2024-11-08T14:07:51-06:00 2023-12-31 BDO USA 421 Fayetteville Street Suite 300 Raleigh NC 27601 990 2023-01-01 621586836 EDUCATION LOAN FINANCE INC % BILL THOMPSON EDUC 8658243051 12700 KINGSTON PIKE KNOXVILLE TN 37934 BILL THOMPSON CFO 8658243051 2024-11-08 true true SANDRA L FEINSMITH P01064157 9192781936 2024-11-05 2023 2024-10-15 13:58:12Z John Arnold Jr 12700 KINGSTON PIKE KNOXVILLE TN 37934 155521982 false X HTTPS://CORP.ELFI.COM X 1994 TN PROVIDES FUNDING FOR POSTSECONDARY STUDENT LOANS AND GRANTS FOR SCHOLARSHIPS THROUGH ITS SUBSIDIARY. 5 3 33 0 0 0 4501937 4501937 103519052 113968857 19194655 24497577 12181327 12553611 139396971 155521982 2000 0 0 0 4555560 5517798 0 0 0 98312087 113493962 102869647 119011760 36527324 36510222 2133641824 2155671295 1518667506 1506065000 614974318 649606295 X PROVIDES FUNDING FOR POSTSECONDARY STUDENT LOANS AND GRANTS FOR SCHOLARSHIPS THROUGH ITS SUBSIDIARY. false true 114483500 0 119907546 ELFI, INC. PROVIDES FUNDING FOR POST-SECONDARY STUDENT LOANS. 0 0 0 THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES. 114483500 true true false false false false false false false false true true false false false true false true false false false false false false false false false false false true false false false true false false false false true false false false true true true true false false true 25 0 true 33 true false false false false false false false false false false true false X 5 3 false false false false false false false true true false false true true true true true true true true false X BILL THOMPSON 8658243051 12700 KINGSTON PIKE Knoxville TN 37934 X John Arnold President/CEO 20.0 20.0 X X 1322153 1308759 2528 Barbara Thomas Chief Operations Officer 16.0 24.0 X 401907 966163 7958 Bill Thompson EVP/CFO 18.0 22.0 X X 461829 583973 2528 Michael O'Donnell Executive Vice President 16.0 24.0 X 298750 461730 2528 Jeff Gibbs Chief Information Officer 4.0 36.0 X 58865 481778 19003 Eric Stewart Chief Accounting Officer 40.0 0.0 X 303870 0 17351 Brent Starling Managing Director 40.0 0.0 X 200037 0 12528 Joseph Littleton Chief Info. Security Officer 19.2 20.8 X 95334 101274 10963 Eva Champion Chief Human Resources Officer 4.0 36.0 X 20199 169063 8179 Jason Bolin Controller 40.0 0.0 X 175622 0 10188 David Burgett Systems Engineer 8.0 32.0 X 32741 126272 9420 William Leroy Taylor Systems Admin 8.0 32.0 X 30717 120747 9069 Steven Fisher Systems Admin 10.0 30.0 X 35171 102444 5703 Melissa Markis AVP Servicer Compliance 20.0 20.0 X 55927 55496 7778 Robert Rosenbaum DIRECTOR 1.0 0.0 X 70000 0 0 Christopher Simmons DIRECTOR 1.0 0.0 X 63000 0 0 Leo Cooper DIRECTOR 1.0 0.0 X 63000 0 0 Stephen Clark DIRECTOR 1.0 0.0 X 63000 0 0 Dwight Kessel DIRECTOR 1.0 0.0 X 31500 0 0 Thomas Schumpert DIRECTOR 1.0 0.0 X 31500 0 0 3815122 4477699 125724 7 false true false American Education Services PO Box 64849 BALTIMORE MD 21264 Loan Servicing 3059296 Citigroup 388 Greenwich street NEW YORK NY 10013 BANKING/FINANCIAL 1089068 Tavant PO Box 670407 DALLAS TX 75267 SOFTWARE DEVELOPMENT 1013977 BDO USA PO Box 642743 PITTSBURG PA 15264 Audit/Tax prep Serv. 934858 Bright Futures Financial 5100 78th Avenue N Ste 1 PINELLAS PARK FL 33781 LOAN CONSO. SERVICE 920941 21 4501937 4501937 4501937 INTEREST & FEES ON STUDENT LOANS 522200 113968857 113968857 113968857 24497577 0 24497577 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 