MINNEAPOLIS, MN
4 risk indicators measuring financial stability and operational resilience
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Sign In — Free (10 views/day)MIDWESTERN HIGHER EDUCATION COMPACT, founded in 1991, is a mid-sized nonprofit in the Social Science sector that reported $11.1M in total revenue in fiscal year 2024. Revenue grew 12% year-over-year, indicating healthy expansion. The organization ran a surplus of $3.9M, a strong 35% operating margin.
MHEC MEMBERS COLLABORATE TO ADDRESS THE REGION'S MOST PRESSING CHALLENGES IN HIGHER EDUCATION AND TRANSFORM EDUCATIONAL OPPORTUNITIES SO THAT PEOPLE AND COMMUNITIES THRIVE.
CONTRACTS: MHEC CONTRACTS LEVERAGE THE POTENTIAL VOLUME OF THE REGION'S PURCHASING POWER, WHILE SAVING ENTITIES TIME AND MONEY BY SIMPLIFYING THE PROCUREMENT PROCESS AND NEGATING THE NEED TO CONDUCT...
CONTRACTS: MHEC CONTRACTS LEVERAGE THE POTENTIAL VOLUME OF THE REGION'S PURCHASING POWER, WHILE SAVING ENTITIES TIME AND MONEY BY SIMPLIFYING THE PROCUREMENT PROCESS AND NEGATING THE NEED TO CONDUCT A COMPETITIVE SOURCING EVENT. BY OFFERING A TURNKEY SOLUTION WITH THE ABILITY TO TAILOR THE ALREADY NEGOTIATED CONTRACT TO MATCH THE ENTITY'S SPECIFIC NEEDS AND REQUIREMENTS, MHEC CONTRACTS SHIFT SOME OF THE NEGOTIATING POWER BACK TO THE PROCURING ENTITIES. IN ADDITION TO CONTRACTS AVAILABLE THROUGH MHECARE STUDENT HEALTH SOLUTIONS, MHEC OFFERS NUMEROUS CONTRACTS IN TECHNOLOGY. THE CONTRACTS ARE A PRODUCT OF A REPRESENTATIVE GROUP OF STAKEHOLDERS FROM THE HIGHER EDUCATION TECHNOLOGY COMMUNITY CONDUCTING A COMPETITIVE SOURCING PROCESS THAT LEVERAGES THE POTENTIAL PURCHASING POWER OF THE 12 MHEC MEMBER STATES. TECHNOLOGY CONTRACTS SAVED ENTITIES IN THE MHEC REGION $32.2 MILLION IN FISCAL YEAR 2025. IN SOME CASES, THE COMPACT'S COST SAVINGS INITIATIVES MAY BE UTILIZED BY CITY, COUNTY, AND STATE GOVERNMENT AS WELL AS NONPROFIT ORGANIZATIONS.
PROGRAMS:ADDITIONAL MHEC PROGRAMS ARE INITIATED IN RESPONSE TO IDENTIFIED NEEDS IN ONE OR MORE OF THE MEMBER STATES. BRINGING TOGETHER EXPERTISE FROM ACROSS THE REGION, MHEC IDENTIFIES ACTIVITIES...
PROGRAMS:ADDITIONAL MHEC PROGRAMS ARE INITIATED IN RESPONSE TO IDENTIFIED NEEDS IN ONE OR MORE OF THE MEMBER STATES. BRINGING TOGETHER EXPERTISE FROM ACROSS THE REGION, MHEC IDENTIFIES ACTIVITIES NEEDED TO ADDRESS THE IDENTIFIED NEEDS. THOSE PROBLEMS BEST SOLVED THROUGH ONGOING INTERSTATE COOPERATION ARE THEN DEVELOPED INTO MHEC PROGRAMS. EACH MHEC PROGRAM PROVIDES THE PROGRAM PARTICIPANTS WITH GOVERNANCE AND LEADERSHIP STRUCTURES TO GUIDE AND MAINTAIN PROGRAMMATIC OUTCOMES.MHECARE HEALTH INSURANCE SOLUTIONS:COMPREHENSIVE HEALTH INSURANCE SOLUTIONS CREATED IN RESPONSE TO BOTH INCREASING COST AND CONCERN FOR STUDENT HEALTH. 35 CAMPUSES OFFERED MHECARE HEALTH INSURANCE SOLUTIONS IN FISCAL YEAR 2025.
