2024-11-13T06:27:44-06:00 2024-06-30 570381582 ELLIOTT DAVIS LLCPLLC 500 EAST MOREHEAD STREET SUITE 700 CHARLOTTE NC 28202 990 2023-07-01 570602805 SOUTH CAROLINA STUDENT LOAN CORP SOUT 8037980916 PO BOX 8509 COLUMBIA SC 29202 DAVID A SIMON III PRESIDENT/CEO 8037980916 2024-11-12 1 1 JANICE A RATICA P00358837 7043338881 2024-11-08 2023 2024-10-15 13:58:12Z X DAVID A SIMON III PO BOX 8509 COLUMBIA SC 29202 65003840 0 X WWW.SCSTUDENTLOAN.ORG X 1973 SC THE MISSION OF SCSLC IS TO RECEIVE, DISBURSE, AND ADMINISTER FUNDS FOR EDUCATIONAL PURPOSES. SPECIFICALLY, SCSLC CARRIES OUT THE FUNCTION OF MAKING, HANDLING, AND SERVICING STUDENT LOANS. 12 10 37 0 0 0 0 0 53247199 55083295 4852368 9920545 0 0 58099567 65003840 0 1250000 0 0 3978799 4133058 0 0 0 43556761 42231267 47535560 47614325 10564007 17389515 1048763389 941337493 452251381 324422994 596512008 616914499 X SCSLC AIDS 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. SCSLC 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. 0 0 44969441 55083295 PROVIDE STUDENT LOANS TO ELIGIBLE BORROWERS FOR HIGHER EDUCATION AND SERVICE THE LOANS UNTIL PAID BY THE BORROWERS. 1250000 1250000 POWER:ED, AN ARM OF THE CORPORATION ESTABLISHED TO ASSIST IN FULFILLING SOME OF THE CORPORATION'S PHILANTHROPIC INITIATIVES WITHIN ITS MISSION, PROVIDED APPROXIMATELY $1,250,000 IN GRANT AWARDS DURING THE FISCAL YEAR ENDED JUNE 30, 2024. 46219441 1 0 0 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 0 1 1 1 0 0 1 23 0 1 37 1 0 0 0 0 0 0 0 0 0 0 0 0 X 12 10 0 0 0 0 0 0 0 1 1 0 1 1 1 1 1 1 1 1 1 1 0 X WILLIAM C BOCHETTE III 8036125021 PO BOX 8509 COLUMBIA SC 29202 WILLIE JEFFRIES DIRECTOR 1.00 0.00 X 15000 0 0 JAMES THORNTON KIRBY CHAIR 1.00 1.00 X X 30000 0 0 GAUTAM S GHATNEKAR DVM PH D DIRECTOR 1.00 0.00 X 21669 0 0 CHARLIE C SANDERS JR DIRECTOR 1.00 0.00 X 15000 0 0 BARBARA F WESTON DIRECTOR 1.00 0.00 X 13000 0 0 RENEE R BROOKS DIRECTOR 1.00 0.00 X 7000 0 0 JASON CASKEY VICE CHAIR 1.00 1.00 X X 30000 0 0 NEIL E GRAYSON DIRECTOR 1.00 0.00 X 23751 0 0 A NEILL CAMERON JR DIRECTOR 1.00 0.00 X 14000 0 0 FRED L GREEN III TREASURER 1.00 1.00 X X 26000 0 0 DAVID A SIMON III PRESIDENT & CEO, SECRETARY 35.00 5.00 X X 486554 0 49253 OCTAVIA WILLIAMS-BLAKE DIRECTOR 1.00 0.00 X 4103 0 0 BILL BOCHETTE CFO & COO 40.00 0.00 X 405432 0 63143 RALPH JONES VP OF LOAN PROGRAMS 35.00 0.00 X 177460 0 16742 MARSHA KING VP OF OPERATIONS 35.00 0.00 X 150318 0 13289 CHRISTINE M WOJCIK VICE PRESIDENT OF HUMAN RE 35.00 0.00 X 170029 0 18544 MELANIE BROOKE THOMAS VICE PRESIDENT OF FINANCE 35.00 0.00 X 159653 0 38014 CLAIRE ANN GIBBONS EXECUTIVE DIRECTOR OF POWER:ED 40.00 0.00 X 146991 0 17138 JOSEPH BUZHARDT DIRECTOR OF BUSINESS