Mississippi Higher Education Assistance Corporation
- Assets
- $167.5m
- Revenue
- $7.7m
- Investments
- $0.0
- Employees
- 0
- Location
- Jackson, MS
- Founding
- 01/1981
- Data as of
- 12/2021
- 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 12/2021, Mississippi Higher Education Assistance Corporation generated $7.7m 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 (8.9%) each year. All expenses for the organization totaled $5.8m during the year ending 12/2021. As we would expect to see with falling revenues, expenses have declined by (13.2%) per year over the past 7 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
2021
Describe the Organization's Mission:
Part 3 - Line 1
SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 9,124 CLIENTS WERE SERVED IN 2021.
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.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Nathan Slater Board Vice-Chair | OfficerTrustee | 1 | $0 |
John F Hill Board Chair | OfficerTrustee | 1 | $0 |
James E Mchale President/ceo | Officer | 1 | $0 |
William F Alvis Cfo/treasurer | Officer | 1 | $0 |
Minette D Ketchings Director Of Operations/con | Officer | 1 | $0 |
Edward Carlisle Director | Trustee | 1 | $0 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Us Department Of Education Rebate Fees | 12/30/21 | $1,411,721 |
Navient Solutions Inc Servicing Fees | 12/30/21 | $364,703 |
Woodward Hines Education Foundation Management Fees | 12/30/21 | $674,216 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $564,680 |
| 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 | $564,680 |
| Total Program Service Revenue | $7,010,123 |
| Investment income | $111,559 |
| 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 | $7,686,362 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $0 |
| 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 | $1,269,069 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $434,272 |
| Insurance | $0 |
| All other expenses | $14,867 |
| Total functional expenses | $5,811,312 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $10,822 |
| Savings and temporary cash investments | $4,601,066 |
| 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 | $158,676,759 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $434,106 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $0 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $3,727,777 |
| Total assets | $167,450,530 |
| Accounts payable and accrued expenses | $164,132 |
| 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 | $135,204,000 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $135,368,132 |
| Net assets without donor restrictions | $32,082,398 |
| 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 | $167,450,530 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Mississippi Higher Education Assistance Corporation Jackson, MS | $167,450,530 | $7,686,362 |
Tupelo Service Finance Inc Tupelo, MS | $0 | $1,135,587 |
Greater Kingsport Alliance For Development Inc Kingsport, TN | $2,425,970 | $1,438,393 |
Student Loan Guarantee Foundation Of Arkansas North Little Rock, AR | $5,532,296 | $1,265 |
Tennessee Medical Education Fund Inc Nashville, TN | $3,892,726 | $343,365 |
Alabama Multifamily Loan Consortium Montgomery, AL | $54,767,808 | $316,680 |
Lucy S Elliott Loan Fund Pine Bluff, AR | $3,241,492 | $148,532 |
Mississippi Bankruptcy Conference Inc Ridgeland, MS | $104,047 | $0 |
Louisiana Finance Corporation For Handicapped Citizens Haughton, LA | $348,535 | $145,465 |
Turnaround Community Lending Rutledge, TN | $126,245 | $0 |
Ark La Tex Investment & Development Corporation Bossier City, LA | $4,194,236 | $38,731 |