Montana Higher Education Student Assistance Corporation
- Assets
- $454.3m
- Revenue
- $15.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Helena, MT
- Founding
- 03/1983
- Data as of
- 06/2022
- EIN
- 81-0393527
Organization Overview
Montana Higher Education Student Assistance Corporation is located in Helena, MT. The organization was established in 1983. According to its NTEE Classification (B82) the organization is classified as: Scholarships & Student Financial Aid, under the broad grouping of Education and related organizations. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Montana Higher Education Student 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 06/2022, Montana Higher Education Student Assistance Corporation generated $15.0m 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 (9.2%) each year. All expenses for the organization totaled $16.3m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (9.9%) per year over the past 7 years. You can explore the organizations financials more deeply in the financial statements section below.
Since 2017, Montana Higher Education Student Assistance Corporation has awarded 32 individual grants totaling $716,631. 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
990
Mission & Program ActivityExcerpts From the 990 Filing
TAX YEAR
2022
Describe the Organization's Mission:
Part 3 - Line 1
DEDICATED TO HELPING MONTANA CITIZENS FINANCE AND STRATEGICALLY PURSUE EDUCATIONAL OPPORTUNITIES.
Describe the Organization's Program Activity:
Part 3 - Line 4a
ACQUISITION AND SERVICING OF GUARANTEED STUDENT LOANS AS A SECONDARY STUDENT LOAN MARKET FOR THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). BENEFITS PROVIDED TO BORROWERS THROUGH REBATE, INCENTIVE, AND RATE REDUCTION PROGRAMS TOTALED $457 THOUSAND FOR 6,711 BORROWERS IN FISCAL YEAR 2022. $54 MILLION IN BENEFITS HAVE BEEN PROVIDED TO BORROWERS SINCE INCEPTION OF BORROWER BENEFIT PROGRAMS IN 1996. SINCE INCEPTION, MHESAC HAS PROVIDED MORE THAN $3.7 BILLION IN STUDENT LOANS TO OVER 241,000 BORROWERS.
REACH HIGHER MONTANA PROVIDES FINANCIAL AND IN-KIND SUPPORT ACROSS THE STATE, INCLUDING MONTANA COLLEGE ATTAINMENT NETWORK, SPONSORSHIP OF A VARIETY OF PROGRAMS, AND LEADS THE MONTANA YOUTH APPRENTICESHIP PARTNERSHIP AND THE MONTANA WORK-BASED LEARNING COLLABORATIVE.
REACH HIGHER MONTANA OUTREACH STAFF SERVED 32,187 MONTANA STUDENTS THROUGH COLLEGE AND CAREER OUTREACH, SCHOLARSHIP WORKSHOPS, SERVICES FOR YOUTH IN FOSTER CARE, DUAL ENROLLMENT AND CAREER FAIRS.
IN FISCAL YEAR 2022, REACH HIGHER MONTANA DELIVERED SCHOLARSHIPS AND GRANTS TO 844 MONTANA STUDENTS
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Michael Green Director-Chair & Officer-President | OfficerTrustee | 3 | $1,800 |
George S Olsen Director&officer-Secretary/treasurer | OfficerTrustee | 3 | $1,800 |
Kimberly Cunningham Director Mhesac,director-Chair Saf | Trustee | 1 | $1,800 |
Terry Cosgrove Director Mhesac,director Saf | Trustee | 1 | $1,800 |
Shannon Stober Director-Vice Chair | Trustee | 1 | $1,800 |
Brianne Rogers Director | Trustee | 1 | $1,800 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Student Assistance Foundation Mgmt & Loan Services, Programs Delivery | 6/29/17 | $10,196,668 |
Dorsey & Whitney Llp Legal Counsel | 6/29/17 | $164,547 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $837,645 |
| All other contributions, gifts, grants, and similar amounts not included above | $171,479 |
| Noncash contributions included in lines 1a–1f | $943 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $1,009,124 |
| Total Program Service Revenue | $13,842,275 |
| Investment income | $152,493 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $43,722 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $15,047,614 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $97,181 |
