MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION: Form 990, tax year 2012
View the entire original 990 at ProPublica ↗
- Organization
- MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION (EIN 64-0642776)
- Tax period
- 2012-01-01 to 2012-12-31
- Filed
- 2013-09-25
- IRS object ID
- 201342689349300614
- Schema version
- 2012v2.1
- Source
- Download XML · Original 990 at ProPublica
Every field in the e-filed return. Faint text is the IRS element name, for citing.
- Return header
- Form 990
- Schedule A
- Schedule B
- Schedule C
- Schedule D
- Schedule J
- Schedule K
- Schedule K
- Schedule K
- Schedule O
- Schedule R
Return header ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2013-09-25T10:43:02-05:00 | Timestamp |
| Tax Period End Date | 2012-12-31 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 640414329 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | HADDOX REID BURKES & CALHOUN PLLC | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 188 EAST CAPITOL STREET SUITE 500 | AddressLine1 |
| City | JACKSON | City |
| State | MS | State |
| ZIP Code | 39201 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2012-01-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 640642776 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MISSISSIPPI HIGHER EDUCATION ASSISTANCE | BusinessNameLine1 |
| Business Name Line2 | CORPORATION | BusinessNameLine2 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | MISS | NameControl |
| Phone | 6013215555 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 5008 | AddressLine1 |
| City | JACKSON | City |
| State | MS | State |
| ZIP Code | 392965008 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | SID J SIMS | Name |
| Title | EXECUTIVE DIRECTOR | Title |
| Phone | 6013215555 | Phone |
| Date Signed | 2013-09-23 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | PAUL W CALHOUN CPA | Name |
| PTIN | P00846500 | PTIN |
| Phone | 6019482924 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2012 | TaxYear |
| Build TS | 2016-02-24 21:20:13Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | SID J SIMS | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2600 LAKELAND TERRACE | AddressLine1 |
| City | JACKSON | City |
| State | MS | State |
| ZIP Code | 39216 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 64613409 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | WWW.ESFWEB.COM/MHEAC.HTML | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1980 | YearFormation |
| State Legal Domicile | MS | StateLegalDomicile |
| Activity Or Mission Description | SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 32,839 CLIENTS WERE SERVED IN 2012. | ActivityOrMissionDescription |
| Nbr Voting Members Governing Body | 6 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 6 | NbrIndependentVotingMembers |
| Total Nbr Employees | 0 | TotalNbrEmployees |
| Total Nbr Volunteers | 0 | TotalNbrVolunteers |
| Total Gross UBI | 0 | TotalGrossUBI |
| Net Unrelated Business Txbl Income | 0 | NetUnrelatedBusinessTxblIncome |
| Contributions Grants Prior Year | 4409550 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 3676726 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 13039563 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 25986847 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 11479356 | InvestmentIncomePriorYear |
| Investment Income Current Year | 239003 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 0 | OtherRevenuePriorYear |
| Other Revenue Current Year | 34710833 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 28928469 | TotalRevenuePriorYear |
| Total Revenue Current Year | 64613409 | TotalRevenueCurrentYear |
| Grants And Similar Amnts Prior Year | 0 | GrantsAndSimilarAmntsPriorYear |
| Grants And Similar Amnts CY | 0 | GrantsAndSimilarAmntsCY |
| Benefits Paid To Members Prior Year | 0 | BenefitsPaidToMembersPriorYear |
| Benefits Paid To Members CY | 0 | BenefitsPaidToMembersCY |
| Salaries Etc Prior Year | 0 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 0 | SalariesEtcCurrentYear |
| Total Prof Fundrsng Exp Prior Year | 0 | TotalProfFundrsngExpPriorYear |
| Total Prof Fundrsng Exp CY | 0 | TotalProfFundrsngExpCY |
| Total Fundrsng Exp Current Year | 0 | TotalFundrsngExpCurrentYear |
| Other Expense Prior Year | 20010441 | OtherExpensePriorYear |
| Other Expenses Current Year | 32064958 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 20010441 | TotalExpensesPriorYear |
| Total Expenses Current Year | 32064958 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 8918028 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 32548451 | RevenuesLessExpensesCY |
| Total Assets BOY | 1114008439 | TotalAssetsBOY |
| Total Assets EOY | 650088488 | TotalAssetsEOY |
| Total Liabilities BOY | 975297619 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 478829217 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 138710820 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 171259271 | NetAssetsOrFundBalancesEOY |
| Info In Schedule O Part III | X | InfoInScheduleOPartIII |
