2020-10-22T15:36:36-05:00 2020-06-30 810385940 ANDERSON ZURMUEHLEN & CO PC PO BOX 1040 HELENA MT 59624 990 2019-07-01 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 PO BOX 5209 HELENA MT 59604 MICHAEL GREEN PRESIDENT 4064957800 2020-10-08 1 SUZANNE M SEVERIN CPA P00254608 4064421040 2020-10-01 71.92.235.230 2020-10-08 15:37:51 MD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 04FF12387C3F6D0419143FBBF68AE6BA39142790 2019 2021-01-29 14:40:06Z MICHAEL GREEN PO BOX 5209 HELENA MT 59604 25876349 0 X WWW.MHESAC.ORG X 1980 MT DEDICATED TO HELPING MONTANA CITIZENS FINANCE AND STRATEGICALLY PURSUE EDUCATIONAL OPPORTUNITIES. 7 7 0 88 0 0 394952 463546 30983487 23273739 574966 473442 0 0 31953405 24210727 391097 506829 0 0 12450 12600 0 0 0 33426338 25237920 33829885 25757349 -1876480 -1546622 666466179 593255692 579742634 507899623 86723545 85356069 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 COMMUNITY GRANTS, DUAL ENROLLMENT SUPPORT, STUDENT SERVICES, NETWORK SUPPORT AND OUTREACH. 0 0 23651845 23273739 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 $655 THOUSAND FOR 9,720 BORROWERS IN FISCAL YEAR 2020. $53 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. 726756 68200 REACH HIGHER MONTANA PROVIDES FINANCIAL AND IN-KIND SUPPORT ACCROSS THE STATE, INCLUDING MONTANA COLLEGE ACCESS NETWORK, COMMUNITY GRANTS TO THE COMMUNITIES OF HARDIN AND ALBERTON, AND SPONSORSHIP OF A VARIETY OF PROGRAMS. 601014 REACH HIGHER MONTANA OUTREACH STAFF SERVED 7,153 MONTANA STUDENTS THROUGH COLLEGE AND CAREER OUTREACH, SCHOLARSHIP WORKSHOPS, SERVICES FOR YOUTH IN FOSTER CARE, DUAL ENROLLMENT AND CAREER FAIRS. 445204 438629 IN FISCAL YEAR 2020, REACH HIGHER MONTANA DELIVERED SCHOLARSHIPS AND GRANTS TO 377 MONTANA STUDENTS. 445204 438629 25424819 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 14 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 303 IRENE STREET HELENA MT 59601 SCOTT TODOROVICH CEO MHESAC,PRESIDENT/CEO SAF 1.00 39.00 X 0 169768 27647 JOLENE SELBY CFO MHESAC,VICE PRESIDENT SAF 15.00 25.00 X 0 163374 30194 KELLY CRESSWELL EXECUTIVE DIR MHESAC,VICE PRES SAF 40.00 1.00 X 0 139821 9176 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 1650 0 0 WENDY WIGERT DIRECTOR 1.00 X 1650 0 0 CLAYTON CHRISTIAN EX OFFICIO DIRECTOR 1.00 X 0 0 0 RON MUFFICK OFFICER VICE-PRESIDENT 1.00 X 0 0 0 12300 476563 67017 3 0 1 0 STUDENT ASSISTANCE FOUNDATION PO BOX 5209 HELENA MT 59604 MGMT & LOAN SERVICES, PROGRAMS DELIVERY 5185392 1 416296 47250 463546 INTEREST & SPECIAL ALLOWANCE 611710 23156932 23156932 UNCOLLECTIBLE ACCOUNTS 611710 112369 112369 LOAN PURCHASE DISCOUNT AMORTIZATI 611710 4438 4438 23273739 482004 482004 1657060 1665622 -8562 -8562 -8562 24210727 23273739 0 473442 X 116200 116200 390629 390629 12600 12600 2391422 2391422 917 917 876 876 25528 25528 127244 127244 37398 37387 11 75154 46725 28429 57260 40640 16620 70368 68301 2067 58521 56724 1797 14485931 14485931 1499537 1497056 2481 50154 29245 20909 INCOME TAX -259 -259 CONSOLIDATION LOAN FEES 5119910 5119910 CONTRACT