2024-11-15T11:43:50-06:00 2024-06-30 480567703 PINION LLC 828 GREAT NORTHERN BOULEVARD HELENA MT 59601 990 2023-07-01 810527529 STUDENT ASSISTANCE FOUNDATION OF MONTANA STUD 4064957800 PO BOX 5209 HELENA MT 596045209 SCOTT TODOROVICH CEO 4064957800 2024-11-12 1 0 LAURA CRAFT P01713487 4064421040 2024-11-12 2023 2024-10-15 13:58:12Z SCOTT TODOROVICH PO BOX 5209 HELENA MT 596045209 9737940 0 X WWW.SAFMT.ORG X 1999 MT TO PROVIDE SERVICES THAT SUPPORT MONTANAN'S PURSUIT OF POST SECONDARY EDUCATION. 5 5 30 0 36579 0 0 0 3584064 4011472 806676 891071 -18725 -26966 4372015 4875577 0 0 0 0 2944290 3373954 0 0 0 859710 846695 3804000 4220649 568015 654928 29190539 30962769 18532620 19517807 10657919 11444962 X SAF PROVIDES MANAGEMENT SERVICES AND IS MASTER SERVICER FOR MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC), A RELATED ORGANIZATION. SAF ALSO PROVIDES DELIVERY AND SUPPORT OF MHESAC'S REACH HIGHER MONTANA (RHM) PUBLIC BENEFIT ACTIVITIES. 0 0 1989600 2288348 PROVIDE STUDENT LOAN SERVICING AND MANAGEMENT SERVICES TO MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC). 1484930 1568096 PROVIDE DELIVERY AND SUPPORT FOR MHESAC'S REACH HIGHER MONTANA INITIATIVE. 355535 160386 PROVIDE PROJECT MANAGEMENT AND FINANCIAL SERVICES TO EIGHTEEN OTHER 501(C)(3) AND GOVERNMENT ORGANIZATIONS. 117906 OTHER PROGRAMS 117906 3947971 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 1 0 1 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 1 0 0 0 0 1 1 0 0 0 1 21 0 1 30 1 1 1 0 0 0 0 0 0 0 0 0 0 0 X 5 5 1 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 1 1 0 X X THE ORGANIZATION 4064957800 7 W 6TH AVE SUITE 2B HELENA MT 59601 KIMBERLY CUNNINGHAM BOARD CHAIR SAF, DIRECTOR MHESAC 3.00 1.00 X 1800 1800 0 TERRY COSGROVE DIRECTOR SAF, DIRECTOR MHESAC 1.00 1.00 X 1800 1800 0 CRAIG ROLOFF DIRECTOR-SECRETARY/TREASUR 1.00 X X 1800 0 0 BRIAN OBERT DIRECTOR-VICE CHAIR 1.00 X 1800 0 0 BRYN HAGFORS DIRECTOR-VICE CHAIR 1.00 X 0 0 0 SCOTT TODOROVICH PRESIDENT/CEO SAF, CEO MHESAC 39.00 1.00 X 230785 0 29379 JOLENE SELBY VICE PRESIDENT SAF, CFO MHESAC 26.00 18.00 X 194168 0 33677 KELLY CRESSWELL VP SAF, EXECUTIVE DIRECTOR RHM 1.00 41.00 X 140159 0 36080 JEFF FLOERCHINGER DIRECTOR OF CLIENT FINANCE 24.00 16.00 X 108866 0 20371 BRENDA OLSON CONTROLLER 36.00 6.00 X 100321 0 18221 MICHAEL ROMINE IT INFRASTRUCTURE MANAGER 36.00 4.00 X 102128 0 29410 883627 3600 167138 6 0 1 0 0 MANAGEMENT AND SERVICING FEE INCO 525990 2288348 2288348 PROGRAM DELIVERY AND SUPPORT 525990 1568096 1568096 FINANCIAL AND PROJECT SERVICES 541900 155028 160386 -5358 4011472 795880 795880 559344 586310 -26966 -26966 41937 -68903 4371244 4276053 95191 95191 95191 4875577 4016830 36579 822168 646087 606379 39708 2045330 1927857 117473 141692 133773 7919 353601 334647 18954 187244 176782 10462 4289 794 3495 53993 52339 1654 117908 117908 332723 330658 2065 5956 5950 6 54398 42713 11685 135372 111473 23899 2640 2105 535 21025 17419 3606 4667 1593 3074 27676 23411 4265 76882 54537 22345 DUES AND SUBSCRIPTIONS 7177 6096 1081 BANK CHARGES 1989 1537 452 4220649 3947971 272678 0 254959 213745 867206 556420 40734 87391 26708 31880 129863 167845 4263777 728688 3054619 3535089 24766343 26324305 50107 46094 29190539 