| Mission Description | 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 32,839 CLIENTS WERE SERVED IN 2012, NO PUBLICATIONS WERE ISSUED, AND NO GRANTS OR ALLOCATIONS TO OTHERS WERE MADE. NO ACHIEVEMENTS WERE MADE THAT WERE NOT MEASURABLE. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 29419658 | Expense |
| Revenue | 60697680 | Revenue |
| Description | ACQUISITION AND SERVICING OF ELIGIBLE STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965 AS AMENDED. | Description |
| Total Program Service Expense | 29419658 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 1 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 1 | LobbyingActivities |
| Subject To Proxy Tax | 0 | SubjectToProxyTax |
| Donor Advised Funds | 0 | DonorAdvisedFunds |
| Conservation Easements | 0 | ConservationEasements |
| Collections Of Art | 0 | CollectionsOfArt |
| Credit Counseling | 0 | CreditCounseling |
| Term Or Permanent Endowments | 0 | TermOrPermanentEndowments |
| Report Land Bldg Equip | 0 | ReportLandBldgEquip |
| Report Invest Oth Securities | 1 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 0 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 1 | ReportOtherLiabilities |
| Report Fin48 Footnote | 1 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 0 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 1 | ConsolidatedAuditFinancialStmt |
| School | 0 | School |
| Foreign Office | 0 | ForeignOffice |
| Foreign Activities | 0 | ForeignActivities |
| More Than5000 K To Organizations | 0 | MoreThan5000KToOrganizations |
| More Than5000 K To Individuals | 0 | MoreThan5000KToIndividuals |
| Professional Fundraising | 0 | ProfessionalFundraising |
| Fundraising Activities | 0 | FundraisingActivities |
| Gaming | 0 | Gaming |
| Hospital | 0 | Hospital |
| Grants To Organizations | 0 | GrantsToOrganizations |
| Grants To Individuals | 0 | GrantsToIndividuals |
| Schedule J Required | 1 | ScheduleJRequired |
| Tax Exempt Bonds | 1 | TaxExemptBonds |
| Invest Tax Exempt Bonds | 0 | InvestTaxExemptBonds |
| Escrow Account | 0 | EscrowAccount |
| On Behalf Of Issuer | 0 | OnBehalfOfIssuer |
| Excess Benefit Transaction | 0 | ExcessBenefitTransaction |
| Prior Excess Benefit Transaction | 0 | PriorExcessBenefitTransaction |
| Loan To Officer Or DQP | 0 | LoanToOfficerOrDQP |
| Grant To Related Person | 0 | GrantToRelatedPerson |
| Bsnss Rltnshp With Organization | 0 | BsnssRltnshpWithOrganization |
| Bsnss Rltnshp Thru Family Member | 0 | BsnssRltnshpThruFamilyMember |
| Officer Entity With Bsnss Rltnshp | 0 | OfficerEntityWithBsnssRltnshp |
| Deductible Non Cash Contributions | 0 | DeductibleNonCashContributions |
| Deductible Contributions Of Art | 0 | DeductibleContributionsOfArt |
| Terminated | 0 | Terminated |
| Partial Liquidation | 0 | PartialLiquidation |
| Disregarded Entity | 0 | DisregardedEntity |
| Related Entity | 1 | RelatedEntity |
| Related Org Controlled Entity | 0 | RelatedOrgControlledEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 325 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Number Of Employees | 0 | NumberOfEmployees |
| Unrelated Business Income | 0 | UnrelatedBusinessIncome |
| Foreign Financial Account | 0 | ForeignFinancialAccount |
| Prohibited Tax Shelter Trans | 0 | ProhibitedTaxShelterTrans |
| Taxable Party Notification | 0 | TaxablePartyNotification |
| Non Deductible Contributions | 0 | NonDeductibleContributions |
| Quid Pro Quo Contributions | 0 | QuidProQuoContributions |
| Form8282 Property Disposed Of | 0 | Form8282PropertyDisposedOf |
| Funds To Pay Premiums | 0 | FundsToPayPremiums |
| Premiums Paid | 0 | PremiumsPaid |
| Indoor Tanning Services | 0 | IndoorTanningServices |
| Info In Schedule O Part VI | X | InfoInScheduleOPartVI |
| Nbr Voting Governing Body Members | 6 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 6 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 0 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 1 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 0 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 0 | ElectionOfBoardMembers |
| Decisions Subject To Approval | 0 | DecisionsSubjectToApproval |
| Minutes Of Governing Body | 1 | MinutesOfGoverningBody |
| Minutes Of Committees | 1 | MinutesOfCommittees |
| Officer Mailing Address | 0 | OfficerMailingAddress |
| Local Chapters | 0 | LocalChapters |
| Form990 Provided To Governing Body | 1 | Form990ProvidedToGoverningBody |
| Conflict Of Interest Policy | 1 | ConflictOfInterestPolicy |
| Annual Disclosure Covered Persons | 1 | AnnualDisclosureCoveredPersons |
| Regular Monitoring Enforcement | 1 | RegularMonitoringEnforcement |
| Whistleblower Policy | 1 | WhistleblowerPolicy |
| Document Retention Policy | 1 | DocumentRetentionPolicy |
| Compensation Process CEO | 0 | CompensationProcessCEO |
| Compensation Process Other | 0 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | SID J SIMS | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 6013215555 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2600 LAKELAND TERRACE | AddressLine1 |
| City | JACKSON | City |
| State | MS | State |
| ZIP Code | 39216 | ZIPCode |
Form990 Part VII Section A Form990PartVIISectionA (8 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer |
|---|---|---|---|---|---|---|
| WILLIAM M JONES | ||||||
| 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 | 0 | 0 | 0 | X |
| DR JAYNE B SARGENT | ||||||
| SECRETARY/TREASURER | 1.00 | X | 0 | 0 | 0 | X |
| J MURRAY UNDERWOOD | ||||||
| BOARD VICE-CHAIR | 1.00 | X | 0 | 0 | 0 | X |
| WILLIAM F ALVIS | ||||||
| CHIEF FINANCIAL OFFICER | 1.00 | 0 | 142945 | 19052 | X | |
| SID J SIMS | ||||||
| EXECUTIVE DIRECTOR | 1.00 | 0 | 295051 | 37563 | X | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 0 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 437996 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 56615 | TotalOtherCompensation |
| Number Individuals GT100 K | 0 | NumberIndividualsGT100K |
| Formers Listed | 0 | FormersListed |
| Total Comp GT150 K | 1 | TotalCompGT150K |
| Compensation From Other Sources | 0 | CompensationFromOtherSources |
Contractor Compensation ContractorCompensation (3 entries)
| Address Line1AddressOfContractor/AddressUS/AddressLine1 | CityAddressOfContractor/AddressUS/City | StateAddressOfContractor/AddressUS/State | ZIP CodeAddressOfContractor/AddressUS/ZIPCode | Description Of ServicesDescriptionOfServices | CompensationCompensation |
|---|---|---|---|---|---|
| EDUCATION SERVICES FOUNDATION | |||||
| 2600 LAKELAND TERRACE | JACKSON | MS | 39216 | MANAGEMENT FEES | 7640178 |
| US DEPARTMENT OF EDUCATION | |||||
| PO BOX 4134 | GREENVILLE | TX | 754034134 | REBATE FEES | 5342911 |
| AVANT STRATEGIC PARTNERS | |||||
| 10010 SAN PEDRO SUITE 520 | SAN ANTONIO | TX | 78216 | EXCESS INT/REBATE CALCULATION FEES | 169700 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 3 | NumberOfContractorsGT100K |
| Government Grants | 3676726 | GovernmentGrants |
| Total Contributions | 3676726 | TotalContributions |
Program Service Revenue ProgramServiceRevenue (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| STUDENT LOAN INTEREST | 900099 | 25608630 | 25608630 |
| LATE FEES | 900099 | 378217 | 378217 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 25986847 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 239003 | TotalRevenueColumn |
| Exclusion | $239,003 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | GAINS ON BOND REPURCHASES | Description |
| Business Code | 900099 | BusinessCode |
| Total Revenue Column | 34710833 | TotalRevenueColumn |
| Related Or Exempt Function Income | 34710833 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 34710833 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 64613409 | TotalRevenueColumn |
| Related Or Exempt Function Income | 60697680 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $239,003 | ExclusionAmount |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 7460534 | Total |
| Program Services | 7460534 | ProgramServices |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 3976353 | Total |
| Program Services | 3976353 | ProgramServices |
Other Expenses OtherExpenses (4 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices | Management And GeneralManagementAndGeneral |
|---|---|---|---|
| ADMINISTRATION AND LOAN | 7800524 | 5155224 | 2645300 |
| SPECIAL ALLOWANCE | 6084010 | 6084010 | |
| CONSOLIDATION REBATE | 5342910 | 5342910 | |
| EXCESS INTEREST | 575252 | 575252 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 825375 | Total |
| Program Services | 825375 | ProgramServices |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 32064958 | Total |
| Program Services | 29419658 | ProgramServices |
| Management And General | 2645300 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 489245 | BOY |
| EOY | 478085 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 131315168 | BOY |
| EOY | 58652933 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 907712215 | BOY |
| EOY | 534199060 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 54269140 | BOY |
| EOY | 45558992 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 20222671 | BOY |
| EOY | 11199418 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1114008439 | BOY |
| EOY | 650088488 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1362964 | BOY |
| EOY | 1304951 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 962250000 | BOY |
| EOY | 470175000 | EOY |
Other Liabilities OtherLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 11684655 | BOY |
| EOY | 7349266 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 975297619 | BOY |
| EOY | 478829217 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 138710820 | BOY |
| EOY | 171259271 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 138710820 | BOY |
| EOY | 171259271 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1114008439 | BOY |
| EOY | 650088488 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Reconcilation Revenue Expenses | 32548451 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 0 | ReconcilationOtherChanges |
| Info In Schedule O Part XII | X | InfoInScheduleOPartXII |
