Educational Funding of the South Inc
- Assets
- $0.0
- Revenue
- $32.4m
- Investments
- $0.0
- Employees
- 12
- Location
- Franklin, TN
- Founding
- 12/1987
- Data as of
- 07/2021
- EIN
- 58-1757969
Organization Overview
Educational Funding of the South Inc is located in Franklin, TN. The organization was established in 1987. 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 07/2021, Educational Funding of the South Inc employed 12 individuals. Educational Funding of the South Inc 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 07/2021, Educational Funding of the South Inc generated $32.4m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 6 years, the organization has seen revenues fall by an average of (13.3%) each year. All expenses for the organization totaled $33.7m during the year ending 07/2021. As we would expect to see with falling revenues, expenses have declined by (12.1%) per year over the past 6 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2018, Educational Funding of the South Inc has awarded 76 individual grants totaling $641,500. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2021
Describe the Organization's Mission:
Part 3 - Line 1
ACQUISITION OF STUDENT LOANS, COLLEGE AND CAREER COUNSELING SERVICES, FINANCIAL LITERACY SERVICES AND NEED-BASED SCHOLARSHIPS.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACQUISITION OF STUDENT LOANS MADE TO STUDENTS AND PARENTS PURSUANT TO TITLE IV OF THE HIGHER EDUCATION ACT OF 1965.
STUDENT OUTREACH SERVICES ARE OFFERED TO STUDENTS IN ELEMENTARY SCHOOL THROUGH HIGH SCHOOL TO PROMOTE COLLEGE AND CAREER PLANNING. FINANCIAL LITERACY PROGRAMS ARE OFFERED TO MIDDLE SCHOOLS SERVING LOW-INCOME FAMILIES IN MIDDLE TENNESSEE, HIGH SCHOOL STUDENTS IN GRADES 10-12 IN EAST, MIDDLE AND WEST TENNESSEE, AND POSTSECONDARY INSTITUTIONS IN THE TENNESSEE BOARD OF REGENTS SYSTEM.
VOLUNTEER STATE STUDENT ASSISTANCE SCHOLARSHIPS ARE OFFERED TO STUDENTS BASED ON FINANCIAL NEED IN POST SECONDARY EDUCATION AT 4 YEAR PUBLIC AND PRIVATE COLLEGES THROUGHOUT THE STATE OF TENNESSEE.
ECAMPUS TOURS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Ron Gambill President/ceo | OfficerTrustee | 50 | $781,505 |
Ken Mann CFO | Officer | 40 | $183,720 |
Melissa Markis Assistant VP Loan Operations | 40 | $103,174 | |
John Mays Director | Trustee | 1 | $26,000 |
Mike Ragsdale Director | Trustee | 1 | $26,000 |
Richard Smelser Director | Trustee | 1 | $25,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Aes Loan Servicing | 7/30/21 | $1,337,107 |
Kuder Inc Student Outreach | 7/30/21 | $285,000 |
Education Loan Finance Inc Administration | 7/30/21 | $1,977,944 |
Everfi Inc Student Outreach | 7/30/21 | $279,000 |
Bdo Usa Llp Audit Services | 7/30/21 | $140,396 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $203,473 |
| 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 | $203,473 |
| Total Program Service Revenue | $29,150,512 |
| Investment income | $1,588,852 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$4,748 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $32,440,997 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $104,000 |
| 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. | $1,927,100 |
| Compensation of current officers, directors, key employees. | $1,348,970 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $54,327 |
| Other employee benefits | $17,430 |
| Payroll taxes | $80,174 |
| Fees for services: Management | $2,523,020 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $35,388 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $5,390 |
| Fees for services: Other | $0 |
| Advertising and promotion | $73,660 |
| Office expenses | $9,967 |
| Information technology | $68,580 |
| Royalties | $0 |
| Occupancy | $89,212 |
| Travel | $14,517 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $6,440 |
| Interest | $8,566,352 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $4,079,584 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $33,709,441 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $0 |
| Savings and temporary cash investments | $0 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $0 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $0 |
| Total assets | $0 |
| Accounts payable and accrued expenses | $0 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| 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 | $0 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $0 |
| Net assets without donor restrictions | $0 |
| Net assets with donor restrictions | $0 |
| 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 | $0 |
Grants Awarded
Over the last fiscal year, Educational Funding of the South Inc has awarded $27,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
Nashville, TN PURPOSE: Scholarships | $7,000 |
Nashville, TN PURPOSE: Scholarships | $7,000 |
Nashville, TN PURPOSE: Scholarships | $7,000 |
UNIVERSITY OF MEMPHIS PURPOSE: Scholarships | $6,000 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Capital Impact Partners Arlington, VA | $600,473,548 | $55,782,044 |
Alabama One Credit Union Tuscaloosa, AL | $937,318,452 | $41,746,504 |
Educational Funding of the South Inc Franklin, TN | $0 | $32,440,997 |
Commonwealth Forest Investments Atlanta, GA | $527,167 | $63 |
Educap Inc Sterling, VA | $80,424,876 | $4,047,763 |
Mississippi Higher Education Assistance Corporation Jackson, MS | $167,450,530 | $7,686,362 |
Tupelo Service Finance Inc Tupelo, MS | $0 | $1,135,587 |
Greater Kingsport Alliance For Development Inc Kingsport, TN | $2,425,970 | $1,438,393 |
Student Loan Guarantee Foundation Of Arkansas North Little Rock, AR | $5,532,296 | $1,265 |
Tennessee Medical Education Fund Inc Nashville, TN | $3,892,726 | $343,365 |
Alabama Multifamily Loan Consortium Montgomery, AL | $54,767,808 | $316,680 |
Southeastern Bankruptcy Law Institute Inc Decatur, GA | $454,578 | $294,194 |