2011-08-10T12:57:06-07:00 2010-12-31 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST STE 2300 MINNEAPOLIS MN 55402 990 2010-01-01 411778617 EDUCATIONAL CREDIT MANAGEMENT CORPORATION EDUC 6512210566 1 IMATION PLACE BUILDING 2 OAKDALE MN 55128 GREGORY VANGUILDER 6512210566 2011-08-10 LAWRENCE H MOHR CPA 6128764500 2010 2016-02-24 21:20:13Z JANICE HINES 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 168269817 false X www.ecmc.org X 1994 MN ECMC provides services in support of higher education finance. ECMC sponsors programs to help students and families plan and pay for college. ECMC works with schools and loan servicers to lower student loan default rates, promote financial literacy and provide resources for student loan borrowers to successfully repay their loans. 8 7 837 0 0 0 125751877 168227121 65874 42696 0 125817751 168269817 16653504 37818283 0 36699804 37843616 0 0 59055869 108037232 112409177 183699131 13408574 -15429314 899450750 951710962 840587210 813385487 58863540 138325475 X ECMC sponsors programs to help students plan and pay for college, promote financial false false 103377596 12690208 140866689 DEFAULT AVERSION, CLAIMS AND COLLECTION PROGRAM: UPON THE GUARANTEE OF A LOAN UNDER THE FEDERAL FAMILY EDUCATION LOAN (FFEL)PROGRAM, THE GUARANTY AGENCY IS REQUIRED TO PERFORM VARIOUS FUNCTIONS ASSOCIATED WITH THE LOAN. WHEN REQUESTED BY A LENDER WHO HOLDS A DELINQUENT LOAN, THE GUARANTY AGENCY MUST PROVIDE DEFAULT AVERSION ASSISTANCE, WHICH INCLUDES CONTACTING THE BORROWER BY LETTER AND/OR PHONE TO DISCUSS WITH THE BORROWER THE CONSEQUENCES OF DEFAULTING ON A STUDENT LOAN, DISCUSSING FORBEARANCE AND DEFERMENT OPTIONS, AND ASSISTING THE BORROWER IN BRINGING THE LOAN CURRENT. IN CASES WHERE A BORROWER DEFAULTS ON A STUDENT LOAN, THE LENDER WILL FILE A CLAIM WITH THE GUARANTY AGENCY. THE FFEL PROGRAM REQUIRES THE GUARANTY AGENCY TO REIMBURSE THE LENDER FOR THE LOAN BY PAYING THE CLAIM. LENDERS 61824169 25128075 18434182 LOAN GUARANTEE PROGRAM: EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) IS THE DESIGNATED GUARANTY AGENCY FOR VIRGINIA, OREGON, CONNECTICUT AND CALIFORNIA UNDER THE FEDERAL FAMILY EDUCATION LOAN (FFEL) PROGRAM. A GUARANTY AGENCY UNDER THE FFEL PROGRAM PROVIDES FEDERAL STUDENT LOAN GUARANTEES AND ONGOING PROCESSING SERVICES TO COMMERCIAL LENDERS AND POSTSECONDARY EDUCATION STUDENTS AND THEIR PARENTS FOR FFEL PROGRAM LOANS. ADDITIONAL SERVICES PROVIDED BY ECMC IN FULFILLING ITS ROLE AS A GUARANTY 8926250 8926250 BANKRUPTCY SERVICING: EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) SERVICES AND MONITORS THE BANKRUPTCY CASES ON THE FFEL PROGRAM STUDENT LOANS CURRENTLY UNDER CHAPTER 7 OR 13 OF THE BANKRUPTCY CODE. THE BANKRUPTCY LOANS ARE TRANSFERRED FROM THE US DEPARTMENT OF EDUCATION AND OTHER GUARANTY AGENCIES FOR PROCESSING BY ECMC. THE BANKRUPTCY STUDENT LOAN PORTFOLIO AT DECEMBER 31, 2010 CONSISTED OF $2.3 BILLION IN OUTSTANDING PRINCIPAL, INTEREST AND FEES. 174128015 true false false false false false false false false true false false true true false 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 true 103 0 true 837 true false false false false false false false false false false X 8 7 false false false false true true true true true false false true true true true true true true true false NM OR X GREGORY VANGUILDER 6512210566 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 X ROBERT STEIN 1.00 X 0 85095 0 GARY COOK 1.00 X 0 78595 0 ROBERTA COOPER RAMO 1.00 X 0 74595 0 JOHN DEPODESTA 1.00 X 0 90095 0 EDWARD JENNINGS 1.00 X 0 68595 0 I KING JORDAN 1.00 X 0 74095 0 JAMES MCKEON 1.00 X 0 67095 0 RICHARD BOYLE 17.00 X X 0 1032758 66669 GREGORY VANGUILDER 14.00 X 0 458634 53397 STEVEN WELLVANG 3.00 X 0 507669 57225 JANICE HINES 47.00 X 426999 0 