| Method Of Accounting Accrual | X | MethodOfAccountingAccrual |
| Accountant Compile Or Review | 0 | AccountantCompileOrReview |
| FS Audited | 1 | FSAudited |
FS Audited Basis FSAuditedBasis
| Field | Value | IRS element (for citing) |
|---|---|---|
| Financial Statement Consolidated | X | FinancialStatementConsolidated |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Audit Committee | 1 | AuditCommittee |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | X | PubliclySupportedOrg509a2 |
Gifts Grants Contrib Received509 GiftsGrantsContribReceived509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 9005789 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 10549368 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 6932904 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 5315680 | CurrentTaxYearMinus1Year |
| Current Tax Year | 3676726 | CurrentTaxYear |
| Total | 35480467 | Total |
Gross Receipts From Admissions GrossReceiptsFromAdmissions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 57663543 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 45191099 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 38796276 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 34033889 | CurrentTaxYearMinus1Year |
| Current Tax Year | 25986847 | CurrentTaxYear |
| Total | 201671654 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 66669332 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 55740467 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 45729180 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 39349569 | CurrentTaxYearMinus1Year |
| Current Tax Year | 29663573 | CurrentTaxYear |
| Total | 237152121 | Total |
Amts Recd From Disqual Persons AmtsRecdFromDisqualPersons
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Amts From Subst Contributors AmtsFromSubstContributors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
Support From DQ Ps Etc SupportFromDQPsEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 0 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 237152121 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 14096289 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 2718180 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 1295173 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 525754 | CurrentTaxYearMinus1Year |
| Current Tax Year | 239003 | CurrentTaxYear |
| Total | 18874399 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 14096289 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 2718180 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 1295173 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 525754 | CurrentTaxYearMinus1Year |
| Current Tax Year | 239003 | CurrentTaxYear |
| Total | 18874399 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 80765621 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 58458647 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 47024353 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 39875323 | CurrentTaxYearMinus1Year |
| Current Tax Year | 29902576 | CurrentTaxYear |
| Total | 256026520 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.92630 | PublicSupportPercentage509 |
| Prior Year Support Percentage | 0.88090 | PriorYearSupportPercentage |
| Investment Income Percentage | 0.07370 | InvestmentIncomePercentage |
| Prior Yr Invest Income Percentage | 0.11910 | PriorYrInvestIncomePercentage |
| Thirty Three Percnt Tests CY509 | X | ThirtyThreePercntTestsCY509 |
| General Explanation | SCHEDULE A, PART IV, SUPPLEMENTAL INFORMATION: FOR THE 2012 TAX YEAR, MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION ("THE ORGANIZATION") QUALIFIES FOR PUBLIC CHARITY STATUS PURSUANT TO INTERNAL REVENUE CODE SECTIONS 170(B)(1)(A)(VI) AND 509(A)(2). THE ORGANIZATION BELIEVES THAT INTERNAL REVENUE CODE SECTION 509(A)(2) IS A CLEAR REFLECTION OF ITS CURRENT SOURCES OF REVENUE AND ACTIVITIES. SEE FORM 990, SCHEDULE A, PART I, LINE 9 AND FORM 990, SCHEDULE A, PART III. THE ORGANIZATION'S PUBLIC SUPPORT PERCENTAGE FOR 2012 IS 92.63%. FOR THE 2011 TAX YEAR, THE ORGANIZATION QUALIFIED FOR PUBLIC CHARITY STATUS PURSUANT TO INTERNAL REVENUE CODE SECTION 170(B)(1)(A)(VI). SEE FORM 990, SCHEDULE A, PART I, LINE 7. THE ORGANIZATION'S PUBLIC SUPPORT PERCENTAGE FOR 2011 WAS 51.17%. FOR THE 2011 TAX YEAR, THE ORGANIZATION WOULD HAVE ALSO QUALIFIED FOR PUBLIC CHARITY STATUS PURSUANT TO INTERNAL REVENUE CODE SECTION 509(A)(2) WITH A PUBLIC SUPPORT PERCENTAGE OF 88.09%. THE ORGANIZATION HAS QUALIFIED FOR PUBLIC CHARITY STATUS SINCE ITS INCEPTION IN 1980. GAINS ON REPURCHASES OF $34,710,833 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. | GeneralExplanation |
Schedule B IRS990ScheduleB
Contributor Info ContributorInfo
| Field | Value | IRS element (for citing) |
|---|---|---|
| Contributor Number | RESTRICTED | ContributorNumber |
Contributor Name Business ContributorNameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | RESTRICTED | BusinessNameLine1 |
Contributor Address US ContributorAddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | RESTRICTED | AddressLine1 |
