MISSISSIPPI HIGHER EDUCATION ASSIS… - 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

1980

Legal Domicile

Principal Officer

WILLIAM F ALVIS

Phone

6013215555

Tax Period

2023-01-01 to 2023-12-31

MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION, founded in 1980, is a community nonprofit in the Public & Societal Benefit sector that reported $9.8M in total revenue in fiscal year 2023. Revenue surged 35% from the prior year, signaling strong growth momentum. Expenses of $9.0M left a modest 8% surplus.

Mission

THE CORPORATION MISSION IS TO INCREASE THE LEVEL OF APPROPRIATE QUALITY EDUCATION IN THE STATE OF MISSISSIPPI AND ELSEWHERE. PRIOR TO 2014, THE CORPORATION OPERATED EXCLUSIVELY FOR THE PURPOSE OF ACQUIRING STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965. THE PRIMARY SOURCE OF FUNDS TO ACQUIRE THE STUDENT LOANS WAS THE ISSUANCE OF TAX-EXEMPT BONDS AND TAXABLE NOTES. IN JULY 2014, THE CORPORATION AMENDED ITS ARTICLES OF INCORPORATION EXPANDING ITS EXEMPT PURPOSE AND REFINANCED ITS TAX-EXEMPT BONDS WITH TAXABLE BONDS. THE CORPORATION IS THE PARENT OF WOODWARD HINES EDUCATION FOUNDATION (WHEF) WHICH PROVIDES ADMINISTRATIVE, STAFFING AND MANAGEMENT SERVICES TO THE CORPORATION. IN ADDITION, WHEF PROVIDES COLLEGE PLANNING SERVICES TO STUDENTS AND PARENTS INCLUDING COLLEGE ACCESS AND FINANCIAL AID COUNSELING, AND MENTORING STUDENTS IN MISSISSIPPI THROUGH ITS THREE COLLEGE PLANNING CENTERS.

Program Service Accomplishments

Program 1

Expenses: $7,950,047 Revenue: $5,401,650

THE CORPORATION SERVICED STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965 AS AMENDED. THE PRIMARY SOURCE OF FUNDS WAS THE ISSUANCE OF TAX-EXEMPT BONDS AND TAXABLE NOTES. IN 2014, THE...

THE CORPORATION SERVICED STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965 AS AMENDED. THE PRIMARY SOURCE OF FUNDS WAS THE ISSUANCE OF TAX-EXEMPT BONDS AND TAXABLE NOTES. IN 2014, THE CORPORATION ISSUED TAXABLE BONDS TO RENFINANCE ITS DEBT AND IS NO LONGER ELIGIBLE TO ISSUE TAX-EXEMPT BONDS.

Program 2

Expenses: $830,000

FUNDS CONTRIBUTED TO WOODWARD HINES EDUCATION FOUNDATION FOR ITS GENERAL OPERATIONS.

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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 $3,759,850

Program Service Revenue $5,401,650

Investment Income $619,841

Other Revenue $0

TOTAL REVENUE $9,781,341

Expense Breakdown

Grants Paid $830,000

Salaries & Benefits $0

Fundraising Expenses $0

Program Expenses $8,780,047

Other Expenses $8,179,973

TOTAL EXPENSES $9,009,973

Year-over-Year Comparison

	2023	2022	Change
Revenue	$9,781,341	$7,247,326	+0.3%
Expenses	$9,009,973	$6,296,492	+0.4%
Net Income	$771,368	$950,834	-0.2%

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

N/A

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

$712,291

Total Directors

$68,400

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
EDWARD CARLISLE	DIRECTOR	1.00	Director	$0	$0	$6,000
MICHAEL CORMACK JR	DIRECTOR	1.00	Director	$0	$0	$5,400
HALEY FISACKERLY	DIRECTOR	1.00	Director	$0	$0	$3,000
ROBERT LEARD	DIRECTOR	1.00	Director	$0	$0	$7,200
DAVID MARTIN	DIRECTOR	1.00	Director	$0	$0	$7,200
DEBRA MCGEE	BOARD VICE-CHAIR	1.00	Officer Director	$0	$0	$6,600
ANDREW MULLINS	DIRECTOR	1.00	Director	$0	$0	$6,600
CAMILLE YOUNG	DIRECTOR	1.00	Director	$0	$0	$5,400
JOHN F HILL	DIRECTOR	1.00	Director	$0	$0	$8,150
NATHAN SLATER	BOARD CHAIR	1.00	Officer Director	$0	$0	$8,950
CEDRIC BRADLEY	DIRECTOR, BEGIN 5/2023	1.00	Director	$0	$0	$3,900
JAMES E MCHALE	PRESIDENT/CEO	1.00	Officer	$0	$17,490	$300,191
WILLIAM F ALVIS	CFO/TREASURER	1.00	Officer	$0	$24,347	$222,017
MINETTE D KETCHINGS	DIRECTOR OF OPERATIONS/CON	1.00	Officer	$0	$17,874	$174,533

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	$9,781,341	$9,009,973	$117,087,253	$771,368
2022	$7,247,326	$6,296,492	$137,650,117	$950,834
2021	$7,686,362	$5,811,312	$167,450,530	$1,875,050
2020	$8,513,203	$7,410,866	$186,025,100	$1,102,337
2019	$10,681,352	$10,174,866	$206,722,918	$506,486
2018	$11,387,740	$10,275,034	$229,119,476	$1,112,706

MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION