MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION: Form 990, tax year 2010
View the entire original 990 at ProPublica ↗
- Organization
- MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (EIN 81-0393527)
- Tax period
- 2010-07-01 to 2011-06-30
- Filed
- 2011-11-09
- IRS object ID
- 201103139349300020
- Schema version
- 2010v3.4
- 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 | 2011-11-09T09:34:21-06:00 | Timestamp |
| Tax Period End Date | 2011-06-30 | TaxPeriodEndDate |
Preparer Firm PreparerFirm
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 | 2010-07-01 | 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 | 2011-11-07 | DateSigned |
| Authorize Third Party | 1 | AuthorizeThirdParty |
Preparer Preparer
| Field | Value | IRS element (for citing) |
|---|---|---|
| Name | DONALD W LAINE | Name |
| Phone | 4064421040 | Phone |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Tax Year | 2010 | TaxYear |
| Build TS | 2016-03-07 17:11:31Z | 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 | 54009328 | 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 | 7 | NbrVotingMembersGoverningBody |
| Nbr Independent Voting Members | 7 | 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 | 56227491 | ProgramServiceRevenuePriorYear |
| Program Service Revenue CY | 52857579 | ProgramServiceRevenueCY |
| Investment Income Prior Year | 1289494 | InvestmentIncomePriorYear |
| Investment Income Current Year | 1151749 | InvestmentIncomeCurrentYear |
| Other Revenue Prior Year | 0 | OtherRevenuePriorYear |
| Other Revenue Current Year | 0 | OtherRevenueCurrentYear |
| Total Revenue Prior Year | 57516985 | TotalRevenuePriorYear |
| Total Revenue Current Year | 54009328 | 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 | 1100 | 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 | 51933061 | OtherExpensePriorYear |
| Other Expenses Current Year | 40507611 | OtherExpensesCurrentYear |
| Total Expenses Prior Year | 51934161 | TotalExpensesPriorYear |
| Total Expenses Current Year | 40508711 | TotalExpensesCurrentYear |
| Revenues Less Expenses Prior Year | 5582824 | RevenuesLessExpensesPriorYear |
| Revenues Less Expenses CY | 13500617 | RevenuesLessExpensesCY |
| Total Assets BOY | 1646444272 | TotalAssetsBOY |
| Total Assets EOY | 1548848559 | TotalAssetsEOY |
| Total Liabilities BOY | 1620481735 | TotalLiabilitiesBOY |
| Total Liabilities EOY | 1507992783 | TotalLiabilitiesEOY |
| Net Assets Or Fund Balances BOY | 25962537 | NetAssetsOrFundBalancesBOY |
| Net Assets Or Fund Balances EOY | 40855776 | 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 | 37527047 | Expense |
| Revenue | 52857579 | Revenue |
| Description | ACQUISITION, ORIGINATION AND SERVICING OF GUARANTEED STUDENT LOANS AS A SECONDARY STUDENT LOAN MARKET. BENEFITS PROVIDED TO BORROWERS THROUGH REBATE, INCENTIVE, AND RATE REDUCTION PROGRAMS TOTALED $2.29 MILLION FOR 31,653 BORROWERS IN FISCAL YEAR 2011. $44.1 MILLION IN BENEFITS HAVE BEEN PROVIDED TO BORROWERS SINCE INCEPTION OF BORROWER BENEFIT PROGRAMS IN 1996. SINCE INCEPTION, MHESAC HAS PROVIDED MORE THAN $2.6 BILLION IN STUDENT LOANS TO OVER 211,000 BORROWERS. | Description |
| Total Program Service Expense | 37527047 | TotalProgramServiceExpense |
| Described In501 C3 | 1 | DescribedIn501C3 |
| Schedule B Required | 0 | ScheduleBRequired |
| Political Activities | 0 | PoliticalActivities |
| Lobbying Activities | 0 | LobbyingActivities |
| 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 | 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 | 1 | TaxExemptBonds |
