2012-03-30T13:25:51-05:00 2011-09-30 BDO USA LLP 7101 WISCONSIN AVE SUITE 800 BETHESDA MD 208144827 990 2010-10-01 581757969 EDUCATIONAL FUNDING OF THE SOUTH INC EDUC 8653420684 501 CORPORATE CENTRE DRIVE NO 320 FRANKLIN TN 37067 RON GAMBILL 8653420684 2012-03-30 1 MICHAEL SORRELLS CPA 3016544900 2010 2016-02-24 21:20:13Z EDSOUTH RON GAMBILL 501 CORPORATE CENTRE DRIVE NO 320 FRANKLIN TN 37067 204298632 0 X WWW.EDSOUTH.ORG X 1985 TN ACQUISITION AND ORIGINATION OF STUDENT LOANS. 4 3 4 0 0 0 0 0 190982242 177267681 41537698 22769067 832172 4261884 233352112 204298632 0 0 0 0 893557 861112 0 0 0 210727740 194407679 211621297 195268791 21730815 9029841 4769291017 4199204038 4575359416 3996242596 193931601 202961442 X EDUCATIONAL FUNDING OF THE SOUTH, INC. (THE COMPANY) IS A NON-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. 0 0 194935561 177267681 ACQUISITION 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 FISCAL YEAR 2011 WAS $14,839,104. 194935561 1 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 12 0 1 4 1 0 0 0 0 0 0 0 0 0 0 X 4 3 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 0 0 X ERIC STEWART 8653420684 178 N SEVEN OAKS DR KNOXVILLE TN 37922 RON GAMBILL 60.00 X X 450343 0 0 MIKE RAGSDALE 1.00 X 12000 0 0 JOHN MAYS 1.00 X X 14000 0 0 JOHN GRIESS 1.00 X 14000 0 0 ERIC STEWART 50.00 X 126604 0 0 616947 0 0 2 0 1 0 EDFINANCIAL SERVICES 120 N SEVEN OAKS DRIVE KNOXVILLE TN 37922 STUDENT LOAN SERVICING 27585987 CROSSPOINT CAPITAL LLC 700 ALEXANDER PARK SUITE 201 PRINCETON NJ 08540 BOND REMARKETING 1217927 OMNICAP GROUP LLC 139 HERMOSA AVE HERMOSA BEACH CA 90254 FINANCIAL ADVISOR SERVICES 564187 CITIBANK 99 GAMSEY ROAD PITTSFORD NY 14534 STUDENT LOAN SERVICING 474480 NIXON PEABODY LLP 437 MADISON AVENUE NEW YORK NY 10022 LEGAL 453083 11 BORROWER INTEREST 525990 176268679 176268679 LATE FEE INCOME 525990 999002 999002 177267681 22769067 22769067 MISCELLANEOUS 525990 4261884 4261884 4261884 204298632 177267681 0 27030951 715394 486468 228926 59465 40436 19029 21812 14832 6980 35685 24266 11419 28756 19554 9202 29301970 29301970 368453 368453 346000 346000 405038 405038 563933 563933 1579 1579 3322 2259 1063 3749 2549 1200 100459 68312 32147 46950 31926 15024 25750 17510 8240 43456749 43456749 28509800 28509800 53359 53359 DEPT OF ED. INTEREST EX 62415736 62415736 CONSOL LOAN REBATE FEES 25964989 25964989 2839843 2839843 195268791 194935561 333230 0 308185427 292076468 83358576 66576846 4286321716 3821286797 295174 1692107 106392 95410 47132 10982 91082992 17560838 4769291017 4199204038 47487903 37487634 2355575000 1538000000 276805958 1039296012 1895490555 1381458950 4575359416 3996242596 X 193931601 202961442 193931601 202961442 4769291017 4199204038 9029841 0 X X 0 1 1 X 1 1 X 266586070 260800838 156176508 190982242 177267681 1051813339 266586070 260800838 156176508 190982242 177267681 1051813339 0 0 0 1051813339 32458681 18763308 47165497 41537698 22769066 162694250 32458681 18763308 47165497 41537698 22769066 162694250 1396466 1382563 845329 832177 4261884 8718419 300441217 280946709 204187334 233352117 204298631 1223226008 0.85990 0.87230 0.13300 0.12230 X 106392 95410 10982 10982 TAXABLE BONDS 1353976000 REBATABLE EARNINGS PAYABLE 27482950 1381458950 204298632 195268791 9029841 0 9029841 93924505 0 93924505 110374127 110374127 204298632 84894665 0 84894665 110374126 110374126 195268791 DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: PART X: EDUCATIONAL FUNDING OF THE SOUTH, INC. ADOPTED FIN 48 AS OF JANUARY 1, 2007 AND UPDATED FIN 48 FOR YEAR ENDED SEPTEMBR 30, 2011, HOWEVER, THE ADOPTION AND SUBSEQUENT UPDATE OF FIN 48 DID NOT HAVE A MATERIAL EFFECT ON THE COMPANY'S FINANCIAL POSITION, THE CHANGES IN ITS NET ASSETS OR ITS CASH