Mississippi Higher Education Assistance Corporation
- Assets
- $137.7m
- Revenue
- $7.2m
- Investments
- $0.0
- Employees
- 0
- Location
- Jackson, MS
- Founding
- 01/1981
- Data as of
- 12/2022
- EIN
- 64-0642776
Organization Overview
Mississippi Higher Education Assistance Corporation is located in Jackson, MS. The organization was established in 1981. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Mississippi Higher Education Assistance Corporation 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, Mississippi Higher Education Assistance Corporation generated $7.2m in total revenue. This represents a relatively dramatic decline in revenue. Over the past 8 years, the organization has seen revenues fall by an average of (8.5%) each year. All expenses for the organization totaled $6.3m during the year ending 12/2022. As we would expect to see with falling revenues, expenses have declined by (10.8%) per year over the past 8 years. You can explore the organizations financials more deeply in the financial statements section below.
Form
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 7,327 CLIENTS WERE SERVED IN 2022.
Describe the Organization's Program Activity:
Part 3 - Line 4a
THE CORPORATION SERVICED STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965 AS AMENDED. THE PRIMARY SOURCE OF FUNDS WAS THE ISSUANCE OF TAX-EXEMPT BONDS AND TAXABLE NOTES. IN 2014, THE CORPORATION ISSUED TAXABLE BONDS TO RENFINANCE ITS DEBT AND IS NO LONGER ELIGIBLE TO ISSUE TAX-EXEMPT BONDS.
FUNDS CONTRIBUTED TO WOODWARD HINES EDUCATION FOUNDATION FOR ITS GENERAL OPERATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Edward Carlisle Director | Trustee | 1 | $0 |
Michael Cormack Jr Director | Trustee | 1 | $0 |
Haley Fisackerly Director | Trustee | 1 | $0 |
Robert Leard Director | Trustee | 1 | $0 |
David Martin Director | Trustee | 1 | $0 |
Debra Mcgee Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Us Department Of Education Rebate Fees | 12/30/22 | $1,198,006 |
Woodward Hines Education Foundation Management Fees | 12/30/22 | $583,267 |
Navient Solutions Inc Servicing Fees | 12/30/22 | $337,256 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $689,594 |
| 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 | $689,594 |
| Total Program Service Revenue | $6,282,569 |
| Investment income | $275,163 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $0 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $7,247,326 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $600,000 |
| 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. | $0 |
| Compensation of current officers, directors, key employees. | $0 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $0 |
| Pension plan accruals and contributions | $0 |
| Other employee benefits | $0 |
| Payroll taxes | $0 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $0 |
| Fees for services: Accounting | $0 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $0 |
| Fees for services: Other | $0 |
| Advertising and promotion | $0 |
| Office expenses | $0 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $0 |
| Travel | $0 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $0 |
| Interest | $3,122,110 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $379,059 |
| Insurance | $0 |
| All other expenses | $0 |
| Total functional expenses | $6,296,492 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,563 |
| Savings and temporary cash investments | $5,913,534 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $0 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $127,153,392 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $316,057 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $4,256,571 |
| Total assets | $137,650,117 |
| Accounts payable and accrued expenses | $195,885 |
| 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 | $104,421,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $104,616,885 |
| Net assets without donor restrictions | $33,033,232 |
| 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 | $137,650,117 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mississippi Higher Education Assistance Corporation Jackson, MS | $137,650,117 | $7,247,326 |
Greater Kingsport Alliance For Development Inc Kingsport, TN | $4,075,631 | $1,145,838 |
Student Loan Guarantee Foundation Of Arkansas North Little Rock, AR | $4,514,204 | $170,218 |
Alabama Multifamily Loan Consortium Birmingham, AL | $50,939,765 | $260,175 |
Tennessee Medical Education Fund Inc Nashville, TN | $3,130,604 | -$23,165 |
Lucy S Elliott Loan Fund Pine Bluff, AR | $2,931,390 | $290,978 |
Louisiana Finance Corporation For Handicapped Citizens Haughton, LA | $364,146 | $146,256 |
Turnaround Community Lending Rutledge, TN | $126,245 | $0 |
Mississippi Bankruptcy Conference Inc Ridgeland, MS | $103,807 | $0 |
Ark La Tex Investment & Development Corporation Bossier City, LA | $4,146,562 | $1,571 |
Tupelo Service Finance Inc Tupelo, MS | $0 | $0 |