2024-11-07T08:48:30-06:00 2023-12-31 461498870 BMSS LLC 1020 HIGHLAND COLONY PKWY SUITE 600 RIDGELAND MS 39157 990 2023-01-01 640642776 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION MISS 6013215555 PO BOX 5008 JACKSON MS 392965008 WILLIAM F ALVIS CFO 6013215555 2024-11-07 1 1 KATIE HOGGATT CPA P01340185 6019482924 2024-11-07 2023 2024-10-15 13:58:12Z WILLIAM F ALVIS PO BOX 5008 JACKSON MS 392965008 9781341 0 X HTTPS://MHEAC.GET2COLLEGE.ORG/MHEAC.HTML X 1980 MS SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 6,175 CLIENTS WERE SERVED IN 2023. 11 11 0 0 0 0 689594 3759850 6282569 5401650 275163 619841 0 0 7247326 9781341 600000 830000 0 0 0 0 0 0 0 5696492 8179973 6296492 9009973 950834 771368 137650117 117087253 104616885 83282653 33033232 33804600 X THE CORPORATION MISSION IS TO INCREASE THE LEVEL OF APPROPRIATE QUALITY EDUCATION IN THE STATE OF MISSISSIPPI AND ELSEWHERE. PRIOR TO 2014, THE CORPORATION OPERATED EXCLUSIVELY FOR THE PURPOSE OF ACQUIRING STUDENT LOANS INCURRED UNDER THE HIGHER EDUCATION ACT OF 1965. 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, AND MENTORING STUDENTS IN MISSISSIPPI THROUGH ITS THREE COLLEGE PLANNING CENTERS. 0 0 7950047 5401650 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 RENFINANCE ITS DEBT AND IS NO LONGER ELIGIBLE TO ISSUE TAX-EXEMPT BONDS. 830000 830000 FUNDS CONTRIBUTED TO WOODWARD HINES EDUCATION FOUNDATION FOR ITS GENERAL OPERATIONS. 8780047 1 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 1 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 X 11 11 0 0 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X WILLIAM F ALVIS 6013215555 PO BOX 5008 JACKSON MS 392965008 EDWARD CARLISLE DIRECTOR 1.00 1.00 X 0 6000 0 MICHAEL CORMACK JR DIRECTOR 1.00 1.00 X 0 5400 0 HALEY FISACKERLY DIRECTOR 1.00 1.00 X 0 3000 0 ROBERT LEARD DIRECTOR 1.00 1.00 X 0 7200 0 DAVID MARTIN DIRECTOR 1.00 1.00 X 0 7200 0 DEBRA MCGEE BOARD VICE-CHAIR 1.00 1.00 X X 0 6600 0 ANDREW MULLINS DIRECTOR 1.00 1.00 X 0 6600 0 CAMILLE YOUNG DIRECTOR 1.00 1.00 X 0 5400 0 JOHN F HILL DIRECTOR 1.00 2.00 X 0 8150 0 NATHAN SLATER BOARD CHAIR 1.00 2.00 X X 0 8950 0 CEDRIC BRADLEY DIRECTOR, BEGIN 5/2023 1.00 1.00 X 0 3900 0 JAMES E MCHALE PRESIDENT/CEO 1.00 40.00 X 0 282701 17490 WILLIAM F ALVIS CFO/TREASURER 1.00 40.00 X 0 197670 24347 MINETTE D KETCHINGS DIRECTOR OF OPERATIONS/CON 1.00 40.00 X 0 156659 17874 0 705430 59711 0 0 1 0 US DEPARTMENT OF EDUCATION PO BOX 4134 GREENVILLE TX 754034134 REBATE FEES 953204 WOODWARD HINES EDUCATION FOUNDATION 2600 LAKELAND TERRACE JACKSON MS 39216 MANAGEMENT FEES 471967 NAVIENT SOLUTIONS INC PO BOX 8003 FISHERS IN 46038 SERVICING FEES 295873 3 3759850 3759850 STUDENT LOAN INTEREST 900099 5325417 5325417 LATE FEES 900099 76233 76233 5401650 619841 619841 9781341 5401650 0 619841 830000 830000 5984654 5984654 328149 328149 CONSOLIDATION REBATE 940682 940682 ADMINISTRATION AND LOAN 785862 555936 229926 PROVISION FOR LOAN LOSS 81981 81981 BOND FEES 58645 58645 9009973 8780047 229926 0 10563 10834 5913534 2528253 127153392 110030513 316057 223239 4256571 4294414 137650117 117087253 195885 191653 