2025-11-12T23:42:31-06:00 2025-06-30 480567703 PINION LLC 828 GREAT NORTHERN BOULEVARD HELENA MT 59601 990 2024-07-01 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 PO BOX 5209 HELENA MT 59604 MICHAEL GREEN PRESIDENT 4064957800 2025-10-29 1 1 LAURA CRAFT P01713487 4064421040 2025-10-29 2024 2025-03-06 01:10:19Z MICHAEL GREEN PO BOX 5209 HELENA MT 59604 20275338 0 X WWW.MHESAC.ORG X 1980 MT DEDICATED TO HELPING MONTANA CITIZENS FINANCE AND STRATEGICALLY PURSUE EDUCATIONAL OPPORTUNITIES. 8 8 0 65 0 0 741853 695610 22722884 17791808 1043464 1079674 0 0 24508201 19567092 521781 422212 0 0 14400 14400 0 0 0 27003826 21566676 27540007 22003288 -3031806 -2436196 320626994 280386190 242251517 204330070 78375477 76056120 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 19333379 17791808 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 $221 THOUSAND FOR 3,491 BORROWERS IN FISCAL YEAR 2025. $55 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. 1144664 62500 RHM SERVES AS THE BACKBONE SUPPORT ORGANIZATION FOR THE MONTANA WORK-BASED LEARNING COLLABORATIVE, CONVENING OVER 30 STATEWIDE PARTNERS TO IMPROVE DATA COLLECTION AND PROGRAM DELIVERY FOR CAREER-CONNECTED LEARNING IN MONTANA. 789228 RHM OUTREACH STAFF SERVED OVER 39,000 MONTANA STUDENTS THROUGH COLLEGE AND CAREER OUTREACH, SCHOLARSHIP WORKSHOPS, SERVICES FOR YOUTH IN FOSTER CARE, DUAL ENROLLMENT AND CAREER FAIRS. 352115 359712 IN FISCAL YEAR 2025, RHM DELIVERED SCHOLARSHIPS AND GRANTS TO OVER 600 MONTANA STUDENTS. 352115 359712 21619386 1 1 0 0 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 18 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 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 2B HELENA MT 59601 KIMBERLY CUNNINGHAM DIR MHESAC, DIR-BOARD CHAIR SAF 1.00 3.00 X 1800 1800 0 TERRY COSGROVE DIR MHESAC, SEC/TREAS SAF 1.00 1.00 X 1800 1800 0 MICHAEL GREEN DIR-CHAIR & OFF-PRES 3.00 X X 1800 0 0 GEORGE S OLSEN DIR & OFF-SEC/TREAS 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 JOYCE DOMBROUSKI DIRECTOR 1.00 X 1800 0 0 WENDY WIGERT DIRECTOR 1.00 X 1800 0 0 SCOTT TODOROVICH CEO MHESAC, PRES/CEO SAF 1.00 40.00 X 0 230706 29792 JOLENE SELBY CFO MHESAC, VP SAF 18.00 25.00 X 0 216269 42164 KELLY CRESSWELL EXEC DIR MHESAC, VP SAF 41.00 1.00 X 0 164691 40206 CRYSTINE MILLER OFFICER - VICE PRESIDENT 1.00 X 0 0 0 14400 615266 112162 0 0 1 0 STUDENT ASSISTANCE FOUNDATION PO BOX 5209 HELENA MT 59604 MGMT & LOAN SERVICES, PROGRAMS DELIVERY 3627830 1 323484 372126 695610 INTEREST & SPECIAL ALLOWANCE 611710 18266706 18266706 UNCOLLECTIBLE ACCOUNTS 611710 52922 52922 LOAN PURCHASE DISCOUNT AMORTIZATI 611710 1043 1043 BOND REPURCHASE 611710 -528863 -528863 17791808 970785 970785 817135 708246 108889 108889 108889 19567092 17791808 0 1079674 62500 62500 359712 359712 14400 14400 2470319 2470319 936 936 25704 25704 1712018 1413172 298846 30499 30494 5 87925 56111 31814 45887 38094 7793 198191 193647 4544 93856 89251 4605 13373317 13373317 1086722 1085200 1522 46267 