Student Assistance Foundation Of Montana
- Assets
- $27.5m
- Revenue
- $5.4m
- Investments
- $0.0
- Employees
- 30
- Location
- Helena, MT
- Founding
- 03/2000
- Data as of
- 06/2022
- EIN
- 81-0527529
Organization Overview
Student Assistance Foundation Of Montana is located in Helena, MT. The organization was established in 2000. According to its NTEE Classification (W60) the organization is classified as: Financial Institutions, under the broad grouping of Public & Societal Benefit and related organizations. As of 06/2023, Student Assistance Foundation Of Montana employed 30 individuals. This organization is an independent organization and not affiliated with a larger national or regional group of organizations. Student Assistance Foundation Of Montana 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, Student Assistance Foundation Of Montana generated $5.4m 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 (11.7%) each year. All expenses for the organization totaled $3.7m during the year ending 06/2022. As we would expect to see with falling revenues, expenses have declined by (15.9%) 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
TO PROVIDE SERVICES THAT SUPPORT MONTANAN'S PURSUIT OF POST SECONDARY EDUCATION.
Describe the Organization's Program Activity:
Part 3 - Line 4a
PROVIDE STUDENT LOAN SERVICING AND MANAGEMENT SERVICES TO MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC).
OTHER PROGRAMS
PROVIDE DELIVERY AND SUPPORT FOR MHESAC'S REACH HIGHER MONTANA INITIATIVE.
PROVIDE PROJECT MANAGEMENT AND FINANCIAL SERVICES TO NINE OTHER 501(C)(3) AND GOVERNMENT ORGANIZATIONS.
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Board, Officers & Key Employees
| Name (title) | Role | Hours | Compensation |
|---|---|---|---|
Kimberly Cunningham Board Chair Saf, Director Mhesac | Trustee | 3 | $1,800 |
Terry Cosgrove Director Saf, Director Mhesac | Trustee | 1 | $1,800 |
Craig Roloff Director-Secretary/treasurer | OfficerTrustee | 1 | $1,800 |
Bryn Hagfors Director-Vice Chair | Trustee | 1 | $0 |
Brian Obert Director | Trustee | 1 | $1,800 |
Scott Todorovich President/ceo Saf, CEO Mhesac | Officer | 39 | $254,312 |
Outside Vendors & Contractors
| Vendor Name (Service) | Service Year | Compensation |
|---|---|---|
Dorsey & Whitney Legal | 6/29/17 | $182,781 |
Anderson Zurmuehlen & Co Pc Auditing And Consulting | 6/29/17 | $144,000 |
Financial Statements
| Statement of Revenue | |
|---|---|
| Total Revenue from Contributions, Gifts, Grants & Similar | $0 |
| Investment income | $924,780 |
| Tax Exempt Bond Proceeds | $0 |
| Royalties | $0 |
| Net Rental Income | $148,434 |
| Net Gain/Loss on Asset Sales | $865,580 |
| Net Income from Fundraising Events | $0 |
| Net Income from Gaming Activities | $0 |
| Net Income from Sales of Inventory | $0 |
| Miscellaneous Revenue | $0 |
| Total Revenue | $5,408,752 |
| Statement of Expenses | |
|---|---|
| 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. | $640,934 |
| Compensation to disqualified persons | $0 |
| Other salaries and wages | $1,609,751 |
| Pension plan accruals and contributions | $119,964 |
| Other employee benefits | $268,401 |
| Payroll taxes | $156,837 |
| Fees for services: Management | $0 |
| Fees for services: Legal | $20,421 |
| Fees for services: Accounting | $55,859 |
| Fees for services: Lobbying | $0 |
| Fees for services: Fundraising | $0 |
| Fees for services: Investment Management | $117,583 |
| Fees for services: Other | $381,390 |
| Advertising and promotion | $7,341 |
| Office expenses | $57,004 |
| Information technology | $105,830 |
| Royalties | $0 |
| Occupancy | $2,640 |
| Travel | $12,784 |
| Payments of travel or entertainment expenses for any federal, state, or local public officials | $0 |
| Conferences, conventions, and meetings | $4,714 |
| Interest | $0 |
| Payments to affiliates | $0 |
| Depreciation, depletion, and amortization | $43,679 |
| Insurance | $83,137 |
| All other expenses | $0 |
| Total functional expenses | $3,689,126 |
| Balance Sheet | |
|---|---|
| Cash—non-interest-bearing | $167,170 |
| Savings and temporary cash investments | $1,007,102 |
| Pledges and grants receivable | $0 |
| Accounts receivable, net | $6,151 |
| Loans from Officers, Directors, or Controlling Persons | $0 |
| Loans from Disqualified Persons | $0 |
| Notes and loans receivable | $24,342 |
| Inventories for sale or use | $0 |
| Prepaid expenses and deferred charges | $128,513 |
| Investments—publicly traded securities | $23,594,675 |
| Investments—other securities | $0 |
| Investments—program-related | $0 |
| Intangible assets | $0 |
| Other assets | $99,759 |
| Total assets | $27,473,857 |
| Accounts payable and accrued expenses | $603,897 |
| Grants payable | $0 |
| Deferred revenue | $14,907,414 |
| 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 | $1,664,328 |
| Unsecured mortgages and notes payable | $0 |
| Other liabilities | $99,698 |
| Total liabilities | $17,275,337 |
| Net assets without donor restrictions | $10,198,520 |
| 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 |
| Total liabilities and net assets/fund balances | $10,198,520 |
Grants Awarded
Over the last fiscal year, Student Assistance Foundation Of Montana has awarded $103,250 in support to 2 organizations.
| Grant Recipient | Amount |
|---|---|
GOVERNOR'S OFFICE OF COMMUNITY SERVICE PURPOSE: YOUTH SERVICE MONTANA SCHOLARSHIPS | $98,500 |
MONTANA OFFICE OF PUBLIC INSTRUCTION PURPOSE: GRADUATION MATTERS | $4,750 |
Peer Organizations
| Organization Name | Assets | Revenue |
|---|---|---|
Park Side Financial Credit Union Whitefish, MT | $397,774,451 | $19,753,566 |
Student Assistance Foundation Of Montana Helena, MT | $27,473,857 | $5,408,752 |
Akiptan Eagle Butte, SD | $26,940,042 | $5,692,103 |
Open Aid Alliance Missoula, MT | $738,800 | $1,259,220 |
Montana Independent Bankers Helena, MT | $726,412 | $127,139 |
Necog Development Corporation Aberdeen, SD | $6,533,098 | $514,731 |