2019-10-25T16:08:53-05:00 2019-06-30 810385940 ANDERSON ZURMUEHLEN & CO PC PO BOX 1040 HELENA MT 59624 990 2018-07-01 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 PO BOX 5209 HELENA MT 59604 MICHAEL GREEN PRESIDENT 4064957800 2019-09-26 1 SUZANNE M SEVERIN CPA P00254608 4064421040 2019-09-26 71.92.235.244 2019-09-26 19:26:35 MD P DA39A3EE5E6B4B0D3255BFEF95601890AFD80709 6C9B1A35775087DBDB8A6D25ECA509C7F6C27838 2018 2019-02-21 02:37:17Z MICHAEL GREEN PO BOX 5209 HELENA MT 59604 31953405 0 X WWW.MHESAC.ORG X 1980 MT DEDICATED TO HELPING MONTANA CITIZENS FINANCE AND ACHIEVE THEIR POST-SECONDARY EDUCATION GOALS. 7 7 0 120 0 4106 272473 394952 29583997 30983487 149078 574966 2365 0 30007913 31953405 294467 391097 0 0 12600 12450 0 0 0 32610844 33426338 32917911 33829885 -2909998 -1876480 755743439 666466179 667197318 579742634 88546121 86723545 X MHESAC OFFERS BORROWER BENEFITS IN THE FORM OF PRINCIPAL AND INTEREST RATE REDUCTIONS TO EXISTING STUDENT LOAN BORROWERS. THROUGH ITS REACH HIGHER MONTANA (RHM) PROGRAMS, IT PROVIDES A RANGE OF SERVICES THAT INCLUDES OUTREACH, SCHOLARSHIPS AND EDUCATION FINANCE PLANNING. 0 0 31806635 30983487 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 $778 THOUSAND FOR 11,756 BORROWERS IN FISCAL YEAR 2019. $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. 1137116 278847 COMMUNITY OUTREACH PROGRAMS FOCUS ON CONNECTING HIGH SCHOOL AND COLLEGE STUDENTS TO RESOURCES NECESSARY FOR THE PURSUIT OF POST SECONDARY EDUCATION. 448114 PROVIDE OUTREACH AND SUPPORT TO STUDENTS THROUGH LOCAL OUTREACH OFFICES. 124500 112250 DELIVER AND ADMINISTER SCHOLARSHIPS AND GRANTS TO MONTANA STUDENTS TO HELP FUND THEIR HIGHER EDUCATION. 124500 112250 33516365 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 1 0 0 0 0 1 0 0 0 1 12 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 MICHAEL GREEN BOARD CHAIR/PRESIDENT 3.00 X X 1800 0 0 WILLIAM THOMAS VICE-CHAIR 3.00 X 1800 0 0 TERRY COSGROVE DIRECTOR 1.00 1.00 X 1800 1800 0 KIM CUNNINGHAM DIRECTOR 1.00 3.00 X 1800 1800 0 GEORGE OLSEN DIRECTOR/SECRETARY/TREASURER 3.00 X X 1800 0 0 BRIANNE ROGERS DIRECTOR 1.00 X 0 0 0 SHANNON STOBER DIRECTOR 1.00 X 1800 0 0 WENDY WIGERT DIRECTOR 1.00 X 0 0 0 CASEY LOZAR DIRECTOR 1.00 X 1800 0 0 CLAYTON CHRISTIAN EX OFFICIO DIRECTOR 1.00 X 0 0 0 RON MUFFICK VICE-PRESIDENT 1.00 X 0 0 0 SCOTT TODOROVICH CEO 1.00 39.00 X 0 167676 19204 JOLENE SELBY CFO 16.00 25.00 X 0 153471 34435 KELLY CRESSWELL RHM EXECUTIVE DIRECTOR 40.00 2.00 X 0 136611 8983 JAMES STIPCICH CEO THRU 3/23/18 1.00 9.00 X 0 374271 22938 12600 835629 85560 0 0 1 0 STUDENT ASSISTANCE FOUNDATION PO BOX 5209 HELENA MT 59604 MGMT & LOAN SERVICES, PROGRAMS DELIVERY 5939108 1 361650 33302 26273 394952 INTEREST & SPECIAL ALLOWANCE 611710 30769852 30769852 LEGAL SETTLEMENT 611710 382049 382049 LOAN PURCHASE DISCOUNT AMORTIZATI 611710 11809 11809 LOSS ON BOND REDEMPTION 611710 -45031 -45031 UNCOLLECTIBLE ACCOUNTS 611710 -135192 -135192 30983487 574966 574966 31953405 30983487 0 574966 X 92250 92250 298847 298847 12450 12450 2566386 2566199 187 715 715 899 899 5504 5504 148407 148276 131 37813 37674 139 78465 52993 25472 51493 34751 16742 78549 74989 3560 114607 112845 1762 21475933 21475933 1823777 1821560 2217 49738 28836 20902 INCOME TAX 1101 1101 CONSOLIDATION LOAN FEES 5777879 5777879 CONTRACT LABOR 1045972 827471 218501 LENDER LOAN AND INCENTI 65095 