Ecmc Foundation

“The ECMC Group, Inc. whistleblower policy requires directors, officers and employees to observe high standards of business and personal ethics in the conduct of their duties and responsibilities. Employees and representatives of the Corporation are to practice honesty and integrity in fulfilling their responsibilities and comply with all applicable laws and regulations. The policy requires reporting of potential illegal practices or violations of corporate policies, and prohibits repercussions for good faith reporting of suspected violations under the policy. In addition, 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 and employees. There is a provision incorporated into the code of ethics and business conduct policy that binds all employees that states there can be no retaliation against anyone acting in good faith when asking a question, reporting a concern or for participating in an investigation. ECMC Group, Inc. has established an anonymous telephone hotline and website administered by an outside vendor to report concerns. The hotline and website are available and accessible to ECMC Group, Inc. and affiliated companies' directors, officers, employees and vendors.”

“Mr. McKeon and Mr. Salter - Business relationship, Ms. Gouw and Mr. Taylor - Business relationship”

“ECMC Foundation has one member. The member is ECMC Group, Inc. a Delaware, non-stock, nonprofit 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 Conflict of Interest Policy. The affirmation specifically references that the individual will comply with the directives of the Conflict of Interest Policy. Officers, Directors and key employees are also required to complete an annual Form 990 relationship disclosure document to identify any potential conflicts of interest. Finally, the company's vendor procurement process includes questions of business unit contract owners to determine if any conflicts of interest may exist. Monitoring and enforcement of the policy are accomplished through the policy reaffirmation process, affirmative disclosure requests and the policy requirement that all conflicts of interest be reported. In cases where a potential conflict exists at the officer and key employee levels, the issue is disclosed to the ECMC Group, Inc. CEO, General Counsel and/or Vice President, Deputy General Counsel. For potential conflicts involving Directors, the disclosure is made to the Board Chair. The Director 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 J. 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 2020, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter Kaye Scholer LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter Kaye Scholer LLP provided an opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter Kaye Scholer LLP includes salary and incentive data from an appropriate peer group under IRS regulations and includes only nonprofit 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 J. 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 2020, the Committee retained executive compensation experts from Grant Thornton, a global compensation consulting organization, through Arnold & Porter Kaye Scholer LLP to identify appropriate CEO and senior executive compensation packages. Arnold & Porter Kaye Scholer LLP provided an opinion on the reasonableness of this compensation. The market analysis performed by Grant Thornton for Arnold & Porter Kaye Scholer LLP includes salary and incentive data from an appropriate peer group under IRS regulations and includes only nonprofit entities.”

“The Form 990 is made available to the public on ECMC Foundation's website. No other documents are made available to the public.”

“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 J. 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. John F. DePodesta, Roberta Cooper Ramo and I. King Jordan, former Directors, had consulting agreements in 2020. Derek Langhauser had a consulting agreement in 2020; the agreement ended prior to his appointment to the Board of Directors.”

“(Expenses $ 25,580,257 including grants of $ 22,490,289)(Revenue $ 49,748) Other programs. Miscellaneous programs and activities for the furtherance of educational opportunities through grants, awards and research on the management of educational debt.”

“(Expenses $ 1,370,000 including grants of $ 1,370,000)(Revenue $ 0) GO! Program. ECMC Foundation awards grants to the Generating Outcomes (GO!) Program, a corporate initiative to fund education innovation by funding ideas and partnerships that can be examined for effectiveness in the local communities of the ECMC Group, Inc. employees. To qualify for payment of a GO! Program grant, the awarded recipient must be a third-party nonprofit entity or a governmental partner, such as public schools, and expend the grant award for the purpose designated in the recipient's grant proposal. In 2020, ECMC Foundation awarded 136 grants ranging from $5,000 to $25,000 to recipients in two GO! Program campaigns, including 37 grants to nonprofit organizations to advance racial equity in education awarded through the 2020 GO! Program for Educational Equity.”

“(Expenses $ 0 including grants of $ 0)(Revenue $ 0) Teacher and Leader Development. In December 2017, ECMC Foundation made the decision to close out the Teacher and Leader Development program. This program was created to invest in teacher and leader development focused on complex intellectual student work and initiatives that build the diversity pipelines into the teaching and school leader professions. Grants previously awarded by ECMC Foundation under the Teacher and Leader development program will continue to be issued through January 2020. Starting 2018, ECMC Foundation directed funding into their three remaining focus areas; College Success, Career Readiness and Education Innovation Ventures.”

“Investments-other securities of $811,847,040 are held in the ECMC Group, Inc. Apportioned Investment Pool and $400,000 are invested in a fund outside of the Apportioned Investment Pool. Investments in ECMC Group, Inc. Apportioned Investment Pool represent an ownership interest in the investment pool managed by ECMC Group, Inc., 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 Topic 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 ECMC Foundation is to diversify risk and provide a return that satisfies the short- and long-term objectives. The Apportioned Investment Pool has unfunded commitments of approximately $490,048,000 in alternative investments. ECMC Foundation has no unfunded commitments to the Apportioned Investment Pool at December 31, 2020.”

“Net unrealized gain on investment in the ECMC Group, Inc. Apportioned Investment Pool are $119,995,957.”