Montana Higher Education Student Assistance Corporation

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.

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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Outside Vendors & Contractors

Vendor Name (Service)Compensation
Student Assistance Foundation
Mgmt & Loan Services, Programs Delivery
$10,196,668
Dorsey & Whitney Llp
Legal Counsel
$164,547
View All Vendors

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

Grants Awarded

Over the last fiscal year, Montana Higher Education Student Assistance Corporation has awarded $92,181 in support to 6 organizations.

Grant RecipientAmount

GOVERNOR'S OFFICE OF COMMUNITY SERVICE

PURPOSE: YOUTH SERVICE MONTANA SCHOLARSHIPS

$50,000

MONTANA FFA FOUNDATION

Org PageRecipient Profile

Bozeman, MT

PURPOSE: SPONSOR CAREER SESSIONS AT STATE CONVENTION

$15,000

MONTANA COLLEGE ATTAINMENT NETWORK

Org PageRecipient Profile

Butte, MT

PURPOSE: ORGANIZATION SUPPORT GRANT AND CONFERENCE SPONSORSHIP

$8,000

MISSOULA COLLEGE

PURPOSE: DUAL ENROLLMENT SUMMIT

$7,500

MONTANA CHAMBER FOUNDATION

Org PageRecipient Profile

Helena, MT

PURPOSE: SPONSORSHIPS OF BUSINESS DAY, GOVERNORS CUP, TRADESHOW

$6,625

MONTANA SCHOOL COUNSELOR ASSOCIATION

Org PageRecipient Profile

Missoula, MT

PURPOSE: SPONSORSHIP OF ORGANIZATION

$5,056
View Grant Profile

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 OrganizationAmount
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
View Grant Recipient Profile

Endowment Analysis

Beg. Balance$825,123
Earnings-$56,472
Admin Expense$4,000
Ending Balance$764,651

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