2014-03-17T16:36:41-05:00 2013-06-30 570306533 DERRICK STUBBS & STITH LLP 508 HAMPTON STREET 1ST FLOOR COLUMBIA SC 29201 990 2012-07-01 570602805 SOUTH CAROLINA STUDENT LOAN CORP SOUT 8037980916 8906 TWO NOTCH RD COLUMBIA SC 29223 CHARLIE C SANDERS JR 8037980916 2014-03-11 1 ALAN F GRIMSLEY CPA P00557082 8037995810 2012 2015-11-30 17:44:51Z CHARLIE C SANDERS JR 8906 TWO NOTCH ROAD COLUMBIA SC 29223 116939846 0 X WWW.SCSTUDENTLOAN.ORG X 1973 SC SEE SCHEDULE O 10 9 191 0 0 0 27113745 21193491 78310997 92239980 745261 3445952 -367819 -404653 105802184 116474770 0 0 0 0 6401345 14223216 0 0 0 80503611 92499236 86904956 106722452 18897228 9752318 3427376321 3069867841 2944981323 2575496813 482394998 494371028 X SEE SCHEDULE O 0 0 102877211 91835327 SEE SCHEDULE O. 102877211 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 12 0 1 191 1 0 0 0 0 0 0 0 0 0 0 0 0 X 10 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 SC X HARRY BROWN 8036125069 8906 TWO NOTCH ROAD COLUMBIA SC 29223 CHARLIE SANDERS 40.00 X X 354347 0 37591 MR FREDERICK T HIMMELEIN ESQ 1.00 X 10500 0 0 J THORNTON KIRBY ESQ 1.00 X 3000 0 0 MR WILLIAM M MACKIE JR 1.00 X 5500 0 0 RENEE R BROOKS 1.00 X 1500 0 0 MRR JASON CASKEY CPA 1.00 X 3000 0 0 NEIL E GRAYSON ESQ 1.00 X 4500 0 0 MR JEFFREY R SCOTT 1.00 X 4000 0 0 MS BARBARA F WESTON 1.00 X 4500 0 0 MR VINCE V FORD 1.00 X 1500 0 0 JULIA BOYD 1.00 X 0 0 0 LOREN CARLSON 1.00 X 2000 0 0 ROBERT HILL 1.00 X 1000 0 0 HARRY BROWN 40.00 X 171443 0 20463 THOMAS DUNNIGAN 40.00 X 126001 0 23055 ANNE HARVIN GAVIN 40.00 X 126466 0 14015 DAVID SIMON 40.00 X 138641 0 12799 JANE HONEYCUTT 40.00 X 142289 0 16512 GERALD LONG 40.00 X 102329 0 10719 DAVID ROUPE 40.00 X 103788 0 11764 1306304 0 146918 8 0 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 161336 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 21193491 21193491 STUDENT LOAN INTEREST 900099 134655597 134655597 SERVICING FEES 900099 14809666 14809666 MISCELLANEOUS INCOME 900099 2481533 2481533 LATE CHARGES 900099 2188268 2188268 SCEAA REMITTANCE 900099 626637 626637 -62521721 -62521721 92239980 3445952 3445952 60423 465076 -404653 -404653 -404653 116474770 91835327 0 3445952 624844 474783 150061 10396264 9402778 993486 1134837 1009153 125684 1183608 1059182 124426 883663 792232 91431 5017458 4549753 467705 418822 376806 42016 9913010 9886804 26206 1849775 1663599 186176 824378 734399 89979 465077 372062 93015 230356 207281 23075 49500 44550 4950 28261623 28261623 1860074 1674067 186007 182609 164102 18507 ORIGINATION FEES 12842735 12842735 LOAN LOSS EXPENSE 6961140 6961140 OTHER OPERATING EXPENSE 6925547 6224762 700785 BORROWER INCENTIVES 6157795 6157795 10539337 10017605 521732 106722452 102877211 3845241 0 210038953 196319078 91604919 68846845 3052531484 2731692373 111139 78340 18054564 10961870 7601773 7092694 56760025 56609063 8728028 9229448 3427376321 3069867841 49917579 50037677 2088543 1357222 2880753014 2512867205 12222187 11234709 2944981323 2575496813 X 216629837 218875748 265765161 275495280 482394998 494371028 3427376321 3069867841 X 9752318 325828 1897884 X X 0 1 X 1 1 1 X 4222822 50256006 36705414 27113745 21193491 139491478 65583547 72193006 75036369 72166115 284979037 4222822 115839553 108898420 102150114 93359606 424470515 0 0 0 424470515 5273921 726475 921135 745261 3445952 11112744 5273921 726475 921135 745261 3445952 11112744 154889477 8580180 5044809 2906809 19669212 191090487 164386220 125146208 114864364 105802184 116474770 626673746 0.67730 0.53680 0.01770 0.02200 X 929900 929900 6144448 776347 5368101 10906653 10111960 794693 73563 73563 0 7092694 DUE TO US DEPARTMENT OF EDUCATION 11234709 11234709 117785166 325828 984568 1310396 116474770 0 116474770 107812704 1090252 1090252 106722452 0 106722452 PART XI, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE INCLUDED ON LINE 6B 465077. FROM EDVANTAGE INCOME 519491. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENTAL EXPENSE INCLUDED ON LINE 6B 465077. FROM EDVANTAGE EXPENSES 625175. X 0 0 0 0 0 0 0 0 0 CHARLIE SANDERS 354347 0 0 0 0 0 37591 0 0 0 391938 0 333885 0 HARRY BROWN 171443 0 0 0 0 0 20463 0 0 0 191906 0 176261 0 DAVID SIMON 138641 0 0 0 0 0 12799 0 0 0 151440 0 0 0 JANE HONEYCUTT 142289 0 0 0 0 0 16512 0 0 0 158801 0 142327 0 ORGANIZATION MISSION STATEMENT FORM 990, PART I, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: 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 IS TO ENGAGE IN AND CARRY ON THE FUNCTION OF MAKING, HANDLING, SERVICING, AND DEALING WITH STUDENT LOANS, THE RECEIVING, INVESTING AND DISBURSING OF FUNDS, AND ALL THINGS INCIDENT THERE TO, PROVIDED THAT NO ACTIVITY SHALL BE CARRIED ON WHICH IS NOT PERMITTED BY A CORPORATION EXEMPT FROM FEDERAL INCOME TAX UNDER SECTION 501 (C)(3) OF THE INTERNAL REVENUE CODE. ORGANIZATION MISSION STATEMENT FORM 990, PART III, LINE 1, DESCRIPTION OF ORGANIZATION MISSION: 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 IS TO ENGAGE IN AND CARRY ON THE FUNCTION OF MAKING, HANDLING, SERVICING, AND DEALING WITH STUDENT LOANS, THE RECEIVING, INVESTING AND DISBURSING OF FUNDS, AND ALL THINGS INCIDENT THERE TO, PROVIDED THAT NO ACTIVITY SHALL BE 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 III, LINE 2, NEW PROGRAM ON MAY 17,2011 SCSLC ENTERED INTO A MEMORANDUM OF UNDERSTANDING WITH THE DOE TO PROVIDE DIRECT LOAN SERVICING ACTIVITIES FOR LOANS HELD BY THE DOE. SCSLC WAS AWARDED AUTHORITY TO OPERATE (ATO) STATUS ON JUNE 25, 2012, FROM THE DOE FOR A NINETY (90) DAY PERIOD. SCSLC WAS AWARDED "GO LIVE" STATUS ON AUGUST 20, 2012, AND SCSLC BEGAN PROVIDING THESE SERVICES IN OCTOBER 2012 UNDER THE NAME EDMANAGE. EDMANAGE ENTERED THIS AGREEMENT WITH THE DOE WITH THE UNDERSTANDING THAT IT WOULD RECEIVE AN INITIAL ALLOCATION OF 100,000 ACCOUNTS TO SERVICE, WITH THE EXPECTATION THAT ADDITIONAL LOANS ALLOCATIONS WOULD BE RECEIVED AT LATER DATES. IN APRIL 2013, THE DOE NOTIFIED ALL NOT-FOR-PROFIT(NFP) DL SERVICERS THAT FUTURE LOAN ALLOCATIONS WOULD BE SUSPENDED INDEFINITELY AS A RESULT OF SEQUESTRATION. AS A RESULT OF THE INDEFINITE SUSPENSION OF FUTURE LOAN ALLOCATIONS, EDMANAGE CONTACTED THE DOE ON MAY 22, 2013, AND REQUESTED THAT THEY BE AUTHORIZED TO DISCONTINUE THEIR DL LOAN SERVICING PROGRAM AND BE ALLOWED TO TRANSFER THEIR DL LOANS TO ANOTHER DL SERVICER. ON JUNE 7, 2013, EDMANGE RECEIVED AUTHORIZATION FROM THE DOE TO BECOME A SUBCONTRACTOR AND TO TRANSFER THEIR DL LOANS TO ANOTHER NFP DL SERVICER, SUBJECT TO SEVERAL CONDITIONS. EDMANAGE MET THE TRANSFER CONDITIONS AND SUCESSFULLY TRANSFERED ALL DL LOANS BEING SERVICED AS OF SEPTEMBER 30, 2013. FORM 990, PART III, LINE 4A, EXEMPT PURPOSE ACHIEVEMENTS: PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS. 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 AGENDA PACKET MATERIALS FOR THE AUGUST MEETING OF THE BOARD OF DIRECTORS FOR THEIR COMPLETION. 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 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 CEO COMPENSATION DISCUSSIONS. TOP MANAGEMENT COMPENSATION IS DETERMINED BY THE PRESIDENT, WHO IS FAMILIAR WITH COMPENSATION STRUCTURES IN THE REGIONAL MARKETPLACE FOR OUR TYPE OF ORGANIZATION. BOTH THE COMPENSATION COMMITTEE AND THE CEO USE AN INDUSTRY COMPENSATION SURVEY 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. CHANGES IN NET ASSETS OR FUND BALANCES: FORM 990, PART XI, LINE 9: EMPLOYEE BENEFITS-RELATED CHANGES OTHER THAN NET PERIODIC PENSION COST 1897884. FORM 990, PART XII, LINE 2C: THE AUDIT COMMITTEE OF THE CORPORATION ASSUMES RESPONSIBILITY FOR OVERSIGHT OF THE AUDIT OF ITS CONSOLIDATED FINANCIAL STATEMENTS AND SELECTION OF AN INDEPENDEDNT ACCOUNTANT. EDUCATIONAL LOAN SERVICING LLC (DBA CAMPUS PARTNERS) 2400 REYNOLDA ROAD WINSTONSALEM NC 27106 LOAN SERVICING NC -12576477 3465312 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 0 0 0 0 0 0 0 EDVANTAGE CORP J 23040 RENT BASED ON SQUARE FOOTAGE UTIL EDVANTAGE CORP B 250887 CAPITAL CONTRIBUTION SCHEDULE R, PART V, 1I: EDVANTAGE CORPORATION IS NOTED HERE AS A TAX-EXEMPT ORGANIZATION. FORM 1023 WAS FILED IN JANUARY 2013 REQUESTING TAX-EXEMPT STATUS. SCHEDULE R DISCLOSURE IS AS FOLLOWS: EDVANTAGE CORPORATION WAS FORMED APRIL 1, 2011 AS A SOUTH CAROLINA NONPROFIT 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 THE SMALL BUSINESS ADMINISTRATION GUIDELINES (THE "SBA"). THE CORPORATION MADE A CONTRIBUTION OF CAPITAL AT THE INCEPTION OF EDVANTAGE IN EXCHANGE FOR ALL OF THE OWNERSHIP RIGHTS IN EDVANTAGE CORPORATION. AT THE TIME OF THE FILING OF FORM 990, FOR THE PERIOD ENDING JUNE 30, 2011, EDVANTAGE INTENDED TO APPLY FOR ITS OWN EXEMPTION FROM FEDERAL INCOME TAXATION BY SUBMITTING FORM 1023. FORM 1023 WAS SUBMITTED IN JANUARY 2013. EDVANTAGE ENTERED INTO A CONTRACT WITH PERFORMANT/DCS ("EDVANTAGE CONTRACT") AS A SUBCONTRACTOR TO PROVIDE COLLECTION SERVICES AND TO PREPARE ITSELF FOR EVENTUALLY APPLYING FOR AND BECOMING A CONTRACTOR FOR DOE. 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 WAS LEARNED THAT IT WOULD NOT QUALIFY DUE TO SBA REQUIREMENTS RELATED TO REVENUE OF OUR PARENT AND NON PROFIT STATUS. EDVANTAGE HAS UNSUCCESSFULLY ATTEMPTED TO GET A RULING FROM SBA SO THAT IT CAN CONTINUE TO BE A SUBCONTRACTOR FOR PERFORMANT/DCS UNDER THE SMALL BUSINESS SET ASIDE. EDVANTAGE CONTINUES TO OPERATE AS A SUBCONTRACTOR FOR PERFORMANT/DCS AND SUBMITTED A BID ON AUGUST 14, 2013 TO BECOME A LARGE CONTRACTOR TO PROVIDE COLLECTION SERVICES FOR DOE. PERFORMANT/DCS AGREED TO ASSIST EDVANTAGE IN ITS FILING TO OBTAIN A BID FROM DOE FOR COLLECTION SERVICES WHEN THE BIDDING PROCESS IS OPENED, AND ADDITIONALLY PERFORMANT/DCS HAS AGREED TO ALLOW EDVANTAGE TO CONTINUE USING ITS SOFTWARE TO PERFORM THE FUNCTION REQUIRED FOR THE COLLECTION SERVICES IF EDVANTAGE IS SUCCESSFUL IN OBTAINING A BID FROM DOE. EDVANTAGE WILL OPERATE THE SOFTWARE OF PERFORMANT BASED ON PAYMENT OF SEAT LICENSES AND SPECIFIC CONTRACT ARRANGEMENTS ONCE EDVANTAGE RECEIVES ITS OWN COLLECTION SERVICES CONTRACT WITH DOE. TO DATE NO RESPONSE HAS BEEN RECEIVED REGARDING EDVANTAGE'S PROPOSAL TO THE DOE. HOWEVER, SINCE SUBMITTING ITS PROPOSAL TO BECOME A LARGE CONTRACTOR, EDVANTAGE HAS RECONSIDERED BECOMING A LARGE CONTRACTOR FOR THE DOE AND HAS DECIDED NOT TO CONTINUE TO SEEK THIS CONTRACT, WHEN/OR IF THE OPPORTUNITY TO PROVIDE THIS SERVICE IS GRANTED BY THE DOE.