2011-08-15T10:30:13-05:00 2010-12-31 HADDOX REID BURKES & CALHOUN PLLC 1100 REGIONS PLAZA JACKSON MS 39201 990 2010-01-01 640860939 EDUCATION SERVICES FOUNDATION EDUC 6013215555 PO BOX 5008 JACKSON MS 392965008 SID J SIMS 6013215555 2011-06-30 1 PAUL W CALHOUN CPA 6019482924 2010 2016-02-24 21:20:13Z SID J SIMS 2600 LAKELAND TERRACE JACKSON MS 39216 10683646 0 X WWW.ESFWEB.COM X 1995 MS TO ASSIST PARENTS AND STUDENTS IN OBTAINING KNOWLEDGE REGARDING THE MEANS TO ACHIEVE APPROPRIATE QUALITY EDUCATION. TO ORIGINATE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). 6 6 51 0 0 0 188643 405774 9449996 10272116 8144 5756 0 0 9646783 10683646 0 0 0 0 3385104 3439974 0 0 0 5808801 5519947 9193905 8959921 452878 1723725 69166487 6591576 65492760 1194124 3673727 5397452 X NONE 0 1 568566 PROVIDING SERVICES TO STUDENTS AND PARENTS INCLUDING SCHOLARSHIPS, COLLEGE ACCESS AND FINANCIAL AID COUNSELING, AND MENTORING STUDENTS IN MISSISSIPPI. 2559984 2493153 ORIGINATION AND SERVICING OF ELIGIBLE STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965 AS AMENDED. 4714533 7778963 PROVIDING MANAGEMENT SERVICES FOR A NONPROFIT CORPORATION WHOSE EXCLUSIVE PURPOSE IS TO ACQUIRE STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965 AS AMENDED. 7843083 1 1 0 1 0 0 0 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 1 66 0 51 1 0 0 0 0 0 0 0 0 0 0 X 6 6 0 0 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 40.00 X 268631 0 21881 WILLIAM F ALVIS 40.00 X 133034 0 10899 WILLARD GRAY 40.00 X 123384 0 12361 CRISLER B CANTERBURY 40.00 X 105770 0 11041 W STAN PRATT 1.00 X X 1750 0 0 J MURRAY UNDERWOOD 1.00 X X 1750 0 0 DR JAYNE B SARGENT 1.00 X X 1250 0 0 WILLIAM M JONES 1.00 X 1750 0 0 RONNIE G SMITH 1.00 X 1500 0 0 JACK L WOODWARD 1.00 X 1750 0 0 640569 0 56182 4 0 1 0 AFFILIATED COMPUTER SYSTEMS PO BOX 201322 DALLAS TX 753201322 SERVICING FEES 1710565 AES PHEAA PO BOX 64849 BALTIMORE MD 212644849 SERVICING FEES 1519508 WATKINS LUDLUM WINTER & STENNIS PO BOX 427 JACKSON MS 392050427 LEGAL FEES 262914 5280 SOLUTIONS 457 NEW KARNER ROAD ALBANY NY 12205 COMPUTER SERVICES 185056 DELOITTE & TOUCHE LLP PO BOX 7247-6446 PHILADELPHIA PA 19170 AUDIT SERVICES 162000 8 375000 30774 405774 MANAGEMENT FEES 900099 7778963 7778963 STUDENT LOAN REVENUE 900099 2170259 2170259 LOAN SERVICING FEES 900099 322894 322894 10272116 5756 5756 10683646 10272116 0 5756 459680 170320 289360 2362613 2074480 288133 108313 93806 14507 287333 237693 49640 222035 177762 44273 138545 78172 60373 407124 228647 178477 11649 11644 5 112996 98654 14342 200506 185913 14593 291152 252865 38287 40504 34917 5587 5863 4693 1170 513943 513943 199790 169906 29884 99449 72368 27081 DATA PROCESSING AND LOA 3133839 3133059 780 DUES/SUBSCRIPTIONS 165095 126582 38513 MAINTENANCE 46277 36988 9289 CONSULTING 44625 44425 200 PUBLICATIONS & RESOURCE 15126 15126 0 93464 81120 12344 8959921 7843083 1116838 0 9766314 994925 1320098 4755728 56281842 1573752 1497435 171716 76317 1626517 764606 69166487 6591576 2221628 1194124 63237552 33580 0 65492760 1194124 X 3673727 5397452 3673727 5397452 69166487 6591576 1723725 X X 0 1 1 X 1 1 X 927436 903509 267722 188643 405774 2693084 9313258 10098729 10941606 9449996 10272116 50075705 10240694 11002238 11209328 9638639 10677890 52768789 0 0 0 52768789 