47890 EDWARD SPEAR 52.00 X 0 368391 43871 ROBERTA SWEENEY 5.00 X 0 308673 33934 DANIEL FISHER 41.00 X 242760 0 49506 HEIDI JOHNSON 51.00 X 0 225696 47114 DAVID HAWN 14.00 X 0 496954 44379 MATTHEW MIKULSKI 45.00 X 180932 0 41265 AMY SPARTZ 48 X 252822 10531 KATHLEEN KING 36 X 240889 35577 FRED CHAMBERS 35 X 179296 36106 CAREY DUBBS 12 X 210938 12637 MICHAEL HEFFERNAN 52 X 159866 36388 MARIANNA O'BRIEN 0 X 180027 7235 HEATHER RENNER 2 X 139589 26641 DEBORAH RUDE 48 X 207132 22955 MARY SANDNESS 47 X 201178 41506 MEGAN HOWIE 41 X 254339 46179 JOSHUA MANDELMAN 41 X 424630 29528 DAVID PETERSON 41 X 357064 31626 4263942 4710782 980893 119 true true false GC SERVICES 6330 GULFTON HOUSTON TX 77081 Collection Agency 1621494 SGF SOFTWARE CO 2751 HENNEPIN AVE STE 115 MINNEAPOLIS MN 55408 IT Consulting Agency 799244 OPPENHEIMER WOLFF & DONNELLY LLP PLAZA VII STE 3300 45 S SEVENTH ST MINNEAPOLIS MN 55402 Legal 636284 BAKER TILLY VIRCHOW KRAUSE LLP 225 S 6TH ST STE 2300 MINNEAPOLIS MN 55402 Accounting 523773 VIKMANIS & ASSOCIATES BAY YACHT CLUB UNIT 515 740 S FEDER POMPANO BEACH FL 33062 Consulting 282323 18 Collection Revenue 900099 131213269 Default Aversion 900099 16998743 Acct Maint/Loan Processing 900099 9676236 Bankruptcy Servicing 900099 8926250 Standby Capacity 900099 1305500 107123 168227121 42696 42696 168269817 168227121 42696 37783208 37783208 35075 35075 6133174 5283788 849386 0 25402985 21723420 3679565 0 1947134 1668101 279033 0 2866021 2455300 410721 0 1494302 1280168 214134 0 3128914 2953827 175087 0 939861 907626 32235 0 21665861 21122248 543613 0 10131 10131 0 0 4870143 4437464 432679 0 2858048 1143640 1714408 0 2083580 1740295 343285 0 836393 606489 229904 0 144888 76688 68200 0 12156022 12156022 0 0 6250745 5710194 540551 0 465123 406808 58315 0 Default Aversion fees 40199099 40199099 0 0 Commission expense 12374806 12374806 0 0 Miscellaneous expense 53032 53032 0 0 Federal Default fees 586 586 0 0 183699131 174128015 9571116 0 4363141 44954706 8690402 57449214 40073173 38085124 9758601 7967359 1104994 2951548 50615127 20340485 27441619 30274642 846969 635227 807171851 769393142 899450750 951710962 29689852 89452690 810897358 723932797 840587210 813385487 X 58863540 138325475 58863540 138325475 899450750 951710962 X -15429314 94891249 X false true true X true true X 0 0 0 86071094 98266423 135842876 125751877 168227121 614159391 86071094 98266423 135842876 125751877 168227121 614159391 303710 47322 351032 303710 47322 351032 613808359 1368164 1910015 1329555 65874 42696 4716304 1368164 1910015 1329555 65874 42696 4716304 625 2600 3225 618878920 0.99180 0.98930 0.00760 0.01000 X OTHER INCOME PART III, LINE 12; DESCRIPTION: MISCELLANEOUS INCOME; 2006: 625.; 2007: 2600.; 8401501 1659965 6741536 9816064 5070395 4745669 32397562 13610125 18787437 30274642 Custodial assets held for Guarantor Federal Reserve 471135807 Custodial assets held for Federal Services Bureau 238289924 Due from Federal Services Bureau 7887137 Due from Guarantor Federal Reserve 51160114 Due from ECMC Group, Inc. 728139 Due from ECMC Solutions Corporation 167159 Due from ECMC Records & Receivable Management Corporation 9792 Due from Educational Credit Services Company 546 Security Deposits 14524 769393142 Obligations to Guarantor Federal Reserve 471135807 Obligations to Federal Services Bureau 238289924 Due to ECMC Group, Inc. 14256440 Due to Guarantor Federal Reserve 137525 Due to ECMC Holdings Corporation 92113 Due to ECMC Foundation 20488 Due to ECMC Solutions Corporation 500 723932797 168269817 183699131 -15429314 -15429314 159343567 159343567 8926250 8926250 168269817 174772881 174772881 8926250 8926250 183699131 Pt XII Line 4b Bankruptcy Servicing: $8,926,250. Pt XIII Line 4b Bankruptcy Servicing: $8,926,250. true ECMC GROUP INC 