ECMC EDUCATION INC

EIN: 472237488 501(c)(3) Education

MINNEAPOLIS, MN

Total Revenue
$31,590,718
Total Expenses
$12,858,781
Total Assets
$5,890,322
Net Assets
$-22,659,773
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Financial Trends

Organization Details

Formation Year
2014
Legal Domicile
DE
Principal Officer
DANIEL S FISHER
Phone
6512210566
Tax Period
2023-01-01 to 2023-12-31

ECMC EDUCATION INC, founded in 2014, is a mid-sized nonprofit in the Education sector that reported $31.6M in total revenue in fiscal year 2023. Revenue fell 27% from the prior year — a significant decline worth monitoring. The organization ran a surplus of $18.7M, a strong 59% operating margin.

Mission

ECMC EDUCATION, INC.'S MISSION IS TO TRANSFORM CAREER AND TECHNICAL EDUCATION TO PROVIDE ASPIRING AND CURRENT LEARNERS WITH SKILLS TO ELEVATE THEIR CAREERS AND COMMUNITIES.

Program Service Accomplishments

Program 1
Expenses: $6,687,221 Revenue: $386,025

INSTRUCTION AND STUDENT SERVICES:ECMC EDUCATION, INC., DBA ALTIERUS CAREER COLLEGE, IS A NONPROFIT PROVIDER OF CAREER SCHOOL TRAINING IN THE POSTSECONDARY EDUCATION INDUSTRY OFFERING EDUCATIONAL...

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INSTRUCTION AND STUDENT SERVICES:ECMC EDUCATION, INC., DBA ALTIERUS CAREER COLLEGE, IS A NONPROFIT PROVIDER OF CAREER SCHOOL TRAINING IN THE POSTSECONDARY EDUCATION INDUSTRY OFFERING EDUCATIONAL OPPORTUNITIES WITH AN EMPHASIS IN ALLIED HEALTH AND TRADES. ECMC EDUCATION, INC. ENGAGES WITH FACULTY, INDUSTRY LEADERS, AND EMPLOYERS TO HELP IDENTIFY SKILLS, COMPETENCIES, BEHAVIORS AND CERTIFICATIONS THAT FIT THE NEEDS OF THE MARKETPLACE AND ENHANCE EACH GRADUATE'S ABILITY TO FIND A JOB IN HIS OR HER CHOSEN FIELD. THE SCHOOLS ARE ACCREDITED TO GRANT DIPLOMA AND ASSOCIATE DEGREES. ECMC EDUCATION, INC. SERVES A NON-TRADITIONAL, UNDERSERVED STUDENT POPULATION: 65% OF ECMC EDUCATION, INC. STUDENTS ARE ELIGIBLE FOR PELL GRANTS (54% ARE ELIGIBLE FOR FULL PELL GRANTS); 73% OF ECMC EDUCATION, INC.'S STUDENT BODY IS FEMALE; 87% OF STUDENTS ARE NON-WHITE; 58% OF STUDENTS ARE OLDER THAN 25 YEARS OLD; 62% OF ECMC EDUCATION, INC.'S STUDENTS ARE FIRST-TIME, FIRST-YEAR COLLEGE STUDENTS; AND ONLY 16% OF STUDENTS DEPEND UPON THEIR PARENTS OR GUARDIANS' FINANCIAL RESOURCES. ECMC EDUCATION, INC. DELIVERS SERVICES THAT MAKE A STUDENT'S TRANSITION FROM HIGH SCHOOL TO A POSTSECONDARY INSTITUTION AS EASY AND STRAIGHTFORWARD AS POSSIBLE. ECMC EDUCATION, INC. DELIVERS A HOLISTIC LEARNING EXPERIENCE BY PROVIDING STUDENTS WITH INDIVIDUALIZED ACADEMIC SUPPORT THROUGH ACADEMIC COUNSELING, TUTORING AND REMEDIAL EDUCATION SERVICES THAT FURNISH TOOLS AND RESOURCES NECESSARY FOR SUCCESSFUL PROGRAM COMPLETION; FINANCIAL LITERACY COUNSELING TO ASSIST STUDENTS IN MANAGING THEIR STUDENT LOANS AND TO HELP MINIMIZE THEIR STUDENT LOAN DEBT; AND CAREER COUNSELING TO PROMOTE MEANINGFUL EMPLOYMENT AFTER GRADUATION IN THE STUDENT'S FIELD OF STUDY.LEARNING RESOURCE CENTERS ON ECMC EDUCATION, INC. CAMPUSES SUPPORT ACADEMIC PROGRAMS BY PROVIDING BOOKS, SHOP AND SERVICE MANUALS, PERIODICALS, COMPUTERS AND CURRICULUM-BASED ONLINE RESOURCES. THE LEARNING RESOURCE CENTERS ARE STAFFED WITH TRAINED PROFESSIONALS TO ASSIST IN THE RESEARCH NEEDS OF STUDENTS AND FACULTY.THE EDUCATION STUDENTS RECEIVE EMPHASIZES EMPLOYABILITY AND PROFESSIONAL ACCOMPLISHMENT. THE ACADEMIC AND CAREER SUCCESS OF OUR GRADUATES IS PARAMOUNT. ECMC EDUCATION, INC.'S HOLISTIC APPROACH FOCUSES ON THE GOAL OF GRADUATION AND JOB PLACEMENT, EMPHASIZING STUDENT ATTENDANCE, OVERALL ATTITUDE, ACADEMIC PERFORMANCE AND SELF-DIRECTED JOB SEARCH SKILLS ACQUIRED THROUGH WORKING WITH THE CAREER SERVICES STAFF. ECMC EDUCATION, INC.'S CAREER SERVICES EXPERTS PROVIDE STUDENTS WITH PLACEMENT ASSISTANCE, INCLUDING PREPARATION OF RESUMES AND LETTERS OF INTRODUCTION, INTERVIEWING TECHNIQUES AND JOB REFERRALS. ECMC EDUCATION, INC. CAREER SERVICES PROFESSIONALS ALSO ARRANGE ON-CAMPUS EMPLOYER VISITS, LECTURES, CAREER FAIRS AND FIELD TRIPS TO ENHANCE THE LIKELIHOOD THAT STUDENTS WILL OBTAIN WELL-PAYING JOBS. ECMC EDUCATION, INC. ALSO OFFERS STUDENT ACTIVITIES THAT ENCOURAGE SCHOOL SPIRIT AND DEVELOP STUDENT LEADERSHIP, INCLUDING INTRAMURAL SPORTS, CLUBS, PROFESSIONAL DEVELOPMENT PROGRAMS, RESOURCE FAIRS AND OTHER EXTRACURRICULAR ACTIVITIES PLANNED YEAR-ROUND. ON MARCH 31, 2022, A PLAN FOR LIQUIDATION FOR ECMC EDUCATION, INC. AND ALL THREE OF ITS ALTIERUS SCHOOLS WAS APPROVED BY THE ECMC GROUP, INC. BOARD OF DIRECTORS. THE TEACH-OUTS WERE COMPLETED DURING 2023 WITH RELATED EXPENSES BEING SETTLED THROUGH 2027. ECMC EDUCATION, INC. NO LONGER ENROLLS ANY STUDENTS AS OF DECEMBER 31, 2023. THE CHANGE IS PART OF ECMC GROUP, INC.'S PLAN TO CONCENTRATE PRIMARILY ON ITS EDUCATIONAL CREDIT MANAGEMENT CORPORATION GUARANTOR-RELATED ACTIVITIES, ECMC FOUNDATION AND EDUCATION IMPACT INVESTING.

Program 2
Expenses: $47,329

GRANTS AND SCHOLARSHIPS:ECMC EDUCATION, INC. OFFERS THE FOLLOWING SCHOLARSHIP AND GRANT PROGRAMS TO MAKE COLLEGE AFFORDABLE FOR OUR STUDENTS: ALTIERUS GRANTS, IN IT TOGETHER SCHOLARSHIPS, EMPLOYEE...

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GRANTS AND SCHOLARSHIPS:ECMC EDUCATION, INC. OFFERS THE FOLLOWING SCHOLARSHIP AND GRANT PROGRAMS TO MAKE COLLEGE AFFORDABLE FOR OUR STUDENTS: ALTIERUS GRANTS, IN IT TOGETHER SCHOLARSHIPS, EMPLOYEE AND MILITARY SCHOLARSHIPS. FUNDS ARE AVAILABLE TO PAY FOR TUITION, BOOKS AND FEES.THE ALTIERUS GRANT IS AN INSTITUTIONAL GRANT PROGRAM AWARDED ON AN ANNUAL BASIS TO STUDENTS OF ALTIERUS SCHOOLS OWNED BY ECMC EDUCATION, INC. WHO DEMONSTRATE FINANCIAL NEED. THE AMOUNT AND SOURCE OF THE GRANT, WHICH CAN BE UP TO $10,000 PER ACADEMIC YEAR, IS AVAILABLE FOR NEW AND CONTINUING STUDENTS AND MAY VARY BY STUDENT BASED ON THE DEMONSTRATED FINANCIAL ASSISTANCE NEEDED AND INSTITUTIONAL GRANT FUNDING AVAILABILITY. ALTIERUS MILITARY SCHOLARSHIPS OFFER UP TO 10% OF TUITION PER TERM OR ACADEMIC PERIOD FOR THEIR SPOUSES, AS WELL AS FOR VETERANS AND THEIR DEPENDENTS USING VA EDUCATION BENEFITS. AS OF DECEMBER 31, 2023, ECMC EDUCATION, INC. NO LONGER ENROLLS ANY STUDENTS AND VOLUNTARILY CEASED PARTICIPATION WITH TITLE IV PROGRAMS IN ALIGNMENT WITH THE PLANNED CLOSURES OF THE THREE CAMPUSES DURING 2023.

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Trantor Score

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

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Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $18,983,184
Program Service Revenue $386,025
Investment Income $977,091
Other Revenue $11,244,418
TOTAL REVENUE $31,590,718

Expense Breakdown

Grants Paid $47,329
Salaries & Benefits $3,251,067
Fundraising Expenses $0
Program Expenses $6,734,550
Other Expenses $9,560,385
TOTAL EXPENSES $12,858,781

Year-over-Year Comparison

2023 2022 Change
Revenue $31,590,718 $43,495,652 -0.3%
Expenses $12,858,781 $49,769,201 -0.7%
Net Income $18,731,937 $-6,273,549 -4.0%
Key Indicators
Grants to Organizations Grants to Individuals Lobbying Political Activity Foreign Activities Donor Advised Fund Schedule B Required
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Governance

Voting Members
9
Independent Members
8
Employees
82
Volunteers
N/A

Governance Policies

Conflict of Interest Policy
Whistleblower Policy
Document Retention Policy

Special Practices & Reported Activities

Operated a School
Operated a Hospital
Provided First Class Travel
Reported Conflict of Interest
Reported Asset Diversion
Excess Benefit Transaction
Made Political Expenditures
Engaged in Lobbying
Operated Donor Advised Fund
Maintained Art Collections
Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers
5
$3,482,876
Total Directors
9
$2,601,014
Key Employees
0
$0
Highest Compensated
5
reported
Name Title Hours/Week Role Reportable Comp Other Comp Total
DANIEL FISHER PRESIDENT & CEO, ECMC GROUP 0.00
Officer Director
$0 $126,730 $1,395,389
JAMES V MCKEON DIRECTOR 1.00
Director
$0 $0 $197,500
DIANA J INGRAM DIRECTOR 1.00
Director
$0 $0 $151,250
JACK O'CONNELL DIRECTOR 1.00
Director
$0 $0 $145,000
JULIA S GOUW DIRECTOR 1.00
Director
$0 $0 $155,000
DEREK LANGHAUSER DIRECTOR 1.00
Director
$0 $0 $137,500
JAMES RUNCIE DIRECTOR 1.00
Director
$0 $0 $128,750
JENNIFER ANDERSON DIRECTOR 1.00
Director
$0 $0 $148,750
K PAUL SINGH BOARD CHAIR 1.00
Director
$0 $0 $141,875
JACOB KASSUBA VP, CAMPUS OPERATIONS 40.00
Officer
$245,835 $49,589 $295,424
JONI KURLAND VP, ACCRED, LIC & CAMPUS COMPLIANCE 40.00
Officer
$216,054 $12,870 $228,924
BRIAN BOARDMAN GENERAL COUNSEL & CORP SECRETARY 0.00
Officer
$0 $86,354 $540,009
MARTIN SCANLON CFO & TREASURER 0.00
Officer
$0 $104,819 $1,023,130
SHARON CLAY CAMPUS DIRECTOR-THRU 11/23 40.00
Highest
$207,143 $22,956 $230,099
LYN CROSS ASSC VP, FIN AID OPS-THRU 11/23 40.00
Highest
$187,856 $29,183 $217,039
CHRISTIAN JAHNSEN MGR, CENTRAL REGISTRAR-THRU 7/23 40.00
Highest
$120,341 $12,480 $132,821
TIM DENGLER CAMPUS DIRECTOR-THRU 4/23 40.00
Highest
$115,974 $10,747 $126,721
VICTOR CORNIER PROG CHAIR, SURGICAL TECH-THRU 11/23 40.00
Highest
$113,989 $18,728 $132,717
I KING JORDAN FORMER DIRECTOR 0.00
$0 $0 $30,000
JOHN F DEPODESTA FORMER BOARD CHAIR 0.00
$0 $0 $60,000
JEREMY WHEATON FORMER PRESIDENT & CEO, ECMC GROUP 0.00
$0 $0 $1,622,127
Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year Revenue Expenses Assets Net Income
2024 No data No data No data No data
2023 $31,590,718 $12,858,781 $5,890,322 $18,731,937
2022 $43,495,652 $49,769,201 $11,798,068 $-6,273,549
2021 $59,276,530 $51,025,086 $8,920,568 $8,251,444
2020 $77,523,596 $37,695,409 $10,196,836 $39,828,187
2019 $69,741,994 $51,953,218 $10,222,127 $17,788,776
2018 $172,275,342 $212,019,754 $10,990,662 $-39,744,412
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