EduCap

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EduCap
Formation 1987
Type Non-profit organization
Purpose/focus Education Finance and Philanthropy
Location Washington, D.C.
Chairman Catherine B. Reynolds

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[1][edit]

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

Operations[edit]

Catherine B. Reynolds Foundation[edit]

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, to Wells Fargo Bank. Since its creation, the Catherine B. Reynolds Foundation has donated more than $100 million to beneficiaries in the performing arts, education, and community services.

Mission[edit]

The Catherine B. Reynolds Foundation strives to make a difference in its creative approach to philanthropy. The foundation has provided gifts to an array of causes, including: the [2]D.C. College Access Program, the [3][4][5][6][7][8][9] John F. Kennedy Center for the Performing Arts, the [10][11][12][13]National Gallery of Art, [14][15][16]Ford’s Theatre Society, [17]Dance Theatre of Harlem, America’s Promise, the [18]Blair House Restoration Fund, Inova Fairfax Hospital, the [19][20]National Geographic Society, the [21]National Symphony Orchestra, [22]N Street Village, Green Door, Teach for America, Jill’s House, [23]Marine Corps Scholarship Foundation, the Sunlight Foundation, Capital Area Food Bank, Close Up Foundation, the Washington Metropolitan Scholars, the U.S. Supreme Court Historical Society, the Laura Bush Foundation for America’s Libraries, the Ronald Reagan Presidential Library, the William J. Clinton Presidential Library, the [24]MIT YouPitch Entrepreneurship Competition, the American Academy of Achievement, and the Reynolds Fellows for Social Entrepreneurship at [25][26][27][28][29]NYU and [30][31][32][33]Harvard University.

Catherine B. Reynolds[34][35][36][edit]

Catherine B. Reynolds was selected by [37]Businessweek magazine as one of the 50 most philanthropic living Americans and was the first self-made woman to make their list. 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 [2]D.C. College Access Program, [17]Dance Theatre of Harlem, Inova Fairfax Hospital Foundation, National Geographic International Advisory Council, and the American Academy of Achievement. 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. Catherine Reynolds has received honorary degrees from [38]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. In 2011, Washingtonian magazine[39][40][41][42]named Catherine Reynolds one of its “Washingtonians of the Year” for her philanthropic work.

Criticism[edit]

In 2003, the CBS program “60 Minutes” reported that Catherine Reynolds withdrew a donation of [43][44]$38 million from the Smithsonian Institution following criticism of a proposal for a Hall of Achievement exhibition. The Catherine B. Reynolds Foundation instead pledged [4][45][46][47]$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 IV aircraft.

References[edit]

