2021-11-02T16:32:04-05:00 2021-06-30 810385940 ANDERSON ZURMUEHLEN & CO PC PO BOX 1040 HELENA MT 59624 990 2020-07-01 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 PO BOX 5209 HELENA MT 59604 MICHAEL GREEN PRESIDENT 4064957800 2021-09-29 1 MICHAEL GREEN 999009999 AMBER N DUSHIN CPA P01548873 4064421040 2021-09-29 2 AAL1 IAL1 2020 2022-09-23 18:48:47Z MICHAEL GREEN PO BOX 5209 HELENA MT 59604 18065216 0 X WWW.MHESAC.ORG X 1980 MT DEDICATED TO HELPING MONTANA CITIZENS FINANCE AND STRATEGICALLY PURSUE EDUCATIONAL OPPORTUNITIES. 7 7 0 50 0 0 463546 618155 23273739 15662741 473442 169186 0 0 24210727 16450082 506829 487472 0 0 12600 12600 0 0 0 25237920 16151960 25757349 16652032 -1546622 -201950 593255692 535782585 507899623 450667713 85356069 85114872 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 14383275 15662741 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 $548 THOUSAND FOR 7,918 BORROWERS IN FISCAL YEAR 2021. $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. 826437 101000 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. 742432 REACH HIGHER MONTANA OUTREACH STAFF SERVED 15,051 MONTANA STUDENTS THROUGH COLLEGE AND CAREER OUTREACH, SCHOLARSHIP WORKSHOPS, SERVICES FOR YOUTH IN FOSTER CARE, DUAL ENROLLMENT AND CAREER FAIRS. 393572 386472 IN FISCAL YEAR 2021, REACH HIGHER MONTANA DELIVERED SCHOLARSHIPS AND GRANTS TO 458 MONTANA STUDENTS. 393572 386472 16345716 1 1 0 1 0 0 0 0 0 1 0 0 1 0 0 1 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 9 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 KIM 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 CLAYTON CHRISTIAN EX OFFICIO DIRECTOR 1.00 X 0 0 0 SCOTT TODOROVICH CEO MHESAC,PRESIDENT/CEO SAF 1.00 39.00 X 0 219950 30769 JOLENE SELBY CFO MHESAC,VICE PRESIDENT SAF 16.00 25.00 X 0 210901 38146 KELLY CRESSWELL EXECUTIVE DIR MHESAC,VICE PRES SAF 39.00 1.00 X 0 179577 11584 RON MUFFICK OFFICER VICE-PRESIDENT 1.00 X 0 0 0 12600 614028 80499 0 0 1 0 STUDENT ASSISTANCE FOUNDATION PO BOX 5209 HELENA MT 59604 MGMT & LOAN SERVICES, PROGRAMS DELIVERY 4776743 1 486164 131991 2246 618155 INTEREST & SPECIAL ALLOWANCE 611710 15616796 15616796 UNCOLLECTIBLE ACCOUNTS 611710 42873 42873 LOAN PURCHASE DISCOUNT AMORTIZATI 611710 3072 3072 15662741 165676 165676 1618644 1615134 3510 3510 3510 16450082 15662741 0 169186 101000 101000 386472 386472 12600 12600 2202760 2202760 24 24 516 516 27038 27038 120703 120703 104306 104300 6 87533 59074 28459 57195 39587 17608 36870 35840 1030 103828 103407 421 5765558 5765558 1690463 1686702 3761 53593 32916 20677 INCOME TAX -1134 -1134 CONSOLIDATION LOAN FEES 4594114 4594114 CONTRACT LABOR 1123091 906747 216344 PROGRAM COSTS 116418 116418 69084 64214 4870 16652032 16345716 306316 0 1622890 859383 19025867 17187119 10580018 11810833 7540937 7711073 45987 14052 539153032 481445028 15286961 16755097 593255692 535782585 2334242 2207707 505565381 448460006 507899623 450667713 X 85356069 85114872 85356069 85114872 593255692 535782585 -201950 -39247 0 X X 0 1 X 1 0 X 937331 272473 394952 463546 618155 2686457 28192935 29583997 30983487 23273739 15662741 127696899 29130266 29856470 31378439 23737285 16280896 130383356 0 0 0 130383356 424352 149078 574966 473442 165676 1787514 424352 149078 574966 473442 165676 1787514 29554618 30005548 31953405 24210727 16446572 132170870 0.98650 0.98670 0.01350 0.01330 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 0 0 1 284 284 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. $284 658038 170699 3614 825123 656646 3887 2495 658038 650949 5697 656646 647605 3344 650949 645448 2157 647605 1.00000 0 0 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 481445028 C 481445028 X 16367422 -39247 26498 -12749 16380171 27038 42873 69911 16450082 16608619 26498 26498 16582121 27038 42873 69911 16652032 PART V, LINE 4: FUNDS TO BE USED FOR PROGRAMS. PART X, LINE 2: MHESAC IS A NOT-FOR-PROFIT CORPORATION EXEMPT FROM TAXATION UNDER INTERNAL REVENUE CODE SECTION 501(C)(3). ON DECEMBER 22, 2017, THE TAX CUTS AND JOBS ACT WAS SIGNED INTO LAW. INCLUDED IN THIS BILL WAS A PROVISION THAT SPECIFIED THAT AMOUNTS INCURRED FOR CERTAIN QUALIFIED TRANSPORTATION BENEFITS, INCLUDING QUALIFIED PARKING, WERE NOT DEDUCTIBLE, EVEN BY NOT-FOR-PROFITS. THE RHM OFFICES ARE LOCATED IN AN AREA WHERE PAID PARKING IS REQUIRED AND THE COMPANY HAS PROVIDED PARKING PASSES TO THE CONTRACT SAF EMPLOYEES THAT WORK AT THAT SITE. THIS AMOUNT WAS SUBJECT TO UNRELATED BUSINESS INCOME TAX. ON DECEMBER 20, 2019, THE TAXPAYER CERTAINTY AND DISASTER TAX RELIEF ACT RETROACTIVELY REPEALED THE 2017 TAX PROVISION AND PROVIDED FOR TAX-EXEMPT ORGANIZATIONS TO CLAIM A REFUND FOR TAX PAID RELATED TO QUALIFIED PARKING. MHESAC HAS CLAIMED THEIR REFUND. PART XI, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS 42,873. PART XII, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS 42,873. 1 MONTANA CHAMBER FOUNDATION PO BOX 1730 HELENA MT 59624 237059679 501(C)(3) 10000 ENVISION 2025 MONTANA COLLEGE ATTAINMENT NETWORK PO BOX 7761 MISSOULA MT 59807 472842256 501(C)(3) 5000 ORGANIZATION SUPPORT GRANT ALBERTON JOINT SCHOOL DISTRICT #2 PO BOX 330 ALBERTON MT 59820 816000656 GOVERNMENT 5000 COMMUNITY GRANT BILLINGS PUBLIC SCHOOLS 415 N 30TH ST BILLINGS MT 59101 816001088 GOVERNMENT 10000 MT YOUTH APPRENTICE SUBGRANT-TECHNICAL ASSISTANCE AND STUDENT OUTREACH GOVERNOR'S OFFICE OF COMMUNITY SERVICE PO BOX 200801 HELENA MT 59620 810302402 GOVERNMENT 50000 YOUTH SERVICE MONTANA SCHOLARSHIPS MONTANA COOPERATIVE DEVELOPMENT CENTER 12 3RD ST NW SUITE 110 GREAT FALLS MT 59403 200436490 501(C)(3) 10000 MONTANA YOUTH APPRENTICE SUBGRANT-COMMUNITY CAPACITY BUILDING MONTANA FFA FOUNDATION 502 S 19TH AVE SUITE 113 BOZEMAN MT 59718 311664117 501(C)(3) 6000 SPONSOR CAREER SESSIONS AT STATE CONVENTION MONTANA POST SECONDARY EDUCATION OPPORTUNITY COUNCIL PO BOX 7458 MISSOULA MT 59807 810458218 501(C)(3) 5000 SPONSORSHIP INCLUDING COLLEGE FAIRS, COUNSELOR UPDATE, AND SUMMER CONFERENCE 8 0 FOSTER CARE - ETV 66 268129 REACH HIGHER MONTANA SCHOLARSHIPS 81 80000 PRIVATE FOSTER CARE SCHOLARSHIPS 4 4000 DUAL ENROLLMENT SCHOLARSHIPS 3 5601 DESIGN A STICKER SCHOLARSHIP 7 7000 JUDY MARTZ SCHOLARSHIP 6 5000 SENIOR SEND OFF SCHOLARSHIP 10 10000 PROVISION FOR SHELTER, TUITION, AND EDUCATIONAL SUPPLIES FOR FOSTER CARE STUDENTS 9 6742 SCHEDULE I; PART III A REACH HIGHER MONTANA DELIVERS FUNDS TO THE STUDENTS THROUGH ITS REACH HIGHER MONTANA SCHOLARSHIPS. THESE AWARDS ARE $1,000 EACH, AND THE INTENT OF THE PROGRAM IS TO AWARD 30 SCHOLARSHIPS TO HIGH SCHOOL SENIORS AND 50 SCHOLARSHIPS TO CONTINUING COLLEGE STUDENTS. REACH HIGHER MONTANA SCHOLARSHIPS ARE AWARDED BASED ON APPLICATIONS SUBMITTED BY STUDENTS. STUDENT ENROLLMENT IS VERIFIED AND CHECKS ARE ISSUED TO SCHOOLS IN THE STUDENT'S NAME. THE CASH AMOUNT IS LESS DUE TO THE RETURN OF FUNDS FROM PRIOR YEAR RECIPIENTS. 0 0 0 0 0 0 0 0 0 SCOTT TODOROVICH CEO MHESAC,PRESIDENT/CEO SAF 0 173702 0 38750 0 7498 0 13531 0 17238 0 250719 0 0 JOLENE SELBY CFO MHESAC,VICE PRESIDENT SAF 0 160943 0 42575 0 7383 0 13415 0 24731 0 249047 0 0 KELLY CRESSWELL EXECUTIVE DIR MHESAC,VICE PRES SAF 0 146777 0 32800 0 0 0 10802 0 782 0 191161 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 0 0 1 0 0 1 0 0 0