Civic Intelligence

Mississippi Higher Education Assistance

EIN 64-0642776 • 501(c)3 • Jackson, MS

Profile

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.

PO Box 5008Jackson, MS 39296

mheac.get2college.org/MHEAC.HTML

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

79th percentile

0.65x

Higher debt load relative to assets than 79% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Liabilities / Revenue

96th percentile

7.41x

Higher debt load relative to revenue than 96% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Net Margin

63rd percentile

10%

Higher net margin than 63% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Top Officer Pay

51st percentile

$364,027

Higher top officer pay than 51% of similar nonprofits.

Top officer pay equals 4.2% of source-year revenue.

501(c)3 • $50M-$100M nonprofits • Source year 2024

Asset Growth

5th percentile

-16%

Faster asset growth than 5% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Revenue Growth

14th percentile

-12%

Faster revenue growth than 14% of similar nonprofits.

501(c)3 • $50M-$100M nonprofits • Annualized from 2023 to 2024

Assets

Down

$98,577,498

Down $18,509,755 (-16%) from 2023

Liabilities

Down

$63,908,854

Down $19,373,799 (-23%) from 2023

Net Assets

Up

$34,668,644

Up $864,044 (+2.6%) from 2023

Revenue

Down

$8,626,790

Down $1,154,551 (-12%) from 2023

Expenses

Down

$7,762,746

Down $1,247,227 (-14%) from 2023

Net Income

Up

$864,044

Up $92,676 (+12%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$1.5B$1.0B$500M$0Assets 2010: $1,278,453,560Liabilities 2010: $1,148,660,768Net Assets 2010: $129,792,7922010Assets 2011: $1,114,008,439Liabilities 2011: $975,297,619Net Assets 2011: $138,710,8202011Assets 2012: $650,088,488Liabilities 2012: $478,829,217Net Assets 2012: $171,259,2712012Assets 2013: $494,700,696Liabilities 2013: $320,814,091Net Assets 2013: $173,886,6052013Assets 2014: $542,661,534Liabilities 2014: $366,319,867Net Assets 2014: $176,341,6672014Assets 2015: $481,057,404Liabilities 2015: $312,253,801Net Assets 2015: $168,803,6032015Assets 2016: $437,076,723Liabilities 2016: $262,008,582Net Assets 2016: $175,068,1412016Assets 2017: $256,539,856Liabilities 2017: $229,054,037Net Assets 2017: $27,485,8192017Assets 2018: $229,119,476Liabilities 2018: $200,520,951Net Assets 2018: $28,598,5252018Assets 2019: $206,722,918Liabilities 2019: $177,617,907Net Assets 2019: $29,105,0112019Assets 2020: $186,025,100Liabilities 2020: $155,817,752Net Assets 2020: $30,207,3482020Assets 2021: $167,450,530Liabilities 2021: $135,368,132Net Assets 2021: $32,082,3982021Assets 2022: $137,650,117Liabilities 2022: $104,616,885Net Assets 2022: $33,033,2322022Assets 2023: $117,087,253Liabilities 2023: $83,282,653Net Assets 2023: $33,804,6002023Assets 2024: $98,577,498Liabilities 2024: $63,908,854Net Assets 2024: $34,668,6442024

