2015-02-16T15:41:48-06:00 2014-06-30 570381582 ELLIOTT DAVIS DECOSIMO LLCPLLC 1901 MAIN STREET SUITE 900 COLUMBIA SC 29201 990 2013-07-01 570602805 SOUTH CAROLINA STUDENT LOAN CORP SOUT 8037980916 PO BOX 102405 COLUMBIA SC 29224 CHARLIE C SANDERS JR PRESIDENT/CEO 8037980916 2015-02-09 1 DENISE P HILL CPA P00046615 8032560002 2013 2016-02-25 16:41:14Z X CHARLIE C SANDERS JR PO BOX 102405 COLUMBIA SC 29224 168965769 0 X WWW.SCSTUDENTLOAN.ORG X 1973 SC THE PURPOSE OF THE CORPORATION IS TO RECEIVE, DISBURSE AND ADMINISTER FUNDS FOR EDUCATIONAL PURPOSES WITHOUT PECUNIARY GAIN OR PROFIT. ADDITIONALLY, THE PURPOSE OF THE CORPORATION IS TO AID IN THE FULFILLMENT OF THE DESIRE AND DIRECTION OF THE PEOPLE OF SOUTH CAROLINA IN MAKING LOANS AVAILABLE TO RESIDENTS TO ENABLE THEM TO ATTEND ELIGIBLE INSTITUTIONS WHICH ARE BEYOND THE PUBLIC SCHOOL LEVEL. THE CORPORATION IS ALSO EMPOWERED TO ACT AS AN AGENT FOR OTHER INSTITUTIONS AND FOUNDATIONS TO RECEIVE, INVEST, HANDLE AND DISBURSE FUNDS, AND TO SERVICE STUDENT LOANS, GUARANTEES OF STUDENT LOANS, INSURANCE OF STUDENT LOANS AND ACQUISITIONS OF CONTINGENT INTEREST IN STUDENT LOANS FOR OTHER PRIVATE, OR GOVERNMENTAL INSTITUTIONS AND FOUNDATIONS. IN GENERAL, THE CORPORATION ENGAGES IN AND CARRIES ON THE FUNCTION OF MAKING, HANDLING, SERVICING, AND DEALING WITH STUDENT LOANS, THE RECEIVING, INVESTING AND DISBURSING OF FUNDS, AND ALL THINGS INCIDENT THERETO, PROVIDED THAT NO ACTIVITY SHALL BE 11 10 181 0 0 0 21193491 0 92239980 100719275 3445952 697546 -404653 26964 116474770 101443785 0 350000 0 0 14223216 11133638 0 0 0 92499236 68261436 106722452 79745074 9752318 21698711 3069867841 2784777618 2575496813 2267376300 494371028 517401318 X THE PURPOSE OF THE CORPORATION IS TO RECEIVE, DISBURSE AND ADMINISTER FUNDS FOR EDUCATIONAL PURPOSES WITHOUT PECUNIARY GAIN OR PROFIT. ADDITIONALLY, THE PURPOSE OF THE CORPORATION IS TO AID IN THE FULFILLMENT OF THE DESIRE AND DIRECTION OF THE PEOPLE OF SOUTH CAROLINA IN MAKING LOANS AVAILABLE TO RESIDENTS TO ENABLE THEM TO ATTEND ELIGIBLE INSTITUTIONS WHICH ARE BEYOND THE PUBLIC SCHOOL LEVEL. THE CORPORATION IS ALSO EMPOWERED TO ACT AS AN AGENT FOR OTHER INSTITUTIONS AND FOUNDATIONS TO RECEIVE, INVEST, HANDLE AND DISBURSE FUNDS, AND TO SERVICE STUDENT LOANS, GUARANTEES OF STUDENT LOANS, INSURANCE OF STUDENT LOANS AND ACQUISITIONS OF CONTINGENT INTEREST IN STUDENT LOANS FOR OTHER PRIVATE, OR GOVERNMENTAL INSTITUTIONS AND FOUNDATIONS. IN GENERAL, THE CORPORATION ENGAGES IN AND CARRIES ON THE FUNCTION OF MAKING, HANDLING, SERVICING, AND DEALING WITH STUDENT LOANS, THE RECEIVING, INVESTING AND DISBURSING OF FUNDS, AND ALL THINGS INCIDENT THERETO, PROVIDED THAT NO ACTIVITY SHALL BE 0 0 77461319 350000 100719275 PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS. 77461319 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 1 10 0 1 181 1 0 0 0 0 0 0 0 0 0 0 X 11 10 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 SC X JANE HONEYCUTT 8036125096 8906 TWO NOTCH ROAD COLUMBIA SC 29223 CHARLIE C SANDERS JR PRESIDENT/CEO 32.00 8.00 X X 425988 0 95658 FREDERICK T HIMMELEIN ESQ CHAIRMAN 1.00 1.00 X 13000 0 0 J THORNTON KIRBY ESQ TREASURER 1.00 1.00 X 6000 0 0 WILLIAM M MACKIE JR VICE CHAIRMAN 1.00 1.00 X 7000 0 0 BARBARA F WESTON DIRECTOR 1.00 1.00 X 5500 0 0 VINCE V FORD DIRECTOR 1.00 1.00 X 2000 0 0 RENEE R BROOKS DIRECTOR 1.00 1.00 X 5500 0 0 NEIL E GRAYSON ESQ DIRECTOR 1.00 1.00 X 4000 0 0 FRED L GREEN III DIRECTOR 1.00 1.00 X 3000 0 0 JEFFREY R SCOTT DIRECTOR 1.00 1.00 X 6000 0 0 D GRANT CARWILE ESQ DIRECTOR 1.00 1.00 X 0 0 0 JASON R CASKEY DIRECTOR 1.00 1.00 X 3000 0 0 HARRY BROWN CFO 32.00 8.00 X 176077 0 30146 DONNA DEWISPELAERE PRESIDENT/CEO/CAMPUS PARTNERS 0.00 40.00 X 0 258793 3210 ANNE HARVIN GAVIN SVP 32.00 8.00 X 124911 0 23986 DAVID SIMON CIO 32.00 8.00 X 145912 0 42236 JANE HONEYCUTT VP - ACCOUNTING 32.00 8.00 X 144641 0 38420 DONALD DAY 7-1 TO 7-21-14 LEAD FOR DATA SOLUTIONS 0.00 40.00 X 0 125963 10863 ANDREW RAMOS 7-1 TO 2-4-14 DIRECTOR OF IT OPERATIONS 0.00 40.00 X 0 137616 20740 1072529 522372 265259 10 1 1 0 MCNAIR LAW FIRM 1221 MAIN ST 18 COLUMBIA SC 29201 LEGAL MATTERS 325381 WILLIAMS & FUDGE 300 CHATHAM AVENUE ROCK HILL SC 29731 COLLECTION SERVICES- PRIVATE LOANS 139940 DERRICK STUBBS & STITH 508 HAMPTON ST 1ST FLOOR COLUMBIA SC 29201 AUDIT/ACCOUNTING SERVICES 129195 KUTAK ROCK LLP 1111 EAST MAIN STREET RICHMOND VA 23219 LEGAL MATTERS 127739 NELSON MULLINS RILEY & SCARBOROUGH LLP 1320 MAIN STREET 17TH FLOOR COLUMBIA SC 29201 LEGAL MATTERS 122045 5 STUDENT LOAN INTEREST 900099 125451946 125451946 US DOE SUBSIDIZED INTEREST 900099 18603032 18603032 SERVICING FEES 900099 10298525 10298525 LATE CHARGES 900099 2159082 2159082 SCEAA REMITTANCE 900099 617555 617555 -56410865 -56410865 100719275 672664 672664 26964 0 26964 26964 26964 67546866 67521984 24882 24882 24882 101443785 101443785 0 0 X 350000 350000 987359 740519 246840 7689602 6920642 768960 649189 584270 64919 1150842 1035758 115084 656646 590981 65665 2216527 1994874 221653 242050 217845 24205 2753220 2753220 2046628 1841965 204663 534208 480787 53421 977463 781970 195493 173242 155918 17324 60000 54000 6000 23424849 23424849 270410 243369 27041 157292 141563 15729 ORIGINATION FEES 11729154 11729154 BORROWER INCENTIVES 6159167 6159167 TLP CANCELLATIONS 4707663 4707663 PAYMENTS TO SC SEAA FOR 4206296 4206296 8603267 8346509 256758 79745074 77461319 2283755 0 196319078 