2018-11-15T12:25:07-06:00 2017-12-31 640414329 HADDOX REID EUBANK BETTS PLLC 188 EAST CAPITOL STREET STE 500 JACKSON MS 39201 990 2017-01-01 640642776 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION MISS 6013215555 PO BOX 5008 JACKSON MS 392965008 WILLIAM F ALVIS CFO 6013215555 2018-11-07 1 PAUL W CALHOUN CPA P00846500 6019482924 2018-11-06 68.216.189.2 2018-11-07 11:45:11 CS P 9F2BC9693B33A9BF0FA8ADD02CF3992AE854D721 1450B6A6DB83BDBDDA60914AAA3359F244CF3A6D 2017 2019-02-21 02:37:17Z WILLIAM F ALVIS PO BOX 5008 JACKSON MS 392965008 42919951 0 X WWW.GET2COLLEGE.ORG/MHEAC.HTML X 1980 MS SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 15,873 CLIENTS WERE SERVED IN 2017. X 9 9 0 0 0 -462836 1671111 976172 11500672 10354050 -1868548 2145960 0 0 11303235 13476182 0 156332337 0 0 0 0 0 0 0 14530244 12069277 14530244 168401614 -3227009 -154925432 437076723 256539856 262008582 229054037 175068141 27485819 X THE CORPORATION MISSION IS TO INCREASE THE LEVEL OF APPROPRIATE QUALITY EDUCATION IN THE STATE OF MISSISSIPPI AND ELSEWHERE. PRIOR TO 2014, THE CORPORATION OPERATED EXCLUSIVELY FOR THE PURPOSE OF ACQUIRING STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965. THE PRIMARY SOURCE OF FUNDS TO ACQUIRE THE STUDENT LOANS WAS THE ISSUANCE OF TAX-EXEMPT BONDS AND TAXABLE NOTES. IN JULY 2014, THE CORPORATION AMENDED ITS ARTICLES OF INCORPORATION EXPANDING ITS EXEMPT PURPOSE AND REFINANCED ITS TAX-EXEMPT BONDS WITH TAXABLE BONDS. THE CORPORATION IS THE PARENT OF WOODWARD HINES EDUCATION FOUNDATION (WHEF) WHICH PROVIDES ADMINISTRATIVE, STAFFING AND MANAGEMENT SERVICES TO THE CORPORATION. WHEF THROUGH SEPT. 2017, MANAGED AND OVERSAW THE CORPORATION'S INVESTMENT PORTFOLIO. IN ADDITION, WHEF PROVIDES COLLEGE PLANNING SERVICES TO STUDENTS AND PARENTS INCLUDING COLLEGE ACCESS AND FINANCIAL AID COUNSELING, AND MENTORING STUDENTS IN MISSISSIPPI THROUGH ITS THREE COLLEGE PLANNING CENTERS., 1 0 9190273 10354050 THE CORPORATION SERVICED STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965 AS AMENDED. THE PRIMARY SOURCE OF FUNDS WAS THE ISSUANCE OF TAX-EXEMPT BONDS AND TAXABLE NOTES. IN 2014, THE CORPORATION ISSUED TAXABLE BONDS TO RENFINANCE ITS DEBT AND IS NO LONGER ELIGIBLE TO ISSUE TAX-EXEMPT BONDS. 156332337 156332337 FUNDS CONTRIBUTED TO WOODWARD HINES EDUCATION FOUNDATION FOR ITS GENERAL OPERATIONS. 165522610 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 9 9 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X WILLIAM F ALVIS 6013215555 PO BOX 5008 JACKSON MS 392965008 JOHN F HILL DIRECTOR 1.00 1.00 X 0 4750 0 W STAN PRATT DIRECTOR 1.00 1.00 X 0 4500 0 NATHAN SLATER DIRECTOR 1.00 1.00 X 0 4250 0 RONNIE G SMITH DIRECTOR 1.00 1.00 X 0 3500 0 J MURRAY UNDERWOOD DIRECTOR - END DATE 5/23/17 1.00 1.00 X 0 2000 0 JACK L WOODWARD DIRECTOR 1.00 1.00 X 0 4000 0 DEBRA MCGEE DIRECTOR - BEGIN DATE 11/14/17 1.00 1.00 X 0 0 0 ROBERT LEARD DIRECTOR - BEGIN DATE 