2013-10-31T12:15:41-05:00 2013-06-30 810385940 ANDERSON ZURMUEHLEN & CO PC PO BOX 1040 HELENA MT 59624 990 2012-07-01 810527529 STUDENT ASSISTANCE FOUNDATION OF MONTANA STUD 4064957800 2500 BROADWAY HELENA MT 59601 JAMES STIPCICH 4064957800 2013-10-16 1 SUZANNE M SEVERIN P00254608 4064421040 2013-10-15 2012 2016-03-07 17:11:31Z JAMES STIPCICH 2500 BROADWAY HELENA MT 59601 20863884 0 X WWW.SAFMT.ORG X 1999 MT TO PROVIDE MONTANAN'S THE KNOWLEDGE AND TOOLS TO FINANCE AND PURSUE POST-SECONDARY EDUCATION. 9 9 199 100 1914920 162960 401654 428667 17652646 17685021 93606 112050 -11650 2555760 18136256 20781498 1650498 909427 0 0 9817499 10838337 0 0 73598 6930696 6014297 18398693 17762061 -262437 3019437 13791458 15864160 10899034 9952299 2892424 5911861 X SAF'S PUBLIC BENEFIT ACTIVITIES ARE DESIGNED TO HELP MORE MONTANA STUDENTS ACCESS AND SUCCEED IN HIGHER EDUCATION. SAF CARRIES OUT ITS MISSION THROUGH A COMBINATION OF OUTREACH, PROGRAMS, GRANTS AND SCHOLARSHIPS, AND ELECTRONIC SERVICES. 0 0 11837380 13612987 PROVIDE STUDENT LOAN SERVICING AND MANAGEMENT SERVICES TO MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC). 1104731 384427 602071 COMMUNITY OUTREACH PROGRAMS FOCUS ON CONNECTING HIGH SCHOOL AND COLLEGE STUDENTS TO RESOURCES NECESSARY FOR THE PURSUIT OF POSTSECONDARY EDUCATION. 552850 PROVIDE OUTREACH AND SUPPORT TO STUDENTS THROUGH CAMPUS OFFICES. 525000 525000 PROVIDE FUNDING TO HELP STUDENTS OVERCOME TEMPORARY FINANCIAL BARRIERS TO CONTINUING THEIR EDUCATION. ACCE$$ GRANTS ARE AWARDED TO STUDENTS THROUGH THE FINANCIAL AID OFFICES OF MONTANA COLLEGES AND UNIVERSITIES. THE CRITERIA ARE ESTABLISHED BY EACH FINANCIAL AID OFFICE TO BEST MEET THE NEEDS OF STUDENTS. 3410522 1700599 OTHER LOAN SERVICES. 3935522 525000 1700599 17430483 1 1 0 1 0 0 0 0 0 1 1 0 1 1 1 0 0 1 0 0 0 0 0 0 1 0 0 1 1 1 0 0 0 1 0 0 0 1 0 0 0 0 1 1 1 1 0 0 1 114172 0 1 199 1 1 1 0 0 0 0 1 1 0 0 0 0 0 X 9 9 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 AL AK AZ AR CA CT FL IL KS KY ME MD MA MI MN MS NH NJ NM NY NC OK OR RI UT VI WV WI X X DJ WHITAKER 4064957800 2500 BROADWAY HELENA MT 59601 X BRYN HAGFORS 1.00 X 0 0 0 ED JASMIN 1.00 1.00 X 2800 2400 0 JIM BELL 3.00 1.00 X 2400 2400 0 KIM CUNNINGHAM 1.00 X 2400 0 0 LILA TAYLOR 1.00 1.00 X 2400 2400 0 ROB BARNOSKY 1.00 X 2400 0 0 ROD SUNDSTED 1.00 X 2800 0 0 RON SEXTON 1.00 X 2400 0 0 ROYAL JOHNSON 1.00 X 2400 0 0 RUSS RITTER 1.00 X 2400 0 0 DONALD OLIVER 20.00 16.00 X 0 165252 16518 JAMES A STIPCICH 34.00 9.00 X 234228 12787 28953 JANET RIIS 1.00 X 0 0 0 JOLENE SELBY 30.00 19.00 X 173225 7773 24427 KELLY CRESSWELL 40.00 X 156447 0 19434 SCOTT TODOROVICH 38.00 3.00 X 157699 10479 25477 SIMON POOLE 40.00 5.00 X 148068 17975 26865 JAMES P CROSS 41.00 X 101999 0 15103 994066 221466 156777 6 0 1 0 ANDERSON ZURMUEHLEN & CO PC PO BOX 1040 HELENA MT 59624 AUDIT AND CONSULTING 156935 DORSEY & WHITNEY LLP PO BOX 1680 MINNEAPOLIS MN 55480 LEGAL SERVICES 135094 2 82005 346662 428667 MANAGEMENT AND SERVICI 525990 13726758 13612987 113771 LOAN SERVICING FEE INCOME 525990 3182583 1526990 1655593 OTHER PROGRAM REVENUE 525990 602071 602071 OTHER CONTRACT REVENUE 525990 173609 173609 17685021 117292 112346 4946 2541630 2541630 33210 0 33210 33210 33210 33298 38540 -5242 -5242 -5242 24766 82005 43846 -19080 -19080 20781498 15915657 1914920 2522254 647000 647000 262427 262427 916115 867441 31704 16970 7509869 7393542 105463 10864 414818 406202 6946 1670 1407774 1403281 1806 2687 589761 579651 8150 1960 228996 228996 172735 172735 285028 260028 25000 121877 121859 18 1201057 1191730 9327 668419 668419 234365 234365 136260 136198 62 18793 18793 258039 258039 637668 637668 97444 79934 17510 CONTRACT SERVICING FEES 1469398 1469398 BANK CHARGES 184847 184847 LOAN CONVERSION COSTS 9261 9261 290110 217462 42608 30040 17762061 17430483 257980 73598 770 800 3443455 4921220 895110 780274 113 24027 384159 379421 10513154 5233515 5303625 5279639 546918 548577 769993 1331033 2447315 2599169 13791458 15864160 2487420 2590297 1337695 663246 5003228 4806111 88266 219171 1982425 1673474 10899034 9952299 X 2842969 5908127 49455 3734 2892424 5911861 13791458 15864160 3019437 0 X X 0 1 X 1 0 X X X 0 0 0 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION 810393527 9 1 0 BOARD OF REGENTS OF THE MONTANA UNIVERSITY SYSTEM 521528682 6 1 0 2 0 SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: PART I LINE 11(VII) SUPPORT: STUDENT ASSISTANCE FOUNDATION IS A SUPPORTING ORGANIZATION ORGANIZED TO PROVIDE MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC),A 501(C)(3)ORGANIZATION, 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. THE BOARD OF REGENTS CONTROLS THE MONTANA UNIVERSITY SYSTEM WHOSE MEMBER SCHOOLS ARE THE LARGEST RECIPIENT OF SAF'S GRANT PROGRAMS. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 0 0 1 0 0 0 0 1 34803 0 1 2750 37553 0 EXPLANATION OF LOBBYING ACTIVITIES: PART II-B, LINE 1: EDUCATION FINANCE COUNCIL $2,750 PORTION OF NONDEDUCTIBLE DUES PAID TO EDUCATION FINANCE COUNCIL THAT WERE ATTRIBUTABLE TO LOBBYING ACTIVITIES. STUDENT ASSISTANCE FOUNDATION IS NOT INVOLVED IN THE MANAGEMENT OF, CONTROLLED BY OR RELATED TO THE EDUCATION FINANCE COUNCIL. 463748 66136 1079 530963 184891 277240 1617 463748 122825 60000 2066 184891 60567 60500 1758 122825 60000 567 60567 1.00000 0.00000 0.00000 0 0 1456000 285000 1741000 4001519 1874596 2126923 29512 9677 19835 4741123 3349242 1391881 5279639 EDUCATIONAL LOANS RECEIVABLE 79256 C INVESTMENT IN TRUSTUDENT 1251777 C 1331033 ENDOWMENT INTEREST RECEIVABLE 541 RECEIVABLE RELATED ENTITY 2598628 2599169 FUNDS HELD FOR LOAN SERVICING 1659901 FUNDS HELD FOR SPONSORED ORGANIZATI 13573 1673474 21371243 7582 582163 589745 20781498 0 20781498 19748002 7582 1978359 1985941 17762061 0 17762061 DESCRIPTION OF INTENDED USE OF ENDOWMENT FUNDS: PART V, LINE 4: FUNDS TO BE USED FOR PROGRAMS. PART XI, LINE 2D - OTHER ADJUSTMENTS: CONSOLIDATION ELIMINATING ENTRIES 538,316. EXPENDITURES FOR SPECIAL EVENTS NETTED AGAINST REVENUES 43,846. ROUNDING 1. PART XII, LINE 2D - OTHER ADJUSTMENTS: EXPENDITURES FOR SPECIAL EVENTS NETTED AGAINST REVENUES 43,846. CONSOLIDATION ELIMINATING ENTRIES 1,934,513. GOLF SCRAMBLE 85903 71023 14880 3246 9023 4890 4041 1759 456 BLUE BASH 12137 3210 8927 1000 3527 6500 8966 1 8731 7772 959 438 106771 82005 24766 4246 9023 8417 4041 8259 9860 43846 -19080 1 AANIIIH NOKADA COLLEGE PO BOX 159 HARLEM MT 59526 810420980 501C(3) 3258 CASH EDUCATION ANACONDA PUBLIC SCHOOLS 1410 WEST PARK AVE ANACONDA MT 59711 816000283 PUBLIC INSTITUTION 5000 CASH EDUCATION BILLINGS PUBLIC SCHOOLS 415 N 30TH STREET BILLINGS MT 59101 816001088 PUBLIC INSTITUTION 5000 CASH EDUCATION BLACKFEET COMMUNITY COLLEGE PO BOX 819 BROWNING MT 59417 810378943 501C(3) 8789 CASH EDUCATION BOZEMAN SCHOOLS FOUNDATION PO BOX 1803 BOZEMAN MT 59771 201645473 501C(3) 10000 CASH EDUCATION CARROLL COLLEGE 1601 N BENTON HELENA MT 59625 810231774 501C(3) 11626 CASH EDUCATION CHIEF DULL KNIFE COLLEGE PO BOX 98 LAME DEER MT 59043 810351900 501C(3) 5045 CASH EDUCATION DAWSON COMMUNITY COLLEGE 300 COLLEGE DRIVE GLENDIVE MT 59330 816000240 PUBLIC INSTITUTION 5440 CASH EDUCATION FLATHEAD VALLEY COMMUNITY COLLEGE 777 GRANDVIEW DR KALISPELL MT 59901 810299199 501C(3) 38788 CASH EDUCATION FORT PECK COMMUNITY COLLEGE 605 INDIAN AVENUE POPLAR MT 59255 810374399 501C(3) 9045 CASH EDUCATION GREAT FALLS PUBLIC SCHOOLS PO BOX 2429 GREAT FALLS MT 59403 816000120 PUBLIC INSTITUTION 5000 CASH EDUCATION HAMILTON PUBLIC SCHOOLS 217 DALY AVE HAMILTON MT 59840 816000830 PUBLIC INSTITUTION 5000 CASH EDUCATION HEART BUTTE SCHOOL DISTRICT #1 NEW SCHOOL ROAD HEART BUTTE MT 59448 816000759 PUBLIC INSTITUTION 5000 CASH EDUCATION HELENA EDUCATION FOUNDATION PO BOX 792 HELENA MT 59624 810544494 501C(3) 5000 CASH EDUCATION HELENA SYMPHONY PO BOX 1073 HELENA MT 59624 810352076 501C(3) 7000 CASH EDUCATION LAUREL PUBLIC SCHOOLS 410 COLORADO AVE LAUREL MT 59044 816001091 PUBLIC INSTITUTION 5000 CASH EDUCATION LITTLE BIG HORN COLLEGE PO BOX 370 CROW AGENCY MT 59022 810331905 501C(3) 6537 CASH EDUCATION LIVINGSTON PUBLIC SCHOOLS 132 S B STREET LIVINGSTON MT 59047 816000691 PUBLIC INSTITUTION 5000 CASH EDUCATION MILES CITY COMMUNITY COLLEGE 2715 DICKENSON ST MILES CITY MT 59301 816000208 PUBLIC INSTITUTION 11483 CASH EDUCATION MISSOULA COUNTY PUBLIC SCHOOLS 915 S AVENUE WEST MISSOULA MT 59801 810504312 PUBLIC INSTITUTION 5000 CASH EDUCATION MONTANA OFFICE OF PUBLIC INSTRUCTION 1300 11TH AVE HELENA MT 59601 810302402 GOVERNMENT 50000 CASH EDUCATION MONTANA STATE UNIVERSITY - BILLINGS 1500 UNIVERSITY DR BILLINGS MT 59101 816001642 GOVERNMENT 143107 CASH EDUCATION MONTANA STATE UNIVERSITY - BOZEMAN PO BOX 174160 BOZEMAN MT 59717 816010045 GOVERNMENT 25000 CASH EDUCATION MONTANA STATE UNIVERSITY - GREAT FALLS COLLEGE OF TECH 2100 16TH AVE S GREAT FALLS MT 59406 810522790 GOVERNMENT 56631 CASH EDUCATION MONTANA STATE UNIVERSITY - NORTHERN PO BOX 7751 HAVRE MT 59501 816001663 GOVERNMENT 25203 CASH EDUCATION MONTANA TECH OF THE UM & COLLEGE OF TECHNOLOGY 1300 W PARK ST BUTTE MT 59701 816001654 GOVERNMENT 47052 CASH EDUCATION ROCKY MOUNTAIN COLLEGE 1511 POLY DR BILLINGS MT 59102 810235407 501C(3) 11700 CASH EDUCATION SALISH KOOTENAI COLLEGE PO BOX 70 PABLO MT 59855 810378823 501C(3) 16549 CASH EDUCATION STONE CHILD COLLEGE RR1 BOX 1082 BOX ELDER MT 59521 810420650 501C(3) 5400 CASH EDUCATION UNIVERSITY OF GREAT FALLS 1301 20TH ST S GREAT FALLS MT 59405 810231777 501C(3) 12576 CASH EDUCATION UNIVERSITY OF MONTANA - HELENA COLLEGE OF TECHNOLOGY 1115 N ROBERTS HELENA MT 59601 810302402 GOVERNMENT 28532 CASH EDUCATION UNIVERSITY OF MONTANA - MISSOULA LOMMASSON RM 218 MISSOULA MT 59812 816001713 GOVERNMENT 40000 CASH EDUCATION UNIVERSITY OF MONTANA - WESTERN 710 S ATLANTIC DILLON MT 59725 816001713 GOVERNMENT 18239 CASH EDUCATION WOLF POINT PUBLIC SCHOOLS 213 6TH AVE S WOLF POINT MT 59201 816000891 PUBLIC INSTITUTION 5000 CASH EDUCATION 34 0 FOSTER CARE - ETV 34 199427 GRANT EXPENSE DETAIL JOBS FOR MONTANA GRADS 2 1000 GRANT EXPENSE DETAIL CIRCLE OF SUCCESS 62 62000 GRANT EXPENSE DETAIL PROCEDURE FOR MONITORING GRANTS IN THE U.S.: PART I, LINE 2: SCHEDULE I, PART I, LINE 2: SAF'S GRANTS AND SCHOLARSHIP PROGRAMS ARE DESIGNATED TO SUPPORT STUDENTS WHO ARE FACING TEMPORARY FINANCIAL OBSTACLES TO COMPLETING THEIR EDUCATION. ACCESS GRANTS TOTALING $525,000 WERE DELIVERED TO MONTANA'S COLLEGES AND UNIVERSITIES. THESE DOLLARS ARE DISTRIBUTED TO STUDENTS THROUGH THE FINANCIAL AID OFFICE, AND ON AVERAGE, ARE $1,000 AWARDS. EACH SCHOOL DEVELOPS AND ADMINISTERS THEIR OWN DISTRIBUTION PROCESS. SAF ALSO DELIVERS FUNDS TO THE STUDENTS THROUGH ITS CIRCLE OF SUCCESS SCHOLARSHIP. THESE AWARDS ARE $1,000 EACH, AND THE INTENT OF THE PROGRAM IS TO AWARD A GRANT TO AT LEAST ONE STUDENT FROM EACH OF MONTANA'S 56 COUNTIES. CIRCLE OF SUCCESS SCHOLARSHIPS ARE AWARDED BASED ON APPLICATIONS SUBMITTED BY STUDENTS. STUDENT ENROLLMENT IS VERIFIED AND CHECKS ARE ISSUED TO SCHOOLS IN THE STUDENT'S NAME. X X X X X 0 0 0 1 0 0 0 0 0 DONALD OLIVER 0 103102 0 41253 0 20897 0 9948 0 6570 0 181770 0 0 JAMES A STIPCICH 185418 12787 48810 0 0 0 14234 766 13501 452 261963 14005 0 0 JOLENE SELBY 128868 7773 34398 0 9959 0 10762 466 12316 883 196303 9122 0 0 KELLY CRESSWELL 121795 0 29883 0 4769 0 9566 0 9868 0 175881 0 0 0 SCOTT TODOROVICH 116981 10479 32333 0 8385 0 9913 629 13745 1190 181357 12298 0 0 SIMON POOLE 107817 17975 32333 0 7918 0 9435 1079 15303 1048 172806 20102 0 0 PART I, LINE 5 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. SUPPLEMENTAL INFORMATION PART III EMPLOYEES FOR STUDENT ASSISTANCE FOUNDATION ARE COMMON PAYMASTER EMPLOYEES