Educational Funding of the South Inc: Form 990, tax year 2009
View the entire original 990 at ProPublica ↗
- Organization
- Educational Funding of the South Inc (EIN 58-1757969)
- Tax period
- 2009-10-01 to 2010-09-30
- Filed
- 2011-03-14
- IRS object ID
- 201130739349300418
- Schema version
- 2009v1.7
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2011-03-14T15:33:57-05:00 | Timestamp |
| Tax Period End Date | 2010-09-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | BDO USA LLP | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 7101 Wisconsin Ave Suite 800 | AddressLine1 |
| City | Bethesda | City |
| State | MD | State |
| ZIP Code | 208144827 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2009-10-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 581757969 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Educational Funding of the South Inc | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | EDUC | NameControl |
| Phone | 8653420684 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 501 Corporate Centre Drive No 320 | AddressLine1 |
| City | Franklin | City |
| State | TN | State |
| ZIP Code | 37067 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Ron Gambill | Name |
| Title | Chairman & CEO | Title |
| Phone | 8653420684 | Phone |
| Date Signed | 2011-03-14 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | Michael Sorrells CPA | Name |
| Phone | 3016544900 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2009 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
Doing Business As DoingBusinessAs
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | EDSouth | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | Ron Gambill | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 501 Corporate Centre Drive No 320 | AddressLine1 |
| City | Franklin | City |
| State | TN | State |
| ZIP Code | 37067 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 233352112 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c | X | Organization501c |
| Web Site | www.edsouth.org | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1985 | YearFormation |
| State Legal Domicile | TN | StateLegalDomicile |
| Activity Or Mission Description | Acquisition and origination of student loans. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 4 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 3 | NbrIndependentVotingMembers |
| Total Nbr Employees | 6 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 156176508 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 190982242 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 47165497 | InvestmentIncomePriorYear |
| Investment Income Current Year | 41537698 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 845329 | OtherRevenuePriorYear |
| Other Revenue Current Year | 832172 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 204187334 | TotalRevenuePriorYear |
| Total Revenue Current Year | 233352112 | TotalRevenueCurrentYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 789789 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 893557 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 171889488 | OtherExpensePriorYear |
| Other Expenses Current Year | 210727740 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 172679277 | TotalExpensesPriorYear |
| Total Expenses Current Year | 211621297 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 31508057 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 21730815 | RevenuesLessExpensesCY |
| Total Assets BOY | 5157185919 | TotalAssetsBOY |
| Total Assets EOY | 4769291017 | TotalAssetsEOY |
| Total Liabilities BOY | 4984985133 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 4575359416 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 172200786 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 193931601 | NetAssetsOrFundBalancesEOY |
| Mission Description | 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. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 211309932 | Expense |
| Revenue | 190982242 | Revenue |
| Description | 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 2010 was $14,366,087. | Description |
| Total Program Service Expense | 211309932 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 0 | LobbyingActivities |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Balance Sheet Amounts Reported | 1 | BalanceSheetAmountsReported |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 1 | TaxExemptBonds |
| Invest Tax Exempt Bonds | 1 | InvestTaxExemptBonds |
| Escrow Account | 0 | EscrowAccount |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuer |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 1 | DisregardedEntity |
| Related Entity | 1 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 12 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| Number Of Employees | 6 | NumberOfEmployees |
| Employment Tax Returns Filed | 1 | EmploymentTaxReturnsFiled |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 0 | PremiumsPaid |