11/14/17 1.00 1.00 X 0 0 0 DAVID MARTIN BOARD CHAIR 1.00 1.00 X X 0 6000 0 ANDREW MULLINS BOARD VICE-CHAIR 1.00 1.00 X X 0 3250 0 DR JAYNE B SARGENT SEC/TREAS - END DATE 5/23/17 1.00 1.00 X X 0 1000 0 WILLIAM F ALVIS CFO/TREASURER 1.00 40.00 X 0 169506 18767 JAMES E MCHALE PRESIDENT/CEO 1.00 40.00 X 0 242938 14700 MINETTE D KETCHINGS DIRECTOR OF OPERATIONS/CONTROLLER/CORP SECRETARY 1.00 40.00 X 0 128442 13514 0 574136 46981 0 0 1 0 WOODWARD HINES EDUCATION FOUNDATION 2600 LAKELAND TERRACE JACKSON MS 39216 MANAGEMENT FEES 2655074 US DEPARTMENT OF EDUCATION PO BOX 4134 GREENVILLE TX 754034134 REBATE FEES 2198100 NAVIENT SOLUTIONS INC PO BOX 8003 FISHERS IN 46038 SERVICING FEES 566176 3 976172 976172 STUDENT LOAN INTEREST 900099 10211328 10211328 LATE FEES 900099 142722 142722 10354050 1324788 1324788 30264941 29443769 821172 821172 821172 13476182 10354050 0 2145960 156332337 156332337 307777 307777 4583680 4583680 701204 701204 ADMINISTRATION AND LOAN 3265826 694599 2571227 CONSOLIDATION REBATE 2177916 2177916 SPECIAL ALLOWANCE 923357 923357 BOND FEES 65345 65345 44172 44172 168401614 165522610 2879004 0 322867 24346 5963088 3520002 280132605 249711787 68452345 0 79227067 0 2978751 3283721 437076723 256539856 598686 314479 261409896 228739558 262008582 229054037 X 175068141 27485819 175068141 27485819 437076723 256539856 -154925432 7343110 0 X X 0 1 X 1 0 X 2284752 7024055 1469049 1670757 976172 13424785 18116391 14928200 12907353 11500672 10354050 67806666 20401143 21952255 14376402 13171429 11330222 81231451 0 0 0 81231451 44190 1235921 3648850 2176706 1324788 8430455 44190 1235921 3648850 2176706 1324788 8430455 20445333 23188176 18025252 15348135 12655010 89661906 0.90600 0.93130 0.09400 0.06870 X 0 X PART X, LINE 2: AUDITED FINANCIAL STATEMENT FOOTNOTE DISCLOSURE REGARDING ORGANIZATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES MHEAC IS A TAX-EXEMPT ORGANIZATION UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE INTERNAL REVENUE CODE. MHEAC BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS. CAYMAN ISLANDS INVESTMENTS 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 1 WOODWARD HINES EDUCATION FOUNDATION PO BOX 5008 JACKSON MS 392965008 640860939 501(C)(3) 4146707 152185630 FMV STOCKS, MUTUAL FUNDS, AND PARTNERSHIP INTERESTS GENERAL OPERATIONS 1 PART I, LINE 2: THE MANAGEMENT OF THE WOODWARD HINES EDUCATION FOUNDATION MONTHLY PROVIDES FINANCIAL REPORTS TO THE BOARD OF DIRECTORS OF THE CORPORATION. IN ADDITION, MANAGEMENT PROVIDES STATUS UPDATES OF ITS ACTIVITY TO THE CORPORATION'S BOARD OF DIRECTORS AT ITS BOARD MEETINGS (5 TIMES A YEAR). 