2025-11-12T13:27:43+00:00 2024-12-31 440160260 Forvis Mazars LLP PO Box 3667 Little Rock AR 722033667 990 2024-01-01 640642776 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION MISS 6013215555 PO Box 5008 Jackson MS 39296 William F Alvis CFO 6013215556 2025-11-12 true true Amber Sherrill P00748683 5013721040 2025-11-12 2024 2025-03-06 01:10:19Z William F Alvis PO Box 5008 Jackson MS 39296 8626790 false X https://mheac.get2college.org/mheac.html X 1980 MS SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 4,972 CLIENTS WERE SERVED IN 2024. 12 12 0 1 0 3759850 3185522 5401650 4791497 619841 649771 0 0 9781341 8626790 830000 822000 0 0 0 0 0 0 8179973 6940746 9009973 7762746 771368 864044 117087253 98577498 83282653 63908854 33804600 34668644 Secondary Market for Student Loans, Approximately 4,972 clients were served in 2024. 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 in the state of Mississippi through its three college planning centers. false false 6757909 0 4791497 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 REFINANCE ITS DEBT AND IS NO LONGER ELIGIBLE TO ISSUE TAX-EXEMPT BONDS. 822000 822000 0 FUNDS CONTRIBUTED TO WOODWARD HINES EDUCATION FOUNDATION FOR ITS GENERAL OPERATIONS. 7579909 true true false false false false false false false false false false false false false false false true false false false false false false false false false true false true false false false false false false false false false false false false false false false true true true false false true 0 0 0 false false false false false false false false false false false false X 12 12 false false false false false false false true true false false false true true true true true true false false false false X William F Alvis 6013215555 2616 Lakeward Dr Jackson MS 39216 Debra McGee Board Member/Board Vice Chair 1.0 1.0 X X 0 6900 0 Nathan Slater Board Member/Board Chair 1.0 2.0 X X 0 10800 0 Andrew Mullins Board Member Through 5/28/24 1.0 1.0 X 0 2700 0 Camille Young Board Member 1.0 1.0 X 0 2400 0 Carla Kirkland Board Member Beg 5/28/24 1.0 1.0 X 0 3900 0 Cedric Bradley Board Member 1.0 1.0 X 0 6900 0 David Martin Board Member 1.0 1.0 X 0 6300 0 Eddie Carlisle Board Member Through 5/28/24 1.0 1.0 X 0 1500 0 Errick Simmons Board Member Beg 5/28/24 1.0 1.0 X 0 4200 0 Haley Fisackerly Board Member 1.0 1.0 X 0 1500 0 John Hill Board Member 1.0 1.0 X 0 7800 0 Michael Cormack Board Member 1.0 1.0 X 0 5700 0 Mike Highfield Board Member Beg 5/28/24 1.0 1.0 X 0 3000 0 Robert Leard Board Member 1.0 1.0 X 0 7200 0 James McHale President/CEO 1.0 40.0 X 0 293500 70527 Minette Ketchings COO/Secretary 1.0 40.0 X 0 166764 31849 William Alvis CFO/Treasurer 1.0 40.0 X 0 205906 54666 0 736970 157042 0 false true false NAVIENT SOLUTIONS INC PO BOX 8003 FISHERS IN 46038 SERVICING FEES 248771 1 3185522 3185522 STUDENT LOAN INTEREST 522294 4719993 4719993 LATE FEES 522294 71504 71504 0 0 0 0 4791497 649771 649771 0 0 0 0 0 0 0 0 0 0 8626790 4791497 0 649771 822000 822000 0 0 0 0 5095107 5095107 280565 280565 CONSOLIDATION REBATE 779851 779851 ADMINISTRATION & LOAN FEES 664885 482048 182837 BAD DEBT 62693 62693 BOND FEES 57645 57645 0 0 0 0 7762746 7579909 182837 0 10834 10249 2528253 2598016 0 0 0 110030513 92190967 223239 4958 0 0 0 0 0 4294414 3773308 117087253 98577498 191653 147010 0 83091000 63761844 0 0 83282653 63908854 X 33804600 34668644 33804600 34668644 117087253 98577498 864044 0 X false true true false X 590678 564680 689594 3759850 3185522 8790324 7757430 7010123 6282569 5401650 4791497 31243269 0 0 0 8348108 7574803 6972163 9161500 7977019 40033593 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 40033593 165095 111559 275163 619841 649771 1821429 0 165095 111559 275163 619841 649771 1821429 0 0 0 0 0 0 0 8513203 7686362 7247326 9781341 8626790 41855022 0.95648 0.9655 0.04 0.0345 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 6993823 0 0 6993823 1632967 1632967 8626790 6129779 0 0 6129779 1632967 1632967 7762746 Schedule D, Part X, Line 2 MANAGEMENT HAS EVALUATED THEIR INCOME TAX POSITIONS UNDER THE GUIDANCE INCLUDED IN ASC 740. BASED ON THEIR REVIEW, MANAGEMENT HAS NOT IDENTIFIED ANY MATERIAL TAX POSITIONS TO BE RECORDED OR DISCLOSED IN THE FINANCIAL STATEMENTS. Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements INTEREST INCOME/EXPENSE DIFFERENCE FROM AUDIT - 644635 EXPENSES INCLUDED IN REVENUE ON AUDIT REPORT - 988332 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements INTEREST INCOME/EXPENSE DIFFERENCE FROM AUDIT - 644635 EXPENSES INCLUDED IN REVENUE ON AUDIT REPORT - 988332 true Woodward Hines Education Foundation PO Box 5008 Jackson MS 39296 640860939 501 (c)(3) 822000 0 N/A N/A General Operations 1 0 Schedule I, Part I, Line 2 Procedures for monitoring use of grant funds management of Woodward Hines Education foundation provides monthly financial reports to the Corporation's Board of Directors. In addition, management provides status updates of its activities to the Corporation's Board at its Board Meetings held 5 times a year. false true false false false false false false false James McHale President/CEO 0 292708 0 0 0 792 0 65927 0 4600 0 364027 0 0 William Alvis CFO/Treasurer 0 205114 0 0 0 792 0 26129 0 28537 0 260572 0 0 Minette Ketchings COO/Secretary 0 165972 0 0 0 792 0 20204 0 11645 0 198613 0 0 Schedule J, Part I, Line 3 WOODWARD HINES EDUCATION FOUNDATION, A RELATED ENTITY, ESTABLISHED THE COMPENSATION OF THE CEO THROUGH AN INDEPENDENT COMPENSATION CONSULTANT, A COMPENSATION SURVEY OR STUDY, AND APPROVAL BY THE BOARD. Schedule J, Part I, Line 4b SUPPLEMENTAL NONQUALIFIED RETIREMENT PLAN JAMES MCHALE PARTICIPATES IN THE 457(F) PLAN AND IS THE SOLE PARTICIPANT. HE RECEIVED CONTRIBUTIONS OF $30,500 IN 2024. HE WILL NOT BE VESTED IN THE PLAN UNTIL JANUARY 31, 2029. Form 990, Part VI, Line 15 A & B The process of determining compensation is managed by a related organization, Woodward Hines Education Foundation. Currently the Corporation has no employees. THE RELATED ORGANIZATION'S EXECUTIVE COMMITTEE ASSUMES THE RESPONSIBILITY FOR DETERMINING FAIR AND COMPETITIVE COMPENSATION FOR THE ORGANIZATION'S OFFICERS AND EMPLOYEES. THE BOARD OF DIRECTORS APPROVES THE COMPENSATION OF THE ORGANIZATION'S OFFICERS AND EMPLOYEES. AN INDEPENDENT CONSULTING FIRM WAS PAID TO PERFORM A COMPENSATION STUDY FOR ALL POSITIONS IN 2022 TO DETERMINE SALARIES FOR 2023-2025. THIS WILL BE REPEATED EVERY THREE TO FOUR YEARS. Form 990, Part VI, Line 11b Review of form 990 by governing body The CFO and COO review the document after completion. Once the final draft is received, the document is loaded to an online board portal for the CEO and board of directors review. Form 990, Part VI, Line 12c Conflict of interest policy COI forms are completed annually by officers and directors and employees of the related organization. the Corporate Secretary reviews the forms as does the CEO. the CEO and Corporate Secretary monitor business dealings throughout the year for potential conflicts. Actual conflicts of interest are reported to either the Corporate Secretary, the chair of the Audit Committee or general counsel. Individuals with potential or actual conflicts are prohibited from participating in deliberations and decisions in the transaction. Form 990, Part VI, Line 19 Required documents available to the public Governing documents, conflict of interest policy and financial statements are available to the public upon request Form 990, Part XII, Line 2c Organization Committee Oversight of Audit The Corporation maintains an audit committee which assumes the responsibility for oversight of the financial statement audit by independent Certified Public Accountants. This process has not changed from the prior year. Woodward Hines Education Foundation PO Box 5008 Jackson MS 39296 640860939 Higher Education Services MS 501(c)(3) Type I Mississippi Higher Education Assistance Corporation true false true false false false false false false false false false false true false false false false false false Woodward Hines Education Foundation B 822000 Fair Market Value Woodward Hines Education Foundation M 398353 Fair Market Value