MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION: Form 990, tax year 2011
View the entire original 990 at ProPublica ↗
- Organization
- MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (EIN 81-0393527)
- Tax period
- 2011-07-01 to 2012-06-30
- Filed
- 2012-11-07
- IRS object ID
- 201223129349301872
- Schema version
- 2011v1.2
- 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 ReturnHeader
| Field | Value | IRS element (for citing) |
|---|---|---|
| Timestamp | 2012-11-07T16:39:23-06:00 | Timestamp |
| Tax Period End Date | 2012-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 810385940 | EIN |
Preparer Firm Business Name PreparerFirmBusinessName
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | ANDERSON ZURMUEHLEN & CO PC | BusinessNameLine1 |
Preparer Firm US Address PreparerFirmUSAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | PO BOX 1040 | AddressLine1 |
| City | HELENA | City |
| State | MT | State |
| ZIP Code | 59624 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Return Type | 990 | ReturnType |
| Tax Period Begin Date | 2011-07-01 | TaxPeriodBeginDate |
Filer Filer
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 810393527 | EIN |
Name Name
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | MONTANA HIGHER EDUCATION STUDENT | BusinessNameLine1 |
| Business Name Line2 | ASSISTANCE CORPORATION | BusinessNameLine2 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Control | MONT | NameControl |
| Phone | 4064957800 | Phone |
US Address USAddress
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2500 BROADWAY | AddressLine1 |
| City | HELENA | City |
| State | MT | State |
| ZIP Code | 59601 | ZIPCode |
Officer Officer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | MICHAEL GREEN | Name |
| Title | PRESIDENT | Title |
| Phone | 4064957800 | Phone |
| Date Signed | 2012-11-01 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | SUZANNE M SEVERIN | Name |
| PTIN | P00254608 | PTIN |
| Phone | 4064421040 | Phone |
| Date Prepared | 2012-10-30 | DatePrepared |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2011 | TaxYear |
| Build TS | 2016-02-25 16:41:14Z | BuildTS |
Form 990 IRS990
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name Of Principal Officer Person | MICHAEL GREEN | NameOfPrincipalOfficerPerson |
Address Principal Officer US AddressPrincipalOfficerUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2500 BROADWAY | AddressLine1 |
| City | HELENA | City |
| State | MT | State |
| ZIP Code | 59601 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Gross Receipts | 119407568 | GrossReceipts |
| Group Return For Affiliates | 0 | GroupReturnForAffiliates |
| Organization501c3 | X | Organization501c3 |
| Web Site | WWW.MHESAC.ORG | WebSite |
| Type Of Organization Corporation | X | TypeOfOrganizationCorporation |
| Year Formation | 1980 | YearFormation |
| State Legal Domicile | MT | StateLegalDomicile |
| Activity Or Mission Description | DEDICATED TO HELPING MONTANA CITIZENS WITH FINANCING THEIR POST-SECONDARY EDUCATION. | 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 | 0 | ContributionsGrantsPriorYear |
| Contributions Grants Current Year | 0 | ContributionsGrantsCurrentYear |
| Program Service Revenue Prior Year | 52857579 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 62612415 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 1151749 | InvestmentIncomePriorYear |
| Investment Income Current Year | 792180 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 0 | OtherRevenuePriorYear |
| Other Revenue Current Year | 56002973 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 54009328 | TotalRevenuePriorYear |
| Total Revenue Current Year | 119407568 | 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 | 1100 | SalariesEtcPriorYear |
| Salaries Etc Current Year | 14400 | 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 | 40507611 | OtherExpensePriorYear |
| Other Expenses Current Year | 27613815 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 40508711 | TotalExpensesPriorYear |
| Total Expenses Current Year | 27628215 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 13500617 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 91779353 | RevenuesLessExpensesCY |
| Total Assets BOY | 1548848559 | TotalAssetsBOY |
| Total Assets EOY | 1476754430 | TotalAssetsEOY |
