2011-02-14T17:39:03-06:00 2010-06-30 GRANT THORNTON LLP 226 CAUSEWAY STREET BOSTON MA 021142155 990 2009-07-01 042254705 MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION MASS 6177284549 100 CAMBRIDGE STREET BOSTON MA 02114 BARBARA MATEZ 2011-02-11 6177237900 2009 2016-02-24 21:20:13Z AMERICAN STUDENT ASSISTANCE paul combe 100 cambridge st suite 1600 boston MA 02114 229579958 false X WWW.ASA.ORG X 1956 MA THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE ACCESS TO HIGHER EDUCATION. 13 12 771 0 4207370 0 0 97947058 153026540 2983202 550454 8709 0 100938969 153576994 0 0 0 0 73746535 62409076 0 0 0 53899990 57103048 127646525 119512124 -26707556 34064870 148506012 170423324 62734847 50488132 85771165 119935192 THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE ACCESS TO HIGHER EDUCATION. false false 100108141 153026540 MHEAC D/B/A AMERICAN STUDENT ASSISTANCE'S PRIMARY FUNCTION IS TO ACT AS A GUARANTOR OF STUDENT LOANS MADE BY LENDERS IN CONNECTION WITH THE FEDERAL HIGHER EDUCATION ACT OF 1965. IN ADDITION, MHEAC D/B/A AMERICAN STUDENT ASSISTANCE ENGAGES IN A VARIETY OF ACTS IN FURTHERANCE OF HIGHER EDUCATION. 100108141 true false false true false false false true false true false true false false false false false false false false false false false true false false false false false false true false false false false false false true true false false true 97 0 true 771 true true true false false false false false false false false 13 12 false false false false false false false true true false true false true true true true true true true true false MA X BARBARA MATEZ 6175352113 100 CAMBRIDGE STREET SUITE 1600 BOSTON MA 02114 PAUL COMBE 40.0 X X 352158 0 12142 ANDY GOMEZ 1.0 X 18600 DEBORAH JACKSON 1.0 X 7950 DIONE KENYON 2.0 X 30000 DONALD REAVES 1.0 X 18650 JEAN EDDY 2.0 X 34400 PETER READ 2.0 X 33100 PETER SEGALL 2.0 X 25800 PIEDAD ROBERTSON 2.0 X 29050 RICHARD WILEY 1.0 X 15900 STEPHEN BIKLEN 2.0 X 29150 CAROL FULP 1.0 X 4800 JOHN HUPALO 1.0 X 5900 THOMAS GRAF 1.0 X PATRICIA MCWADE 1.0 X MICHAEL FINN 40.0 X 297817 16077 DEBRA CHROMY 40.0 X 256956 11723 MICHAEL RYAN 40.0 X 170953 15884 Elisabeth Nietsch 40.0 X 215119 7151 SUSAN NATHAN 40.0 X 169667 15894 SHELLEY SAUNDERS 40.0 X 170601 8420 LAUREN ROLFE 40.0 X 162873 7009 BARBARA MATEZ 40.0 X 180239 15893 GRACE BARTINI 30.0 X 136709 2493 JOHN CHRISTOPHER SHEEHAN 40.0 X 178878 7036 ROBERT COLE 40.0 X 180818 12847 BRIAN CURTIS 40.0 X 159741 18735 KATHIE LARSEN 40.0 X 155888 1367 PAMA MILLER 40.0 X 153870 5755 ROBERT MORAN 40.0 X 143981 15727 CHRISTOPHER RUSSO 40.0 X 148018 14238 DEAN RANZO 40.0 X 143838 15712 MARY BRUCE 40.0 X 144092 13498 VICTOR FRANK 40.0 X 147057 15727 3922573 0 233328 117 false true false EMC CORPORATION 4246 COLLECTION CENTER DRIVE CHICAGO IL 60693 CONSULTANTS 222866 XEROX PO BOX 827598 PHILADELPHIA PA 19182 COMPUTER SYS SUPPORT 245490 Siemens PO BOX 99076 CHICAGO IL 60693 COMPUTER SYS SUPPORT 309394 LOMBARDI SOFTWARE PO BOX 671248 AUSTIN TX 75267 COMPUTER SYS SUPPORT 406454 VELOCITY TECH SOLUTIONS LLC 850 THIRD AVENUE 11TH FLOOR NEW YORK NY 100226222 CONSULTANTS 755807 32 0 LOAN PROCESSING AND ISSUANCE FEES 900099 6402540 6402540 ACCOUNT MAINTENANCE FEES 900099 25422513 25422513 REGULAR DEFAULT RECOVERIES 900099 14764671 14764671 CONSOLIDATED COLLECTIONS 900099 12592264 12592264 REHABILITATED COLLECTIONS 900099 70977364 70977364 22867188 18659818 4207370 153026540 1812658 1812658 0 0 74740760 76002964 -1262204 -1262204 -1262204 0 0 0 0 153576994 148819170 4207370 550454 0 0 0 0 2658131 2658131 0 0 43152748 36001032 7151716 7874195 4359396 3514799 5076899 3784772 1292127 3647103 2994422 652681 0 260396 260396 70815 70815 214020 214020 0 0 0 150251 113895 36356 3207058 2551335 655723 0 0 5211566 4409337 802229 387971 277716 110255 0 352782 288749 64033 0 0 5254575 5254575 258122 258122 COLLECTION AGENCY FEES 34474249 34474249 CONSULTING AND PROFESSIONAL 2107683 1235630 872053 SERVICE CONTRACTS 1780211 1574115 206096 CONTRACTED SERVICES 1552291 1146387 405904 DUES AND SUBSCRIPTIONS 403852 340200 63652 1417206 1088311 328895 119512124 100108141 19403983 0 48230044 62887891 10029380 19654058 1295278 1295505 40906774 27700145 16604804 13206629 72345506 73378241 1000 1000 148506012 170423324 18035120 21421760 44699727 29066372 62734847 50488132 X 85771165 119935192 85771165 119935192 148506012 170423324 X false true true X true true X 122531770 149706582 170669173 93787921 148819170 685514616 8709 8709 122531770 149706582 170669173 93796630 148819170 685523325 685523325 3357778 4489885 5381604 3357778 1812658 18399703 3357778 4489885 5381604 3357778 1812658 18399703 125889548 154196467 176050777 97154408 150631828 703923028 0.97386 0.96254 0.02614 0.02513 X false true false false true 8470 false true 24848 true 6146 true 214020 253484 false LOBBYING ACTIVITIES SCHEDULE C , PART II-B, LINE 1 I PART II-B, LINE 1 I REFLECTS FEES PAID TO SEVERAL PUBLIC RELATIONS/LOBBYING FIRMS ENGAGED DURING THE APPLICABLE TAX YEAR. false false 11356004 4101194 7254810 13599735 12428703 1171032 15951035 11170248 4780787 13206629 0 PENSION 19668484 FASTFUND REPO 6523660 RESERVE FOR CONTINGENCIES 1724393 OTHER LIABILITIES 1149835 29066372 153576994 119512124 34064870 99286 99286 34164156 153676280 99286 99286 153576994 153576994 119512124 119512124 119512124 X X X X X true false false true false false false true false PAUL COMBE 343706 0 0 8452 0 0 12142 0 364300 0 0 MICHAEL FINN 263815 27000 7002 16077 313894 DEBRA CHROMY 155977 93111 7868 11723 268679 MICHAEL RYAN 165031 5922 15884 186837 Elisabeth Nietsch 209197 5922 7151 222270 SUSAN NATHAN 164177 5490 15894 185561 SHELLEY SAUNDERS 165381 5220 8420 179021 LAUREN ROLFE 156951 5922 7009 169882 BARBARA MATEZ 174331 5908 15893 196132 ROBERT COLE 111350 68317 1151 12847 193665 BRIAN CURTIS 155151 3780 810 18735 178476 KATHIE LARSEN 151518 4370 1367 157255 JOHN CHRISTOPHER SHEEHAN 167730 5450 5698 7036 185914 PAMA MILLER 147908 3640 2322 5755 159625 ROBERT MORAN 139996 3445 540 15727 159708 CHRISTOPHER RUSSO 140670 6904 444 14238 162256 DEAN RANZO 136786 6242 810 15712 159550 MARY BRUCE 123977 2143 17972 13498 157590 VICTOR FRANK 133603 10283 3171 15727 162784 SUPPLEMENTAL COMPENSATION INFORMATION SCHEDULE J, PART 1, LINE 5A Business unit incentive plans are designed to support ASA's mission to assist student loan borrowers in successfully completing the financing of their post-secondary education. These plans are subject to an annual cap, are limited in number, and consist of specific measures which relate either to loan origination activities such as student loan volume and retention targets as well as client satisfaction measures, or on debt management and default prevention activities such as rehabilitation and recovery rate performance. The plans generate quantifiable FFEL program cost improvements resulting in savings to the U.S. Department of Education and/or support continued education and education financing availability SUPPLEMENTAL COMPENSATION INFORMATION SCHEDULE J, PART 1 LINE 7 All officers and members of management participate in a special incentive award which is based upon the organization's success in achieving key milestones in support of corporate strategic objectives derived from ASA's mission. These milestones AND CRITERIA ARE IDENTIFIED IN ADVANCE AND APRROVED BY THE COMPESNATION COMMITTEE OF THE BOARD OF DIRECTORS. Recommendations based on the overall level of achievement of those corporate strategic objectives are presented to the Compensation Committee for determination of the overall award pool size as well as individual award levels,subject to an annual cap, within the pool based on individuals' relative contributions. SUPPLEMENTAL COMPENSATION INFORMATION SCHEDULE J, PART 1 LINE 4a Severance $15,231 Mary Bruce - Terminated November 13, 2009 GINA LUCENTE-COLE SPOUSE OF KEY EMPLOYEE 112757 Employment, See Schedule O false REVIEW OF FORM 990 BY GOVERNING BOARD PART VI, SECTION A, LINE 11 The Form 990 is prepared by Grant Thornton, our national auditing and tax services firm with information provided by the Controller and Chief Financial Officer. The Form 990 is reviewed by the Controller, Vice President General Counsel, Vice President of Finance/CFO, Executive Vice President/COO and President/CEO. The fully completed Form 990 is then provided to the entire Board of Directors for review and approval before it is electronically submitted to the Internal Revenue Service. CONFLICT OF INTEREST POLICY PART VI, SECTION B, LINE 12C Each director, principal officer or other affected individual as determined by Management, shall annually sign a statement which affirms that the person; has received a copy of the conflicts of interest policy, has read and understands the policy, and has agreed to comply with the policy. In addition, each director, principal officer and memebr of a committee with board-designed powers shall list his or her business affiliations, including memberships on boards of other non-profit institutions, and shall also disclose any business relationships that members of his or her family have or are seeking with American Student Assistance. He or she shall also update the statement as appropriate during the year. COMPENSATION APPROVAL PROCESS PART VI, SECTION B, LINE 15a & B Compensation reviews for the top management official (President/CEO and Executive Vice President/COO) and members of senior management staff are conducted annually in the September timeframe by the Compensation Committee of the Board of Directors. Senior management staff consists of all vice presidents of the organization. Annually, an in-depth market benchmarking study is compiled for each senior staff position, including the CEO and COO, utilizing published, independent, third-party compensation surveys to compare current base salaries and total compensation with the same or similar positions in the Boston geographic area, in similar-sized organizations, primarily in the financial services, education and not-for-profit sectors. On a periodic basis, the Human Resources Department also examines Form 990 data from similar organizations and also obtains a separate compensation analysis with comparative market data from an independent compensation consultant. This comparability data is synthesized into a detailed report with the market ranges and each incumbent's position in the range and includes comparative base salary and total compensation market data. This report is presented to the President/CEO and the COO who consider the data and then present the full report along with their performance review and salary recommendations to the members of the Compensation Committee comprised of independent board members. The Compensation Committee reviews the CEO and COO's recommendations, and makes decisions regarding individual senior management merit salary increases. The CEO also reviews and makes a merit salary increase recommendation for the COO which is also presented to the Compensation Committee for their review and consideration. The Compensation Committee also uses the comparative data to review and establish the compensation of the President/CEO. Any annual incentive bonus plans, though discretionary, are also approved in advance by the Compensation Committee and any payouts are determined by the Compensation Committee based on the results of previously established goals and criteria, overall company performance,comparison to market data, and subject to an annual cap. The deliberations and decisions of the Compensation Committee are recorded contemporaneously in the meeting minutes which are recorded and preserved by the Special Assistant to the President, along with the analysis data. DOCUMENT AVAILABILITY PART VI, SECTION C, LINE 19 The governing documents, conflict of interest policy and financial statements are available upon request. Written policies for affiliate Part VI, Section A, Line 10B Because the single affiliate of which MHEAC is the sole owner is dormant, there are currently no written procedures applicable to the affiliate. BUSINESS TRANSACTION WITH INTERESTED PERSONS SCHEDULE L PART IV Gina Lucente-Cole works for MHEAC as Financial Education Consultant. She is married to Robert Cole who is the Director of Business Development and a key employee. Lucente-Cole neither works for nor reports to Cole who has no authority or influence over the terms and conditions of her employment. This relationship is reported to the Board of Directors Audit Committee pursuant to our internal nepotism policy. 990 part iv line 9 MHEAC acts as a guarantor and administrator of the Federal Family Education loan program pursuant to the Higher Education Act of 1965. Some of its activities include default prevention and student loan debt management counseling services. We do not believe this constitutes "credit counseling" as used on this form and have no information to include on Schedule D, Part IV. AMERICAN STUDENT ASSISTANCE SERV INC 100 CAMBRIDGE STREET SUITE 1600 BOSTON MA 02114 043073830 ED. ASSISTANC MA MHEAC C CORP 230 76694 1.00000 false false false false false false false false false false false false false false false false true false American Student Assistance Services Inc q 456