Efsi in Waco, Texas (TX)

Efsi
Employer Identification Number (EIN)	742535586
Name of Organization	Efsi
Address	Waco, TX 76710
Tax Period	2005
Asset Amount	$5,087,582
Amount of Income	$36,176,188
Form 990 Revenue Amount	$36,176,188
National Taxonomy of Exempt Entities (NTEE)	Public, Society Benefit - Multipurpose and Other: Financial Institutions, Services (Non-Government Related)

Non-representatives - add comments:

Amount of income in 2005: $36,176,188

This organization:	$36,176,188
Other organizations performing similar types of work:	$17,411,158

Assets in 2005: $5,087,582

This organization:	$5,087,582
Other organizations performing similar types of work:	$31,009,900

Expenses in 2005: $34,555,794

Efsi:	$34,555,794
Other organizations performing similar types of work:	$12,044,975

Income to expenses ratio in 2005: 1.0

This organization:	1.0
Other organizations performing similar types of work:	1.3

Expenses allocated to program services in 2005: 100.0%

This organization:	100.0%
Other organizations performing similar types of work:	95.9%

Financial snapshot ($)

Revenue for 2005

Assets at end of 2005

Functional Expenses for 2005 ($)

Income-Producing Activities for 2005

	2000	2001	2002	2003	2004	2005
Revenue, Expenses, and Changes in Net Assets or Fund Balances
Total revenue	$4,623,992	$4,422,842	$5,182,780	$10,418,277	$18,926,687	$36,176,188
Contributions, gifts, grants, and similar amounts received	$0	$0	$0	$0	$0	$0
Contributions to donor advised funds
Direct public support	$0	$0	$0	$0	$0	$0
Indirect public support	$0	$0	$0	$0	$0	$0
Government contributions (grants)	$0	$0	$0	$0	$0	$0
Program service revenue including government fees and contracts	$4,385,190	$4,314,106	$5,062,801	$10,200,944	$18,501,981	$33,444,776
Membership dues and assessments	$0	$0	$0	$0	$0	$0
Interest on savings and temporary cash investments	$0	$0	$119,979	$217,333	$424,706	$2,731,412
Dividends and interest from securities	$238,802	$108,736	$0	$0	$0	$0
Net rental income or (loss)	$0	$0	$0	$0	$0	$0
Gross rents	$0	$0	$0	$0	$0	$0
Less: rental expenses	$0	$0	$0	$0	$0	$0
Other investment income	$0	$0	$0	$0	$0	$0
Gain or (loss) from sales of assets other than inventory	$0	$0	$0	$0	$0	$0
Gross amount from sales of assets other than inventory	$0	$0	$0	$0	$0	$0
Less: cost or other basis and sales expenses	$0	$0	$0	$0	$0	$0
Net income or (loss) from special events and activities	$0	$0	$0	$0	$0	$0
Gross revenue	$0	$0	$0	$0	$0	$0
Less: direct expenses other than fundraising expenses	$0	$0	$0	$0	$0	$0
Gross profit or (loss) from sales of inventory	$0	$0	$0	$0	$0	$0
Gross sales of inventory, less returns and allowances	$0	$0	$0	$0	$0	$0
Less: cost of goods sold	$0	$0	$0	$0	$0	$0
Other revenue	$0	$0	$0	$0	$0	$0
Total expenses	$5,048,017	$3,293,721	$4,776,971	$9,601,993	$18,168,075	$34,555,794
Program services	$5,048,017	$3,293,721	$4,776,971	$9,601,993	$18,168,075	$34,555,794
Management and general	$0	$0	$0	$0	$0	$0
Fundraising	$0	$0	$0	$0	$0	$0
Payments to affiliates	$0	$0	$0	$0	$0	$0
Net assets or fund balances at end of year	$374,425	$1,503,546	$2,213,276	$3,076,576	$3,835,188	$5,087,582
Excess or (deficit) for the year	$-424,025	$1,129,121	$405,809	$816,284	$758,612	$1,620,394
Net assets or fund balances at beginning of year	$798,450	$374,425	$1,503,546	$2,213,276	$3,076,576	$3,835,188
Other changes in net assets or fund balances	$0	$0	$303,921	$47,016	$0	$-368,000

	Total	Program services	Management and general	Fundraising
Statement of Functional Expenses (for 2005)
Total functional expenses	$34,555,794	$34,555,794	$0	$0
Grants paid from donor advised funds
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.	$0	$0	$0	$0
Compensation of former officers, directors, key employees, etc.
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)
Salaries and wages of employees not included above	$0	$0	$0	$0
Pension plan contributions not included above	$0	$0	$0	$0
Employee benefits not included above	$0	$0	$0	$0
Payroll taxes	$0	$0	$0	$0
Professional fundraising fees	$0	$0	$0	$0
Accounting fees	$2,407	$2,407	$0	$0
Legal fees	$2,647	$2,647	$0	$0
Supplies	$0	$0	$0	$0
Telephone	$0	$0	$0	$0
Postage and shipping	$0	$0	$0	$0
Occupancy	$0	$0	$0	$0
Equipment rental and maintenance	$0	$0	$0	$0
Printing and publications	$0	$0	$0	$0
Travel	$0	$0	$0	$0
Conferences, conventions, and meetings	$0	$0	$0	$0
Interest	$24,239,146	$24,239,146	$0	$0
Depreciation, depletion, etc.	$0	$0	$0	$0
Other expenses not covered above	$10,311,594	$10,311,594	$0	$0

	2000	2001	2002	2003	2004	2005
Balance Sheets
Total assets	$79,144,380	$79,333,827	$150,842,240	$387,651,719	$627,288,148	$547,762,595
Cash - non-interest-bearing	$1,488,230	$38,017	$49,626	$0	$0	$0
Savings and temporary cash investments	$0	$3,126,286	$10,873,271	$15,903,787	$28,072,278	$53,195,022
Accounts receivable less allowance for doubtful accounts	$0	$0	$0	$119,626	$0	$0
Pledges receivable less allowance for doubtful accounts	$0	$0	$0	$0	$0	$0
Grants receivable	$0	$0	$0	$0	$0	$0
Receivables from current and former officers, directors, trustees, and key employees	$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)
Other notes and loans receivable less allowance for doubtful accounts	$57,766,609	$74,295,907	$136,954,885	$364,559,423	$586,162,119	$493,209,732
Inventories for sale or use	$0	$0	$0	$0	$0	$0
Prepaid expenses and deferred charges	$30,082	$30,897	$460,795	$1,059,034	$1,566,219	$1,145,727
Investments - publicly-traded securities
Investments - other securities	$0	$0	$0	$0	$0	$0
Investments - land, buildings, and equipment less accumulated depreciation	$0	$0	$0	$0	$0	$0
Investments - other	$0	$0	$9,801	$0	$0	$0
Land, buildings, and equipment less accumulated depreciation	$0	$0	$0	$0	$0	$0
Other assets, including program-related investments	$19,859,459	$1,842,720	$2,493,862	$6,009,849	$11,487,532	$212,114
Total liabilities	$78,769,955	$77,830,281	$148,628,964	$384,575,143	$623,452,960	$542,675,013
Accounts payable and accrued expenses	$35,574,323	$1,830,281	$877,796	$1,874,865	$2,557,384	$1,684,016
Grants payable	$0	$0	$0	$0	$0	$0
Deferred revenue	$0	$0	$0	$0	$0	$0
Loans from officers, directors, trustees, and key employees	$0	$0	$0	$0	$0	$0
Tax-exempt bond liabilities	$0	$0	$0	$0	$0	$0
Mortgages and other notes payable	$43,195,632	$76,000,000	$147,750,370	$382,700,278	$620,305,467	$540,990,997
Other liabilities	$0	$0	$798	$0	$590,109	$0
Total liabilities and net assets/fund balances	$79,144,380	$79,333,827	$150,842,240	$387,651,719	$627,288,148	$547,762,595
Total net assets or fund balances	$374,425	$1,503,546	$2,213,276	$3,076,576	$3,835,188	$5,087,582