156389280 68846845 58467116 2731692373 2498701489 78340 201833 7113337 1994164 7092694 5119173 56609063 57851619 9229448 8047108 3069867841 2784777618 50037677 48748089 1357222 3269023 2512867205 2204551337 11234709 10807851 2575496813 2267376300 X 218875748 218803774 275495280 298597544 494371028 517401318 3069867841 2784777618 X 21698711 832884 498695 X 0 1 X 1 0 X 50256006 36705414 27113745 21193491 18603032 153871688 65583547 72193006 75036369 72166115 77956847 362935884 115839553 108898420 102150114 93359606 96559879 516807572 0 0 0 516807572 726475 921135 745261 3445952 724510 6563333 726475 921135 745261 3445952 724510 6563333 8580180 5044809 2906809 19669212 13369479 49570489 125146208 114864364 105802184 116474770 110653868 572941394 0.90200 0.67730 0.01150 0.01770 X 364900 364900 4358670 284953 4073717 2336419 1655863 680556 53348 53348 0 5119173 DUE TO US DEPARTMENT OF EDUCATION 10807851 10807851 X 103179801 832884 903132 1736016 101443785 0 101443785 80302202 557128 557128 79745074 0 79745074 PART X, LINE 2: THE CORPORATION IS EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. MANAGEMENT HAS EVALUATED THE CORPORATION'S TAX POSITIONS AND CONCLUDED THAT THE CORPORATION HAD TAKEN NO UNCERTAIN TAX POSITIONS THAT REQUIRE ADJUSTMENT TO THE FINANCIAL STATEMENTS TO COMPLY WITH THE PROVISIONS OF THIS GUIDANCE. WITH FEW EXCEPTIONS, THE CORPORATION IS NO LONGER SUBJECT TO INCOME TAX EXAMINATION BY THE U.S. FEDERAL, STATE OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2011. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE INCLUDED ON LINE 6B FROM EDVANTAGE INCOME 903,132. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE INCLUDED ON LINE 6B FROM EDVANTAGE EXPENSES 907,128. GRANT TO EDVANTAGE -350,000. 1 EDVANTAGE CORPORATION PO BOX 21508 COLUMBIA SC 29223 471482379 350000 FMV TO ASSIST IN LOAN COLLECTIONS 1 X X 0 0 0 0 0 0 0 0 0 CHARLIE C SANDERS JR PRESIDENT/CEO 288488 0 137500 0 0 0 73287 0 22371 0 521646 0 37591 0 HARRY BROWN CFO 148577 0 27500 0 0 0 27646 0 2500 0 206223 0 20463 0 DONNA DEWISPELAERE PRESIDENT/CEO/CAMPUS PARTNERS 0 233793 0 25000 0 0 0 3210 0 0 0 262003 0 0 DAVID SIMON CIO 120912 0 25000 0 0 0 31056 0 11180 0 188148 0 12799 0 JANE HONEYCUTT VP - ACCOUNTING 122641 0 22000 0 0 0 30576 0 7844 0 183061 0 16512 0 DONALD DAY 7-1 TO 7-21-14 LEAD FOR DATA SOLUTIONS 0 105963 0 20000 0 0 0 0 0 10863 0 136826 0 0 ANDREW RAMOS 7-1 TO 2-4-14 DIRECTOR OF IT OPERATIONS 0 134016 0 3600 0 0 0 4209 0 16531 0 158356 0 0 FORM 990, PAGE 1, PART I, LINE 1: CARRIED ON WHICH IS NOT PERMITTED BY A CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. FORM 990, PAGE 2, PART III, LINE 1: CARRIED ON WHICH IS NOT PERMITTED BY A CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. FORM 990, PART VI, SECTION B, LINE 11 THE COMPLETED FORM 990 WAS SENT TO THE CORPORATION FOR REVIEW AND FINAL SIGNATURE BEFORE SUBMISSION TO THE IRS. THE PROCESS ENTAILED A REVIEW BY THE CHIEF FINANCIAL OFFICER, THE CHIEF EXECUTIVE OFFICER AND ALL MEMBERS OF THE AUDIT COMMITTEE OF THE CORPORATION. ANY QUESTIONS/ISSUES WERE CLARIFIED AND ADDRESSED AS NECESSARY BEFORE THE FINAL SIGNATURE AND SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C A WRITTEN CONFLICT OF INTEREST POLICY IS DISTRIBUTED WITH THE MEETING MAERIALS FOR THE AUGUST MEETING OF THE BOARD OF DIRECTORS FOR COMPLETION BY EACH DIRECTOR. ALL FORMS ARE COLLECTED AND REVIEWED BY STAFF FOR ANY APPARENT CONFLICT. ALL EMPLOYEES COMPLETE DOCUMENTATION ANNUALLY TO DISCLOSE ANY CONFLICTS OF INTEREST. NEW HIRES COMPLETE THIS FORM AT THE TIME OF HIRING. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION COMMITTEE OF THE BOARD OF DIRECTORS OF THE CORPORATION DETERMINES THE COMPENSATION OF THE PRESIDENT/CEO. MEMBERS OF THE COMPENSATION COMMITTEE ARE VERY KNOWLEDGEABLE ABOUT EXECUTIVE COMPENSATION IN GENERAL. ONE MEMBER IS A FORMER PRESIDENT OF A STUDENT LOAN PROVIDER AND THE CHAIRMAN OF THE COMPENSATION COMMITTEE IS A FORMER SENIOR VICE PRESIDENT AND HUMAN RESOURCES DIRECTOR OF A COMMUNITY BANK. NEITHER THE PRESIDENT NOR OTHER MEMBERS OF THE CORPORATION STAFF ARE INVOLVED IN THESE PRESIDENT/CEO COMPENSATION DISCUSSIONS. TOP MANAGEMENT COMPENSATION IS DETERMINED BY THE PRESIDENT/CEO, WHO IS FAMILIAR WITH COMPENSATION STRUCTURES IN THE REGIONAL MARKETPLACE FOR SIMILAR TYPES OF ORGANIZATIONS. BOTH THE COMPENSATION COMMITTEE AND THE CEO USE INDUSTRY COMPENSATION SURVEYS TO ASSIST IN THEIR COMPENSATION DECISIONS. FORM 990, PART VI, SECTION C, LINE 19 THE CORPORATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST TO THE PUBLIC. THE CORPORATION'S YEARLY AUDITED FINANCIAL STATEMENTS ARE POSTED TO ITS WEBSITE. FORM 990, PART IX, LINE 24E AMORTIZATION OF DEFERRED COST OF BOND: PROGRAM SERVICE EXPENSES 3,209,733. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,209,733. LOAN LOSS EXPENSE: PROGRAM SERVICE EXPENSES 2,764,469. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,764,469. OTHER OPERATING EXPENSES: PROGRAM SERVICE EXPENSES 1,906,431. MANAGEMENT AND GENERAL EXPENSES 211,824. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 2,118,255. OTHER: PROGRAM SERVICE EXPENSES 404,405. MANAGEMENT AND GENERAL EXPENSES 44,934. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 449,339. SUBSCRIPTIONS AND FEES: PROGRAM SERVICE EXPENSES 61,471. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 61,471. FORM 990, PART XI, LINE 9: EMPLOYEE BENEFITS-RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST 215,920. EDVANTAGE NET ASSETS 282,775. FORM 990, PAGE 5, PART V, LINE 2A IN ADDITION TO THE EMPLOYEES REPORTED ON PAGE 5, PART V, LINE 2A, THE ORGANIZATION OWNS 100% OF A DISREGARDED ENTITY, EDUCATIONAL LOAN SERVICING, LLC D/B/A CAMPUS PARTNERS, WHICH REPORTED 93 EMPLOYEES ON THEIR SEPARATE 2013 FORM W-3. FORM 990, PAGE 5, PART V, LINE 1A IN ADDITION TO THE NUMBER OF 1099'S REPORTED ON PAGE 5, PART V, LINE 1A, THE ORGANIZATION OWNS 100% OF A DISREGARDED ENTITY, EDUCATIONAL LOAN SERVICING, LLC D/B/A CAMPUS PARTNERS, WHICH REPORTED 11 FORM 1099'S ON THEIR SEPARATE 2013 FORM 1096. EDUCATIONAL LOAN SERVICING LLC (DBA CAMPUS PARTNER) 2400 REYNOLDA ROAD WINSTOMSALEM NC 27106 LOAN SERVICING NC 8977390 1933075 SC STUDENT LOAN CORPORATION EDVANTAGE CORPORATION 8906 TWO NOTCH RD COLUMBIA SC 29223 451482379 DIRECT LOAN COLLECTIONS SC 501(C)(3) LINE 9 SC STUDENT LOAN CORPORATION 1 1 1 0 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 0 EDVANTAGE CORP J 23040 RENT BASED ON SQ.FT.UTILIZED EDVANTAGE CORP B 350000 CAPITAL CONTRIBUTION EDVANTAGE CORP N 0 NO AMOUNT CHARGED EDVANTAGE CORP O 0 NO AMOUNT CHARGED EDVANTAGE CORP M 420488 COLLECTION FEES PER CONTRACT SCHEDULE R, PART V, 1I: EDVANTAGE CORPORATION RECEIVED APPROVAL OF ITS TAX-EXEMPT STATUS EFFECTIVE APRIL 1, 2011. SCHEDULE R DISCLOSURE IS AS FOLLOWS: EDVANTAGE CORPORATION WAS FORMED APRIL 1, 2011 AS A SOUTH CAROLINA NON-PROFIT PUBLIC BENEFIT CORPORATION WITH THE PRIMARY PURPOSE OF BECOMING A CONTRACTOR FOR DIRECT LOAN COLLECTIONS FOR THE UNITED STATES DEPARTMENT OF EDUCATION (THE "DOE") UNDER GUIDELINES OF THE SMALL BUSINESS ADMINISTRATION (THE "SBA"). THE CORPORATION MADE A CONTRIBUTION OF CAPITAL TO EDVANTAGE AT THE INCEPTION OF EDVANTAGE IN EXCHANGE FOR ALL OF THE OWNERSHIP RIGHTS IN EDVANTAGE. THE SECOND CONTRIBUTION WAS FOR OPERATING CAPITAL. EDVANTAGE ENTERED INTO A CONTRACT WITH PERFORMANT/DCS ("EDVANTAGE CONTRACT") AS A SUBCONTRACTOR TO PROVIDE COLLECTION SERVICES. PERFORMANT/DCS IS A LARGE CONTRACTOR FOR DOE. EDVANTAGE BEGAN PERFORMING THE SUBCONTRACT UNDER THE SMALL BUSINESS SET ASIDE, AS DEFINED BY REGULATIONS OF THE SBA. WHEN EDVANTAGE APPLIED FOR SMALL BUSINESS CERTIFICATION, IT LEARNED THAT IT WOULD NOT OUALIFY DUE TO SBA REQUIREMENTS RELATED TO REVENUE OF ITS PARENT AND ITS NON-PROFIT STATUS. AS A RESULT, EDVANTAGE CEASED PROVIDING SUBCONTRACTOR SERVICES FOR PFC AS OF APRIL 1, 2014; HOWEVER,EDVANTAGE HAS MAINTAINED REQUIRED LICENSING. ON APRIL 1, 2014, EDVANTAGE BEGAN PROVIDING 3RD PARTY COLLECTION SERVICES FOR THE SOUTH CAROLINA STUDENT LOAN CORPORATION, PURSUANT TO THEIR CONTRACTUAL RELATIONSHIP WITH THE SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY