MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION

EIN: 640642776 501(c)(3) Public & Societal Benefit

JACKSON, MS

Total Revenue
$9,781,341
Total Expenses
$9,009,973
Total Assets
$117,087,253
Net Assets
$33,804,600
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Financial Vulnerability Assessment (Tuckman-Chang)

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Financial Trends

Organization Details

Formation Year
1980
Legal Domicile
MS
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

SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 6,175 CLIENTS WERE SERVED IN 2023.

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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%)

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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

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Governance

Voting Members
11
Independent Members
11
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
5
$712,291
Total Directors
11
$68,400
Key Employees
0
$0
Highest Compensated
0
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
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