MISCELLANEOUS INCOME 900099 6614922 6614922 ADMINISTRATION FEES 900099 3978118 3978118 LOAN SERVICING FEES 900099 1960571 1960571 12553611 155521982 119907546 0 31112499 0 0 0 0 3660566 2855241 805325 0 1204910 939830 265080 104039 104039 330784 330784 217499 217499 571716 75741 495975 154155 154155 959752 959752 0 0 0 0 3000 3000 115923 115923 627729 627729 0 653789 653789 15797 12322 3475 0 4310 4310 85485622 85485622 0 514595 514595 258438 258438 LOAN SERVICING AND ADMIN FEES 16005354 16005354 RELATED PARTY ACTIVITY 5151348 5151348 OTHER EXPENSES 2679194 2489108 190086 TRUSTEE FEES 293240 293240 119011760 114483500 4528260 0 49721125 73238027 77960459 50881783 0 0 1697773900 1715284375 22638473 22929454 0 0 0 0 0 0 244967 285331 3630632 2108367 1678653 1522265 0 0 221549407 239786752 0 0 0 0 62074840 51743308 2133641824 2155671295 24899443 20308392 0 0 0 0 0 0 0 0 0 0 1493768063 1485756608 0 0 0 0 1518667506 1506065000 X 614974318 649606295 0 0 614974318 649606295 2133641824 2155671295 X 36510222 -1878245 X false true X true true true X 0 0 124686675 4501937 4501937 133690549 84801552 65544138 75297370 103519052 113968857 443130969 0 0 0 84801552 65544138 199984045 108020989 118470794 576821518 0 0 0 576821518 14182303 7697183 10694008 19194655 24497577 76265726 0 14182303 7697183 10694008 19194655 24497577 76265726 0 18831708 15093402 16556704 12181327 12553611 75216752 117815563 88334723 227234757 139396971 155521982 728303996 0.79201 0.80736 0.10472 0.09109 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 57980 37725 20255 3572652 2070642 1502010 1522265 INVESTMENT IN SOUTHEAST BANCOR 239786752 F 239786752 0 0 X SCHEDULE D, PART X, LINE 2: ACCOUNTING STANDARDS CODIFICATION ("ASC") 740 (FORMERLY FINANCIAL ACCOUNTING STANDARDS BOARD ("FASB") ISSUED INTERPRETATION NO. 48, ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES-AN INTERPRETATION OF FASB STATEMENT NO. 109) WAS ADOPTED BY THE COMPANY AS OF JANUARY 1, 2009. THIS INTERPRETATION CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN AN ENTERPRISE'S FINANCIAL STATEMENTS IN ACCORDANCE PRIMARILY WITH ASC 740. UNDER ASC 740, THE IMPACT OF AN UNCERTAIN INCOME TAX POSITION ON THE INCOME TAX RETURNS MUST BE RECOGNIZED AT THE LARGEST AMOUNT THAT IS MORE-LIKELY-THAN-NOT TO BE REQUIRED TO BE RECOGNIZED UPON AUDIT BY THE RELEVANT TAXING AUTHORITY. ASC 740 ALSO PROVIDES GUIDANCE ON DE-RECOGNITION, MEASUREMENT, CLASSIFICATION, INTEREST AND PENALTIES, ACCOUNTING FOR INTERIM PERIODS, AND DISCLOSURE AND TRANSITION ISSUES WITH RESPECT TO TAX POSITIONS. THE COMPANY DID NOT HAVE ANY SIGNIFICANT UNCERTAIN TAX POSITIONS AS OF DECEMBER 31, 2023 AND 2022. X true true X X X X false false false false false false false false false John Arnold President/CEO 478958 471042 825000 825000 18195 12717 0 0 2528 0 1324681 1308759 0 0 Bill Thompson EVP/CFO 299599 366177 148230 181170 14000 36626 0 0 2528 0 464357 583973 0 0 Jeff Gibbs Chief Information Officer 38206 343854 14000 126000 6659 11924 0 16475 2528 0 61393 498253 0 0 Joseph Littleton Chief Info. Security Officer 81484 88274 12000 13000 1850 0 4074 4414 2475 0 101883 105688 0 0 Michael O'Donnell Executive Vice President 178750 268125 120000 180000 0 13605 0 0 0 2528 298750 464258 0 0 Barbara Thomas Chief Operations Officer 254307 381461 147600 221400 0 363302 0 5430 0 2528 401907 974121 0 0 Eva Champion Chief Human Resources Officer 16447 144763 2700 24300 1052 0 