1 IMATION PLACE BLDG 2 OAKDALE MN 55128 411991995 501(C)(3) 12690208 Education Opportunity CALIFORNIA STUDENT AID COMMISSION 10834 INTERNATIONAL DRIVE SUITE 100 RANCHO CORDOVA CA 95670 680317676 25000000 Education Grants VIRGINIA FOUNDATION 101 N 14TH ST RICHMOND VA 23219 237004354 501(C)(3) 50000 Program Development OAKDALE POLICE EXPLORER POST#271 1584 HADLEY AVENUE NORTH OAKDALE MN 55128 410885735 170(c)(1) 25000 General Support OREGON PUBLIC BROADCASTIN 7140 SW MACADAM AVE PORTLAND OR 97219 930814638 501)(C)(3) 15000 Broadcast Support 5 0 College Night Scholarships 65 32500 College Access Scholarships 1 2575 Pt I Line 2 ECMC Group, Inc. is effectively the parent of Educational Credit Management Corporation (ECMC) and exercises oversight of ECMC by providing strategic direction and coordination of programs and services offered by ECMC. ECMC Group, Inc. authorizes the distribution from ECMC to ECMC Group, Inc. No monitoring of the distributions to ECMC Group, Inc. is required. Helping students gain access to higher education is core to ECMC's mission. As part of this mission and our commitment to the state of California, the ECMC Board of Directors approved a contribution of $25 million for the 2010-2011 Cal Grant Program, California's primary grant program that is administered by the California Student Aid Commission. The remainder of the grants and assistance to the other organizations listed in Part II are minimal in nature and generally are issued in support of student financial aid conferences and organizations and do not require monitoring. The 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 true false true false false false RICHARD BOYLE 469631 370500 192627 51825 14844 1099427 GREGORY VANGUILDER 266269 183264 9101 34743 18654 512031 STEVEN WELLVANG 304269 186757 16643 36571 20654 564894 JANICE HINES 249631 159119 18249 33046 14844 474889 EDWARD SPEAR 215766 142120 10505 30776 13094 412261 ROBERTA SWEENEY 198820 99143 10710 28034 5901 342608 DANIEL FISHER 159892 72576 10292 25053 24454 292267 HEIDI JOHNSON 140315 77650 7731 23160 23954 272810 DAVID HAWN 191269 295819 9866 25725 18654 541333 MATTHEW MIKULSKI 124462 53200 3270 19361 21904 222197 AMY SPARTZ 27219 65751 159852 6108 4423 263353 KATHLEEN KING 156916 73774 10199 23733 11844 276466 FRED CHAMBERS 116832 56000 6464 14666 21439 215401 CAREY DUBBS 69529 56700 84709 8036 4600 223574 MICHAEL HEFFERNAN 119149 35500 5217 16735 19654 196255 MARIANNA O'BRIEN 12405 79834 87788 5801 1435 187263 HEATHER RENNER 124391 12500 2698 14626 12015 166230 DEBORAH RUDE 149065 54180 3887 21374 1581 230087 MARY SANDNESS 144723 54180 2275 21402 20104 242684 MEGAN HOWIE 35738 218476 125 25725 20454 300518 JOSHUA MANDELMAN 39400 383432 1798 23627 5901 454158 DAVID PETERSON 45733 311178 153 25725 5901 388690 BRONWYN RUSH 33429 230170 740 20651 18654 303644 SPENCER WOODWARD 35560 240789 1686 17702 5901 301638 JAMES MURRAY 29942 13333 29942 13333 THERESA SHAW 200004 200004 PAULA CRAW 111605 25329 8577 12922 5901 164334 GERALDINE GJESDAHL 105000 39000 3567 15172 500 163239 HUGH MCSHERRY 118279 38750 3184 9219 18654 188086 JK SLAGSVOLD-JACOBSON 109761 27500 3118 14804 18654 173837 Pt I Line 1a ECMC SPONSORS PROGRAMS TO HELP STUDENTS AND FAMILIES PLAN AND PAY FOR COLLEGE. WE WORK WITH SCHOOLS AND LOAN SERVICERS TO LOWER STUDENT LOAN DEFAULT RATES, PROMOTE FINANCIAL LITERACY AND PROVIDE RESOURCES TO SUPPORT STUDENT LOAN BORROWERS TO SUCCESSFULLY REPAY THEIR LOANS. CERTAIN TAXABLE BENEFITS ARE GROSSED UP TO MAKE THE EMPLOYEE WHOLE. THIS HAS BEEN APPROVED BY THE BOARD OF DIRECTORS. Pt I Line 4a The following received severance payments in 2010: Amy E. Spartz - $150,000 Marianna O'Brien - $82,500 Carey L. Dubbs - $75,000 Pt I Line 4b Richard J. Boyle participated in a 