RESEARCH:MHEC RESEARCH INFORMS INSTITUTIONAL AND STATE EFFORTS IN IMPROVING POSTSECONDARY POLICIES, PRACTICES, AND OUTCOMES IN SEVERAL WAYS: (A) MAINTAINING A NATIONAL REPOSITORY OF EXPERTISE...
RESEARCH:MHEC RESEARCH INFORMS INSTITUTIONAL AND STATE EFFORTS IN IMPROVING POSTSECONDARY POLICIES, PRACTICES, AND OUTCOMES IN SEVERAL WAYS: (A) MAINTAINING A NATIONAL REPOSITORY OF EXPERTISE, KNOWLEDGE AND BEST PRACTICES FOR GUIDING POLICY AND PRACTICE; (B) CONDUCTING APPLIED RESEARCH AND ANALYSIS ON CRITICAL TOPICS IN HIGHER EDUCATION; (C) DEVELOPING INNOVATIVE APPROACHES TO IMPROVE EDUCATIONAL OPPORTUNITY AND EFFECTIVENESS; AND (D) PROVIDING PUBLIC OUTREACH AND SERVICE TO INSTITUTIONS AND GOVERNMENTS. AMONG ITS CORE OUTPUTS, MHEC RESEARCH MAINTAINS AN ONLINE DASHBOARD OF EDUCATIONAL PERFORMANCE INDICATORS AND PRODUCES TIMELY BRIEFS, REPORTS, AND TECHNICAL PAPERS IN THE MOST CRITICAL AREAS FOR FACILITATING PROGRESS TOWARDS STATE EDUCATIONAL ATTAINMENT GOALS, INCLUDING COLLEGE READINESS AND SUCCESS; AFFORDABILITY AND FINANCE; PATHWAYS, CREDENTIALS, AND WORKFORCE DEVELOPMENT; AND DATA, TRENDS, AND PERFORMANCE AS WELL AS OTHER TOPICS OF IMPORTANCE TO MIDWESTERN STATES. 37 REPORTS WERE PRODUCED IN FISCAL YEAR 2025.CONCURRENT ENROLLMENT:MHEC CONTINUED EXPANSION OF THE GRADUATE CREDIT QUEST, A WEB-BASED PLATFORM FOR TEACHERS TO SEARCH FOR GRADUATE COURSE WORK WITHIN THEIR CONTENT AREAS THAT LEAD TO REQUIRED CREDENTIALING FOR TEACHING DUAL OR CONCURRENT CREDIT CLASSES. THE PLATFORM PROVIDES INFORMATION ABOUT DUAL CREDIT AND CONCURRENT ENROLLMENT POLICIES AND PRACTICES FOR ALL 12 MHEC MEMBER STATES. IT ALSO SERVES AS A REPOSITORY OF RESEARCH PUBLICATIONS, PROFESSIONAL PAPERS AND MEDIA RELEASES ON THE SUBJECT OF DUAL/CONCURRENT CREDIT. THE PLATFORM WAS ENHANCED IN 2024 WITH ENHANCED GOOGLE ANALYTICS THAT ALLOWS TRACKING OF USER TYPES BY VOLUME AND FREQUENCY OR SEASONALITY OF VISITS AND THE CREATION OF SITE CONTENT AREA PREFERENCES. NOW THE PLATFORM ENABLES OVER 41 REGIONAL GRADUATE SCHOOLS TO BUILD AWARENESS AMONG TEACHERS ABOUT ROUGHLY 1,880 UNIQUE COURSE OFFERINGS, WITHIN MULTIPLE ACADEMIC DISCIPLINES, AND PROVIDING ACCESS TO SPECIFIC ENROLLMENT PROCESSES, DELIVERY MODALITIES, AND MORE. CONCURRENT ENROLLMENT IS A RESEARCH PRIORITY FOR MHEC DURING ITS CURRENT STRATEGIC PLAN. IN FISCAL YEAR 2025 MHEC WILL PRODUCE BETWEEN THREE AND FOUR RESEARCH REPORTS PERTAINING TO CONCURRENT ENROLLMENT ISSUES: TRENDS