| Invest Tax Exempt Bonds | 0 | InvestTaxExemptBonds |
| Escrow Account | 0 | EscrowAccount |
| On Behalf Of Issuer | 1 | 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 | 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 | 8 | 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 | 7 | NbrVotingGoverningBodyMembers |
| Number Independent Voting Members | 7 | NumberIndependentVotingMembers |
| Family Or Business Relationship | 1 | FamilyOrBusinessRelationship |
| Delegation Of Management Duties | 1 | DelegationOfManagementDuties |
| Changes To Organizing Docs | 1 | ChangesToOrganizingDocs |
| Material Diversion Or Misuse | 0 | MaterialDiversionOrMisuse |
| Members Or Stockholders | 0 | MembersOrStockholders |
| Election Of Board Members | 1 | 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 (16 entries)
| TitleTitle | Average Hours Per WeekAverageHoursPerWeek | Individual Trustee Or DirectorIndividualTrusteeOrDirector | Reportable Comp From OrganizationReportableCompFromOrganization | Reportable Comp From Related OrgsReportableCompFromRelatedOrgs | Other CompensationOtherCompensation | OfficerOfficer |
|---|---|---|---|---|---|---|
| FRED FLANDERS | ||||||
| BOARD CHAIRMAN | 3.00 | X | 200 | 0 | 0 | |
| JUDY CHAPMAN | ||||||
| SECRETARY | 1.00 | X | 0 | 0 | 0 | X |
| MARK SEMMENS | ||||||
| VICE-CHAIRMAN | 1.00 | X | 50 | 0 | 0 | |
| LILA TAYLOR | ||||||
| DIRECTOR | 1.00 | X | 200 | 2400 | 0 | |
| BILL THOMAS | ||||||
| DIRECTOR | 1.00 | X | 200 | 0 | 0 | |
| SHEILA STEARNS | ||||||
| PRESIDENT | 1.00 | X | 0 | 0 | 0 | X |
| MICK ROBINSON | ||||||
| VICE-PRESIDENT/SECRETARY | 1.00 | X | 0 | 0 | 0 | X |
| BRUCE MARKS | ||||||
| TREASURER | 1.00 | X | 0 | 0 | 0 | X |
| ROB BARNOSKY | ||||||
| DIRECTOR | 1.00 | X | 100 | 2400 | 0 | |
| TERESA BORRENPHOL | ||||||
| DIRECTOR | 1.00 | X | 0 | 0 | 0 | |
| MICHAEL GREEN | ||||||
| BOARD CHAIR | 3.00 | X | 200 | 0 | 0 | |
| GEORGE OLSEN | ||||||
| DIRECTOR | 1.00 | X | 100 | 0 | 0 | |
| JIM PENNER | ||||||
| DIRECTOR | 1.00 | X | 100 | 0 | 0 | |
| ROYAL JOHNSON | ||||||
| DIRECTOR | 1.00 | X | 50 | 2400 | 0 | |
| JAMES STIPCICH | ||||||
| TOP MANAGEMENT OFFICIAL | 0.00 | 0 | 238932 | 27996 | X | |
| JOLENE SELBY | ||||||
| TOP FINANCIAL OFFICIAL | 0.00 | 0 | 152853 | 22745 | X | |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Reportable Comp From Org | 1200 | TotalReportableCompFromOrg |
| Total Reportable Comp Frm Rltd Orgs | 398985 | TotalReportableCompFrmRltdOrgs |
| Total Other Compensation | 50741 | 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 | 14463110 | Compensation |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Number Of Contractors GT100 K | 1 | NumberOfContractorsGT100K |
Program Service Revenue ProgramServiceRevenue (3 entries)
| DescriptionDescription | Business CodeBusinessCode | Total Revenue ColumnTotalRevenueColumn | Related Or Exempt Function IncomeRelatedOrExemptFunctionIncome |
|---|---|---|---|
| INTEREST AND SPECIAL A | 611710 | 45202746 | 45202746 |
| BOND REPURCHASE | 611710 | 6514000 | 6514000 |
| LOAN PURCHASE PROGRAM | 611710 | 1140833 | 1140833 |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Program Service Revenue | 52857579 | TotalProgramServiceRevenue |
Investment Income InvestmentIncome
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 1151749 | TotalRevenueColumn |
| Exclusion | $1,151,749 | ExclusionAmount |
Total Revenue TotalRevenue
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Revenue Column | 54009328 | TotalRevenueColumn |
