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Nonprofit · EIN 41-1778617

EDUCATIONAL CREDIT MANAGEMENT CORPORATION

Tax-exempt · MINNEAPOLIS, MN 55401

Financials

$318.1M$362.1M2023$265M$261.6M2024
Revenue Expenses · by fiscal year end
Financials of EDUCATIONAL CREDIT MANAGEMENT CORPORATION by year, from its e-filed returns
Year endedFormRevenueExpensesNet incomeTotal assetsLiabilitiesNet assets
December 31, 2024990$264,998,856$261,591,267$3,407,589$209,123,067$167,236,990$41,886,077
December 31, 2023990$318,087,346$362,056,007-$43,968,661$295,093,716$256,617,228$38,476,488
Financial details: 990 for the year ended December 31, 2024

Revenue

Contributions, gifts and grants
$14,611,000
Program service revenue
$249,023,650
Investment income
$1,363,991
Other revenue
$215

Expenses

Grants and similar amounts paid
$177,847,940
Compensation of officers, directors and key employees
$1,387,774
Other salaries and wages
$41,659,901
Salaries, compensation and benefits (total)
$54,661,330
Professional fundraising fees
$0
Legal fees
$1,216,064
Accounting fees
$649,630
Occupancy
$2,878,733
Travel
$672,443
Depreciation
$2,452,744
Program services (functional)
$214,059,087
Management and general (functional)
$47,532,180

Balance sheet and other

Total assets, start of year
$295,093,716
Total assets, end of year
$209,123,067
Total liabilities, end of year
$167,236,990
Net assets, end of year
$41,886,077
Land, buildings and equipment
$22,640
Net assets without donor restrictions
$38,240,077
Net assets with donor restrictions
$3,646,000
Gross receipts
$264,998,856
Employees
250
Volunteers
0
Year formed
1994
State of legal domicile
MN

From the e-filed returns the IRS publishes as XML (latest three processing years; amended returns replace the original). PDF copies at the IRS.

Officers, directors and key employees

As listed on the 990 for the year ended December 31, 2024, highest compensation first.

NameTitleHours / weekCompensationFrom related orgsOther / benefits
DANIEL FISHERPRESIDENT & CEO, ECMC GROUP
Trustee or director
0$0$1,373,427$130,325
MARTIN SCANLONCFO & TREASURER
Officer
0$0$903,005$108,170
CHAD TATEPRESIDENT, ECMC
Officer
40$599,179$0$89,550
BRIAN BOARDMANGENERAL COUNSEL & CORP SECRETARY
Officer
0$0$520,510$91,781
THERESE BICKLERVP, ECMC OPERATIONS
Officer
40$345,093$0$46,785
PAULA CRAWVP, OUTREACH
Officer
40$279,939$0$27,226
NATHAN VICKERYSR DIR, REPAYMENT SUCCESS CENTER
Highest-paid employee
40$254,849$0$44,782
J HAMLIN SJOBERGSR DIR, GUARANTOR SERVICES
Highest-paid employee
40$245,596$0$42,362
HAN CHODIR, PORTFOLIO MANAGEMENT
Highest-paid employee
40$210,205$0$59,690
JAN JACOBSONDIR, CUSTOMER SERVICE
Highest-paid employee
40$205,258$0$57,805
CHARLES NADEAUDIR, ANALYTICS & REVENUE MGMT
Highest-paid employee
40$187,153$0$64,346
JAMES V MCKEONBOARD CHAIR
Trustee or director
1$0$197,500$0
JULIA S GOUWDIRECTOR
Trustee or director
1$0$155,000$0
DIANA J INGRAMDIRECTOR
Trustee or director
1$0$151,250$0
K PAUL SINGHDIRECTOR
Trustee or director
1$0$145,000$0
6 more people on this return
NameTitleHours / weekCompensationFrom related orgs
JENNIFER ANDERSONDIRECTOR
Trustee or director
1$0$138,750
JACK O'CONNELLDIRECTOR
Trustee or director
1$0$135,000
JAMES RUNCIEDIRECTOR
Trustee or director
1$0$135,000
DEREK LANGHAUSERDIRECTOR
Trustee or director
1$0$127,500
JOHN F DEPODESTAFORMER BOARD CHAIR
Former
0$0$60,000
JEREMY WHEATONFORMER PRESIDENT & CEO, ECMC GROUP
Former
0$0$19,539
990 for the year ended December 31, 2023: 22 people
NameTitleHours / weekCompensationFrom related orgsOther / benefits
JEREMY WHEATONFORMER PRESIDENT & CEO, ECMC GROUP
Former
0$0$1,622,127$0
DANIEL FISHERPRESIDENT & CEO, ECMC GROUP
Trustee or director
0$0$1,268,659$126,730
MARTIN SCANLONCFO & TREASURER
Officer
0$0$918,311$104,819
CHAD TATEPRESIDENT, ECMC
Officer
40$566,278$0$88,833
BRIAN BOARDMANGENERAL COUNSEL & CORP SECRETARY
Officer
0$0$453,655$86,354
THERESE BICKLERVP, ECMC OPERATIONS
Officer
40$335,947$0$45,295
PAULA CRAWVP, OUTREACH
Officer
40$274,082$0$27,240
NATHAN VICKERYSENIOR DIR, REPAYMENT SUCCESS CENTER
Highest-paid employee
40$236,870$0$56,496
J HAMLIN SJOBERGSENIOR DIR, GUARANTOR SERVICES
Highest-paid employee
40$229,871$0$41,636
HAN CHODIR, PORTFOLIO MANAGEMENT
Highest-paid employee
40$198,984$0$55,444
NATE MALMODIR, INTERNAL DEFAULT MANAGEMENT
Highest-paid employee
40$196,704$0$54,724
JAN JACOBSONDIR, CUSTOMER SERVICE
Highest-paid employee
40$193,873$0$53,950
JAMES V MCKEONBOARD CHAIR
Trustee or director
1$0$197,500$0
JULIA S GOUWDIRECTOR
Trustee or director
1$0$155,000$0
DIANA J INGRAMDIRECTOR
Trustee or director
1$0$151,250$0
JENNIFER ANDERSONDIRECTOR
Trustee or director
1$0$148,750$0
JACK O'CONNELLDIRECTOR
Trustee or director
1$0$145,000$0
K PAUL SINGHDIRECTOR
Trustee or director
1$0$141,875$0
DEREK LANGHAUSERDIRECTOR
Trustee or director
1$0$137,500$0
JAMES RUNCIEDIRECTOR
Trustee or director
1$0$128,750$0
JOHN F DEPODESTAFORMER BOARD CHAIR
Former
0$0$60,000$0
I KING JORDANFORMER DIRECTOR
Former
0$0$30,000$0

