2023-11-06T10:13:23-06:00 2023-06-30 480567703 KCOE ISOM LLP 828 GREAT NORTHERN BOULEVARD HELENA MT 59601 990 2022-07-01 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 PO BOX 5209 HELENA MT 59604 MICHAEL GREEN PRESIDENT 4064957800 2023-10-06 1 MICHAEL GREEN 999009999 0 LAURA CRAFT P01713487 4064421040 2023-10-05 3 AAL1 IAL1 2022 2023-04-26 12:10:37Z MICHAEL GREEN PO BOX 5209 HELENA MT 59604 25883878 0 X WWW.MHESAC.ORG X 1980 MT DEDICATED TO HELPING MONTANA CITIZENS FINANCE AND STRATEGICALLY PURSUE EDUCATIONAL OPPORTUNITIES. 8 8 0 80 0 0 1009124 689370 13842275 22556943 196215 741609 0 0 15047614 23987922 887813 522452 0 0 12600 14400 0 0 0 15417455 25494071 16317868 26030923 -1270254 -2043001 454297151 381209209 370977974 300020864 83319177 81188345 X MHESAC OFFERS BORROWER BENEFITS IN THE FORM OF PRINCIPAL AND INTEREST RATE REDUCTIONS TO EXISTING STUDENT LOAN BORROWERS. ITS REACH HIGHER MONTANA (RHM) PROGRAMS CORE AREAS OF FOCUS ARE DUAL ENROLLMENT SUPPORT, STUDENT SERVICES, NETWORK SUPPORT AND OUTREACH. 0 0 23366679 22556943 ACQUISITION AND SERVICING OF GUARANTEED STUDENT LOANS AS A SECONDARY STUDENT LOAN MARKET FOR THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). BENEFITS PROVIDED TO BORROWERS THROUGH REBATE, INCENTIVE, AND RATE REDUCTION PROGRAMS TOTALED $352 THOUSAND FOR 5,692 BORROWERS IN FISCAL YEAR 2023. $55 MILLION IN BENEFITS HAVE BEEN PROVIDED TO BORROWERS SINCE INCEPTION OF BORROWER BENEFIT PROGRAMS IN 1996. SINCE INCEPTION, MHESAC HAS PROVIDED MORE THAN $3.7 BILLION IN STUDENT LOANS TO OVER 241,000 BORROWERS. 1102350 95000 REACH HIGHER MONTANA HELPS HIGH SCHOOL STUDENTS WITH CAREER AND POSTSECONDARY EXPLORATION, PROVIDES FINANCIAL AND IN-KIND SUPPORT ACROSS THE STATE, SPONSORS CAREER AND TECHNICAL EDUCATION PROGRAMS, AND LEADS THE MONTANA WORK-BASED LEARNING COLLABORATIVE. 759414 REACH HIGHER MONTANA OUTREACH STAFF SERVED OVER 25,000 MONTANA STUDENTS THROUGH COLLEGE AND CAREER OUTREACH, SCHOLARSHIP WORKSHOPS, SERVICES FOR YOUTH IN FOSTER CARE, DUAL ENROLLMENT AND CAREER FAIRS. 436259 427452 IN FISCAL YEAR 2023, REACH HIGHER MONTANA DELIVERED SCHOLARSHIPS AND GRANTS TO 700 MONTANA STUDENTS. 436259 427452 25664702 1 1 0 1 0 0 0 0 0 1 0 0 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 1 18 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 1 1 0 0 0 1 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X THE ORGANIZATION 4064957800 7 W 6TH AVE SUITE 2B HELENA MT 59601 KIMBERLY CUNNINGHAM DIR MHESAC, DIR - BOARD CHAIR SAF 1.00 3.00 X 1800 1800 0 TERRY COSGROVE DIR MHESAC, DIR SAF 1.00 1.00 X 1800 1800 0 MICHAEL GREEN DIR-CHAIR & OFF-PRES 3.00 X X 1800 0 0 GEORGE S OLSEN DIR & OFF-SEC/TREAS 3.00 X X 1800 0 0 SHANNON STOBER DIRECTOR - VICE CHAIR 1.00 X 1800 0 0 BRIANNE ROGERS DIRECTOR 1.00 X 1800 0 0 JOYCE DOMBROUSKI DIRECTOR - STARTED 7/1/2022 1.00 X 900 0 0 WENDY WIGERT DIRECTOR 1.00 X 1800 0 0 SCOTT TODOROVICH CEO MHESAC, PRES/CEO SAF 1.00 39.00 X 0 254312 38450 JOLENE SELBY CFO MHESAC, VP SAF 16.00 27.00 X 0 208272 32741 KELLY CRESSWELL EXEC DIR MHESAC, VP SAF 41.00 1.00 X 0 167840 18589 CRYSTINE MILLER OFFICER - VP STARTED 10/26/22 1.00 X 0 0 0 RON MUFFICK OFFICER -VP DONE 6/30/22 1.00 X 0 0 0 13500 634024 89780 0 0 1 0 STUDENT ASSISTANCE FOUNDATION PO BOX 5209 HELENA MT 59604 MGMT & LOAN SERVICES, PROGRAMS DELIVERY 4147432 KINTETIC WEST LLC 9238 25TH AVE NW SEATTLE WA 98117 CONSULTANT FOR MONTANA WORK-BASED LEARNI 200000 2 377103 312267 689370 INTEREST & SPECIAL ALLOWANCE 611710 22917057 22917057 UNCOLLECTIBLE ACCOUNTS 611710 46759 46759 LOAN PURCHASE DISCOUNT AMORTIZATI 611710 4123 4123 BOND REPURCHASE 611710 -410996 -410996 22556943 726821 726821 1910744 1895956 14788 14788 14788 23987922 22556943 0 741609 95000 95000 427452 427452 14400 14400 2157079 2157079 2120 2120 6564 6000 564 22822 22822 1555827 1285321 270506 101013 100974 39 81500 49362 32138 38561 31088 7473 171143 166149 4994 73430 71976 1454 16367540 16367540 1454629 1450195 4434 45750 25592 20158 CONSOLIDATION LOAN FEES 3246657 3246657 PROGRAM COSTS 95521 95521 LENDER LOAN AND INCENTI 40872 40872 DUES & SUBSCRIPTIONS 29114 19053 10061 3929 3929 26030923 25664702 366221 0 1392789 1149421 19407873 16781779 12732173 13075436 7016281 6888277 397583723 327304819 16164312 16009477 454297151 381209209 1809764 1222638 369168210 298798226 370977974 300020864 X 83319177 81188345 83319177 81188345 454297151 381209209 -2043001 -87831 0 X X 0 1 X 1 0 X 394952 463546 618155 1009124 689370 3175147 30983487 23273739 15662741 13842275 22556943 106319185 31378439 23737285 16280896 14851399 23246313 109494332 0 0 0 109494332 574966 473442 165676 152493 726821 2093398 574966 473442 165676 152493 726821 2093398 31953405 24210727 16446572 15003892 23973134 111587730 0.98120 0.98710 0.01880 0.01290 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 735 0 1 540 1275 0 PART II-B, LINE 1: EDUCATION FINANCE COUNCIL - PORTION OF NONDEDUCTIBLE DUES PAID TO EDUCATION FINANCE COUNCIL THAT WERE ATTRIBUTABLE TO LOBBYING ACTIVITIES. MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION IS NOT INVOLVED IN THE MANAGEMENT OF, CONTROLLED BY OR RELATED TO THE EDUCATION FINANCE COUNCIL. $540 LABOR - $735 764651 41812 3720 802743 825123 -56472 4000 764651 658038 170699 3614 825123 656646 3887 2495 658038 650949 5697 656646 1.00000 0 0 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 327304819 C 327304819 23838349 -87831 7840 -79991 23918340 22822 46760 69582 23987922 25969182 7840 7840 25961342 22822 46759 69581 26030923 PART V, LINE 4: FUNDS TO BE USED FOR PROGRAMS. PART XI, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS 46,759. ROUNDING 1. PART XII, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS 46,759. 1 GOVERNOR'S OFFICE OF COMMUNITY SERVICE PO BOX 200801 HELENA MT 59620 810302402 GOVERNMENT 62500 0 YOUTH SERVICE MONTANA SCHOLARSHIPS MONTANA FFA FOUNDATION 502 S 19TH AVE SUITE 113 BOZEMAN MT 59718 311664117 501(C)(3) 15000 0 SPONSOR STATE CONVENTION AND FUSION CAREER SUMMIT HIGHLANDS COLLEGE 25 BASIN CREEK RD BUTTE MT 59701 816001654 GOVERNMENT 7500 0 DUAL ENROLLMENT SUMMIT MONTANA COOPERATIVE DEVELOPMENT CENTER PO BOX 3027 GREAT FALLS MT 59403 200436490 501(C)(3) 10000 0 INTERMEDIARY SERVICES FOR YOUTH APPRENTICESHIP 4 0 FOSTER CARE - ETV 53 191094 REACH HIGHER MONTANA SCHOLARSHIPS 80 160000 DUAL ENROLLMENT SCHOLARSHIPS 4 6862 WORK BASED LEARNING EXTERNSHIPS 7 7000 HORSE CREEK SCHOLARSHIPS 6 9000 FOSTER CARE-ADDITIONAL FUNDS TO ASSIST YOUTH DUE TO IMPACT OF COVID 19 21 34254 4294 COST HOUSING & HOUSEHOLD ITEMS SENIOR SEND OFF 18 11000 3948 COST ITEMS NEEDED POST HIGH-SCHOOL INCLUDING TOOLS FOR WORK OR SCHOOL AND ITEMS FOR SETTING UP A HOUSEHOLD. PART I, LINE 2: FOR STUDENT GRANTS, WE VERIFY THE STUDENT'S ENROLLMENT AND SEND CHECKS TO THE SCHOOL. MHESAC SUPPORT FOR OTHER ORGANIZATIONS IS GENERALLY IN THE FORM OF EVENT OR PROGRAM SPONSORSHIP. MHESAC ENSURES THAT THE EVENT AND PROGRAM TO WHICH GRANTS ARE PROVIDED ARE SCHEDULED AND TAKE PLACE AND THAT MHESAC/RHM IS RECOGNIZED AS PROMISED. SCHEDULE I; PART III COLUMN (B) THE NUMBER OF RECIPIENTS FOR EACH TYPE OF GRANT IS BASED ON A COUNT OF INDIVIDUAL NAMES RECEIVING THE ASSISTANCE. 0 0 0 0 0 0 0 0 0 SCOTT TODOROVICH CEO MHESAC, PRES/CEO SAF 0 179737 0 71220 0 3355 0 15667 0 22783 0 292762 0 0 JOLENE SELBY CFO MHESAC, VP SAF 0 171983 0 27300 0 8989 0 12889 0 19852 0 241013 0 0 KELLY CRESSWELL EXEC DIR MHESAC, VP SAF 0 146040 0 21800 0 0 0 10238 0 8351 0 186429 0 0 PART I, LINE 1A DOES NOT APPLY. PART I, LINE 1B DOES NOT APPLY PART I, LINE 3 DOES NOT APPLY JOLENE SELBY MHESAC CFO AND TOP FINANCIAL OFFICIAL NOTED CFO AND TOP FINANCIAL OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION 0 KIM CUNNINGHAM BOARD MEMBER NOTED BOARD MEMBER IS CHAIR ON STUDENT ASSISTANCE FOUNDATION BOARD 0 TERRY COSGROVE BOARD MEMBER NOTED BOARD MEMBER IS ON BOTH STUDENT ASSISTANCE FOUNDATION AND MHESAC BOARDS 0 SCOTT TODOROVICH MHESAC CEO AND TOP MANAGEMENT OFFICIAL NOTED CEO AND TOP MANAGEMENT OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION. 0 KELLY CRESSWELL OFFICER NOTED OFFICER IS ALSO AN OFFICER OF STUDENT ASSISTANCE FOUNDATION. 0 FORM 990, PART VI, SECTION A, LINE 2 THREE MHESAC OFFICERS: SCOTT TODOROVICH, JOLENE SELBY AND KELLY CRESSWELL WORK FOR THE SAME ORGANIZATION. TWO MHESAC BOARD MEMBERS: KIM CUNNINGHAM AND TERRY COSGROVE ARE ALSO ON THE STUDENT ASSISTANCE FOUNDATION BOARD. FORM 990, PART VI, SECTION A, LINE 3 STUDENT ASSISTANCE FOUNDATION IS A 509(A)(3)SUPPORTING ORGANIZATION ORGANIZED TO PROVIDE MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC), WITH ALL THE NECESSARY MANAGEMENT AND ADMINISTRATIVE SERVICES REQUIRED TO OPERATE MHESAC'S STUDENT LOAN PROGRAM, PERFORM ALL THE RESPONSIBILITIES UNDER THE INDENTURES, AND TO SERVICE ALL STUDENT LOANS OWNED BY MHESAC. FORM 990, PART VI, SECTION A, LINE 7A THE CHAIR OF THE BOARD OF REGENTS CAN APPOINT A VOTING MEMBER. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS MADE AVAILABLE TO THE FULL BOARD AND REVIEWED BY THE AUDIT COMMITTEE PRIOR TO FILING. THE AUDIT COMMITTEE PRESENTS THE RETURN TO THE FULL BOARD AT THE NEXT SCHEDULED MEETING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO DISCLOSE CONFLICTS OF INTEREST PRIOR TO PARTICIPATING IN THE DISCUSSION OF THE TOPIC. THE DISCLOSURE IS NOTED IN THE MINUTES. ALL VOTES HAVE TO BE CARRIED BY A MAJORITY OF DISINTERESTED PARTIES. FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DOES NOT INCUR COMPENSATION OR PAYROLL RELATED EXPENSES. BOARD MEMBERS ARE PAID HONORARIUMS ONLY AND REIMBURSED FOR TRAVEL EXPENDITURES. THE PROCESS FOR DETERMINING EXECUTIVE COMPENSATION BY THE STUDENT ASSISTANCE FOUNDATION, MHESAC'S MANAGEMENT COMPANY, IS AS FOLLOWS: WHEN EXECUTIVE AND OFFICER EMPLOYMENT CONTRACTS ARE RENEWED, THE SAF BOARD APPOINTS A COMPENSATION COMMITTEE TO REVIEW AND RECOMMEND COMPENSATION OF THE CEO FOR BOARD APPROVAL. THE SAF BOARD APPROVES ANY ANNUAL COST OF LIVING ADJUSTMENTS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE FROM THE COMPANY'S WEBSITE AND OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XII, LINE 2C - OVERSITE OF AUDIT THE PROCESS FOR THE OVERSIGHT RESPONSIBILITY OF THE AUDIT HAS NOT CHANGED AND IS CONSISTENT WITH PRIOR YEARS. STUDENT ASSISTANCE FOUNDATION OF MONTANA PO BOX 5209 HELENA MT 59604 810527529 PROVIDE MANAGEMENT, STUDENT LOAN SERVICING & PROGRAMS DELIVERY MT 501(C)(3) 11A N/A 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 0 0