2014-11-11T11:00:14-06:00 2013-12-31 390859910 BAKER TILLY VIRCHOW KRAUSE LLP 225 SOUTH 6TH STREET SUITE 2300 MINNEAPOLIS MN 55402 990 2013-01-01 411990628 ECMC FOUNDATION ECMC 6512210566 1 Imation Place Building 2 Oakdale MN 551283422 GREGORY VAN GUILDER CFO 2014-11-10 true Lawrence H Mohr CPA P00447603 6128764500 2013 2015-11-30 17:44:51Z PETER TAYLOR 1 Imation Place Oakdale MN 551283422 153847029 false X WWW.ECMCFOUNDATION.ORG X 2000 DE ECMC FOUNDATION HELPS LOW-INCOME, FIRST GENERATION STUDENTS GAIN ACCESS TO AND SUCCEED IN COLLEGE. ABOUT ECMC FOUNDATION ECMC FOUNDATION HELPS PEOPLE OF ALL AGES FURTHER THEIR EDUCATION GOALS, PARTICULARLY LOW-INCOME INDIVIDUALS, AS WELL AS THOSE WHO MAY BE THE FIRST MEMBER OF THEIR FAMILY TO ATTEND COLLEGE. OUR INNOVATIVE OUTREACH PROGRAMS FOCUS ON COLLEGE ACCESS, RETENTION AND SUCCESS. THROUGH PARTNERSHIPS WITH GOVERNMENT AGENCIES, EDUCATIONAL INSTITUTIONS AND COMMUNITY ORGANIZATIONS, ECMC FOUNDATION IS ABLE TO HELP MAKE THE DREAM OF COLLEGE A REALITY FOR THOSE INDIVIDUALS WHO MAY NOT OTHERWISE HAVE AN OPPORTUNITY TO PURSUE HIGHER EDUCATION. ECMC FOUNDATION IS FUNDED BY ECMC GROUP, INC. FOR MORE INFORMATION, VISIT WWW.ECMCFOUNDATION.ORG. 10 9 9 8 0 0 53496229 153837971 0 0 16102 9058 0 0 53512331 153847029 981450 99041236 0 0 1381305 1306850 0 0 0 523574 795128 2886329 101143214 50626002 52703815 85972455 160917555 29829847 50319465 56142608 110598090 X ECMC FOUNDATION HELPS PEOPLE OF ALL AGES FURTHER THEIR HIGHER EDUCATION GOALS FOCUSING ON LOW-INCOME INDIVIDUALS AND THOSE WHO MAY BE THE FIRST IN THEIR FAMILY TO ATTEND COLLEGE. true false 98100000 98100000 0 CAL GRANTS: HELPING LOW-INCOME STUDENTS PURSUE HIGHER EDUCATION IS CORE TO ECMC FOUNDATION'S MISSION. AS PART OF THIS MISSION AS WELL AS OUR COMMITMENT TO THE STATE OF CALIFORNIA, THE ECMC FOUNDATION BOARD OF DIRECTORS APPROVED A CONTRIBUTION IN EXCESS OF $98 MILLION FOR THE 2013-14 CAL GRANT PROGRAM. AS THE LARGEST SOURCE OF CALIFORNIA STATE AID, CAL GRANTS HELP STUDENTS IN NEED GAIN ACCESS TO HIGHER EDUCATION. OVER THE PAST FOUR YEARS, ECMC FOUNDATION AND ITS AFFILIATES HAVE CONTRIBUTED OVER $345 MILLION TO THE CAL GRANT PROGRAM. THESE CONTRIBUTIONS TRANSLATE INTO OVER 58,000 CALIFORNIA STUDENTS HAVING THE FINANCIAL RESOURCES NECESSARY TO PURSUE THEIR DREAM OF A HIGHER EDUCATION. 1127935 890000 0 ECMC SCHOLARS PROGRAM: THE ECMC SCHOLARS PROGRAM IS A HIGH SCHOOL MENTORING PROGRAM DESIGNED TO INCREASE PARTICIPATION IN HIGHER EDUCATION FOR LOW-INCOME INDIVIDUALS AS WELL AS FOR THOSE WHO MAY BE THE FIRST MEMBER OF THEIR FAMILY TO HAVE AN OPPORTUNITY TO ATTEND COLLEGE. THE PROGRAM CHALLENGES THESE STUDENTS TO BETTER PREPARE FOR HIGHER EDUCATION DURING THEIR JUNIOR AND SENIOR YEARS OF HIGH SCHOOL. TO DATE, ECMC FOUNDATION HAS PLEDGED $13,860,000 IN SCHOLARSHIPS TO 2,310 STUDENTS IN THIS PROGRAM. THE STUDENTS ARE AWARDED $4,000 FOR THEIR FIRST YEAR OF COLLEGE AND $2,000 FOR THEIR SECOND YEAR OF COLLEGE. 742979 11236 0 THE COLLEGE PLACE: THE COLLEGE PLACE WORKS TO HELP INDIVIDUALS OF ALL AGES PURSUE OPPORTUNITIES FOR HIGHER EDUCATION. THE COLLEGE PLACE PROVIDES FREE ASSISTANCE AND RESOURCES ABOUT SCHOOLS, THE COST OF EDUCATION, FINANCIAL AID AND ADMISSIONS. SERVICES ARE PROVIDED IN ONE-ON-ONE MEETINGS, GROUP SETTINGS, IN WORKSHOPS AND EVENTS, OR BY TELEPHONE AND THROUGH EMAIL. THERE ARE CURRENTLY FIVE COLLEGE ACCESS CENTERS-TWO CENTERS IN VIRGINIA AND ONE CENTER EACH IN OREGON, CONNECTICUT AND CALIFORNIA. IN 2013, 21,536 PEOPLE WERE ASSISTED IN THE CENTERS. 294873 40000 0 OTHER PROGRAMS: MISCELLANEOUS PROGRAMS AND ACTIVITIES FOR THE FURTHERANCE OF EDUCATIONAL OPPORTUNITIES THROUGH GRANTS, AWARDS AND RESEARCH ON THE MANAGEMENT OF EDUCATIONAL DEBT. 272315 0 0 BELIEVING THE COLLEGE DREAM, REALIZING THE COLLEGE DREAM AND PERSIST. BELIEVING THE COLLEGE DREAM, REALIZING THE COLLEGE DREAM AND PERSIST ARE CURRICULUM GUIDES. BELIEVING THE COLLEGE DREAM: BELIEVING THE COLLEGE DREAM IS A CURRICULUM GUIDE THAT SUPPORTS TEACHERS, COUNSELORS AND COMMUNITY-BASED ORGANIZATION STAFFS IN THEIR WORK TO INCREASE THE EXPECTATIONS OF ATTENDING COLLEGE BY STUDENTS IN GRADES 4-8. THE CURRICULUM HAS A FOCUS ON LOW-INCOME STUDENTS AS WELL AS THOSE STUDENTS WHO MAY BE THE FIRST MEMBER OF THEIR FAMILY TO HAVE AN OPPORTUNITY TO ATTEND COLLEGE. THE CURRICULUM IS FREE. IT IS DISTRIBUTED NATIONALLY AND IN 2013 WAS DOWNLOADED MORE THAN 1,200 TIMES FROM THE ECMC FOUNDATION WEBSITE; THEREBY, REACHING UNTOLD NUMBERS OF STUDENTS AS EXPOSURE TO THE CURRICULUM CASCADES THROUGH THE EDUCATION COMMUNITY. ECMC FOUNDATION SPONSORED THREE TRAINING SESSIONS DURING 2013 IN WHICH 330 EDUCATION PROFESSIONALS WERE TRAINED TO USE THE CURRICULUM. REALIZING THE COLLEGE DREAM: REALIZING THE COLLEGE DREAM IS A CURRICULUM GUIDE THAT SUPPORTS TEACHERS, COUNSELORS AND COMMUNITY-BASED ORGANIZATION STAFFS IN THEIR WORK TO INCREASE THE EXPECTATIONS OF ATTENDING COLLEGE BY HIGH SCHOOL STUDENTS. THE CURRICULUM HAS A FOCUS ON LOW-INCOME STUDENTS AS WELL AS THOSE STUDENTS WHO MAY BE THE FIRST MEMBER OF THEIR FAMILY TO HAVE AN OPPORTUNITY TO ATTEND COLLEGE. THE CURRICULUM IS FREE. IT IS DISTRIBUTED NATIONALLY AND IN 2013 WAS DOWNLOADED MORE THAN 1,200 TIMES FROM THE ECMC FOUNDATION WEBSITE; THEREBY, REACHING UNTOLD NUMBERS OF STUDENTS AS EXPOSURE TO THE CURRICULUM CASCADES THROUGH THE EDUCATION COMMUNITY. ACCORDING TO A USAGE STUDY CONDUCTED BY THE PELL INSTITUTE, THE MATERIALS COULD POTENTIALLY BE HAVING AN EFFECT ON THE LIVES OF HUNDREDS OF THOUSANDS OF STUDENTS. ECMC FOUNDATION SPONSORED THREE TRAINING SESSIONS DURING 2013 IN WHICH 290 EDUCATION PROFESSIONALS WERE TRAINED. PERSIST: PERSIST IS A GUIDE FOR POSTSECONDARY EDUCATIONS TO HELP AT-RISK STUDENTS SUCCESSFULLY NAVIGATE THE VARIED ASPECTS OF THE COLLEGE EXPERIENCE. THIS GUIDE INCLUDES TOOLS TO HELP TO INCREASE THE SUCCESS RATES OF THOSE COLLEGE STUDENTS MOST AT RISK FOR DROPPING OUT: FIRST GENERATION COLLEGE STUDENTS, THOSE FROM LOW-INCOME FAMILIES, COMMUTER STUDENTS AND NONTRADITIONAL AGE STUDENTS. IN 2013 THE GUIDE WAS DOWNLOADED MORE THAN 1,000 TIMES FROM THE ECMC FOUNDATION WEBSITE; THEREBY, REACHING UNTOLD NUMBERS OF STUDENTS AS EXPOSURE TO THE CURRICULUM CASCADES THROUGH THE EDUCATION COMMUNITY. ECMC FOUNDATION SPONSORED TWO TRAINING SESSIONS DURING 2013 IN WHICH 210 EDUCATION PROFESSIONALS WERE TRAINED. 567188 40000 0 100538102 true true false false false false false false false false true false false true true true true false false false false false false false false false true true true false false false false false false false false false false false false false true false false false false true 12 0 9 true false false false false false false false false false false X 10 9 false false false false true true true true true false false true true true true true true true true false CA NM OR X Gregory Van Guilder 6512210566 1 Imation Place Building 2 Oakdale MN 551283422 RICHARD BOYLE DIRECTOR/CEO/PRESIDENT NOT PAID BY FOUNDATION 3.00 78.00 X X 0 908287 54629 GARY COOK DIRECTOR NOT PAID BY FOUNDATION 1.00 7.00 X 0 74559 0 I KING JORDAN DIRECTOR NOT PAID BY FOUNDATION 1.00 6.00 X 0 66000 0 JACK O'CONNELL DIRECTOR NOT PAID BY FOUNDATION 1.00 6.00 X 0 62000 0 JAMES MCKEON DIRECTOR NOT PAID BY FOUNDATION 1.00 10.00 X 0 98000 0 JOHN DEPODESTA DIRECTOR NOT PAID BY FOUNDATION 1.00 14.00 X 0 105559 0 MAURICE SALTER DIRECTOR NOT PAID BY FOUNDATION 1.00 10.00 X 0 83500 0 PETER TAYLOR DIRECTOR NOT PAID BY FOUNDATION 1.00 6.00 X 0 59000 0 ROBERT STEIN BOARD CHAIR NOT PAID BY FOUNDATION 1.00 13.00 X 0 106500 0 ROBERTA COOPER RAMO DIRECTOR NOT PAID BY FOUNDATION 2.00 8.00 X 0 81000 0 DANIEL FISHER SEC/GENERAL COUNSEL NOT PAID BY FOUNDATION 1.00 49.00 X 0 469984 76850 GREGORY VAN GUILDER CFO NOT PAID BY FOUNDATION 0.00 52.00 X 0 658773 83299 STEVEN BUMBAUGH PRESIDENT 41.00 0.00 X 438823 0 21089 MARCH KESSLER EXECUTIVE DIRECTOR 44.00 0.00 X 209660 0 36104 VICKI WHEBBE PROGRAM DIRECTOR 41.00 1.00 X 115024 0 31221 JAMES MURRAY FORMER DIRECTOR NOT PAID BY FOUNDATION 0.00 0.00 X 0 41266 0 STEVEN WELLVANG FORMER SEC/GENERAL COUNSEL NOT PAID BY FOUNDATION 0.00 38.00 X 0 547655 18591 763507 3362083 321783 6 true true false 0 0 0 0 153837971 0 0 0 153837971 0 0 0 0 0 0 0 0 0 0 9058 9058 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 153847029 0 0 9058 98140000 98140000 901236 901236 0 0 398676 223946 174730 0 638104 619405 18699 0 65596 60733 4863 0 154449 93381 61068 0 50025 46317 3708 0 0 21 17 4 0 22261 210 22051 0 0 0 18498 0 18498 0 415308 199674 215634 0 0 83809 66562 17247 0 5916 4713 1203 0 0 80156 65464 14692 0 100351 60495 39856 0 0 8836 8687 149 0 0 0 0 9483 7625 1858 0 USAGE FEE ON SHARED ASSETS 48550 39635 8915 0 MISCELLANEOUS EXPENSE 1939 2 1937 0 0 0 0 0 101143214 100538102 605112 0 0 31013202 54447129 4612722 4613344 0 0 0 0 0 0 0 0 0 101751667 0 0 50346531 105415 85972455 160917555 287064 324512 934783 49989064 28219044 0 0 388956 5889 29829847 50319465 X 12608 103927216 56130000 6670874 56142608 110598090 85972455 160917555 X 52703815 1751667 0 X false true X true false X X X false false false EDUCATIONAL CREDIT MGMT CORP 411778617 9 true true true 101143214 1 101143214 RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 INVESTMENT IN ECMC GROUP INVESTMENT POOL 101751667 F 101751667 0 DUE TO ECMC GROUP, INC. 5889 5889 X 155598696 1751667 0 1751667 153847029 0 0 153847029 101143214 0 0 101143214 0 0 101143214 Schedule D, Part X, Line 2, FIN 48 (ASC 740) footnote THE FIN 48 (ASC 470) DISCLOSURE IN THE ECMC FOUNDATION FINANCIAL STATEMENTS READS AS FOLLOWS: "THE INTERNAL REVENUE SERVICE HAS DETERMINED THAT ECMC FOUNDATION IS EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ECMC FOUNDATION IS ALSO EXEMPT FROM STATE INCOME TAX. HOWEVER, ANY UNRELATED BUSINESS INCOME MAY BE SUBJECT TO TAXATION. ECMC FOUNDATION FOLLOWS THE ACCOUNTING STANDARDS FOR CONTINGENCIES IN EVALUATING UNCERTAIN TAX POSITIONS. THIS GUIDANCE PRESCRIBES RECOGNITION THRESHOLD PRINCIPLES FOR THE FINANCIAL STATEMENT RECOGNITION OF TAX POSITION TAKEN OR EXPECTED TO BE TAKEN ON A TAX RETURN THAT ARE NOT CERTAIN TO BE REALIZED. NO LIABILITY HAS BEEN RECOGNIZED BY ECMC FOUNDATION FOR UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2013. ECMC FOUNDATION'S TAX RETURNS ARE SUBJECT TO REVIEW AND EXAMINATION BY FEDERAL AND STATE AUTHORITIES. THE TAX RETURNS FOR THE CURRENT YEAR AS WELL AS FISCAL YEARS 2010 THROUGH 2012 ARE OPEN TO EXAMINATION BY FEDERAL AND STATE AUTHORITIES." SCHEDULE D, PART XI, LINE 2(A), NET UNREALIZED GAINS ON INVESTMENTS NET UNREALIZED GAINS ON INVESTMENT IN THE ECMC GROUP, INC. INVESTMENT POOL = $1,751,667. true CALIFORNIA STUDENT AID COMMISSION PO BOX 419026 RANCHO CORDOVA CA 95741 680317676 STATE AGENCY 98100000 EDUCATION GRANT WESTERN OREGON UNIVERSITY PO BOX 488 CORVALLIS OR 97339 481278533 STATE ORG. 25000 LEADERSHIP CONFERENCE VIRGINIA COMMONWEALTH UNIVERSITY PO BOX 843035 RICHMOND VA 232843035 546001758 STATE ORG. 10000 GENERAL SUPPORT 3 0 ECMC SCHOLARS SCHOLARSHIPS 354 890000 THE COLLEGE PLACE SCHOLARSHIPS 12 11236 Schedule I, Part I, Line 2, Procedures for monitoring use of grant funds HELPING LOW-INCOME STUDENTS PURSUE HIGHER EDUCATION IS CORE TO ECMC FOUNDATION'S MISSION. THE GRANTS AND ASSISTANCE TO THE ORGANIZATIONS LISTED IN PART II ARE MINIMAL IN NATURE AND ARE ISSUED IN SUPPORT OF STUDENT FINANCIAL AID CONFERENCES AND ORGANIZATIONS AND DO NOT REQUIRE MONITORING. ECMC FOUNDATION 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. X true true X X X X true true false false true false true false false RICHARD BOYLE DIRECTOR/CEO/PRESIDENT NOT PAID BY FOUNDATION 0 475238 0 425000 0 8049 0 30600 0 24029 0 962916 0 0 JAMES MURRAY FORMER DIRECTOR NOT PAID BY FOUNDATION 0 41266 0 0 0 0 0 0 0 0 0 41266 0 0 STEVEN WELLVANG FORMER SEC/GENERAL COUNSEL NOT PAID BY FOUNDATION 0 484151 0 53544 0 9960 0 16320 0 2271 0 566246 0 9960 STEVEN BUMBAUGH PRESIDENT 97295 0 34529 0 306999 0 11989 0 9100 0 459912 0 0 0 GREGORY VAN GUILDER CFO NOT PAID BY FOUNDATION 0 306483 0 350513 0 1777 0 53726 0 29573 0 742072 0 21387 DANIEL FISHER SEC/GENERAL COUNSEL NOT PAID BY FOUNDATION 0 252393 0 214482 0 3109 0 43314 0 33536 0 546834 0 13038 MARCH KESSLER EXECUTIVE DIRECTOR 142526 0 65250 0 1884 0 25278 0 10826 0 245764 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 3, COMPENSATION AS NOTED IN PART VII OF FORM 990 AND SCHEDULE J, PART II, THE ONLY EXECUTIVE OFFICER COMPENSATED BY ECMC FOUNDATION WAS THE PRESIDENT, STEVEN BUMBAUGH. ALL OTHER EXECUTIVE OFFICERS' COMPENSATION WAS PAID BY RELATED ORGANIZATIONS. Schedule J, Part I, Line 4a, Severance or change-of-control payment THE FOLLOWING RECEIVED SEVERANCE PAYMENTS IN 2013: STEVEN BUMBAUGH - $214,508, ECMC FOUNDATION WAS REIMBURSED BY ECMC GROUP, INC. STEVEN WELLVANG - $355,058, PAID BY ECMC HOLDINGS, INC., A RELATED ORGANIZATION. 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 2013 GREGORY VAN GUILDER AND DANIEL FISHER PARTICIPATED IN THE PLAN. NO PAYMENTS WERE MADE FROM THE PLAN. Schedule J, Part I, Line 5b, Compensation contingent on revenues of a related organization AS NOTED IN PART VII OF FORM 990 AND SCHEDULE J, PART II, THE ONLY EXECUTIVE OFFICER COMPENSATED BY ECMC FOUNDATION WAS THE PRESIDENT, STEVEN BUMBAUGH. ALL OTHER EXECUTIVE OFFICERS' COMPENSATION WAS PAID BY RELATED ORGANIZATIONS. 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 AS NOTED IN PART VII OF FORM 990 AND SCHEDULE J, PART II, THE ONLY EXECUTIVE OFFICER COMPENSATED BY ECMC FOUNDATION WAS THE PRESIDENT, STEVEN BUMBAUGH. ALL OTHER EXECUTIVE OFFICERS' COMPENSATION WAS PAID BY RELATED ORGANIZATIONS. ECMC GROUP, INC.'S ANNUAL OFFICER INCENTIVE PLAN REQUIRES ACHIEVEMENT OF STATED PERFORMANCE METRICS, WHICH INCLUDES NET EARNINGS BEFORE ANY PAYMENT TO ANY OFFICER IS MADE. FORM 990, PART I, LINE 6, VOLUNTEERS EIGHT VOLUNTEERS PROVIDED 154 HOURS OF SERVICE AT 2 OF ECMC FOUNDATION'S COLLEGE PLACE CENTERS. SERVICES PROVIDED BY THE VOLUNTEERS INCLUDED RECEPTIONIST AND CLERICAL DUTIES AND ASSISTING STUDENTS AND THEIR PARENTS IN THE COMPLETION OF THE FREE APPLICATION FOR FEDERAL STUDENT AID. Form 990, Part III, Line 2, New program services CAL GRANT PROGRAM HELPING LOW-INCOME STUDENTS PURSUE HIGHER EDUCATION IS CORE TO ECMC FOUNDATION'S MISSION. AS PART OF THIS MISSION AS WELL AS OUR COMMITMENT TO THE STATE OF CALIFORNIA, THE ECMC FOUNDATION BOARD OF DIRECTORS APPROVED A CONTRIBUTION OF $98,100,000 FOR THE STATE OF CALIFORNIA'S 2013-2014 CAL GRANT FINANCIAL AID PROGRAM DURING THE YEAR ENDED DECEMBER 31, 2013. Form 990, Part VI, Sec A, Line 6, Classes of members or stockholders ECMC FOUNDATION HAS ONE MEMBER. THE MEMBER IS ECMC GROUP, INC. A DELAWARE, NON-STOCK, NON-PROFIT CORPORATION EXEMPT UNDER SECTION 501(C)(3). THERE ARE NO STOCKHOLDERS. Form 990, Part VI, Sec A, Line 7a, Members or stockholders electing members of governing body ECMC GROUP, INC. HAS THE RIGHT TO ELECT AND/OR APPROVE ALL THE DIRECTORS OF THE ECMC FOUNDATION BOARD OF DIRECTORS. Form 990, Part VI, Sec A, Line 7b, Decisions requiring approval by members or stockholders ECMC GROUP, INC., THE SOLE MEMBER OF ECMC FOUNDATION, RETAINS THE FOLLOWING AUTHORITY OVER ECMC FOUNDATION: 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. Form 990, Part VI, Sec B, 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, Sec B, 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 CHAIR. THE BOARD MEMBER OR CEO WILL BE REQUIRED TO EXCUSE THEMSELVES FROM DELIBERATION AND VOTING ON MATTERS WHERE THEY MAY HAVE A CONFLICT OF INTEREST. 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 FOUNDATION HAS ESTABLISHED AN ANONYMOUS WHISTLEBLOWER TELEPHONE HOTLINE AND WEBSITE ADMINISTERED BY AN OUTSIDE VENDOR. Form 990, Part VI, Sec B, Line 15a, Process to establish compensation of top management official AS NOTED IN PART VII OF FORM 990 AND SCHEDULE J, PART II, THE ONLY EXECUTIVE OFFICER COMPENSATED BY ECMC FOUNDATION WAS THE PRESIDENT, STEVEN BUMBAUGH. ALL OTHER EXECUTIVE OFFICERS' COMPENSATION WAS PAID BY RELATED ORGANIZATIONS. THE GOVERNANCE & COMPENSATION COMMITTEE OF THE ECMC GROUP, INC. BOARD OF DIRECTORS IS WHOLLY COMPRISED OF INDEPENDENT, OUTSIDE DIRECTORS. IN 2013, 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, Sec B, Line 15b, Process to establish compensation of other employees AS NOTED IN PART VII OF FORM 990 AND SCHEDULE J, PART II, THE ONLY EXECUTIVE OFFICER COMPENSATED BY ECMC FOUNDATION WAS THE PRESIDENT, STEVEN BUMBAUGH. ALL OTHER EXECUTIVE OFFICERS' COMPENSATION WAS PAID BY RELATED ORGANIZATIONS. THE GOVERNANCE & COMPENSATION COMMITTEE OF THE ECMC GROUP, INC. BOARD OF DIRECTORS IS WHOLLY COMPRISED OF INDEPENDENT, OUTSIDE DIRECTORS. IN 2013, 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, Sec C, Line 19, Required documents available to the public NO DOCUMENTS ARE MADE AVAILABLE TO THE PUBLIC. FORM 990, PART VII, SECTION A, DIRECTORS' COMPENSATION ECMC FOUNDATION DIRECTORS DO NOT RECEIVE COMPENSATION FOR THEIR SERVICE ASSOCIATED WITH ECMC FOUNDATION, BUT DO RECEIVE COMPENSATION FOR THEIR SERVICE PROVIDED TO RELATED ORGANIZATIONS-ECMC AND ECMC GROUP, INC. WITH THE EXCEPTION OF THE PRESIDENT, STEVEN BUMBAUGH, THE EXECUTIVE OFFICERS OF ECMC FOUNDATION DO NOT RECEIVE COMPENSATION FOR THEIR SERVICE ASSOCIATED WITH ECMC FOUNDATION, BUT DO RECEIVE COMPENSATION FOR THEIR SERVICE PROVIDED TO RELATED ORGANIZATIONS-ECMC AND ECMC GROUP, INC. JAMES MURRAY, A FORMER DIRECTOR, HAD A CONSULTING AGREEMENT IN 2013. FORM 990, PART X, LINE 12, INVESTMENTS-OTHER SECURITIES INVESTMENTS-OTHER SECURITIES OF $101,751,667 ARE HELD IN THE ECMC GROUP, INC. INVESTMENT POOL. INVESTMENTS IN ECMC GROUP INVESTMENT POOL REPRESENT AN OWNERSHIP INTEREST IN THE INVESTMENT POOL MANAGED BY ECMC GROUP, NOT IN THE UNDERLYING ASSETS THEMSELVES. THE OWNERSHIP INTERESTS IN THIS POOL ARE NOT THEMSELVES PUBLICLY TRADED, NOR CAN THEY BE VALUED BASED ON DIRECT OR INDIRECT INPUTS AS DEFINED BY FINANCIAL ACCOUNT STANDARDS BOARD ACCOUNTING STANDARDS CODIFICATION 820. ECMC FOUNDATION'S INVESTMENTS CONSIST OF POOLED FUNDS INVESTED WITH ECMC GROUP THAT ARE GENERALLY REDEEMABLE UPON REQUEST. THE POOLED INVESTMENT IS, UNDER FAIR VALUE HIERARCHY, A LEVEL 2 INVESTMENT. THE INVESTMENT STRATEGY OF THE POOLED FUNDS OF ECMC GROUP IS TO DIVERSIFY RISK AND PROVIDE A RETURN THAT SATISFIES THE SHORT- AND LONG-TERM OBJECTIVES OF ECMC FOUNDATION. THE INVESTMENT POOL HAS UNFUNDED COMMITMENTS OF $1,500,000 IN ALTERNATIVE INVESTMENTS AND $25,698,938 IN MISSION RELATED DIRECT INVESTMENTS. ECMC FOUNDATION HAS NO UNFUNDED COMMITMENTS TO THE POOL AT DECEMBER 31, 2013. FORM 990, PART XI, LINE 5, NET UNREALIZED GAINS ON INVESTMENTS NET UNREALIZED GAINS ON INVESTMENT IN THE ECMC GROUP, INC. INVESTMENT POOL = $1,751,667. EDUCATIONAL CREDIT MGMT CORP 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 411778617 GUARANTOR MN 501(C)(3) 9 ECMC GROUP INC false ECMC GROUP INC 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 411991995 EDUCATION FINANCE DE 501(C)(3) 11 - Type II NA false PREMIERE CREDIT OF NORTH AMERICA LLC 2002 WELLESLEY BLVD 300 INDIANAPOLIS IN 46219 352085743 ACCOUNTS RECEIVABLE MGMT IN NA N/A OAKDALE STUDENT LOAN FUNDING LLC 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 271914648 HOLDING FFELP LOANS DE NA N/A OAKDALE INVESTMENT MANAGEMENT CORPORATION 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 352085743 HOLDING INVESTMENTS DE ECMC GROUP INC C CORPORATION ECMC HOLDINGS CORPORATION 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 411991992 STRATEGIC OVERSIGHT DE ECMC GROUP INC C CORPORATION EDUCATIONAL CREDIT SERVICES CO 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 411992001 PRIVATE LOANS DE NA C CORPORATION ECMC RECORDS & REC MGMT CORPORATION 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 411989959 DOCUMENT MANAGEMENT DE NA C CORPORATION ECMC MANAGEMENT SERVICES CORPORATION 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 411989960 MANAGEMENT SERVICES DE NA C CORPORATION ECMC TECHNOLOGY SERVICES CORPORATION 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 411989958 TECHNOLOGY SERVICES DE NA C CORPORATION ECMC SOLUTIONS CORPORATION 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 271854584 DEFAULT PREVENTION DE NA C CORPORATION false false true false false false false false false false false false false true true true true false false PART III, IDENTIFICATION OF RELATED ORGANIZATIONS TAXABLE AS A PARTNERSHIP PREMIERE CREDIT OF NORTH AMERICA, LLC AND OAKDALE STUDENT LOAN FUNDING, LLC ARE DISREGARDED ENTITIES OF ECMC HOLDINGS CORPORATION AND ECMC GROUP, INC., RESPECTIVELY. PART V, LINE 1C, GIFT, GRANT, OR CAPITAL CONTRIBUTION FROM RELATED ORGANIZATION(S) $153,837,971 CONTRIBUTION MADE BY ECMC GROUP, INC. 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 FURTHERING THEIR EDUCATION GOALS. PART V, LINE 1N, SHARING OF FACILITIES, EQUIPMENT, OR OTHER ASSETS WITH RELATED ORG(S) $672,137 ALLOCATED EXPENSES FOR FACILITIES, EQUIPMENT, MAILING LISTS, OR OTHER ASSETS SHARED WITH ECMC GROUP, INC. PART V, LINE 1O, SHARING OF PAID EMPLOYEES WITH RELATED ORGANIZATION(S) $273,708 ALLOCATED EXPENSES FOR PAID EMPLOYEES SHARED WITH ECMC GROUP, INC. PART V, LINE 1O, SHARING PAID EMPLOYEES WITH RELATED ORGANIZATION(S) $188,983 ALLOCATED EXPENSES FOR PAID EMPLOYEES SHARED WITH EDUCATIONAL CREDIT MANAGEMENT CORPORATION. PART V, LINE 1P, REIMBURSEMENT PAID TO RELATED ORGANIZATION(S) FOR EXPENSES $217,150 REIMBURSEMENT PAID TO ECMC GROUP, INC. FOR EXPENSES. PART V, LINE 1Q, REIMBURSEMENT PAID BY RELATED ORGANIZATION(S) FOR EXPENSES $214,508 SEVERANCE PAID BY ECMC FOUNDATION TO STEVEN BUMBAUGH WAS REIMBURSED BY ECMC GROUP, INC.