2015-07-28T08:42:37-05:00 2014-09-30 BDO USA LLP 7101 WISCONSIN AVE SUITE 800 BETHESDA MD 208144827 990 2013-10-01 581757969 Educational Funding of the South Inc % KEN MANN EDUC 6157718505 501 Corporate Centre Drive Suite 320 Franklin TN 37067 Ron Gambill CEO/President 6157718505 2015-07-27 true Mike Sorrells P00001737 6157718505 2013 2016-02-25 16:41:14Z EDSOUTH RON GAMBILL 12700 KINGSTON PIKE FARRAGUT TN 37934 101180805 false X www.edsouth.org X 1985 TN ACQUISITION AND ORIGINATION OF STUDENT LOANS 5 4 5 0 0 0 0 114904092 100059008 301614 410112 286027 711685 115491733 101180805 0 0 0 0 1083114 1330836 0 0 0 113574805 91559557 114657919 92890393 833814 8290412 2574256153 2199876174 2390597940 2007927549 183658213 191948625 X SEE SCHEDULE O false false 87836765 100059008 AQUISITION OF STUDENT LOANS MADE TO STUDENTS AND PARENTS PURSUANT TO TITLE IV OF THE HIGHER EDUCATION ACT OF 1965, AS AMENDED. THE AMOUNT OF LOANS ACQUIRED DURING TAX YEAR 2013 WAS $138,140.14 87836765 true false false false false false false false false false true false false false true true false true false false false false false false false false false false false true false false false false false false false false false false false false true true false false false true 14 0 true 5 true false false false false false false false false false false X 5 4 false false false false false false false true true false false true true true true true true true false false X KEN MANN 8658243054 12700 KINGSTON PIKE KNOXVILLE TN 37934 RON GAMBILL CEO/PRESIDENT 60.0 0.0 X X 689666 0 23000 JOHN MAYS DIRECTOR 1.0 0.0 X 21000 JOHN GRIESS DIRECTOR 1.0 X 21000 MIKE RAGSDALE DIRECTOR 1.0 0.0 X 20500 RICHARD SMELSER DIRECTOR 1.0 0.0 X 5000 JEFF GERKIN DIRECTOR 1.0 0.0 X 5000 KEN MANN CFO 50.0 0.0 X 104985 17417 867151 0 40417 2 false true false EDFINANCIAL SERVICES LLC 178 N SEVEN OAKS KNOXVILLE TN 37922 LOAN SERVICING 13687999 AES PO BOX 64849 BALTIMORE MD 21264 LOAN SERVICING 2657525 EDUCATIONAL SERVICES OF AMERICA IN 12700 KINGSTON PIKE KNOXVILLE TN 37934 ADMINISTRATION 2242799 BDO SEIDMAN LLP PO BOX 642743 PITTSBURGH PA 15264 AUDIT SERVICES 316258 WELLS FARGO BANK PO BOX 1450 MINNEAPOLIS MN 55485 TRUSTEE SERVICES 178132 13 0 BORROWER INTEREST 525990 100059008 100059008 100059008 401779 401779 0 0 0 0 0 8333 8333 8333 8333 0 0 0 MISCELLANEOUS 525990 711685 711685 711685 101180805 100059008 1121797 0 0 0 0 794651 635721 158930 0 405849 324679 81170 38065 30452 7613 45101 36081 9020 47170 37736 9434 10185654 6111392 4074262 117355 93884 23471 279008 279008 0 0 84200 67360 16840 0 2381 1905 476 16358 13086 3272 3917 3134 783 0 135392 108314 27078 48012 38410 9602 0 8933 7146 1787 26911012 26911012 0 784229 627383 156846 0 DEPT OF EDUCATION INTEREST EXP 35682414 35682414 CONSOLIDATION REBATE FEES 16322179 16322179 MISCELLANEOUS 978513 784477 194036 92890393 87836765 5053628 0 0 0 122536860 117893928 0 0 41839950 43914321 0 0 0 0 2380345818 2009938311 0 0 2017126 2170208 269531 78337 80546 191194 15343233 15462620 0 0 0 0 0 0 12092620 10305592 2574256153 2199876174 17086808 12397902 0 0 0 0 0 0 0 0 0 0 2292222131 1980046647 0 0 81289001 15483000 2390597940 2007927549 X 183658213 191948625 0 0 0 0 183658213 191948625 2574256153 2199876174 8290412 X X false true X true true true X 0 0 0 0 0 0 190982242 177267681 146524791 114904092 100059008 729737814 0 0 0 190982242 177267681 146524791 114904092 100059008 729737814 0 0 0 729737814 41537698 22769066 18538442 285093 401779 83532078 0 41537698 22769066 18538442 285093 401779 83532078 0 832177 4261884 1489706 286027 711685 7581479 