MASSACHUSETTS HIGHER EDUCATION ASS… - Form 990 Financial Data

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Financial Vulnerability Assessment (Tuckman-Chang)

4 risk indicators measuring financial stability and operational resilience

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Financial Trends

Organization Details

Formation Year

1956

Legal Domicile

Principal Officer

JEAN EDDY

Phone

6177284549

Tax Period

2023-01-01 to 2023-12-31

MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION, founded in 1956, is a major nonprofit that reported $113.1M in total revenue in fiscal year 2023. Revenue surged 38% from the prior year, signaling strong growth momentum. The organization ran a surplus of $18.0M, a strong 16% operating margin.

Mission

THE ORGANIZATION'S PRIMARY EXEMPT PURPOSE IS TO PROVIDE ACCESS TO AND CONDUCT ACTIVITIES IN FURTHERANCE OF HIGHER EDUCATION.

Program Service Accomplishments

Program 1

Expenses: $27,359,833 Revenue: $85,077,064

MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION (MHEAC) RELIEVES THE BURDENS OF GOVERNMENT AND ASSISTS STUDENTS AND PARENTS IN SUCCESSFULLY COMPLETING A PROGRAM OF HIGHER EDUCATION BY...

MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION (MHEAC) RELIEVES THE BURDENS OF GOVERNMENT AND ASSISTS STUDENTS AND PARENTS IN SUCCESSFULLY COMPLETING A PROGRAM OF HIGHER EDUCATION BY CONTINUING TO ACT AS A GUARANTOR OF STUDENT LOANS MADE BY LENDERS, IN CONNECTION WITH THE FEDERAL HIGHER EDUCATION ACT OF 1965. IN ADDITION, MHEAC ENGAGES IN A VARIETY OF ACTIVITIES IN FURTHERANCE OF HIGHER EDUCATION, INCLUDING HELPING STUDENTS EXPLORE ALTERNATIVE EDUCATION PATHWAYS IN PURSUIT OF SUCCESSFUL AND FULFILLING CAREERS.

Program 2

Expenses: $54,890,010

MIDDLE AND HIGH SCHOOL ACTIVITIES: MHEAC ENGAGES IN A VARIETY OF ACTIVITIES IN FURTHERANCE OF HIGHER EDUCATION. THE MISSION IS TO HELP STUDENTS KNOW THEMSELVES, KNOW THEIR OPTIONS, AND MAKE INFORMED DECISIONS TO ACHIEVE THEIR EDUCATION AND CAREER GOALS. ASA IS COMMITTED TO HELPING STUDENTS EXPLORE EDUCATION AND CAREER OPTIONS STARTING IN MIDDLE SCHOOL, EXPERIMENT THROUGH HANDS-ON OPPORTUNITIES, AND EXECUTE A PLAN TO MEET THEIR GOALS. ASA'S INNOVATIVE PROGRAMS AND PARTNERSHIPS, COMBINED WITH A ROBUST RESEARCH AGENDA AND ADVOCACY PLATFORM, ENABLE ASA TO PROVIDE MEANINGFUL IMPACT TO YOUNG PEOPLE ON A NATIONAL SCALE.

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Trantor Score

Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency

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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)

Financial Overview (2023)

Revenue Breakdown

Contributions & Grants $410,773

Program Service Revenue $85,077,064

Investment Income $27,481,673

Other Revenue $153,494

TOTAL REVENUE $113,123,004

Expense Breakdown

Grants Paid $9,250,341

Salaries & Benefits $15,549,019

Fundraising Expenses $0

Program Expenses $82,249,843

Other Expenses $70,295,808

TOTAL EXPENSES $95,095,168

Year-over-Year Comparison

	2023	2022	Change
Revenue	$113,123,004	$81,920,356	+0.4%
Expenses	$95,095,168	$69,303,434	+0.4%
Net Income	$18,027,836	$12,616,922	+0.4%

Key Indicators

✓ Grants to Organizations ✗ Grants to Individuals ✗ Lobbying ✗ Political Activity ✗ Foreign Activities ✗ Donor Advised Fund ✓ Schedule B Required

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Financial Health Indicators

Comprehensive financial analysis: Altman Z-Score, liquidity, solvency, sustainability, efficiency, and growth metrics

Financial Distress Indicator

Liquidity & Cash Position

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Altman Z-Score • Liquidity Ratios • Solvency Analysis • Growth Indicators • Efficiency Metrics

Governance

Voting Members

Independent Members

Employees

Volunteers

N/A

Governance Policies

✓ Conflict of Interest Policy

✓ Whistleblower Policy

✓ Document Retention Policy

Special Practices & Reported Activities

✗ Operated a School

✗ Operated a Hospital

✗ Provided First Class Travel

✗ Reported Conflict of Interest

✗ Reported Asset Diversion

✗ Excess Benefit Transaction

✗ Made Political Expenditures

✗ Engaged in Lobbying

✗ Operated Donor Advised Fund

✗ Maintained Art Collections

✗ Filed Form 720

Compensation of Officers, Directors & Key Employees

Total Officers

$2,202,094

Total Directors

$1,361,676

Key Employees

$3,479,748

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
ALEX RAPPAPORT	DIRECTOR	1.00	Director	$50,000	$0	$50,000
CARLA THOMPSON	DIR/CHAIR OF IMPACT INVESTING	1.00	Director	$60,500	$0	$60,500
CAROL FULP	DIRECTOR/CHAIR OF COMPENSATION	1.00	Officer Director	$70,500	$0	$70,500
EMILY MCCANN	DIRECTOR	1.00	Director	$50,000	$0	$50,000
JEAN EDDY	PRESIDENT/CEO/DIRECTOR	40.00	Officer Director	$781,026	$35,650	$816,676
KEN JONES	DIR./CHAIR OF AUDIT COMMITTEE	2.00	Director	$60,500	$0	$60,500
LAWRENCE H GENNARI	DIR/CHAIR OF BOARD/CHAIR	4.00	Officer Director	$75,500	$0	$75,500
PATTY DIAZ-ANDRADE	DIRECTOR	1.00	Director	$50,000	$0	$50,000
STEPHANIE CRIMMINS	DIRECTOR	1.00	Director	$50,000	$0	$50,000
THOMAS GRAF	DIR./CHAIR OF INV COMMITTEE	1.00	Director	$53,000	$0	$53,000
MARGARET NG	DIRECTOR	1.00	Director	$12,500	$0	$12,500
DANIEL ACHEAMPONG	DIRECTOR	1.00	Director	$12,500	$0	$12,500
ANGELINE L CASTERA	CHIEF PEOPLE OFFICER	40.00	Officer	$363,958	$75,486	$439,444
BARBARA MATEZ	EVP & CFO (UNTIL 5/23)	40.00	Officer	$370,100	$27,026	$397,126
JOHN CHRISTOPHER SHEEHAN	VP & GENERAL COUNSEL	40.00	Officer	$364,516	$38,332	$402,848
ALISA WILKE	SVP PRODUCT DEVELOPMENT	40.00	Key Emp	$318,738	$75,214	$393,952
CAMERON F LOGAN PHD	VICE PRESIDENT OF TECHNOLOGY	40.00	Key Emp	$342,533	$62,955	$405,488
CARMELA CAPLAIN	VICE PRESIDENT OF FINANCE	40.00	Key Emp	$300,014	$38,081	$338,095
CLAY COLARUSSO	CMO & SVP DIGITAL STRATEGY	40.00	Key Emp	$372,030	$58,127	$430,157
JAMES G SMITH	VICE PRESIDENT OF MARKETING	40.00	Key Emp	$237,467	$53,718	$291,185
JUDY GOLDSTEIN	SVP PUBLIC RELATIONS COMMUNICATIONS	40.00	Key Emp	$334,080	$56,603	$390,683
JULIE LAMMERS	SVP ADVOCACY CORP RESP	40.00	Key Emp	$338,280	$63,618	$401,898
KYLE G MORIN	VP, HEAD OF FINANCE	40.00	Key Emp	$260,605	$54,576	$315,181
RILWAN MEERAN	VP MISSION IMPACT INVESTME	40.00	Key Emp	$444,111	$68,998	$513,109
ALAN WHITE	SR. DIR. STR RES DATA ANALYSIS	40.00	Highest	$199,050	$54,285	$253,335
ANDREW DYKE	SR. DIRECTOR OF TECHNOLOGY	40.00	Highest	$249,205	$23,579	$272,784
LEE WALDVOGEL	SR PROGRAM DIR PARTNERS	40.00	Highest	$198,911	$55,418	$254,329
SANDY DAWKINS	PMO PROGRAM DIRECTOR	40.00	Highest	$183,531	$32,729	$216,260
MICHAEL D GRANT	SENIOR DIRECTOR OF FINANACE	40.00	Highest	$202,345	$30,911	$233,256

Note: Compensation data is self-reported by the organization on their Form 990. "Reportable Comp" includes salary, bonuses, and other reportable compensation from the organization and related organizations. "Other Comp" includes benefits, deferred compensation, and non-taxable benefits.

Historical Data

Year	Revenue	Expenses	Assets	Net Income
2024	No data	No data	No data	No data
2023	$113,123,004	$95,095,168	$1,045,185,472	$18,027,836
2022	$81,920,356	$69,303,434	$945,178,364	$12,616,922
2021	$124,087,298	$79,908,993	$1,090,709,677	$44,178,305
2020	$83,119,077	$70,563,660	$828,363,737	$12,555,417
2019	$127,223,003	$85,562,817	$751,861,840	$41,660,186
2018	$124,045,497	$86,528,850	$638,276,258	$37,516,647

MASSACHUSETTS HIGHER EDUCATION ASSISTANCE CORPORATION