210134 205609 83980 8144 5756 513623 210134 205609 83980 8144 5756 513623 10450828 11207847 11293308 9646783 10683646 53282412 0.99040 0.98810 0.00960 0.01190 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 3000 3000 8956921 8959921 597996 149499 0 0 1000000 678572 609695 597996 2886263 4329395 3000 3600 3000 3000 12600 250000 169643 152424 149499 721566 1082349 1573752 1497435 76317 76317 INTEREST RECEIVABLE 594 DEFERRED BOND ISSUE EXPENSE 764012 764606 10683646 8959921 1723725 0 1723725 10683646 0 10683646 0 10683646 8959921 0 8959921 0 8959921 AUDITED FINANCIAL STATEMENT FOOTNOTE DISCLOSURE REGARDING ORGANIZATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES ESF 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. ESF 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 FINANCIAL STATEMENTS. ESF IS NO LONGER SUBJECT TO INCOME TAX EXAMINATIONS BY THE U.S. FEDERAL, STATE, OR LOCAL TAX AUTHORITIES FOR YEARS BEFORE 2007. X 0 0 0 0 0 0 0 0 0 SID J SIMS 267289 0 0 0 1342 0 14700 0 7181 0 290512 0 0 0 CHANGES IN PROGRAM SERVICES FORM 990, PART III, LINE 3 ON MARCH 30, 2010, FEDERAL LEGISLATION WAS SIGNED INTO LAW THAT ELIMINATED FUNDING FOR NEW FFELP ORIGINATIONS MADE ON OR AFTER JULY 1, 2010, AND REQUIRES THAT ALL NEW FEDERALLY FUNDED STUDENT LOANS MADE ON OR AFTER JULY 1, 2010 BE ORIGINATED DIRECTLY BY THE FEDERAL GOVERNMENT. ACCORDINGLY, ESF CEASED ORIGINATING LOANS AS OF JULY 1, 2010. ESF IS CURRENTLY WORKING TO BECOME A QUALIFIED NONPROFIT LOAN SERVICER FOR FEDERAL GOVERNMENT-ORIGINATED LOANS, AS PROVIDED FOR IN THE NEW LAW. 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 B, LINE 15: THE ORGANIZATION'S BOARD OF DIRECTORS MAINTAINS A COMPENSATION COMMITTEE WHICH ASSUMES THE RESPONSIBILITY FOR DETERMINING FAIR AND COMPETITIVE COMPENSATION FOR THE ORGANIZATION'S OFFICERS AND EMPLOYEES. 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. CONTACT ADDRESSES FOR OFFICERS, DIRECTORS, ETC FORM 990, PART VII SID J. SIMS - 4 EAST HILL, JACKSON, MS 39216. W. STAN PRATT - 107 OVERLOOK PLACE, RIDGELAND, MS 39157. WILLIAM M. JONES - 5465 RED FOX ROAD, JACKSON, MS 39211. DR. JAYNE B. SARGENT - 1606 PEAR ORCHARD PLACE, JACKSON, MS 39211. RONNIE G. SMITH - 150 DOGWOOD LANE, MADISON, MS 39110. J. MURRAY UNDERWOOD - 120 HERON'S LANDING, RIDGELAND, MS 39157. JACK L. WOODWARD - 5850 KINGS PLACE, JACKSON, MS 39211. WILLIAM F. ALVIS - 210 NORTH PLACE DR, MADISON, MS 39110. WILLARD GRAY - 5305 BALMORAL DRIVE, JACKSON, MS 39211. CRISLER B. CANTERBURY - 134 APPLE BLOSSOM DRIVE, BRANDON, MS 39047. FORM 990, PART XI, 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, 2010 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 GROSS AMOUNT OF INTEREST SUBSIDIES RECEIVED FROM THE U.S. DEPARTMENT OF EDUCATION BEFORE ANY REDUCTION FOR THE SPECIAL ALLOWANCES PAID TO THE U.S. DEPARTMENT OF EDUCATION. MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION PO BOX 5008 JACKSON MS 392965008 640642776 HIGHER EDUCATION ASSISTANCE MS 501(C)3 7 N/A 0 0 0 0 0 0 1 0 0 0 0 1 0 0 0 0 0 0 0 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION K 7799421 FAIR MARKET VALUE MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION F 1642003 FAIR MARKET VALUE ESF DOE MPA 8344484 PO BOX 5008 JACKSON MS 39296 272309527 STUDENT LOANS MS 0 0 0 1