief Information Officer 54.0 0 X 172757 0 30667 JOHN MCKENNELL Chief Information Security Officer 49.0 0 X 77418 0 16487 MICHAEL BOGIE VP IT Solutions Delivery 43.0 0 X 42923 0 9061 ANDREW FESLER VP Total Rewards 43.0 0 X 46147 0 4777 EDWARD JOHNSON Interim President - EUO 42.0 0.0 X 151259 0 14633 PAULETTE JONES Security Compliance Manager 43.0 0 X 147326 0 22629 SCOTT TORGERSON Interim VP Admiss&Career Assessment-EUO 40.0 0 X 110615 0 24256 CHRISTOPHER DUNCAN Corporate Development Specialist 47.0 0 X 115859 0 18711 EDWARD SPEAR CIO OF ECMC 0.0 0.0 X 281223 0 3944 GERALDINE GJESDAHL Dir Corprate Communications 31.0 0.0 X 241360 0 8599 ROBERT STEIN Former Director 0.0 0.0 X 50000 0 0 PETER TAYLOR Former Director 0.0 41.0 X 0 461040 68387 RICHARD BOYLE Former DIRECTOR/CEO/PRESIDENT 0.0 0.0 X 17422 0 0 7917074 712459 986048 23 true true false The Glover Park Group LLC Lockbox 9962 Philadelphia PA 191789962 Consulting 1309354 IDEO LP 150 Forest Ave Palo Alto CA 94301 CONSULTING 1114595 HALL CAPITAL PARTNERS LLC ONE MARITIME PLAZA SUITE 500 SAN FRANCISCO CA 94111 INVESTMENT Consultants 1035202 Drinker Biddle & Reath LLP ONE LOGAN SQUARE STE 2000 PHILADELPHIA PA 191036996 Legal Services 792601 Russell Reynolds Associates Church Street Station PO Box 6427 New York NY 102496427 Consulting 624555 29 245000000 245000000 Student Loan Portfolio 900099 6840599 6840599 0 0 0 0 6840599 6824794 -281987 7106781 0 0 293477777 295625162 -2147385 0 -2147385 -2147385 INCOME FROM SUBSIDIARY 900003 631230 631230 0 0 0 0 631230 257149238 6840599 -281987 5590626 115689173 115689173 126000 126000 7655958 365530 7290428 2093585 532424 1561161 193774 74895 118879 201152 2876 198276 119727 47139 72588 436142 86 436056 556744 6800 549944 1127034 1127034 0 14497150 1461849 13035301 0 15269 69493 -54224 1750390 32410 1717980 2479885 66676 2413209 1643164 65196 1577968 46153 15045 31108 902704 0 902704 1537765 0 1537765 270271 14882 255389 INCOME TAX EXPENSE 113483 0 113483 DEFAULT EXPENSE-CLAIMS PAID 17486 0 17486 USAGE ON SHARED ASSETS 277416 42559 234857 32772 0 32772 0 151783197 119740067 32043130 0 22033406 55513533 40683723 95123495 39308 109110 0 0 19080 256525000 1472796 8108666 18370220 2547334 2926250 15822886 289263155 227516082 545810539 540882343 169496800 181292763 125361 2028895 1071870418 1382922773 9458425 4926545 0 828647 0 162553156 300090466 353189774 309548891 521498122 X 762321527 861424651 762321527 861424651 1071870418 1382922773 105366041 -6262917 0 X false true X true false X X 2 EDUCATIONAL CREDIT MGMT CORP 411778617 9 true 512855 0 Zenith Education Group Inc 472237488 2 true 257376733 0 2 257889588 0 true false false false true true false false false false false false false false false false true Schedule A, Part I, Line 11b AN ORGANIZATION ORGANIZED TO PERFORM AND PROVIDE ECMC GROUP, INC., THE SUPPORTING ORGANIZATION, RETAINS THE FOLLOWING AUTHORITY OVER EDUCATIONAL CREDIT MANAGEMENT CORPORATION and, effective January 22, 2015, 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. Schedule A, Part IV, Section A, Line 5a Added, Substituted, or Removed Sup. Org. Zenith Education Group, Inc., a 501(c)(3) organization (FEIN 47-2237488), was incorporated on September 17, 2014 and began providing post-secondary career education instruction and services on February 2, 2015. AT ITS MEETING ON JANUARY 22, 2015 ECMC GROUP, INC.'S BOARD OF DIRECTORS APPROVED AMENDMENTS TO THE BYLAWS AND ARTICLES OF INCORPORATION TO MAKE ECMC GROUP, INC. A SUPPORTING ORGANIZATION OF ZENITH EDUCATION GROUP, INC. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 35539 32211 3328 18334681 2515123 15819558 15822886 ECMC Holdings Corporation stock Investment in ECMC Holdings Corporation 45145452 F Investment in Oakdale Investment Management Corporation 1000 F Alternative Investments 495735891 F 540882343 Student Loan Receivable 161540556 F Mission-Related Direct Investments 19752207 F 181292763 Due to Federal Services Bureau Due to ECMC Foundation Due to ECMC Holdings Corporation Due to Educational Credit Management Corporation Foundation deposits in Group Investment Pool 353051168 Due to Related Parties 138606 Reserve for future defaults 0 Payable for unsettled trades 0 353189774 X 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 2012. 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 Group's consolidated statements of activities." Central America and the Caribbean Investments 294497000 0 0 0 0 0 0 294497000 0 294497000 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) 115476049 General Support Soledad O'Brien & Brad Raymond Foundation PO Box 20970 New York NY 10023 452440475 501(c)(3) 10000 Assist lower income students AMERICAN RED CROSS 2025 E STREET NW WASHINGTON DC 200065009 530196605 501(c )(3) 9413 Match Employee Donations CRISTO REY JESUIT HS 2924 FOURTH AVE SOUTH MINNEAPOLIS MN 55408 204548714 501(c )(3) 42500 Further Education Programs FOLSOM CORDOVA UNIFIED SCHOOL DISTRICT 1965 Birkmont Drive Rancho Cordova CA 95742 946002505 School District 25000 Further Education Programs MAPLEWOOD MIDDLE SCHOOL 2410 HOLLOWAY AVE MAPLEWOOD MN 55109 208013218 Middle School 50000 Further Education Programs MILLS MIDDLE SCHOOL 10439 COLOMA ROAD RANCHO CORDOVA CA 95670 941706902 Middle School 25000 Further Education Programs 7 Miles Innovations LLC 3204 Lake Travis Ave Killeen TX 76543 474137702 25000 Award 7 1 ROBERT A. STEIN SCHOLARSHIP 43 96000 Individual Scholarships 3 30000 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds. ECMC Group, Inc. is the sole member of ECMC Foundation 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 DAVID HAWN Group CEO & President 548250 0 467515 0 2702 0 76272 0 25051 0 1119790 0 13573 0 ROBERT STEIN Former Director 50000 0 0 0 0 0 0 0 0 0 50000 0 0 0 PETER TAYLOR Former Director 0 411580 0 46766 0 2693 0 43656 0 24731 0 529426 0 0 RICHARD BOYLE Former DIRECTOR/CEO/PRESIDENT 0 0 0 0 17422 0 0 0 0 0 17422 0 0 0 JOHN DEPODESTA Board Chair 189638 0 0 0 0 0 0 0 0 0 189638 0 0 0 JAMES MCKEON DIRECTOR 160000 0 0 0 0 0 0 0 0 0 160000 0 0 0 EDWARD SPEAR CIO OF ECMC 43827 0 0 0 237396 0 3944 0 0 0 285167 0 0 0 GERALDINE GJESDAHL Dir Corprate Communications 27952 0 67500 0 145909 0 8591 0 7 0 249959 0 0 0 GREGORY VAN GUILDER CHIEF FINANCIAL OFFICER 441002 0 441938 0 1477 0 67331 0 25106 0 976854 0 0 0 DANIEL FISHER SECRETARY/GENERAL COUNSEL 300256 0 287874 0 3849 0 50852 0 19936 0 662768 0 0 0 HEIDI JOHNSON Vice President 251291 0 119740 0 101619 0 43764 0 22521 0 538935 0 0 0 HEATHER RENNER VICE PRESIDENT 220861 0 92307 0 2496 0 34470 0 15397 0 365530 0 0 0 KATHLEEN KING Controller/Vice President 205367 0 103939 0 3840 0 34410 0 14948 0 362503 0 0 0 MATTHEW MIKULSKI VICE PRESIDENT 171118 0 82510 0 2426 0 31092 0 23771 0 310917 0 0 0 HUGH MCSHERRY VICE PRESIDENT 177108 0 67602 0 6471 0 30291 0 21771 0 303245 0 0 0 JANICE HINES Chief Relationship Officer 293060 0 154448 0 11119 0 42416 0 17448 0 518491 0 0 0 JOSHUA SUSSER Sr Advisor to CEO 205322 0 193976 0 32031 0 41564 0 11620 0 484512 0 0 0 WENDY BADGER Vice President & Chief Compliance Officer 189000 0 55545 0 906 0 29333 0 0 0 274784 0 0 0 ABIGAIL SELDIN VP Innovation & Product Management 0 205302 0 45109 0 1008 0 30323 0 15469 0 297211 0 0 SARAH STREHL Chief Human Resources Officer 166749 0 50102 0 676 0 26677 0 12065 0 256269 0 0 0 DAVID GOFF Chief Information Officer 171556 0 101 0 1100 0 20823 0 9844 0 203424 0 0 0 EDWARD JOHNSON Interim President - EUO 150440 0 104 0 715 0 14633 0 0 0 165892 0 0 0 PAULETTE JONES Security Compliance Manager 127107 0 19101 0 1117 0 17626 0 5003 0 169955 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 severance payments in 2015: Edward Spear - $237,396. Craig Allen - $159,231. Geraldine Gjesdahl - $144,231. Schedule J, Part I, Line 4b Supplemental nonqualified retirement plan ECMC Group, Inc. maintains a supplemental nonqualified retirement plan described in section 457(f) to attract and retain employees, typically in management positions. In 2015, David Hawn, Gregory Van Guilder, Daniel Fisher and Heidi Johnson participated in the plan, and received employer contributions of $26,472, $17,531, 1,052 and 2,479 respectively. Schedule J, Part I, Line 5b Compensation contigent 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 contigent 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 Boyle Mr. Boyle is a Director and President of the contracted company. 385000 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 $ 512,855 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, DIRECTORS, 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. THE PROVISION STATES THAT 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. 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. In 2015, there were nine members of the Board of Directors and, therefore, nine 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 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 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 is included in the Code of Ethics and Business Conduct. Monitoring and enforcement of the policy is 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 ECMC and ECMC Group, Inc. executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2015, 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 ECMC and ECMC Group, Inc. executive compensation methodology. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2015, 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 2015. Form 990, Part X, Line 7 Notes and loans receivable, net On September 22, 2016, ECMC Group, Inc. converted all outstanding debt and other amounts due from Zenith Education Group, Inc. to a contribution to Zenith Education Group, Inc. The total amount converted to a contribution on September 22, 2016 was $423,006,357. Form 990, Part XI, Line 5 Net unrealized losses on investments Net unrealized losses on investment in the ECMC Group, Inc. Investment Pool are $6,262,917. OAKDALE STUDENT LOAN FUNDING LLC 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 271914648 HOLDING FFELP LOANS DE 0 0 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 0 0 ECMC Group Inc EDUCATIONAL CREDIT MGMT CORP 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411778617 FFELP GUARANTOR MN 501(c)(3 9 ECMC GROUP INC true ECMC FOUNDATION 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411990628 PROMOTE EDUCATION DE 501(c)(3 Type I 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 1000 1 true ECMC HOLDINGS CORPORATION 111 Washington Avenue South Suite 1400 Minneapolis MN 55401 411991992 STRATEGIC OVERSIGHT DE ECMC GROUP INC C Corporation 56450955 55298359 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 false ECMC Foundation B 115476049 Allocation Educational Credit Management Corporation C 245000000 Allocation Zenith Education Group Inc D 256525000 Principal outstanding Zenith Education Group Inc Q 851733 Allocation ECMC Foundation N 519897 Allocation ECMC Foundation O 71029 Allocation ECMC Foundation Q 1002582 Allocation Educational Credit Management Corporation N 14600604 Allocation Educational Credit Management Corporation O 1326698 Allocation Educational Credit Management Corporation P 3701297 Allocation ECMC Holdings Corporation P 211055 Allocation ECMC Holdings Corporation F 9000000 Cash Schedule R, Part V, Line 1d Loans or loan guarantees to or for related organization(s) On September 22, 2016, ECMC Group, Inc. converted all outstanding debt and other amounts due from Zenith Education Group, Inc. to a contribution to Zenith Education Group, Inc. The total amount converted to a contribution on September 22, 2016 was $423,006,357.