Civic Intelligence

Partnership for Education Advancement

990 • Fiscal year 2019 • EIN 83-1400442

Jan 01, 2019 to Dec 31, 2019 • Filed on Nov 13, 2020

Organization ProfileWWW.EDUCATIONFINANCEINSTITUTE.ORG
601 Lexington Avenue 17th FloorNew York, NY 10022

(917) 715-0750

Siviq Scores

Scores are not available for this record yet.

Balance Sheet

Assets

Flat

$357,842

Flat from 2019

Net Assets

Up

$329,466

Up $4,178 (+1.3%) from 2019

Liabilities

Down

$28,376

Down $4,178 (-13%) from 2019

Revenue And Expenses

Revenue

Flat

$875,000

Flat from 2019

Expenses

Down

$805,764

Down $4,178 (-0.5%) from 2019

Net Income

Up

$69,236

Up $4,178 (+6.4%) from 2019

Historical Trend

Balance Sheet Trend

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$60M$40M$20M$0Assets 2018: $269,478Liabilities 2018: $9,248Net Assets 2018: $260,2302018Assets 2019: $357,842Liabilities 2019: $28,376Net Assets 2019: $329,4662019Assets 2019: $357,842Liabilities 2019: $32,554Net Assets 2019: $325,2882019Assets 2020: $8,474,840Liabilities 2020: $397,866Net Assets 2020: $8,076,9742020Assets 2021: $36,194,552Liabilities 2021: $1,350,850Net Assets 2021: $34,843,7022021Assets 2022: $44,587,407Liabilities 2022: $6,308,220Net Assets 2022: $38,279,1872022Assets 2023: $32,272,540Liabilities 2023: $2,434,792Net Assets 2023: $29,837,7482023Assets 2024: $29,459,148Liabilities 2024: $1,600,409Net Assets 2024: $27,858,7392024

Highlighted filing

2019

Assets$357,842
Liabilities$28,376
Net Assets$329,466
Open 2019 Filing

Operations Trend

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$60M$40M$20M$0-$20MRevenue 2018: $451,000Expenses 2018: $190,770Net Income 2018: $260,2302018Revenue 2019: $875,000Expenses 2019: $805,764Net Income 2019: $69,2362019Revenue 2019: $875,000Expenses 2019: $809,942Net Income 2019: $65,0582019Revenue 2020: $15,250,000Expenses 2020: $7,498,314Net Income 2020: $7,751,6862020Revenue 2021: $41,198,488Expenses 2021: $14,431,760Net Income 2021: $26,766,7282021Revenue 2022: $23,831,423Expenses 2022: $20,605,938Net Income 2022: $3,225,4852022Revenue 2023: $11,458,290Expenses 2023: $20,222,000Net Income 2023: -$8,763,7102023Revenue 2024: $21,951,817Expenses 2024: $24,160,336Net Income 2024: -$2,208,5192024

Highlighted filing

2019

Revenue$875,000
Expenses$805,764
Net Income$69,236
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jan 1, 2019 to Dec 31, 2019
Signed
Nov 13, 2020
Return Version
2019v5.1
Gross Receipts
$875,000
Mission and Program Overview

Mission

The vision of the education finance institute (efi) is to eliminate the extreme economic and emotional burden of student debt repayment. The education finance institute (efi) seeks to reduce the negative long-term economic impact of student loan debt on students, families and our economy.

Balance Sheet Detail
LineBeginningEndChange
Assets
Cash and Non-Interest-Bearing Accounts$269,394$357,236▲ $87,842
Prepaid Expenses and Deferred Charges-$312-
Accounts Receivable$84$294▲ $210
Total Assets$269,478$357,842▲ $88,364
Liabilities
Accounts Payable and Accrued Expenses$9,248$28,376▲ $19,128
Total Liabilities$9,248$28,376▲ $19,128
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$260,230$329,466▲ $69,236
Total Net Assets Fund Balance$260,230$329,466▲ $69,236
Total Liabilities and Net Assets / Fund Balance$269,478$357,842▲ $88,364
Compensation and Service Providers

Employees

NameTitleFull / Part TimeBaseOtherTotal
James RuncieExecutive DirectorFT$270,000$12,260$282,260
William LeithManaging DirectorFT$220,000-$220,000

Board Members and Trustees

NameTitle
Hamilton JamesChairman
Emily SharkoDirector
Revenue and Support

Revenue Composition

Contributions and Grants
$875,000
Program Service Revenue
$0
Investment Income
$0
Other Revenue
$0
All Other Contributions
$875,000
Change in Net Assets
$69,236
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Salaries, Compensation, and Employee Benefits$662,074
Other Expenses$143,690
Total Fundraising Expense$62,008
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Current Officers, Directors, Trustees, and Key Employees$401,808$50,226$50,226$502,260
Other Salaries and Wages$106,617$4,900$5,043$116,560
Information Technology$49,223--$49,223
Payroll Taxes$28,081$3,036$3,044$34,161
Occupancy$24,124$2,518$2,635$29,277
Travel$21,471$57$60$21,588
Fees for Services Other$19,955$184$192$20,331
Fees for Services Accounting$3,138$13,670-$16,808
Other Employee Benefits$7,745$671$677$9,093
Office Expenses$1,200$252$131$1,583
Advertising$757--$757
Other Expenses$989$425-$425
Total Functional Expenses$665,108$78,648$62,008$805,764
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

Form 990, Part VI, Section A, Line 8B

“NO SUCH COMMITTEE EXISTS”

Form 990, Part VI, Section B, Line 11B

“A board meeting will be held to review and approve the form 990, subject to comments and required changes.”

Form 990, Part VI, Section B, Line 12C

“Board members are required to sign an annual form declaring no conflicts.”

Form 990, Part VI, Section C, Line 19

“Documents are available upon request.”

Filing and Contact Details

Filer

Filer Name
The Education Finance Institute
EIN
83-1400442
Phone
9177150750
Address
601 LEXINGTON AVENUE 17TH FLOOR, NEW YORK, NY 10022

Signing Officer

Name
James Runcie
Title
Executive Director
Phone
9177150750
Signed
2020-11-13
Discuss with paid preparer
Yes

Organization Details

Principal Officer
James Runcie
Formed
2018
Legal Domicile
De
Voting Board Members
3
Independent Board Members
2
Employees
5
Volunteers
2

