Ecmc Foundation
90% goes to programs $0 to raise $100 Strong reserves Growing revenue
Ecmc Foundation is a 501(c)(3) organization based in Minneapolis, Minnesota, registered in 2001, with $82,572,335 in FY2024 revenue. CharityIndex grades it A, and it directs about 90% of spending to programs.
111 Washington Ave S1400, Minneapolis, MN, 55401 EIN 41-1990628 Since 2001
Revenue (FY2024)
$82.6M
▲ 41.8% vs prior year
Education median: $200K
Expenses (FY2024)
$76.6M
Net assets
$1.9B
Employees
29
CharityIndex rating
One independent A+ to F grade from four published criteria, each scored separately from IRS filings and combined by weight.
A
A+Program efficiency40% of the rating90% to programs · $0 to raise $100
Measures how much of every dollar spent actually reaches programs, plus what it costs to raise $100 of donations. The worse of the two measures sets the letter (85%+ to programs is an A; under $15 to raise $100 is an A), averaged over the three most recent filings. For Ecmc Foundation: 90% to programs · $0 to raise $100 earns a A+ on this criterion. See the exact thresholds →
B+Financial health25% of the rating298 mo reserves · +7% margin
Measures whether the organization is built to last: how many months its reserves would cover expenses (3+ months earns an A-range score, but hoarding 5+ years of budget is capped) and whether it runs a surplus or a deficit. For Ecmc Foundation: 298 mo reserves · +7% margin earns a B+ on this criterion. See the exact thresholds →
A+Governance25% of the rating6 of 6 checks met
Checks how the organization is run, from its own Form 990: an independent board majority, a board of five or more, conflict-of-interest, whistleblower and document-retention policies, and independently audited financials. The share of disclosed checks that pass sets the letter. For Ecmc Foundation: 6 of 6 checks met earns a A+ on this criterion. See the exact thresholds →
A+Transparency10% of the rating5 of 5 disclosure signals
Counts five disclosure signals: a recent filing, a mission statement, program descriptions, a listed website, and the full expense breakdown. More disclosure, better letter. For Ecmc Foundation: 5 of 5 disclosure signals earns a A+ on this criterion. See the exact thresholds →
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Mission
Improve higher education for career success among underserved populations through evidence-based innovation.
What they do
Employee engagement:ecmc foundation facilitates two main opportunities-a generating outcomes (go!) program and a discretionary grant program-for staff and leadership across ecmc group to feel connected to ecmc foundation's philanthropic mission. the go! program is a corporate initiative to fund efforts in the communities where ecmc group, inc. employees live and work. in 2024, ecmc foundation awarded grants ranging from $5,000 to $20,000 each to 111 organizations for a total of over $1 million. the discretionary grant program provides the board of directors, ecmc group executive and senior leaders, and foundation staff the opportunity to direct a gift to an educational organization of their choice.
Education innovation ventures:education innovation ventures (eiv) makes below-market-rate investments into nonprofit and for-profit ventures that seek to generate both social impact and financial returns. complementing ecmc foundation's strategic grantmaking, the eiv program uses a full spectrum of program-related investments, including debt and equity instruments, to provide catalytic risk capital to early-stage ventures working to increase postsecondary educational outcomes and economic mobility among learners and jobseekers from systemically disadvantaged backgrounds. financial returns are reinvested into additional program-related investments, allowing ecmc foundation to recycle investment dollars to fund further impact initiatives. in 2024, eiv invested over $4.1 million across 9 investments working to remove financial barriers for students, and awarded 3 grants.
Contact & location
- Address
- 111 Washington Ave S1400, Minneapolis, MN, 55401
- City
- Minneapolis
- State
- Minnesota
- Category
- Education
- Subcategory
- Alliances, Advocacy & Professional Societies
- Phone
- …
- Website
- …
Financial trends
Revenue declined from $153.8M (FY2013) to $82.6M (FY2024) across 12 reported years.
Financial snapshot
Financial health & position (FY2024)
Liabilities $49.9MNet assets $1.9B
Operating margin
7.2%
Revenue exceeded expenses in the latest fiscal year.