233352117 204298631 166552939 115475212 101172472 820851371 0.88900 0.85060 0.10176 0.14070 X 118216 51863 66353 151315 26474 124841 191194 0 TAXABLE BONDS 15483000 15483000 X 65490058 65490058 35690747 35690747 101180805 57199646 57199646 35690747 35690747 92890393 PART X, LINE 2 THE COMPANY IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN MADE IN THE CONSOLIDATED FINANCIAL STATEMENTS. THE COMPANY ANALYZED ITS TAX POSITIONS FOR THE YEARS ENDED SEPTEMBER 30, 2014 AND 2013 AND DETERMINED THERE WERE NO UNCERTAIN TAX POSITIONS THAT WOULD HAVE A MATERIAL IMPACT ON THE COMPANY'S CONSOLIDATED FINANCIAL STATEMENTS. PART XI, LINE 4B - OTHER ADJUSTMENTS: REVENUE/EXPENSE RECLASSIFICATIONS = 35,690,747. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSE/REVENUE RECLASSIFICATIONS = 35,690,747. X true true X X X X X false false false false false false false false false RON GAMBILL CEO/PRESIDENT 689666 0 0 0 0 0 23000 0 0 0 712666 0 0 0 PART 1, LINE 1A HEALTH CLUB FEES ARE PAID PER WRITTEN POLICY AND ARE PAID ONCE SUBSTANTIATED. FORM 990, PART III, LINE 1, DESCRIPTION OF MISSION STATEMENT: EDUCATIONAL FUNDING OF THE SOUTH, INC (THE COMPANY) IS A NOT-FOR-PROFIT PUBLIC BENEFIT CORPORATION FORMED IN 1985. THE COMPANY ACQUIRES AND FUNDS LOANS TO STUDENTS AND PARENTS OF STUDENTS THROUGHOUT THE UNITED STATES PURSUANT TO TITLE IV OF THE HIGHER EDUCATION ACT OF 1965. FORM 990, PART VI, SECTION B, LINE 11: THE VP/CFO AND THE CHAIRMAN/CEO OF EDUCATIONAL FUNDING OF THE SOUTH, INC., REVIEW THE 990 PRIOR TO IT BEING FILED. A FINAL COPY OF THE 990 IS PROVIDED TO EACH BOARD MEMBER PRIOR TO IT BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C: ALL EMPLOYEES OF EDUCATIONAL FUNDING OF THE SOUTH, INC., 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 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 A 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 DISCPLINARY AND CORRECTIVE ACTION. IF A CONFLICT IS FOUND TO EXIST OR OTHERWISE DISCLOSED, THE RELEVANT BOARD MEMBER IS PRECLUDED FROM VOTING AND PROHIBITED FROM INFLUENCING THE VOTE ON ANY MATTER TO WHICH THE CONFLICT RELATES. FORM 990, PART VI, SECTION B, LINE 15A: THE PROCESS FOR DETERMINING COMPENSATION FOR CEO AND PRESIDENT BEGAN IN 2006. THE BOARD OF DIRECTORS USES OUTSIDE CONSULTANTS IN DETERMINING THE COMPENSATION FOR THE ABOVE POSITION BY COMPARING COMPENSATION PAID TO OTHER COMPARABLY-SIZED NON-PROFITS. A COMPENSATION COMMITTEE COMPRISED OF INDEPENDENT MEMBERS OF THE BOARD OF DIRECTORS USES THE COMPENSATION INFORMATION FROM OUTSIDE CONSULTANTS IN DETERMINING THE COMPENSATION. THERE IS AN ANNUAL REVIEW OF COMPENSATION BY THE COMMITTEE. EXECUTIVE MANAGEMENT ALSO EVALUATES THE PERFORMANCE OF OTHER OFFICERS AND KEY EMPLOYEES IN CONNECTION WITH MARKET FACTORS TO ADJUST COMPENSATION. EFS FOLLOWED THIS POLICY FOR THE YEAR. FORM 990, PART VI, SECTION C, LINE 19: EDUCATIONAL FUNDING OF THE SOUTH, INC., PROVIDES COPIES OF ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS UPON REQUEST AT ITS KNOXVILLE, TENNESSEE LOCATION. EFS VOLUNTEER LLC 501 CORPORATE CTR DR SUITE 320 FRANKLIN TN 37067 STUDENT LOANS DE 9062077 135773510 EFS INC EFS VOLUNTEER NO 2 LLC 501 CORPORATE CTR DR SUITE 320 FRANKLIN TN 37067 STUDENT LOANS DE 27539055 506326732 EFS INC EFS VOLUNTEER NO 3 LLC 501 CORPORATE CTR DR SUITE 320 FRANKLIN TN 37067 STUDENT LOANS DE 25976708 430930681 EFS INC EFS SERVICING 501 CORPORATE CENTRE DRIVE SUITE 3 FRANKLIN TN 37067 450678183 INACTIVE TN UND TN LAW EFS INC false false false false false false false false false false false false false false false false false false false false