Preparer

Firm
Lutz and Carr Cpas Llp
Address
551 FIFTH AVENUE SUITE 400, NEW YORK, NY 10176
Preparer
Michael Wallace
Phone
2126972299
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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/ActivityOrMissionDesc0THE VISION OF THE EDUCATION FINANCE INSTITUTE (EFI) IS TO ELIMINATE THE EXTREME ECONOMIC AND EMOTIONAL BURDEN OF STUDENT DEBT REPAYMENT. THE EDUCATION FINANCE INSTITUTE (EFI) SEEKS TO REDUCE THE NEGATIVE LONG-TERM ECONOMIC IMPACT OF STUDENT LOAN DEBT ON STUDENTS, FAMILIES AND OUR ECONOMY.
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IRS990/Desc0IN 2019 THE EDUCATION FINANCE INSTITUTE (EFI) FOCUSED ON REFINING THE ISA MODEL, SELECTING SCHOOLS TO BE PART OF THE INITIAL PILOT, DEFINING THE RESEARCH AGENDA AND WORKING WITH POLICY LEADERS AND PHILANTHROPISTS TO GENERATE INTEREST. EFI ACCOMPLISHED THE FOLLOWING IN 2019:AWARENESS AND FUND RAISING. EFI CONTINUED TO BUILD ON THE MOMENTUM GENERATED IN 2018 TO RAISE AWARENESS ON THE VALUE OF ISAS AS A HIGHER EDUCATION FINANCING ALTERNATIVE. EFI DEVELOPED AWARENESS AND PRELIMINARY INTEREST AMONG MULTIPLE FUNDING SOURCES, MOSTLY PHILANTHROPIC. EFI ALSO WORKED WITH MULTIPLE FINANCIAL ENTITIES TO EXPLORE VARIOUS FUND RAISING STRUCTURES TO SUPPORT THE PHILANTHROPIC COMPONENT. EFI SUCCESSFULLY RAISED GENERAL PROGRAM FUNDING FROM THE ECMC FOUNDATION AND PROGRAM SUPPORT FUNDING FROM ASCENDIUM. MARKET RESEARCH AND OUTREACH. EFI CONTINUED TO BE ACTIVELY ENGAGED WITH VARIOUS PLAYERS IN THE ISA MARKETPLACE INCLUDING, EDUCATIONAL PROVIDERS, NOT-FOR-PROFITS, COMMERCIAL VENDORS AND POLICY MAKERS. EFI FORMALLY ESTABLISHED AN ADVISORY BOARD CONSISTING OF NATIONALLY KNOWN ENROLLMENT MANAGEMENT LEADERS TO PROVIDE INPUT ON PROGRAM DESIGN AND ALSO TO ASSIST IN OUTREACH WITHIN THE HIGHER EDUCATION COMMUNITY. THE ADVISORY BOARD MET IN JANUARY IN PALM BEACH FL AND IN NOVEMBER IN WASHINGTON DC. WE ALSO WORKED WITH OTHER THOUGHT PARTNERS AND POLICY MAKERS TO PROVIDE INPUT ON ISA LEGISLATION THAT WAS INTRODUCED IN THE UNITED STATES SENATE. EFI ENDED THE YEAR FINALIZING A KEY HIRE, THE DIRECTOR FOR STRATEGY AND STRATEGIC COMMUNICATIONS. PRODUCT DEVELOPMENT AND SCHOOL SELECTION. EFI FINALIZED THE PROPOSED PRODUCT OFFERING AND ACTIVELY ENGAGED WITH THE SENIOR LEADERSHIP OF SCHOOLS REGARDING PARTNERSHIPS FOR IMPLEMENTATION IN THE FALL 2021. IN COOPERATION WITH MDRC, EFI ESTABLISHED RELATIONSHIPS WITH SCHOOLS THAT SERVE HIGH POPULATIONS OF LOWER INCOME AND UNDER-RESOURCED STUDENTS AND PARTNERED WITH MDRC TO DESIGN RESEARCH AROUND THE OUTCOMES OF ISAS VS TRADITIONAL STUDENT LOANS. AT THE END OF 2021 EFI HAD THE TARGET NUMBER OF SCHOOLS INTERESTED IN THE ISA IMPLEMENTATION AND HAD SEVERAL OTHER INSTITUTIONS REQUESTING TO PARTICIPATE. IN COOPERATION WITH MDRC, EFI ESTABLISHED RELATIONSHIPS WITH SCHOOLS THAT SERVE HIGH POPULATIONS OF LOWER INCOME AND UNDER-RESOURCED STUDENTS.BRAND BUILDING AND AWARENESS. EFI CONTINUED MEETING WITH NUMEROUS THOUGHT LEADERS, PRESENTED AT SEVERAL CONFERENCES AND DID SEVERAL MEDIA INTERVIEWS WITH NATIONAL AND INTERNATIONAL ENTITIES. IN DECEMBER EFI LAUNCHED A REDESIGNED WEBSITE.
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IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationFilingOrgAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/OtherCompensationRltdOrgsAmt10
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm0JAMES RUNCIE
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/PersonNm1WILLIAM LEITH
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt0EXECUTIVE DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TitleTxt1MANAGING DIRECTOR
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt0282260
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationFilingOrgAmt1220000
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt00
IRS990ScheduleJ/RltdOrgOfficerTrstKeyEmplGrp/TotalCompensationRltdOrgsAmt10
IRS990ScheduleJ/SeverancePaymentInd00
IRS990ScheduleJ/SupplementalNonqualRtrPlanInd00
IRS990/ScheduleORequiredInd01
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt0NO SUCH COMMITTEE EXISTS
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt1A BOARD MEETING WILL BE HELD TO REVIEW AND APPROVE THE FORM 990, SUBJECT TO COMMENTS AND REQUIRED CHANGES.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt2BOARD MEMBERS ARE REQUIRED TO SIGN AN ANNUAL FORM DECLARING NO CONFLICTS.
IRS990ScheduleO/SupplementalInformationDetail/ExplanationTxt3DOCUMENTS ARE AVAILABLE UPON REQUEST.
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc0FORM 990, PART VI, SECTION A, LINE 8B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc1FORM 990, PART VI, SECTION B, LINE 11B
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc2FORM 990, PART VI, SECTION B, LINE 12C
IRS990ScheduleO/SupplementalInformationDetail/FormAndLineReferenceDesc3FORM 990, PART VI, SECTION C, LINE 19
IRS990/SchoolOperatingInd00
IRS990/SignificantChangeInd00
IRS990/SignificantNewProgramSrvcInd00
IRS990/StatesWhereCopyOfReturnIsFldCd0NY
IRS990/SubjectToExcsTaxNetInvstIncInd00
IRS990/SubjectToProxyTaxInd00
IRS990/SubjToTaxRmnrtnExPrchtPymtInd00
IRS990/TaxablePartyNotificationInd00
IRS990/TaxExemptBondsInd00
IRS990/TerminateOperationsInd00
IRS990/TotalAssetsBOYAmt0269478
IRS990/TotalAssetsEOYAmt0357842
IRS990/TotalAssetsGrp/BOYAmt0269478
IRS990/TotalAssetsGrp/EOYAmt0357842
IRS990/TotalCompGreaterThan150KInd01
IRS990/TotalContributionsAmt0875000
IRS990/TotalEmployeeCnt05
IRS990/TotalFunctionalExpensesGrp/FundraisingAmt062008
IRS990/TotalFunctionalExpensesGrp/ManagementAndGeneralAmt078648
IRS990/TotalFunctionalExpensesGrp/ProgramServicesAmt0665108
IRS990/TotalFunctionalExpensesGrp/TotalAmt0805764
IRS990/TotalGrossUBIAmt00
IRS990/TotalLiabilitiesBOYAmt09248
IRS990/TotalLiabilitiesEOYAmt028376
IRS990/TotalLiabilitiesGrp/BOYAmt09248
IRS990/TotalLiabilitiesGrp/EOYAmt028376
IRS990/TotalNetAssetsFundBalanceGrp/BOYAmt0260230
IRS990/TotalNetAssetsFundBalanceGrp/EOYAmt0329466
IRS990/TotalOtherCompensationAmt012260
IRS990/TotalProgramServiceExpensesAmt0665108
IRS990/TotalReportableCompFromOrgAmt0490000
IRS990/TotalRevenueGrp/ExclusionAmt00
IRS990/TotalRevenueGrp/RelatedOrExemptFuncIncomeAmt00
IRS990/TotalRevenueGrp/TotalRevenueColumnAmt0875000
IRS990/TotalRevenueGrp/UnrelatedBusinessRevenueAmt00
IRS990/TotalVolunteersCnt02
IRS990/TotLiabNetAssetsFundBalanceGrp/BOYAmt0269478
IRS990/TotLiabNetAssetsFundBalanceGrp/EOYAmt0357842
IRS990/TotReportableCompRltdOrgAmt00
IRS990/TravelGrp/FundraisingAmt060
IRS990/TravelGrp/ManagementAndGeneralAmt057
IRS990/TravelGrp/ProgramServicesAmt021471
IRS990/TravelGrp/TotalAmt021588
IRS990/TrnsfrExmptNonChrtblRltdOrgInd00
IRS990/TypeOfOrganizationCorpInd0X