LABOR 1076112 839451 236661 PROGRAM COSTS 87916 87916 73931 64769 9162 25757349 25424819 332530 0 584454 1622890 19114252 19025867 9180722 10580018 7726989 7540937 656647 45987 612458397 539153032 16744718 15286961 666466179 593255692 1935883 2334242 577806751 505565381 579742634 507899623 X 86723545 85356069 86723545 85356069 666466179 593255692 -1546622 179146 0 X X 0 1 X 1 0 X 937331 272473 394952 463546 2068302 29232697 28192935 29583997 30983487 23273739 141266855 29232697 29130266 29856470 31378439 23737285 143335157 0 0 0 143335157 314663 424352 149078 574966 473442 1936501 314663 424352 149078 574966 473442 1936501 29547360 29554618 30005548 31953405 24210727 145271658 0.98670 0.98860 0.01330 0.01140 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 0 0 0 1 397 0 1 608 1005 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. $608 LABOR $397 656646 3887 2495 658038 650949 5697 656646 647605 3344 650949 645448 2157 647605 1.00000 0 0 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 539153032 C 539153032 X 24263989 179146 12013 191159 24072830 137897 137897 24210727 25631465 12013 -112369 -100356 25731821 25528 25528 25757349 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 112,369. INVESTMENT MANAGEMENT ADVISOR FEE 25,528. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS -112,369. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT ADVISOR FEE 25,528. 1 GOVERNOR'S OFFICE OF COMMUNITY SERVICE PO BOX 200801 HELENA MT 59620 810302402 GOVERNMENT 48000 YOUTH SERVICE MONTANA SCHOLARSHIPS MONTANA CHAMBER FOUNDATION PO BOX 1730 HELENA MT 59624 237059679 501(C)(3) 10000 ENVISION 2025 HELENA COLLEGE FOUNDATION PO BOX 629 HELENA MT 59624 810433819 501(C)(3) 5000 MONTANA ACCESS SCHOLARSHIPS MONTANA COLLEGE ACCESS NETWORK PO BOX 7761 MISSOULA MT 59807 472842256 501(C)(3) 23200 ORGANIZATION SUPPORT GRANT MISSOULA COLLEGE 1205 E BROADWAY MISSOULA MT 59602 816001713 GOVERNMENT 10000 DUAL ENROLLMENT SUMMIT HARDIN HIGH SCHOOL 721 NORTH MILES AVENUE HARDIN MT 59034 816000032 GOVERNMENT 20000 COMMUNITY GRANT 6 0 FOSTER CARE - ETV 70 287329 REACH HIGHER MONTANA SCHOLARSHIPS 82 79000 PRIVATE FOSTER CARE SCHOLARSHIPS 6 6000 DUAL ENROLLMENT SCHOLARSHIPS 4 11300 DESIGN A STICKER SCHOLARSHIP 11 7000 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 25 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 164104 0 0 0 5664 0 10517 0 17130 0 197415 0 0 JOLENE SELBY CFO MHESAC,VICE PRESIDENT SAF 0 157395 0 0 0 5979 0 10289 0 19905 0 193568 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. 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 IX, LINE 24E LENDER LOAN & INCENTIVE FEES: PROGRAM SERVICE EXPENSES 51,901. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 51,901. DUES & SUBSCRIPTIONS: PROGRAM SERVICE EXPENSES 9,508. MANAGEMENT AND GENERAL EXPENSES 9,162. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 18,670. LISTING FEES: PROGRAM SERVICE EXPENSES 3,360. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 3,360. 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