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Nonprofiteer
← MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION

Form 990 for tax year 2023

Filed by MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION.

Totals

Total revenue
$24,508,201
Total expenses
$27,540,007
Contributions and grants received
$741,853
Grants paid
$521,781
Program service revenue
$22,722,884
Investment income
$1,043,464
Other revenue
$0
Total assets, end of year
$320,626,994
Total liabilities, end of year
$242,251,517
Net assets or fund balances, end of year
$78,375,477
Program services expenses (Part IX)
$27,125,673
Management and general expenses
$414,334
Fundraising expenses
$0
Program service expenses (Part III)
$27,125,673

Program services were 98.5% of total expenses calculated — Part IX's program-services column over total expenses, both as filed.

Line items

Every line the filer filed in Parts VIII, IX and X, as filed and in filed order. Blank columns are left out, and the lines are not forced to add up to the totals above.

Revenue

Part VIII, the statement of revenue.

  • 1e · Government grants (contributions)

    $341,040

  • 1f · All other contributions, gifts and grants

    $400,813

  • 1g · Noncash contributions included above

    $1,500

  • 2a · Program service revenue: INTEREST & SPECIAL ALLOWANCE

    total $23,804,280 · related or exempt $23,804,280

  • 2b · Program service revenue: UNCOLLECTIBLE ACCOUNTS

    total $5,838 · related or exempt $5,838

  • 2c · Program service revenue: LOAN PURCHASE DISCOUNT AMORTIZATI

    total $1,745 · related or exempt $1,745

  • 2d · Program service revenue: BOND REPURCHASE

    total -$1,088,979 · related or exempt -$1,088,979

  • 3 · Investment income

    total $1,117,777 · excluded $1,117,777

  • 7a · Gross sales of assets other than inventory

    securities $2,590,090

  • 7b · Less cost or other basis and sales expenses

    securities $2,664,403

  • 7c · Gain or loss

    securities -$74,313

  • 7d · Net gain or loss

    total -$74,313 · excluded -$74,313

Functional expenses

Part IX, the statement of functional expenses.

  • 1 · Grants to domestic organizations and governments

    total $83,025 · program services $83,025

  • 2 · Grants to domestic individuals

    total $438,756 · program services $438,756

  • 5 · Compensation of officers, directors and key employees

    total $14,400 · management and general $14,400

  • 11a · Fees: management

    total $2,288,348 · program services $2,288,348

  • 11b · Fees: legal

    total $510 · management and general $510

  • 11c · Fees: accounting

    total $610 · management and general $610

  • 11f · Fees: investment management

    total $23,178 · program services $23,178

  • 11g · Fees: other

    total $1,732,249 · program services $1,410,548 · management and general $321,701

  • 12 · Advertising and promotion

    total $49,244 · program services $49,231 · management and general $13

  • 13 · Office expenses

    total $103,443 · program services $70,579 · management and general $32,864

  • 16 · Occupancy

    total $43,161 · program services $33,881 · management and general $9,280

  • 17 · Travel

    total $236,759 · program services $232,302 · management and general $4,457

  • 19 · Conferences, conventions and meetings

    total $73,735 · program services $71,816 · management and general $1,919

  • 20 · Interest

    total $18,249,788 · program services $18,249,788

  • 22 · Depreciation, depletion and amortization

    total $1,271,706 · program services $1,269,003 · management and general $2,703

  • 23 · Insurance

    total $47,071 · program services $26,639 · management and general $20,432

  • 24a · Other expenses: CONSOLIDATION LOAN FEES

    total $2,748,375 · program services $2,748,375

  • 24b · Other expenses: PROGRAM COSTS

    total $70,590 · program services $70,590

  • 24c · Other expenses: LENDER LOAN AND INCENTI

    total $35,513 · program services $35,513

  • 24d · Other expenses: DUES & SUBSCRIPTIONS

    total $25,936 · program services $20,491 · management and general $5,445

  • 24e · All other expenses

    total $3,610 · program services $3,610

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $1,149,421 · end of year $619,846

  • 2 · Savings and temporary cash investments

    beginning of year $16,781,779 · end of year $18,086,776

  • 9 · Prepaid expenses and deferred charges

    beginning of year $13,075,436 · end of year $12,932,244

  • 11 · Investments: publicly traded securities

    beginning of year $6,888,277 · end of year $7,359,997

  • 13 · Investments: program-related

    beginning of year $327,304,819 · end of year $266,207,443

  • 15 · Other assets

    beginning of year $16,009,477 · end of year $15,420,688

  • 17 · Accounts payable and accrued expenses

    beginning of year $1,222,638 · end of year $1,120,462

  • 23 · Secured mortgages and notes payable

    beginning of year $298,798,226 · end of year $241,131,055

  • 27 · Net assets without donor restrictions

    beginning of year $81,188,345 · end of year $78,375,477

Mission and programs · 2023

Mission

MHESAC OFFERS BORROWER BENEFITS IN THE FORM OF PRINCIPAL AND INTEREST RATE REDUCTIONS TO EXISTING STUDENT LOAN BORROWERS. ITS REACH HIGHER MONTANA (RHM) PROGRAMS CORE AREAS OF FOCUS ARE DUAL ENROLLMENT SUPPORT, STUDENT SERVICES, NETWORK SUPPORT AND OUTREACH.

Activities or mission (Part I)

DEDICATED TO HELPING MONTANA CITIZENS FINANCE AND STRATEGICALLY PURSUE EDUCATIONAL OPPORTUNITIES.

