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Nonprofiteer
← STUDENT ASSISTANCE FOUNDATION OF MONTANA

Form 990 for tax year 2022

Filed by STUDENT ASSISTANCE FOUNDATION OF MONTANA.

What the amendment changed

Compared with the return it replaced , filed 6 October 2023. matched by us Only the Part I totals and the names listed in Part VII are compared. We relate returns by organization, tax year and form, and order them by each return's own timestamp; the filer's own "amended return" checkbox is a separate fact.

Total revenue
$4,555,585 changed to $4,372,015
Other revenue
$164,845 changed to -$18,725

Totals

Total revenue
$4,372,015
Total expenses
$3,804,000
Contributions and grants received
$0
Grants paid
$0
Program service revenue
$3,584,064
Investment income
$806,676
Other revenue
-$18,725
Total assets, end of year
$29,190,539
Total liabilities, end of year
$18,532,620
Net assets or fund balances, end of year
$10,657,919
Program services expenses (Part IX)
$3,583,679
Management and general expenses
$220,321
Fundraising expenses
$0
Program service expenses (Part III)
$3,583,679

Program services were 94.2% 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.

  • 2a · Program service revenue: MANAGEMENT AND SERVICING FEE INCO

    total $2,157,079 · related or exempt $2,157,079

  • 2b · Program service revenue: PROGRAM DELIVERY AND SUPPORT

    total $1,352,619 · related or exempt $1,352,619

  • 2c · Program service revenue: FINANCIAL AND PROJECT SERVICES

    total $74,318 · related or exempt $90,780 · unrelated business -$16,462

  • 2f · All other program service revenue

    total $48 · related or exempt $48

  • 3 · Investment income

    total $796,017 · excluded $796,017

  • 6a · Gross rents

    real property $580,556

  • 6b · Less rental expenses

    real property $599,281

  • 6c · Rental income or loss

    real property -$18,725

  • 6d · Net rental income or loss

    total -$18,725 · unrelated business $36,018 · excluded -$54,743

  • 7a · Gross sales of assets other than inventory

    securities $5,892,711

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

    securities $5,882,052

  • 7c · Gain or loss

    securities $10,659

  • 7d · Net gain or loss

    total $10,659 · excluded $10,659

Functional expenses

Part IX, the statement of functional expenses.

  • 5 · Compensation of officers, directors and key employees

    total $590,912 · program services $574,267 · management and general $16,645

  • 7 · Other salaries and wages

    total $1,754,580 · program services $1,655,068 · management and general $99,512

  • 8 · Pension plan contributions

    total $127,598 · program services $121,650 · management and general $5,948

  • 9 · Other employee benefits

    total $305,709 · program services $290,079 · management and general $15,630

  • 10 · Payroll taxes

    total $165,491 · program services $157,780 · management and general $7,711

  • 11b · Fees: legal

    total $21,308 · program services $17,964 · management and general $3,344

  • 11c · Fees: accounting

    total $49,342 · program services $48,613 · management and general $729

  • 11f · Fees: investment management

    total $112,212 · program services $112,212

  • 11g · Fees: other

    total $334,812 · program services $333,960 · management and general $852

  • 12 · Advertising and promotion

    total $7,254 · program services $7,233 · management and general $21

  • 13 · Office expenses

    total $44,208 · program services $34,068 · management and general $10,140

  • 14 · Information technology

    total $137,349 · program services $115,144 · management and general $22,205

  • 16 · Occupancy

    total $2,640 · program services $2,125 · management and general $515

  • 17 · Travel

    total $15,319 · program services $12,806 · management and general $2,513

  • 19 · Conferences, conventions and meetings

    total $6,047 · program services $3,584 · management and general $2,463

  • 22 · Depreciation, depletion and amortization

    total $41,246 · program services $34,620 · management and general $6,626

  • 23 · Insurance

    total $77,418 · program services $52,998 · management and general $24,420

  • 24a · Other expenses: DUES AND SUBSCRIPTIONS

    total $8,790 · program services $8,130 · management and general $660

  • 24b · Other expenses: BANK CHARGES

    total $1,765 · program services $1,378 · management and general $387

Balance sheet

Part X, book values.

