South Carolina Student Loan Corporation
- Assets
- $1.3b
- Revenue
- $39.3m
- Investments
- $258.3m
- Employees
- 33
- Location
- Columbia, SC
- Founding
- 01/1975
- Data as of
- 06/2022
- EIN
- 57-0602805
Organization Overview
South Carolina Student Loan Corporation is located in Columbia, SC. The organization was established in 1975. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2022, South Carolina Student Loan Corporation employed 33 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. South Carolina Student Loan Corporation 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 06/2022, South Carolina Student Loan Corporation generated $39.3m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (14.8%) each year. All expenses for the organization totaled $34.8m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (10.6%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
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.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
David A Simon III President & CEO | OfficerTrustee | 35 | $709,686 |
Bill Bochette CFO & COO | Officer | 35 | $350,366 |
Ralph Jones VP Of Loan Programs | 35 | $208,389 | |
Marsha King VP Of Operations | 35 | $206,453 | |
Gary Geddens Loan Specialitst | 35 | $143,784 | |
Michael Fox Director Of Outreach Through 3/4/22 | 35 | $135,467 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Chernoff Newman Llc Marketing | 6/29/21 | $214,075 |
Elliott Davis External Auditor | 6/29/21 | $180,500 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| 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 | $0 |
| Total Program Service Revenue | $35,455,281 |
| Investment income | $3,880,183 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$48,346 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $39,287,118 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $1,180,424 |
| Compensation of current officers, directors, key employees. | $118,042 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $2,038,417 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $297,321 |
| Payroll taxes | $192,183 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $3,113,838 |
| Advertising and promotion | $0 |
| Office expenses | $1,259,312 |
| Information technology | $1,115,947 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $13,410,042 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $0 |
| Insurance | $521,582 |
| All other expenses | $1,318,143 |
| Total functional expenses | $34,807,348 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $90,685,273 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $44,467,012 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $889,721,140 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $868,147 |
| Net Land, buildings, and equipment | $903,171 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $258,272,754 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $1,872,306 |
| Total assets | $1,286,789,803 |
| Accounts payable and accrued expenses | $5,052,551 |
| Grants payable | $0 |
| Deferred revenue | $60,896 |
| 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 | $606,357,557 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $100,026,941 |
| Total liabilities | $711,497,945 |
| Net assets without donor restrictions | $338,953,112 |
| Net assets with donor restrictions | $236,338,746 |
| 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 | $1,286,789,803 |
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