Total assets
$2.0B
Total liabilities
$49.9M
Net assets
$1.9B
Salaries & benefits
$8.9M
12% of expenses
Board members
9
8 independent
Financials by year
| Fiscal year | Revenue | Expenses | Net assets | Total assets | Form |
|---|---|---|---|---|---|
| 2024 | $82,572,335▲41.8% | $76,633,109▲16.7% | $1,901,376,836▲14.5% | $1,951,301,209▲14.9% | 990 |
| 2023 | $58,219,618▼88.4% | $65,662,081▲39.8% | $1,660,082,479▲7.3% | $1,698,761,256▲7.8% | 990 |
| 2022 | $501,684,291▲971% | $46,971,911▼2.4% | $1,546,737,749▲45.6% | $1,575,921,479▲44.7% | 990 |
| 2021 | $46,859,234▼0.3% | $48,143,092▼15.5% | $1,062,119,827▲32.4% | $1,089,464,777▲31.5% | 990 |
| 2020 | $47,003,551▲8.4% | $56,945,474▲34.5% | $802,327,937▲15.9% | $828,576,280▲15.3% | 990 |
| 2019 | $43,379,508▲19.5% | $42,333,771▲2.2% | $692,273,903▼2.8% | $718,792,503▼1.9% | 990 |
| 2018 | $36,298,841▲19.5% | $41,421,986▲51.3% | $712,422,183▼3.5% | $733,045,279▼2.7% | 990 |
| 2017 | $30,386,184▼89.0% | $27,378,634▼12.2% | $738,262,773▲15.6% | $753,325,273▲15.5% | 990 |
| 2016 | $276,794,659▲140% | $31,176,926▲79.8% | $638,826,408▲78.0% | $652,335,423▲78.2% | 990 |
| 2015 | $115,486,032▼23.7% | $17,342,876▲398% | $358,901,626▲34.7% | $365,977,174▲36.7% | 990 |
| 2014 | $151,333,024▼1.6% | $3,479,876▼96.6% | $266,489,189▲141% | $267,688,474▲66.4% | 990 |
| 2013 | $153,847,029 | $101,143,214▲3404% | $110,598,090▲97.0% | $160,917,555▲87.2% | 990 |
| 2012 | — | $2,886,329▼95.5% | $56,142,608▲918% | $85,972,455▲79.5% | 990 |
| 2011 | — | $64,184,404▲3432% | $5,516,606▲18.8% | $47,897,705▲774% | 990 |
| 2010 | — | $1,817,247 | $4,644,606 | $5,477,333 | 990 |
Original Form 990 PDFs (the Form column) are served by ProPublica Nonprofit Explorer, as filed with the IRS. Create a free account to download the CSV report.
Leadership & compensation (FY2024)
Highest-paid: Jacob Fraire — $599,858 (0.78% of total expenses)
| Name | Title | Hours/week | Compensation |
|---|---|---|---|
| Jacob Fraire | President, Ecmc Foundation | 40 | $599,858 |
| Lynn Alvarez | Vp, Fdn Programs & Strategy-thru 8/2 | 40 | $217,353 |
| Jennifer Zeisler | Sr Dir, Program Management | 40 | $208,014 |
| Sarah Belnick | Sr Dir, Program Management | 40 | $202,677 |
| Jessica Haselton | Managing Director | 40 | $190,506 |
| Stephen Handel | Chief of Staff, Foundation | 40 | $164,867 |
| Loraine Park | Dir, Learning & Evaluation-thru 11/22 | 40 | $152,723 |
| Peter Taylor | Former President, Ecmc Foundation | 0 | $41,750 |
| Brian Boardman | General Counsel & Corp Secretary | 0 | — |
| Daniel Fisher | President & Ceo, Ecmc Group | 0 | — |
| Derek Langhauser | Director | 2 | — |
| Diana J Ingram | Director | 1 | — |
| Jack O'connell | Director | 2 | — |
| James Runcie | Director | 1 | — |
| James V Mckeon | Board Chair | 2 | — |
| Jennifer Anderson | Director | 1 | — |
| Jeremy Wheaton | Former President & Ceo, Ecmc Group | 0 | — |
| John F Depodesta | Former Board Chair | 0 | — |
| Julia S Gouw | Director | 1 | — |
| K Paul Singh | Director | 1 | — |
Top vendors & contractors (FY2024)
| Contractor | Services | Paid |
|---|---|---|
| Indigo Events LLC | Consulting Services | $1,015,266 |
| Hcm Strategists LLC | Consulting Services | $203,789 |
| Research For Action Inc | Professional Services | $156,600 |
| Norc | Consulting Services | $148,618 |
| Public Profit | Professional Services | $124,750 |
Grants received · $1.3B total
10 grants to Ecmc Foundation totaling $1.3B, reported by foundations on their Schedule I filings.