  • 1 · Cash, non-interest-bearing

    beginning of year $167,170 · end of year $254,959

  • 2 · Savings and temporary cash investments

    beginning of year $1,007,102 · end of year $867,206

  • 4 · Accounts receivable

    beginning of year $6,151 · end of year $40,734

  • 7 · Other notes and loans receivable

    beginning of year $24,342 · end of year $26,708

  • 9 · Prepaid expenses and deferred charges

    beginning of year $128,513 · end of year $129,863

  • 10a · Land, buildings and equipment: cost or other basis

    $3,722,183

  • 10b · Land, buildings and equipment: accumulated depreciation

    $667,564

  • 10c · Land, buildings and equipment, net

    beginning of year $2,446,145 · end of year $3,054,619

  • 11 · Investments: publicly traded securities

    beginning of year $23,594,675 · end of year $24,766,343

  • 15 · Other assets

    beginning of year $99,759 · end of year $50,107

  • 17 · Accounts payable and accrued expenses

    beginning of year $603,897 · end of year $875,095

  • 19 · Deferred revenue

    beginning of year $14,907,414 · end of year $15,992,477

  • 23 · Secured mortgages and notes payable

    beginning of year $1,664,328 · end of year $1,617,519

  • 25 · Other liabilities

    beginning of year $99,698 · end of year $47,529

  • 27 · Net assets without donor restrictions

    beginning of year $10,198,520 · end of year $10,657,919

Mission and programs · 2022

Mission

SAF PROVIDES MANAGEMENT SERVICES AND IS MASTER SERVICER FOR MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC), A RELATED ORGANIZATION. SAF ALSO PROVIDES DELIVERY AND SUPPORT OF MHESAC'S REACH HIGHER MONTANA (RHM) PUBLIC BENEFIT ACTIVITIES.

Activities or mission (Part I)

TO PROVIDE SERVICES THAT SUPPORT MONTANAN'S PURSUIT OF POST SECONDARY EDUCATION.

  • PROVIDE STUDENT LOAN SERVICING AND MANAGEMENT SERVICES TO MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC).

    Expenses $1,885,828 · Revenue $2,157,079

  • PROVIDE DELIVERY AND SUPPORT FOR MHESAC'S REACH HIGHER MONTANA INITIATIVE.

    Expenses $1,281,443 · Revenue $1,352,619

  • PROVIDE PROJECT MANAGEMENT AND FINANCIAL SERVICES TO NINE OTHER 501(C)(3) AND GOVERNMENT ORGANIZATIONS.

    Expenses $304,195 · Revenue $90,780

  • OTHER PROGRAMS

    Expenses $112,213 · Revenue $48

As filed on the 2022 return. The filer continues this part on Schedule O, which is not shown here.

Listed in Part VII

  • KIMBERLY CUNNINGHAM

    BOARD CHAIR SAF, DIRECTOR MHESAC

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

  • TERRY COSGROVE

    DIRECTOR SAF, DIRECTOR MHESAC

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

  • CRAIG ROLOFF

    DIRECTOR-SECRETARY/TREASURER

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

  • BRYN HAGFORS

    DIRECTOR-VICE CHAIR

    Total calculated
    $0
    Hours/week
    1

  • BRIAN OBERT

    DIRECTOR

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

  • SCOTT TODOROVICH

    PRESIDENT/CEO SAF, CEO MHESAC

    Total calculated
    $292,762
    From this org
    $254,312
    From related orgs
    $0
    Other
    $38,450
    Hours/week
    39 + 1 related

    Schedule J breakdown matched by us

    Base
    $179,737
    Bonus
    $71,220
    Other
    $3,355
    Deferred
    $15,667
    Nontaxable benefits
    $22,783
    Filer's total
    $292,762

  • JOLENE SELBY

    VICE PRESIDENT SAF, CFO MHESAC

    Total calculated
    $241,013
    From this org
    $208,272
    From related orgs
    $0
    Other
    $32,741
    Hours/week
    27 + 16 related

    Schedule J breakdown matched by us

    Base
    $171,983
    Bonus
    $27,300
    Other
    $8,989
    Deferred
    $12,889
    Nontaxable benefits
    $19,852
    Filer's total
    $241,013

  • KELLY CRESSWELL

    VP SAF, EXECUTIVE DIRECTOR RHM

    Total calculated
    $186,429
    From this org
    $167,840
    From related orgs
    $0
    Other
    $18,589
    Hours/week
    1 + 41 related

    Schedule J breakdown matched by us

    Base
    $146,040
    Bonus
    $21,800
    Other
    $0
    Deferred
    $10,238
    Nontaxable benefits
    $8,351
    Filer's total
    $186,429

  • JEFF FLOERCHINGER

    DIRECTOR OF ANALYTICS, BOND FINANCE

    Total calculated
    $128,892
    From this org
    $109,774
    From related orgs
    $0
    Other
    $19,118
    Hours/week
    21 + 19 related

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

  • 3 · Compensation committee
  • 3 · Written employment contract
  • 3 · Approval by the board or compensation committee
  • 8 · Paid under the initial-contract exception
  • 9 · Followed the rebuttable-presumption procedure

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

The filer's explanations (Part III)

PART I, LINE 1A
NO ACTIVITY
PART I, LINE 8
THE BONUSES ARE FIXED PAYMENTS BY CONTRACT. THE FIXED PAYMENTS WERE MADE UNDER AN INITIAL CONTRACT SO ARE NOT SUBJECT TO SECTION 4958. THERE IS BOARD APPROVAL, DISCUSSION, AND ACTION AS TO APPROPRIATENESS.

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

No itemized grants to organizations on this return.

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.

Taxable family on this return

Schedule R Parts I, III and IV, as filed. These record ownership and control, not shared board members or money moved.

Disregarded entities

Part I: entities that legally are the filer and file no return of their own.

Provenance

Return type
form_990
Tax year
2022
Filed
30 October 2024
IRS schema version
2022v5.0
Source object
202413209349311071

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