2017-11-15T09:59:56-06:00 2016-12-31 640414329 HADDOX REID EUBANK BETTS PLLC 188 EAST CAPITOL STREET STE 500 JACKSON MS 39201 990 2016-01-01 640642776 MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION MISS 6013215555 PO BOX 5008 JACKSON MS 392965008 WILLIAM F ALVIS CFO 6013215555 2017-11-14 1 PAUL W CALHOUN CPA P00846500 6019482924 2017-11-14 68.216.189.2 2017-11-14 09:35:45 CS P 26AEF0FD0D559AA398BDE6759A894E4B41593AD2 B03B0F94C089198A43E2DA0036F74A0356FA0A7D 2016 2021-01-29 14:40:06Z WILLIAM F ALVIS PO BOX 5008 JACKSON MS 392965008 76399122 0 X WWW.GET2COLLEGE.ORG/MHEAC.HTML X 1980 MS SECONDARY MARKET FOR STUDENT LOANS, APPROXIMATELY 17,831 CLIENTS WERE SERVED IN 2016. 9 9 0 0 0 -189537 1469049 1671111 12907353 11500672 470969 -1868548 0 0 14847371 11303235 0 0 0 0 0 0 0 0 0 15820988 14530244 15820988 14530244 -973617 -3227009 481057404 437076723 312253801 262008582 168803603 175068141 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. WHEF ALSO CURRENTLY MANAGES AND OVERSEES THE CORPORATION'S INVESTMENT PORTFOLIO. 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 11057203 11500672 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. 11057203 1 1 0 0 0 0 0 0 0 0 0 1 0 0 0 1 0 1 0 0 1 0 0 0 0 0 0 0 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 X 9 9 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 JOHN F HILL DIRECTOR 1.00 1.00 X 0 2500 0 W STAN PRATT DIRECTOR 1.00 1.00 X X 0 3000 0 NATHAN SLATER DIRECTOR 1.00 1.00 X 0 3000 0 RONNIE G SMITH DIRECTOR 1.00 1.00 X 0 2500 0 J MURRAY UNDERWOOD DIRECTOR 1.00 1.00 X X 0 2500 0 JACK L WOODWARD DIRECTOR 1.00 1.00 X 0 2750 0 DAVID MARTIN BOARD CHAIR 1.00 1.00 X X 0 2500 0 ANDREW MULLINS BOARD VICE-CHAIR 1.00 1.00 X X 0 2500 0 DR JAYNE B SARGENT SECRETARY/TREASURER 1.00 1.00 X X 0 2500 0 WILLIAM F ALVIS CHIEF FINANCIAL OFFICER 1.00 40.00 X 0 169351 18818 JAMES E MCHALE PRESIDENT/CEO 1.00 40.00 X 0 234440 14578 0 427541 33396 0 0 1 0 WOODWARD HINES EDUCATION FOUNDATION 2600 LAKELAND TERRACE JACKSON MS 39216 MANAGEMENT FEES 3427457 US DEPARTMENT OF EDUCATION PO BOX 4134 GREENVILLE TX 754034134 REBATE FEES 2466967 NAVIENT SOLUTIONS INC PO BOX 8003 FISHERS IN 46038 SERVICING FEES 607927 3 475000 1196111 1671111 STUDENT LOAN INTEREST 900099 11324724 11324724 LATE FEES 900099 175948 175948 11500672 2176352 2176352 61050987 65095887 -4044900 -4044900 -4044900 11303235 11500672 0 -1868548 438207 438207 3515595 3515595 1647753 1647753 ADMINISTRATION AND LOAN 4125239 1090405 3034834 CONSOLIDATION REBATE 2442927 2442927 SPECIAL ALLOWANCE 2222968 2222968 PROVISION FOR LOAN LOSS 70229 70229 67326 67326 14530244 11057203 3473041 0 206606 322867 13852007 5963088 319112049 280132605 78821037 68452345 63289561 79227067 5776144 2978751 481057404 437076723 660801 598686 311593000 261409896 312253801 262008582 X 168803603 175068141 168803603 175068141 481057404 437076723 -3227009 9491547 0 X X 0 1 X 1 0 X 3676726 2284752 7024055 1469049 1670757 16125339 25986847 18116391 14928200 