457(F) plan. He received an employer contribution of $4,100. Pt I Line 5a ECMC Group's annual officer incentive plan requires achievement of stated primary financial goals, which includes revenues, before any payments to any officer is made. Pt I Line 6a ECMC Group's annual officer incentive plan requires achievement of stated key performance metrics, which include net earnings, before any payments to any officer is made. Pt I, Line 1 Educational Credit Management Corporation (ECMC), a 501(c)(3) organization, is a national guaranty agency designated by the U.S. Secretary of Education under and pursuant to the provisions of the Higher Education Act of 1965, as amended. ECMC works with schools and loan servicers to lower student loan default rates, promote financial literacy and provide resources to support student loan borrowers to help them successfully repay their loans. Pt III, Line 4a may also file claims with the guaranty agency in cases where the borrower dies, becomes disabled or files bankruptcy. Once a loan defaults, the FFEL Program requires the guaranty agency to collect on the defaulted loans. ECMC, utilizing internal and external collection personnel, contacts the defaulted borrower, discusses the implications a defaulted loan has on the borrower's credit history and works with the borrower to establish a repayment plan using one of the many payment options available under the FFEL Program. At December 31, 2010 the non-default guarantee portfolio consisted of $35.9 billion in original outstanding principal balance and the defaulted portfolio consisted of $6.6 billion in outstanding principal, interest and fees. Pt III, Line 4b student loans; and education on how to avoid student loan default. During 2010, ECMC guaranteed $548.6 million in student loans under the FFEL Program. As of December 31, 2010 the non-default guarantee portfolio consisted of $35.9 billion in original outstanding principal balance. - Pt VI-A, Line 6 Educational Credit Management Corporation (ECMC) has one member. The member is the Board of Directors of ECMC Group, Inc., a Delaware non-stock, non-profit corporation. There are no stockholders. - Pt VI-A, Line 7a ECMC Group, Inc. has the right to elect and/or approve all the directors of the Educational Credit Management Corporation's Board of Directors. - Pt VI-A, Line 7b ECMC Group, Inc. has the following rights with respect to Educational Credit Management Corporation: 1. To authorize amendments to the certificates 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. - Pt VI-B, Line 11a 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 after it has been filed. - Pt VI-B, Line 12c 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 Chairman. 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. - Pt 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 Group, Inc. and Educational Credit Management Corporation have established an anonymous whistleblower telephone hotline and website administered by an outside vendor. - Pt VI-B, Line 15 The following describes the ECMC and ECMC Group executive compensation methodology. The Governance & Compensation Committee of the ECMC Group Board of Directors is wholly comprised of independent, outside directors. In 2010, the Committee worked with executive compensation experts from Towers Watson, a global compensation consulting organization, to identify appropriate CEO and senior executive compensation packages and provide a written opinion on the reasonableness of this compensation. ECMC Group is comprised of both nonprofit and for-profit entities. The market analysis performed by Towers Watson includes salary and incentive data from an appropriate peer group. - Pt VI, Line 17 States to file Form 990: New Mexico & Oregon - Pt