	2000	2001	2002	2003	2004	2005
Reconciliation of Revenue per Audited Financial Statements With Revenue per Return
Total revenue	$4,623,992	$4,422,842	$5,182,780	$10,418,277	$18,926,687	$36,176,188
Total revenue, gains, and other support per audited financial statements	$4,623,992	$4,422,842	$4,435,992	$8,725,258	$16,339,932	$30,333,589
Other expenses	$0	$0	$-746,788	$44,516	$0	$0
Net unrealized gains on investments	$0	$0	$0	$44,516	$0	$0
Donated services and use of facilities	$0	$0	$0	$0	$0	$0
Recoveries of prior year grants	$0	$0	$0	$0	$0	$0
Other	$0	$0	$-746,788	$0	$0	$0
Other revenue	$0	$0	$0	$1,737,535	$2,586,755	$5,842,599
Investment expenses	$0	$0	$0	$0	$0	$0
Other	$0	$0	$0	$1,737,535	$2,586,755	$5,842,599

	2000	2001	2002	2003	2004	2005
Reconciliation of Expenses per Audited Financial Statements With Expenses per Return
Total expenses	$5,048,017	$3,293,721	$4,776,971	$9,601,993	$18,168,075	$34,555,794
Total expenses and losses per audited financial statements	$5,048,017	$3,293,721	$4,074,699	$7,861,958	$15,581,320	$28,713,195
Other revenue	$0	$0	$44,516	$0	$0	$0
Donated services and use of facilities	$0	$0	$0	$0	$0	$0
Prior year adjustments	$0	$0	$0	$0	$0	$0
Losses	$0	$0	$44,516	$0	$0	$0
Other	$0	$0	$0	$0	$0	$0
Other expenses	$0	$0	$746,788	$1,740,035	$2,586,755	$5,842,599
Investment expenses	$0	$0	$0	$0	$0	$0
Other	$0	$0	$746,788	$1,740,035	$2,586,755	$5,842,599

Current Officers, Directors, Trustees, and Key Employees

Total number of officers, directors, and trustees permitted to vote on organization business at board meetings	11
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?
Did the organization make only in-house lobbying expenditures of $2,000 or less?
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?
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?
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)?
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?
Did the organization acquire a direct or indirect interest in any applicable insurance contract?
Did the supporting organization, or a fund maintained by a sponsoring organization, have excess business holdings at any time during the year?
Number of employees employed in the pay period that includes March 12, 2006	0

	Unrelated business income		Excluded by section 512, 513, or 514		Related or exempt function income
Analysis of Income-Producing Activities (for 2005)
	Business code	Amount	Exclusion code	Amount	Related or exempt function income
Total		$0		$2,731,412	$33,444,776
Program service revenue
Program service revenue 1	000000	$0	00	$0	$32,088,251
Program service revenue 2	000000	$0	00	$0	$1,356,525
Program service revenue 3	000000	$0	00	$0	$0
Program service revenue 4	000000	$0	00	$0	$0
Program service revenue 5	000000	$0	00	$0	$0
Medicare/Medicaid payments	000000	$0	00	$0	$0
Fees and contracts from government agencies	000000	$0	00	$0	$0
Membership dues and assessments	000000	$0	00	$0	$0
Interest on savings and temporary cash investments	000000	$0	Dividends, 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)	$2,731,412	$0
Dividends and interest from securities	000000	$0	00	$0	$0
Net rental income or (loss) from real estate
debt-financed property	000000	$0	00	$0	$0
not debt-financed property	000000	$0	00	$0	$0
Net rental income or (loss) from personal property	000000	$0	00	$0	$0
Other investment income	000000	$0	00	$0	$0
Gain or (loss) from sales of assets other than inventory	000000	$0	00	$0	$0
Net income or (loss) from special events	000000	$0	00	$0	$0
Gross profit or (loss) from sales of inventory	000000	$0	00	$0	$0
Other revenue	000000	$0	00	$0	$0

EIN of corporation, partnership, or disregarded entity	Percentage of ownership interest	Total income	End-of-year assets
Information Regarding Taxable Subsidiaries and Disregarded Entities (for 2005)
	0%	$0	$0
	0%	$0	$0
	0%	$0	$0
	0%	$0	$0

Compensation	Contributions to employee benefit plans & deferred compensation	Expense account and other allowances
Compensation of the Five Highest Paid Employees Other Than Officers, Directors, and Trustees (for 2005)
$0	$0	$0
$0	$0	$0
$0	$0	$0
$0	$0	$0
$0	$0	$0