Address and contacts

Address (IRS master file)
111 WASHINGTON AVE S1400, MINNEAPOLIS, MN 55401-0000
Principal officer (990 for 2024)
CHAD TATE, 111 WASHINGTON AVE SO 1400, MINNEAPOLIS, MN 55401
Signed the 990
MARTIN A SCANLON, CFO & TREASURER
Phone
(651) 221-0566
Return prepared by
KPMG LLP

Mission

EDUCATIONAL CREDIT MANAGEMENT CORPORATION (ECMC) PROVIDES FINANCIAL COUNSELING AND EDUCATION TO EMPOWER STUDENTS TO MAKE BETTER CHOICES ABOUT THEIR FUTURES.

990 for the year ended December 31, 2024

Program accomplishments

  • BANKRUPTCY SERVICING:ECMC SERVICES AND MONITORS THE BANKRUPTCY CASES ON FFELP STUDENT LOANS CURRENTLY UNDER CHAPTER 7 OR 13 OF THE BANKRUPTCY CODE. THE BANKRUPTCY LOANS ARE TRANSFERRED FROM THE U.S. DEPARTMENT OF EDUCATION (ED) AND OTHER GUARANTY AGENCIES FOR PROCESSING BY ECMC. AT THE REQUEST OF ED, SPECIALTY STUDENT LOAN SERVICES ARE ALSO PERFORMED FOR ED. THE BANKRUPTCY STUDENT LOAN PORTFOLIO AT DECEMBER 31, 2024 CONSISTED OF $458 MILLION IN OUTSTANDING PRINCIPAL, INTEREST AND FEES.
    Expenses $50,544,455 · grants $46,991,260 · revenue $50,544,455
  • DEFAULT AVERSION, CLAIMS AND COLLECTION PROGRAM:IN ECMC'S ROLE AS A FEDERAL STUDENT LOAN GUARANTOR, WE PERFORM DEFAULT PREVENTION ACTIVITIES, REIMBURSE LENDERS FOR DEFAULT AND OTHER TYPES OF CLAIMS, AND RECOVER DEFAULTED STUDENT LOANS. DEFAULT PREVENTION PROGRAM: ECMC HAS A ROBUST DEFAULT PREVENTION PROGRAM FOCUSED ON EDUCATING AND COUNSELING DELINQUENT BORROWERS ON REPAYMENT STRATEGIES TO FIND THE ONE THAT BEST FITS THEIR SITUATION SO THEY CAN SUCCESSFULLY REPAY THEIR LOAN. COLLECTION PROGRAM: FOR THOSE BORROWERS WHO FACE THE UNFORTUNATE SITUATION OF STUDENT LOAN DEFAULT, IT IS NOT ONLY OUR FIDUCIARY RESPONSIBILITY TO THE U.S. TREASURY AND THE TAXPAYER TO COLLECT THOSE LOANS, ECMC IS ALSO COMMITTED TO HELPING THE BORROWER RECOVER FROM DEFAULT. CONGRESS HAS GIVEN US TOOLS, SUCH AS THE LOAN REHABILITATION PROGRAM WHERE WE ESTABLISH AN INCOME-CONTINGENT REPAYMENT ARRANGEMENT WITH THE BORROWER. WITH SUCCESSFUL COMPLETION OF THIS PROGRAM, THE DEFAULT STATUS IS REMOVED FROM THE BORROWER'S RECORD. SINCE INCEPTION, ECMC HAS RETURNED $21.8 BILLION IN STUDENT LOAN RECOVERIES TO THE U.S. TREASURY.AS PART OF DCL GEN-22-16, THE U.S. DEPARTMENT OF EDUCATION (ED), ESTABLISHED A TRANSITIONAL FEE TO BE PAID TO GUARANTORS FROM AUGUST 29, 2023 THROUGH THE FRESH START PERIOD, WHICH ENDED ON SEPTEMBER 30, 2024. THE TRANSITIONAL FEE IS PAID TO GUARANTORS TO HELP THEM INITIATE THE REPAYMENT RESTART WHILE SUPPORTING BORROWERS AND ASSISTING THEM AS THEY NAVIGATE THE FRESH START PERIOD AND ALL THEIR