104421000 83091000 104616885 83282653 X 33033232 33804600 33033232 33804600 137650117 117087253 771368 0 X X 0 1 X 1 0 X 1786227 590678 564680 689594 3759850 7391029 8551690 7757430 7010123 6282569 5401650 35003462 10337917 8348108 7574803 6972163 9161500 42394491 0 0 0 42394491 343435 165095 111559 275163 619841 1515093 343435 165095 111559 275163 619841 1515093 10681352 8513203 7686362 7247326 9781341 43909584 0.96550 0.97340 0.03450 0.02660 X RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 X PART X, LINE 2: THE COMPANY IS TAX-EXEMPT UNDER SECTION 501(C)(3) OF THE INTERNAL REVENUE CODE, AND IS NOT A PRIVATE FOUNDATION WITHIN THE MEANING OF SECTION 509(A) OF THE INTERNAL REVENUE CODE. THE COMPANY BELIEVES IT HAS APPROPRIATE SUPPORT FOR ANY TAX POSITIONS TAKEN, AND AS SUCH, DOES NOT HAVE ANY UNCERTAIN TAX POSITIONS THAT ARE MATERIAL TO THE CONSOLIDATED FINANCIAL STATEMENTS. 1 WOODWARD HINES EDUCATION FOUNDATION PO BOX 5008 JACKSON MS 392965008 640860939 501(C)(3) 830000 0 GENERAL OPERATIONS 1 PART I, LINE 2: THE MANAGEMENT OF THE WOODWARD HINES EDUCATION FOUNDATION MONTHLY PROVIDES FINANCIAL REPORTS TO THE BOARD OF DIRECTORS OF THE CORPORATION. IN ADDITION, MANAGEMENT PROVIDES STATUS UPDATES OF ITS ACTIVITY TO THE CORPORATION'S BOARD OF DIRECTORS AT ITS BOARD MEETINGS (5 TIMES A YEAR). 0 0 0 0 0 0 0 0 0 JAMES E MCHALE PRESIDENT/CEO 0 282701 0 0 0 0 0 17032 0 1681 0 301414 0 0 WILLIAM F ALVIS CFO/TREASURER 0 197670 0 0 0 0 0 12442 0 13128 0 223240 0 0 MINETTE D KETCHINGS DIRECTOR OF OPERATIONS/CON 0 156659 0 0 0 0 0 9621 0 9476 0 175756 0 0 FORM 990, PART VI, SECTION B, LINE 11B A COPY OF THE TAX RETURN WAS PROVIDED TO THE BOARD BY THE BOARD SECRETARY VIA AN ONLINE BOARD PORTAL. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES ALL DIRECTORS, OFFICERS AND STAFF TO COMPLETE AN ANNUAL CONFLICT OF INTEREST STATEMENT DISCLOSING ANY RELATIONSHIPS THAT MIGHT POSE A CONFLICT OF INTEREST. THE CORPORATE SECRETARY REVIEWS ALL CONFLICT OF INTEREST STATEMENTS AND REPORTS ANY POTENTIAL CONFLICTS TO THE PRESIDENT AND CEO AND LEGAL COUNSEL IF NEEDED. IF AN ACTUAL CONFLICT OF INTEREST IS DEEMED TO HAVE OCCURRED, APPROPRIATE ACTIONS WILL BE TAKEN TO DETERMINE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST AND IS FAIR AND REASONABLE. INTENTIONAL FAILURE TO DISCLOSE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST OR TO FOLLOW POLICY GUIDELINES, CAN RESULT IN DISCIPLINARY AND CORRECTIVE ACTION. FORM 990, PART VI, SECTION B, LINE 15 THE PROCESS OF DETERMINING COMPENSATION IS MANAGED BY RELATED ORGANIZATION WOODWARD HINES EDUCATION FOUNDATION. CURRENTLY THE ORGANIZATION HAS NO EMPLOYEES. FORM 990, PART VI, SECTION C, LINE 19 THE ORGANIZATION MAKES ITS GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C, ORGANIZATION COMMITTEE OVERSIGHT OF AUDIT: THE ORGANIZATION 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 392965006 640860939 HIGHER EDUCATION SERVICES MS 501(C) 3 12 MHEAC 1 0 1 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 WOODWARD HINES EDUCATION FOUNDATION M 471967 FAIR MARKET VALUE WOODWARD HINES EDUCATION FOUNDATION B 830000 FAIR MARKET VALUE