0 0 0 0 0 0 0 0 0 WILLIAM F ALVIS CFO/TREASURER 0 169506 0 0 0 0 0 10630 0 8919 0 189055 0 0 JAMES E MCHALE PRESIDENT/CEO 0 242938 0 0 0 0 0 14700 0 860 0 258498 0 0 CASH 2017-09-22 4146707 640860939 WHEF PO BOX 5008 JACKSON MS 392965008 501(C)(3) MUTUAL FUNDS 2018-09-22 47554059 STOCK MARKET 640860939 WHEF PO BOX 5008 JACKSON MS 392965008 501(C)(3) ETF AND STOCK FUNDS 2018-09-22 27437814 STOCK MARKET 640860939 WHEF PO BOX 5008 JACKSON MS 392965008 501(C)(3) PARTNERSHIP INTERESTS - FEG DIRECTIONAL ACCESS TEI FUND (EIN 81-1451709), FEG EQUITY ACCESS FUND LTD., FEG PRIVATE OPPORTUNITIES FUND II LP (EIN 46-4569537), FEG PRIVATE OPPORTUNITIES FUND III LP (EIN 81-0919177), AND HARVEST MLP INCOME FUND II LLC (EIN 45-3134479) 2018-09-22 77193757 BOOK VALUE 640860939 WHEF PO BOX 5008 JACKSON MS 392965008 501(C)(3) 1 0 0 0 PART II, LINE 2E: PERSON(S) INVOLVED: MHEAC IS THE PARENT OF WOODWARD HINES EDUCATION FOUNDATION (WHEF) (A TYPE I SUPPORTING ORGANIZATION). THE BOARDS OVERLAP 100% AND ARE APPOINTED BY MHEAC. PART II, LINE 2E: EXPLANATION OF INVOLVEMENT: MHEAC WILL RETAIN THE STUDENT LOAN ASSETS AND CONTINUE TO SERVICE THOSE LOANS. THE INVESTMENT ASSETS WERE MOVED TO WHEF TO ALIGN THE INVESTMENT INCOME WITH THE EXPANDED EDUCATION AND STUDENT ACCESS PROGRAMS THAT WHEF PERFORMS AT MHEAC'S DIRECTION. FORM 990, PART III, LINE 2 FUNDS CONTRIBUTED TO WOODWARD HINES EDUCATION FOUNDATION FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT/CEO DISTRIBUTES A COPY OF THE TAX RETURN TO THE BOARD AT THEIR REGULAR MEETING. ALL BOARD MEMBERS REVIEW THE RETURN AND CHECK FOR ANY CHANGES OR ADDITIONS THAT NEED TO BE MADE. ONCE IT HAS BEEN DECIDED THAT NO FURTHER CHANGES ARE NECESSARY, THE RETURN IS FINALIZED AND FILED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES ALL DIRECTORS, OFFICERS AND STAFF TO COMPLETE AN ANNUAL CONFLICT OF INTEREST STATEMENT DISCLOSING ANY RELATIONSHIPS THAT MIGHT POSE A CONFLICT OF INTEREST. THE CORPORATE SECRETARY REVIEWS ALL CONFLICT OF INTEREST STATEMENTS AND REPORTS ANY POTENTIAL CONFLICTS TO THE PRESIDENT AND CEO AND LEGAL COUNSEL IF NEEDED. IF AN ACTUAL CONFLICT OF INTEREST IS DEEMED TO HAVE OCCURRED, APPROPRIATE ACTIONS WILL BE TAKEN TO DETERMINE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST AND IS FAIR AND REASONABLE. INTENTIONAL FAILURE TO DISCLOSE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST OR TO FOLLOW POLICY GUIDELINES, CAN RESULT IN DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION IS MANAGED BY RELATED ORGANIZATION WOODWARD HINES EDUCATION FOUNDATION. CURRENTLY THE ORGANIZATION HAS NO EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C, ORGANIZATION COMMITTEE OVERSIGHT OF AUDIT: THE ORGANIZATION MAINTAINS AN AUDIT COMMITTEE WHICH ASSUMES THE RESPONSIBILITY FOR OVERSIGHT OF THE FINANCIAL STATEMENT AUDIT BY INDEPENDENT CERTIFIED PUBLIC ACCOUNTANTS. THIS PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. WOODWARD HINES EDUCATION FOUNDATION PO BOX 5008 JACKSON MS 392965006 640860939 HIGHER EDUCATION SERVICES MS 501(C) 3 12 MHEAC 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 WOODWARD HINES EDUCATION FOUNDATION M 2848273 FAIR MARKET VALUE WOODWARD HINES EDUCATION FOUNDATION B 156332337 FAIR MARKET VALUE