| Total Liabilities BOY | 1507992783 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 1370065157 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 40855776 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 106689273 | NetAssetsOrFundBalancesEOY |
| Mission Description | DEDICATED TO HELPING MONTANA CITIZENS WITH FINANCING THEIR POST-SECONDARY EDUCATION. | MissionDescription |
| Significant New Program Services | 0 | SignificantNewProgramServices |
| Significant Change | 0 | SignificantChange |
| Expense | 25188891 | Expense |
| Revenue | 118615388 | Revenue |
| Description | 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 $2.43 MILLION FOR 29,283 BORROWERS IN FISCAL YEAR 2012. $46.5 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. | Description |
| Total Program Service Expense | 25188891 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 0 | 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 | 0 | ReportInvestOthSecurities |
| Report Prog Rel Invest | 1 | ReportProgRelInvest |
| Report Other Assets | 0 | ReportOtherAssets |
| Report Other Liabilities | 0 | ReportOtherLiabilities |
| Report Fin48 Footnote | 0 | ReportFin48Footnote |
| Independent Audit Financial Stmt | 1 | IndependentAuditFinancialStmt |
| Consolidated Audit Financial Stmt | 0 | 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 | 0 | TaxExemptBonds |
| 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 | 1 | 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 |
| Transaction Related Entity | 0 | TransactionRelatedEntity |
| Transfers To Exempt Non Chrtbl Org | 0 | TransfersToExemptNonChrtblOrg |
| Activities Conducted Partnership | 0 | ActivitiesConductedPartnership |
| Schedule O Required | 1 | ScheduleORequired |
| Number Forms Transmitted With1096 | 23 | NumberFormsTransmittedWith1096 |
| Number W2 G Included | 0 | NumberW2GIncluded |
| Compliance With Backup Witholding | 1 | ComplianceWithBackupWitholding |
| 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 | 1 | 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 | 1 | CompensationProcessCEO |
| Compensation Process Other | 1 | CompensationProcessOther |
| Investment In Joint Venture | 0 | InvestmentInJointVenture |
| Own Website | X | OwnWebsite |
| Upon Request | X | UponRequest |
The Books Are In Care Of TheBooksAreInCareOf
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | DJ WHITAKER | BusinessNameLine1 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Telephone Number | 4064957800 | TelephoneNumber |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2500 BROADWAY | AddressLine1 |
| City | HELENA | City |
| State | MT | State |
| ZIP Code | 59601 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part VII | X | InfoInScheduleOPartVII |
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 |
|---|---|---|---|---|---|---|
| FRED FLANDERS | ||||||
| DIRECTOR | 1.00 | X | 1300 | 0 | 0 | |
| LILA TAYLOR | ||||||
| DIRECTOR | 1.00 | X | 1300 | 2400 | 0 | |
| WILLIAM THOMAS | ||||||
| VICE-CHAIR | 3.00 | X | 1300 | 0 | 0 | |
| MICHAEL GREEN | ||||||
| BOARD CHAIR/PRESIDENT | 3.00 | X | 1350 | 0 | 0 | X |
| GEORGE OLSEN | ||||||
| SECRETARY/TREASURER | 1.00 | X | 1350 | 0 | 0 | X |
| JIM PENNER | ||||||
| VICE-PRESIDENT | 1.00 | X | 1350 | 0 | 0 | X |
| JAMES STIPCICH | ||||||
| TOP MANAGEMENT OFFICIAL | 8.00 | 0 | 226115 | 27850 | X | |
| JOLENE SELBY | ||||||
| TOP FINANCIAL OFFICIAL | 15.00 | 0 | 170801 | 23391 | X | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 7950 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 399316 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 51241 | 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
Name Of Contractor NameOfContractor
Name Business NameBusiness
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | STUDENT ASSISTANCE FOUNDATION | BusinessNameLine1 |
Address Of Contractor AddressOfContractor
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2500 BROADWAY | AddressLine1 |
| City | HELENA | City |
| State | MT | State |
| ZIP Code | 59601 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description Of Services | MANAGEMENT AND LOAN SERVICES | DescriptionOfServices |
| Compensation | 13015443 | Compensation |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 1 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue (2 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| INTEREST AND ALLOWANCE | 611710 | 44099690 | 44099690 |
| BOND REPURCHASE | 611710 | 18483743 | 18483743 |
Total Oth Program Service Revenue TotalOthProgramServiceRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 28982 | TotalRevenueColumn |
| Related Or Exempt Function Income | 28982 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 62612415 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 792180 | TotalRevenueColumn |
| Exclusion | $792,180 | ExclusionAmount |
Other Revenue Misc OtherRevenueMisc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | FINANCING RESTRUCTURE | Description |
| Business Code | 611710 | BusinessCode |
| Total Revenue Column | 56002973 | TotalRevenueColumn |
| Related Or Exempt Function Income | 56002973 | RelatedOrExemptFunctionIncome |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Other Revenue | 56002973 | TotalOtherRevenue |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 119407568 | TotalRevenueColumn |
| Related Or Exempt Function Income | 118615388 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $792,180 | ExclusionAmount |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 14400 | Total |
| Management And General | 14400 | ManagementAndGeneral |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 12660736 | Total |
| Program Services | 10255196 | ProgramServices |
| Management And General | 2405540 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 282148 | Total |
| Program Services | 282148 | ProgramServices |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 2051 | Total |
| Management And General | 2051 | ManagementAndGeneral |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 4179852 | Total |
| Program Services | 4179852 | ProgramServices |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 12600 | Total |
| Management And General | 12600 | ManagementAndGeneral |
Other Expenses OtherExpenses (2 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices |
|---|---|---|
| CONSOLIDATION LOAN FEES | 9917930 | 9917930 |
| AUCTION AGENT/BROKER FE | 521015 | 521015 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 37483 | Total |
| Program Services | 32750 | ProgramServices |
| Management And General | 4733 | ManagementAndGeneral |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 27628215 | Total |
| Program Services | 25188891 | ProgramServices |
| Management And General | 2439324 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4420170 | BOY |
| EOY | 5590195 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 7194445 | BOY |
| EOY | 42892943 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1883706 | BOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19247871 | BOY |
| EOY | 8400 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 122237479 | BOY |
| EOY | 599843 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1362390214 | BOY |
| EOY | 1406162357 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 31474674 | BOY |
| EOY | 21500692 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1548848559 | BOY |
| EOY | 1476754430 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 16648783 | BOY |
| EOY | 8601689 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1093505000 | BOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 397839000 | BOY |
| EOY | 1361463468 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1507992783 | BOY |
| EOY | 1370065157 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 21504404 | BOY |
| EOY | 33899401 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19351372 | BOY |
| EOY | 72789872 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 40855776 | BOY |
| EOY | 106689273 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1548848559 | BOY |
| EOY | 1476754430 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 91779353 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | -25945856 | 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 |
| Audit Committee | 1 | AuditCommittee |
| Financial Statement Separate | X | FinancialStatementSeparate |
| Federal Grant Audit Required | 0 | FederalGrantAuditRequired |
Schedule A IRS990ScheduleA
| Field | Value | IRS element (for citing) |
|---|---|---|
| Publicly Supported Org509a2 | X | PubliclySupportedOrg509a2 |
Gross Receipts From Admissions GrossReceiptsFromAdmissions