30962769 875095 693515 15992477 17227296 1617519 1569005 47529 27991 18532620 19517807 X 10657919 11444962 10657919 11444962 29190539 30962769 X 654928 1325681 -1193566 X X 0 1 X 1 0 X X 2 MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION 810393527 10 1 0 0 BOARD OF REGENTS OF THE MONTANA UNIVERSITY SYSTEM 521528682 6 1 0 0 2 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 PART I LINE 12: STUDENT ASSISTANCE FOUNDATION IS A SUPPORTING ORGANIZATION ORGANIZED TO PROVIDE MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC), A 501(C)(3)ORGANIZATION, WITH ALL THE NECESSARY MANAGEMENT AND ADMINISTRATIVE SERVICES REQUIRED TO OPERATE MHESAC'S STUDENT LOAN PROGRAM,PERFORM ALL THE RESPONSIBILITIES UNDER THE INDENTURES, AND TO SERVICE ALL STUDENT LOANS OWNED BY MHESAC. SCHEDULE A, PAGE 4, SECTION A, LINE 2 THE BOARD OF REGENTS IS PART OF THE MONTANA STATE UNIVERSITY SYSTEM AND IS NOT REQUIRED TO OBTAIN RECOGNITION OF PUBLIC CHARITY STATUS. 213700 213700 2097930 190517 1907413 4212 2984 1228 537020 486732 50288 1410915 48455 1362460 3535089 FUNDS HELD IN TRUST 27991 27991 X 5314621 1325681 608772 1934453 3380168 117908 1377501 1495409 4875577 4527576 608774 608774 3918802 117908 183939 301847 4220649 PART X, LINE 2: SAF IS A NOT-FOR-PROFIT CORPORATION EXEMPT FROM TAXATION UNDER INTERNAL REVENUE CODE SECTION 501(C)(3). INCOME DERIVED FROM ADMINISTRATIVE AND PROJECT SERVICES PERFORMED FOR NON-501(C)(3) COMPANIES IS CONSIDERED UNRELATED BUSINESS INCOME AND IS SUBJECT TO TAXATION. WMP IS A LIMITED LIABILITY COMPANY AND IS A SINGLE MEMBER DISREGARDED ENTITY. THE NET RENTAL INCOME OF WMP, TO THE EXTENT IT IS DEBT FINANCED, IS CONSIDERED UNRELATED BUSINESS INCOME AND IS SUBJECT TO TAXATION ALONG WITH EXECUTIVE SERVICES PROVIDED TO THE TENANTS. AFTER RESEARCHING THE DEDUCTIBILITY OF ALOCATED EXPENSES TO UBI ACTIVITIES, SAF WILL REFILE RETURNS TO RECAPTURE LOSS CARRYFORWARD FOR USE TO OFFSET FUTURE TAX LIABILITY. SAF HAS A DEFERRED TAX BENEFIT RESULTING FROM UNEXPIRED CUMULATIVE NET OPERATING LOSS CARRYFORWARD. A VALUATION ALLOWANCE EQUAL TO THE DEFERRED INCOME TAX BENEFIT HAD BEEN ESTABLISHED DUE TO THE UNCERTAINTY OF HAVING TAXABLE FUTURE INCOME GOING FORWARD. THE NET IMPACT OF THE DEFERRED INCOME TAX BENEFIT AND RELATED VALUATION ALLOWANCE WAS NOT ADJUSTED AT YEAR END, SO NO BALANCE IS REPORTED IN THE ACCOMPANYING CONSOLIDATED FINANCIAL STATEMENTS FOR THIS ACTIVITY. THE CORPORATION RECOGNIZED $0 TAX FOR THE YEARS ENDED JUNE 30, 2024 AND 2023. THERE ARE NO OTHER SIGNIFICANT DEFERRED TAX ASSETS OR LIABILITIES AS OF JUNE 30, 2024 OR 2023. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENT EXPENSE 586,311. UBI - EXECUTIVE SERVICES 15,240. UBI - FINANCIAL/PROJECT SERVICES 7,221. PART XI, LINE 4B - OTHER ADJUSTMENTS: ROUNDING 1. ESCROW INVESTMENT ADJ FOR DEFERRED REVENUE 1,377,500. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT EXPENSE 586,311. UBI - EXECUTIVE SERVICES 15,240. UBI - FINANCIAL/PROJECT SERVICES 7,221. ROUNDING 2. PART XII, LINE 4B - OTHER ADJUSTMENTS: BUILDING MANAGEMENT AND MAINTENANCE ELIMINATED FOR CONSOLIDATED STATEMENTS 183,939. SCHEDULE D PART VI LINE 1E OTHER IN LAND, BUILDINGS AND EQUIPMENT IS BUILDING IMPROVEMENTS. X X X 0 0 0 0 0 0 0 1 0 SCOTT TODOROVICH PRESIDENT/CEO SAF, CEO MHESAC 195858 0 23804 0 11123 0 14163 0 15216 0 260164 0 0 0 JOLENE SELBY VICE PRESIDENT SAF, CFO MHESAC 185596 0 0 0 8572 0 12030 0 21647 0 227845 0 0 0 KELLY CRESSWELL VP SAF, EXECUTIVE DIRECTOR RHM 140159 0 0 0 0 0 8939 0 27141 0 176239 0 0 0 PART I, LINE 1A NO ACTIVITY PART I, LINE 7 THE CEO'S CONTRACT PROVIDES AN OPPORTUNITY FOR PARTICIPATION IN AN INCENTIVE PLAN. THE INCENTIVE PLAN IS DRIVEN BY THE CEO'S JOB PERFORMANCE AS EVALUATED BY THE BOARD OF DIRECTORS. JOLENE SELBY TOP FINANCE OFFICIAL AND CFO FOR MHESAC NOTED TOP FINANCE OFFICIAL AND CFO FOR MHESAC IS AN OFFICER-VICE PRESIDENT OF STUDENT ASSISTANCE FOUNDATION. 0 KIM CUNNINGHAM DIRECTOR NOTED BOARD MEMBER IS ON BOTH STUDENT ASSISTANCE FOUNDATION AND MHESAC BOARDS. SHE IS A DIRECTOR-CHAIR ON THE STUDENT ASSISTANCE FOUNDATION BOARD. 0 SCOTT TODOROVICH TOP MANAGEMENT OFFICIAL AND CEO FOR MHESAC NOTED TOP MANAGEMENT OFFICIAL FOR MHESAC IS AN OFFICER - PRESIDENT AND CEO OF STUDENT ASSISTANCE FOUNDATION. 0 TERRY COSGROVE DIRECTOR NOTED BOARD MEMBER IS ON THE STUDENT ASSISTANCE FOUNDATION AND MHESAC BOARD. 0 KELLY CRESSWELL OFFICER NOTED OFFICER IS THE REACH HIGHER MONTANA EXECUTIVE DIRECTOR AND OFFICER OF MHESAC AS WELL AS AN OFFICER, VICE-PRESIDENT, FOR THE STUDENT ASSISTANCE FOUNDATION. 0 FORM 990, PART VI, SECTION A, LINE 2 THE FOLLOWING BOARD MEMBERS ARE ON BOTH STUDENT ASSISTANCE FOUNDATION AND MHESAC BOARDS: KIM CUNNINGHAM, TERRY COSGROVE. THREE STUDENT ASSISTANCE FOUNDATION OFFICERS ARE ALSO OFFICERS OF MHESAC: SCOTT TODOROVICH, JOLENE SELBY AND KELLY CRESSWELL. FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS MADE AVAILABLE TO THE FULL BOARD AND REVIEWED BY THE AUDIT COMMITTEE PRIOR TO FILING. THE AUDIT COMMITTEE PRESENTS THE RETURN TO THE FULL BOARD AT THE NEXT SCHEDULED MEETING. FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO DISCLOSE CONFLICTS OF INTEREST PRIOR TO PARTICIPATING IN THE DISCUSSION OF THE TOPIC. THE DISCLOSURE IS NOTED IN THE MINUTES. ALL VOTES HAVE TO BE CARRIED BY A MAJORITY OF DISINTERESTED PARTIES. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS FOR DETERMINING EXECUTIVE COMPENSATION IS AS FOLLOWS: WHEN EXECUTIVE AND OFFICER EMPLOYMENT CONTRACTS ARE RENEWED, THE SAF BOARD APPOINTS A COMPENSATION COMMITTEE TO REVIEW AND RECOMMEND COMPENSATION OF THE CEO FOR BOARD APPROVAL. THE SAF BOARD APPROVES ANY ANNUAL COST OF LIVING ADJUSTMENTS. FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS AVAILABLE FROM THE ORGANIZATIONS'S WEBSITE AND OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST. FORM 990, PART XI, LINE 9: ESCROW INVESTMENT ADJ FOR DEFFERED REVENUE -1,377,500. ROUNDING -5. BUILDING MANAGEMENT AND MAINTENANCE ELIMINATED 183,939. FORM 990, PART XII, LINE 2C - OVERSIGHT OF FINANCIAL STATEMENT AUDIT: THE PROCESS FOR THE OVERSIGHT OF THE AUDIT HAS NOT CHANGED FROM PRIOR YEARS. WORKMOSIS POWER LLC PO BOX 5236 HELENA MT 59604 853838324 PROPERTY OWNERSHIP AND LEASING MT 625505 3702713 N/A MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION PO BOX 5209 HELENA MT 59604 810393527 PROVIDE FUNDS FOR STUDENT LOANS MT 501(C)(3) 9 N/A 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 1 0 1 0 0