Nonprofit · EIN 62-1586836
EDUCATION LOAN FINANCE INC
Tax-exempt · KNOXVILLE, TN 37934
Financials
| Year ended | Form | Revenue | Expenses | Net income | Total assets | Liabilities | Net assets |
|---|---|---|---|---|---|---|---|
| December 31, 2024 | 990 | $152,761,053 | $134,960,317 | $17,800,736 | $2,031,275,123 | $1,358,315,419 | $672,959,704 |
| December 31, 2023 | 990 | $155,521,982 | $119,011,760 | $36,510,222 | $2,155,671,295 | $1,506,065,000 | $649,606,295 |
Financial details: 990 for the year ended December 31, 2024
Revenue
- Contributions, gifts and grants
- $11,137,062
- Program service revenue
- $102,413,903
- Investment income
- $21,528,794
- Other revenue
- $17,681,294
Expenses
- Grants and similar amounts paid
- $0
- Compensation of officers, directors and key employees
- $4,189,003
- Other salaries and wages
- $798,630
- Salaries, compensation and benefits (total)
- $5,636,431
- Professional fundraising fees
- $0
- Legal fees
- $121,814
- Accounting fees
- $822,475
- Occupancy
- $692,041
- Travel
- $9,914
- Depreciation
- $580,378
- Program services (functional)
- $130,604,027
- Management and general (functional)
- $4,356,290
Balance sheet and other
- Total assets, start of year
- $2,155,671,295
- Total assets, end of year
- $2,031,275,123
- Total liabilities, end of year
- $1,358,315,419
- Net assets, end of year
- $672,959,704
- Land, buildings and equipment
- $1,323,868
- Net assets without donor restrictions
- $672,959,704
- Gross receipts
- $152,761,053
- Employees
- 34
- Volunteers
- 0
- Year formed
- 1994
- State of legal domicile
- TN
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.
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| JOHN ARNOLD | PRESIDENT/CEO Trustee or director, Officer | 20 | $1,418,864 | $1,423,490 | $24,121 |
| BARBARA THOMAS | CHIEF OPERATIONS OFFICER Officer | 16 | $487,320 | $868,752 | $33,003 |
| BILL THOMPSON | EVP/CFO Trustee or director, Officer | 18 | $525,012 | $656,863 | $24,121 |
| MICHAEL O'DONNELL | EXECUTIVE VICE PRESIDENT Officer | 16 | $324,220 | $498,999 | $18,787 |
| JEFF GIBBS | CHIEF INFORMATION OFFICER Officer | 4 | $62,020 | $518,350 | $41,371 |
| ERIC STEWART | CHIEF ACCOUNTING OFFICER Officer | 40 | $305,281 | $0 | $75,932 |
| BRENT STARLING | MANAGING DIRECTOR Key employee | 40 | $215,356 | $0 | $69,399 |
| JOSEPH LITTLETON | CHIEF INFORMATION SECURITY OFFICER Officer | 19.2 | $108,638 | $116,373 | $41,539 |
| JASON BOLIN | CONTROLLER Key employee | 40 | $189,439 | $0 | $46,881 |
| DAVID BURGETT | SYSTEMS ENGINEER Highest-paid employee | 8 | $34,479 | $135,580 | $35,679 |
| VICKI WEAVER | CHIEF HUMAN RESOURCES OFFICER (AS OF 03/2024) Officer | 4 | $16,625 | $150,239 | $14,668 |
| WILLIAM LEROY TAYLOR | SYSTEMS ENGINEER Highest-paid employee | 8 | $32,641 | $128,331 | $11,939 |
| STEVEN FISHER | SYSTEMS ADMIN Highest-paid employee | 10 | $38,227 | $109,192 | $9,859 |
| MELISSA MARKIS | AVP SERVICER COMPLIANCE Highest-paid employee | 20 | $57,797 | $57,343 | $39,687 |
| CHRISTOPHER KIRK | ACCOUNTING MANAGER Highest-paid employee | 40 | $106,165 | $0 | $30,183 |
4 more people on this return
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| ROBERT ROSENBAUM | DIRECTOR Trustee or director | 1 | $82,000 | $32,000 | $0 |
| CHRISTOPHER SIMMONS | DIRECTOR Trustee or director | 1 | $72,000 | $0 | $0 |
| STEPHEN CLARK | DIRECTOR Trustee or director | 1 | $72,000 | $0 | $0 |
| EVA CHAMPION | CHIEF HUMAN RESOURCES OFFICER (THRU 01/2024) Officer | 4 | $6,091 | $20,555 | $517 |
990 for the year ended December 31, 2023: 20 people
| Name | Title | Hours / week | Compensation | From related orgs | Other / benefits |
|---|---|---|---|---|---|
| John Arnold | President/CEO Trustee or director, Officer | 20 | $1,322,153 | $1,308,759 | $2,528 |
| Barbara Thomas | Chief Operations Officer Officer | 16 | $401,907 | $966,163 | $7,958 |
| Bill Thompson | EVP/CFO Trustee or director, Officer | 18 | $461,829 | $583,973 | $2,528 |
| Michael O'Donnell | Executive Vice President Officer | 16 | $298,750 | $461,730 | $2,528 |
| Jeff Gibbs | Chief Information Officer Officer | 4 | $58,865 | $481,778 | $19,003 |
| Eric Stewart | Chief Accounting Officer Officer | 40 | $303,870 | $0 | $17,351 |
| Brent Starling | Managing Director Key employee | 40 | $200,037 | $0 | $12,528 |
| Joseph Littleton | Chief Info. Security Officer Officer | 19.2 | $95,334 | $101,274 | $10,963 |
| Eva Champion | Chief Human Resources Officer Officer | 4 | $20,199 | $169,063 | $8,179 |
| Jason Bolin | Controller Key employee | 40 | $175,622 | $0 | $10,188 |
| David Burgett | Systems Engineer Highest-paid employee | 8 | $32,741 | $126,272 | $9,420 |
| William Leroy Taylor | Systems Admin Highest-paid employee | 8 | $30,717 | $120,747 | $9,069 |
| Steven Fisher | Systems Admin Highest-paid employee | 10 | $35,171 | $102,444 | $5,703 |
| Melissa Markis | AVP Servicer Compliance Highest-paid employee | 20 | $55,927 | $55,496 | $7,778 |
| Robert Rosenbaum | DIRECTOR Trustee or director | 1 | $70,000 | $0 | $0 |
| Christopher Simmons | DIRECTOR Trustee or director | 1 | $63,000 | $0 | $0 |
| Leo Cooper | DIRECTOR Trustee or director | 1 | $63,000 | $0 | $0 |
| Stephen Clark | DIRECTOR Trustee or director | 1 | $63,000 | $0 | $0 |
| Dwight Kessel | DIRECTOR Trustee or director | 1 | $31,500 | $0 | $0 |
| Thomas Schumpert | DIRECTOR Trustee or director | 1 | $31,500 | $0 | $0 |
Address and contacts
- Address (IRS master file)
- 12700 KINGSTON PIKE, KNOXVILLE, TN 37934-0917
- In care of
- % BILL THOMPSON
- Principal officer (990 for 2024)
- JOHN ARNOLD JR, 12700 KINGSTON PIKE, KNOXVILLE, TN 37934
- Signed the 990
- BILL THOMPSON, CFO
- Phone
- (865) 824-3051
- Website
- HTTPS://CORP.ELFI.COM
- Return prepared by
- BDO USA
Mission
PROVIDES FUNDING FOR POSTSECONDARY STUDENT LOANS AND GRANTS FOR SCHOLARSHIPS THROUGH ITS SUBSIDIARY.
Program accomplishments
- ELFI, INC. PROVIDES FUNDING FOR POST-SECONDARY STUDENT LOANS.Expenses $130,604,027 · revenue $118,534,964
- THE GRANT/SCHOLARSHIP PROGRAM PROVIDES SCHOLARSHIPS TO STUDENTS WHO DEMONSTRATE, THROUGH AN APPLICATION PROCESS, ACADEMIC ACHIEVEMENT, FINANCIAL NEED, AND INVOLVEMENT IN COMMUNITY SERVICES.0
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 year | Year ended | Due | IRS public records |
|---|---|---|---|
| 2025 | December 31, 2025 | May 15, 2026 | Not on file |
| 2024 | December 31, 2024 | May 15, 2025 | 990 on file |
| 2023 | December 31, 2023 | May 15, 2024 | 990 on file |
IRS record
- EIN
- 62-1586836
- 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
- 1996
- Accounting year ends
- December
- Files
- Form 990 or 990-EZ
- Category (NTEE)
- Education (B82)
- Assets (IRS master file)
- $2,031,275,123
- Income (IRS master file)
- $152,761,053
Filing history
| Form | Year ended | Revenue | Expenses | Assets | Return |
|---|---|---|---|---|---|
| 990 | December 2024 | $152,761,053 | $134,960,317 | $2,031,275,123 | XML |
| 990 | December 2023 | $155,521,982 | $119,011,760 | $2,155,671,295 | XML |
| 990 | December 2022 | $139,396,971 | $102,869,647 | $2,133,641,824 | IRS |
| 990 | December 2021 | – | – | – | IRS |
| 990 | December 2020 | – | – | – | IRS |
| 990 | December 2018 | – | – | – | IRS |
| 990 | December 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 62-1586836).
Questions about EDUCATION LOAN FINANCE INC
- What is the EIN of EDUCATION LOAN FINANCE INC?
- The employer identification number (EIN) of EDUCATION LOAN FINANCE INC is 62-1586836.
- Is EDUCATION LOAN FINANCE INC tax-exempt?
- Yes. The IRS lists it as tax-exempt under section 501(c)(3) since 1996.
- Are donations to EDUCATION LOAN FINANCE INC tax-deductible?
- Yes. It is listed in IRS Publication 78 (Public charity, 50% deduction limit).
- Which annual return does EDUCATION LOAN FINANCE INC 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 EDUCATION LOAN FINANCE INC 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 EDUCATION LOAN FINANCE INC 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 EDUCATION LOAN FINANCE INC?
- The 990 for the year ended December 31, 2024 names JOHN ARNOLD JR.
- Who are the officers and directors of EDUCATION LOAN FINANCE INC?
- The 990 for the year ended December 31, 2024 lists 19 people; 19 received compensation from the organization, the highest $1,418,864 (JOHN ARNOLD, PRESIDENT/CEO).
- How much revenue does EDUCATION LOAN FINANCE INC have?
- On its 990 for the year ended December 31, 2024 it reported revenue of $152,761,053, expenses of $134,960,317 and total assets of $2,031,275,123 at year end.
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