EduCap

Last updated
EduCap
Formation1987
Type Non-profit organization
PurposeEducation Finance and Philanthropy
Location
Chairman
Catherine B. Reynolds
Key people
Catherine Reynolds (Chairman)

Matthew Murray (CFO)

Patricia Jeavons (Controller)
Website Official website

EduCap is an American private non-profit education finance company that was established in 1987. The Catherine B. Reynolds Foundation is the philanthropic affiliate of EduCap Inc.

Contents

History

From the 1980s, increasing college tuition costs created demand for more funding than could be provided by federal aid programs. [1]

In 1987, Father John Whalen, a Catholic priest, founded a non-profit loan program to provide private funding for college students in the District of Columbia who did not qualify for government financial aid. In 1988, Catherine B. Reynolds joined the foundation as comptroller, and renamed the foundation EduCap. [1] Catherine Reynolds soon became President of the student loan company. EduCap was insolvent when Reynolds was hired, but, as reported by The Washington Post , she established a nationwide private education loan program and established a for-profit affiliate, Servus Financial. It became the first education loan company to securitize credit-based private loans on Wall Street, was the first to market private student loan programs directly to consumers, and was the first to provide access to education financing as an employee benefit for corporations.

In March 2000, Servus Financial was sold to Wells Fargo Bank. In seven years, the foundation’s initial investment of $60,000 became worth several hundred million dollars. Servus Financial had provided 350,000 private student loans. [2]

Operations

Catherine B. Reynolds Foundation

The Catherine B. Reynolds Foundation is a United States-based non-profit organization that was established in 2001. The foundation was financed by the sale of Servus Financial Corporation, which was chaired by Catherine B. Reynolds. Since its creation, the foundation has donated more than $100 million to beneficiaries in the performing arts, education, and community services.

These include [3] the D.C. College Access Program, the John F. Kennedy Center for the Performing Arts, [4] [5] the National Gallery of Art, [6] [7] National Portrait Gallery, [8] [9] Ford’s Theater Society, [10] Dance Theatre of Harlem, [11] the Blair House Restoration Fund, [12] the National Geographic Society [13] [14] the National Symphony Orchestra, [15] [16] N Street Village, [17] Library of Congress [18] Marine Corps Scholarship Foundation, [19] the MIT YouPitch Entrepreneurship Competition, [20] the Stanford Center on Longevity, [21] the American Academy of Achievement, the Reynolds Fellows for Social Entrepreneurship at NYU, [22] [23] and Harvard University. [24] [25]

In 2007, the Foundation funded The Museum of the Rockies' excavation of one of its most famous Tyrannosaurus rex fossils and named her Catherine, after Catherine Reynolds, when they discovered it was a female dinosaur. [26] [27]

Catherine B. Reynolds

Catherine B. Reynolds was selected by Businessweek magazine [28] as one of the 50 most philanthropic living Americans. She is a current or former Trustee of New York University, Vanderbilt University, Harvard Kennedy School’s Center for Public Leadership, the John F. Kennedy Center for the Performing Arts, the [3] D.C. College Access Program, [11] Dance Theatre of Harlem, Inova Fairfax Hospital Foundation, National Geographic International Advisory Council, and the American Academy of Achievement. [29] She served on the U.S. Secretary of Education’s Commission on the Future of Higher Education during the administration of President George W. Bush. She has received honorary degrees from [30] Georgetown University, Morehouse College and Willamette University, as well as the Gallatin Medal of New York University. In 2005, she received the Woodrow Wilson Award for Public Service from the Woodrow Wilson International Center for Scholars. She was selected a 2011 Washingtonian of the Year. [31] Reynolds currently serves on the boards of General Dynamics Corporation and Lindblad Expeditions, LLC, and VitaKey Inc. [32] [33] [34] In 2019, Reynolds was selected by the Secretary of the Navy as the sponsor of the USS Jack H. Lucas, the first Flight III Arleigh Burke-class destroyer. [35] [36] In April 2020, President Donald J. Trump appointed Catherine Reynolds to serve on the Great American Economic Revival Industry Group. [37] In October 2023, Catherine B. Reynolds was named one of the "Most Powerful Women in Washington" by Washingtonian magazine. [38]

Criticism

In 2003, the CBS program 60 Minutes reported that Reynolds withdrew a donation of $38 million from the Smithsonian Institution [39] following criticism of a proposal for a Hall of Achievement exhibition. Her foundation instead pledged [4] [40] $100 million to the John F. Kennedy Center for the Performing Arts.

In 2007, The Washington Post criticized EduCap for interest rates charged to high-risk borrowers and the ownership of a corporate Gulfstream V aircraft. [41] [42]

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References

  1. 1 2 Joe Williams (September 25, 2006). "EduCap: Trailblazing Through the Private Student-Loan Forest". www.aei.org. American Enterprise Institute.
  2. ↑ Leslie Brokaw (Spring 2006). "The Woman Who Wants to Fix the Future" (PDF). NRTA. Retrieved November 24, 2013.
  3. 1 2 Deneen Brown (June 10, 2012). "The 'new' Washington dinner party" (PDF). The Washington Post Magazine. Retrieved November 24, 2013.
  4. 1 2 Jacqueline Trescott and Roxanne Roberts (December 7, 2002). "Record Gift for Kennedy Center" (PDF). The Washington Post. Retrieved November 22, 2013.
  5. ↑ Kennedy Center Development Office. "Donors Make A Difference" (PDF). Kennedy Center News. Retrieved January 13, 2014.
  6. ↑ Ann Geracimos and Kevin Chaffee (March 11, 2002). "Evening for admiring Goya's 'Women'" (PDF). The Washington Times. Retrieved November 24, 2013.
  7. ↑ Joanna Shaw-Eagle (October 20, 2001). "Reclining Vitality of Sculptor's Works" (PDF). The Washington Times. Retrieved November 24, 2013.
  8. ↑ Peggy McGlone (November 16, 2015). "How did Aretha Franklin give thanks for Portrait Gallery Prize? With R-E-S-P-E-C-T". The Washington Post. Retrieved January 3, 2016.
  9. ↑ Jabeen Bhatti (March 6, 2002). "Leaders unite at 'Celebration'" (PDF). The Washington Times. Retrieved November 24, 2013.
  10. ↑ Staff Writer (July 19, 2012). "Teachers to Attend Civil War Institute" (PDF). Arlington Sun Gazette. Retrieved November 24, 2013.
  11. 1 2 "Philanthropist Catherine Reynolds to head Dance Theatre of Harlem's board" (PDF). Associated Press Archive. Associated Press. April 6, 2005. Retrieved November 24, 2013.
  12. ↑ Washington Times (October 2002). "Key fund-raiser for Blair House" (PDF). The Washington Times. Retrieved November 24, 2013.
  13. ↑ Falmouth Bulletin (May 31, 2011). "WHOI scholar recognized by National Geographic" (PDF). Cape Codder. Retrieved November 24, 2013.
  14. ↑ Targeted News Service (May 17, 2011). "National Geographic Announces its Emerging Explorers for 2011" (PDF). Targeted News Service. Retrieved November 24, 2013.
  15. ↑ NSO Ball 2014 (September 21, 2014). "2014 National Symphony Orchestra Season Opening Concert and Ball" (PDF). NSO 2014. Retrieved October 14, 2014.{{cite news}}: CS1 maint: numeric names: authors list (link)
  16. ↑ T.L. Ponick (December 11, 2003). "New life, big stage for Iraqi Symphony" (PDF). The Washington Times. Retrieved November 22, 2013.
  17. ↑ Denise Barnes (September 18, 2003). "Nonprofit offers safe haven, chances to homeless women" (PDF). The Washington Times. Retrieved November 24, 2013.
