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 810393527 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION MONT 4064957800 2500 BROADWAY HELENA MT 59601 MICHAEL GREEN 4064957800 2013-10-11 1 SUZANNE M SEVERIN P00254608 4064421040 2013-10-01 2012 2016-02-25 16:41:14Z MICHAEL GREEN 2500 BROADWAY HELENA MT 59601 41762741 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 62612415 41453894 792180 308847 56002973 0 119407568 41762741 0 0 0 0 14400 16400 0 0 0 27613815 41675441 27628215 41691841 91779353 70900 1476754430 1316037965 1370065157 1209278078 106689273 106759887 DEDICATED TO HELPING MONTANA CITIZENS WITH FINANCING THEIR POST-SECONDARY EDUCATION. 0 0 39072574 41453894 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 $2.39 MILLION FOR 29,242 BORROWERS IN FISCAL YEAR 2013. $48.9 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. 39072574 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 28 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 1.00 X 2400 0 0 LILA TAYLOR 1.00 1.00 X 2400 2400 0 WILLIAM THOMAS 3.00 X 2400 0 0 MICHAEL GREEN 3.00 X X 2400 0 0 GEORGE OLSEN 1.00 X X 2400 0 0 JIM PENNER 1.00 X X 2400 0 0 TYLER CHRISTIANSON 1.00 X 0 0 0 JAMES STIPCICH 5.00 34.00 X 0 234229 27735 JOLENE SELBY 17.00 30.00 X 0 173225 23078 14400 409854 50813 0 0 1 0 STUDENT ASSISTANCE FOUNDATION 2500 BROADWAY HELENA MT 59601 MANAGEMENT AND LOAN SERVICES 13258533 DORSEY & WHITNEY LLP PO BOX 1680 MINNEAPOLIS MN 55480 BOND COUNSEL 300000 STANDARD & POOR'S FINANCIAL SERVICES 2542 COLLECTION CENTER DRIVE CHICAGO IL 60693 ISSUANCE RATING FEE 240000 FITCH RATINGS ONE STATE STREET PLAZA NEW YORK NY 10004 ISSUANCE RATING FEE 190000 4 INTEREST & SPECIAL ALL 611710 41453894 41453894 41453894 308847 308847 41762741 41453894 0 308847 16400 16400 13612988 11026520 2586468 224073 224073 1046 1046 17104944 17104944 12894 12894 CONSOLIDATION LOAN FEES 10422938 10422938 LENDER LOAN AND INCENTI 288983 288983 LISTING FEES 5116 5116 2459 2459 41691841 39072574 2619267 0 5590195 4550479 42892943 33159976 8400 33988 599843 599557 1406162357 1260703469 21500692 16990496 1476754430 1316037965 8601689 6493430 1361463468 1202784648 1370065157 1209278078 X 33899401 33214438 72789872 73545449 106689273 106759887 1476754430 1316037965 70900 -286 0 X X 0 1 X 1 0 X 67374974 56227491 52857579 62612415 41453894 280526353 67374974 56227491 52857579 62612415 41453894 280526353 0 10008723 10008723 10008723 10008723 270517630 6349810 1289495 1168989 792180 308847 9909321 6349810 1289495 1168989 792180 308847 9909321 56002973 56002973 73724784 57516986 54026568 119407568 41762741 346438647 0.78090 0.68640 0.02860 0.06670 X 0 EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE 1260703469 C 1260703469 41762455 -286 -286 41762741 0 41762741 41691841 0 41691841 0 41691841 0 0 0 0 0 0 0 0 0 JAMES STIPCICH 0 185419 0 48810 0 0 0 14234 0 13501 0 261964 0 0 JOLENE SELBY 0 128868 0 34398 0 9959 0 10762 0 12316 0 196303 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. OVERSIGHT OF AUDIT FORM 990, PART XII, LINE 2C 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