| Related Or Exempt Function Income | 52857579 | RelatedOrExemptFunctionIncome |
| Unrelated Business Revenue | 0 | UnrelatedBusinessRevenue |
| Exclusion | $1,151,749 | ExclusionAmount |
Comp Current Officers Directors CompCurrentOfficersDirectors
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1100 | Total |
| Management And General | 1100 | ManagementAndGeneral |
Fees For Services Management FeesForServicesManagement
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 13504164 | Total |
| Program Services | 10541602 | ProgramServices |
| Management And General | 2962562 | ManagementAndGeneral |
Fees For Services Other FeesForServicesOther
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 295201 | Total |
| Program Services | 295201 | ProgramServices |
Travel Travel
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 1807 | Total |
| Management And General | 1807 | ManagementAndGeneral |
Interest Interest
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 10684100 | Total |
| Program Services | 10684100 | ProgramServices |
Depreciation Depletion DepreciationDepletion
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 637948 | Total |
| Program Services | 637948 | ProgramServices |
Insurance Insurance
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 12600 | Total |
| Management And General | 12600 | ManagementAndGeneral |
Other Expenses OtherExpenses (3 entries)
| DescriptionDescription | TotalTotal | Program ServicesProgramServices |
|---|---|---|
| CONSOLIDATION LOAN FEES | 10340418 | 10340418 |
| LENDER LOAN AND INCENTI | 4195801 | 4195801 |
| AUCTION AGENT/BROKER FE | 677677 | 677677 |
All Other Expenses AllOtherExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 157895 | Total |
| Program Services | 154300 | ProgramServices |
| Management And General | 3595 | ManagementAndGeneral |
Total Functional Expenses TotalFunctionalExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total | 40508711 | Total |
| Program Services | 37527047 | ProgramServices |
| Management And General | 2981664 | ManagementAndGeneral |
| Fundraising | 0 | Fundraising |
Cash Non Interest Bearing CashNonInterestBearing
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 3066168 | BOY |
| EOY | 4420170 | EOY |
Savings And Temp Cash Investments SavingsAndTempCashInvestments
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 48364240 | BOY |
| EOY | 7194445 | EOY |
Other Notes Loans Receivable Net OtherNotesLoansReceivableNet
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 2060872 | BOY |
| EOY | 1883706 | EOY |
Prepaid Expenses Deferred Charges PrepaidExpensesDeferredCharges
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 23646603 | BOY |
| EOY | 19247871 | EOY |
Investments Other Securities InvestmentsOtherSecurities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 27251524 | BOY |
| EOY | 122237479 | EOY |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1507883431 | BOY |
| EOY | 1362390214 | EOY |
Other Assets Total OtherAssetsTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 34171434 | BOY |
| EOY | 31474674 | EOY |
Total Assets TotalAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1646444272 | BOY |
| EOY | 1548848559 | EOY |
Accounts Payable Accrued Expenses AccountsPayableAccruedExpenses
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 19590735 | BOY |
| EOY | 16648783 | EOY |
Tax Exempt Bond Liabilities TaxExemptBondLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1170405000 | BOY |
| EOY | 1093505000 | EOY |
Mort Notes Pybl Secured Invest Prop MortNotesPyblSecuredInvestProp