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 94994518 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 67374974 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 56227491 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 52857579 | CurrentTaxYearMinus1Year |
| Current Tax Year | 62612415 | CurrentTaxYear |
| Total | 334066977 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 94994518 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 67374974 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 56227491 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 52857579 | CurrentTaxYearMinus1Year |
| Current Tax Year | 62612415 | CurrentTaxYear |
| Total | 334066977 | 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) |
|---|---|---|
| Current Tax Year Minus4 Years | 37160558 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 10008723 | CurrentTaxYearMinus3Years |
| Total | 47169281 | Total |
Support From DQ Ps Etc SupportFromDQPsEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 37160558 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 10008723 | CurrentTaxYearMinus3Years |
| Total | 47169281 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 286897696 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 18294616 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 6349810 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 1289495 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 1168989 | CurrentTaxYearMinus1Year |
| Current Tax Year | 792180 | CurrentTaxYear |
| Total | 27895090 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 18294616 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 6349810 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 1289495 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 1168989 | CurrentTaxYearMinus1Year |
| Current Tax Year | 792180 | CurrentTaxYear |
| Total | 27895090 | Total |
Other Income509 OtherIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year | 56002973 | CurrentTaxYear |
| Total | 56002973 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 113289134 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 73724784 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 57516986 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 54026568 | CurrentTaxYearMinus1Year |
| Current Tax Year | 119407568 | CurrentTaxYear |
| Total | 417965040 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.68640 | PublicSupportPercentage509 |
| Prior Year Support Percentage | 0.65060 | PriorYearSupportPercentage |
| Investment Income Percentage | 0.06670 | InvestmentIncomePercentage |
| Prior Yr Invest Income Percentage | 0.10910 | PriorYrInvestIncomePercentage |
| Thirty Three Percnt Tests CY509 | X | ThirtyThreePercntTestsCY509 |
Schedule D IRS990ScheduleD
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Land Buildings | 0 | TotalOfBookValueLandBuildings |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE | Description |
| Book Value | 1406162357 | BookValue |
| Method Of Valuation | C | MethodOfValuation |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Program Related | 1406162357 | TotalOfBookValueProgramRelated |
| Total Revenue | 119407568 | TotalRevenue |
| Total Expenses | 27628215 | TotalExpenses |
| Excess Or Deficit For Year | 91779353 | ExcessOrDeficitForYear |
| Net Unrealized GL On Investments | -990 | NetUnrealizedGLOnInvestments |
| Other | $2,488,625 | OtherAmount |
| Total Adjustments | 2487635 | TotalAdjustments |
| Excess Or Deficit Per FS | 94266988 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 119406578 | TotRevenueEtcAuditedFinclStmt |
| Net Unrealized Gains Investments | -990 | NetUnrealizedGainsInvestments |
| Revenue Not Rptd F990 | -990 | RevenueNotRptdF990 |
| Revenue Subtotal | 119407568 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 119407568 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 27628215 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 27628215 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 27628215 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV (2 entries)
| IdentifierIdentifier | ExplanationExplanation |
|---|---|
| PART XI, LINE 8 - OTHER ADJUSTMENTS: | ARBITRAGE REBATE 2,208,769. EXCESS INTEREST REBATE 279,856. TOTAL TO SCHEDULE D, PART XI, LINE 8: 2,488,625. |