| Nbr Voting Governing Body Members | 4 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 3 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 0 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 1 | CompensationProcessCEO |
| Compensation Process Other | 0 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Eric Stewart | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 8653420684 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 178 N Seven Oaks Dr | AddressLine1 |
| City | Knoxville | City |
| State | TN | State |
| ZIP Code | 37922 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (8 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | OfficerOfficer | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation |
|---|---|---|---|---|---|---|
| Ron Gambill | ||||||
| CEO & Chair | 35.00 | X | X | 325814 | 102019 | 20499 |
| John Arnold | ||||||
| Pres & Board | 25.00 | X | X | 298844 | 127068 | 15999 |
| John Mays | ||||||
| Board & Sec | 0.20 | X | 10000 | 0 | 0 | |
| John Griess | ||||||
| Board | 0.20 | X | 9000 | 0 | 0 | |
| Mike Ragsdale | ||||||
| Board | 0.20 | X | 9000 | 0 | 0 | |
| Dwight Kessel | ||||||
| Board | 0.20 | X | 7000 | 11000 | 0 | |
| Bill Thompson | ||||||
| CFO | 50.00 | X | 196460 | 14837 | 9923 | |
| Eric Stewart | ||||||
| Controller | 50.00 | X | 5172 | 0 | 0 | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 861290 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 254924 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 46421 | TotalOtherCompensation |
| Number Individuals GT100 K | 3 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (5 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| Edfinancial Services | |||||
| 120 N Seven Oaks Drive | Knoxville | TN | 37922 | Student Loan Servicing | 29064917 |
| Morgan Stanley & Co Inc | |||||
| 1585 Broadway 4th Floor | New York | NY | 10036 | Bond Refinancing | 8038793 |
| RBC Capital Markets LLC | |||||
| RBC Plaza 60 S Sixth St | Minneapolis | MN | 55402 | Bond Remarketing | 2141436 |
| Nixon Peabody LLP | |||||
| 437 Madison Avenue | New York | NY | 10022 | Legal | 1407614 |
| CrossPoint Capital LLC | |||||
| 700 Alexander Park Suite 201 | Princeton | NJ | 08540 | Bond Remarketing | 1271133 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 15 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| Borrower Interest | 525990 | 189710694 | 189710694 |
| Late Fee Income | 525990 | 1271548 | 1271548 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 190982242 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 41537698 | TotalRevenueColumn |
| Exclusion | $41,537,698 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | Miscellaneous | Description |
| Business Code | 525990 | BusinessCode |
| Total Revenue Column | 832172 | TotalRevenueColumn |
| Exclusion | $832,172 | ExclusionAmount |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 832172 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 233352112 | TotalRevenueColumn |
| Related Or Exempt Function Income | 190982242 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $42,369,870 | ExclusionAmount |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 759627 | Total |
| Program Services | 516546 | ProgramServices |
| Management And General | 243081 | ManagementAndGeneral |
Other Salaries And Wages OtherSalariesAndWages
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 80075 | Total |
| Program Services | 54451 | ProgramServices |
| Management And General | 25624 | ManagementAndGeneral |
Pension Plan Contributions PensionPlanContributions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 23201 | Total |
| Program Services | 15777 | ProgramServices |
| Management And General | 7424 | ManagementAndGeneral |
Other Employee Benefits OtherEmployeeBenefits
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3220 | Total |
| Program Services | 2190 | ProgramServices |
| Management And General | 1030 | ManagementAndGeneral |
Payroll Taxes PayrollTaxes
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 27434 | Total |
| Program Services | 18655 | ProgramServices |
| Management And General | 8779 | ManagementAndGeneral |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 31222811 | Total |
| Program Services | 31222811 | ProgramServices |
Fees For Services Legal FeesForServicesLegal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1173960 | Total |
| Program Services | 1173960 | ProgramServices |
Fees For Services Accounting FeesForServicesAccounting
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 345000 | Total |
| Program Services | 345000 | ProgramServices |
Fees For Services Invst Mgmnt Fees FeesForServicesInvstMgmntFees
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 361750 | Total |
| Program Services | 361750 | ProgramServices |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 420026 | Total |
| Program Services | 420026 | ProgramServices |
Advertising Advertising
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 5268 | Total |
| Program Services | 5268 | ProgramServices |