INTELLIGENCE 35.00 0.00 X 124255 0 42761 WESTON FAIRCLOTH IT-OPERATIONS MANAGER 35.00 0.00 X 109094 0 12529 ERICKA GREEN DIRECTOR OF RISK MANAGEMENT 35.00 0.00 X 109890 0 13537 2239199 0 284950 10 0 1 0 ELLIOTT DAVIS LLC PO BOX 6286 GREENVILLE SC 29606 ACCOUNTING SERVICES 135368 A NEILL CAMERON JR 1311 SLAB BRIDGE ROAD LIBERTY SC 29657 MARKETING CONSULTING 109500 NELSON MULLINS 2 W WASHINGTON STREET SUITE 400 GREENVILLE SC 29601 LEGAL SERVICES 103378 3 UNSUBSIDIZED INTEREST 900099 43864752 43864752 SPECIAL ALLOWANCE 900099 8785222 8785222 SUBSIDIZED INTEREST 900099 1103215 1103215 LATE CHARGES 900099 818151 818151 FEES FOR SERVICES 900099 504312 504312 7643 7643 55083295 7978118 7978118 1942427 0 1942427 1942427 1942427 65003840 55083295 0 9920545 1250000 1250000 891986 758188 133798 3157115 2683548 473567 -154081 -130968 -23113 238038 202331 35707 78624 78624 3022709 2994865 27844 1441574 1225338 216236 503151 427678 75473 1591987 1353189 238798 256024 217620 38404 24725397 24725397 441734 375474 66260 514646 514646 LOAN LOSS RESERVE 5824688 5824688 0 ORIGINATION FEES 2055113 2055113 0 BORROWER INCENTIVE 1553716 1553716 0 MEMBERSHIP TRAINING 221904 188618 33286 47614325 46219441 1394884 0 6522099 4563658 32018580 36056242 37590141 33611635 708007276 585921887 942407 712785 5377372 4375820 1129996 1001552 258823554 275055113 3729336 4414621 1048763389 941337493 4998540 4391901 22397 3513 405683275 278634529 41547169 41393051 452251381 324422994 X 425874580 451971894 170637428 164942605 596512008 616914499 1048763389 941337493 X 17389515 12453680 -9440704 X X 0 1 X 1 1 1 X 56261817 37467172 35455281 53247199 55083293 237514762 56261817 37467172 35455281 53247199 55083293 237514762 0 0 0 237514762 3197452 3196818 3880183 5666432 7978118 23919003 3197452 3196818 3880183 5666432 7978118 23919003 59459269 40663990 39335464 58913631 63061411 261433765 0.90850 0.92020 0.09150 0.07980 X 0 0 0 0 0 0 0 0 1 78624 78624 0 PART II-B, LINE 1: PRIMARY ACTIVITIES INVOLVE MONITORING POTENTIAL NEW LEGISLATION THAT COULD IMPACT THE STUDENT LOAN SECTOR AND ASSESSING ITS DIRECT IMPLICATIONS FOR THE ORGANIZATION AND BUSINESS. 5297342 4295790 1001552 80030 80030 0 1001552 GREENWOOD CAPITAL 93594206 F FIRST CITIZEN BANK & TRUST 81319441 F SILVERCREST 100141466 F 275055113 DUE TO SOUTH CAROLINA STATE EDUCATION ASSISTANCE AUTHORITY 39835008 LEASE LIABILITY 1558043 41393051 X 77457520 12453680 12453680 65003840 0 65003840 47614325 0 47614325 0 47614325 PART X, LINE 2: THE CORPORATION AND ITS CONTROLLED AFFILIATE EDVANTAGE ARE EXEMPT FROM FEDERAL AND STATE INCOME TAXES UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE. ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN INCLUDED IN THE FINANCIAL STATEMENTS. 1 BARBARA STONE FOUNDATION PO BOX 26567 GREENVILLE SC 29616 570933503 501(C)(3) 30000 0 JOB SKILLS TRAINING FOR MORE INDEPENDENT LIVING BIG PICTURE LEARNING 325 PUBLIC STREET UNITY BLDG 216 PROVIDENCE RI 02905 050485883 501(C)(3) 25000 0 YOUTH APPRENTICESHIPS IN HOSPITAL INDUSTRIAL MAINTENANCE COLUMBIA INTERNATIONAL UNIVERSITY 7435 MONTICELLO RD COLUMBIA SC 29203 570352247 501(C)(3) 25000 0 SCHOLARSHIPS FOR BIOLOGY STUDENTS COMMUNITIES IN SCHOOLS OF SC 1691 TURNBULL AVE SUITE 200 NORTH CHARLESTON SC 29405 570931840 501(C)(3) 90000 0 SUPPORT ENCOURAGING STUDENTS TO STAY IN SCHOOL CYPRESS ADVENTURES PO BOX 405 HARTSVILLE SC 29551 473749701 501(C)(3) 50000 0 YOUTH LEADERSHIP, SOCIAL/EMOTIONAL LEARNING PROGRAM SUPPORT DORCHESTER ECONOMIC DEVELOPMENT CORPORATION 402 N MAIN ST SUMMERVILLE SC 29483 821136999 501(C)(3) 25000 0 STEM IN THE CLASSROOM - EDUCATING TEACHERS ON BUSINESS NEEDS DREAMS IMAGINATION & GIFT DEVELOPMENT PO BOX 80863 SIMPSONVILLE SC 29680 464879728 501(C)(3) 40000 0 STEM AFTERSCHOOL PROGRAM SUPPORT DYSLEXIA RESOURCE CENTER 3529 WOLF CIRCLE COLUMBIA SC 29204 582302947 501(C)(3) 25000 0 LITERACY PROGRAM SUPPORT FOSTERING GREAT IDEAS 321 PIMLICO RD GREENVILLE SC 29607 274622960 501(C)(3) 35000 0 FOSTER CARE SUPPORT GREENVILLE CHAMBER FOUNDATION 550 S MAIN STREET STE 550 GREENVILLE SC 29601 237155502 501(C)(3) 40000 0 PROGRAM TO BOOST EDUCATION ATTAINMENT GREENVILLE LITERACY ASSOCIATION 225 SOUTH PLEASANTBURG DRIVE GREENVILLE SC 29607 570521414 501(C)(3) 53000 0 LITERACY PROGRAM SUPPORT HELPING HANDS OF GEORGETOWN 1813 HIGHMARKET STREET GEORGETOWN SC 29440 570883461 501(C)(3) 30000 0 YOUTH LEADERSHIP AND EDUCATION ATTAINMENT PROGRAM HILTON HEAD HOSPITAL AUXILIARY 25 HOSPITAL CENTER BOULEVARD HILTON HEAD ISLAND SC 29926 237357752 501(C)(3) 30000 0 SCHOLARSHIPS FOR LOCAL HEALTHCARE, MEDICAL, AND NURSING STUDENTS JUNIOR ACHIEVEMENT OF GREATER SC 2711 MIDDLEBURG DRIVE SUITE 301 COLUMBIA SC 29204 570511131 501(C)(3) 75000 0 FINANCIAL LITERACY AND CAREER PATHWAYS KIDS ON POINT PO BOX 22731 CHARLESTON SC 29413 270771548 501(C)(3) 50000 0 ACADEMIC, ATHLETIC, AND ENRICHMENT PROGRAM SUPPORT LOWCOUNTRY YOUTH SERVICES PO BOX 62215 NORTH CHARLESTON SC 29419 943446641 501(C)(3) 40000 0 YOUTH PROGRAM SUPPORT ORIGINAL SIX FOUNDATION PO BOX 2246 COLUMBIA SC 29202 453709610 501(C)(3) 38000 0 STEM AFTERSCHOOL YOUTH PROGRAM RICHLAND LIBRARY 1431 ASSEMBLY STREET COLUMBIA SC 29201 570758497 501(C)(3) 26000 0 CAREER ONLINE HIGH SCHOOL FOR ADULTS SC GOVERNOR'S SCHOOL FOR SCIENCE & MATH FOUNDATION 2711 MIDDLEBURG DRIVE 205 COLUMBIA SC 29204 570881347 501(C)(3) 50000 0 STEM AND ROBOTICS CAMPS AND COUNSELING