Highlighted filing

2024

Assets$98,577,498
Liabilities$63,908,854
Net Assets$34,668,644

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$200M$100M$0-$100M-$200MExpenses 2010: $23,220,4012010Expenses 2011: $20,010,4412011Expenses 2012: $32,064,9582012Revenue 2013: $23,002,834Expenses 2013: $20,375,500Net Income 2013: $2,627,3342013Revenue 2014: $21,776,106Expenses 2014: $17,040,206Net Income 2014: $4,735,9002014Revenue 2015: $14,726,761Expenses 2015: $15,700,378Net Income 2015: -$973,6172015Revenue 2016: $11,303,235Expenses 2016: $14,530,244Net Income 2016: -$3,227,0092016Revenue 2017: $13,476,182Expenses 2017: $168,401,614Net Income 2017: -$154,925,4322017Revenue 2018: $11,387,740Expenses 2018: $10,275,034Net Income 2018: $1,112,7062018Revenue 2019: $10,681,352Expenses 2019: $10,174,866Net Income 2019: $506,4862019Revenue 2020: $8,513,203Expenses 2020: $7,410,866Net Income 2020: $1,102,3372020Revenue 2021: $7,686,362Expenses 2021: $5,811,312Net Income 2021: $1,875,0502021Revenue 2022: $7,247,326Expenses 2022: $6,296,492Net Income 2022: $950,8342022Revenue 2023: $9,781,341Expenses 2023: $9,009,973Net Income 2023: $771,3682023Revenue 2024: $8,626,790Expenses 2024: $7,762,746Net Income 2024: $864,0442024

Highlighted filing

2024

Revenue$8,626,790
Expenses$7,762,746
Net Income$864,044

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2024Facts available. Structured filing facts are available, but richer extracted sections are limited.$98.6$63.9$34.7$8.63$7.76$0.86
2023Detailed filing. Detailed filing data is available for this year.$117$83.3$33.8$9.78$9.01$0.77
2022Detailed filing. Detailed filing data is available for this year.$138$105$33.0$7.25$6.30$0.95
2021Detailed filing. Detailed filing data is available for this year.$167$135$32.1$7.69$5.81$1.88
2020Detailed filing. Detailed filing data is available for this year.$186$156$30.2$8.51$7.41$1.10
2019Detailed filing. Detailed filing data is available for this year.$207$178$29.1$10.7$10.2$0.51
2018Detailed filing. Detailed filing data is available for this year.$229$201$28.6$11.4$10.3$1.11
2017Detailed filing. Detailed filing data is available for this year.$257$229$27.5$13.5$168$155
2016Detailed filing. Detailed filing data is available for this year.$437$262$175$11.3$14.5$3.23
2015Detailed filing. Detailed filing data is available for this year.$481$312$169$14.7$15.7$0.97
2014Detailed filing. Detailed filing data is available for this year.$543$366$176$21.8$17.0$4.74
2013Detailed filing. Detailed filing data is available for this year.$495$321$174$23.0$20.4$2.63
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$650$479$171$32.1
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,114$975$139$20.0
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,278$1,149$130$23.2
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jan 1, 2024 to Dec 31, 2024
Signed
Nov 12, 2025
Return Version
2024v5.1
Gross Receipts
$8,626,790
Mission and Program Overview

Mission

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 through sept. 2017, managed and oversaw 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.,

Secondary market for student loans, approximately 4,972 clients were served in 2024.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$110,030,513$92,190,967▼ $17,839,546
Savings and Temporary Cash Investments$2,528,253$2,598,016▲ $69,763
Cash and Non-Interest-Bearing Accounts$10,834$10,249▼ $585
Prepaid Expenses and Deferred Charges$223,239$4,958▼ $218,281
Accounts Receivable$0--
Receivable From Disqualified Prsn-$0-
Receivables From Officers Etc-$0-
Investments Other Securities$0--
Investments Program Related$0--
Land, Buildings, and Equipment, Net-$0-
Loans From Officers Directors-$0-
Total Assets$117,087,253$98,577,498▼ $18,509,755
Other Assets Total$4,294,414$3,773,308▼ $521,106
Liabilities
Mortgage Notes Payable Secured by Investment Property$83,091,000$63,761,844▼ $19,329,156
Accounts Payable and Accrued Expenses$191,653$147,010▼ $44,643
Other Liabilities$0$0→ $0
Total Liabilities$83,282,653$63,908,854▼ $19,373,799
Net Assets / Fund Balance
Net Assets Without Donor Restrictions$33,804,600$34,668,644▲ $864,044
Total Net Assets Fund Balance$33,804,600$34,668,644▲ $864,044
Total Liabilities and Net Assets / Fund Balance$117,087,253$98,577,498▼ $18,509,755
Compensation and Service Providers