Office Expenses OfficeExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 11148 | Total |
| Program Services | 7581 | ProgramServices |
| Management And General | 3567 | ManagementAndGeneral |
Information Technology InformationTechnology
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1314 | Total |
| Program Services | 1314 | ProgramServices |
Occupancy Occupancy
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 90846 | Total |
| Program Services | 90846 | ProgramServices |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 50693 | Total |
| Program Services | 34471 | ProgramServices |
| Management And General | 16222 | ManagementAndGeneral |
Conferences Meetings ConferencesMeetings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 17619 | Total |
| Program Services | 11981 | ProgramServices |
| Management And General | 5638 | ManagementAndGeneral |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 49682293 | Total |
| Program Services | 49682293 | ProgramServices |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 36332896 | Total |
| Program Services | 36332896 | ProgramServices |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 55236 | Total |
| Program Services | 55236 | ProgramServices |
Other Expenses OtherExpenses (3 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices |
|---|---|---|
| Dept of Education Inter | 59901564 | 59901564 |
| Consol Loan Rebate Fees | 28184735 | 28184735 |
| Bond Remarketing Fees | 1521983 | 1521983 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1348598 | Total |
| Program Services | 1348598 | ProgramServices |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 211621297 | Total |
| Program Services | 211309932 | ProgramServices |
| Management And General | 311365 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 215735809 | BOY |
| EOY | 308185427 | EOY |
Accounts Receivable AccountsReceivable
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 98662452 | BOY |
| EOY | 83358576 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4751149331 | BOY |
| EOY | 4286321716 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 218764 | BOY |
| EOY | 295174 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Land Buildings Equipment Basis | 172079 | LandBuildingsEquipmentBasis |
| Land Bldg Equipment Accum Deprec | 124947 | LandBldgEquipmentAccumDeprec |
Land Buildings Equipment Basis Net LandBuildingsEquipmentBasisNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 35063 | BOY |
| EOY | 47132 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 91384500 | BOY |
| EOY | 91082992 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 5157185919 | BOY |
| EOY | 4769291017 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 50603947 | BOY |
| EOY | 47487903 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2611725000 | BOY |
| EOY | 2355575000 | EOY |
Unsecured Notes Loans Payable UnsecuredNotesLoansPayable
| Field | Value | IRS element (for citing) |
|---|---|---|
| EOY | 276805958 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2322656186 | BOY |
| EOY | 1895490555 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4984985133 | BOY |
| EOY | 4575359416 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 172200786 | BOY |
| EOY | 193931601 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 172200786 | BOY |
| EOY | 193931601 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 5157185919 | BOY |
| EOY | 4769291017 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 1 | FederalGrantAuditRequired |
| Federal Grant Audit Performed | 1 | FederalGrantAuditPerformed |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | X | PubliclySupportedOrg509a2 |
Gross Receipts From Admissions GrossReceiptsFromAdmissions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 288777160 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 266586070 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 260800838 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 156176508 | CurrentTaxYearMinus1Year |
| Current Tax Year | 190982242 | CurrentTaxYear |
| Total | 1163322818 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 288777160 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 266586070 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 260800838 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 156176508 | CurrentTaxYearMinus1Year |
| Current Tax Year | 190982242 | CurrentTaxYear |
| Total | 1163322818 | Total |
Amts Recd From Disqual Persons AmtsRecdFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Amts From Subst Contributors AmtsFromSubstContributors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Support From DQ Ps Etc SupportFromDQPsEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 1163322818 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 23151186 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 32458681 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 18763308 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 47165497 | CurrentTaxYearMinus1Year |