AND PATTERNS IN STATE LEVEL DATA COLLECTION, USE OF OPEN EDUCATIONAL RESOURCES IN DUAL AND CONCURRENT ENROLLMENT SETTINGS, AN UPDATED VERSION OF THE 2017 MHEC RESEARCH REPORT SUMMARIZING EXISTING RESEARCH ON OPTIMAL LEVELS OF TEACHER TRAINING AND PREPARATION, AND AN UPDATED VERSION OF THE 2019 RESEARCH REPORT SUMMARIZING HOW STATES AND ACCREDITORS DEFINE THE QUALIFICATIONS NECESSARY FOR HIGH SCHOOL TEACHERS TO TEACH CONCURRENT ENROLLMENT COURSES.MIDWEST STUDENT EXCHANGE PROGRAM:A MULTI-STATE TUITION RECIPROCITY PROGRAM THAT MAKES ATTENDING OUT-OF-STATE COLLEGES AND UNIVERSITIES MORE AFFORDABLE FOR NON-RESIDENT STUDENTS.- 818 STUDENTS ENROLLED IN THE MIDWEST STUDENT EXCHANGE PROGRAM IN 8 OF THE COMPACT STATES (INDIANA, KANSAS, MINNESOTA, MISSOURI, NEBRASKA, NORTH DAKOTA, OHIO, AND WISCONSIN) DURING FISCAL YEAR 2025.- MSEP STUDENTS SAVED OVER $29 MILLION IN FY25, BRINGING THE TOTAL PROGRAM SAVINGS TO $920 MILLION SINCE 1994.- ON AVERAGE, STUDENTS IN MSEP TYPICALLY REALIZE SAVINGS BETWEEN $1,100 AND $7,200 ANNUALLY.MIDWESTERN STATE AUTHORIZATION RECIPROCITY AGREEMENT:THE NATIONAL COUNCIL FOR STATE AUTHORIZATION RECIPROCITY AGREEMENTS (NC-SARA) IN PARTNERSHIP WITH THE FOUR REGIONAL COMPACTS COORDINATES, THE STATE AUTHORIZATION RECIPROCITY AGREEMENTS (SARA) PROGRAM WHICH PROVIDES A VOLUNTARY, STREAMLINED PROCESS FOR STATES TO OVERSEE POST-SECONDARY DISTANCE EDUCATION, ENSURING UNIFORM STANDARDS ACROSS PARTICIPATING STATES. INSTITUTIONS PAY A PARTICIPATION FEE, WHICH SIMPLIFIES THEIR ABILITY TO OFFER ONLINE PROGRAMS WITHOUT REGISTERING IN EVERY STATE WHERE THEIR STUDENTS RESIDE. SARA ENHANCES QUALITY ASSURANCE, CONSUMER PROTECTIONS, AND THE VALUE OF CREDITS FOR DISTANCE EDUCATION. CURRENTLY, 49 STATES, THE DISTRICT OF COLUMBIA, PUERTO RICO, AND THE U.S. VIRGIN ISLANDS ARE MEMBERS OF SARA. WITHIN SARA, 2,412 INSTITUTIONS PARTICIPATE, OF WHICH 652 (320 PRIVATE NON-PROFIT, 295 PUBLIC, 32 PRIVATE FOR-PROFIT, AND 5 TRIBAL) INSTITUTIONS ARE IN MHEC STATES. M-SARA (MIDWESTERN-STATE AUTHORIZATION RECIPROCITY AGREEMENT) STAFFED BY MHEC, LEADS THE WORK IN THE MIDWEST. M-SARA HOSTS ITS OWN SET OF ANNUAL MEETINGS FOR THE M-SARA REGIONAL STEERING COMMITTEE (RSC) MEMBERS AND MSARA STATE PORTAL ENTITIES (SPES), THE INDIVIDUALS IN EACH STATE WHO REVIEW AND APPROVE INSTITUTIONS FOR SARA PARTICIPATION AND MONITOR INSTITUTIONAL COMPLIANCE. M-SARA SAVED INSTITUTIONS AN ESTIMATED $112,293,885 IN FISCAL YEAR 2025.