FOR GUARDIANS/PARENTS SOUTH CAROLINA INDEPENDENT COLLEGES AND UNIVERSITIES INC PO BOX 12007 COLUMBIA SC 29211 570343998 501(C)(3) 75000 0 COMPLETION SCHOLARSHIPS AND HBCU UNDERGRADUATE RESEARCH GRANTS SOUTH CAROLINA TECHNICAL COLLEGE SYSTEM FOUNDATION 111 EXECUTIVE CENTER DRIVE COLUMBIA SC 29210 570468430 501(C)(3) 40000 0 SUPPORT CODING PROGRAM FOR WORKFORCE DEVELOPMENT TEACH MY PEOPLE PO BOX 2848 PAWLEYS ISLAND SC 29585 571075900 501(C)(3) 30000 0 AT-RISK YOUTH PROGRAM SUPPORT UNIVERSITY OF SOUTH CAROLINA EDUCATIONAL FOUNDATION 1027 BARNWELL STREET COLUMBIA SC 29208 576017985 501(C)(3) 300000 0 CAROLINA TIP - SUPPORTING NOVICE TEACHERS IN HIGH RISK DISTRICTS UPPER MIDLANDS RURAL HEALTH NETWORK PO BOX 620 WINNSBORO SC 29180 203381102 501(C)(3) 28000 0 HEALTH EDUCATION PROGRAM SUPPORT 24 0 PART I, LINE 2: THE GRANTEE ORGANIZATION SIGNS A LETTER OF AGREEMENT WITH POWER:ED THAT THEY WILL USE THE FUNDS AS DESCRIBED IN THEIR GRANT APPLICATION. THE ORGANIZATION SELF REPORTS PROGRESS AND OUTCOMES ON A PRE-AGREED SCHEDULE INCLUDING A FINAL REPORT ONCE ALL MONIES ARE SPENT BY THE GRANT RECIPIENT. POWER:ED PRACTICES TRUST-BASED PHILANTHROPY. X X X X X X 0 0 0 0 0 0 0 1 0 DAVID A SIMON III PRESIDENT & CEO, SECRETARY 391912 0 94642 0 0 0 -3020 0 52273 0 535807 0 0 0 BILL BOCHETTE CFO & COO 287303 0 118129 0 0 0 0 0 63143 0 468575 0 0 0 MELANIE BROOKE THOMAS VICE PRESIDENT OF FINANCE 139653 0 20000 0 0 0 2658 0 35356 0 197667 0 0 0 RALPH JONES VP OF LOAN PROGRAMS 156906 0 20554 0 0 0 -2024 0 18766 0 194202 0 0 0 CHRISTINE M WOJCIK VICE PRESIDENT OF HUMAN RE 147769 0 22260 0 0 0 0 0 18544 0 188573 0 0 0 JOSEPH BUZHARDT DIRECTOR OF BUSINESS INTELLIGENCE 110255 0 14000 0 0 0 -1387 0 44148 0 167016 0 0 0 CLAIRE ANN GIBBONS EXECUTIVE DIRECTOR OF POWER:ED 126991 0 20000 0 0 0 0 0 17138 0 164129 0 0 0 MARSHA KING VP OF OPERATIONS 131007 0 19311 0 0 0 -9475 0 22764 0 163607 0 0 0 PART I, LINE 7 THE BOARD PROVIDES DISCRETIONARY BONUSES FOR CERTAIN EXECUTIVES BASED ON THE ACHIEVEMENT OF CERTAIN INDIVIDUAL AND CORPORATE GOALS ESTABLISHED AT THE BEGINNING OF THE FISCAL YEAR. NEIL GRAYSON NEIL GRAYSON, A BOARD OF DIRECTORS MEMBER, IS A PARTNER AT NELSON MULLINS 103378 NELSON MULLINS PROVIDES LEGAL SERVICES TO SCSLC. THE TRANSACTION IS AT FAIR MARKET VALUE AND WAS NEGOTIATED AT ARM'S LENGTH. 0 NEILL CAMERON JR DIRECTOR AT SOUTH CAROLINA STUDENT LOAN CORPORATION 109500 MARKETING CONSULTING TO SCSLC. THE TRANSACTION IS AT FAIR MARKET VALUE AND WAS NEGOTIATED AT ARM'S LENGTH. 