Ecmc Foundation

“Ecmc foundation's bylaws and certificate of incorporation were amended to remove ecmc education, inc. As a supported organization.”

“Ecmc foundation has one member. The member is ecmc group, inc. A delaware, nonstock, 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 individual's supervisor, general counsel, and/or vice president, deputy general counsel. For potential conflicts involving directors, the disclosure is made to the board (or applicable committee). The director will be required to excuse themselves from deliberation and voting on matters for which they may have a conflict of interest.”

“The only executive officer compensated by ecmc foundation was the president, jacob fraire, and former president, peter taylor. All other executive officers' compensation was paid by related organizations. The governance & compensation committee of the ecmc group, inc. (ecmc foundation's parent organization) board of directors is wholly comprised of independent, outside directors. In 2023, the committee retained executive compensation experts from grant thornton and pearl meyer, global compensation consulting organizations, 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 and pearl meyer for arnold & porter kaye scholer llp includes salary and incentive data from an appropriate peer group under irs regulations and includes only nonprofit entities for the ecmc foundation president.”

“The form 990 is made available to the public on ecmc foundation's website. Documents are made available to the public as required by law.”

“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: educational credit management corporation and ecmc group, inc. With the exception of the president, jacob fraire, and former 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: educational credit management corporation and ecmc group, inc. John depodesta and i. King jordan, former directors, had consulting agreements in 2023.”

“Starting in 2023, ecmc foundation directed funding to support approved initiatives, the strategically responsive portfolio and program-related investments through education innovation ventures. Descriptions can be found on form 990, part iii, line 4.”

“In january 2023, ecmc foundation made the decision to close out the career readiness and college success programs. Grants previously awarded by ecmc foundation under the career readiness and college success programs will continue to be paid through june 2025 and november 2025, respectively.”

“Investments-other securities of $1,678,888,242 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 $431,080,000 in alternative investments. Ecmc foundation has no unfunded commitments to the apportioned investment pool at december 31, 2023.”

“Grants awarded in a prior year and returned or refunded in 2023. 153,541.”