  • 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 $280 THOUSAND FOR 4,488 BORROWERS IN FISCAL YEAR 2024. $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.

    Expenses $24,689,408 · Revenue $22,722,884

  • RHM 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.

    Expenses $1,195,336 · Grants $83,025

  • RHM OUTREACH STAFF SERVED OVER 30,000 MONTANA STUDENTS THROUGH COLLEGE AND CAREER OUTREACH, SCHOLARSHIP WORKSHOPS, SERVICES FOR YOUTH IN FOSTER CARE, DUAL ENROLLMENT AND CAREER FAIRS.

    Expenses $807,134

  • IN FISCAL YEAR 2024, RHM DELIVERED SCHOLARSHIPS AND GRANTS TO 667 MONTANA STUDENTS.

    Expenses $433,795 · Grants $438,756

As filed on the 2023 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • Kimberly Cunningham

    DIR MHESAC, DIR-BOARD CHAIR SAF

    Total calculated
    $3,600
    From this org
    $1,800
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    1 + 3 related

  • Terry Cosgrove

    DIR MHESAC, DIR SAF

    Total calculated
    $3,600
    From this org
    $1,800
    From related orgs
    $1,800
    Other
    $0
    Hours/week
    1 + 1 related

  • Michael Green

    DIR-CHAIR & OFF-PRES

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • George S Olsen

    DIR & OFF-SEC/TREAS

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    3

  • Shannon Stober

    DIRECTOR - VICE CHAIR

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Brianne Rogers

    DIRECTOR

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Joyce Dombrouski

    DIRECTOR

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Wendy Wigert

    DIRECTOR

    Total calculated
    $1,800
    From this org
    $1,800
    From related orgs
    $0
    Other
    $0
    Hours/week
    1

  • Scott Todorovich

    CEO MHESAC, PRES/CEO SAF

    Total calculated
    $260,162
    From this org
    $0
    From related orgs
    $230,783
    Other
    $29,379
    Hours/week
    1 + 39 related

    Schedule J breakdown matched by us

    Base
    $0 + $195,856 related
    Bonus
    $0 + $23,804 related
    Other
    $0 + $11,123 related
    Deferred
    $0 + $14,163 related
    Nontaxable benefits
    $0 + $15,216 related
    Filer's total
    $0 + $260,162 related

  • Jolene Selby

    CFO MHESAC, VP SAF

    Total calculated
    $227,845
    From this org
    $0
    From related orgs
    $194,168
    Other
    $33,677
    Hours/week
    18 + 26 related

    Schedule J breakdown matched by us

    Base
    $0 + $185,596 related
    Bonus
    $0
    Other
    $0 + $8,572 related
    Deferred
    $0 + $12,030 related
    Nontaxable benefits
    $0 + $21,647 related
    Filer's total
    $0 + $227,845 related

  • Kelly Cresswell

    EXEC DIR MHESAC, VP SAF

    Total calculated
    $176,239
    From this org
    $0
    From related orgs
    $140,159
    Other
    $36,080
    Hours/week
    41 + 1 related

    Schedule J breakdown matched by us

    Base
    $0 + $140,159 related
    Bonus
    $0
    Other
    $0
    Deferred
    $0 + $8,939 related
    Nontaxable benefits
    $0 + $27,141 related
    Filer's total
    $0 + $176,239 related

  • Crystine Miller

    OFFICER - VICE PRESIDENT

    Total calculated
    $0
    Hours/week
    1

Compensation is as filed in Part VII: reportable pay from this organization and from related organizations, other compensation, and hours per week. The total, marked calculated, is our sum of the three dollar columns, with a blank column counted as $0; the form itself has no total. On a Form 990-EZ the columns are Part IV's instead, and on a Form 990-PF Part VIII's — compensation, contributions to benefit plans, and expense account — and the total sums those. A Schedule J breakdown is as filed: base pay, bonus, other, deferred compensation and nontaxable benefits from this organization, with any from related organizations beside each, and the filer's own total. It is shown with the Part VII listing of the same name on the same return. The form gives no key between the two, so that pairing is ours, and is marked matched by us.

Schedule J

Answered yes

None.

Answered no

  • 4a · Severance or change-of-control payment
  • 4b · Supplemental nonqualified retirement plan
  • 4c · Equity-based compensation arrangement
  • 5a · Pay contingent on this organization's revenues
  • 5b · Pay contingent on a related organization's revenues
  • 6a · Pay contingent on this organization's net earnings
  • 6b · Pay contingent on a related organization's net earnings
  • 7 · Other non-fixed payments
  • 8 · Paid under the initial-contract exception

The filer's explanations (Part III)

PART I, LINE 1A
DOES NOT APPLY.
PART I, LINE 1B
DOES NOT APPLY
PART I, LINE 3
DOES NOT APPLY

Part I's answers as filed. A line not listed was left unanswered; on lines 1a and 3 that means the box was not checked.

Grants on this return

  • GOVERNOR'S OFFICE OF COMMUNITY SERVICE

    $62,500

    YOUTH SERVICE MONTANA SCHOLARSHIPS

  • MONTANA FFA FOUNDATION

    $10,000

    SPONSOR STATE CONVENTION AND FUSION CAREER SUMMIT

  • HIGHLANDS COLLEGE

    $5,525

    TRADES AND TECH DAY SPONSORSHIP

Related organizations on this return

Schedule R Part II: tax-exempt organizations related to the filer by control. It does not record shared board members or money.

Provenance

Return type
form_990
Tax year
2023
Filed
22 October 2024
IRS schema version
2023v5.1
Source object
202413099349300401

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