| Address Line2 | RESTRICTED | AddressLine2 |
| City | RESTRICTED | City |
| State | RESTRICTED | State |
| ZIP Code | RESTRICTED | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Aggregate Contributions | RESTRICTED | AggregateContributions |
Schedule C IRS990ScheduleC
Total Direct Lobbying TotalDirectLobbying
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 632 | FilingOrganizationsTotals |
Total Lobbying Expenditures TotalLobbyingExpenditures
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 632 | FilingOrganizationsTotals |
Other Exempt Purpose Expenditures OtherExemptPurposeExpenditures
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 15997011 | FilingOrganizationsTotals |
Total Exempt Purpose Expenditures TotalExemptPurposeExpenditures
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 15997643 | FilingOrganizationsTotals |
Lobbying Nontaxable LobbyingNontaxableAmount
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 949882 | FilingOrganizationsTotals |
Grassroots Nontaxable GrassrootsNontaxableAmount
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 237471 | FilingOrganizationsTotals |
Tot Lobbying Grassroot Minus Non Tx TotLobbyingGrassrootMinusNonTx
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 0 | FilingOrganizationsTotals |
Tot Lobby Expend Mns Lobbying Nontx TotLobbyExpendMnsLobbyingNontx
| Field | Value | IRS element (for citing) |
|---|---|---|
| Filing Organizations Totals | 0 | FilingOrganizationsTotals |
Lobbying Nontaxable Amount2 LobbyingNontaxableAmount2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year Minus3 | 1000000 | CurrentYearMinus3 |
| Current Year Minus2 | 1000000 | CurrentYearMinus2 |
| Current Year Minus1 | 1000000 | CurrentYearMinus1 |
| Current Year | 949882 | CurrentYear |
| Total | 3949882 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Lobbying Ceiling | $5,924,823 | LobbyingCeilingAmount |
Total Lobbying Expenditures2 TotalLobbyingExpenditures2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year Minus3 | 735 | CurrentYearMinus3 |
| Current Year Minus2 | 758 | CurrentYearMinus2 |
| Current Year Minus1 | 1062 | CurrentYearMinus1 |
| Current Year | 632 | CurrentYear |
| Total | 3187 | Total |
Grassroots Nontaxable Amount2 GrassrootsNontaxableAmount2
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Year Minus3 | 250000 | CurrentYearMinus3 |
| Current Year Minus2 | 250000 | CurrentYearMinus2 |
| Current Year Minus1 | 250000 | CurrentYearMinus1 |
| Current Year | 237471 | CurrentYear |
| Total | 987471 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Grassroots Ceiling | $1,481,207 | GrassrootsCeilingAmount |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 0 | TotalOfBookValueLandBuildings |
Other Securities OtherSecurities (3 entries)
| DescriptionDescription | Book ValueBookValue | Method Of ValuationMethodOfValuation |
|---|---|---|
| REPURCHASE AGREEMENT - SOCIETE GENERALE | 1779000 | C |
| REPURCHASE AGREEMENT - WESTDEUTCHE LANDESBANK | 16619500 | C |
| REPURCHASE AGREEMENT - BAYERISCHE LANDESBANK | 27160492 | C |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Securities | 45558992 | TotalOfBookValueSecurities |
Other Liabilities OtherLiabilities (2 entries)
| DescriptionDescription | AmountAmount |
|---|---|
| ACCRUED INTEREST PAYABLE | $418,166 |
| EXCESS INTEREST AND REBATE PAYABLE | $6,931,100 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Amounts | 7349266 | TotalOfAmounts |
| Footnote In Part XIII | X | FootnoteInPartXIII |
| Tot Revenue Etc Audited Fincl Stmt | 48804197 | TotRevenueEtcAuditedFinclStmt |
| Revenue Not Rptd F990 | 0 | RevenueNotRptdF990 |
| Revenue Subtotal | 48804197 | RevenueSubtotal |
| Other Revenues Not Included | 15809212 | OtherRevenuesNotIncluded |
| Revenue Not Rptd On Fin Stmt | 15809212 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 64613409 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 16255746 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 16255746 | ExpensesSubtotal |
| Other Expenses Not Included | 15809212 | OtherExpensesNotIncluded |
| Expenses Not Rptd On Fin Stmt | 15809212 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 32064958 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIII Form990ScheduleDPartXIII (4 entries)
| IdentifierIdentifier | Return ReferenceReturnReference | ExplanationExplanation |
|---|---|---|
| DESCRIPTION OF UNCERTAIN TAX POSITIONS UNDER FIN 48: | 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 2009. |
| PART XI, LINE 4B - OTHER ADJUSTMENTS: | EXPENSES NETTED AGAINST REVENUES IN AUDITED FINANCIAL STATEMENTS (SEE BELOW) | |
| PART XII, LINE 4B - OTHER ADJUSTMENTS: | EXPENSES NETTED AGAINST REVENUES IN AUDITED FINANCIAL STATEMENTS (SEE BELOW) | |
| EXPENSES NETTED AGAINST REVENUES IN AUDITED FINANCIAL STATEMENTS: AMORTIZATION $ 3,807,040 CONSOLIDATION REBATES 5,342,910 SPECIAL ALLOWANCES 6,084,010 EXCESS INTEREST 575,252 TOTAL $15,809,212 |
Schedule J IRS990ScheduleJ
| Field | Value | IRS element (for citing) |
|---|---|---|
| Severance Payment | 0 | SeverancePayment |
| Supplemental Nonqual Retire Plan | 0 | SupplementalNonqualRetirePlan |