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 430486000 | BOY |
| EOY | 397839000 | EOY |
Total Liabilities TotalLiabilities
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1620481735 | BOY |
| EOY | 1507992783 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Follow SFAS117 | X | FollowSFAS117 |
Unrestricted Net Assets UnrestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 21936134 | BOY |
| EOY | 21504404 | EOY |
Temporarily Restricted Net Assets TemporarilyRestrictedNetAssets
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 4026403 | BOY |
| EOY | 19351372 | EOY |
Total Net Assets Fund Balances TotalNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 25962537 | BOY |
| EOY | 40855776 | EOY |
Total Liab Net Assets Fund Balances TotalLiabNetAssetsFundBalances
| Field | Value | IRS element (for citing) |
|---|---|---|
| BOY | 1646444272 | BOY |
| EOY | 1548848559 | EOY |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Info In Schedule O Part XI | X | InfoInScheduleOPartXI |
| Reconcilation Revenue Expenses | 13500617 | ReconcilationRevenueExpenses |
| Reconcilation Other Changes | 1392622 | 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 | 108957776 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 94994518 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 67374974 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 56227491 | CurrentTaxYearMinus1Year |
| Current Tax Year | 52857579 | CurrentTaxYear |
| Total | 380412338 | Total |
Total509 Total509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 108957776 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 94994518 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 67374974 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 56227491 | CurrentTaxYearMinus1Year |
| Current Tax Year | 52857579 | CurrentTaxYear |
| Total | 380412338 | 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 | 55449890 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 37160558 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 10008723 | CurrentTaxYearMinus2Years |
| Total | 102619171 | Total |
Support From DQ Ps Etc SupportFromDQPsEtc
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 55449890 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 37160558 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 10008723 | CurrentTaxYearMinus2Years |
| Total | 102619171 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Total509 | 277793167 | PublicSupportTotal509 |
Gross Investment Income509 GrossInvestmentIncome509
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 19486814 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 18294616 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 6349810 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 1289495 | CurrentTaxYearMinus1Year |
| Current Tax Year | 1168989 | CurrentTaxYear |
| Total | 46589724 | Total |
Investment Income And UBTI InvestmentIncomeAndUBTI
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 19486814 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 18294616 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 6349810 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 1289495 | CurrentTaxYearMinus1Year |
| Current Tax Year | 1168989 | CurrentTaxYear |
| Total | 46589724 | Total |
Total Support Total TotalSupportTotal
| Field | Value | IRS element (for citing) |
|---|---|---|
| Current Tax Year Minus4 Years | 128444590 | CurrentTaxYearMinus4Years |
| Current Tax Year Minus3 Years | 113289134 | CurrentTaxYearMinus3Years |
