2012-08-14T08:30:30-05:00 2011-12-31 640414329 HADDOX REID BURKES & CALHOUN PLLC 188 EAST CAPITOL STREET SUITE 500 JACKSON MS 39201 990 2011-01-01 640642776 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION MISS 6013215555 PO BOX 5008 JACKSON MS 392965008 SID J SIMS 6013215555 2012-08-07 1 PAUL W CALHOUN CPA P00846500 6019482924 2011 2016-02-24 21:20:13Z SID J SIMS 2600 LAKELAND TERRACE JACKSON MS 39216 28928469 0 X WWW.ESFWEB.COM/MHEAC.HTML X 1980 MS SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 53,621 CLIENTS WERE SERVED IN 2011. 6 6 0 0 0 0 5475230 4409550 14214701 13039563 7411091 11479356 534044 0 27635066 28928469 0 0 0 0 0 0 0 0 0 23220401 20010441 23220401 20010441 4414665 8918028 1278453560 1114008439 1148660768 975297619 129792792 138710820 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 53,621 CLIENTS WERE SERVED IN 2011, NO PUBLICATIONS WERE ISSUED, AND NO GRANTS OR ALLOCATIONS TO OTHERS WERE MADE. NO ACHIEVEMENTS WERE MADE THAT WERE NOT MEASURABLE. 0 0 17661981 13039563 ACQUISITION AND SERVICING OF ELIGIBLE STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965 AS AMENDED. 17661981 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 0 1 606 0 0 0 0 0 0 0 0 0 0 0 0 X 6 6 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X SID J SIMS 6013215555 2600 LAKELAND TERRACE JACKSON MS 39216 SID J SIMS 1.00 X 0 269507 22807 WILLIAM F ALVIS 1.00 X 0 132112 11922 W STAN PRATT 1.00 X X 0 0 0 J MURRAY UNDERWOOD 1.00 X X 0 0 0 DR JAYNE B SARGENT 1.00 X X 0 0 0 WILLIAM M JONES 1.00 X 0 0 0 RONNIE G SMITH 1.00 X 0 0 0 JACK L WOODWARD 1.00 X 0 0 0 0 401619 34729 0 0 1 0 EDUCATION SERVICES FOUNDATION 2600 LAKELAND TERRACE JACKSON MS 39216 MANAGEMENT FEES 8382640 US DEPARTMENT OF EDUCATION PO BOX 4134 GREENVILLE TX 754034134 REBATE FEES 7325774 DEUTSCHE BANK TRUST COMPANY AMERICAS 4 ALBANY ST 7TH FLOOR NEW YORK NY 10006 AUCTION AGENT/BROKER DEALER FEES 113354 AVANT STRATEGIC PARTNERS 10010 SAN PEDRO SUITE 520 SAN ANTONIO TX 78216 EXCESS INT/REBATE CALCULATION FEES 111600 4 4409550 4409550 INTEREST ON STUDENT LO 900099 12905072 12905072 LATE FEES 900099 305199 305199 PROVISION FOR LOAN LOS 900099 -170708 -170708 13039563 525754 525754 10953602 0 10953602 10953602 10953602 28928469 13039563 0 11479356 10792052 10792052 251502 251502 ADMINISTRATION AND LOAN 8361577 6013117 2348460 TRUSTEE FEES 263958 263958 REBATE FEES 115742 115742 CREDIT FACILITY FEES 113017 113017 112593 112593 20010441 17661981 2348460 0 176666 489245 185396433 131315168 1003285711 907712215 66235822 54269140 23358928 20222671 1278453560 1114008439 1298763 1362964 1133300000 962250000 14062005 11684655 1148660768 975297619 X 129792792 138710820 129792792 138710820 1278453560 1114008439 8918028 0 X X 0 1 1 X 0 X 43933846 21573000 7940062 5475230 4409550 83331688 43933846 21573000 7940062 5475230 4409550 83331688 83331688 21461876 15096851 24058672 7411091 11479356 79507846 162839534 101401435 0.51170 0.58190 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 1062 1062 20009379 20010441 1000000 250000 0 0 1000000 1000000 1000000 1000000 4000000 6000000 1032 735 758 1062 3587 250000 250000 250000 250000 1000000 1500000 0 ACCRUED INTEREST PAYABLE 766054 EXCESS INTEREST AND REBATE PAYABLE 10918601 11684655 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 2008. 