2016-11-11T10:58:38-06:00 2015-12-31 640414329 HADDOX REID EUBANK BETTS PLLC 188 EAST CAPITOL STREET STE 500 JACKSON MS 39201 990 2015-01-01 640642776 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION MISS 6013215555 PO BOX 5008 JACKSON MS 392965008 WILLIAM F ALVIS CFO 6013215555 2016-11-07 1 PAUL W CALHOUN CPA P00846500 6019482924 2016-11-07 2015 2017-02-10 21:41:12Z WILLIAM F ALVIS PO BOX 5008 JACKSON MS 392965008 144201381 0 X WWW.ESFWEB.COM/MHEAC.HTML X 1980 MS SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 20,204 CLIENTS WERE SERVED IN 2015. 7 7 0 0 0 -44913 7024055 1469049 14928200 12907353 1387469 350359 -1563618 0 21776106 14726761 0 0 0 0 0 0 0 0 0 17040206 15700378 17040206 15700378 4735900 -973617 542661534 481057404 366319867 312253801 176341667 168803603 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 EDUCATION SERVICES FOUNDATION (ESF) WHICH PROVIDES ADMINISTRATIVE, STAFFING AND MANAGEMENT SERVICES TO THE CORPORATION. ESF ALSO CURRENTLY MANAGES AND OVERSEES THE CORPORATION'S INVESTMENT PORTFOLIO. IN ADDITION, ESF PROVIDES COLLEGE PLANNING SERVICES TO STUDENTS THROUGH ITS THREE COLLEGE PLANNING CENTERS. 0 0 12487812 12907353 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. 12487812 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 X 7 7 0 0 1 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 DAVID MARTIN DIRECTOR 1.00 X 0 1500 0 ANDREW MULLINS DIRECTOR 1.00 X 0 1500 0 RONNIE G SMITH DIRECTOR 1.00 X 0 1000 0 JACK L WOODWARD DIRECTOR 1.00 X 0 1500 0 W STAN PRATT BOARD CHAIR 1.00 X X 0 1500 0 DR JAYNE B SARGENT SECRETARY/TREASURER 1.00 X X 0 250 0 J MURRAY UNDERWOOD BOARD VICE-CHAIR 1.00 X X 0 1500 0 WILLIAM F ALVIS CHIEF FINANCIAL OFFICER 1.00 X 0 164256 19244 JAMES E MCHALE PRESIDENT/CEO (START 12/1/15) 1.00 X 0 44606 6 SID J SIMS EXECUTIVE DIRECTOR (END 6/16/14) 0.00 X 0 150000 0 0 367612 19250 0 1 1 0 EDUCATION SERVICES FOUNDATION 2600 LAKELAND TERRACE JACKSON MS 39216 MANAGEMENT FEES 3631834 US DEPARTMENT OF EDUCATION PO BOX 4134 GREENVILLE TX 754034134 REBATE FEES 2783127 AFFILIATED COMPUTER SYSTEMS PO BOX 201322 DALLAS TX 753201322 SERVICING FEES 949682 3 1469049 1469049 STUDENT LOAN INTEREST 900099 12616954 12616954 LATE FEES 900099 290399 290399 12907353 3528240 3528240 126296739 129474620 -3177881 -3177881 -3177881 14726761 12907353 0 350359 2979670 2979670 2040664 2040664 ADMINISTRATION AND LOAN 4628226 1415660 3212566 SPECIAL ALLOWANCE 3057956 3057956 CONSOLIDATION REBATE 2754326 2754326 PROVISION FOR LOAN LOSS 169574 169574 69962 69962 15700378 12487812 3212566 0 15492 206606 11829709 13852007 368337031 319112049 124070919 78821037 30757095 63289561 7651288 5776144 542661534 481057404 767867 660801 365552000 311593000 366319867 312253801 X 176341667 168803603 176341667 168803603 542661534 481057404 -973617 -6564447 0 X X 0 1 X 1 0 X 5315680 3676726 2284752 7024055 1469049 19770262 34033889 25986847 18116391 14928200 12907353 105972680 39349569 29663573 20401143 21952255 14376402 125742942 0 0 0 125742942 525754 239003 44190 1182066 3528240 5519253 525754 239003 44190 1182066 3528240 5519253 39875323 29902576 20445333 23134321 17904642 131262195 0.95800 0.97950 0.04200 0.02050 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 FEG PRIVATE OPPORTUNITIES FUND II LP SERIES A 9013737 F FEG ABSOLUTE ACCESS TEI FUND LLC 36516629 F FEG EQUITY ACCESS FUND LTD SERIES A 14770092 F HARVEST MLP INCOME FUND 11 2989103 F 63289561 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 30625000 0 0 0 0 0 0 30625000 0 30625000 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0 WILLIAM F ALVIS CHIEF FINANCIAL OFFICER 0 164256 0 0 0 0 0 10320 0 9724 0 184300 0 0 SID J SIMS EXECUTIVE DIRECTOR (END 6/16/14) 0 150000 0 0 0 0 0 0 0 0 0 150000 0 0 PART I, LINE 4A SID J. SIMS SEVERANCE PAYMENT - $150,000 FORM 990, PART VI, SECTION A, LINE 4 ON 11/17/15 THE ORGANIZATION AMENDED ITS BYLAWS TO ALLOW THE BOARD OF DIRECTORS TO CREATE AN EXECUTIVE COMMITTEE AND OTHER COMMITTEES OF THE BOARD WITH THE AUTHORITY TO APPOINT MEMBERS TO SERVE ON THEM. FORM 990, PART VI, SECTION B, LINE 11 THE EXECUTIVE DIRECTOR 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, PRINCIPAL OFFICERS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD-DELEGATED POWERS ("INTERESTED PARTIES") TO COMPLETE AN ANNUAL CONFLICT OF INTEREST STATEMENT DISCLOSING ANY RELATIONSHIPS THAT MIGHT POSE A CONFLICT OF INTEREST. THE AUDIT COMMITTEE OF THE BOARD REVIEWS ANY POTENTIAL CONFLICTS OF INTEREST. IF THE COMMITTEE DETERMINES THERE IS AN ACTUAL CONFLICT OF INTEREST, THEY TAKE APPROPRIATE ACTIONS TO DETERMINE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST AND IS FAIR AND REASONABLE. IF THE AUDIT COMMITTEE DETERMINES THAT AN INTERESTED PERSON HAS FAILED TO DISCLOSE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST, THE AUDIT COMMITTEE HAS THE AUTHORITY TO TAKE APPROPRIATE DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION IS MANAGED BY RELATED ORGANIZATION EDUCATION SERVICES 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. EDUCATION SERVICES FOUNDATION PO BOX 5008 JACKSON MS 392965006 640860939 HIGHER EDUCATION SERVICES MS 501(C) 3 11 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 EDUCATION SERVICES FOUNDATION M 3631834 FAIR MARKET VALUE