Overview
What is Mississippi Higher Education Assistance Corporation?
Mississippi Higher Education Assistance Corporation, headquartered in Jackson, Mississippi, serves as a secondary market for student loans. The organization played a significant role in servicing loans incurred under the Higher Education Act of 1965. Funding for these loans primarily came from the issuance of tax-exempt bonds and taxable notes. In 2014, the corporation took a strategic step by refinancing its debt with taxable bonds, thereby losing its eligibility for tax-exempt bond issuances. The corporation's mission is to enhance the quality of education in Mississippi and beyond, previously focusing exclusively on acquiring student loans under the Higher Education Act of 1965. It is worth noting that the organization has a subsidiary, the Woodward Hines Education Foundation, which offers administrative, staffing, and management services to the corporation. Moreover, the foundation provides college planning services, including counseling on college access, financial aid, and mentoring students in Mississippi through its three college planning centers. In 2022, the corporation served approximately 7,327 clients.
Official website here: www.mheac.get2college.org/mheac.html
What are the reviews and ratings of this charity?
**Charity Navigator Rating: 81% (Three-Star out of Four Star Rating)**
The Mississippi Higher Education Assistance Corporation (MHEAC) has received an 81% rating from Charity Navigator, signifying a solid performance in accountability and financial metrics. This score reflects the organization’s commitment to responsible governance, with all board members being independent and a high program expense ratio indicating that most funds are directed toward its mission rather than administrative costs.
Strengths of MHEAC include its well-structured oversight practices, as evidenced by a dedicated audit and oversight committee, comprehensive conflict of interest policies, and transparent financial reporting. However, the organization faces some criticism due to the absence of its tax form on its website, which could impede transparency for potential donors.
Unfortunately, user reviews from GreatNonprofits were not available, limiting insights from the community about their experiences and perceptions of the organization.
This AI summary has been generated from information found on Charity Navigator.
Is Mississippi Higher Education Assistance Corporation legitimate?
Mississippi Higher Education Assistance Corporation is a legitimate nonprofit organization registered as a 501(c)(3) entity. Mississippi Higher Education Assistance Corporation submitted a form 990, which is a tax form used by tax-exempt organizations in the U.S., indicating its operational transparency and adherence to regulatory requirements. Donations to this organization are tax deductible.
Heare are some key statistics you may want to consider:
Executive Compensation: $0
Professional Fundraising Fees: $0
Other Salaries and Wages: $0
For more financial information, click here
Official website here: www.mheac.get2college.org/mheac.html
What is the mission statement of Mississippi Higher Education Assistance Corporation?
The Mississippi Higher Education Assistance Corporation's mission is centered around enhancing the quality of education, not just within Mississippi, but beyond as well. Initially, its primary focus was to acquire student loans incurred under the Higher Education Act of 1965, using tax-exempt bonds and taxable notes as a funding source. However, in July 2014, the corporation expanded its purpose and refinanced its tax-exempt bonds with taxable bonds. In addition to its core function, the corporation is associated with the Woodward Hines Education Foundation (WHEF), which offers administrative, staffing, and management services. Furthermore, WHEF provides college planning services to students and parents, including college access and financial aid counseling, mentoring, and college planning assistance through its three centers in Mississippi.
Official website here: www.mheac.get2college.org/mheac.html
Who is the CEO of Mississippi Higher Education Assistance Corporation?
William F Alvis is the Director of Mississippi Higher Education Assistance Corporation. The CEO's salary of Mississippi Higher Education Assistance Corporation is $0 and their total compensation is $287,458.
Official website here: www.mheac.get2college.org/mheac.html
What is the revenue of Mississippi Higher Education Assistance Corporation?
Mississippi Higher Education Assistance Corporation's revenue in 2022 was $7,247,326.
Official website here: www.mheac.get2college.org/mheac.html
Who are the executives of Mississippi Higher Education Assistance Corporation and what are their salaries?
