Ecmc Group Inc
- Assets
- $5.4b
- Revenue
- $467.3m
- Investments
- $1.9b
- Employees
- 240
- Location
- Minneapolis, MN
- Founding
- 04/2001
- Data as of
- 12/2022
- EIN
- 41-1991995
Organization Overview
Ecmc Group Inc is located in Minneapolis, MN. The organization was established in 2001. According to its NTEE Classification (B02) the organization is classified as: Management & Technical Assistance, under the broad grouping of Education and related organizations. As of 12/2022, Ecmc Group Inc employed 240 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Ecmc Group Inc is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, Ecmc Group Inc generated $467.3m in total revenue. This represents relatively stable growth, over the past 8 years the organization has increased revenue by an average of 7.8% each year. All expenses for the organization totaled $680.2m during the year ending 12/2022. You can explore the organizations financials more deeply in the financial statements section below.
Since 2014, Ecmc Group Inc has awarded 76 individual grants totaling $2,043,270,620. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
(SEE SCHEDULE O)ECMC GROUP, INC. SUPPORTS EDUCATIONAL CREDIT MANAGEMENT CORPORATION AND ECMC EDUCATION, INC. ECMC GROUP, INC. SUPPORTS THE FURTHERANCE OF THE EXEMPT PURPOSE OF EDUCATIONAL CREDIT MANAGEMENT CORPORATION AND ECMC EDUCATION, INC. BY CREATING, PROVIDING AND INVESTING IN INNOVATIVE EDUCATIONAL OPPORTUNITIES. ECMC GROUP, INC. IS A NONPROFIT CORPORATION WHOSE VISION IS TO EMPOWER UNDERSERVED COMMUNITIES TO THRIVE THROUGH EDUCATION.
Describe the Organization's Program Activity:
ECMC GROUP, INC. SUPPORTS THE FURTHERANCE OF THE EXEMPT PURPOSE OF EDUCATIONAL CREDIT MANAGEMENT CORPORATION, ECMC EDUCATION, INC., AND ECMC FOUNDATION BY CREATING, PROVIDING AND INVESTING IN INNOVATIVE EDUCATIONAL OPPORTUNITIES. ECMC GROUP, INC. IS A NONPROFIT CORPORATION WHOSE VISION IS TO EMPOWER UNDERSERVED COMMUNITIES TO THRIVE THROUGH EDUCATION. $26,000,000 CASH CONTRIBUTIONS MADE TO ECMC EDUCATION, INC. TO SUPPORT ITS MISSION TO TRANSFORM CAREER AND TECHNICAL EDUCATION TO PROVIDE ASPIRING AND CURRENT LEARNERS WITH SKILLS TO ELEVATE THEIR CAREERS AND COMMUNITIES, $296,902 CONTRIBUTION MADE BY ECMC GROUP, INC. ON BEHALF OF ECMC EDUCATION, INC. FOR ACCRUED SECTION 4968 EXCISE TAX ON NET INVESTMENT INCOME OF ECMC GROUP, INC. AND SUBSIDIARIES. (CONTINUED ON SCHEDULE O)$501,572,000 CASH AND NONCASH CONTRIBUTIONS MADE TO ECMC FOUNDATION FOR GENERAL SUPPORT OF ITS MISSION TO IMPROVE HIGHER EDUCATION AND CAREER SUCCESS AMONG UNDERSERVED POPULATIONS THROUGH EVIDENCE-BASED INNOVATION.
GRANTS AND SPONSORSHIPS SUPPLIED BY ECMC GROUP, INC. TO SCHOOLS AND INDIVIDUALS IN SUPPORT OF ITS TAX-EXEMPT PURPOSE.
LOAN PORTFOLIO SERVICING:ECMC GROUP, INC. AND OAKDALE STUDENT LOAN FUNDING,LLC (OAKDALE), A WHOLLY OWNED SUBSIDIARY OF ECMC GROUP, INC., HAVE ELIGIBLE LENDER TRUST (ELT) AGREEMENTS WITH MANUFACTURERS AND TRADERS TRUST COMPANY. MANUFACTURERS AND TRADERS TRUST COMPANY SERVES AS THE ELT FOR ECMC GROUP, INC. AND OAKDALE. THROUGH THE ELTS, ECMC GROUP, INC. AND OAKDALE PURCHASE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) REHABILITATED STUDENT LOANS FROM EDUCATIONAL CREDIT MANAGEMENT CORPORATION, A RELATED ENTITY, AND OTHER GUARANTY AGENCIES IN ORDER TO ENSURE THAT STUDENT LOAN BORROWERS CAN REALIZE THE FULL BENEFITS AFFORDED THEM UNDER 34 CFR SEC. 682.405. (CONTINUED ON SCHEDULE O)PATRIOT STUDENT LOAN CAPITAL, LLC (PATRIOT) HAS INTERIM ELIGIBLE LENDER TRUST AGREEMENTS WITH MANUFACTURERS AND TRADERS TRUST COMPANY. ECMC GROUP STUDENT LOAN TRUST 2016-1 (TRUST 2016-1), ECMC GROUP STUDENT LOAN TRUST 2017-1 (TRUST 2017-1), ECMC GROUP STUDENT LOAN TRUST 2017-2 (TRUST 2017-2), ECMC GROUP STUDENT LOAN TRUST 2018-1 (TRUST 2018-1), ECMC GROUP STUDENT LOAN TRUST 2018-2 (TRUST 2018-2), ECMC GROUP STUDENT LOAN TRUST 2019-1 (TRUST 2019-1), ECMC GROUP STUDENT LOAN TRUST 2020-1 (TRUST 2020-1), ECMC GROUP STUDENT LOAN TRUST 2020-2 (TRUST 2020-2), ECMC GROUP STUDENT LOAN TRUST 2020-3 (TRUST 2020-3) AND ECMC GROUP STUDENT LOAN TRUST 2021-1 (TRUST 2021-1), COLLECTIVELY (THE TRUSTS), HAVE ELIGIBLE LENDER TRUST AGREEMENTS WITH MANUFACTURERS AND TRADERS TRUST COMPANY. MANUFACTURERS AND TRADERS TRUST COMPANY SERVES AS THE INTERIM ELIGIBLE LENDER TRUST (INTERIM ELT) FOR PATRIOT AND AS ELIGIBLE LENDER TRUST (ELT) FOR TRUST 2016-1, TRUST 2017-1, TRUST 2017-2, TRUST 2018-1, TRUST 2018-2, TRUST 2019-1, TRUST 2020-1, TRUST2020-2, TRUST 2020-3 AND TRUST 2021-1. THROUGH THE INTERIM ELT, PATRIOT PURCHASES FFELP REHABILITATED STUDENT LOANS FROM ECMC GROUP, INC. AND OAKDALE AND RESELLS THE LOANS THROUGH THE ELT TO THE TRUSTS. THE TRUSTS ISSUED CLASS A NOTES SECURED BY THE RESPECTIVE STUDENT LOAN PORTFOLIOS.
