2016-11-02T11:22:43-05:00 2016-06-30 810385940 ANDERSON ZURMUEHLEN & CO PC PO BOX 1040 HELENA MT 59624 990 2015-07-01 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 2500 BROADWAY HELENA MT 59601 MICHAEL GREEN PRESIDENT 4064957800 2016-10-21 1 SUZANNE M SEVERIN P00254608 4064421040 2016-10-11 2015 2017-02-10 21:41:12Z MICHAEL GREEN 2500 BROADWAY HELENA MT 59601 29547360 0 X WWW.MHESAC.ORG X 1980 MT DEDICATED TO HELPING MONTANA CITIZENS WITH FINANCING THEIR POST-SECONDARY EDUCATION. 6 6 0 0 0 0 0 0 30891017 29232697 277779 314663 0 0 31168796 29547360 0 0 0 0 13200 12400 0 0 0 34719126 33822172 34732326 33834572 -3563530 -4287212 1074548977 965432682 974905351 870074273 99643626 95358409 DEDICATED TO HELPING MONTANA CITIZENS WITH FINANCING THEIR POST-SECONDARY EDUCATION. 0 0 31449166 29232697 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 $1.833 MILLION FOR 22,904 BORROWERS IN FISCAL YEAR 2016. $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. 31449166 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 0 1 0 0 0 1 4 0 1 0 0 0 0 0 0 0 0 0 0 0 X 6 6 1 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X THE ORGANIZATION 4064957800 2500 BROADWAY HELENA MT 59601 FRED FLANDERS DIRECTOR 1.00 X 1800 0 0 LILA TAYLOR DIRECTOR 1.00 1.00 X 1800 1800 0 WILLIAM THOMAS VICE-CHAIR 3.00 X 1800 0 0 MICHAEL GREEN BOARD CHAIR/PRESIDENT 3.00 X X 1800 0 0 GEORGE OLSEN SECRETARY/TREASURER 1.00 X X 1800 0 0 JIM PENNER VICE-PRESIDENT 1.00 X X 1800 0 0 TYLER CHRISTIANSON DIRECTOR STUDENT MEMBER 1.00 X 2400 0 0 JOLENE SELBY TOP FINANCIAL OFFICIAL/ASSISTANT TREASURER THR 6.00 42.00 X 0 131700 26331 JAMES STIPCICH TOP MANAGEMENT OFFICIAL 3.00 42.00 X 0 192847 23444 DONNIE J WHITAKER THRU 11316 TOP FINANCIAL OFFICIAL 4.00 45.00 X 0 102206 23388 13200 428553 73163 0 0 1 0 STUDENT ASSISTANCE FOUNDATION 2500 BROADWAY HELENA MT 59601 MANAGEMENT AND LOAN SERVICES 9728218 DORSEY & WHITNEY LLP PO BOX 1680 MINNEAPOLIS MN 554801680 LEGAL COUNSEL 238354 2 INTEREST & SPECIAL ALLOWANCE 611710 29667646 29667646 LOAN PURCHASE PROGRAM 611710 3927 3927 LOSS ON BOND REDEMPTION 611710 -438876 -438876 29232697 314663 314663 29547360 29232697 0 314663 12400 12400 10047763 8138688 1909075 305182 305182 302342 178077 124265 1606 1606 3402 3402 12393972 12393972 2533568 2533568 15726 15726 CONSOLIDATION LOAN FEES 8077650 8077650 BORROWER REBATE 110542 110542 LISTING FEES 16669 16669 DUES & SUBSCRIPTIONS 13750 13750 33834572 31449166 2385406 0 1351289 2253662 32069751 29429731 35485 48900 1502000 1024274812 916972552 16817640 15225837 1074548977 965432682 4916230 4573708 969989121 865500565 974905351 870074273 X 99643626 95358409 0 0 99643626 95358409 1074548977 965432682 -4287212 1995 0 X X 0 1 X 1 0 X 62612415 41453894 34690949 30891017 29232697 198880972 62612415 41453894 34690949 30891017 29232697 198880972 0 0 0 198880972 792180 308847 275605 277779 314663 1969074 792180 308847 275605 277779 314663 1969074 56002973 56002973 119407568 41762741 34966554 31168796 29547360 256853019 0.77430 0.79090 0.00770 0.01000 X 0 0 0 0 0 0 0 0 1 1925 1925 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. 