VI-C, Line 19 No documents are made available to the public. - Pt VII-A Per the Form 990 Instructions, ECMC is required to provide the hours worked by ECMC Directors for ECMC and its related organizations. See details below: - Robert Stein-related orgs=13 hrs/wk, ECMC=1 hr/wk, total=14 hrs/wk Gary Cook-related orgs=8 hrs/wk, ECMC=1 hr/wk, total=9 hrs/wk Roberta Cooper Ramo-related orgs=8 hrs/wk, ECMC=1 hr/wk, total=9 hrs/wk John DePodesta-related orgs=15 hrs/wk, ECMC=1 hr/wk, total=16 hrs/wk Edward Jennings-related orgs=8 hrs/wk, ECMC=1 hr/wk, total=9 hrs/wk I. King Jordan-related orgs=7 hrs/wk, ECMC=1 hr/wk, total=8 hrs/wk James McKeon-related orgs=8 hrs/wk, ECMC=1 hr/wk, total=9 hrs/wk - Per the Form 990 Instructions, ECMC is required to provide the hours worked by officers and key employees of ECMC for ECMC and its related organizations. See details below: - Richard Boyle-related orgs=65 hrs/wk, ECMC=17 hrs/wk, total=82 hrs/wk Gregory VanGuilder-related orgs=48 hrs/wk, ECMC=14 hrs/wk, total=62 hrs/wk Steven Wellvang-related orgs=41 hrs/wk, ECMC=3 hrs/wk, total=44 hrs/wk Janice Hines-related orgs=1 hr/wk, ECMC=47 hrs/wk, total=48 hrs/wk Edward Spear-related orgs=3 hrs/wk, ECMC=52 hrs/wk, total=55 hrs/wk Roberta Sweeney-related orgs=36 hrs/wk, ECMC=5 hrs/wk, total=41 hrs/wk Daniel Fisher-related orgs=12 hrs/wk, ECMC=41 hrs/wk, total=53 hrs/wk Heidi Johnson-related orgs=9 hrs/wk, ECMC=51 hrs/wk, total=60 hrs/wk David Hawn-related orgs=41 hrs/wk, ECMC=14 hrs/wk, total=55 hrs/wk Matthew Mikulski-related orgs=4 hrs/wk, ECMC=45 hrs/wk, total=49 hrs/wk Amy Spartz-related orgs=5 hrs/wk, ECMC=48 hrs/wk, total=53 hrs/wk Kathleen King-related orgs=16 hrs/wk, ECMC=36 hrs/wk, total=52 hrs/wk Fred Chambers-related orgs=12 hrs/wk, ECMC=35 hrs/wk, total=47 hrs/wk Carey Dubbs-related orgs=10 hrs/wk, ECMC=12 hrs/wk, total=22 hrs/wk Michael Heffernan-related orgs=2 hrs/wk, ECMC=52 hrs/wk, total=54 hrs/wk Marianna O'Brien-related orgs=1 hrs/wk, ECMC=0 hrs/wk, total=1 hrs/wk Heather Renner-related orgs=40 hrs/wk, ECMC=2 hrs/wk, total=42 hrs/wk Deborah Rude-related orgs=0 hrs/wk, ECMC=48 hrs/wk, total=48 hrs/wk Mary Sandness-related orgs=1 hrs/wk, ECMC=47 hrs/wk, total=48 hrs/wk Megan Howie-related orgs=0 hrs/wk, ECMC=41 hrs/wk, total=41 hrs/wk Joshua Mandelman-related orgs=0 hrs/wk, ECMC=41 hrs/wk, total=41 hrs/wk David Peterson-related orgs=0 hrs/wk, ECMC=41 hrs/wk, total=41 hrs/wk Bronwyn Rush-related orgs=0 hrs/wk, ECMC=41 hrs/wk, total=41 hrs/wk Spencer Woodward-related orgs=0 hrs/wk, ECMC=41 hrs/wk, total=41 hrs/wk James Murray-related orgs=0 hrs/wk, ECMC=0 hrs/wk, total=0 hrs/wk Theresa Shaw-related orgs=0 hrs/wk, ECMC=0 hrs/wk, total=0 hrs/wk Paula Craw-related orgs=0 hrs/wk, ECMC=39 hrs/wk, total=39 hrs/wk Geraldine Gjesdahl-related orgs=33 hrs/wk, ECMC=23 hrs/wk, total=56 hrs/wk Hugh McSherry-related orgs=20 hrs/wk, ECMC=30 hrs/wk, total=50 hrs/wk J.K. Slagsvold-Jacobson-related orgs=1 hr/wk, ECMC=43 hrs/wk, total=44 hrs/wk - James Murray, a former Director, and Theresa Shaw, a former officer, had consulting agreements in 2010. - Pt XI Effective October 31, 2010, the U.S. Secretary of Education terminated the guaranty agency agreement between the U.S. Department of Education and the California Student Aid Commission (CSAC) under which CSAC participated as a guaranty agency in the Federal Family Education Loan (FFEL) Program. The Secretary assigned ECMC as the successor guaranty agency to assume CSAC's Federal Fund assets and liabilities and the rights and obligations (including the continuing outstanding FFEL Program loan guarantees) of CSAC's guaranty agency activities. As a result of this assignment, ECMC received a transfer of $94.8 million in net assets from CSAC. 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