0 FORM 990, PART VI, SECTION B, LINE 11B THE COMPLETED FORM 990 WAS SENT TO THE CORPORATION FOR REVIEW AND FINAL SIGNATURE BEFORE SUBMISSION TO THE IRS. THE PROCESS ENTAILED A REVIEW BY THE CHIEF FINANCIAL OFFICER, THE CHIEF EXECUTIVE OFFICER AND ALL MEMBERS OF THE AUDIT COMMITTEE OF THE CORPORATION. AFTER THIS REVIEW, A COPY OF THE COMPLETED FORM 990 WAS PROVIDED TO THE FULL BOARD PRIOR TO THE FILING. ANY QUESTIONS/ISSUES WERE CLARIFIED AND ADDRESSED AS NECESSARY BEFORE THE FINAL SIGNATURE AND SUBMISSION. FORM 990, PART VI, SECTION B, LINE 12C THE BOARD OF DIRECTORS REVIEWS AND ACKNOWLEDGES THE CONFLICT OF INTEREST POLICY ON AN ANNUAL BASIS AT ITS MAY MEETING. EACH DIRECTOR IS REQUIRED TO NOTE ANY POTENTIAL CONFLICT OF INTEREST. IN THE EVENT A POTENTIAL CONFLICT ARISES DURING THE YEAR, THE INTERESTED PERSON SHALL RECUSE HIMSELF/HERSELF FROM ALL DISCUSSIONS AND VOTE ON THE MATTER. FURTHER, IN ADDITION TO THE BOARD, EACH EMPLOYEE IS ALSO REQUIRED TO DISCLOSE ANY POTENTIAL CONFLICT OF INTEREST ON AN ANNUAL BASIS. FORM 990, PART VI, SECTION B, LINE 15 THE EXECUTIVE COMMITTEE OF THE BOARD OF DIRECTORS REVIEWS THE COMPENSATION OF THE PRESIDENT/CEO AND MAKES A RECOMMENDATION TO THE FULL BOARD OF DIRECTORS FOR APPROVAL. THE COMPENSATION FOR OTHER KEY EMPLOYEES IS DETERMINED BY THE PRESIDENT/CEO WHO RELIES UPON THE SALARY OF MANAGEMENT PROFESSIONALS IN SIMILARLY-SITUATED POSITIONS. FURTHER, BOTH THE EXECUTIVE COMMITTEE AND THE PRESIDENT/CEO RELY UPON INDUSTRY SURVEYS TO ENSURE REASONABLENESS OF COMPENSATION. ALL DECISIONS ARE DOCUMENTED. FORM 990, PART VI, SECTION C, LINE 19 THE CORPORATION'S GOVERNING DOCUMENTS AND CONFLICT OF INTEREST POLICY ARE AVAILABLE UPON REQUEST TO THE PUBLIC. THE CORPORATION'S YEARLY AUDITED FINANCIAL STATEMENTS ARE POSTED TO ITS WEBSITE. FORM 990, PART XI, LINE 9: IMPLEMENTATION EFFECT OF ASC 326 -9,440,704. FORM 990, PAGE 12, PART XII, LINE 2C THE AUDIT COMMITTEE OF THE BOARD OF DIRECTORS HAS OVERSIGHT AND REVIEWS/APPROVES THE AUDITED FINANCIAL REPORT. IN ADDITION THE INDEPENDENT ACCOUNTANTS COMMUNICATE DIRECTLY WITH THIS COMMITTEE TO REVIEW THE FINANCIAL REPORT AS WELL AS RECEIVE ANY OTHER COMMENTS CONCERNING THE AUDIT PROCESS THROUGH A FORMAL REPORT ISSUED DIRECTLY TO THE COMMITTEE AS REQUIRED BY AU-C SECTION 260. THE SELECTION PROCESS FOR INDEPENDENT ACCOUNTANTS IS INITIATED THROUGH THE AUDIT COMMITTEE WHO WILL THEN MAKE A FORMAL RECOMMENDATION TO THE FULL SCSLC BOARD OF DIRECTORS FOR APPROVAL. EDVANTAGE CORPORATION PO BOX 102405 COLUMBIA SC 29224 451482379 DIRECT LOAN COLLECTIONS THROUGH 2-16-16 SC 501(C)(3) LINE 12A, I SC STUDENT LOAN CORPORATION 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 0 1 0 0 EDVANTAGE CORP - REIMBURSEMENT L 3000 FMV EDVANTAGE CORP - SERVICES PERFORMED N NO AMOUNT CHARGED EDVANTAGE CORP - SHARED ASSETS O NO AMOUNT CHARGED EDVANTAGE CORP - SHARED EMPLOYEES Q 3000 FMV