THROUGH THE PUBLIC POLICY PROGRAM, ECMC GROUP, INC. SHARES INFORMATION AMONG ECMC GROUP-RELATED MEMBERS ON LEGISLATIVE PROPOSALS AND GOVERNMENTAL REGULATIONS THAT IMPACT THEIR OPERATIONS. THE PROGRAM ENABLES ECMC GROUP, INC. AFFILIATES TO MONITOR PUBLIC POLICY MATTERS AND PROVIDE NONPARTISAN ANALYSIS AND RESEARCH TO POLICYMAKERS, THOUGHT LEADERS AND THE GENERAL PUBLIC.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
James V Mckeon Board Chair | Trustee | 13 | $0 |
Maurice M Salter Director | Trustee | 7 | $0 |
Julia S Gouw Director | Trustee | 5 | $0 |
K Paul Singh Director | Trustee | 4 | $0 |
Diana J Ingram Director | Trustee | 8 | $0 |
Jack O'connell Director | Trustee | 6 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Navient Solutions Inc Loan Portfolio Serv | 12/30/22 | $6,512,863 |
Amazon Web Services Inc It Service & Support | 12/30/22 | $3,291,648 |
Solution Design Group Inc It Service & Support | 12/30/22 | $1,679,805 |
Cdw It Service & Support | 12/30/22 | $1,523,126 |
Kpmg Llp Accounting | 12/30/22 | $1,112,830 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $248,434,497 |
| Government grants | $0 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $248,434,497 |
| Total Program Service Revenue | $110,098,286 |
| Investment income | $10,781,885 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $91,159,815 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $467,330,504 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $528,774,722 |
| Grants and other assistance to domestic individuals. | $127,612 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $7,494,751 |
| Compensation of current officers, directors, key employees. | $7,494,751 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $7,334,884 |
| Pension plan accruals and contributions | $160,137 |
| Other employee benefits | $383,620 |
| Payroll taxes | $277,653 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $319,255 |
| Fees for services: Accounting | $450,369 |
| Fees for services: Lobbying | $152,110 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,101 |
| Fees for services: Other | $12,105,157 |
| Advertising and promotion | $0 |
| Office expenses | $942,276 |
| Information technology | $1,342,285 |
| Royalties | $0 |
| Occupancy | $582,638 |
| Travel | $319,832 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $108,065 |
| Interest | $74,566,192 |
| Payments to affiliates | $6,823,570 |
| Depreciation, depletion, and amortization | $9,313,955 |
| Insurance | $261,660 |
| All other expenses | $118,003 |
| Total functional expenses | $680,177,668 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $67,232,695 |
| Savings and temporary cash investments | $190,228,631 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $7,151,574 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $3,001,839 |
| Net Land, buildings, and equipment | $25,094,576 |
| Investments—publicly traded securities | $324,915,975 |
| Investments—other securities | $1,911,377,364 |
| Investments—program-related | $2,848,783,342 |
| Intangible assets | $26,352,419 |
| Other assets | $18,225,233 |
| Total assets | $5,422,363,648 |
| Accounts payable and accrued expenses | $21,659,174 |
| Grants payable | $0 |
| Deferred revenue | $2,966,952 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $377,992,351 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $3,870,544,377 |
| Total liabilities | $4,273,162,854 |
| Net assets without donor restrictions | $1,149,200,794 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $5,422,363,648 |
Grants Awarded
Over the last fiscal year, Ecmc Group Inc has awarded $528,353,631 in support to 17 organizations.
| Grant Recipient | Amount |
|---|---|
ECMC FOUNDATION PURPOSE: GENERAL SUPPORT | $501,572,000 |
ECMC EDUCATION INC PURPOSE: GENERAL SUPPORT | $26,296,902 |
UNIVERSITY OF MINNESOTA FOUNDATION PURPOSE: JOHN DEPODESTA LEADERSHIP PROGRAM | $147,500 |
AMERICAN RED CROSS PURPOSE: UKRAINE RELIEF | $20,000 |
BESTPREP PURPOSE: PROGRAM SPONSORSHIP | $35,300 |
CRISTO REY CORPORATE INTERNSHIP PURPOSE: WORK STUDY PROGRAM SPONSORSHIP | $36,500 |