2015-11-05T11:13:28-06:00 2015-06-30 810385940 ANDERSON ZURMUEHLEN & CO PC PO BOX 1040 HELENA MT 59624 990 2014-07-01 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 2500 BROADWAY HELENA MT 59601 MICHAEL GREEN PRESIDENT 4064957800 2015-10-29 1 SUZANNE M SEVERIN P00254608 4064421040 2015-10-14 2014 2016-03-07 17:11:31Z MICHAEL GREEN 2500 BROADWAY HELENA MT 59601 31168796 0 X WWW.MHESAC.ORG X 1980 MT DEDICATED TO HELPING MONTANA CITIZENS WITH FINANCING THEIR POST-SECONDARY EDUCATION. 7 7 0 0 0 0 0 0 34690948 30891017 275161 277779 0 0 34966109 31168796 0 0 0 0 14600 13200 0 0 0 38504682 34719126 38519282 34732326 -3553173 -3563530 1192762703 1074548977 1089555544 974905351 103207159 99643626 DEDICATED TO HELPING MONTANA CITIZENS WITH FINANCING THEIR POST-SECONDARY EDUCATION. 0 0 32394860 30891017 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 $2.08 MILLION FOR 25,640 BORROWERS IN FISCAL YEAR 2015. $53.2 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. 32394860 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 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 1 0 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 1 1 1 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X DJ WHITAKER 4064957800 2500 BROADWAY HELENA MT 59601 FRED FLANDERS DIRECTOR 1.00 X 2000 0 0 LILA TAYLOR DIRECTOR 1.00 1.00 X 2000 1900 0 WILLIAM THOMAS VICE-CHAIR 3.00 X 2000 0 0 MICHAEL GREEN BOARD CHAIR/PRESIDENT 3.00 X X 2000 0 0 GEORGE OLSEN SECRETARY/TREASURER 1.00 X X 2000 0 0 JIM PENNER VICE-PRESIDENT 1.00 X X 2000 0 0 TYLER CHRISTIANSON DIRECTOR/STUDENT MEMBER 1.00 X 2400 0 0 JOLENE SELBY TOP FINANCIAL OFFICIAL THRU 3/31/15 7.00 34.00 X 0 166605 29589 JAMES STIPCICH TOP MANAGEMENT OFFICIAL 2.00 40.00 X 0 222580 23830 DONNIE J WHITAKER TOP FINANCIAL OFFICIAL AS OF 4/17/15 3.00 39.00 X 0 95907 19525 14400 486992 72944 0 0 1 0 STUDENT ASSISTANCE FOUNDATION 2500 BROADWAY HELENA MT 59601 MANAGEMENT AND LOAN SERVICES 12123783 1 INTEREST & SPECIAL ALLOWANCE 611710 31652298 31652298 LOSS ON BOND REDEMPTION 611710 -761281 -761281 30891017 277779 277779 31168796 30891017 0 277779 13200 13200 10607416 8657042 1950374 230633 230633 319394 194221 125173 1436 1436 11880860 11880860 2658505 2658505 14949 14949 CONSOLIDATION LOAN FEES 8845315 8845315 LENDER LOAN AND INCENTI 156632 156632 LISTING FEES 2285 2285 1701 1701 34732326 32394860 2337466 0 1002199 1351289 31975623 32069751 34708 35485 1142822452 1024274812 16927721 16817640 1192762703 1074548977 5536209 4916230 1084019335 969989121 1089555544 974905351 X 33715904 33617232 69491255 66026394 103207159 99643626 1192762703 1074548977 X -3563530 -3 X X 0 1 X 1 0 X 52857579 62612415 41453894 34690949 30891017 222505854 52857579 62612415 41453894 34690949 30891017 222505854 0 0 0 222505854 1168989 792180 308847 275605 277779 2823400 1168989 792180 308847 275605 277779 2823400 56002973 56002973 54026568 119407568 41762741 34966554 31168796 281332227 0.79090 0.80550 0.01000 0.01250 X 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 1024274812 C 1024274812 31168796 0 31168796 0 31168796 34732326 0 34732326 0 34732326 0 0 0 0 0 0 0 0 0 JOLENE SELBY TOP FINANCIAL OFFICIAL THRU 3/31/15 0 135294 0 22359 0 8952 0 9687 0 19902 0 196194 0 0 JAMES STIPCICH TOP MANAGEMENT OFFICIAL 0 192309 0 30271 0 0 0 9890 0 13940 0 246410 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 OPTION. THE FISCAL YEAR 2014 INCENTIVE PLAN WAS PAID OUT IN AUGUST 2014 AND IS INCLUDED IN COMPENSATION REPORTED IN THIS FORM . ONE OF THE TARGETS OF THE FISCAL YEAR 2014 INCENTIVE PLAN WAS BASED ON THE LEVEL OF ANNUAL GROSS REVENUE EARNED BY SAF. THE INCENTIVE PLAN WAS WAIVED FOR FISCAL YEAR 2015. 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 THROUGH 3/31/15 NOTED TOP FINANCIAL OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION THROUGH 3/31/15. 0 DONNIE J WHITAKER TOP FINANCIAL OFFICIAL STARTING 4/16/15 NOTED TOP FINANCIAL OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION STARTING 4/17/15. 0 FORM 990, PART VI, SECTION A, LINE 2 TWO MHESAC OFFICERS 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 4 AS OF THE END OF THE FISCAL YEAR, MHESAC INITIATED ORGANIZATIONAL CHANGES THAT ELIMINATED ITS ABILITY TO ISSUE TAX-EXEMPT DEBT. THESE CHANGES ALSO DICTATE A MONTANA NONPROFIT ORGANIZATION THAT CONDUCTS CHARITABLE AND EDUCATIONAL ACTIVITIES FOR POST-SECONDARY MONTANA STUDENTS BE THE RECEIVER OF REMAINING ASSETS SHOULD MHESAC EVER DISSOLVE. 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 XI, LINE 9: ROUNDING -3. 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