| Equity Based Comp Arrangement | 0 | EquityBasedCompArrangement |
| Comp Based On Revenue Of Filing Org | 0 | CompBasedOnRevenueOfFilingOrg |
| Comp Based On Revenue Related Orgs | 0 | CompBasedOnRevenueRelatedOrgs |
| Comp Based Net Earnings Filing Org | 0 | CompBasedNetEarningsFilingOrg |
| Comp Based Net Earnings Relate Orgs | 0 | CompBasedNetEarningsRelateOrgs |
| Any Non Fixed Payments | 0 | AnyNonFixedPayments |
| Initial Contract Exception | 0 | InitialContractException |
Form990 Schedule J Part II Form990ScheduleJPartII (2 entries)
| TitleTitle | Base Compensation Filing OrgBaseCompensationFilingOrg | Comp Based On Related OrgsCompBasedOnRelatedOrgs | Bonus Filing OrgBonusFilingOrg | Bonus Related OrgsBonusRelatedOrgs | Other Compensation Filing OrgOtherCompensationFilingOrg | Other Compensation Related OrgsOtherCompensationRelatedOrgs | Deferred Comp Filing OrgDeferredCompFilingOrg | Deferred Comp Related OrgsDeferredCompRelatedOrgs | Nontaxable Benefits Filing OrgNontaxableBenefitsFilingOrg | Nontaxable Benefits Related OrgsNontaxableBenefitsRelatedOrgs | Total Compensation Filing OrgTotalCompensationFilingOrg | Total Compensation Related OrgsTotalCompensationRelatedOrgs | Comp Report Prior990 Filing OrgCompReportPrior990FilingOrg | Comp Report Prior990 Related OrgsCompReportPrior990RelatedOrgs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| WILLIAM F ALVIS | ||||||||||||||
| CHIEF FINANCIAL OFFICER | 0 | 142945 | 0 | 0 | 0 | 0 | 0 | 9990 | 0 | 9785 | 0 | 162720 | 0 | 0 |
| SID J SIMS | ||||||||||||||
| EXECUTIVE DIRECTOR | 0 | 295051 | 0 | 0 | 0 | 0 | 0 | 30000 | 0 | 8461 | 0 | 333512 | 0 | 0 |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI (4 entries)
| Bond ReferenceBondReferenceCd | Issuer EINIssuerEIN | CUSIP NumberCUSIPNumber | Date IssuedDateIssued | Issue PriceIssuePrice | Description Of PurposeDescriptionOfPurpose | DefeasedDefeased | On Behalf Of IssuerOnBehalfOfIssuer | Pool FinancingPoolFinancing |
|---|---|---|---|---|---|---|---|---|
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| A | 640642776 | 605354EPO | 2004-06-30 | 45000000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| B | 640642776 | 605354EQ8 | 2004-06-30 | 5000000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| C | 640642776 | 605354EX3 | 2005-10-13 | 68700000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| D | 640642776 | 605354EY1 | 2005-10-13 | 37500000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
Form990 Schedule K Part II Form990ScheduleKPartII (4 entries)
| Bond ReferenceBondReferenceCd | Amount RetiredAmountRetired | Total ProceedsTotalProceeds | Amount In Reserve FundAmountInReserveFund | Issuance Costs From ProceedsIssuanceCostsFromProceeds | Other Spent ProceedsOtherSpentProceeds | Year Of Subst CompletionYearOfSubstCompletion | Current RefundingCurrentRefunding | Advance RefundingAdvanceRefunding | Final Allocation MadeFinalAllocationMade | Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind |
|---|---|---|---|---|---|---|---|---|---|---|
| A | 22500000 | 55846251 | 450000 | 270000 | 55126251 | 2005 | 0 | 0 | 1 | 1 |
| B | 2500000 | 6205139 | 50000 | 30000 | 6125139 | 2005 | 0 | 0 | 1 | 1 |
| C | 65952000 | 81206114 | 54960 | 412200 | 80738954 | 2007 | 0 | 0 | 1 | 1 |
| D | 36000000 | 44326481 | 30000 | 225000 | 44071481 | 2007 | 0 | 0 | 1 | 1 |
Form990 Schedule K Part III Form990ScheduleKPartIII (4 entries)
| Bond ReferenceBondReferenceCd | Owning Bond Financed PropertyOwningBondFinancedProperty | Any Lease ArrangementsAnyLeaseArrangements | Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty | Any Research AgreementsAnyResearchAgreements | Bond Iss Meet Prvt Security Pay TestBondIssMeetPrvtSecurityPayTest | Change In Use Bond Financed PropChangeInUseBondFinancedProp | Non Qualified Bond Remed ProcdrsNonQualifiedBondRemedProcdrs |
|---|---|---|---|---|---|---|---|
| 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 |
Form990 Schedule K Part IV Form990ScheduleKPartIV (4 entries)
| Bond ReferenceBondReferenceCd | Form8038 T FiledForm8038TFiled | Rebate Not Due YetRebateNotDueYet | Exception To RebateExceptionToRebate | No Rebate DueNoRebateDue | Variable Rate IssueVariableRateIssue | Hedge Identified In Books And RecdsHedgeIdentifiedInBooksAndRecds | Gross Proceeds Invested In GICGrossProceedsInvestedInGIC | Business Name Line2NameOfGICProvider/BusinessNameLine2 | Term Of GICTermOfGIC | Regulatory Safe Harbor SatisfiedRegulatorySafeHarborSatisfied | Gross Proceeds InvestedGrossProceedsInvested | Written Proc To Monitor ReqsWrittenProcToMonitorReqs |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| FSA CAPITAL | ||||||||||||
| A | 0 | 0 | 0 | 1 | 1 | 0 | 1 | MANAGMENT | 10.200000000000 | 1 | 0 | 1 |
| FSA CAPITAL | ||||||||||||
| B | 0 | 0 | 0 | 1 | 1 | 0 | 1 | MANAGMENT | 10.200000000000 | 1 | 0 | 1 |
| SOCIETE GENERALE | ||||||||||||
| C | 1 | 1 | 0 | 1 | 29.800000000000 | 1 | 0 | 1 | ||||
| SOCIETE GENERALE | ||||||||||||
| D | 1 | 1 | 0 | 1 | 29.800000000000 | 1 | 0 | 1 | ||||
Form990 Schedule K Part V Form990ScheduleKPartV (4 entries)