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 916972552 C 916972552 X 29549354 1995 -1 1994 29547360 0 29547360 33834572 0 33834572 0 33834572 PART X, LINE 2: MHESAC IS A NOT-FOR-PROFIT CORPORATION EXEMPT FROM TAXATION UNDER THE INTERNAL REVENUE CODE 501(C)(3). ACCORDINGLY, NO PROVISION FOR INCOME TAXES IS NECESSARY IN THE ACCOMPANYING FINANCIAL STATEMENTS. GENERALLY, THE CORPORATION'S RETURNS ARE NO LONGER SUBJECT TO REVIEW BY FEDERAL TAXING AUTHORITIES FOR YEARS PRIOR TO THE TAX YEAR ENDED JUNE 30, 2013. PART XI, LINE 2D - OTHER ADJUSTMENTS: ROUNDING -1. 0 0 0 0 0 0 0 0 0 JOLENE SELBY TOP FINANCIAL OFFICIAL/ASSISTANT TRE 0 100789 0 0 0 30911 0 7130 0 19201 0 158031 0 0 JAMES STIPCICH TOP MANAGEMENT OFFICIAL 0 192847 0 0 0 0 0 9909 0 13535 0 216291 0 0 PART I, LINE 1A DOES NOT APPLY. PART I, LINE 1B DOES NOT APPLY PART I, LINE 3 DOES NOT APPLY PART I, LINE 5 THE ORGANIZATION PAYS MANAGEMENT FEES TO STUDENT ASSISTANCE FOUNDATION OF MONTANA (SAF), A RELATED ORGANIZATION. SAF DETERMINES COMPENSATION UTILIZING THE FOLLOWING: A COMPENSATION COMMITTEE, INDEPENDENT COMPENSATION CONSULTANT, WRITTEN EMPLOYMENT CONTRACT, COMPENSATION SURVEY AND APPROVAL BY THE COMPENSATION COMMITTEE APPOINTED BY THE BOARD OF SAF. THE EXECUTIVE COMPENSATION PLAN INCLUDES AN INCENTIVE PLAN. ONE OF THE TARGETS OF THE INCENTIVE PLAN IS BASED ON THE LEVEL OF ANNUAL GROSS REVENUE EARNED BY SAF. THE INCENTIVE PLAN WAS WAIVED FOR FISCAL YEAR 2016. JAMES STIPCICH TOP MANAGEMENT OFFICIAL NOTED TOP MANAGEMENT OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION 0 LILA TAYLOR BOARD MEMBER NOTED BOARD MEMBER IS ON BOTH STUDENT ASSISTANCE FOUNDATION AND MHESAC BOARDS. 0 JOLENE SELBY TOP FINANCIAL OFFICIAL STARTING 1/14/2016 NOTED TOP FINANCIAL OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION STARTING 1/14/2016. 0 DONNIE J WHITAKER TOP FINANCIAL OFFICIAL STARTING 4/16/15 THROUGH 1/13/16 NOTED TOP FINANCIAL OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION STARTING 4/17/15 THROUGH 1/13/16. 0 FORM 990, PART VI, SECTION A, LINE 2 THREE MHESAC OFFICERS AND/OR KEY EMPLOYEES 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 B, LINE 11 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 IN CONJUNCTION WITH AN EXTERNAL CONSULTANT 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 IS CONSISTENT WITH PRIOR YEARS. STUDENT ASSISTANCE FOUNDATION OF MONTANA 2500 BROADWAY HELENA MT 59601 810527529 PROVIDE MANAGEMENT AND STUDENT LOAN SERVICING 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