2024-11-15T11:43:14-06:00 2023-06-30 480567703 PINION LLC 828 GREAT NORTHERN BOULEVARD HELENA MT 59601 990 2022-07-01 810527529 STUDENT ASSISTANCE FOUNDATION OF MONTANA STUD 4064957800 PO BOX 5209 HELENA MT 596045209 SCOTT TODOROVICH CEO 4064957800 2024-10-30 1 1 LAURA CRAFT P01713487 4064421040 2024-10-30 2022 2024-10-15 13:58:12Z X SCOTT TODOROVICH PO BOX 5209 HELENA MT 596045209 10853348 0 X WWW.SAFMT.ORG X 1999 MT TO PROVIDE SERVICES THAT SUPPORT MONTANAN'S PURSUIT OF POST SECONDARY EDUCATION. 5 5 30 0 19556 0 0 0 3469958 3584064 1790360 806676 -27456 -18725 5232862 4372015 0 0 0 0 2795887 2944290 0 0 0 893239 859710 3689126 3804000 1543736 568015 27473857 29190539 17275337 18532620 10198520 10657919 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 1885828 2157079 PROVIDE STUDENT LOAN SERVICING AND MANAGEMENT SERVICES TO MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC). 1281443 1352619 PROVIDE DELIVERY AND SUPPORT FOR MHESAC'S REACH HIGHER MONTANA INITIATIVE. 304195 90780 PROVIDE PROJECT MANAGEMENT AND FINANCIAL SERVICES TO NINE OTHER 501(C)(3) AND GOVERNMENT ORGANIZATIONS. 112213 48 OTHER PROGRAMS 112213 48 3583679 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 22 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/TREASURER 1.00 X X 1800 0 0 BRYN HAGFORS DIRECTOR-VICE CHAIR 1.00 X 0 0 0 BRIAN OBERT DIRECTOR 1.00 X 1800 0 0 SCOTT TODOROVICH PRESIDENT/CEO SAF, CEO MHESAC 39.00 1.00 X 254312 0 38450 JOLENE SELBY VICE PRESIDENT SAF, CFO MHESAC 27.00 16.00 X 208272 0 32741 KELLY CRESSWELL VP SAF, EXECUTIVE DIRECTOR RHM 1.00 41.00 X 167840 0 18589 JEFF FLOERCHINGER DIRECTOR OF ANALYTICS, BOND FINANCE 21.00 19.00 X 109774 0 19118 747398 3600 108898 4 0 1 0 0 MANAGEMENT AND SERVICING FEE INCO 525990 2157079 2157079 PROGRAM DELIVERY AND SUPPORT 525990 1352619 1352619 FINANCIAL AND PROJECT SERVICES 541900 74318 90780 -16462 48 48 3584064 796017 796017 580556 599281 -18725 -18725 36018 -54743 5892711 5882052 10659 10659 10659 4372015 3600526 19556 751933 590912 574267 16645 1754580 1655068 99512 127598 121650 5948 305709 290079 15630 165491 157780 7711 21308 17964 3344 49342 48613 729 112212 112212 334812 333960 852 7254 7233 21 44208 34068 10140 137349 115144 22205 2640 2125 515 15319 12806 2513 6047 3584 2463 41246 34620 6626 77418 52998 24420 DUES AND SUBSCRIPTIONS 8790 8130 660 BANK CHARGES 1765 1378 387 3804000 3583679 220321 0 167170 254959 1007102 867206 6151 40734 24342 26708 128513 129863 3722183 667564 2446145 3054619 23594675 24766343 99759 50107 27473857 29190539 603897 875095 14907414 15992477 1664328 1617519 99698 47529 17275337 18532620 X 10198520 10657919 10198520 10657919 27473857 29190539 X 568015 447254 -555870 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 136724 1961206 73741 30957 42784 522523 476936 45587 814289 22947 791342 3054619 FUNDS HELD IN TRUST 47529 47529 X 4597877 447254 630262 1077516 3520361 112212 739442 851654 4372015 4138480 446692 446692 3691788 112212 112212 3804000 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. SAF HAS A DEFERRED TAX BENEFIT RESULTING FROM UNEXPIRED CUMULATIVE NET OPERATING LOSS CARRYFORWARDS. 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 FINANCIAL STATEMENTS FOR THIS ACTIVITY. THE CORPORATION RECOGNIZED $0 TAX FOR THE YEAR ENDED JUNE 30, 2023, AND A TAX BENEFIT OF $6,160 FOR THE YEAR ENDED JUNE 30, 2022. THERE ARE NO OTHER SIGNIFICANT DEFERRED TAX ASSETS OR LIABILITIES AS OF JUNE 30, 2023 OR 2022. PART XI, LINE 2D - OTHER ADJUSTMENTS: RENT EXPENSE 599,282. UBI - EXECUTIVE SERVICES 16,797. UBI - FINANCIAL SERVICES 13,288. UBI - PROJECT SERVICES 895. PART XI, LINE 4B - OTHER ADJUSTMENTS: ESCROW INVESTMENT ADJ FOR DEFERRED REVENUE 739,440. ROUNDING 2. PART XII, LINE 2D - OTHER ADJUSTMENTS: RENT EXPENSE 415,712. UBI - EXECUTIVE SERVICES 16,797. UBI - FINANCIAL SERVICES 13,288. UBI - PROJECT SERVICES 895. 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 0 1 1 SCOTT TODOROVICH PRESIDENT/CEO SAF, CEO MHESAC 179737 0 71220 0 3355 0 15667 0 22783 0 292762 0 0 0 JOLENE SELBY VICE PRESIDENT SAF, CFO MHESAC 171983 0 27300 0 8989 0 12889 0 19852 0 241013 0 0 0 KELLY CRESSWELL VP SAF, EXECUTIVE DIRECTOR RHM 146040 0 21800 0 0 0 10238 0 8351 0 186429 0 0 0 PART I, LINE 1A NO ACTIVITY PART I, LINE 8 THE BONUSES ARE FIXED PAYMENTS BY CONTRACT. THE FIXED PAYMENTS WERE MADE UNDER AN INITIAL CONTRACT SO ARE NOT SUBJECT TO SECTION 4958. THERE IS BOARD APPROVAL, DISCUSSION, AND ACTION AS TO APPROPRIATENESS. 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 -739,440. BUILDING MANAGEMETN AND MAINTENANCE ELIMINATED 183,570. 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. FORM 990 RETURN AMENDED TO CORRECTLY INCLUDE UNRELATED RENTAL EXPENSES THAT WERE EXCLUDED FROM THE CONSOLIDATED AUDITED FINANCIAL STATEMENTS THAT SHOULD HAVE BEEN DEDUCTED ON FORM 990T. WORKMOSIS POWER LLC PO BOX 5236 HELENA MT 59604 853838324 PROPERTY OWNERSHIP AND LEASING MT 636209 3186010 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