0 5725 2454 0 22653 174788 0 0 Eric Stewart Chief Accounting Officer 254298 0 35000 0 14572 0 14878 0 2473 0 321221 0 0 0 Jason Bolin Controller 148673 0 26000 0 949 0 8734 0 1454 0 185810 0 0 0 Brent Starling Managing Director 169470 0 30000 0 567 0 10000 0 2528 0 212565 0 0 0 David Burgett Systems Engineer 27568 110272 4000 16000 1173 0 1378 5514 2528 0 36647 131786 0 0 William Leroy Taylor Systems Admin 26187 104747 4000 16000 530 0 1509 6037 1523 0 33749 126784 0 0 JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 410988 431905 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 706255 742199 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 482757 507327 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 3656585 3749976 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 4103197 4207994 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 6000128 6153374 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 5748789 5861039 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 380454 387883 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 51835 52846 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 480812 490200 false true true JOHN E ARNOLD JR PRESIDENT SPLIT DOLLAR PREMIUM X 338109 344711 false true true 22929454 X CONVEYANCE INC 1 4501937 Book Value false false false FORM 990, PART III, LINE 3: THE ECAMPUSTOURS PROGRAM CEASED DURING THE 2023 TAX YEAR. FORM 990, PART VI, SECTION B, LINE 11B: THE FORM 990 IS REVIEWED BY THE CFO AND CEO OF ELFI, INC. PRIOR TO BEING FILED WITH THE IRS, AND A FINAL COPY OF THE 990 IS MADE AVAILABLE TO EACH BOARD MEMBER PRIOR TO BEING FILED. FORM 990, PART VI, SECTION B, LINE 12C: ALL EMPLOYEES 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 OR INDIRECT FINANCIAL INTERESTS. IF A POTENTIAL ACTIVITY IS IN QUESTION OR AN EMPLOYEE IN DOUBT, THEY SHOULD DISCUSS WITH THEIR DEPARTMENT 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 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 DISCIPLINARY AND CORRECTIVE ACTION. IF A CONFLICT IS FOUND TO EXIST OR IS OTHERWISE DISCLOSED, THE RELEVANT BOARD MEMBER IS PRECLUDED FROM VOTING AND PROHIBITED FROM INFLUENCING THE VOTE ON ANY MATTER TO WHICH THE CONFLICT RELATED. FORM 990, PART VI, SECTION B, LINE 15A & 15B: THE BOARD OF DIRECTORS ESTABLISHES A COMPENSATION COMMITTEE COMPRISED OF INDEPENDENT BOARD MEMBERS AND RETAINS THE SERVICES OF AN INDEPENDENT COMPENSATION CONSULTANT TO DETERMINE THE COMPENSATION OF THE EXECUTIVE OFFICER. THE COMPENSATION COMMITTEE RECEIVES THE REPORT FROM THE COMPENSATION CONSULTANT AND MEETS WITH THE COMPENSATION CONSULTANT INDEPENDENTLY OF ANY MEMBER OF MANAGEMENT, INCLUDING THE EXECUTIVE OFFICER. THE CHAIRMAN OF THE COMPENSATION COMMITTEE RETAINS INDEPENDENT COUNSEL WITH NATIONAL EXPERIENCE IN EXECUTIVE BENEFITS TO REVIEW THE COMPENSATION REPORT AND CONFER WITH THE INDEPENDENT COMPENSATION CONSULTANT WITH ANY QUESTIONS PRIOR TO SUBMITTING THE COMPENSATION REPORT TO THE COMPENSATION COMMITTEE. THE COMPENSATION COMMITTEE ESTABLISHES THE COMPENSATION FOR THE EXECUTIVE OFFICER BASED ON THIS REPORT. THE CHAIRMAN OF THE COMPENSATION COMMITTEE THEN PROVIDES A REPORT TO THE FULL BOARD OF DIRECTORS AND THE REPORT IS ACCEPTED OR AMENDED BASED ON THE REPORT AND THE EVALUATION OF THE PERFORMANCE OF THE EXECUTIVE OFFICER. EXECUTIVE MANAGEMENT ALSO EVALUATES THE PERFORMANCE OF OTHER OFFICERS AND KEY EMPLOYEES IN CONNECTION WITH