| Current Tax Year Minus2 Years | 73724784 | CurrentTaxYearMinus2Years |
| Current Tax Year Minus1 Year | 57516986 | CurrentTaxYearMinus1Year |
| Current Tax Year | 54026568 | CurrentTaxYear |
| Total | 427002062 | Total |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Public Support Percentage509 | 0.65060 | PublicSupportPercentage509 |
| Prior Year Support Percentage | 0.57660 | PriorYearSupportPercentage |
| Investment Income Percentage | 0.10910 | InvestmentIncomePercentage |
| Prior Yr Invest Income Percentage | 0.12530 | 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 |
Other Securities OtherSecurities (7 entries)
| DescriptionDescription | Book ValueBookValue | Method Of ValuationMethodOfValuation |
|---|---|---|
| FREDDIE MAC NOTE | 340833 | F |
| FHLB | 630399 | F |
| FHLMC | 2130348 | F |
| BAYERN LB (GIC) | 63103788 | F |
| UNICREDIT BANK AG (GIC) | 9783461 | F |
| TRINITY FUNDING CO (GIC) | 31224472 | F |
| GRAND CENTRAL FUNDING (GIC) | 15024178 | F |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Securities | 122237479 | TotalOfBookValueSecurities |
Investments Program Related InvestmentsProgramRelated
| Field | Value | IRS element (for citing) |
|---|---|---|
| Description | EDUCATIONAL LOANS RECEIVABLE, NET OF ALLOWANCE | Description |
| Book Value | 1362390214 | BookValue |
| Method Of Valuation | C | MethodOfValuation |
| Field | Value | IRS element (for citing) |
|---|---|---|
| Total Of Book Value Program Related | 1362390214 | TotalOfBookValueProgramRelated |
| Total Revenue | 54009328 | TotalRevenue |
| Total Expenses | 40508711 | TotalExpenses |
| Excess Or Deficit For Year | 13500617 | ExcessOrDeficitForYear |
| Other | $1,392,622 | OtherAmount |
| Total Adjustments | 1392622 | TotalAdjustments |
| Excess Or Deficit Per FS | 14893239 | ExcessOrDeficitPerFS |
| Tot Revenue Etc Audited Fincl Stmt | 54009328 | TotRevenueEtcAuditedFinclStmt |
| Revenue Not Rptd F990 | 0 | RevenueNotRptdF990 |
| Revenue Subtotal | 54009328 | RevenueSubtotal |
| Revenue Not Rptd On Fin Stmt | 0 | RevenueNotRptdOnFinStmt |
| Total Revenue Per Form990 | 54009328 | TotalRevenuePerForm990 |
| Tot Expenses Etc Audited Fincl Stmt | 40508711 | TotExpensesEtcAuditedFinclStmt |
| Expenses Not Rptd F990 | 0 | ExpensesNotRptdF990 |
| Expenses Subtotal | 40508711 | ExpensesSubtotal |
| Expenses Not Rptd On Fin Stmt | 0 | ExpensesNotRptdOnFinStmt |
| Total Expenses Per Form990 | 40508711 | TotalExpensesPerForm990 |
Form990 Schedule D Part XIV Form990ScheduleDPartXIV
| Field | Value | IRS element (for citing) |
|---|---|---|
| Identifier | PART XI, LINE 8 - OTHER ADJUSTMENTS: | Identifier |
| Explanation | ARBITRAGE REBATE 1,460,451. EXCESS INTEREST REBATE -67,829. | Explanation |
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 | 178200 | 0 | 47545 | 0 | 13187 | 0 | 14492 | 0 | 13504 | 0 | 266928 | 0 | 0 |
| JOLENE SELBY | |||||||||||||
| 0 | 116473 | 0 | 30418 | 0 | 5962 | 0 | 9519 | 0 | 13226 | 0 | 175598 | 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 K IRS990ScheduleK
Form990 Schedule K Part I Form990ScheduleKPartI (3 entries)
| Issuer EINIssuerEIN | CUSIP NumberCUSIPNumber | Date IssuedDateIssued | Issue PriceIssuePrice | Description Of PurposeDescriptionOfPurpose | DefeasedDefeased | On Behalf Of IssuerOnBehalfOfIssuer | Pool FinancingPoolFinancing |
|---|---|---|---|---|---|---|---|
| MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION | |||||||
| 810393527 | 612130HE7 | 2003-10-15 | 170300000 | ACQUIRE STUDENT LOANS AND REFUND BONDS DATED 09/09/93 & 12/01/98 | 0 | 1 | 0 |
| MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION | |||||||
| 810393527 | 612130HJ6 | 2004-11-17 | 178000000 | ACQUIRE STUDENT LOANS AND REFUND BONDS DATED 12/1/98, 12/1/99, & 9/7/00 | 0 | 1 | 0 |
| MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION | |||||||
| 810393527 | 612130HS6 | 2006-10-31 | 234100000 | ACQUIRE STUDENT LOANS | 0 | 1 | 0 |
Form990 Schedule K Part II Form990ScheduleKPartII (3 entries)
| Amount RetiredAmountRetired | Total ProceedsTotalProceeds | Issuance Costs From ProceedsIssuanceCostsFromProceeds | Working Capital ExpendituresWorkingCapitalExpenditures | Year Of Subst CompletionYearOfSubstCompletion | Current RefundingCurrentRefunding | Advance RefundingAdvanceRefunding | Final Allocation MadeFinalAllocationMade | Adequate Books And Recds MaintaindAdequateBooksAndRecdsMaintaind |
|---|---|---|---|---|---|---|---|---|
| 5300000 | 170300000 | 1438547 | 168861453 | 2006 | 0 | 0 | 1 | 1 |
| 33600000 | 178000000 | 1405453 | 176594547 | 2007 | 0 | 0 | 1 | 1 |
| 12000000 | 234100000 | 1443145 | 232656855 | 2008 | 0 | 0 | 1 | 1 |
Form990 Schedule K Part III Form990ScheduleKPartIII (3 entries)
| Owning Bond Financed PropertyOwningBondFinancedProperty | Any Lease ArrangementsAnyLeaseArrangements | Mngment Cntrct Bond Financd PrprtyMngmentCntrctBondFinancdPrprty | Any Research AgreementsAnyResearchAgreements | Bond Counsel Routinely EngagedBondCounselRoutinelyEngaged | Prcntge Prvt Business Use By OthersPrcntgePrvtBusinessUseByOthers | Percentage Of Prvt Business Re UBIPercentageOfPrvtBusinessReUBI | Total Private Business UseTotalPrivateBusinessUse | Post Issuance Compliance ProcdrsPostIssuanceComplianceProcdrs |
|---|---|---|---|---|---|---|---|---|
| 0 | 0 | 0 | 0 | 1 | 0.00000 | 0.00000 | 0.00000 | 1 |
| 0 | 0 | 0 | 0 | 1 | 0.00000 | 0.00000 | 0.00000 | 1 |
| 0 | 0 | 0 | 0 | 1 | 0.00000 | 0.00000 | 0.00000 | 1 |
Form990 Schedule K Part IV Form990ScheduleKPartIV (3 entries)
| Form8038 T FiledForm8038TFiled | Variable Rate IssueVariableRateIssue | Hedge Identified In Books And RecdsHedgeIdentifiedInBooksAndRecds | Term Of HedgeTermOfHedge | Superintegrated HedgeSuperintegratedHedge | Hedge TerminatedHedgeTerminated | Gross Proceeds Invested In GICGrossProceedsInvestedInGIC | Business Name Line1NameOfGICProvider/BusinessNameLine1 | Business Name Line2NameOfGICProvider/BusinessNameLine2 | Term Of GICTermOfGIC | Regulatory Safe Harbor SatisfiedRegulatorySafeHarborSatisfied | Gross Proceeds InvestedGrossProceedsInvested | Exception To RebateExceptionToRebate |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| CITIBANK NA | ||||||||||||
| 1 | 1 | 1 | 9.800000000000 | 1 | 1 | 1 | GRAND CENTRAL | FUNDING | 33.000000000000 | 1 | 0 | 0 |
| NA | ||||||||||||
| 0 | 1 | 0 | 1 | BAYERISCHE | LANDESBANK | 11.000000000000 | 1 | 0 | 0 | |||
| NA | ||||||||||||
| 0 | 1 | 0 | 1 | TRINITY FUNDING CO | 31.300000000000 | 1 | 0 | 0 | ||||
Schedule L IRS990ScheduleL
Form990 Schedule L Part IV Form990ScheduleLPartIV (5 entries)
| RelationshipRelationship | Description Of TransactionDescriptionOfTransaction | Sharing Of RevenuesSharingOfRevenues |
|---|---|---|
| SHEILA STEARNS | ||
| OFFICER | NOTED OFFICER IS PRESIDENT OF MHESAC AND EX-OFFICIO NON-VOTING DIRECTOR FOR STUDENT ASSISTANCE FOUNDATION | 0 |
| 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 A DIRECTOR FOR MHESAC AND VICE CHAIR FOR STUDENT ASSISTANCE FOUNDATION | 0 |
| JOLENE SELBY | ||
| TOP FINANCIAL OFFICIAL | NOTED TOP FINANCIAL OFFICIAL FOR MHESAC IS AN OFFICER OF STUDENT ASSISTANCE FOUNDATION | 0 |