12907353 11500672 83439463 29663573 20401143 21952255 14376402 13171429 99564802 0 0 0 99564802 239003 44190 1235921 3648850 2176706 7344670 239003 44190 1235921 3648850 2176706 7344670 29902576 20445333 23188176 18025252 15348135 106909472 0.93130 0.95800 0.06870 0.04330 X PART III, SECTION B , LINE 10 A SCHEDULE A COLUMNS C,D AND F HAVE BEEN REVISED TO REFLECT INTEREST INCOME ON THE CORPORATION'S BONDS OWNED BY THE CORPORATION. THE 2014 AND 2015 INTEREST INCOME WAS $53,855 AND $120,610, RESPECTIVELY. RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED RESTRICTED 0 FEG PRIVATE OPPORTUNITIES FUND II LP SERIES A 18763757 F FEG ABSOLUTE ACCESS TEI FUND LLC 37785206 F FEG EQUITY ACCESS FUND LTD SERIES A 14724844 F HARVEST MLP INCOME FUND 11 7953260 F 79227067 X PART X, LINE 2: AUDITED FINANCIAL STATEMENT FOOTNOTE DISCLOSURE REGARDING ORGANIZATION'S LIABILITY FOR UNCERTAIN TAX POSITIONS: NOTE 2 - SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES MHEAC IS A TAX-EXEMPT ORGANIZATION 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. MHEAC 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. CAYMAN ISLANDS INVESTMENTS 52510050 0 0 0 0 0 0 52510050 0 52510050 1 0 1 0 0 0 0 0 0 0 0 0 0 0 0 WILLIAM F ALVIS CHIEF FINANCIAL OFFICER 0 169351 0 0 0 0 0 10630 0 8953 0 188934 0 0 JAMES E MCHALE PRESIDENT/CEO 0 234440 0 0 0 0 0 14100 0 1338 0 249878 0 0 PART I, LINES 10 AND 17 AMOUNTS IN LINE 10 AND LINE 17 IN THE PRIOR YEAR COLUMN HAVE BEEN REVISED FROM WHAT WAS PREVIOUSLY REPORTED TO REFLECT INTEREST INCOME ON THE CORPORATION'S BONDS OWNED BY THE CORPORATION. THE 2015 INTEREST INCOME WAS $120,610. FORM 990, PART VI, SECTION B, LINE 11B THE PRESIDENT/CEO DISTRIBUTES A COPY OF THE TAX RETURN TO THE BOARD AT THEIR REGULAR MEETING. ALL BOARD MEMBERS REVIEW THE RETURN AND CHECK FOR ANY CHANGES OR ADDITIONS THAT NEED TO BE MADE. ONCE IT HAS BEEN DECIDED THAT NO FURTHER CHANGES ARE NECESSARY, THE RETURN IS FINALIZED AND FILED. FORM 990, PART VI, SECTION B, LINE 12C THE ORGANIZATION REQUIRES ALL DIRECTORS, PRINCIPAL OFFICERS AND MEMBERS OF COMMITTEES WITH GOVERNING BOARD-DELEGATED POWERS ("INTERESTED PARTIES") TO COMPLETE AN ANNUAL CONFLICT OF INTEREST STATEMENT DISCLOSING ANY RELATIONSHIPS THAT MIGHT POSE A CONFLICT OF INTEREST. THE AUDIT COMMITTEE OF THE BOARD REVIEWS ANY POTENTIAL CONFLICTS OF INTEREST. IF THE COMMITTEE DETERMINES THERE IS AN ACTUAL CONFLICT OF INTEREST, THEY TAKE APPROPRIATE ACTIONS TO DETERMINE WHETHER THE TRANSACTION OR ARRANGEMENT IS IN THE ORGANIZATION'S BEST INTEREST AND IS FAIR AND REASONABLE. IF THE AUDIT COMMITTEE DETERMINES THAT AN INTERESTED PERSON HAS FAILED TO DISCLOSE AN ACTUAL OR POTENTIAL CONFLICT OF INTEREST, THE AUDIT COMMITTEE HAS THE AUTHORITY TO TAKE APPROPRIATE 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 0 1 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 WOODWARD HINES EDUCATION FOUNDATION M 3427457 FAIR MARKET VALUE WOODWARD HINES EDUCATION FOUNDATION C 475000 FAIR MARKET VALUE