0 0 0 0 0 0 0 0 0 SID J SIMS 0 269507 0 0 0 0 0 14700 0 9129 0 293336 0 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EPO 2004-06-30 45000000 STUDENT LOAN FINANCING 0 1 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EQ8 2004-06-30 5000000 STUDENT LOAN FINANCING 0 1 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EX3 2005-10-13 68700000 STUDENT LOAN FINANCING 0 1 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EY1 2005-10-13 37500000 STUDENT LOAN FINANCING 0 1 0 55056370 900000 270000 53886370 2005 0 0 1 1 6117374 100000 30000 5987374 2005 0 0 1 1 6155520 80440614 1250890 412200 78777524 2007 0 0 1 1 3360000 43908632 682800 225000 43000832 2007 0 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 1 FSA CAPITAL MANAGMENT 10.200000000000 1 0 0 1 1 0 1 FSA CAPITAL MANAGMENT 10.200000000000 1 0 0 1 1 0 1 SOCIETE GENERALE 29.800000000000 1 0 0 1 1 0 1 SOCIETE GENERALE 29.800000000000 1 0 0 X SCHEDULE K, GENERAL INFORMATION: TOTAL PROCEEDS IN PART II #3 DO NOT EQUAL THE ISSUE PRICE LISTED IN PART 1, COLUMN (E) DUE TO INVESTMENT EARNINGS. THE 12 MONTH PERIOD USED FOR PREPARING SCHEDULE K ENDS ON 10/31/2011. MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354EZ8 2005-10-13 18800000 STUDENT LOAN FINANCING 0 1 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FA2 2006-11-30 85700000 STUDENT LOAN FINANCING 0 1 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FC8 2006-11-30 42900000 STUDENT LOAN FINANCING 0 1 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FB0 2006-11-30 14300000 STUDENT LOAN FINANCING 0 1 0 1684480 22012860 342310 112800 21557750 2007 0 0 1 1 9775437 93203518 1518491 514200 91170828 2007 0 0 1 1 4893422 46656137 760132 257400 45638605 2007 0 0 1 1 1631141 15552046 253377 85800 15212868 2007 0 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 1 1 0 1 SOCIETE GENERALE 29.800000000000 1 0 0 1 1 0 0 0 0 1 1 0 0 0 0 1 1 0 0 0 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FD6 2007-06-28 73800000 STUDENT LOAN FINANCING 0 1 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FE4 2007-06-28 36900000 STUDENT LOAN FINANCING 0 1 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION 640642776 605354FF1 2007-06-28 12300000 STUDENT LOAN FINANCING 0 1 0 12900000 78773130 609000 442800 77721330 2009 0 0 1 1 6450000 39386565 304500 221400 38860665 2009 0 0 1 1 2150000 13128855 101500 73800 12953555 2009 0 0 1 1 0 0 0 0 1 0 0 0 0 1 0 0 0 0 1 0 1 0 1 SOCIETE GENERALE 29.700000000000 1 0 0 0 1 0 1 SOCIETE GENERALE 29.700000000000 1 0 0 0 1 0 1 SOCIETE GENERALE 29.700000000000 1 0 0 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. FORM 990, PART VIII, LINE 1E, GOVERNMENT GRANTS: GOVERNMENT GRANTS REPRESENT INTEREST SUBSIDIES RECEIVED FROM THE U.S DEPARTMENT OF EDUCATION AND ARE REFLECTED NET OF CERTAIN SPECIAL ALLOWANCES PAID TO THE U.S. DEPARTMENT OF EDUCATION. FOR THE YEAR ENDED DECEMBER 31, 2011 THE SPECIAL ALLOWANCES PAID TO THE U.S. DEPARTMENT OF EDUCATION EXCEEDED THE INTEREST SUBSIDIES RECEIVED FROM THE U.S. DEPARTMENT OF EDUCATION. THE AMOUNT SHOWN ON SCHEDULE B, SCHEDULE OF CONTRIBUTORS, REFLECTS THE NET AMOUNT OF INTEREST SUBSIDIES RECEIVED FROM THE U.S. DEPARTMENT OF EDUCATION AND ALLOCATION BETWEEN PROGRAM SERVICE REVENUE AND GOVERNMENT GRANT REVENUE OF THE SPECIAL ALLOWANCES PAID TO THE U.S. DEPARTMENT OF EDUCATION. 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 1 0 0 0 0 0 0 EDUCATION SERVICES FOUNDATION L 8382640 FAIR MARKET VALUE