OPTIONS. ECMC RECORDED $78 MILLION FOR TRANSITIONAL FEE REVENUE IN 2024, ALL OF WHICH IS FULLY RECEIVED AS OF DECEMBER 31, 2024.ON OCTOBER 8, 2024, A VOLUNTARY FLEXIBLE AGREEMENT (VFA) WAS SIGNED BETWEEN ED AND ECMC. THIS ALLOWS THE SECRETARY TO WAIVE MOST STATUTORILY REQUIRED COLLECTIONS ACTIVITY AND REVENUE. THE VFA ECMC AND ED MUTUALLY AGREED UPON IS SET FOR A TWO-YEAR PERIOD BEGINNING OCTOBER 1, 2024, THROUGH SEPTEMBER 30, 2026, UNLESS TERMINATED EARLIER AS PROVIDED IN THE VFA. ECMC RECORDED $17.4 MILLION FOR SPECIAL ACCOUNT MAINTENANCE FEE (SAMF) REVENUE FOR THE PERIOD FROM OCTOBER 1, 2024, THROUGH DECEMBER 31, 2024.
    Expenses $17,174,534 · revenue $118,260,172
  • LOAN GUARANTEE PROGRAM:ECMC IS THE DESIGNATED GUARANTY AGENCY FOR CALIFORNIA, CONNECTICUT, ILLINOIS, LOUISIANA, MAINE, MISSOURI, NORTH CAROLINA, OREGON, RHODE ISLAND, SOUTH CAROLINA, TENNESSEE, UTAH AND VIRGINIA UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). A GUARANTY AGENCY UNDER FFELP PROVIDES FEDERAL STUDENT LOAN GUARANTEES AND ONGOING PROCESSING SERVICES TO U.S. DEPARTMENT OF EDUCATION-APPROVED FFELP LENDERS AND POSTSECONDARY EDUCATION STUDENTS AND THEIR PARENTS FOR LOANS EXTENDED UNDER FFELP. ADDITIONAL SERVICES PROVIDED BY ECMC IN FULFILLING ITS ROLE AS A GUARANTY AGENCY INCLUDE BUT ARE NOT LIMITED TO: ASSISTING BORROWERS AND PARENTS IN PREPARING FOR COLLEGE, FINANCIAL LITERACY AND MONEY MANAGEMENT EDUCATION, EDUCATION REGARDING THE OBLIGATIONS ASSOCIATED WITH STUDENT LOANS, AND EDUCATION ON HOW TO AVOID STUDENT LOAN DEFAULT.ON MARCH 30, 2010, THE HEALTH CARE AND EDUCATION AFFORDABILITY RECONCILIATION ACT OF 2010 WAS SIGNED INTO LAW AND AMENDED THE HIGHER EDUCATION ACT BY TERMINATING THE AUTHORITY TO MAKE OR INSURE NEW LOANS UNDER FFELP AFTER JUNE 30, 2010. AS A RESULT, ECMC CEASED GUARANTEEING LOANS EFFECTIVE JULY 1, 2010. ALL EXISTING FFELP LOANS WILL CONTINUE TO BE GUARANTEED AND SERVICED AS FFELP LOANS THROUGHOUT THEIR REMAINING LIFE, WHICH GENERALLY AVERAGES 5 YEARS. AS OF DECEMBER 31, 2024, THE NON-DEFAULT GUARANTEE PORTFOLIO CONSISTED OF $11.2 BILLION IN ORIGINAL OUTSTANDING PRINCIPAL BALANCE.ON NOVEMBER 1, 2016, ECMC ENTERED INTO A THREE-YEAR AGREEMENT WITH THE U.S. DEPARTMENT OF EDUCATION (ED), WHEREBY ECMC WILL PARTICIPATE IN ED'S PROJECT SUCCESS BY PROVIDING SERVICES ON BEHALF OF ED TO CERTAIN MINORITY-SERVING INSTITUTIONS (INSTITUTIONS). THE SERVICES THAT ECMC MAY PROVIDE TO THE INSTITUTIONS INCLUDE INSTITUTIONAL SUPPORT SERVICES TO BENEFIT THE INSTITUTIONS AND SERVICES TO ASSIST THE INSTITUTION'S STUDENTS. ALL OF THE SERVICES PROVIDED MUST RELATE TO FEDERAL STUDENT LOANS. THE SECRETARY HAS AUTHORIZED ECMC TO USE THE GUARANTOR FEDERAL RESERVE FUND TO PAY THE COST OF PROVIDING SERVICES UNDER THE PROJECT SUCCESS PROGRAM, NOT TO EXCEED $20 MILLION FOR THE THREE-YEAR AGREEMENT. THE AGREEMENT HAS BEEN EXTENDED THROUGH SEPTEMBER 30, 2025. THE GUARANTOR FEDERAL RESERVE FUND REIMBURSED ECMC FOR EXPENSES INCURRED IN THE AMOUNT OF $3.3 MILLION FOR THE YEAR ENDED DECEMBER 31, 2024.
    Expenses $12,832,575 · grants $1,964,579 · revenue $35,144,857
  • ECMC SOLUTIONS PROGRAM:THE ECMC SOLUTIONS PROGRAM FOCUSES ON PROVIDING DEFAULT PREVENTION AND FINANCIAL LITERACY TO STUDENT LOAN BORROWERS WHILE THEY ARE STILL IN SCHOOL, IN THEIR GRACE PERIOD OR IN REPAYMENT TO HELP THEM UNDERSTAND THEIR REPAYMENT OPTIONS BEFORE BECOMING DELINQUENT OR DEFAULTING ON THEIR FEDERALLY INSURED STUDENT LOANS. THE PROGRAM INCLUDES RESOURCES FOR POSTSECONDARY INSTITUTIONS TO ASSIST THEM IN MANAGING THEIR COHORT DEFAULT RATE. SERVICES ARE OFFERED TO POSTSECONDARY INSTITUTIONS UNDER A FEE STRUCTURE.
    Expenses $3,752,280 · grants $101 · revenue $4,012,540
  • THIRD-PARTY GUARANTOR SERVICING:ECMC PERFORMS FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) LOAN PORTFOLIO SERVICING ACTIVITIES FOR OTHER STATE AND NONPROFIT GUARANTORS OF FFELP LOANS IN RETURN FOR A FEE. FFELP GUARANTOR LOAN PORTFOLIO SERVICING ACTIVITIES ARE IDENTICAL TO THOSE SERVICES THAT IT PERFORMS ON ITS OWN BEHALF AND INCLUDE LOAN CONVERSION ACTIVITIES, DEFAULT AVERSION, BORROWER UPDATES, CUSTOMER SERVICE, PAYMENT PROCESSING, DUE DILIGENCE PROCEDURES AND CLAIM PROCESSING.
    Expenses $863,243 · revenue $41,061,626
  • CONTRIBUTIONS MADE TO ECMC GROUP, INC.:ECMC GROUP, INC. IS THE PARENT OF AND A SUPPORTING ORGANIZATION TO ECMC. ECMC GROUP, INC. RETAINS THE FOLLOWING AUTHORITY OVER ECMC:1. TO AUTHORIZE AMENDMENTS TO THE ARTICLES OF INCORPORATION AND BYLAWS.2. TO APPROVE THE STRATEGIC AND FINANCIAL PLANS.3. TO ELECT AND/OR APPROVE THE MEMBERS OF THE BOARD OF DIRECTORS.4. TO OVERSEE COORDINATION OF PROGRAMS AND SERVICES OFFERED.5. TO AUTHORIZE FORMATION, GOVERNANCE AND DISSOLUTION.ECMC GROUP, INC. AUTHORIZES THE DISTRIBUTION OF FUNDS FROM ECMC TO ECMC GROUP, INC. SECTION 422B OF THE HIGHER EDUCATION ACT OF 1965, AS AMENDED, ALLOWS ECMC TO INVEST FUNDS AT ITS DISCRETION IN ACCORDANCE WITH PRUDENT INVESTOR STANDARDS AND TO USE FUNDS FOR HIGHER EDUCATION-RELATED ACTIVITIES. ECMC DISTRIBUTES FUNDS TO ECMC GROUP, INC. TO INVEST AND TO DISTRIBUTE TO ECMC FOUNDATION AND ECMC EDUCATION, INC. TO USE FOR HIGHER EDUCATION-RELATED ACTIVITIES.
    Expenses $128,892,000 · grants $128,892,000