| Grantmaker | Purpose | Year | Amount |
|---|---|---|---|
| Ecmc Group Inc | General support | 2024 | $82,935,000 |
| Ecmc Group Inc | General support | 2023 | $58,528,000 |
| Ecmc Group Inc | General support | 2022 | $501,572,000 |
| Ecmc Group Inc | General support | 2021 | $46,660,000 |
| Educational Credit Management Corporation | General support | 2021 | $183,000 |
| Ecmc Group Inc | General support | 2020 | $30,240,000 |
| Educational Credit Management Corporation | General support | 2020 | $16,829,000 |
| Ecmc Group Inc | General support | 2016 | $274,374,500 |
| Ecmc Group Inc | General support | 2015 | $115,476,049 |
| Ecmc Group Inc | General support | 2014 | $151,100,000 |
Grants made · $60.1M in FY2024
198 grants totaling $60.1M in FY2024 — showing the 15 largest. All grants made by Ecmc Foundation →
| Recipient | Purpose | Amount |
|---|---|---|
| State Higher Education Executive | General support | $3,449,045 |
| University of Southern California | General support | $3,041,177 |
| Georgia State University Foundation Inc | Program support | $2,001,043 |
| Educational Credit Management Corporation | Project success | $2,000,000 |
| Southern Education Foundation Inc | Program support | $2,000,000 |
| Wested | General support | $1,940,077 |
| National Alliance For Partnerships In Equity Education Foundation Inc | Program support | $1,840,000 |
| Jobs For the Future Inc | General support | $1,575,000 |
| Association of Community College Trustees | General support | $1,500,000 |
| Institute For Higher Education Policy | General support | $1,452,155 |
| Association of Public and Land-grant Universities | General support | $1,363,504 |
| American Council On Education | Program support | $1,250,000 |
| Growing Inland Achievement | Program support | $1,035,000 |
| Ecmc Group Inc | Twin cities impact | $1,000,000 |
| National Association of Student Personnel Administrators Inc | General support | $1,000,000 |
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Frequently asked questions
- Is Ecmc Foundation a legitimate nonprofit?
- Yes. Ecmc Foundation is a 501(c)(3) organization registered with the U.S. Internal Revenue Service under EIN 41-1990628, based in Minneapolis, Minnesota. Donations are tax-deductible.
- What is Ecmc Foundation's EIN?
- Ecmc Foundation's Employer Identification Number (EIN) is 41-1990628.
- How much revenue does Ecmc Foundation report?
- Ecmc Foundation reported $82,572,335 in total revenue on its fiscal year 2024 IRS Form 990 filing.
- How much of Ecmc Foundation's spending goes to programs?
- Ecmc Foundation spends about 90% of its total expenses on programs, based on its latest IRS Form 990.
- What financial grade does Ecmc Foundation have?
- CharityIndex grades Ecmc Foundation A, based on program efficiency and fundraising cost.
- How much does Ecmc Foundation's highest-paid employee make?
- The highest reported compensation on Ecmc Foundation's latest Form 990 is $599,858, paid to Jacob Fraire (President, Ecmc Foundation).
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Explore more
Data for Ecmc Foundation (EIN 41-1990628) comes from the IRS Business Master File and e-filed Form 990 returns, via CharityIndex. Figures reflect what the organization reported to the IRS for each fiscal year.