MONTANA HIGHER EDUCATION STUDENT A… - 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

MICHAEL GREEN

Phone

4064957800

Tax Period

2023-07-01 to 2024-06-30

MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION, founded in 1980, is a mid-sized nonprofit in the Education sector that reported $24.5M in total revenue in fiscal year 2023. Expenses of $27.5M exceeded revenue, resulting in a 12% operating deficit.

Mission

MHESAC OFFERS BORROWER BENEFITS IN THE FORM OF PRINCIPAL AND INTEREST RATE REDUCTIONS TO EXISTING STUDENT LOAN BORROWERS. ITS REACH HIGHER MONTANA (RHM) PROGRAMS CORE AREAS OF FOCUS ARE DUAL ENROLLMENT SUPPORT, STUDENT SERVICES, NETWORK SUPPORT AND OUTREACH.

Program Service Accomplishments

Program 1

Expenses: $24,689,408 Revenue: $22,722,884

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...

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 $280 THOUSAND FOR 4,488 BORROWERS IN FISCAL YEAR 2024. $55 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.

Program 2

Expenses: $1,195,336

RHM HELPS HIGH SCHOOL STUDENTS WITH CAREER AND POSTSECONDARY EXPLORATION, PROVIDES FINANCIAL AND IN-KIND SUPPORT ACROSS THE STATE, SPONSORS CAREER AND TECHNICAL EDUCATION PROGRAMS, AND LEADS THE...

RHM HELPS HIGH SCHOOL STUDENTS WITH CAREER AND POSTSECONDARY EXPLORATION, PROVIDES FINANCIAL AND IN-KIND SUPPORT ACROSS THE STATE, SPONSORS CAREER AND TECHNICAL EDUCATION PROGRAMS, AND LEADS THE MONTANA WORK-BASED LEARNING COLLABORATIVE.

Program 3

Expenses: $807,134

RHM OUTREACH STAFF SERVED OVER 30,000 MONTANA STUDENTS THROUGH COLLEGE AND CAREER OUTREACH, SCHOLARSHIP WORKSHOPS, SERVICES FOR YOUTH IN FOSTER CARE, DUAL ENROLLMENT AND CAREER FAIRS.

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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 $741,853

Program Service Revenue $22,722,884

Investment Income $1,043,464

Other Revenue $0

TOTAL REVENUE $24,508,201

Expense Breakdown

Grants Paid $521,781

Salaries & Benefits $14,400

Fundraising Expenses $0

Program Expenses $27,125,673

Other Expenses $27,003,826

TOTAL EXPENSES $27,540,007

Year-over-Year Comparison

	2023	2022	Change
Revenue	$24,508,201	$23,987,922	+0.0%
Expenses	$27,540,007	$26,030,923	+0.1%
Net Income	$-3,031,806	$-2,043,001	+0.5%

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

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

$667,846

Total Directors

$18,000

Key Employees

Highest Compensated

reported

Name	Title	Hours/Week	Role	Reportable Comp	Other Comp	Total
KIMBERLY CUNNINGHAM	DIR MHESAC, DIR-BOARD CHAIR SAF	1.00	Director	$1,800	$0	$3,600
TERRY COSGROVE	DIR MHESAC, DIR SAF	1.00	Director	$1,800	$0	$3,600
MICHAEL GREEN	DIR-CHAIR & OFF-PRES	3.00	Officer Director	$1,800	$0	$1,800
GEORGE S OLSEN	DIR & OFF-SEC/TREAS	3.00	Officer Director	$1,800	$0	$1,800
SHANNON STOBER	DIRECTOR - VICE CHAIR	1.00	Director	$1,800	$0	$1,800
BRIANNE ROGERS	DIRECTOR	1.00	Director	$1,800	$0	$1,800
JOYCE DOMBROUSKI	DIRECTOR	1.00	Director	$1,800	$0	$1,800
WENDY WIGERT	DIRECTOR	1.00	Director	$1,800	$0	$1,800
SCOTT TODOROVICH	CEO MHESAC, PRES/CEO SAF	1.00	Officer	$0	$29,379	$260,162
JOLENE SELBY	CFO MHESAC, VP SAF	18.00	Officer	$0	$33,677	$227,845
KELLY CRESSWELL	EXEC DIR MHESAC, VP SAF	41.00	Officer	$0	$36,080	$176,239
CRYSTINE MILLER	OFFICER - VICE PRESIDENT	1.00	Officer	$0	$0	$0

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
2025	No data	No data	No data	No data
2024	$24,508,201	$27,540,007	$320,626,994	$-3,031,806
2023	$23,987,922	$26,030,923	$381,209,209	$-2,043,001
2022	$15,047,614	$16,317,868	$454,297,151	$-1,270,254
2021	$16,450,082	$16,652,032	$535,782,585	$-201,950
2020	$24,210,727	$25,757,349	$593,255,692	$-1,546,622
2019	$31,953,405	$33,829,885	$666,466,179	$-1,876,480

MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION