2022-11-04T13:43:18-05:00 2022-06-30 810385940 ANDERSON ZURMUEHLEN & CO PC PO BOX 1040 HELENA MT 59624 990 2021-07-01 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 PO BOX 5209 HELENA MT 59604 MICHAEL GREEN PRESIDENT 4064957800 2022-10-28 1 MICHAEL GREEN 999009999 LAURA CRAFT CPA P01713487 4064421040 2022-09-26 3 AAL1 IAL1 2021 2022-09-23 18:48:47Z MICHAEL GREEN PO BOX 5209 HELENA MT 59604 16668566 0 X WWW.MHESAC.ORG X 1980 MT DEDICATED TO HELPING MONTANA CITIZENS FINANCE AND STRATEGICALLY PURSUE EDUCATIONAL OPPORTUNITIES. 7 7 0 71 0 0 618155 1009124 15662741 13842275 169186 196215 0 0 16450082 15047614 487472 887813 0 0 12600 12600 0 0 0 16151960 15417455 16652032 16317868 -201950 -1270254 535782585 454297151 450667713 370977974 85114872 83319177 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 13397854 13842275 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 $457 THOUSAND FOR 6,711 BORROWERS IN FISCAL YEAR 2022. $54 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. 928787 97181 REACH HIGHER MONTANA PROVIDES FINANCIAL AND IN-KIND SUPPORT ACROSS THE STATE, INCLUDING MONTANA COLLEGE ATTAINMENT NETWORK, SPONSORSHIP OF A VARIETY OF PROGRAMS, AND LEADS THE MONTANA YOUTH APPRENTICESHIP PARTNERSHIP AND THE MONTANA WORK-BASED LEARNING COLLABORATIVE. 786626 REACH HIGHER MONTANA OUTREACH STAFF SERVED 32,187 MONTANA STUDENTS THROUGH COLLEGE AND CAREER OUTREACH, SCHOLARSHIP WORKSHOPS, SERVICES FOR YOUTH IN FOSTER CARE, DUAL ENROLLMENT AND CAREER FAIRS. 822336 790632 IN FISCAL YEAR 2022, REACH HIGHER MONTANA DELIVERED SCHOLARSHIPS AND GRANTS TO 844 MONTANA STUDENTS 822336 790632 15935603 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 22 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 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 610 HELENA MT 59601 KIMBERLY CUNNINGHAM DIRECTOR MHESAC,DIRECTOR-CHAIR SAF 1.00 3.00 X 1800 1800 0 TERRY COSGROVE DIRECTOR MHESAC,DIRECTOR SAF 1.00 1.00 X 1800 1800 0 MICHAEL GREEN DIRECTOR-CHAIR & OFFICER-PRESIDENT 3.00 X X 1800 0 0 GEORGE S OLSEN DIRECTOR&OFFICER-SECRETARY/TREASURER 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 WENDY WIGERT DIRECTOR 1.00 X 1800 0 0 SCOTT TODOROVICH CEO MHESAC,PRESIDENT/CEO SAF 1.00 40.00 X 0 179680 28908 JOLENE SELBY CFO MHESAC,VICE PRESIDENT SAF 18.00 24.00 X 0 161756 35941 KELLY CRESSWELL EXECUTIVE DIR MHESAC,VICE PRES SAF 40.00 1.00 X 0 141531 9303 RON MUFFICK OFFICER VICE-PRESIDENT 1.00 X 0 0 0 12600 486567 74152 0 0 1 0 STUDENT ASSISTANCE FOUNDATION PO BOX 5209 HELENA MT 59604 MGMT & LOAN SERVICES, PROGRAMS DELIVERY 4457247 1 837645 171479 943 1009124 INTEREST & SPECIAL ALLOWANCE 611710 13769404 13769404 UNCOLLECTIBLE ACCOUNTS 611710 69041 69041 LOAN PURCHASE DISCOUNT AMORTIZATI 611710 3830 3830 13842275 152493 152493 1664674 1620952 43722 43722 43722 15047614 13842275 0 196215 97181 97181 790632 790632 12600 12600 2084832 2084832 885 837 48 1096 1096 26277 26277 1449890 1167992 281898 110561 110550 11 92869 60599 32270 48952 40879 8073 148514 144126 4388 67356 65718 