27247 19020 CONSOLIDATION LOAN FEES 2284055 2284055 PROGRAM COSTS 61396 61396 LENDER LOAN AND INCENTI 28345 28345 DUES & SUBSCRIPTIONS 24099 23682 417 -2860 -2860 22003288 21619386 383902 0 619846 646805 18086776 15593847 12932244 12348438 7359997 7820419 266207443 230888949 15420688 13087732 320626994 280386190 1120462 855368 241131055 203474702 242251517 204330070 X 78375477 76056120 78375477 76056120 320626994 280386190 -2436196 116839 0 X X 0 1 X 1 0 X 618155 1009124 689370 741853 695610 3754112 15662741 13842275 22556943 22722884 17791808 92576651 16280896 14851399 23246313 23464737 18487418 96330763 0 0 0 96330763 165676 152493 726821 1117777 970785 3133552 165676 152493 726821 1117777 970785 3133552 16446572 15003892 23973134 24582514 19458203 99464315 0.96850 0.97470 0.03150 0.02530 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 872604 88367 3079 957892 802743 73770 3909 872604 764651 41812 3720 802743 825123 -56472 4000 764651 658038 170699 3614 825123 1.00000 0 0 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 230888949 C 230888949 19611767 116839 2750 119589 19492178 25704 49210 74914 19567092 21926866 2750 2750 21924116 25704 53468 79172 22003288 PART V, LINE 4: FUNDS TO BE USED FOR PROGRAMS. PART XI, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS 52,922. CORRECT EXCESS SPECIAL ALLOWANCE RECAPTURE AMT -3,710. ROUNDING -2. PART XII, LINE 4B - OTHER ADJUSTMENTS: UNCOLLECTIBLE ACCOUNTS 52,922. BANK FEES OMMITTED FROM UNROUNDED FINANCIALS 544. ROUNDING 2. 1 GOVERNOR'S OFFICE OF COMMUNITY SERVICE PO BOX 200801 HELENA MT 59620 810302402 GOVERNMENT 62500 0 YOUTH SERVICE MONTANA SCHOLARSHIPS 1 0 FOSTER CARE - ETV 47 200020 REACH HIGHER MONTANA SCHOLARSHIPS 50 100000 DUAL ENROLLMENT SCHOLARSHIPS 4 5919 WORK BASED LEARNING EXTERNSHIPS 12 8023 HORSE CREEK SCHOLARSHIPS 6 12000 RHM MONTHLY DRAWING SCHOLARSHIPS 19 9750 STICK WITH SCHOLARSHIPS 11 5250 DESIGN-A-STICKER SCHOLARSHIP 14 11000 KELLY KUNTZ SCHOLARSHIPS 5 7750 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. X X X 0 0 0 0 0 0 0 0 0 SCOTT TODOROVICH CEO MHESAC, PRES/CEO SAF 0 202623 0 26544 0 1539 0 14143 0 15649 0 260498 0 0 JOLENE SELBY CFO MHESAC, VP SAF 0 186609 0 19319 0 10341 0 13673 0 28491 0 258433 0 0 KELLY CRESSWELL EXEC DIR MHESAC, VP SAF 0 144691 0 20000 0 0 0 10489 0 29717 0 204897 0 0 PART I, LINE 1A DOES NOT APPLY. PART I, LINE 1B DOES NOT APPLY PART I, LINE 3 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. KELLY CRESSWELL OFFICER NOTED OFFICER IS ALSO AN OFFICER OF STUDENT ASSISTANCE FOUNDATION. 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 TERRY COSGROVE BOARD MEMBER NOTED BOARD MEMBER AND SAF SECRETARY TREASURER IS ON BOTH STUDENT ASSISTANCE FOUNDATION AND MHESAC BOARDS 0 KIM CUNNINGHAM BOARD MEMBER NOTED BOARD MEMBER IS CHAIR ON STUDENT ASSISTANCE FOUNDATION BOARD 0 JOLENE SELBY MHESAC CFO AND TOP FINANCIAL OFFICIAL NOTED CFO AND TOP FINANCIAL OFFICIAL FOR MHESAC IS 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