Education Loan Finance Inc

Analysis

Education Loan Finance Inc is a registered charity in United States, based in Knoxville, TN. It received its IRS tax-exemption ruling in June 1996, 30 years ago. Its declared purposes cover education, which this site groups under education and training. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Education Loan Finance Inc reported income of $155.5m and spending of $119.0m, leaving 23% of income unspent that year. Across the 5 years on record, from December 2019 to December 2023, income grew from $117.8m to $155.5m (+32%), an average of +7.2% a year. The sharpest change came in the year to December 2021, when income rose by 157%. Over the whole period it spent 64% of the income it received.

Among 66,972 United States charities whose main cause is education and training and that reported income, Education Loan Finance Inc sits at the 99th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 100th percentile, and in the 100th percentile within TN. Charities of a similar size with the same main cause include Xavier University of Louisiana ($155.4m), Susquehanna University ($155.8m) and Arcadia University ($155.4m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 2.9% and program service revenue 73% of the total. Compensation of current officers, directors and key employees was $3.7m (3.1% of expenses). Other salaries and wages came to $1.2m. At year end it held assets of $2.16bn against liabilities of $1.51bn, net assets of $649.6m. It reported 33 employees.