  1. ^ Leslie Brokaw (Spring 2006). "The Woman Who Wants to Fix the Future". NRTA. Retrieved November 24, 2013. 
  2. ^ a b Deneen Brown (June 10, 2012). "The ‘new’ Washington dinner party". The Washington Post Magazine. Retrieved November 24, 2013. 
  3. ^ Barbara Matusow (January 2002). "Let Me Entertain You". Washingtonian. Retrieved November 22, 2013. 
  4. ^ a b Jacqueline Trescott and Roxanne Roberts (December 7, 2002). "Record Gift for Kennedy Center". The Washington Post. Retrieved November 22, 2013. 
  5. ^ Tim Smith (November 18, 2002). "In D.C., ‘Carmen Jones’ was simply irresistible". The Sun. Retrieved November 22, 2013. 
  6. ^ The Washington Times (December 1, 2001). "$10 million gift a ‘dream’ for KenCen". The Washington Times. Retrieved November 22, 2013. 
  7. ^ J. Wynn Rousuck (December 6, 2001). "Classic tale gets a breath of fresh air: Rendition: In ‘Ebenezer!’ the Spotlighters Theatre adds a few new, lively touches to Dickens’ ‘A Christmas Carol.’". The Sun. Retrieved November 22, 2013. 
  8. ^ Jean Battey Lewis (June 8, 2002). "Bolshoi is Back-Troupe brings revamped ‘Swan’ to KenCen". The Washington Times. Retrieved November 22, 2013. 
  9. ^ Kennedy Center Development Office. "Donors Make A Difference". Kennedy Center News. Retrieved January 13, 2014. 
  10. ^ Ann Geracimos and Kevin Chaffee (March 11, 2002). "Evening for admiring Goya’s ‘Women’". The Washington Times. Retrieved November 24, 2013. 
  11. ^ Joanna Shaw-Eagle (October 20, 2001). "Reclining Vitality of Sculptor’s Works". The Washington Times. Retrieved November 24, 2013. 
  12. ^ Deseret News (April 11, 2004). "Mayans’ ‘Courtly Art’ is at National Gallery". Deseret News. Retrieved November 24, 2013. 
  13. ^ The Washington Post (April 3, 2005). "Toulouse-Lautrec: Parisian Party Animal". The Washington Post. Retrieved November 24, 2013. 
  14. ^ US Newswire (February 12, 2007). "Historians David Herbert Donald, Doris Kearns Goodwin Awarded 2007 Ford’s". U.S. Newswire. Retrieved November 24, 2013. 
  15. ^ Jabeen Bhatti (March 6, 2002). "Leaders unite at ‘Celebration’". The Washington Times. Retrieved November 24, 2013. 
  16. ^ Staff Writer (July 19, 2012). "Teachers to Attend Civil War Institute". Arlington Sun Gazette. Retrieved November 24, 2013. 
  17. ^ a b Associated Press (April 6, 2005). "Philanthropist Catherine Reynolds to head Dance Theatre of Harlem’s board". Associated Press Archive. Retrieved November 24, 2013. 
  18. ^ Washington Times (October 2002). "Key fund-raiser for Blair House". Washington Times. Retrieved November 24, 2013. 
  19. ^ Falmouth Bulletin (May 31, 2011). "WHOI scholar recognized by National Geographic". Cape Codder. Retrieved November 24, 2013. 
  20. ^ Targeted News Service (May 17, 2011). "National Geographic Announces its Emerging Explorers for 2011". Targeted News Service. Retrieved November 24, 2013. 
  21. ^ T.L. Ponick (December 11, 2003). "New life, big stage for Iraqi Symphony". The Washington Times. Retrieved November 22, 2013. 
  22. ^ Denise Barnes (September 18, 2003). "Nonprofit offers safe haven, chances to homeless women". The Washington Times. Retrieved November 24, 2013. 
  23. ^ Emily Sweeney (April 17, 2013). "Marine Corps Scholarship Foundation Honors Community and Military Leaders at Annual New York Leatherneck Ball". Business Wire. Retrieved November 24, 2013. 
  24. ^ Close-Up Media (May 12, 2012). "ClouTop Garners Robert P. Goldberg Grand Prize at MIT $100K Entrepreneurship Competition". Close-Up Media. Retrieved November 24, 2013. 
  25. ^ Targeted News Service (September 17, 2011). "In Pasteur’s Quadrant: Innovation and Research at NYU". Targeted News Service. Retrieved November 24, 2013. 
  26. ^ Sarah Portlock (May 9, 2006). "NYU recognizes first class of Reynolds scholars". Washington Square News. Retrieved November 24, 2013. 
  27. ^ Sarah Malanga (November 7, 2006). "NYU challenge aims to encourage social change". Washington Square News. Retrieved November 24, 2013. 
  28. ^ Anam Mansuri (October 16, 2006). "Speakers challenge NYU students to become social entrepreneurs". Washington Square News. Retrieved November 24, 2013. 
  29. ^ Rachel Slaff (October 3, 2007). "Scholarship awards social, global aspirations". Washington Square News. Retrieved November 24, 2013. 
  30. ^ Susan Rice (December 8, 2005). "Promoting Leadership for the Common Good". Business Wire. Retrieved November 23, 2013. 
  31. ^ Harvard University (November 2005). "Harvard University Fellowships". Harvard University ReSources. Retrieved November 24, 2013. 
  32. ^ Administrator (July 2, 2007). "CPL Announces Reynolds Foundation Fellows for 2007-2008". The Center for Public Leadership. Retrieved November 24, 2013. 
  33. ^ Harvard University (2007). "The CBRF Fellowships in Social Entrepreneurship at Harvard University". Harvard University Center for Public Leadership. Retrieved November 24, 2013. 
  34. ^ Ann Tsang and Virginia Ngai (2006). "Catherine B. Reynolds:Peninsula Magazine Profile". The Peninsula Magazine. Retrieved November 24, 2013. 
  35. ^ Dominick Dunne (July 2003). "Dominick Dunne’s Diary". Vanity Fair. Retrieved November 24, 2013. 
  36. ^ Susan Watters (February 2002). "The Rap on Reynolds". W Magazine. Retrieved November 24, 2013. 
  37. ^ David Polek and Todd Dayton (December 1, 2003). "America’s Top Givers". BusinessWeek. Retrieved November 23, 2013. 
  38. ^ Georgetown University (May 2007). "Georgetown University 2007 Commencement". Georgetown University. Retrieved November 24, 2013. 
  39. ^ Washingtonian (January 2012). "2011 Washingtonians of the Year". Washingtonian. Retrieved November 24, 2013. 
  40. ^ Mary Yarrison and Leslie Milk (November 2013). "2013 Most Powerful Women". Washingtonian. Retrieved November 24, 2013. 
  41. ^ Leslie Milk (October 2009). "Woman Power". Washingtonian. Retrieved November 24, 2013. 
  42. ^ Staff Writers (October 2007). "Washingtonian Super Power-150 Most Influential". Washingtonian. Retrieved November 24, 2013. 
  43. ^ Washington Post (February 10, 2002). "Philanthropist, Frustrated with Museum Dealings, Halts Donation to Smithsonian". The Washington Post. Retrieved November 24, 2013. 
  44. ^ Associated Press (March 21, 2002). "Ties That Bind". The Chronicles of Philanthropy. Retrieved November 24, 2013. 
  45. ^ ASSOCIATED PRESS Lewis (December 7, 2002). "Gift to Kennedy Center sets record". The News and Observer. Retrieved November 22, 2013. 
  46. ^ Ann Geracimos (December 7, 2002). "Kennedy Center gets largest donation-Philanthropist gives $100 million". The Washington Times. Retrieved November 22, 2013. 
  47. ^ Associated Press (January 22, 2003). "New buildings envisioned for Kennedy Center, walkway to downtown". Associated Press Archive. Retrieved November 22, 2013. 

External links[edit]