| Grants and other assistance to domestic individuals. | $790,632 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $12,600 |
| Compensation of current officers, directors, key employees. | $12,600 |
| 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 | $2,084,832 |
| Fees for services: Legal | $885 |
| Fees for services: Accounting | $1,096 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $26,277 |
| Fees for services: Other | $1,449,890 |
| Advertising and promotion | $110,561 |
| Office expenses | $92,869 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $48,952 |
| Travel | $148,514 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $67,356 |
| Interest | $5,495,608 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,701,928 |
| Insurance | $49,240 |
| All other expenses | $4,629 |
| Total functional expenses | $16,317,868 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,392,789 |
| Savings and temporary cash investments | $19,407,873 |
| 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 | $0 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $12,732,173 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $7,016,281 |
| Investments—other securities | $0 |
| Investments—program-related | $397,583,723 |
| Intangible assets | $0 |
| Other assets | $16,164,312 |
| Total assets | $454,297,151 |
| Accounts payable and accrued expenses | $1,809,764 |
| 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 | $369,168,210 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $370,977,974 |
| Net assets without donor restrictions | $83,319,177 |
| 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 | $454,297,151 |
Grants Awarded
Over the last fiscal year, Montana Higher Education Student Assistance Corporation has awarded $92,181 in support to 6 organizations.
| Grant Recipient | Amount |
|---|---|
GOVERNOR'S OFFICE OF COMMUNITY SERVICE PURPOSE: YOUTH SERVICE MONTANA SCHOLARSHIPS | $50,000 |
Bozeman, MT PURPOSE: SPONSOR CAREER SESSIONS AT STATE CONVENTION | $15,000 |
Butte, MT PURPOSE: ORGANIZATION SUPPORT GRANT AND CONFERENCE SPONSORSHIP | $8,000 |
MISSOULA COLLEGE PURPOSE: DUAL ENROLLMENT SUMMIT | $7,500 |
Helena, MT PURPOSE: SPONSORSHIPS OF BUSINESS DAY, GOVERNORS CUP, TRADESHOW | $6,625 |
Missoula, MT PURPOSE: SPONSORSHIP OF ORGANIZATION | $5,056 |
Grants Recieved
Over the last fiscal year, we have identified 2 grants that Montana Higher Education Student Assistance Corporation has recieved totaling $175,000.
| Awarding Organization | Amount |
|---|---|
New America Foundation Washington, DC PURPOSE: SUPPORT GRANTEE'S ROLE AS A PARTNERSHIP TO ADVANCE YOUTH APPRENTICESHIP NATIONAL PARTNER | $125,000 |
The Arthur M Blank Family Foundation Atlanta, GA PURPOSE: MONTANA WORK-BASED LEARNING COLLABORATIVE | $50,000 |
Endowment Analysis
| Beg. Balance | $825,123 |
| Earnings | -$56,472 |
| Admin Expense | $4,000 |
| Ending Balance | $764,651 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Montana Higher Education Student Assistance Corporation Helena, MT | $454,297,151 | $15,047,614 |
Waitt Foundation North Sioux City, SD | $157,175,219 | $6,009,824 |
Team Makers Club Inc Fargo, ND | $24,927,572 | $16,460,437 |
Western States Learning Corporation Cheyenne, WY | $7,278,085 | $6,097,150 |
J R Simplot Company Foundation Inc Boise, ID | $71,703,701 | $5,686,010 |
Idaho Association For The Education Of Young Children Boise, ID | $1,636,700 | $5,141,669 |
Central States Fair Rapid City, SD | $6,354,015 | $4,358,357 |
Valley Senior Living Grand Forks, ND | $804,854 | $3,496,436 |
C H Robinson Worldwide Foundation Sioux Falls, SD | $19,568,040 | $4,443,280 |
Ndscs Foundation Wahpeton, ND | $50,662,223 | $6,003,050 |
South Dakota Partners In Education Sioux Falls, SD | $284,473 | $2,000,094 |
Lake Area Technical College Foundation Watertown, SD | $28,796,845 | $15,847,172 |