| Bond ReferenceBondReferenceCd | Proc To Undertk Corrective ActionProcToUndertkCorrectiveAction |
|---|---|
| A | 1 |
| B | 1 |
| C | 1 |
| D | 1 |
Form990 Schedule K Part VI Form990ScheduleKPartVI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | SCHEDULE K, GENERAL INFORMATION: | Identifier |
| Explanation | THE 12 MONTH PERIOD USED FOR PREPARING SCHEDULE K ENDS ON 10/31/2012. 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. | Explanation |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI (4 entries)
| Bond ReferenceBondReferenceCd | Issuer EINIssuerEIN | CUSIP NumberCUSIPNumber | Date IssuedDateIssued | Issue PriceIssuePrice | Description Of PurposeDescriptionOfPurpose | DefeasedDefeased | On Behalf Of IssuerOnBehalfOfIssuer | Pool FinancingPoolFinancing |
|---|---|---|---|---|---|---|---|---|
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| A | 640642776 | 605354EZ8 | 2005-10-13 | 18800000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| B | 640642776 | 605354FA2 | 2006-11-30 | 85700000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| C | 640642776 | 605354FC8 | 2006-11-30 | 42900000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| D | 640642776 | 605354FB0 | 2006-11-30 | 14300000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
Form990 Schedule K Part II Form990ScheduleKPartII (4 entries)
| Bond ReferenceBondReferenceCd | Amount RetiredAmountRetired | Total ProceedsTotalProceeds | Amount In Reserve FundAmountInReserveFund | Issuance Costs From ProceedsIssuanceCostsFromProceeds | Other Spent ProceedsOtherSpentProceeds | Year Of Subst CompletionYearOfSubstCompletion | Current RefundingCurrentRefunding | Advance RefundingAdvanceRefunding | Final Allocation MadeFinalAllocationMade | Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind |
|---|---|---|---|---|---|---|---|---|---|---|
| A | 18048000 | 22222343 | 15040 | 112800 | 22094503 | 2007 | 0 | 0 | 1 | 1 |
| B | 35263541 | 94673445 | 1008729 | 514200 | 93150516 | 2007 | 0 | 0 | 1 | 1 |
| C | 17652344 | 47391958 | 504953 | 257400 | 46629605 | 2007 | 0 | 0 | 1 | 1 |
| D | 5884115 | 15797319 | 168318 | 85800 | 15543201 | 2007 | 0 | 0 | 1 | 1 |
Form990 Schedule K Part III Form990ScheduleKPartIII (4 entries)
| Bond ReferenceBondReferenceCd | Owning Bond Financed PropertyOwningBondFinancedProperty | Any Lease ArrangementsAnyLeaseArrangements | Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty | Any Research AgreementsAnyResearchAgreements | Bond Iss Meet Prvt Security Pay TestBondIssMeetPrvtSecurityPayTest | Change In Use Bond Financed PropChangeInUseBondFinancedProp | Non Qualified Bond Remed ProcdrsNonQualifiedBondRemedProcdrs |
|---|---|---|---|---|---|---|---|
| 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 |
Form990 Schedule K Part IV Form990ScheduleKPartIV (4 entries)
| Bond ReferenceBondReferenceCd | Form8038 T FiledForm8038TFiled | Variable Rate IssueVariableRateIssue | Hedge Identified In Books And RecdsHedgeIdentifiedInBooksAndRecds | Gross Proceeds Invested In GICGrossProceedsInvestedInGIC | Term Of GICTermOfGIC | Regulatory Safe Harbor SatisfiedRegulatorySafeHarborSatisfied | Gross Proceeds InvestedGrossProceedsInvested | Written Proc To Monitor ReqsWrittenProcToMonitorReqs | Rebate Not Due YetRebateNotDueYet | Exception To RebateExceptionToRebate | No Rebate DueNoRebateDue |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SOCIETE GENERALE | |||||||||||
| A | 1 | 1 | 0 | 1 | 29.800000000000 | 1 | 0 | 1 | |||
| (no name) | |||||||||||
| B | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | ||
| (no name) | |||||||||||
| C | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | ||
| (no name) | |||||||||||
| D | 0 | 1 | 0 | 0 | 0 | 1 | 0 | 0 | 1 | ||
Form990 Schedule K Part V Form990ScheduleKPartV (4 entries)
| Bond ReferenceBondReferenceCd | Proc To Undertk Corrective ActionProcToUndertkCorrectiveAction |
|---|---|
| A | 1 |
| B | 1 |
| C | 1 |
| D | 1 |
Schedule K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI (3 entries)
| Bond ReferenceBondReferenceCd | Issuer EINIssuerEIN | CUSIP NumberCUSIPNumber | Date IssuedDateIssued | Issue PriceIssuePrice | Description Of PurposeDescriptionOfPurpose | DefeasedDefeased | On Behalf Of IssuerOnBehalfOfIssuer | Pool FinancingPoolFinancing |
|---|---|---|---|---|---|---|---|---|
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| A | 640642776 | 605354FD6 | 2007-06-28 | 73800000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| B | 640642776 | 605354FE4 | 2007-06-28 | 36900000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
| MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION | ||||||||
| C | 640642776 | 605354FF1 | 2007-06-28 | 12300000 | STUDENT LOAN FINANCING | 0 | 1 | 0 |
Form990 Schedule K Part II Form990ScheduleKPartII (3 entries)
| Bond ReferenceBondReferenceCd | Amount RetiredAmountRetired | Total ProceedsTotalProceeds | Amount In Reserve FundAmountInReserveFund | Issuance Costs From ProceedsIssuanceCostsFromProceeds | Other Spent ProceedsOtherSpentProceeds | Year Of Subst CompletionYearOfSubstCompletion | Current RefundingCurrentRefunding | Advance RefundingAdvanceRefunding | Final Allocation MadeFinalAllocationMade | Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind |
|---|---|---|---|---|---|---|---|---|---|---|
| A | 39090000 | 79945601 | 347100 | 442800 | 79155701 | 2009 | 0 | 0 | 1 | 1 |
| B | 19545000 | 39972801 | 173550 | 221400 | 39577851 | 2009 | 0 | 0 | 1 | 1 |
| C | 6515000 | 13324267 | 57850 | 73800 | 13192617 | 2009 | 0 | 0 | 1 | 1 |
Form990 Schedule K Part III Form990ScheduleKPartIII (3 entries)
| Bond ReferenceBondReferenceCd | Owning Bond Financed PropertyOwningBondFinancedProperty | Any Lease ArrangementsAnyLeaseArrangements | Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty | Any Research AgreementsAnyResearchAgreements | Bond Iss Meet Prvt Security Pay TestBondIssMeetPrvtSecurityPayTest | Change In Use Bond Financed PropChangeInUseBondFinancedProp | Non Qualified Bond Remed ProcdrsNonQualifiedBondRemedProcdrs |
|---|---|---|---|---|---|---|---|
| A | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| B | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
| C | 0 | 0 | 0 | 0 | 0 | 0 | 1 |
Form990 Schedule K Part IV Form990ScheduleKPartIV (3 entries)
| Bond ReferenceBondReferenceCd | Form8038 T FiledForm8038TFiled | Rebate Not Due YetRebateNotDueYet | Exception To RebateExceptionToRebate | No Rebate DueNoRebateDue | Variable Rate IssueVariableRateIssue | Hedge Identified In Books And RecdsHedgeIdentifiedInBooksAndRecds | Gross Proceeds Invested In GICGrossProceedsInvestedInGIC | Term Of GICTermOfGIC | Regulatory Safe Harbor SatisfiedRegulatorySafeHarborSatisfied | Gross Proceeds InvestedGrossProceedsInvested | Written Proc To Monitor ReqsWrittenProcToMonitorReqs |
|---|---|---|---|---|---|---|---|---|---|---|---|
| SOCIETE GENERALE | |||||||||||
| A | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 29.700000000000 | 1 | 0 | 1 |
| SOCIETE GENERALE | |||||||||||
| B | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 29.700000000000 | 1 | 0 | 1 |
| SOCIETE GENERALE | |||||||||||
| C | 0 | 0 | 0 | 1 | 1 | 0 | 1 | 29.700000000000 | 1 | 0 | 1 |
Form990 Schedule K Part V Form990ScheduleKPartV (3 entries)
| Bond ReferenceBondReferenceCd | Proc To Undertk Corrective ActionProcToUndertkCorrectiveAction |
|---|---|
| A | 1 |
| B | 1 |
| C | 1 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (5 entries)
| Return ReferenceReturnReference | ExplanationExplanation |
|---|---|
| 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 XI, 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. |
Schedule R IRS990ScheduleR
Form990 Schedule R Part II Form990ScheduleRPartII
Name Of Disregarded Entity NameOfDisregardedEntity
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | EDUCATION SERVICES FOUNDATION | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 5008 | AddressLine1 |
| City | JACKSON | City |
| State | MS | State |
| ZIP Code | 392965006 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 640860939 | EIN |
| Primary Activities | HIGHER EDUCATION SERVICES | PrimaryActivities |
| Legal Domicile State | MS | LegalDomicileState |
| Exempt Code Section | 501(C) 3 | ExemptCodeSection |
| Public Charity Status | 9 | PublicCharityStatus |
| Direct Controlling Entity NA | N/A | DirectControllingEntityNA |
| Controlled Org | 0 | ControlledOrg |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Receipt Of Int Ann Rents Royalties | 0 | ReceiptOfIntAnnRentsRoyalties |
| Gift Grant Or Cap Contr To Other Org | 0 | GiftGrantOrCapContrToOtherOrg |
| Gift Grant Or Cap Contr Fr Other Org | 0 | GiftGrantOrCapContrFrOtherOrg |
| Loans Or Guarantees To Other Org | 0 | LoansOrGuaranteesToOtherOrg |
| Loans Or Guarantees From Other Org | 0 | LoansOrGuaranteesFromOtherOrg |
| Dividends Related Organization | 0 | DividendsRelatedOrganization |
| Sale Of Assets To Other Org | 0 | SaleOfAssetsToOtherOrg |
| Purchase Of Assets From Other Org | 0 | PurchaseOfAssetsFromOtherOrg |
| Exchange Of Assets | 0 | ExchangeOfAssets |
| Rental Of Facilities To Other Orgs | 0 | RentalOfFacilitiesToOtherOrgs |
| Rental Of Facilities Fr Other Orgs | 0 | RentalOfFacilitiesFrOtherOrgs |
| Perform Of Services For Other Orgs | 0 | PerformOfServicesForOtherOrgs |
| Perform Of Services By Other Orgs | 1 | PerformOfServicesByOtherOrgs |
| Sharing Of Facilities | 0 | SharingOfFacilities |
| Sharing Of Paid Employees | 0 | SharingOfPaidEmployees |
| Reimbursement Paid To Other Org | 0 | ReimbursementPaidToOtherOrg |
| Reimbursement Paid By Other Org | 0 | ReimbursementPaidByOtherOrg |
| Other Transfer To Other Org | 0 | OtherTransferToOtherOrg |
| Other Transfer From Other Org | 0 | OtherTransferFromOtherOrg |
Transactions Related Orgs Table TransactionsRelatedOrgsTable
Name Of Other Organization NameOfOtherOrganization
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | EDUCATION SERVICES FOUNDATION | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Transaction Type | M | TransactionType |
| Amount Involved | 7640178 | AmountInvolved |
| Method Of Amt Determination | FAIR MARKET VALUE | MethodOfAmtDetermination |
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