1638 5495608 5495608 1701928 1696756 5172 49240 28419 20821 CONSOLIDATION LOAN FEES 3973745 3973745 PROGRAM COSTS 95021 95021 DUES & SUBSCRIPTIONS 36895 22645 14250 LENDER LOAN AND INCENTI 29157 29157 4629 4629 16317868 15935603 382265 0 859383 1392789 17187119 19407873 11810833 12732173 7711073 7016281 14052 481445028 397583723 16755097 16164312 535782585 454297151 2207707 1809764 448460006 369168210 450667713 370977974 X 85114872 83319177 85114872 83319177 535782585 454297151 -1270254 -525441 0 X X 0 1 X 1 1 1 X 272473 394952 463546 618155 1009124 2758250 29583997 30983487 23273739 15662741 13842275 113346239 29856470 31378439 23737285 16280896 14851399 116104489 0 0 0 116104489 149078 574966 473442 165676 152493 1515655 149078 574966 473442 165676 152493 1515655 30005548 31953405 24210727 16446572 15003892 117620144 0.98710 0.98650 0.01290 0.01350 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 923 923 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. $923 LABOR - $0 825123 -56472 4000 764651 658038 170699 3614 825123 656646 3887 2495 658038 650949 5697 656646 647605 3344 650949 1.00000 0 0 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 397583723 C 397583723 14437600 -525442 10746 -514696 14952296 26277 69041 95318 15047614 16233296 10746 10746 16222550 26277 69041 95318 16317868 PART V, LINE 4: FUNDS TO BE USED FOR PROGRAMS. PART XI, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS 69,041. PART XII, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS 69,041. 1 MONTANA CHAMBER FOUNDATION PO BOX 1730 HELENA MT 59624 237059679 501(C)(3) 6625 0 SPONSORSHIPS OF BUSINESS DAY, GOVERNORS CUP, TRADESHOW MONTANA COLLEGE ATTAINMENT NETWORK PO BOX 7761 MISSOULA MT 59807 472842256 501(C)(3) 8000 0 ORGANIZATION SUPPORT GRANT AND CONFERENCE SPONSORSHIP GOVERNOR'S OFFICE OF COMMUNITY SERVICE PO BOX 200801 HELENA MT 59620 810302402 GOVERNMENT 50000 0 YOUTH SERVICE MONTANA SCHOLARSHIPS MONTANA FFA FOUNDATION 502 S 19TH AVE SUITE 113 BOZEMAN MT 59718 311664117 501(C)(3) 15000 0 SPONSOR CAREER SESSIONS AT STATE CONVENTION MISSOULA COLLEGE 1205 E BROADWAY MISSOULA MT 59802 816001713 GOVERNMENT 7500 0 DUAL ENROLLMENT SUMMIT MONTANA SCHOOL COUNSELOR ASSOCIATION PO BOX 885 DEER LODGE MT 59807 204144893 501(C)(3) 5056 0 SPONSORSHIP OF ORGANIZATION 6 0 FOSTER CARE - ETV 71 284647 REACH HIGHER MONTANA SCHOLARSHIPS 80 80000 PRIVATE FOSTER CARE SCHOLARSHIPS 8 8000 DUAL ENROLLMENT SCHOLARSHIPS 3 5062 DESIGN A STICKER SCHOLARSHIP 10 8000 JUDY MARTZ SCHOLARSHIP 3 5000 HORSE CREEK SCHOLARSHIPS 5 7500 FOSTER CARE-ADDITIONAL FUNDS TO ASSIST YOUTH DUE TO IMPACT OF COVID 19 91 380547 11876 COST FUNDS TO ASSIST YOUTH DUE TO COVID 19 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,PRESIDENT/CEO SAF 0 169390 0 0 0 10290 0 11110 0 17798 0 208588 0 0 JOLENE SELBY CFO MHESAC,VICE PRESIDENT SAF 0 154373 0 0 0 7383 0 10475 0 25466 0 197697 0 0 KELLY CRESSWELL EXECUTIVE DIR MHESAC,VICE PRES SAF 0 141531 0 0 0 0 0 8519 0 784 0 150834 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