65095 104005 94162 9843 33829885 33516365 313520 0 4572698 584454 22142699 19114252 7418467 9180722 249199 7726989 650949 656647 704416588 612458397 16292839 16744718 755743439 666466179 2496795 1935883 664700145 577806751 378 0 667197318 579742634 X 88546121 86723545 88546121 86723545 755743439 666466179 -1876480 53904 0 X X 0 1 X 1 0 X 937331 272473 394952 1604756 30891017 29232697 28192935 29583997 30983487 148884133 30891017 29232697 29130266 29856470 31378439 150488889 0 0 0 150488889 277779 314663 424352 149078 574966 1740838 277779 314663 424352 149078 574966 1740838 31168796 29547360 29554618 30005548 31953405 152229727 0.98860 0.99070 0.01140 0.00930 X 0 0 0 0 0 0 0 0 1 729 729 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. $729 650949 5697 656646 647605 3344 650949 645448 2157 647605 1.00000 0 0 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 612458397 C 612458397 X 32146997 53904 10000 63904 32083093 -129688 -129688 31953405 33969571 10000 135192 145192 33824379 5506 5506 33829885 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 501(C)(3). ACCORDINGLY, NO PROVISION FOR INCOME TAXES HAS BEEN NECESSARY IN THE PAST. 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, ARE NOW NOT DEDUCTIBLE, EVEN BY NOT-FOR-PROFITS. THE RHM OFFICES ARE LOCATED IN AN AREA WHERE PARKING IS NOT FREE AND THE COMPANY HAS PROVIDED PARKING PASSES TO THE CONTRACT SAF EMPLOYEES THAT WORK AT THAT SITE. THIS AMOUNT BECOMES SUBJECT TO UNRELATED BUSINESS INCOME TAX. MHESAC HAS ACCRUED $1,101 IN INCOME TAX EXPENSE FOR THE YEAR ENDED JUNE 30, 2019. PART XI, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS -135,192. INVESTMENT MANAGEMENT ADVISOR FEE 5,504. PART XII, LINE 2D - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS 135,192. PART XII, LINE 4B - OTHER ADJUSTMENTS: INVESTMENT MANAGEMENT ADVISOR FEE 5,504. ROUNDING 2. 1 GOVERNOR'S OFFICE OF COMMUNITY SERVICE PO BOX 200801 HELENA MT 59620 810302402 GOVERNMENT 50000 YOUTH SERVICE MONTANA SCHOLARSHIPS MONTANA CHAMBER FOUNDATION PO BOX 1730 HELENA MT 59624 237059679 501(C)(3) 10000 ENVISION 2025 HELENA EDUCATION FOUNDATION PO BOX 792 HELENA MT 59624 810544494 501(C)(3) 10250 PEN AND INK MONTANA COLLEGE ACCESS NETWORK PO BOX 7761 MISSOULA MT 59807 472842256 501(C)(3) 22000 ORGANIZATION SUPPORT GRANT 4 FOSTER CARE - ETV 54 236597 REACH HIGHER MONTANA SCHOLARSHIPS 75 62250 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 SCHOOL'S 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 0 160921 0 0 0 6755 0 10107 0 9097 0 186880 0 0 JOLENE SELBY CFO 0 149779 0 0 0 3692 0 9924 0 24511 0 187906 0 0 JAMES STIPCICH CEO THRU 3/23/18 0 233271 0 0 0 141000 0 15825 0 7113 0 397209 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 X COMPUTER SOFTWARE - MICROSOFT OFFICE STANDARD 47 26273 FMV 0 0 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 PROGRAM COSTS: PROGRAM SERVICE EXPENSES 46,024. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 46,024. OTHER GRANTS: PROGRAM SERVICE EXPENSES 30,650. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 30,650. DUES & SUBSCRIPTIONS: PROGRAM SERVICE EXPENSES 12,260. MANAGEMENT AND GENERAL EXPENSES 9,843. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 22,103. LISTING FEES: PROGRAM SERVICE EXPENSES 5,228. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,228. 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