EduCap explained

EduCap
Formation:1987
Type:Non-profit organization
Purpose:Education Finance and Philanthropy
Location:Washington, D.C.
Leader Title:Chairman
Leader Name:Catherine B. Reynolds
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.

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. 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 D.C. College Access Program, 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]

External links

Notes and References

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

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