| Current Tax Year | 41537698 | CurrentTaxYear |
| Total | 163076370 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 23151186 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 32458681 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 18763308 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 47165497 | CurrentTaxYearMinus1Year |
| Current Tax Year | 41537698 | CurrentTaxYear |
| Total | 163076370 | Total |
Other Income509 OtherIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 2775147 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 1396466 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 1382563 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 845329 | CurrentTaxYearMinus1Year |
| Current Tax Year | 832177 | CurrentTaxYear |
| Total | 7231682 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 314703493 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 300441217 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 280946709 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 204187334 | CurrentTaxYearMinus1Year |
| Current Tax Year | 233352117 | CurrentTaxYear |
| Total | 1333630870 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.87230 | PublicSupportPercentage509 |
| Prior Year Support Percentage | 0.89040 | PriorYearSupportPercentage |
| Investment Income Percentage | 0.12230 | InvestmentIncomePercentage |
| Prior Yr Invest Income Percentage | 0.10370 | PriorYrInvestIncomePercentage |
| Thirty Three Percnt Tests CY509 | X | ThirtyThreePercntTestsCY509 |
| General Explanation | Schedule A, Part II, Line 12, Explanation of Other Income: Late Fee Income Miscellaneous | GeneralExplanation |
Schedule D IRS990ScheduleD
Equipment Equipment
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 137769 | OtherCostOrOtherBasis |
| Depreciation | 119129 | Depreciation |
| Book Value | 18640 | BookValue |
Other Land Buildings OtherLandBuildings
| Field | Value | IRS element (for citing) |
|---|---|---|
| Other Cost Or Other Basis | 34310 | OtherCostOrOtherBasis |
| Depreciation | 5818 | Depreciation |
| Book Value | 28492 | BookValue |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 47132 | TotalOfBookValueLandBuildings |
Other Liabilities OtherLiabilities (3 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| Taxable Bonds | $1,870,700,000 |
| Rebatable Earnings Payable | $24,668,603 |
| Other Liabilities | $121,952 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 1895490555 | TotalOfAmounts |
| Total Revenue | 233352112 | TotalRevenue |
| Total Expenses | 211621297 | TotalExpenses |
| Excess Or Deficit For Year | 21730815 | ExcessOrDeficitForYear |
| Total Adjustments | 0 | TotalAdjustments |
| Excess Or Deficit Per FS | 21730815 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 83150820 | TotRevenueEtcAuditedFinclStmt |
| Other Revenues | -24277225 | OtherRevenues |
| Revenue Not Rptd F990 | -24277225 | RevenueNotRptdF990 |
| Revenue Subtotal | 107428045 | RevenueSubtotal |
| Other Revenues Not Included | 125924067 | OtherRevenuesNotIncluded |
| Revenue Not Rptd On Fin Stmt | 125924067 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 233352112 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 85697230 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 85697230 | ExpensesSubtotal |
| Other Expenses Not Included | 125924067 | OtherExpensesNotIncluded |
| Expenses Not Rptd On Fin Stmt | 125924067 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 211621297 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (4 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| Part X: | Description of Uncertain Tax Positions Under FIN 48: | EDUCATIONAL FUNDING OF THE SOUTH, INC. ADOPTED FIN 48 AS OF JANUARY 1, 2007 AND UPDATED FIN 48 FOR YEAR ENDED Septembr 30, 2010, 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 2d - Other Adjustments: | Amortization of loan funding and acquisition costs: -24277225. | |
| Part XII, Line 4b - Other Adjustments: | Expense Reclass to Revenue: XXX-XX-XXXX. | |
| Part XIII, Line 4b - Other Adjustments: | Expense Reclass to Revenue: XXX-XX-XXXX. |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Club Dues Or Fees | X | ClubDuesOrFees |
| Written Policy Re T And E Expenses | 1 | WrittenPolicyReTAndEExpenses |
| Substantiation Required | 1 | SubstantiationRequired |
| Compensation Committee | X | CompensationCommittee |
| Independent Consultant | X | IndependentConsultant |
| Written Employment Contract | X | WrittenEmploymentContract |
| Compensation Survey | X | CompensationSurvey |
| Board Or Committee Approval | X | BoardOrCommitteeApproval |
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | 1 | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | 1 | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | 0 | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | 0 | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | 0 | AnyNonFixedPayments |
| Initial Contract Exception | 0 | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII (3 entries)
| Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Ron Gambill | |||||||||||||
| 209167 | 102019 | 110401 | 0 | 6246 | 0 | 15458 | 5041 | 0 | 0 | 341272 | 107060 | 0 | 0 |
| John Arnold | |||||||||||||
| 183333 | 127068 | 110401 | 0 | 5110 | 0 | 9378 | 6621 | 0 | 0 | 308222 | 133689 | 0 | 0 |
| Bill Thompson | |||||||||||||
| 156372 | 14837 | 35000 | 0 | 5088 | 0 | 9031 | 892 | 0 | 0 | 205491 | 15729 | 0 | 0 |
Form990 Schedule J Part III Form990ScheduleJPartIII (2 entries)
| Return ReferenceReturnReference | ExplanationExplanation |
|---|---|
| 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. |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI (5 entries)
| Issuer EINIssuerEIN | CUSIP NumberCUSIPNumber | Date IssuedDateIssued | Issue PriceIssuePrice | Description Of PurposeDescriptionOfPurpose | DefeasedDefeased | On Behalf Of IssuerOnBehalfOfIssuer |
|---|---|---|---|---|---|---|
| Educational Funding of the South Inc | ||||||
| 581757969 | 28148NBW2 | 2005-12-22 | 189775000 | Student Loan Revenue Bonds | 0 | 1 |
| Educational Funding of the South Inc | ||||||
| 581757969 | 28148xaA9 | 2003-10-10 | 124200000 | Student Loan Revenue Bonds | 0 | 1 |
| Educational Funding of the South Inc | ||||||
| 581757969 | 28148NCA9 | 2007-12-06 | 399000000 | Student Loan Revenue Bonds | 0 | 1 |
| Educational Funding of the South Inc | ||||||
| 581757969 | 28148XAU5 | 2007-11-07 | 600000000 | Student Loan Revenue Bonds | 0 | 1 |
| Educational Funding of the South Inc | ||||||
| 581757969 | 28148XAD3 | 2004-12-17 | 300000000 | Student Loan Revenue Bonds | 0 | 1 |
Form990 Schedule K Part II Form990ScheduleKPartII (5 entries)
| Total ProceedsTotalProceeds | Amount In Reserve FundAmountInReserveFund | Issuance Costs From ProceedsIssuanceCostsFromProceeds | Year Of Subst CompletionYearOfSubstCompletion | Current RefundingCurrentRefunding | Advance RefundingAdvanceRefunding | Final Allocation MadeFinalAllocationMade | Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind |
|---|---|---|---|---|---|---|---|
| 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 | ||
| 302020688 | 2691500 | 1257000 | 2006 | 0 | 0 | 1 | 1 |
Form990 Schedule K Part III Form990ScheduleKPartIII (5 entries)
| Owning Bond Financed PropertyOwningBondFinancedProperty | Any Lease ArrangementsAnyLeaseArrangements | Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty | Any Research AgreementsAnyResearchAgreements | Bond Counsel Routinely EngagedBondCounselRoutinelyEngaged | Post Issuance Compliance ProcdrsPostIssuanceComplianceProcdrs |
|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 0 | 1 |
Form990 Schedule K Part IV Form990ScheduleKPartIV (5 entries)
| Form8038 T FiledForm8038TFiled | Variable Rate IssueVariableRateIssue | Hedge Identified In Books And RecdsHedgeIdentifiedInBooksAndRecds | Gross Proceeds Invested In GICGrossProceedsInvestedInGIC | Business Name Line2NameOfGICProvider/BusinessNameLine2 | Term Of GICTermOfGIC | Regulatory Safe Harbor SatisfiedRegulatorySafeHarborSatisfied | Gross Proceeds InvestedGrossProceedsInvested | Exception To RebateExceptionToRebate |
|---|---|---|---|---|---|---|---|---|
| AIG Matched Funding | ||||||||
| 1 | 1 | 0 | 1 | Corporation | 34.000000000000 | 1 | 0 | 1 |
| XL Asset Funding | ||||||||
| 1 | 1 | 0 | 1 | Company LLC | 33.000000000000 | 1 | 1 | 0 |
| (no name) | ||||||||
| 0 | 1 | 0 | 0 | 1 | 0 | |||
| (no name) | ||||||||
| 0 | 1 | 0 | 0 | 1 | 0 | |||
| aIG Matched Funding | ||||||||
| 0 | 1 | 0 | 1 | Corporation | 33.000000000000 | 1 | 1 | 0 |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI (3 entries)
| Issuer EINIssuerEIN | CUSIP NumberCUSIPNumber | Date IssuedDateIssued | Issue PriceIssuePrice | Description Of PurposeDescriptionOfPurpose | DefeasedDefeased | On Behalf Of IssuerOnBehalfOfIssuer |
|---|---|---|---|---|---|---|
| Educational Funding of the South Inc | ||||||
| 581757969 | 28148XAJ0 | 2005-12-21 | 300000000 | Student Loan Revenue Bonds | 0 | 1 |
| Educational Funding of the South Inc | ||||||
| 581757969 | 28148NBh5 | 2003-08-28 | 336000000 | Student Loan Revenue Bonds | 0 | 1 |
| Educational Funding of the South Inc | ||||||
| 581757969 | 28148NBq5 | 2004-12-16 | 215400000 | Student Loan Revenue Bonds | 0 | 1 |
Form990 Schedule K Part II Form990ScheduleKPartII (3 entries)
| Total ProceedsTotalProceeds | Amount In Reserve FundAmountInReserveFund | Issuance Costs From ProceedsIssuanceCostsFromProceeds | Year Of Subst CompletionYearOfSubstCompletion | Current RefundingCurrentRefunding | Advance RefundingAdvanceRefunding | Final Allocation MadeFinalAllocationMade | Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind |
|---|---|---|---|---|---|---|---|
| 302392512 | 2582250 | 1210000 | 2007 | 0 | 0 | 1 | 1 |
| 337468081 | 2006 | 0 | 0 | 1 | 1 | ||
| 215676869 | 2005 | 0 | 0 | 1 | 1 |
Form990 Schedule K Part III Form990ScheduleKPartIII (3 entries)
| Owning Bond Financed PropertyOwningBondFinancedProperty | Any Lease ArrangementsAnyLeaseArrangements | Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty | Any Research AgreementsAnyResearchAgreements | Bond Counsel Routinely EngagedBondCounselRoutinelyEngaged | Post Issuance Compliance ProcdrsPostIssuanceComplianceProcdrs |