FLOWS. IN ACCORDANCE WITH FIN 48, THE COMPANY CLASSIFIES ANY INTEREST AND PENALTY EXPENSE IN INTEREST EXPENSE AND GENERAL AND ADMINISTRATIVE EXPENSE, RESPECTIVELY. PART XII, LINE 4B - OTHER ADJUSTMENTS: EXPENSE/REVENUE RECLASSIFICATIONS 87,782,904. AMORTIZATION OF LOAN FUNDING AND ACQUISITION COSTS 22,591,223. PART XIII, LINE 4B - OTHER ADJUSTMENTS: EXPENSE/REVENUE RECLASSIFICATIONS 87,782,904. AMORTIZATION OF LOAN FUNDING AND ACQUISITION COSTS 22,591,223. ROUNDING -1. X 1 1 X X X X X 0 0 0 1 1 0 0 0 0 RON GAMBILL 383333 0 56228 0 10782 0 0 0 0 0 450343 0 0 0 PART I, LINE 1A HEALTH CLUB FEES ARE PAID PER WRITTEN POLICY AND ARE PAID ONCE SUBSTANTIATED. PART I, LINE 5 A PORTION OF COMPENSATION WAS BASED ON REVENUES OF THE COMPANY. EDUCATIONAL FUNDING OF THE SOUTH INC 581757969 28148NBW2 2005-12-22 189775000 STUDENT LOAN REVENUE BONDS 0 1 0 EDUCATIONAL FUNDING OF THE SOUTH INC 581757969 28148XAA9 2003-10-10 124200000 STUDENT LOAN REVENUE BONDS 0 1 0 EDUCATIONAL FUNDING OF THE SOUTH INC 581757969 28148NCA9 2007-12-06 399000000 STUDENT LOAN REVENUE BONDS 0 1 0 EDUCATIONAL FUNDING OF THE SOUTH INC 581757969 28148XAU5 2007-11-07 600000000 STUDENT LOAN REVENUE BONDS 0 1 0 189858728 1897750 745938 2006 0 0 1 1 125244933 1907000 558581 2005 0 0 1 1 399183748 3465935 2106720 2007 1 0 1 1 605844731 2008 0 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 1 AIG MATCHED FUNDING CORPORATION 34.000000000000 1 0 1 1 1 0 1 XL ASSET FUNDING COMPANY LLC 33.000000000000 1 1 0 0 1 0 0 1 0 0 1 0 0 1 0 EDUCATIONAL FUNDING OF THE SOUTH INC 581757969 28148XAD3 2004-12-17 300000000 STUDENT LOAN REVENUE BONDS 0 1 0 EDUCATIONAL FUNDING OF THE SOUTH INC 581757969 28148XAJ0 2005-12-21 300000000 STUDENT LOAN REVENUE BONDS 0 1 0 EDUCATIONAL FUNDING OF THE SOUTH INC 581757969 28148NBH5 2003-08-28 336000000 STUDENT LOAN REVENUE BONDS 0 1 0 EDUCATIONAL FUNDING OF THE SOUTH INC 581757969 28148NBQ5 2004-12-16 215400000 STUDENT LOAN REVENUE BONDS 0 1 0 302020688 2691500 1257000 2006 0 0 1 1 302392512 2582250 1210000 2007 0 0 1 1 337468081 2006 0 0 1 1 215676869 2005 0 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 1 0 1 AIG MATCHED FUNDING CORPORATION 33.000000000000 1 1 0 1 1 0 1 AIG MATCHED FUNDING CORPORATION 33.000000000000 1 1 0 0 1 0 1 AIG MATCHED FUNDING CORPORATION 1.000000000000 1 1 0 0 1 0 0 0 1 FORM 990, PART VI, SECTION B, LINE 11 THE CONTROLLER AND 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 OF 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, PRESIDENT BEGAN IN 2006. THE BOARD OF DIRECTORS USES OUTSIDE CONSULTANTS IN DETERMINING THE COMPENSATION FOR THE ABOVE POSITIONS BY COMPARING COMPENSATION PAID TO OTHER COMPARABLE SIZED NON-PROFITS. A COMPENSATION COMMITTEE COMPRISED FROM 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 PERFORMANCE OF OTHER OFFICERS AND KEY EMPLOYEES IN CONNECTION WITH MARKET FACTORS TO ADJUST COMPENSATION. EFS FOLLOWED THIS POLICY FOR THE YEAR ENDED 9/30/11. SEE SCHEDULE O STATEMENT FOR PART VII AND SCHEDULE J FOR ADDITIONAL INFORMATION. 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 TN LOCATION. OVERSIGHT OF AUDIT FORM 990, PART XI, LINE 2C THERE HAVE BEEN NO CHANGES DURING THE YEAR IN THE PROCESS FOR OVERSIGHT OF THE AUDIT OF THE FINANCIAL STATEMENTS. EFS VOLUNTEER LLC 501 CORPORATE CENTRE DRIVE SUITE 32 FRANKLIN TN 37067 ACQUIRING AND FINANCING STUDENT LOAN ACTIVITIES DE 8513464 199733652 EDUCATIONAL FUNDING OF THE SOUTH INC EFS CONDUIT FUNDING LLC 501 CORPORATE CENTRE DRIVE SUITE 32 FRANKLIN TN 37067 FUNDING NOTE ISSUER DE 1281532 46440778 EDUCATIONAL FUNDING OF THE SOUTH INC EFS INTERIM FUNDING LLC 501 CORPORATE CENTRE DRIVE SUITE 32 FRANKLIN TN 37067 TEMPORARY DEBT HOLDING DE 0 0 EDUCATIONAL FUNDING OF THE SOUTH INC