Massachusetts Higher Education Assistance Corporation
- Assets
- $945.2m
- Revenue
- $81.9m
- Investments
- $87.4m
- Employees
- 124
- Location
- Boston, MA
- Founding
- 12/1958
- Data as of
- 12/2022
- EIN
- 04-2254705
Organization Overview
Massachusetts Higher Education Assistance Corporation, operating under the name American Student Assistance, is located in Boston, MA. The organization was established in 1958. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. As of 12/2022, American Student Assistance employed 124 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. American Student Assistance is a 501(c)(3) and as such, is described as a "Charitable or Religous organization or a private foundation" by the IRS.
For the year ending 12/2022, American Student Assistance generated $81.9m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 7 years, the organization has seen revenues fall by an average of (9.5%) each year. All expenses for the organization totaled $69.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (8.0%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2015, American Student Assistance has awarded 124 individual grants totaling $30,682,156. If you would like to learn more about the grant giving history of this organization, scroll down to the grant profile section of this page.
Form
990T
Mission & Program ActivityExcerpts From the 990T Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
PROVIDE ACCESS TO AND CONDUCT ACTIVITIES IN FURTHERANCE OF HIGHER EDUCATION.
Describe the Organization's Program Activity:
MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION (MHEAC) RELIEVES THE BURDENS OF GOVERNMENT AND ASSISTS STUDENTS AND PARENTS IN SUCCESSFULLY COMPLETING A PROGRAM OF HIGHER EDUCATION BY CONTINUING TO ACT AS A GUARANTOR OF STUDENT LOANS MADE BY LENDERS, IN CONNECTION WITH THE FEDERAL HIGHER EDUCATION ACT OF 1965. IN ADDITION, MHEAC ENGAGES IN A VARIETY OF ACTIVITIES IN FURTHERANCE OF HIGHER EDUCATION, INCLUDING HELPING STUDENTS EXPLORE ALTERNATIVE EDUCATION PATHWAYS IN PURSUIT OF SUCCESSFUL AND FULFILLING CAREERS.
MIDDLE AND HIGH SCHOOL ACTIVITIES: MHEAC ENGAGES IN A VARIETY OF ACTIVITIES IN FURTHERANCE OF HIGHER EDUCATION. THE MISSION IS TO HELP STUDENTS KNOW THEMSELVES, KNOW THEIR OPTIONS, AND MAKE INFORMED DECISIONS TO ACHIEVE THEIR EDUCATION AND CAREER GOALS. ASA IS COMMITTED TO HELPING STUDENTS EXPLORE EDUCATION AND CAREER OPTIONS STARTING IN MIDDLE SCHOOL, EXPERIMENT THROUGH HANDS-ON OPPORTUNITIES, AND EXECUTE A PLAN TO MEET THEIR GOALS. ASA'S INNOVATIVE PROGRAMS AND PARTNERSHIPS, COMBINED WITH A ROBUST RESEARCH AGENDA AND ADVOCACY PLATFORM, ENABLE ASA TO PROVIDE MEANINGFUL IMPACT TO YOUNG PEOPLE ON A NATIONAL SCALE.