| ROB BARNOSKY | ||
| DIRECTOR | NOTED BOARD MEMBER IS A DIRECTOR FOR MHESAC AND A DIRECTOR FOR STUDENT ASSISTANCE FOUNDATION | 0 |
Schedule O IRS990ScheduleO
General Explanation GeneralExplanation (13 entries)
| IdentifierIdentifier | ExplanationExplanation | Return ReferenceReturnReference |
|---|---|---|
| FORM 990, PART VI, SECTION A, LINE 2 | THREE MHESAC OFFICERS WORK FOR THE SAME ORGANIZATION. DURING THE FISCAL YEAR TWO MHESAC BOARD MEMBERS WERE ALSO MEMBERS OF THE MONTANA BOARD OF REGENTS. | |
| 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 A, LINE 4 | THE CORPORATION AMENDED THE ARTICLES OF INCORPORATION AND THE BYLAWS DURING THE FISCAL YEAR. THE AMENDMENTS WERE APPROVED BY THE BOARD OF DIRECTORS ON APRIL 27TH, 2011. THE CHANGES ARE SUMMARIZED BELOW: THE REFERENCE TO THE BOARD OF DIRECTOR POSITIONS, TERMS, AND APPOINTMENT WAS REMOVED FROM THE ARTICLES OF INCORPORATION AND MOVED TO THE BYLAWS; THE REQUIREMENT THAT THE PRESIDENT OF THE BOARD IS THE COMMISSIONER OF HIGHER EDUCATION WAS REMOVED AND THE PRESIDENT WILL NOW BE APPOINTED BY THE BOARD; CLARIFICATION WAS MADE TO SPECIFY THE RELATIONSHIP AND INVOLVEMENT OF THE BOARD OF REGENTS AS AN ADVISORY ROLE; THE DIRECTORS WILL BE SELECTED FROM A SLATE SUBMITTED BY THE NOMINATIONS COMMITTEE AND APPOINTED BY THE BOARD INSTEAD OF THE BOARD OF REGENTS; A PROVISION WAS ADDED TO ALLOW FOR AN APPOINTMENT OF AN ASSISTANT SECRETARY AND ASSISTANT TREASURER IF CONSIDERED NECESSARY; AND A PROVISION WAS ADDED TO SPECIFY E-MAIL AS AN WAY TO GIVE NOTICE. | |
| FORM 990, PART VI, SECTION A, LINE 7A | MEMBERS OF THE GOVERNING BOARD ARE 1) THE STUDENT MEMBER OF THE MONTANA BOARD OF REGENTS WHO SERVES BY VIRTUE OF THEIR POSITION ON THE REGENTS; AND 2) SIX OTHER MEMBERS WHO ARE APPOINTED BY THE CHAIR OF THE BOARD OF REGENTS OF THE MONTANA UNIVERSITY SYSTEMS. | |
| FORM 990, PART VI, SECTION B, LINE 11 | THE RETURN IS REVIEWED BY THE AUDIT COMMITTEE AND THEN BY THE FULL BOARD IN A SCHEDULED BOARD MEETING. | |
| 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 12C | |
| 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 B, LINE 15 | |
| FINANCIAL STATEMENTS ARE AVAILABLE FROM THE COMPANY'S WEBSITE AND OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. | FORM 990, PART VI, SECTION C, LINE 19 | |
| HOURS FOR RELATED ORGANIZATIONS | JOLENE SELBY AND JAMES A STIPCICH HOURS PER WEEK FOR RELATED ORGANIZATIONS ARE 44. LILA TAYLOR AND ROB BARNOSKY ARE EACH 1 HR PER WEEK. | PART VII, SECTION A, COLUMN B |
| CHANGES IN NET ASSETS OR FUND BALANCES: | ARBITRAGE REBATE 1,460,451. EXCESS INTEREST REBATE -67,829. TOTAL TO FORM 990, PART XI, LINE 5: 1,392,622. | FORM 990, PART XI, LINE 5: |
| OVERSIGHT OF AUDIT | THE PROCESS FOR THE OVERSIGHT RESPONSIBILITY OF THE AUDIT IS CONSISTENT WITH PRIOR YEARS. | FORM 990, PART XI, LINE 2C |
| FINANCIAL STATEMENT REPORTING | THE FINANCIAL STATEMENTS DO NOT CONTAIN A FOOTNOTE REGARDING A FIN 48 STATEMENT OF UNCERTAIN TAX POSITIONS. | PART XII, LINE 2 B |
| NOTE ON CHANGES IN PROGRAMS DUE TO CHANGES IN FEDERAL STUDENT LOAN PROGRAM | EFFECTIVE JULY 1, 2010, THE FEDERAL FAMILY EDUCATION PROGRAM WAS ELIMINATED AND REPLACED BY THE FEDERAL DIRECT LOAN PROGRAM. HOWEVER, MHESAC IS STILL RESPONSIBLE FOR THE MANAGEMENT AND SERVICING OF THE LOANS IN ITS PORTFOLIO AS WELL AS WORKING WITH THE GUARANTOR TO REPURCHASE ANY PREVIOUSLY DEFAULTED LOANS THAT HAVE BEEN REHABILITATED. | PART III, QUESTION 3 |
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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