| NEW GAAP IMPLEMENTATION: GASB ADOPTED STATEMENT NO. 65, ITEMS PREVIOUSLY REPORTED AS ASSETS AND LIABILITIES IN MARCH 2012. THE GUIDANCE SPECIFICALLY CHANGES THE REPORTING AND RECOGNITION FOR DEBT ISSUANCE, LOAN ACQUISITION AND LOAN PURCHASE COSTS. PREVIOUSLY, THESE ITEMS WERE REPORTED AS DEFERRED ASSETS AND AMORTIZED OVER THE LIFE OF THE RELATED ASSET OR LIABILITY. UNDER THE NEW REQUIREMENTS, DEBT ISSUANCE AND LOAN ACQUISITION COSTS SHOULD BE RECOGNIZED AS AN EXPENSE IN THE PERIOD THEY ARE INCURRED. MHESAC PREVIOUSLY REPORTED BOTH DEBT ISSUANCE AND LOAN ACQUISITION COSTS AS DEFERRED ASSETS, AMORTIZING THEM OVER THE LIFE OF THE UNDERLYING ACTIVITY. MHESAC HAS ELECTED EARLY IMPLEMENTATION OF GASB STATEMENT NO. 65, WHICH IS REQUIRED TO BE EFFECTIVE FOR FINANCIAL STATEMENT PERIODS BEGINNING AFTER DECEMBER 15, 2012, BUT EARLIER IMPLEMENTATION IS ENCOURAGED. THE EFFECT OF THIS EARLY IMPLEMENTATION IS REPORTED AS A RESTATEMENT OF BEGINNING FUND NET ASSETS FOR THE FISCAL YEAR JUNE 30, 2011. COMPARATIVE FINANCIAL STATEMENTS FOR THAT YEAR HAVE BEEN ADJUSTED TO APPLY THE NEW REQUIREMENTS RETROSPECTIVELY. |
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)
| 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 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| JAMES STIPCICH | |||||||||||||
| 0 | 179996 | 0 | 46119 | 0 | 0 | 0 | 14102 | 0 | 13748 | 0 | 253965 | 0 | 0 |
| JOLENE SELBY | |||||||||||||
| 0 | 133200 | 0 | 32313 | 0 | 5288 | 0 | 10506 | 0 | 12885 | 0 | 194192 | 0 | 0 |
Form990 Schedule J Part III Form990ScheduleJPartIII (2 entries)
| Return ReferenceReturnReference | ExplanationExplanation |
|---|---|
| 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). |
Schedule L IRS990ScheduleL
Form990 Schedule L Part IV Form990ScheduleLPartIV (3 entries)
| RelationshipRelationship | Description Of TransactionDescriptionOfTransaction | Sharing Of RevenuesSharingOfRevenues |
|---|---|---|
| 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 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (12 entries)
| Return ReferenceReturnReference | ExplanationExplanation | IdentifierIdentifier |
|---|---|---|
| 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. | |
| PART VII, SECTION A, COLUMN B | JOLENE SELBY WORKS 44 HOURS PER WEEK FOR RELATED ORGANIZATIONS, JAMES STIPCICH WORKS 41 HOURS PER WEEK FOR RELATED ORGANIZATIONS, LILA TAYLOR WORKS 1 HOUR PER WEEK FOR RELATED ORGANIZATIONS. | HOURS FOR RELATED ORGANIZATIONS |
| FORM 990, PART XI, LINE 5: | NET UNREALIZED LOSSES ON INVESTMENTS: -990. ARBITRAGE REBATE 2,208,769. EXCESS INTEREST REBATE 279,856. FINANCIALS RESTATED FOR DEFERRED BOND ISSUANCE & LOAN ACQUISITION COSTS -28,433,491. TOTAL TO FORM 990, PART XI, LINE 5: -25,945,856. | CHANGES IN NET ASSETS OR FUND BALANCES: |
| FORM 990, PART XII, LINE 2C | THE PROCESS FOR THE OVERSIGHT RESPONSIBILITY OF THE AUDIT IS CONSISTENT WITH PRIOR YEARS. | OVERSIGHT OF AUDIT |
| PART XII, LINE 2 B | THE FINANCIAL STATEMENTS DO NOT CONTAIN A FOOTNOTE REGARDING A FIN 48 STATEMENT OF UNCERTAIN TAX POSITIONS. | FINANCIAL STATEMENT REPORTING |
| PART VIII: LINE 11A | THE MISCELLANEOUS REVENUE WAS ONE-TIME REVENUE GENERATED THROUGH A RESTRUCTURING TRANSACTION OF MHESACS DEBT. | MISCELLANEOUS REVENUE |
| FORM 990, PART VI, SECTION A, LINE 1A | THE BOARD OF DIRECTORS IS COMPOSED OF SEVEN VOTING MEMBERS APPOINTED BY THE MHESAC BOARD OF DIRECTORS. ONE OF THE DIRECTORS SHALL BE A STUDENT WHO IS ENROLLED IN A POST-SECONDARY EDUCATION SCHOOL IN MONTANA AT THE TIME OF HIS OR HER APPOINTMENT TO THE BOARD. THE STUDENT DIRECTOR POSITION WAS VACANT DURING THE FISCAL YEAR. | BOARD VACANCY |
Schedule R IRS990ScheduleR
Form990 Schedule R Part II Form990ScheduleRPartII
Name Of Disregarded Entity NameOfDisregardedEntity
| Field | Value | IRS element (for citing) |
|---|---|---|
| Business Name Line1 | STUDENT ASSISTANCE FOUNDATION OF MONTANA | BusinessNameLine1 |
Address US AddressUS
| Field | Value | IRS element (for citing) |
|---|---|---|
| Address Line1 | 2500 BROADWAY | AddressLine1 |
| City | HELENA | City |
| State | MT | State |
| ZIP Code | 59601 | ZIPCode |
| Field | Value | IRS element (for citing) |
|---|---|---|
| EIN | 810527529 | EIN |
| Primary Activities | PROVIDE MANAGEMENT AND LOAN SERVICING TO 150(D) ORGANIZATIONS | PrimaryActivities |
| Legal Domicile State | MT | LegalDomicileState |
| Exempt Code Section | 501(C)(3) | ExemptCodeSection |
| Public Charity Status | 11A | 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 |
| 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 |
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