Education Assistance Corporation in Aberdeen, South Dakota (SD)

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Education Assistance Corporation
Employer Identification Number (EIN)460344021
Name of OrganizationEducation Assistance Corporation
Address115 1st Avenue Sw, Aberdeen, SD 57401-4170
ActivitiesOther student aid, Community service organization
SubsectionSocial Welfare Organization
Ruling Date05/1978
DeductibilityContributions are deductible
FoundationAll organizations except 501(c)(3)
OrganizationCorporation
Exempt Organization StatusUnconditional Exemption
Tax Period09/2009
Assets$10,000,000 to $49,999,999
Income$10,000,000 to $49,999,999
Filing Requirement990 - Not required to file (all other)
Asset Amount$38,449,206
Amount of Income$10,407,213
Form 990 Revenue Amount$10,407,213
National Taxonomy of Exempt Entities (NTEE)Educational Institutions and Related Activities: Scholarships, Student Financial Aid Services, Awards


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Amount of income in 2009: $10,407,213
This organization: 

 $10,407,213
Other organizations performing similar types of work: 

 $299,534

Assets in 2009: $38,449,206
Education Assistance Corporation: 

 $38,449,206
Other organizations performing similar types of work: 

 $1,135,383

Expenses in 2007: $10,178,258
This organization: 

 $10,178,258
Other organizations performing similar types of work: 

 $135,405

Income to expenses ratio in 2007: 1.5
Education Assistance Corporation: 

 1.5
Other organizations performing similar types of work: 

 1.8

Expenses allocated to program services in 2007: 93.9%
This organization: 

 93.9%
Other organizations performing similar types of work: 

 82.4%

Employees paid over $50,000 in 2007: 2.9%
This organization: 

 2.9%
Other organizations performing similar types of work: 

 25.8%

Grants share in income in 2007: 0.0%
This organization: 

 0.0%
Other organizations performing similar types of work: 

 74.1%

Financial snapshot ($)

Revenue for 2007

Assets at end of 2007

Expenses for 2007

Functional Expenses for 2007 ($)

Income-Producing Activities for 2007

Revenue, Expenses, and Changes in Net Assets or Fund Balances
20002001200220032004200520062007
Total revenue$6,665,499$6,971,284$9,014,053$10,684,193$9,682,463$11,782,719$14,941,282$15,657,150
Contributions, gifts, grants, and similar amounts received$0$0$0$0$0$0$0$0
Contributions to donor advised funds$0$0
Direct public support$0$0$0$0$0$0$0$0
Indirect public support$0$0$0$0$0$0$0$0
Government contributions (grants)$0$0$0$0$0$0$0$0
Program service revenue including government fees and contracts$6,427,401$7,235,738$9,079,591$10,731,078$9,682,432$11,795,614$14,932,427$15,656,251
Membership dues and assessments$0$0$0$0$0$0$0$0
Interest on savings and temporary cash investments$0$0$0$0$0$0$0$0
Dividends and interest from securities$0$0$0$0$0$0$0$0
Net rental income or (loss)$4,898$6,400$5,764$5,550$5,436$13,179$10,832$899
Gross rents$12,020$12,020$12,020$11,848$10,129$19,214$16,402$3,526
Less: rental expenses$7,122$5,620$6,256$6,298$4,693$6,035$5,570$2,627
Other investment income$233,200$156$-55,347$-28,610$0$0$0$0
Gain or (loss) from sales of assets other than inventory$0$-271,010$-15,955$-23,825$-5,405$-26,074$-1,977$0
Gross amount from sales of assets other than inventory$0$1,084,306$0$3,500$174$21,741$0$0
Less: cost or other basis and sales expenses$0$1,355,316$15,955$27,325$5,579$47,815$1,977$0
Net income or (loss) from special events and activities$0$0$0$0$0$0$0$0
Gross revenue$0$0$0$0$0$0$0$0
Less: direct expenses other than fundraising expenses$0$0$0$0$0$0$0$0
Gross profit or (loss) from sales of inventory$0$0$0$0$0$0$0$0
Gross sales of inventory, less returns and allowances$0$0$0$0$0$0$0$0
Less: cost of goods sold$0$0$0$0$0$0$0$0
Other revenue$0$0$0$0$0$0$0$0
Total expenses$6,148,672$6,842,869$8,815,101$8,406,107$9,185,725$11,021,382$10,168,793$10,178,258
Program services$6,148,672$6,842,869$8,815,101$8,406,107$9,185,725$10,373,917$9,382,934$9,562,433
Management and general$0$0$0$0$0$647,465$785,859$615,825
Fundraising$0$0$0$0$0$0$0$0
Payments to affiliates$0$0$0$0$0$0$0$0
Net assets or fund balances at end of year$13,778,857$12,611,995$12,810,947$23,654,607$24,258,911$24,913,802$29,577,883$34,771,703
Excess or (deficit) for the year$516,827$128,415$198,952$2,278,086$496,738$761,337$4,772,489$5,478,892
Net assets or fund balances at beginning of year$13,262,030$13,778,857$12,611,995$12,810,947$23,654,607$24,258,911$24,913,802$29,577,883
Other changes in net assets or fund balances$0$-1,295,277$0$8,565,574$107,566$-106,446$-108,408$-285,072
Statement of Functional Expenses (for 2007)
TotalProgram servicesManagement and generalFundraising
Total functional expenses$10,178,258$9,562,433$615,825$0
Grants paid from donor advised funds$0
Other grants and allocations$0
Specific assistance to individuals$0
Benefits paid to or for members$0
Compensation of current officers, directors, key employees, etc.$443,622$336,497$107,125$0
Compensation of former officers, directors, key employees, etc.$0$0$0$0
Compensation and other distributions, not included above, to disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0$0$0
Salaries and wages of employees not included above$2,750,602$2,475,542$275,060$0
Pension plan contributions not included above$236,828$213,145$23,683$0
Employee benefits not included above$672,561$605,305$67,256$0
Payroll taxes$234,636$199,441$35,195$0
Professional fundraising fees$0$0$0$0
Accounting fees$59,845$0$59,845$0
Legal fees$5,560$0$5,560$0
Supplies$27,478$26,104$1,374$0
Telephone$51,998$49,398$2,600$0
Postage and shipping$226,218$226,218$0$0
Occupancy$124,250$124,250$0$0
Equipment rental and maintenance$46,237$46,237$0$0
Printing and publications$127,990$121,590$6,400$0
Travel$123,133$123,133$0$0
Conferences, conventions, and meetings$57,039$57,039$0$0
Interest$0$0$0$0
Depreciation, depletion, etc.$452,463$452,463$0$0
Other expenses not covered above$4,537,798$4,506,071$31,727$0
Balance Sheets
20002001200220032004200520062007
Total assets$26,571,010$22,103,601$24,447,822$26,978,047$31,923,602$29,792,154$33,186,690$38,194,745
Cash - non-interest-bearing$446$403$322$512$424$339$0$0
Savings and temporary cash investments$11,698,227$3,941,491$3,665,518$3,102,686$5,238,427$9,186,675$15,853,874$27,359,789
Accounts receivable less allowance for doubtful accounts$3,468,464$2,846,201$3,239,218$3,702,694$8,430,688$6,085,599$4,789,830$5,196,098
Pledges receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Grants receivable$0$0$0$0$0$0$0$0
Receivables from current and former officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Receivables from other disqualified persons (as defined under section 4958(f)(1)) and persons described in section 4958(c)(3)(B)$0$0
Other notes and loans receivable less allowance for doubtful accounts$0$0$0$0$0$0$0$0
Inventories for sale or use$0$0$0$0$0$0$0$0
Prepaid expenses and deferred charges$260,262$285,769$21,479$44,201$25,127$92,268$141,122$121,771
Investments - publicly-traded securities$6,238,923$0
Investments - other securities$7,055,860$9,873,518$11,832,480$13,935,535$11,437,445$7,877,734$0$0
Investments - land, buildings, and equipment less accumulated depreciation$2,520,210$3,263,379$3,183,940$3,079,298$2,963,319$2,424,949$0$0
Investments - other$1,497,208$1,829,321$2,438,718$2,684,771$2,949,435$2,821,049$2,660,690$2,371,811
Land, buildings, and equipment less accumulated depreciation$0$0$0$0$0$0$2,044,684$1,857,174
Other assets, including program-related investments$70,333$63,519$66,147$428,350$878,737$1,303,541$1,457,567$1,288,102
Total liabilities$12,792,153$9,491,606$11,636,875$3,323,440$7,664,691$4,878,352$3,608,807$3,423,042
Accounts payable and accrued expenses$7,097,992$1,529,317$1,580,087$1,365,354$5,074,590$2,134,368$677,665$486,131
Grants payable$0$0$0$0$0$0$0$0
Deferred revenue$0$0$0$0$0$0$0$0
Loans from officers, directors, trustees, and key employees$0$0$0$0$0$0$0$0
Tax-exempt bond liabilities$0$0$0$0$0$0$0$0
Mortgages and other notes payable$0$6,857,264$0$0$583,247$0$0$0
Other liabilities$5,694,161$1,105,025$10,056,788$1,958,086$2,006,854$2,743,984$2,931,142$2,936,911
Total liabilities and net assets/fund balances$26,571,010$22,103,601$24,447,822$26,978,047$31,923,602$29,792,154$33,186,690$38,194,745
Total net assets or fund balances$13,778,857$12,611,995$12,810,947$23,654,607$24,258,911$24,913,802$29,577,883$34,771,703
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
20002001200220032004200520062007
Total revenue$6,665,499$6,971,284$9,014,053$10,684,193$9,682,463$11,782,719$14,941,282$15,657,150
Total revenue, gains, and other support per audited financial statements$6,672,621$6,976,904$9,020,309$10,690,491$9,794,720$11,682,308$14,838,444$15,374,705
Other expenses$7,122$5,620$6,256$6,298$112,257$-100,411$-102,838$-282,445
Net unrealized gains on investments$0$0$0$0$-127,811$53,860$89,959$12,649
Donated services and use of facilities$0$0$0$0$0$0$0$0
Recoveries of prior year grants$0$0$0$0$0$0$0$0
Other$7,122$5,620$6,256$6,298$240,068$-154,271$-192,797$-295,094
Other revenue$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
20002001200220032004200520062007
Total expenses$6,148,672$6,842,869$8,815,101$8,406,107$9,185,725$11,021,382$10,168,793$10,178,258
Total expenses and losses per audited financial statements$6,155,794$6,848,489$8,821,357$8,412,405$9,190,418$11,027,417$10,174,363$10,180,885
Other revenue$7,122$5,620$6,256$6,298$4,693$6,035$5,570$2,627
Donated services and use of facilities$0$0$0$0$0$0$0$0
Prior year adjustments$0$0$0$0$0$0$0$0
Losses$0$0$0$0$0$0$0$0
Other$7,122$5,620$6,256$6,298$4,693$6,035$5,570$2,627
Other expenses$0$0$0$0$0$0$0$0
Investment expenses$0$0$0$0$0$0$0$0
Other$0$0$0$0$0$0$0$0
Current Officers, Directors, Trustees, and Key Employees
Average hours per week devoted to positionCompensationContributions to employee benefit plans & deferred compensation plansExpense account and other allowances
26$105,950$11,804$5,366
36$108,599$18,230$7,274
30$89,758$15,126$810
20$48,346$9,018$341
4$3,750$0$0
2$3,000$0$0
4$3,900$0$0
4$3,550$0$0
2$2,500$0$0
2$3,300$0$0
2$3,000$0$0
Total number of officers, directors, and trustees permitted to vote on organization business at board meetings7
Are any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, related to each other through family or business relationships?No
Do any officers, directors, trustees, or key employees listed in Form 990, Part V-A, or highest compensated employees listed in Schedule A, Part I, or highest compensated professional and other independent contractors listed in Schedule A, Part II-A or II-B, receive compensation from any other organizations, whether tax exempt or taxable, that are related to the organization?Yes
Does the organization have a written conflict of interest policy?Yes
Other Information
Did the organization have unrelated business gross income of $1,000 or more during the year covered by this return, and has it filed a tax return on Form 990-T for this year?No
Was there a liquidation, dissolution, termination, or substantial contraction during the year?No
Is the organization related (other than by association with a statewide or nationwide organization) through common membership, governing bodies, trustees, officers, etc., to any other exempt or nonexempt organization?Yes
Direct and indirect political expenditures$0
Did the organization file Form 1120-POL for this year?No
Were substantially all dues nondeductible by members?No
Did the organization make only in-house lobbying expenditures of $2,000 or less?Yes
Dues, assessments, and similar amounts from members$0
Section 162(e) lobbying and political expenditures$0
Aggregate nondeductible amount of section 6033(e)(1)(A) dues notices$0
Taxable amount of lobbying and political expenditures$0
Does the organization elect to pay the section 6033(e) tax on the amount above?No
If section 6033(e)(1)(A) dues notices were sent, does the organization agree to add the amount above to its reasonable estimate of dues allocable to nondeductible lobbying and political expenditures for the following tax year?No
Initiation fees and capital contributions$0
Gross receipts for public use of club facilities$0
At any time during the year, did the organization, directly or indirectly, own a controlled entity within the meaning of section 512(b)(13)?No
Amount of tax imposed on the organization during the year under: section 4911$0
Amount of tax imposed on the organization during the year under: section 4912$0
Amount of tax imposed on the organization during the year under: section 4955$0
Did the organization engage in any section 4958 excess benefit transaction during the year or did it become aware of an excess benefit transaction from a prior year?No
Amount of tax imposed on the organization managers or disqualified persons during the year under sections 4912, 4955, and 4958$0
Amount of tax above, reimbursed by the organization$0
At any time during the tax year, was the organization a party to a prohibited tax shelter transaction?No
Did the organization acquire a direct or indirect interest in any applicable insurance contract?No
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?No
Number of employees employed in the pay period that includes March 12, 2006103
Analysis of Income-Producing Activities (for 2007)
Unrelated business incomeExcluded by section 512, 513, or 514Related or exempt function income
Business codeAmountExclusion codeAmount
Total$0$762,924$14,894,226
Program service revenue
Program service revenue 1000000$000$0$5,127,711
Program service revenue 2000000$0Dividends, interest, payments with respect to securities loans, annuities, income from notional principal contracts, loan commitment fees, and other substantially similar income from ordinary and routine investments excluded by section 512(b)(1)$762,025$0
Program service revenue 3000000$000$0$454,617
Program service revenue 4000000$000$0$5,570
Program service revenue 5000000$000$0$0
Medicare/Medicaid payments000000$000$0$0
Fees and contracts from government agencies000000$000$0$9,306,328
Membership dues and assessments000000$000$0$0
Interest on savings and temporary cash investments000000$000$0$0
Dividends and interest from securities000000$000$0$0
Net rental income or (loss) from real estate
debt-financed property000000$000$0$0
not debt-financed property000000$0Real property rental income that does not depend on the income or profits derived by the person leasing the property and is excluded by section 512(b)(3)$899$0
Net rental income or (loss) from personal property000000$000$0$0
Other investment income000000$000$0$0
Gain or (loss) from sales of assets other than inventory000000$000$0$0
Net income or (loss) from special events000000$000$0$0
Gross profit or (loss) from sales of inventory000000$000$0$0
Other revenue000000$000$0$0
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2007)
EIN of corporation, partnership, or disregarded entityPercentage of ownership interestTotal incomeEnd-of-year assets
460384271100%$2,103,509$2,460,705
0000000000%$0$0
0000000000%$0$0
0000000000%$0$0
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2007)
CompensationContributions to employee benefit plans & deferred compensationExpense account and other allowances
$0$0$0
$0$0$0
$0$0$0
$0$0$0
$0$0$0
Total number of other employees paid over $50,0000
Statements About Activities (for 2007)
Expenses paid or incurred in connection with the lobbying activities$0
Did the organization receive or hold an easement for conservation purposes, including easements to preserve open space, the environment, historic land areas or historic structures?
Did the organization provide credit counseling, debt management, credit repair, or debt negotiation services?
Did the organization maintain any donor advised funds?
Did the organization make any taxable distributions under section 4966?
Did the organization make a distribution to a donor, donor advisor, or related person?
The total number of donor advised funds owned at the end of the tax year$0
The aggregate value of assets held in all donor advised funds owned at the end of the tax year$0
The total number of separate funds or accounts owned at the end of the tax year (excluding donor advised funds included above) where donors have the right to provide advice on the distribution or investment of amounts in such funds or accounts$0
The aggregate value of assets held in all funds or accounts included above at the end of the tax year$0
Reason for Non-Private Foundation Status
The organization is not a private foundation because it is
Support Schedule
19992000200120022003200420052006
Total$0$0$0$0$0$0$0$0
Gifts, grants, and contributions received$0$0$0$0$0$0$0$0
Membership fees received$0$0$0$0$0$0$0$0
Gross receipts from admissions, merchandise sold or services performed, or furnishing of facilities in any activity that is related to the organization's charitable, etc., purpose$0$0$0$0$0$0$0$0
Gross income from interest, dividends, amounts received from payments on securities loans (section 512(a)(5)), rents, royalties, and unrelated business taxable income (less section 511 taxes) from businesses acquired by the organization after June 30, 1975$0$0$0$0$0$0$0$0
Net income from unrelated business activities not included above$0$0$0$0$0$0$0$0
Tax revenues levied for the organization's benefit and either paid to it or expended on its behalf$0$0$0$0$0$0$0$0
The value of services or facilities furnished to the organization by a governmental unit without charge. Do not include the value of services or facilities generally furnished to the public without charge$0$0$0$0$0$0$0$0
Other income$0$0$0$0$0$0$0$0
Lobbying Expenditures by Electing Public Charities (for 2007)
Total exempt purpose expenditures$0
Total lobbying expenditures$0
Total lobbying expenditures to influence public opinion (grassroots lobbying)$0
Total lobbying expenditures to influence a legislative body (direct lobbying)$0
Other exempt purpose expenditures$0
Lobbying nontaxable amount$0
Grassroots nontaxable amount$0

1 User Review:

Corinne Sabella

Added on Dec 22, 2016 1:46 PM
Program:
n/a
Fundraising:
n/a
Expenses:
n/a
Transparency:
n/a
Corinne
Would you recommend Education Assistance Corporation to others? Yes
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Organizations performing similar types of work
IdNameAddressStateEstablishedTotal Income
1Education Assistance Corporation115 1st Avenue Sw, Aberdeen, SD 57401-4170SD1978-05$10,407,213
2W W Wannamaker Citadel Star Of The West MaPO BOX 2904, Wilson, NC 27894-2904NC1953-02$2,852,405
3Top Ladies Of Distinction Inc, Parent2914 Southmore Blvd, Houston, TX 77004-7710TX1974-11$557,438
4Veterinary Scholarship Trust Of New EnglandPO BOX 3221, N Attleboro, MA 02761-3221MA1961-10$336,835
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6Phoenix Preparatory High Schools Inc, Chabad Tuition Organization2110 E Lincoln Drive, Phoenix, AZ 85016AZ1999-06$250,496
7Spanish American InstitutePO BOX 92943, Long Beach, CA 90809-2943CA1926-09$207,483
8The Carol Martin Gruodis Memorial Education FundC/O Mps Llp - 685 Third Ave, New York, NY 10017NY2002-05$201,819
9Thomas S Gunning Scholarship Foundation100 Grossman Drive, Braintree, MA 02184-4949MA2001-10$156,600
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11Trans-Mississippi Turf Scholarship Fund2909 Cole Ave Ste 305, Dallas, TX 75204-1302TX1964-12$115,838
12Tr Ua Crafton Raynar Browne, Equitable Trust CompanyPO BOX 1802, Providence, RI 02901-1802RI2000-01$97,648
13The Schroeder Scholarship Fund, Schroeder Scholarship Fund131 Overlook Dr, Pittsburgh, PA 15216-1434PA1989-02$86,772
14Wilmington School District 209-U Foundation For Excellence209u Wildcat Ct, Wilmington, IL 60481-4500IL2000-02$81,508
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16Earl And Carolyn Glenn Foundation IncPO BOX 1347, Decatur, GA 30031-1347GA2009-07$60,300
17Scholarship America Inc, Ferndale Dollars For Scholars FdnPO BOX 1317, Ferndale, WA 98248-1317WA$57,251
18The Michael P Quinn Scholarship Fund IncPO BOX 290216, Charlestown, MA 02129-0204MA2001-03$45,712
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Number of organizations performing similar types of work
Alaska3
Alabama12
Arkansas12
Arizona19
California92
Colorado3
Connecticut3
District of Columbia7
Delaware2
Florida9
Georgia9
Hawaii3
Iowa8
Idaho1
Illinois28
Indiana7
Kentucky4
Louisiana4
Massachusetts15
Maryland8
Michigan3
Minnesota27
Missouri8
Mississippi3
Montana1
North Carolina16
North Dakota2
Nebraska2
New Hampshire2
New Jersey12
New Mexico1
Nevada1
New York16
Ohio17
Oklahoma3
Oregon1
Pennsylvania16
Rhode Island1
South Carolina5
South Dakota2
Tennessee5
Texas37
Utah1
Virginia14
Vermont1
Washington5
Wisconsin12
Wyoming3
International3
Total469

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