2014-10-10T13:23:18-05:00 2014-06-30 810385940 ANDERSON ZURMUEHLEN & CO PC PO BOX 1040 HELENA MT 59624 990 2013-07-01 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 2500 BROADWAY HELENA MT 59601 MICHAEL GREEN PRESIDENT 4064957800 2014-10-08 1 SUZANNE M SEVERIN P00254608 4064421040 2014-10-03 2013 2015-11-30 17:44:51Z MICHAEL GREEN 2500 BROADWAY HELENA MT 59601 34966109 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 41453894 34690948 308847 275161 0 0 41762741 34966109 0 0 0 0 16400 14600 0 0 0 41675441 38504682 41691841 38519282 70900 -3553173 1316037965 1192762703 1209278078 1089555544 106759887 103207159 DEDICATED TO HELPING MONTANA CITIZENS WITH FINANCING THEIR POST-SECONDARY EDUCATION. 0 0 36045476 34690948 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 $2.30 MILLION FOR 28,249 BORROWERS IN FISCAL YEAR 2014. $51.2 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. 36045476 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 7 0 1 0 0 0 0 0 0 0 0 0 0 0 X 7 7 1 1 0 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 2400 0 0 LILA TAYLOR DIRECTOR 1.00 1.00 X 2400 2400 0 WILLIAM THOMAS VICE-CHAIR 3.00 X 2400 0 0 MICHAEL GREEN BOARD CHAIR/PRESIDENT 3.00 X X 2400 0 0 GEORGE OLSEN SECRETARY/TREASURER 1.00 X X 2400 0 0 JIM PENNER VICE-PRESIDENT 1.00 X X 2400 0 0 TYLER CHRISTIANSON DIRECTOR/STUDENT MEMBER 1.00 X 1600 0 0 JOLENE SELBY TOP FINANCIAL OFFICIAL 8.00 31.00 X 0 168322 24953 JAMES STIPCICH TOP MANAGEMENT OFFICIAL 2.00 38.00 X 0 242732 26305 16000 413454 51258 0 0 1 0 STUDENT ASSISTANCE FOUNDATION 2500 BROADWAY HELENA MT 59601 MANAGEMENT AND LOAN SERVICES 13011202 1 INTEREST & SPECIAL ALLOWANCE 611710 34690948 34690948 34690948 275161 275161 34966109 34690948 0 275161 14600 14600 12850737 10409097 2441640 208250 208250 1260 1260 12864224 12864224 2700688 2700688 13842 13842 CONSOLIDATION LOAN FEES 9630745 9630745 LENDER LOAN AND INCENTI 229708 229708 LISTING FEES 2764 2764 2464 2464 38519282 36045476 2473806 0 4550479 1002199 33159976 31975623 33988 34708 599557 1260703469 1142822452 16990496 16927721 1316037965 1192762703 6493430 5536209 1202784648 1084019335 1209278078 1089555544 X 33214438 33715904 73545449 69491255 106759887 103207159 1316037965 1192762703 -3553173 445 0 X X 0 1 X 1 0 X 56227491 52857579 62612415 41453894 34690949 247842328 56227491 52857579 62612415 41453894 34690949 247842328 0 0 0 247842328 1289495 1168989 792180 308847 275605 3835116 1289495 1168989 792180 308847 275605 3835116 56002973 56002973 57516986 54026568 119407568 41762741 34966554 307680417 0.80550 0.78090 0.01250 0.02860 X 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 1142822452 C 1142822452 34966554 445 445 34966109 0 34966109 38519281 -1 -1 38519282 0 38519282 PART XII, LINE 2D - OTHER ADJUSTMENTS: ROUNDING -1. 0 0 0 0 0 0 0 0 0 JOLENE SELBY TOP FINANCIAL OFFICIAL 0 135463 0 32859 0 0 0 10559 0 14394 0 193275 0 0 JAMES STIPCICH TOP MANAGEMENT OFFICIAL 0 196011 0 46721 0 0 0 12903 0 13402 0 269037 0 0 PART I, LINE 1A 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 STUDENT ASSISTANCE FOUNDATION (SAF). 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 NOTED TOP FINANCIAL OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION 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 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: THE SAF BOARD APPOINTS A COMPENSATION COMMITTEE IN CONJUNCTION WITH AN EXTERNAL CONSULTANT TO REVIEW AND RECOMMEND COMPENSATION OF THE CEO FOR BOARD APPROVAL. MARKET CONDITIONS ARE LOOKED AT ANNUALLY VIA A MARKET SURVEY. 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 LOAN SERVICING TO 150(D) ORGANIZATIONS 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