|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 0 | 1 |
| 0 | 0 | 0 | 0 | 0 | 1 |
Form990 Schedule K Part IV Form990ScheduleKPartIV (3 entries)
| Form8038 T FiledForm8038TFiled | Variable Rate IssueVariableRateIssue | Hedge Identified In Books And RecdsHedgeIdentifiedInBooksAndRecds | Gross Proceeds Invested In GICGrossProceedsInvestedInGIC | Business Name Line2NameOfGICProvider/BusinessNameLine2 | Term Of GICTermOfGIC | Regulatory Safe Harbor SatisfiedRegulatorySafeHarborSatisfied | Gross Proceeds InvestedGrossProceedsInvested | Exception To RebateExceptionToRebate |
|---|---|---|---|---|---|---|---|---|
| aIG Matched Funding | ||||||||
| 1 | 1 | 0 | 1 | Corporation | 33.000000000000 | 1 | 1 | 0 |
| aIG Matched Funding | ||||||||
| 0 | 1 | 0 | 1 | Corporation | 1.000000000000 | 1 | 1 | 0 |
| (no name) | ||||||||
| 0 | 1 | 0 | 0 | 0 | 1 | |||
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (6 entries)
| IdentifierIdentifier | ExplanationExplanation | Return ReferenceReturnReference |
|---|---|---|
| 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 9/30/10. 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. | |
| 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. | Oversight of audit |
| The organization has reasonable cause for penalties to be abated for late filing of it 2009 form 990. The organization has always relied upon its accounting firm to file its extensions. For the 2009 tax year, the organization changed accounting firms at the end of its tax year. The new accounting firm, by a simple administrative error did not get this new client on its tax due date sytem and thus the first extension was not prepared or filed by 2/15/11. As soon as this mistake was discovered, the organization and its accounting firm made a good faith effort to prepare and file the return as fast as it could. The organization does not have a history of late filing. There is no harm to the government since the Form 990 is an informational return with no tax being due. Payment of penalties would divert funds that could better be used in the organizations exempt purpose of providing student loans and thus easing the burden of government and providing a benefit to society. | Reasonable Cause Statement |
Schedule R IRS990ScheduleR
Form990 Schedule R Part I Form990ScheduleRPartI (3 entries)
| Address Line1AddressUS/AddressLine1 | CityAddressUS/City | StateAddressUS/State | ZIP CodeAddressUS/ZIPCode | Primary ActivitiesPrimaryActivities | Legal Domicile StateLegalDomicileState | Total IncomeTotalIncome | EOY AssetsEOYAssets | Business Name Line1DirectControllingEntityName/BusinessNameLine1 |
|---|---|---|---|---|---|---|---|---|
| EFS Volunteer LLC | ||||||||
| 501 Corporate Centre Drive Suite 32 | Franklin | TN | 37067 | Acquiring and financing student loan activities | DE | -492000 | 224970000 | Educational Funding of the South Inc |
| EFS Conduit Funding LLC | ||||||||
| 501 Corporate Centre Drive Suite 32 | franklin | TN | 37067 | funding note issuer | DE | 184000 | 54616000 | Educational Funding of the South Inc |
| EFS Interim Funding LLC | ||||||||
| 501 Corporate Centre Drive Suite 32 | franklin | TN | 37067 | Temporary Debt Holding | DE | 972694 | 18365 | Educational Funding of the South Inc |
Form990 Schedule R Part II Form990ScheduleRPartII
Name Of Disregarded Entity NameOfDisregardedEntity
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | Educational Services of America Inc | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 104 N Seven Oaks Drive | AddressLine1 |
| City | Knoxville | City |
| State | TN | State |
| ZIP Code | 37922 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 621586836 | EIN |
| Primary Activities | Loans | PrimaryActivities |
| Legal Domicile State | TN | LegalDomicileState |
| Exempt Code Section | 501(c)(3) | ExemptCodeSection |
| Public Charity Status | Line 9 | PublicCharityStatus |
| Direct Controlling Entity NA | N/A | DirectControllingEntityNA |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | 0 | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | 0 | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | 0 | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | 0 | LoansOrGuaranteesFromOtherOrg |
| Sale Of Assets To Other Org | 1 | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | 0 | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | 0 | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | 0 | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | 1 | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | 0 | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | 0 | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | 0 | SharingOfFacilities |
| Sharing Of Paid Employees | 1 | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | 0 | OtherTransferToOtherOrg |
| Other Transfer From Other Org | 0 | OtherTransferFromOtherOrg |
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