Financial Health Score (300–850) · Liquidity · Solvency · Sustainability · Efficiency
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Liquidity (40%) • Solvency (30%) • Sustainability (20%) • Efficiency (10%)
Sign In — Free (10 views/day)| 2024 | 2023 | Change | |
|---|---|---|---|
| Revenue | $11,146,961 | $9,929,448 | +0.1% |
| Expenses | $7,251,824 | $4,475,860 | +0.6% |
| Net Income | $3,895,137 | $5,453,588 | -0.3% |
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
Sign In| Name | Title | Hours/Week | Role | Reportable Comp | Other Comp | Total |
|---|---|---|---|---|---|---|
| SUSAN HEEGAARD | PRESIDENT | 40.00 |
Officer
|
$293,651 | $63,134 | $356,785 |
| ROBERT TREMBACH | CHIEF OPERATING OFFICER | 40.00 |
Officer
|
$176,548 | $62,717 | $239,265 |
| JENNIFER PARKS | VICE PRESIDENT (THRU 05/25) | 40.00 |
Highest
|
$154,199 | $63,998 | $218,197 |
| BREANNE HEGG | VICE PRESIDENT | 40.00 |
Highest
|
$144,764 | $46,644 | $191,408 |
| MARY ROBERSON | SENIOR DIRECTOR | 40.00 |
Highest
|
$113,150 | $39,879 | $153,029 |
| AARON HORN | ASSOCIATE VICE PRESIDENT | 40.00 |
Highest
|
$116,126 | $24,179 | $140,305 |
| NATHAN SORENSEN | SENIOR DIRECTOR | 40.00 |
Highest
|
$108,601 | $26,297 | $134,898 |
| KATIE STUART | BOARD CHAIR | 3.00 |
Officer
Director
|
$0 | $0 | $0 |
| TIM MIHALICK | BOARD VICE CHAIR | 3.00 |
Officer
Director
|
$0 | $0 | $0 |
| JACOB BOSSMAN | BOARD TREASURER | 3.00 |
Officer
Director
|
$0 | $0 | $0 |
| MIKE DUFFEY | PAST BOARD CHAIR | 3.00 |
Officer
Director
|
$0 | $0 | $0 |
| TIM FLAKOLL | EX OFFICIO | 3.00 |
Director
|
$0 | $0 | $0 |
| SPENCER DEERY | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| DOTTIE KING | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| GRETA ROUSE | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| BRANDY JOHNSON | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| DENNIS OLSON | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| SCOTT OLSON | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| BLAKE FLANDERS | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| GREG MARKKANEN | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| SAMANTHA DICKEY | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| JOHN CAVANAUGH | EXECUTIVE COMMISSIONER | 2.00 |
Director
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$0 | $0 | $0 |
| DEBORAH FRISON | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| BRANDY PYLE | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| JERRY CIRINO | EXECUTIVE COMMISSIONER | 2.00 |
Director
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$0 | $0 | $0 |
| LARRY TIDEMANN | EXECUTIVE COMMISSIONER | 2.00 |
Director
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$0 | $0 | $0 |
| ERIC FULCOMER | EXECUTIVE COMMISSIONER | 2.00 |
Director
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$0 | $0 | $0 |
| DAVID MURPHY | EXECUTIVE COMMISSIONER | 2.00 |
Director
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$0 | $0 | $0 |
| OLIVIA MA MADISON | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| DAVID PEARCE | EXECUTIVE COMMISSIONER | 2.00 |
Director
|
$0 | $0 | $0 |
| PRANAV KOTHARI | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| BOB BEHNING | COMMISSIONER | 1.00 |
Director
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$0 | $0 | $0 |
| MATT BUTLER | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| TIMOTHY FITZGIBBON | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| CINDY WINCKLER | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| JESSE GREEN | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| AARON OTTO | COMMISSIONER | 1.00 |
Director
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$0 | $0 | $0 |
| DANIEL HURLEY | COMMISSIONER | 1.00 |
Director
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$0 | $0 | $0 |