Employees

NameTitleOtherTotal
Nathan SlaterBoard Member/Board Chair$10,800$10,800
John HillBoard Member$7,800$7,800
Robert LeardBoard Member$7,200$7,200
Cedric BradleyBoard Member$6,900$6,900
Debra McGeeBoard Member/Board Vice Chair$6,900$6,900
David MartinBoard Member$6,300$6,300
Michael CormackBoard Member$5,700$5,700
Errick SimmonsBoard Member Beg 5/28/24$4,200$4,200
Carla KirklandBoard Member Beg 5/28/24$3,900$3,900
Mike HighfieldBoard Member Beg 5/28/24$3,000$3,000
Andrew MullinsBoard Member Through 5/28/24$2,700$2,700
Camille YoungBoard Member$2,400$2,400
Eddie CarlisleBoard Member Through 5/28/24$1,500$1,500
Haley FisackerlyBoard Member$1,500$1,500

Board Members and Trustees

NameTitle
James McHalePresident/CEO
William AlvisCFO/Treasurer
Minette KetchingsCOO/Secretary

Highest Paid Contractors

ContractorServicesLocationCompensation
Navient Solutions INCServicing FeesPO BOX 8003, Fishers, IN 46038$248,771
Revenue and Support

Revenue Composition

Contributions and Grants
$3,185,522
Program Service Revenue
$4,791,497
Investment Income
$649,771
Other Revenue
$0
Change in Net Assets
$864,044

Audited Revenue Reconciliation

Revenue per Audited Statements
$6,993,823
Revenue Not Reported on Financial Statements
$1,632,967
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$1,632,967
Total Revenue per Audited Statements
$6,993,823
Total Revenue per Form 990
$8,626,790
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$6,940,746
Grants and Similar Amounts Paid$822,000
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$5,095,107--$5,095,107
Grants to Domestic Orgs$822,000--$822,000
Depreciation Depletion$280,565--$280,565
Other Expenses$57,645$182,837-$57,645
Total Functional Expenses$7,579,909$182,837$0$7,762,746

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$7,762,746
Expenses per Audited Statements$6,129,779
Total Expenses per Audited Statements$6,129,779
Expenses Not Reported on Financial Statements$1,632,967
Other Expense Adjustments$1,632,967
Expenses Not Reported on Form 990$0
International Activity

Grant and Assistance Recipients

RecipientLocationCategoryPurposeAmount
Woodward Hines Education FoundationJackson, MS501 (c)(3)General Operations$822,000
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees-$0-
Receivables from Disqualified Persons-$0-
Receivables from Officers, Directors, Trustees, and Key Employees-$0-
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with 35% controlled entity
No
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
Yes
Key decisions subject to board approval
No
Management duties delegated
No

Governance Explanations

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

Filing and Contact Details

Filer

Filer Name
Mississippi Higher Education Assistance Corporation
EIN
64-0642776
Phone
6013215555
Address
PO Box 5008, Jackson, MS 39296

Signing Officer

Name
William F Alvis
Title
CFO
Phone
6013215556
Signed
2025-11-12
Discuss with paid preparer
Yes

Organization Details

Formed
1980
Legal Domicile
Ms
Voting Board Members
12
Independent Board Members
12
Employees
0
Volunteers
1

Preparer

Firm
Forvis Mazars LLP
Address
PO Box 3667, Little Rock, AR 72203-3667
Preparer
Amber Sherrill
Phone
5013721040
Supplemental Narrative

Additional Explanations

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.

Financial Statement Notes

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

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IRS990/Form990PartVIISectionAGrp/PersonNm11Michael Cormack
IRS990/Form990PartVIISectionAGrp/PersonNm12Mike Highfield
IRS990/Form990PartVIISectionAGrp/PersonNm13Robert Leard
IRS990/Form990PartVIISectionAGrp/PersonNm14James McHale
IRS990/Form990PartVIISectionAGrp/PersonNm15Minette Ketchings
IRS990/Form990PartVIISectionAGrp/PersonNm16William Alvis
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IRS990/MissionDesc0Secondary 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.
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