COLLEGE ACCESS PROGRAMS - MHEAC OFFERS FREE COMPREHENSIVE INFORMATION, GUIDANCE AND PRACTICAL HELP TO ASSIST UNDERSERVED AND UNDER-REPRESENTED INDIVIDUALS GAIN ACCESS TO AND SUCCEED WITHIN THE POST-SECONDARY EDUCATION SYSTEM. HIGH SCHOOL STUDENTS ARE ABLE TO PARTICIPATE IN SCHOOL-BASED PROGRAMS THAT INCLUDE COLLEGE CAMPUS TOURS, SUMMER COLLEGE PREPARATORY PROGRAMS, STANDARDIZED TEST PREPARATION, SCHOLARSHIP SEARCH, COLLEGE SELECTION AND THE APPLICATION PROCESS. INDIVIDUALS WITHOUT ACCESS TO SCHOOL-BASED PROGRAMS ARE PROVIDED SERVICES AT SEVERAL DEDICATED COLLEGE PLANNING CENTERS (CPCS) BASED IN URBAN COMMUNITIES. THE SERVICES INCLUDE INDIVIDUALIZED COUNSELING ON THE COLLEGE PLANNING, APPLICATION AND FINANCING PROCESSES.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Alex Rappaport Director | Trustee | 1 | $50,000 |
Carla Thompson Dir/chair Of Impact Investing | Trustee | 1 | $50,750 |
Carol Fulp Director/chair Of Compensation/vice | OfficerTrustee | 1 | $63,000 |
Emily Mccann Director | Trustee | 1 | $50,000 |
Jean Eddy President/ceo/director | OfficerTrustee | 40 | $705,315 |
Ken Jones Dir./chair Of Audit Committee | Trustee | 1 | $53,000 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Ecmc Guarantor Services | 12/30/22 | $32,063,450 |
Devito Verdi Inc Consulting Services | 12/30/22 | $6,749,836 |
Delta Management Associates Debt Collection Assistance | 12/30/22 | $758,886 |
Tapjoy Inc Social Media | 12/30/22 | $722,358 |
Archetype Consulting Inc Data Engineering | 12/30/22 | $527,533 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $1,389,402 |
| All other contributions, gifts, grants, and similar amounts not included above | $0 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,389,402 |
| Total Program Service Revenue | $87,981,477 |
| Investment income | $20,425,093 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | -$28,659,113 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $81,920,356 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $6,167,167 |
| Grants and other assistance to domestic individuals. | $0 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $5,053,846 |
| Compensation of current officers, directors, key employees. | $1,303,437 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $8,230,838 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $1,457,822 |
| Payroll taxes | $1,006,008 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $600,730 |
| Fees for services: Accounting | $202,958 |
| Fees for services: Lobbying | $8,373 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $8,164,317 |
| Office expenses | $110,798 |
| Information technology | $2,935,952 |
| Royalties | $0 |
| Occupancy | $2,097,130 |
| Travel | $331,910 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $2,775,859 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,759,833 |
| Insurance | $1,230,720 |
| All other expenses | $957,652 |
| Total functional expenses | $69,303,434 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $16,092,362 |
| Savings and temporary cash investments | $69,101,017 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $3,695,536 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $1,923,992 |
| Net Land, buildings, and equipment | $10,675,387 |
| Investments—publicly traded securities | $741,454,651 |
| Investments—other securities | $87,409,909 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $14,825,510 |
| Total assets | $945,178,364 |
| Accounts payable and accrued expenses | $24,912,577 |
| Grants payable | $0 |
| Deferred revenue | $0 |
| Tax-exempt bond liabilities | $0 |
| Escrow or custodial account liability | $0 |
| Loans and other payables to any current Officer, Director, or Controlling Person | $0 |
| Secured mortgages and notes payable | $0 |
| Unsecured mortgages and notes payable | $99,155,703 |
| Other liabilities | $1,511,246 |
| Total liabilities | $125,579,526 |
| Net assets without donor restrictions | $819,598,838 |
| Net assets with donor restrictions | $0 |
| Capital stock or trust principal, or current funds | $0 |
| Paid-in or capital surplus, or land, building, or equipment fund | $0 |
| Retained earnings, endowment, accumulated income, or other funds | $0 |
| Total liabilities and net assets/fund balances | $945,178,364 |
Grants Awarded
Over the last fiscal year, Massachusetts Higher Education Assistance Corporation has awarded $6,151,667 in support to 19 organizations.
| Grant Recipient | Amount |
|---|---|
ASSOCIATION FOR MIDDLE LEVEL EDUCATION PURPOSE: CAREER EXPLORATION | $50,000 |
BIG PICTURE LEARNING PURPOSE: WORKBASED LEARNING | $535,000 |
COALITION FOR CAREER DEVELOPMENT PURPOSE: CAREER EXPLORATION | $300,000 |
JOBS FOR THE FUTURE PURPOSE: POSTSECONDARY PATHWAYS | $1,500,000 |
JOBS FOR THE FUTURE PURPOSE: SPONSORSHIP | $75,000 |
LEARN LAUNCH INC PURPOSE: SPONSORSHIP | $200,000 |