Total number of other employees paid over $50,000	0

Total number of other employees paid over $50,000

Statements About Activities (for 2005)
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
The aggregate value of assets held in all donor advised funds owned at the end of the tax year
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
The aggregate value of assets held in all funds or accounts included above at the end of the tax year

Reason for Non-Private Foundation Status
The organization is not a private foundation because it is	Organization that normally receives: less than 1/3 of its support from gross investment income and unrelated taxable business income and more than 1/3 of its support from contribution, membership fees

	1999	2000	2001	2002	2003	2004
Support Schedule
Total	$0	$0	$0	$4,521,838	$7,272,659	$13,264,852
Gifts, grants, and contributions received	$0	$0	$0	$0	$0	$0
Membership fees received	$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	$4,408,241	$7,057,183	$12,882,487
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	$113,597	$215,476	$382,365
Net income from unrelated business activities not included above	$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
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
Other income	$0	$0	$0	$0	$0	$0

Lobbying Expenditures by Electing Public Charities (for 2005)
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

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Id	Name	Address	State	Established	Total Income
Organizations performing similar types of work
1	Helios Education Foundation	2415 E Camelback Rd Ste 500, Phoenix, AZ 85016-9289	AZ	1983-02	$722,870,749
2	Educational Credit Management Corporation	1 Imation Place Bldg 2, Oakdale, MN 55128-3422	MN	1995-08	$455,413,491
3	Wyoming Student Loan Corporation	1401 Airport Pkwy Ste 300, Cheyenne, WY 82001-1543	WY	1980-06	$213,549,745
4	South Carolina Student Loan Corporation	PO BOX 102405, Columbia, SC 29224-2405	SC	1975-01	$168,965,769
5	Texas Guaranteed Student Loan Corporation	PO BOX 83100, Round Rock, TX 78683-3100	TX	1980-10	$165,223,954
6	Educational Funding Of The South Inc	12700 Kingston Pike, Knoxville, TN 37934-0917	TN	1987-12	$115,494,687
7	Indiana Secondary Market For Education Loans Inc	251 N Illinois St Ste 400, Indianapolis, IN 46204-1944	IN	1981-02	$95,598,733
8	Chela Financial Usa Inc	San Francisco, CA 94111	CA		$81,331,925
9	Connecticut Student Loan Foundtion	7271 Engle Rd Ste 101, Cleveland, OH 44130-8404	OH	1986-10	$80,610,321
10	The Landmarks Financial Corporation	100 W Station Square Dr Ste 450, Pittsburgh, PA 15219-1139	PA	1984-07	$61,780,376
11	Granite State Management & Resources	4 Barrell Ct, Concord, NH 03301-8543	NH	1987-12	$51,036,060
12	Access To Loans For Learning Student Loan Corporation	6601 Center Dr W, Los Angeles, CA 90045-1582	CA	1984-01	$46,134,441
13	Efsi	Waco, TX 76710	TX		$36,176,188
14	Brazos Student Finance Corporation	PO BOX 1308, Waco, TX 76703-1308	TX	1985-08	$20,195,831
15	Texas Pioneer Foundation	3911 Moores Ln, Texarkana, TX 75503-2193	TX	1980-01	$17,411,158
16	Panhandle-Plains Student Finance Corporation	1303 23rd St, Canyon, TX 79015-5321	TX	1985-12	$3,646,927
17	Central Texas Student Finance Corporation	San Marcos, TX 78666	TX		$3,418,826
18	Pecos Student Finance Corporation	PO BOX 1308, Waco, TX 76703-1308	TX	1995-11	$1,708,714
19	Pecos Higher Education Authority Inc	2600 Washington Ave, Waco, TX 76710-7449	TX	2000-09	$6,602
20	Christian Financial Services	4513 Hixson Pike Suite 109, Hixson, TN 37343	TN	2003-06	$0

Number of organizations performing similar types of work

Arkansas	1
Arizona	3
California	5
Florida	1
Idaho	1
Indiana	1
Massachusetts	2
Maine	1
Michigan	2
Minnesota	1
Montana	1

New Hampshire	2
New York	1
Ohio	1
Pennsylvania	2
South Carolina	1
Tennessee	2
Texas	8
Virginia	2
Washington	1
Wisconsin	1
Wyoming	1

Total

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