Here are 13 key members and their salaries (Mississippi Higher Education Assistance Corporation's CEO's salary is $0 and their total compensation is $287,458):
- Compensation: $0
- Related: $4,250
- Other: $0
- Compensation: $0
- Related: $5,175
- Other: $0
- Compensation: $0
- Related: $5,500
- Other: $0
- Compensation: $0
- Related: $5,650
- Other: $0
- Compensation: $0
- Related: $6,350
- Other: $0
- Compensation: $0
- Related: $6,100
- Other: $0
- Compensation: $0
- Related: $6,100
- Other: $0
- Compensation: $0
- Related: $5,800
- Other: $0
- Compensation: $0
- Related: $9,450
- Other: $0
- Compensation: $0
- Related: $6,100
- Other: $0
- Compensation: $0
- Related: $270,542
- Other: $16,916
- Compensation: $0
- Related: $196,449
- Other: $21,993
- Compensation: $0
- Related: $155,702
- Other: $16,814
Official website here: www.mheac.get2college.org/mheac.html
Where can I find the form 990 for Mississippi Higher Education Assistance Corporation?
Mississippi Higher Education Assistance Corporation's most recent form 990 was submitted in 2022 and can be accessed here.
Official website here: www.mheac.get2college.org/mheac.html
Learn more at the official website: www.mheac.get2college.org/mheac.html
Mission Statement of Mississippi Higher Education Assistance Corporation
Mississippi Higher Education Assistance Corporation, often abbreviated as MHEAC, has a mission centered around enhancing the standard of appropriate quality education, not just in Mississippi, but beyond its borders as well. Initially, its primary objective was to acquire student loans incurred under the Higher Education Act of 1965. MHEAC would raise funds for this purpose through the issuance of tax-exempt bonds and taxable notes. However, in 2014, the corporation expanded its mission, amending its articles of incorporation and refinancing its tax-exempt bonds with taxable bonds.
Beyond its role in student loans, MHEA also serves as a parent organization to the Woodward Hines Education Foundation (WHEF). This entity provides administrative, staffing, and management services to MHEAC. Furthermore, WHEF offers college planning services to students and their parents. These services encompass college access and financial aid counseling, mentoring students in Mississippi, and guiding them through the process of choosing and financing higher education. Through its three college planning centers, WHEF aims to empower students and parents in making informed decisions about their educational futures.
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Impact
July, 2024
Mississippi Higher Education Assistance Corporation serves as a secondary market for student loans and impacted approximately 7,327 clients in 2022. The corporation's mission is to enhance the level of quality education in Mississippi and beyond. Formerly focused on acquiring student loans under the Higher Education Act of 1965, the organization now operates with an expanded purpose. Through the issuance of tax-exempt bonds and taxable notes, it has been able to secure funding for its initiatives. Refinancing its debt in 2014 allowed the corporation to continue its operations effectively. As the parent organization of Woodward Hines Education Foundation (WHEF), the corporation not only provides administrative and management services but also offers college planning assistance to students and parents. This comprehensive approach, including college access and financial aid counseling, signifies the corporation's commitment to supporting education and empowerment in Mississippi.
This information is meant to be a general summary of Mississippi Higher Education Assistance Corporation. Please take the time to review official sources before making any decisions based upon the content provided here.
Financials
This financial information is from Propublica.
Other financial information:
This information is from the most recently submitted tax form from this organization, which was in 2022.
- Investment Income: $275,163
- Program Service Revenue: $6,282,569
- Gross Receipts: $7,247,326
Assets and Liabilities:
- Total Assets: $137,650,117
- Total Liabilities: $104,616,885
- Net Assets: $33,033,232
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Programs
Programs are reported by nonprofits in their tax forms and are normally their tax-exempt activities.
STUDENT LOAN INTEREST
Revenue
$6,173,485
LATE FEES
Revenue
$109,084
Organization Details
Founding Year
1980
Phone
(601) 321-5555Principal Officer
William F Alvis
Main Address
PO BOX 5008, JACKSON, MS, 392965008
NTEE Category
Code: W60 - Public benefit
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