Ecmc Foundation

“Ecmc group, inc. Has a code of ethics and business conduct policy that is affirmed annually by all ecmc group, inc. And affiliated companies' officers, directors, and employees. While there is not a specific whistleblower policy, there is a provision incorporated into the code of ethics and business conduct policy that binds all employees. The provision states that there can be no repercussions for good faith reporting of potential illegal practices or violations of corporate policies. Ecmc foundation has established an anonymous whistleblower telephone hotline and website administered by an outside vendor.”

“ECMC Foundation has one member. The member is ECMC Group, Inc. a Delaware, non-stock, non-profit corporation exempt under section 501(c)(3). There are no stockholders.”

“ECMC Group, Inc. has the right to elect and/or approve all the directors of the ECMC Foundation Board of Directors.”

“ECMC Group, Inc., the sole member of ECMC Foundation, retains the following authority over ECMC Foundation: 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.”

“All members of the Board of Directors and executive management are provided a copy of Form 990 to review and provide comments prior to filing. All members of the Board of Directors and executive management are provided with a copy of the final version of Form 990 before it has been filed.”

“Officers, directors and all employees are required to reaffirm on an annual basis their understanding of the company's Code of Ethics and Business Conduct. The affirmation specifically references that the individual will comply with the directives of the Code of Ethics and Business Conduct. Conflicts of Interest and disclosure of potential conflicts is included in the Code of Ethics and Business Conduct. Monitoring and enforcement of the policy is accomplished through the reaffirmation process. In cases where a potential conflict exists at the officer and key employee levels, the issue is disclosed to the CEO and Director of Corporate Compliance. For potential or real conflicts involving the CEO or a member of the Board of Directors, the disclosure is made to the Board Chair. The Board member or CEO will be required to excuse themselves from deliberation and voting on matters where they may have a conflict of interest.”

“As noted in Part VII of Form 990 and Schedule J, Part II, the only executive officer compensated by ECMC Foundation was the President, Peter Taylor. All other executive officers' compensation was paid by related organizations. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2014, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter LLP provided a written opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter LLP includes salary and incentive data from an appropriate peer group under IRS regulations and includes both nonprofit and for profit entities.”

“As noted in Part VII of Form 990 and Schedule J, Part II, the only executive officer compensated by ECMC Foundation was the President, Peter Taylor. All other executive officers' compensation was paid by related organizations. The Governance & Compensation Committee of the ECMC Group, Inc. Board of Directors is wholly comprised of independent, outside directors. In 2014, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter LLP provided a written opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter LLP includes salary and incentive data from an appropriate peer group under IRS regulations and includes both nonprofit and for profit entities.”

“The Form 990 is made available to the public on ECMC Foundation's website.”

“ECMC Foundation Directors do not receive compensation for their service associated with ECMC Foundation, but do receive compensation for their service provided to related organizations-ECMC and ECMC Group, Inc. With the exception of the President, Peter Taylor, the executive officers of ECMC Foundation do not receive compensation for their service associated with ECMC Foundation, but do receive compensation for their service provided to related organizations-ECMC and ECMC Group, Inc. Robert Stein and James Murray, former Directors, had consulting agreements in 2014.”

“8 volunteers provided 24 hours of service at ECMC Foundations' College Place centers. Services provided by the volunteers included receptionist and clerical duties and assisting students and their parents in the completion of the Free Application for Federal Student Aid.”

“Foundation retired its commitment to provide funding to the State of California Cal Grant program after the state's 2013-14 fiscal year. Over the past four years ECMC Foundation and its affiliates have contributed over $345 million to the Cal Grant program. These contributions translated into over 58,000 California students having the financial resources necessary to pursue their dream of a higher education.”

“(Expenses $ 25,000 including grants of $ 25,000)(Revenue $ 0) OTHER PROGRAMS: MISCELLANEOUS PROGRAMS AND ACTIVITIES FOR THE FURTHERANCE OF EDUCATIONAL OPPORTUNITIES THROUGH GRANTS, AWARDS AND RESEARCH ON THE MANAGEMENT OF EDUCATIONAL DEBT.”

“CONSULTING SERVICES - Total Expense: 179367, Program Service Expense: 608, Management and General Expenses: 178759, Fundraising Expenses: ; OUTSIDE SERVICES - Total Expense: 227212, Program Service Expense: 186803, Management and General Expenses: 40409, Fundraising Expenses: ; Other - Total Expense: 21339, Program Service Expense: 11697, Management and General Expenses: 9642, Fundraising Expenses: ;”

“Investments-other securities of $259,789,618 are held in the ECMC Group, Inc. Investment Pool. Investments in ECMC Group, Inc. investment pool represent an ownership interest in the investment pool managed by ECMC Group, not in the underlying assets themselves. The ownership interests in this pool are not themselves publicly traded, nor can they be valued based on direct or indirect inputs as defined by Financial Accounting Standards Board Accounting Standards Codification 820. ECMC Foundation's investments consist of pooled funds invested with ECMC Group, Inc. that are generally redeemable upon request. The pooled investment is, under fair value hierarchy, a Level 2 investment. The investment strategy of the pooled funds of ECMC Group, Inc. is to diversify risk and provide a return that satisfies the short- and long-term objectives of ECMC Foundation. The investment pool has unfunded commitments of $11,569,955 in alternative investments and $8,447,713 in mission related direct investments. ECMC Foundation has no unfunded commitments to the pool at December 31, 2014.”

“Net unrealized gains on investment in the ECMC Group, Inc. investment pool are $8,037,951.”