| SEAN MCCANN | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| EMMY YOUNG | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| OMAR FATEH | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| MONICA KURTH | COMMISSIONER | 1.00 |
Director
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$0 | $0 | $0 |
| SUSAN THOMPSON | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| CURTIS TRENT | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| GRANT LATIMER | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| JEFF TAYLOR | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| GARY CATES | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| KYLE DAVISON | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| TOM YOUNG | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| NATHAN LUKKES | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| JESSICA HANSON | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| JULIE UNDERWOOD | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| RAJ SINGH | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| CHRIS BROWN | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| MATTHEW BLOMSTEDT | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| JANA HUGHES | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| BRENT SANFORD | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| C TODD JONES | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| ANDRE JACQUE | COMMISSIONER | 1.00 |
Director
|
$0 | $0 | $0 |
| MAUREEN BANKS | EXECUTIVE COMMISSIONER (THRU 6/25) | 2.00 |
Director
|
$0 | $0 | $0 |
| MICHAEL HALPIN | COMMISSIONER (THRU 1/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| RONALD ROCHON | COMMISSIONER (THRU 7/24) | 1.00 |
Director
|
$0 | $0 | $0 |
| MOLLY BAUMGARDNER | COMMISSIONER (THRU 1/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| MINT WINTER | COMMISSIONER (THRU 6/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| RACHEL CROSON | COMMISSIONER (THRU 1/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| GENE PELOWSKI JR | COMMISSIONER (THRU 1/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| CHRIS KABOUREK | COMMISSIONER (THRU 10/24) | 1.00 |
Director
|
$0 | $0 | $0 |
| LYNNE WALZ | COMMISSIONER (THRU 1/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| JACK HERSHEY | COMMISSIONER (THRU 1/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| STEVE KOLBECK | COMMISSIONER (THRU 12/24) | 1.00 |
Director
|
$0 | $0 | $0 |
| TYLER TORDSEN | COMMISSIONER (THRU 12/24) | 1.00 |
Director
|
$0 | $0 | $0 |
| JOAN BALLWAG | COMMISSIONER (THRU 1/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| MARK HAGEROTT | COMMISSIONER (THRU 4/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| MICHAEL CARTNEY | COMMISSIONER (THRU 12/24) | 1.00 |
Director
|
$0 | $0 | $0 |
| TAMMIE DEVOOGHT | COMMISSIONER (THRU 7/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| CAROL GLANVILLE | COMMISSIONER (THRU 12/24) | 1.00 |
Director
|
$0 | $0 | $0 |
| BRAD CHRIST | COMMISSIONER (THRU 7/24) | 1.00 |
Director
|
$0 | $0 | $0 |
| KEN SAUER | COMMISSIONER (THRU 1/25) | 1.00 |
Director
|
$0 | $0 | $0 |
| Year | Revenue | Expenses | Assets | Net Income |
|---|---|---|---|---|
| 2025 | $11,146,961 | $7,251,824 | $21,719,259 | $3,895,137 |
| 2024 | $9,929,448 | $4,475,860 | $18,184,607 | $5,453,588 |
| 2023 | $8,521,915 | $3,974,756 | $12,344,634 | $4,547,159 |
| 2022 | $4,779,370 | $4,463,350 | $6,708,923 | $316,020 |
| 2021 | $5,714,621 | $3,973,735 | $6,945,692 | $1,740,886 |
| 2020 | $3,994,652 | $3,594,538 | $5,203,437 | $400,114 |
| 2019 | $3,725,493 | $3,482,129 | $4,566,682 | $243,364 |
| 2018 | $3,386,637 | $3,533,609 | $4,623,311 | $-146,972 |
Compare MIDWESTERN HIGHER EDUCATION COMPACT with other nonprofits in Minnesota and across the country.