Montana Higher Education Student Assistance Corporation
Montana Higher Education Student Assistance Corporation reported $19.6 million in revenue and $22.0 million in expenses for the fiscal year ending June 30, 2025. Of every $100 it spent, $98.26 went to program services, $1.74 to management and general costs and $0.00 to fundraising. Its largest source of revenue was program service revenue such as fees, sales and contracts: 90.9% of the total. The highest compensation it reported for one person was $260,498 (CEO MHESAC, PRES/CEO SAF). Revenue fell 19% between FY2020 and FY2025. Source: Form 990, FY2025.
Where $100 of spending went
The fiscal year ending June 30, 2025 · Form 990, Part IX, line 25 · total expenses $22MFor context, the median across 5,499 covered education charities: $85.56 programs, $13.59 management, $0.85 fundraising (medians computed separately, so they may not sum to $100).
Where $100 of revenue came from
The fiscal year ending June 30, 2025 · Form 990, Part VIII · total revenue $20MThe 990 scorecard · same measures for every charity, no grades
| Measure | FY2025 | Median |
|---|---|---|
| Program services Part IX 25(B) ÷ 25(A) | 98.3% | 84.4% |
| Management & general Part IX 25(C) ÷ 25(A) | 1.7% | 13.4% |
| Fundraising Part IX 25(D) ÷ 25(A) | 0.0% | 0.8% |
| Fundraising cost per $1 of contributions Part IX 25(D) ÷ Part VIII 1h | $0.00 | $0.04 |
| Contributions & grants share of revenue Part VIII 1h ÷ 12 | 3.6% | 19.1% |
| Government grants share of revenue Part VIII 1e ÷ 12 | 1.7% | 1.1% |
| Program service revenue share Part VIII 2g ÷ 12 | 90.9% | 69.9% |
| Highest reported compensation Part VII-A, columns D–F | $260,498 | $331,578 |
| Highest compensation as share of expenses Part VII-A ÷ Part IX 25(A) | 1.18% | 1.28% |
| People paid over $100,000 Part VII, line 2 | 0 | 8 |
| Net assets, in months of expenses Part X 33(B) ÷ monthly expenses | 41.5 | 13.3 |
| Independent voting board members Part VI 1a–1b | 8 of 8 | 100.0% |
A median is context, not a target: hospitals, universities, food banks and grantmakers spend in very different ways. What these measures can and can't tell you.
What the money paid for, in its own words
FY2025 · Form 990, Part III · the three largest programs by expenseAcquisition 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 $221 thousand for 3,491 borrowers in fiscal year 2025. $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
Rhm serves as the backbone support organization for the montana work-based learning collaborative, convening over 30 statewide partners to improve data collection and program delivery for career-connected learning in montana
Rhm outreach staff served over 39,000 montana students through college and career outreach, scholarship workshops, services for youth in foster care, dual enrollment and career fairs
Highest reported compensation
FY2025 · Form 990, Part VII, Section A · roles as filed; names are in the filing, not here| Role | From this org | From related orgs | Other | Total |
|---|---|---|---|---|
| CEO MHESAC, PRES/CEO SAF Officer, 1.00 hrs/week | $0 | $230,706 | $29,792 | $260,498 |
| CFO MHESAC, VP SAF Officer, 18.00 hrs/week | $0 | $216,269 | $42,164 | $258,433 |
| EXEC DIR MHESAC, VP SAF Officer, 41.00 hrs/week | $0 | $164,691 | $40,206 | $204,897 |
| DIR MHESAC, DIR-BOARD CHAIR SAF Director/trustee, 1.00 hrs/week | $1,800 | $1,800 | $0 | $3,600 |
| DIR MHESAC, SEC/TREAS SAF Director/trustee, 1.00 hrs/week | $1,800 | $1,800 | $0 | $3,600 |
| DIR & OFF-SEC/TREAS Director/trustee, officer, 3.00 hrs/week | $1,800 | $0 | $0 | $1,800 |
| DIR-CHAIR & OFF-PRES Director/trustee, officer, 3.00 hrs/week | $1,800 | $0 | $0 | $1,800 |
| DIRECTOR Director/trustee, 1.00 hrs/week | $1,800 | $0 | $0 | $1,800 |
0 people received more than $100,000 in reportable compensation from Montana Higher Education Student Assistance Corporation (Part VII, line 2). Compensation of current officers, directors and key employees totaled $14,400 (Part IX, line 5).
6 years of filings
Form 990, Parts I, VII, IX and X · each row is that year's own filing, linkedGovernance answers, as filed
FY2025 · the organization's own yes/no answers; explanations, if any, are in Schedule O of the filing · what each means- Voting board members, and how many are independent Part VI, lines 1a–1b8 · 8 independent
- Audited financial statements Part XII 2bYes
- Conflict-of-interest policy Part VI 12aYes
- Whistleblower policy Part VI 13Yes
- Document retention policy Part VI 14Yes
- Independent process for top executive pay Part VI 15aYes
- Board given the 990 before filing Part VI 11aYes
- Family or business ties among insiders Part VI 2Yes
- Aware of a significant diversion of assets Part VI 5No
- Excess benefit transaction with an insider Part IV 25aNo
- Loans to or from insiders outstanding Part IV 26No
- Lobbying, or a 501(h) election in effect Part IV 4No
- Over $15,000 of professional fundraising services Part IV 18No
- Over $10,000 of activity outside the U.S. Part IV 14bNo
- Employees Part I, line 50
- Volunteers Part I, line 665
Largest outside contractors
FY2025 · Form 990, Part VII, Section B · businesses only| STUDENT ASSISTANCE FOUNDATION Mgmt & loan services, programs delivery | $3,627,830 |
Individuals listed as contractors are left out. 1 contractors were paid more than $100,000 in all.
Correct a figure or respond
Every number above is copied from Montana Higher Education Student Assistance Corporation's own Form 990. If one doesn't match the filing, that's our error and we'll fix it. If you work for Montana Higher Education Student Assistance Corporation, you can publish a response that is linked from this page.
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Of every $100 Montana Higher Education Student Assistance Corporation spent in FY2025, $98.26 went to programs. The full breakdown, from its IRS Form 990:
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Questions people ask
How much of Montana Higher Education Student Assistance Corporation's spending goes to programs?
In the fiscal year ending June 30, 2025, Montana Higher Education Student Assistance Corporation reported that 98.3% of its $22.0 million in expenses went to program services, 1.7% to management and general and 0.0% to fundraising (Form 990, Part IX).
How much does Montana Higher Education Student Assistance Corporation pay its top executive?
The largest total compensation Montana Higher Education Student Assistance Corporation reported for one person in the fiscal year ending June 30, 2025 was $260,498, for the role of CEO MHESAC, PRES/CEO SAF (Form 990, Part VII, including compensation from related organizations and other compensation).
Where does Montana Higher Education Student Assistance Corporation get its money?
Of $19.6 million in revenue in the fiscal year ending June 30, 2025, 3.6% came from contributions and grants (including 1.7% from government grants) and 90.9% from program service revenue (Form 990, Part VIII).
Is Montana Higher Education Student Assistance Corporation a registered charity?
The IRS lists EIN 81-0393527 as a 501(c)(3) organization (publicly supported organization (509(a)(2))), and its records show contributions as tax-deductible. Form 990 filings on record here cover tax years 2019, 2020, 2021, 2022, 2023, 2024. A filing shows what the organization reported; it doesn't by itself show whether a program works.
Sources
- FY2025: Form 990 for the fiscal year ending June 30, 2025, object 202533179349300008 · read the filing · XML
- FY2024: Form 990 for the fiscal year ending June 30, 2024, object 202413099349300401 · read the filing
- FY2023: Form 990 for the fiscal year ending June 30, 2023, object 202333109349301393 · read the filing
- FY2022: Form 990 for the fiscal year ending June 30, 2022, object 202233089349302803 · read the filing
- FY2021: Form 990 for the fiscal year ending June 30, 2021, object 202133069349302238 · read the filing
- FY2020: Form 990 for the fiscal year ending June 30, 2020, object 202012969349301246 · read the filing
All filings for EIN 81-0393527: ProPublica Nonprofit Explorer · IRS Tax Exempt Organization Search. Figures are as the organization reported them; we have not audited them.