IRS990/UnrelatedBusIncmOverLimitInd00
IRS990/UponRequestInd0X
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IRS990/USAddress/CityNm0NEW YORK
IRS990/USAddress/StateAbbreviationCd0NY
IRS990/USAddress/ZIPCd010022
IRS990/VotingMembersGoverningBodyCnt03
IRS990/VotingMembersIndependentCnt02
IRS990/WebsiteAddressTxt0HTTPS://WWW.EDUCATIONFINANCEINSTITUTE.ORG
IRS990/WhistleblowerPolicyInd01
ReturnHeader/BuildTS02021-01-29 14:40:06Z
ReturnHeader/BusinessOfficerGrp/DiscussWithPaidPreparerInd01
ReturnHeader/BusinessOfficerGrp/PersonNm0JAMES RUNCIE
ReturnHeader/BusinessOfficerGrp/PersonTitleTxt0EXECUTIVE DIRECTOR
ReturnHeader/BusinessOfficerGrp/PhoneNum09177150750
ReturnHeader/BusinessOfficerGrp/SignatureDt02020-11-13
ReturnHeader/Filer/BusinessName/BusinessNameLine1Txt0THE EDUCATION FINANCE INSTITUTE
ReturnHeader/Filer/BusinessNameControlTxt0EDUC
ReturnHeader/Filer/EIN0831400442
ReturnHeader/Filer/PhoneNum09177150750
ReturnHeader/Filer/USAddress/AddressLine1Txt0601 LEXINGTON AVENUE 17TH FLOOR
ReturnHeader/Filer/USAddress/CityNm0NEW YORK
ReturnHeader/Filer/USAddress/StateAbbreviationCd0NY
ReturnHeader/Filer/USAddress/ZIPCd010022
ReturnHeader/FilingSecurityInformation/AtSubmissionCreationDeviceId0A75ECF90F4EA679C298DF903E96775B34A8C9CB0
ReturnHeader/FilingSecurityInformation/AtSubmissionFilingDeviceId05113AD6B164773D5121634EC23FD61D36CB6A590
ReturnHeader/FilingSecurityInformation/FilingLicenseTypeCd0P
ReturnHeader/FilingSecurityInformation/IPAddress/IPv4AddressTxt038.142.140.186
ReturnHeader/FilingSecurityInformation/IPDt02020-11-13
ReturnHeader/FilingSecurityInformation/IPTimezoneCd0ES
ReturnHeader/FilingSecurityInformation/IPTm011:22:08
ReturnHeader/PreparerFirmGrp/PreparerFirmEIN0131655065
ReturnHeader/PreparerFirmGrp/PreparerFirmName/BusinessNameLine1Txt0LUTZ AND CARR CPAS LLP
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/AddressLine1Txt0551 FIFTH AVENUE SUITE 400
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/CityNm0NEW YORK
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/StateAbbreviationCd0NY
ReturnHeader/PreparerFirmGrp/PreparerUSAddress/ZIPCd010176
ReturnHeader/PreparerPersonGrp/PhoneNum02126972299
ReturnHeader/PreparerPersonGrp/PreparerPersonNm0MICHAEL WALLACE
ReturnHeader/ReturnTs02020-11-13T10:39:55-06:00
ReturnHeader/ReturnTypeCd0990
ReturnHeader/TaxPeriodBeginDt02019-01-01
ReturnHeader/TaxPeriodEndDt02019-12-31
ReturnHeader/TaxYr02019

Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$357,842
Liabilities
$28,376
Net assets
$329,466
Revenue
$875,000
Expenses
$805,764
Net income
$69,236
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$29.5$1.60$27.9$22.0$24.2$2.21
2023Detailed filing. Detailed filing data is available for this year.$32.3$2.43$29.8$11.5$20.2$8.76
2022Detailed filing. Detailed filing data is available for this year.$44.6$6.31$38.3$23.8$20.6$3.23
2021Detailed filing. Detailed filing data is available for this year.$36.2$1.35$34.8$41.2$14.4$26.8
2020Detailed filing. Detailed filing data is available for this year.$8.47$0.40$8.08$15.3$7.50$7.75
2019Detailed filing. Detailed filing data is available for this year.$0.36$0.03$0.33$0.88$0.81$0.07
2019Detailed filing. Detailed filing data is available for this year.$0.36$0.03$0.33$0.88$0.81$0.07
2018Detailed filing. Detailed filing data is available for this year.$0.27$0.01$0.26$0.45$0.19$0.26