2014-08-15T15:27:41-05:00 2013-12-31 640414329 HADDOX REID EUBANK BETTS PLLC 188 EAST CAPITOL STREET STE 500 JACKSON MS 39201 990 2013-01-01 640642776 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION MISS 6013215555 PO BOX 5008 JACKSON MS 392965008 WILLIAM F ALVIS CFO 6013215555 2014-08-15 1 PAUL W CALHOUN CPA P00846500 6019482924 2014-08-08 2013 2015-11-30 17:44:51Z WILLIAM F ALVIS PO BOX 5008 JACKSON MS 392965008 23858121 0 X WWW.ESFWEB.COM/MHEAC.HTML X 1980 MS SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 26,716 CLIENTS WERE SERVED IN 2013. 8 8 0 0 0 0 3676726 2284752 25986847 18116391 239003 -346623 34710833 2948314 64613409 23002834 0 0 0 0 0 0 0 0 0 32064958 20375500 32064958 20375500 32548451 2627334 650088488 494700696 478829217 320814091 171259271 173886605 X THE CORPORATION WAS ORGANIZED IN JANUARY, 1980, FOR THE EXCLUSIVE PURPOSE OF ACQUIRING STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT IN ACCORDANCE WITH SECTION 103(E) OF THE INTERNAL REVENUE CODE OF 1954 (SUBSEQUENTLY RECODIFIED AS SUBSECTION 150(D) OF THE INTERNAL REVENUE CODE OF 1986.) APPROXIMATELY 26,716 CLIENTS WERE SERVED IN 2013, NO PUBLICATIONS WERE ISSUED, AND NO GRANTS OR ALLOCATIONS TO OTHERS WERE MADE. NO ACHIEVEMENTS WERE MADE THAT WERE NOT MEASURABLE. 0 0 18389706 20673892 ACQUISITION AND SERVICING OF ELIGIBLE STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965 AS AMENDED. 18389706 1 1 0 1 0 0 0 0 0 0 0 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 91 0 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 1 0 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 WILLIAM M JONES DIRECTOR 1.00 X 0 0 0 DAVID MARTIN DIRECTOR 1.00 X 0 0 0 ANDREW MULLINS DIRECTOR 1.00 X 0 0 0 RONNIE G SMITH DIRECTOR 1.00 X 0 0 0 JACK L WOODWARD DIRECTOR 1.00 X 0 0 0 W STAN PRATT BOARD CHAIR 1.00 X X 0 0 0 DR JAYNE B SARGENT SECRETARY/TREASURER 1.00 X X 0 0 0 J MURRAY UNDERWOOD BOARD VICE-CHAIR 1.00 X X 0 0 0 WILLIAM F ALVIS CHIEF FINANCIAL OFFICER 1.00 X 0 151934 19784 SID J SIMS EXECUTIVE DIRECTOR 1.00 X 0 307207 38256 0 459141 58040 0 0 1 0 EDUCATION SERVICES FOUNDATION 2600 LAKELAND TERRACE JACKSON MS 39216 MANAGEMENT FEES 4905458 US DEPARTMENT OF EDUCATION PO BOX 4134 GREENVILLE TX 754034134 REBATE FEES 3794034 AVANT STRATEGIC PARTNERS 10010 SAN PEDRO SUITE 520 SAN ANTONIO TX 78216 EXCESS INT/REBATE CALCULATION FEES 107800 3 2284752 2284752 STUDENT LOAN INTEREST 900099 17791114 17791114 LATE FEES 900099 325277 325277 18116391 44190 44190 464474 855287 -390813 -390813 -390813 GAINS ON BOND REPURCHASES 900099 2948314 2948314 2948314 23002834 20673892 0 44190 3945869 3945869 2723541 2723541 ADMINISTRATION AND LOAN 4795550 2809756 1985794 SPECIAL ALLOWANCE 4230175 4230175 CONSOLIDATION REBATE 3794035 3794035 EXCESS INTEREST 324114 324114 562216 562216 20375500 18389706 1985794 0 478085 54197 58652933 56829409 534199060 427539965 45558992 2089000 11199418 8188125 650088488 494700696 1304951 724427 470175000 315450000 7349266 4639664 478829217 320814091 X 171259271 173886605 171259271 173886605 650088488 494700696 2627334 0 X X 0 1 X 1 0 X 10549368 6932904 5315680 3676726 2284752 28759430 45191099 38796276 34033889 25986847 18116391 162124502 55740467 45729180 39349569 29663573 20401143 190883932 0 0 0 190883932 2718180 1295173 525754 239003 44190 4822300 2718180 1295173 525754 239003 44190 4822300 58458647 47024353 39875323 29902576 20445333 195706232 0.97540 0.92630 0.02460 0.07370 X FORM 990 SCHEDULE A GAINS ON REPURCHASES OF $2,948,314 REPORTED ON FORM 990, PART I, LINE 11 DID NOT RESULT IN GROSS RECEIPTS AND HAVE THEREFORE BEEN EXCLUDED FROM FORM 990, SCHEDULE A, PART III. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 501 501 9141397 9141898 607095 151774 0 0 1000000 1000000 949882 607095 3556977 5335466 758 1062 632 501 2953 250000 250000 237471 151774 889245 1333868 0 ACCRUED INTEREST PAYABLE 207664 EXCESS INTEREST AND REBATE PAYABLE 4432000 4639664 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 COMBINED FINANCIAL STATEMENTS. MHEAC IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2010. 0 0 0 0 0 0 0 0 0 WILLIAM F ALVIS CHIEF FINANCIAL OFFICER 0 151934 0 0 0 0 0 10723 0 9823 0 172480 0 0 SID J SIMS EXECUTIVE DIRECTOR 0 307207 0 0 0 0 0 30600 0 8554 0 346361 0 0 A MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EPO 2004-06-30 45000000 STUDENT LOAN FINANCING 0 1 0 B MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EQ8 2004-06-30 5000000 STUDENT LOAN FINANCING 0 1 0 C MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EX3 2005-10-13 68700000 STUDENT LOAN FINANCING 0 1 0 D MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EY1 2005-10-13 37500000 STUDENT LOAN FINANCING 0 1 0 A 26910000 56481859 361800 270000 55850059 2005 0 0 1 1 B 2990000 6275762 40200 30000 6205562 2005 0 0 1 1 C 65952000 81467951 54960 412200 81000791 2007 0 0 1 1 D 36000000 44469406 30000 225000 44214406 2007 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 0 0 0 1 1 0 1 FSA CAPITAL MANAGMENT 10.200000000000 1 0 1 B 0 0 0 1 1 0 1 FSA CAPITAL MANAGMENT 10.200000000000 1 0 1 C 1 1 0 1 SOCIETE GENERALE 29.800000000000 1 0 1 D 1 1 0 1 SOCIETE GENERALE 29.800000000000 1 0 1 A 1 B 1 C 1 D 1 SCHEDULE K, GENERAL INFORMATION: THE 12 MONTH PERIOD USED FOR PREPARING SCHEDULE K ENDS ON 10/31/2013. TOTAL PROCEEDS IN PART II #3 DO NOT EQUAL THE ISSUE PRICE LISTED IN PART 1, COLUMN (E) DUE TO INVESTMENT EARNINGS. PART IV QUESTION 2C BOND A: FOR THE SERIES 2004 BOND, THERE WAS NO REBATE LIABILITY DUE AT THE FIVE YEAR DATE OF 05/31/2009. PART IV QUESTION 2C BOND C: FOR THE SERIES 2006 BOND, THERE WAS NO REBATE LIABILITY DUE AT THE FIVE YEAR DATE OF 10/31/2011. PART IV QUESTION 2C BOND D: FOR THE SERIES 2007 BOND, THERE WAS NO REBATE LIABILITY DUE AT THE FIVE YEAR DATE OF 10/31/2011. A MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EZ8 2005-10-13 18800000 STUDENT LOAN FINANCING 0 1 0 B MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FA2 2006-11-30 85700000 STUDENT LOAN FINANCING 0 1 0 C MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FC8 2006-11-30 42900000 STUDENT LOAN FINANCING 0 1 0 D MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FB0 2006-11-30 14300000 STUDENT LOAN FINANCING 0 1 0 A 18048000 22293995 15040 112800 22166155 2007 0 0 1 1 B 39461582 95787992 924768 514200 94349023 2007 0 0 1 1 C 19753814 47949881 462924 257400 47229558 2007 0 0 1 1 D 6584605 15983294 154308 85800 15743186 2007 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 D 0 0 0 0 0 0 1 A 1 1 0 1 SOCIETE GENERALE 29.800000000000 1 0 1 B 0 0 0 1 1 0 0 0 1 C 0 0 0 1 1 0 0 0 1 D 0 0 0 1 1 0 0 0 1 A 1 B 1 C 1 D 1 A MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FD6 2007-06-28 73800000 STUDENT LOAN FINANCING 0 1 0 B MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FE4 2007-06-28 36900000 STUDENT LOAN FINANCING 0 1 0 C MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FF1 2007-06-28 12300000 STUDENT LOAN FINANCING 0 1 0 A 47760462 80760300 260400 442800 80057100 2009 0 0 1 1 B 23880231 40380150 130200 221400 40028550 2009 0 0 1 1 C 7960077 13460050 43400 73800 13342850 2009 0 0 1 1 A 0 0 0 0 0 0 1 B 0 0 0 0 0 0 1 C 0 0 0 0 0 0 1 A 0 0 0 1 1 0 1 SOCIETE GENERALE 29.700000000000 1 0 1 B 0 0 0 1 1 0 1 SOCIETE GENERALE 29.700000000000 1 0 1 C 0 0 0 1 1 0 1 SOCIETE GENERALE 29.700000000000 1 0 1 A 1 B 1 C 1 FORM 990, PART VI, SECTION A, LINE 3 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION ("THE ORGANIZATION") CONTRACTS WITH AND PAYS A MANAGEMENT FEE TO EDUCATION SERVICES FOUNDATION FOR ALL OF ITS ADMINISTRATIVE FUNCTIONS. THE ORGANIZATION MAINTAINS NO EMPLOYEES. 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 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 9 N/A 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 EDUCATION SERVICES FOUNDATION M 4905458 FAIR MARKET VALUE