Montana Higher Education Student Assistance Corporation
- Assets
- $381.2m
- Revenue
- $24.0m
- Investments
- $0.0
- Employees
- 0
- Location
- Helena, MT
- Founding
- 03/1983
- Data as of
- 06/2023
- 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 06/2023, Montana Higher Education Student Assistance Corporation generated $24.0m in total revenue. The organization has seen a slow decline revenue. Over the past 8 years, revenues have fallen by an average of (2.6%) each year. All expenses for the organization totaled $26.0m during the year ending 06/2023. As we would expect to see with falling revenues, expenses have declined by (3.2%) per year over the past 8 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 36 individual grants totaling $811,631. 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
2023
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 $352 THOUSAND FOR 5,692 BORROWERS IN FISCAL YEAR 2023. $55 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.
IN FISCAL YEAR 2023, REACH HIGHER MONTANA DELIVERED SCHOLARSHIPS AND GRANTS TO 700 MONTANA STUDENTS.
REACH HIGHER MONTANA HELPS HIGH SCHOOL STUDENTS WITH CAREER AND POSTSECONDARY EXPLORATION, PROVIDES FINANCIAL AND IN-KIND SUPPORT ACROSS THE STATE, SPONSORS CAREER AND TECHNICAL EDUCATION PROGRAMS, AND LEADS THE MONTANA WORK-BASED LEARNING COLLABORATIVE.
REACH HIGHER MONTANA OUTREACH STAFF SERVED OVER 25,000 MONTANA STUDENTS THROUGH COLLEGE AND CAREER OUTREACH, SCHOLARSHIP WORKSHOPS, SERVICES FOR YOUTH IN FOSTER CARE, DUAL ENROLLMENT AND CAREER FAIRS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kimberly Cunningham Dir Mhesac, Dir - Board Chair Saf | Trustee | 1 | $1,800 |
Terry Cosgrove Dir Mhesac, Dir Saf | Trustee | 1 | $1,800 |
Michael Green Dir-Chair & Off-Pres | OfficerTrustee | 3 | $1,800 |
George S Olsen Dir & Off-Sec/treas | OfficerTrustee | 3 | $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 | 6/29/23 | $4,147,432 |
Kintetic West Llc Consultant For Montana Work-based Learni | 6/29/23 | $200,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Federated campaigns | $0 |
| Membership dues | $0 |
| Fundraising events | $0 |
| Related organizations | $0 |
| Government grants | $377,103 |
| All other contributions, gifts, grants, and similar amounts not included above | $312,267 |
| Noncash contributions included in lines 1a–1f | $0 |
| Total Revenue from Contributions, Gifts, Grants & Similar | $689,370 |
| Total Program Service Revenue | $22,556,943 |
| Investment income | $726,821 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $0 |
| Net Gain/Loss on Asset Sales | $14,788 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $23,987,922 |
| Statement of Expenses | |
|---|---|
| Grants and other assistance to domestic organizations and domestic governments. | $95,000 |
| Grants and other assistance to domestic individuals. | $427,452 |
| Grants and other assistance to Foreign Orgs/Individuals | $0 |
| Benefits paid to or for members | $0 |
| Compensation of current officers, directors, key employees. | $14,400 |
| Compensation of current officers, directors, key employees. | $14,400 |
| 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 | $2,157,079 |
| Fees for services: Legal | $2,120 |
| Fees for services: Accounting | $6,564 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $22,822 |
| Fees for services: Other | $1,555,827 |
| Advertising and promotion | $101,013 |
| Office expenses | $81,500 |
| Information technology | $0 |
| Royalties | $0 |
| Occupancy | $38,561 |
| Travel | $171,143 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $73,430 |
| Interest | $16,367,540 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $1,454,629 |
| Insurance | $45,750 |
| All other expenses | $3,929 |
| Total functional expenses | $26,030,923 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $1,149,421 |
| Savings and temporary cash investments | $16,781,779 |
| 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 | $13,075,436 |
| Net Land, buildings, and equipment | $0 |
| Investments—publicly traded securities | $6,888,277 |
| Investments—other securities | $0 |
| Investments—program-related | $327,304,819 |
| Intangible assets | $0 |
| Other assets | $16,009,477 |
| Total assets | $381,209,209 |
| Accounts payable and accrued expenses | $1,222,638 |
| 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 | $298,798,226 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $0 |
| Total liabilities | $300,020,864 |
| Net assets without donor restrictions | $81,188,345 |
| 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 | $381,209,209 |
Grants Awarded
Over the last fiscal year, Montana Higher Education Student Assistance Corporation has awarded $95,000 in support to 4 organizations.
| Grant Recipient | Amount |
|---|---|
GOVERNOR'S OFFICE OF COMMUNITY SERVICE PURPOSE: YOUTH SERVICE MONTANA SCHOLARSHIPS | $62,500 |
MONTANA FFA FOUNDATION PURPOSE: SPONSOR STATE CONVENTION AND FUSION CAREER SUMMIT | $15,000 |
HIGHLANDS COLLEGE PURPOSE: DUAL ENROLLMENT SUMMIT | $7,500 |
MONTANA COOPERATIVE DEVELOPMENT CENTER PURPOSE: INTERMEDIARY SERVICES FOR YOUTH APPRENTICESHIP | $10,000 |