What it must file and when

IRS records say it files Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N. Its accounting year ends in December, so each return is due on the 15th day of the 5th month after that.

Tax yearYear endedDueIRS public records
2025December 31, 2025May 15, 2026Not on file
2024December 31, 2024May 15, 2025990 on file
2023December 31, 2023May 15, 2024990 on file

IRS record

EIN
41-1778617
Tax-exempt status
501(c)(3): Charitable, religious, educational or scientific organization
Foundation status
Publicly supported organization (509(a)(2))
Donations deductible (Pub 78)
Public charity, 50% deduction limit
Exempt since
1995
Accounting year ends
December
Files
Form 990 or 990-EZ
Assets (IRS master file)
$209,123,067
Income (IRS master file)
$264,998,856

Filing history

FormYear endedRevenueExpensesAssetsReturn
990December 2024$264,998,856$261,591,267$209,123,067XML
990December 2023$318,087,346$362,056,007$295,093,716XML
990December 2022$361,979,726$338,613,468$429,860,105IRS
990December 2021–––IRS
990December 2020–––IRS
990December 2018–––IRS
990December 2017–––IRS

990-N: the IRS bulk file holds only the latest e-Postcard per organization; earlier years come from archived copies of that file since 2020 and can have gaps (the IRS e-Postcard search lists every one). 990, 990-EZ, 990-PF, 990-T: every e-filed return in the IRS e-file index since 2019; XML for the latest three processing years, amounts from the IRS Statistics of Income extracts before that. PDF copies and determination letters at the IRS (search EIN 41-1778617).

Questions about EDUCATIONAL CREDIT MANAGEMENT CORPORATION

What is the EIN of EDUCATIONAL CREDIT MANAGEMENT CORPORATION?
The employer identification number (EIN) of EDUCATIONAL CREDIT MANAGEMENT CORPORATION is 41-1778617.
Is EDUCATIONAL CREDIT MANAGEMENT CORPORATION tax-exempt?
Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1995.
Are donations to EDUCATIONAL CREDIT MANAGEMENT CORPORATION tax-deductible?
Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
Which annual return does EDUCATIONAL CREDIT MANAGEMENT CORPORATION file?
Form 990 or 990-EZ. Based on its last return; a smaller organization may file the 990-N.
When is the next return of EDUCATIONAL CREDIT MANAGEMENT CORPORATION due?
The return for tax year 2025 (the year ending December 31, 2025) is due May 15, 2026. Form 8868 extends it by six months; the 990-N cannot be extended.
When did EDUCATIONAL CREDIT MANAGEMENT CORPORATION last file with the IRS?
The latest return in the IRS public files is the 990 for the year ended December 2024.
Who is the principal officer of EDUCATIONAL CREDIT MANAGEMENT CORPORATION?
The 990 for the year ended December 31, 2024 names CHAD TATE.
Who are the officers and directors of EDUCATIONAL CREDIT MANAGEMENT CORPORATION?
The 990 for the year ended December 31, 2024 lists 21 people; 8 received compensation from the organization.
How much revenue does EDUCATIONAL CREDIT MANAGEMENT CORPORATION have?
On its 990 for the year ended December 31, 2024 it reported revenue of $264,998,856, expenses of $261,591,267 and total assets of $209,123,067 at year end.

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