  18. ↑ Library of Congress (November 15, 2019). "ROSA PARKS: IN HER OWN WORDS, New Library of Congress Exhibit Offers Intimate Views of Icon's Life". Florida Courier. Retrieved November 24, 2019.
  19. ↑ Emily Sweeney (April 17, 2013). "Marine Corps Scholarship Foundation Honors Community and Military Leaders at Annual New York Leatherneck Ball" (PDF). Business Wire. Retrieved November 24, 2013.
  20. ↑ Close-Up Media (May 12, 2012). "ClouTop Garners Robert P. Goldberg Grand Prize at MIT $100K Entrepreneurship Competition" (PDF). Close-Up Media. Retrieved November 24, 2013.
  21. ↑ Stanford Center on Longevity. "Stanford Center on Longevity".
  22. ↑ NYU Reynolds Program in Social Entrepreneurship. "2010 Academy of Achievement Summit".
  23. ↑ Sarah Malanga (November 7, 2006). "NYU challenge aims to encourage social change" (PDF). Washington Square News. Retrieved November 24, 2013.
  24. ↑ Harvard University (November 2005). "Harvard University Fellowships" (PDF). Harvard University ReSources. Retrieved November 24, 2013.
  25. ↑ Harvard University (2007). "The CBRF Fellowships in Social Entrepreneurship at Harvard University" (PDF). Harvard University Center for Public Leadership. Retrieved November 24, 2013.
  26. ↑ "Museum receives largest-ever gift". Billings Gazette. 9 June 2007.
  27. ↑ Argetsinger, Amy (July 6, 2007). "Reynolds: T. for Me? Aww, Fangs". The Washington Post.
  28. ↑ David Polek and Todd Dayton (December 1, 2003). "America's Top Givers" (PDF). BusinessWeek. Retrieved November 23, 2013.
  29. ↑ Mike Wallace. "Who is Catherine Reynolds". www.cbsnews.com. Retrieved 2002-12-15.
  30. ↑ Georgetown University (May 2007). "Georgetown University 2007 Commencement" (PDF). Georgetown University. Retrieved November 24, 2013.
  31. ↑ "Washingtonians of the Year 2011: Catherine Reynolds". www.washingtonian.com. 11 January 2012.
  32. ↑ "General Dynamics Board of Directors".
  33. ↑ "Lindblad Expeditions Board of Directors".
  34. ↑ Koe, Tingmin (May 31, 2022). "'Now is the time': Moderna co-founder and nutra experts on why delivery system innovation is key for industry growth". NutraIngredients-Asia.
  35. ↑ "Keel Authenticated for First Flight III Arleigh Burke-Class Destroyer". Seapower Staff. November 12, 2019.
  36. ↑ "Navy destroyer USS Jack H. Lucas christened in Pascagoula". Hattiesburg American. March 26, 2022.
  37. ↑ "President Donald J. Trump Announces Great American Economic Revival Industry Groups". whitehouse.gov – via National Archives.
  38. ↑ "Most Powerful Women in Washington 2023". Washingtonian Media Inc. October 2, 2023.
  39. ↑ Washington Post (February 10, 2002). "Philanthropist, Frustrated with Museum Dealings, Halts Donation to Smithsonian" (PDF). The Washington Post. Retrieved November 24, 2013.
  40. ↑ Ann Geracimos (December 7, 2002). "Kennedy Center gets largest donation-Philanthropist gives $100 million" (PDF). The Washington Times. Retrieved November 22, 2013.
  41. ↑ Paley, Valerie Strauss and Amit R. (2007-07-24). "Senate Seeks Student Loan Firm's Data". The Washington Post . ISSN   0190-8286 . Retrieved 2021-01-05.
  42. ↑ Paley, Amit R. (2007-07-19). "Nonprofit Student Lenders Scrutinized". The Washington Post . ISSN   0190-8286 . Retrieved 2021-01-05.
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