MARKET FACTORS TO ADJUST COMPENSATION WHICH IS DETERMINED BASED ON COMPARISON OF THE REGIONAL SALARY LEVELS AND FOLLOWING AN EVALUATION BY THE CEO DURING THE PREVIOUS YEAR. FORM 990, PART VI, SECTION C, LINE 19: ELFI, INC. MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XI, LINE 9: NON CONTROLLING INTEREST LOSS : $ (176,210) COMMON STOCK CONTRIBUTED TO ESOP : $ 4,624,762 CHANGE IN OCI : $ 3,644,978 CECL ADJUSTMENT : $ (9,971,775) TOTAL OTHER CHANGES IN NET ASSETS: $ (1,878,245) Edsouth Indenture No 2 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 180586 0 NA Edsouth Indenture No 3 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 5809587 52745469 NA Edsouth Indenture No 4 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 4426139 0 NA Edsouth Indenture No 5 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 2630260 23983589 NA Edsouth Indenture No 6 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 6150499 67846484 NA Edsouth Indenture No 7 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 3261826 32260737 NA Edsouth Indenture No 8 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 4773453 46883674 NA Edsouth Indenture No 9 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 8838538 96270466 NA Edsouth Indenture No 10 LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 662068 0 NA ELFI Graduate Loan Program 2018-A LLC 12700 KINGSTON PIKE Knoxville TN 37934 Student Loans TN 1531517 25273144 NA ELFI Graduate Loan Program 2019-A LLC 12700 KINGSTON PIKE Knoxville TN 37934 student loans TN 4529189 77879066 NA ELFI Graduate Loan Program 2020-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 student loans TN 5584552 105130090 NA ELFI Graduate Loan Program 2021-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 8889422 210622942 NA ELFI Graduate Loan Program 2022-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 Student Loans TN 10004914 229482014 NA EFS VOLUNTEER LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 3499031 26994218 NA EFS VOLUNTEER NO 2 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 9434230 91615178 NA EFS VOLUNTEER NO 3 LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 8418426 71438904 NA Kingston Pike LLC 12700 KINGSTON PIKE Knoxville TN 37934 STUDENT LOANS TN 47 0 NA New Gladstone LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 714658 0 NA ELFI GRADUATE LOAN PROGRAM 2023-A LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 3798233 293152495 NA North Peters LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 4603274 326785 NA New Campbell Station LLC 12700 KINGSTON PIKE KNOXVILLE TN 37934 STUDENT LOANS TN 6263466 147154153 NA SouthEast Bancorp Inc 12700 KINGSTON PIKE FARRAGUT TN 37934 262930965 COMMERCIAL BA TN NA C corp 25991772 230435829 0.84550 true SouthEast Bank 12700 KINGSTON PIKE FARRAGUT TN 37934 621859961 BANKING INVES TN SOUTHEAST BANCO C corp 165147147 2910763978 1.00000 true Southeast Bancshares Inc Statutory Tru 12700 KINGSTON PIKE FARRAGUT TN 37934 376417777 BANKING INVES TN SOUTHEAST BANCO C corp 0 0 1.00000 true true false false true false false true true false false true true true false false true true false false Southeast Bank A 215914 ACTUAL Southeast Bank G 207971585 ACTUAL Southeast Bank H 495621084 ACTUAL Southeast Bank K 500818 ACTUAL Southeast Bank L 105000 ESTIMATION Southeast Bank Q 1303502 ACTUAL Southeast Bancorp Inc D 19000000 ACTUAL