AND THE COSTS FOR THE RELATED ENTITY, TRU STUDENT ARE REIMBURSED FOR COSTS INCURRED. KELLY CRESSWELL COMPUTER PURCHASE LOAN X 1274 956 0 1 1 KELLY CRESSWELL COMPUTER PURCHASE LOAN X 772 193 0 1 1 1149 JAMES STIPCICH TOP MANAGEMENT OFFICIAL FOR MHESAC NOTED TOP MANAGEMENT OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION 0 LILA TAYLOR DIRECTOR NOTED BOARD MEMBER IS ON BOTH STUDENT ASSISTANCE FOUNDATION AND MHESAC BOARDS 0 JOLENE SELBY TOP FINANCE OFFICIAL FOR MHESAC NOTED TOP FINANCE OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION 0 FORM 990, PART VI, SECTION A, LINE 2 THE FOLLOWING BOARD MEMBER IS ON BOTH STUDENT ASSISTANCE FOUNDATION AND MHESAC BOARDS: LILA TAYLOR. THE FOLLOWING BOARD MEMBERS ARE ON BOTH THE STUDENT ASSISTANCE FOUNDATION AND TRU STUDENT BOARDS: ED JASMIN AND JIM BELL SAF OFFICERS JAMES STIPCICH AND JOLENE SELBY ARE TOP MANAGEMENT OFFICIAL AND TOP FINANCE OFFICIAL, RESPECTIVELY, FOR 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 PROCESS FOR DETERMINING EXECUTIVE COMPENSATION 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 AVAILABLE FROM THE ORGANIZATIONS'S WEBSITE AND OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. HOURS FOR RELATED ORGANIZATIONS FORM 990, PART VII, SECTION A, COLUMN B DON OLIVER'S AVERAGE WEEKLY HOURS IS 36 HOURS. HE HAS AVERAGED 20 HOURS OF HIS TIME TO SAF, AND 16 HOURS TO TRU STUDENT. SIMON POOLE'S AVERAGE WEEKLY HOURS IS 45 HOURS. HE HAS AVERAGED 5 HOURS OF HIS TIME TO TRU STUDENT, AND 40 HOURS OF HIS TIME TO SAF. JAMES STIPCICH'S AVERAGE WEEKLY HOURS IS 43 HOURS. HE HAS AVERAGED 4 HOURS OF HIS TIME TO TRU STUDENT, 34 HOURS OF HIS TIME TO SAF, AND 5 HOURS TO MHESAC. JOLENE SELBY'S AVERAGE WEEKLY HOURS IS 49. SHE HAS AVERAGED 2 HOURS OF HER TIME TO TRU STUDENT, 30 HOURS OF HER TIME TO SAF, AND 17 HOURS TO MHESAC. SCOTT TODOROVICH'S AVERAGE WEEKLY HOURS IS 41. HE HAS AVERAGED 3 HOURS OF HIS TIME TO TRU STUDENT, AND 38 HOURS OF HIS TIME TO SAF. OVERSIGHT OF FINANCIAL STATEMENT AUDIT: FORM 990, PART XII, LINE 2C, THE PROCESS FOR THE OVERSIGHT OF THE AUDIT HAS NOT CHANGED FROM PRIOR YEARS. MONTANA STUDENT LOAN FUNDINGLLC 2500 BROADWAY ROOM 237 HELENA MT 59601 731672105 STUDENT LOAN SERVICING MT 5 0 N/A MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION 2500 BROADWAY HELENA MT 59601 810393527 PROVIDE FUNDS FOR STUDENT LOANS MT 501(C)(3) 9 N/A 0 TRU STUDENT CORPORATION 2500 BROADWAY HELENA MT 59601 272815636 SERVICE STUDENT LOANS MT N/A C 2495811 916426 1.00000 0 1 1 0 1 0 0 0 0 1 0 0 1 1 0 1 0 0 0 0 TRU STUDENT CORPORATION B 500000 AMOUNT TRANSFERRED TRU STUDENT CORPORATION L 1780187 SERVICES PROVIDED TRU STUDENT CORPORATION M 31751 SERVICES PROVIDED TRU STUDENT CORPORATION A 33210 AMOUNT PAID FOR RENT TRU STUDENT CORPORATION O 153996 SALARIES PAID BY SAF TRU STUDENT CORPORATION O 488359 SALARIES PAID BY TRU STUDENT TRU STUDENT CORPORATION A 112346 INTEREST PAID ON LOAN