SCHEDULE O
(Form 990 or 990-EZ)

Department of the Treasury
Internal Revenue Service
Supplemental Information to Form 990 or 990-EZ

Complete to provide information for responses to specific questions on
Form 990 or 990-EZ or to provide any additional information.
MediumBullet Attach to Form 990 or 990-EZ.
MediumBullet Go to www.irs.gov/Form990 for the latest information.
OMB No. 1545-0047
2018
Open to Public
Inspection
Name of the organization
MONTANA HIGHER EDUCATION STUDENT
ASSISTANCE CORPORATION
Employer identification number

81-0393527
Return Reference Explanation
FORM 990, PART VI, SECTION A, LINE 2 THREE MHESAC OFFICERS: SCOTT TODOROVICH, JOLENE SELBY AND KELLY CRESSWELL WORK FOR THE SAME ORGANIZATION.
FORM 990, PART VI, SECTION A, LINE 3 STUDENT ASSISTANCE FOUNDATION IS A 509(A)(3)SUPPORTING ORGANIZATION ORGANIZED TO PROVIDE MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (MHESAC), WITH ALL THE NECESSARY MANAGEMENT AND ADMINISTRATIVE SERVICES REQUIRED TO OPERATE MHESAC'S STUDENT LOAN PROGRAM, PERFORM ALL THE RESPONSIBILITIES UNDER THE INDENTURES, AND TO SERVICE ALL STUDENT LOANS OWNED BY MHESAC.
FORM 990, PART VI, SECTION A, LINE 7A THE CHAIR OF THE BOARD OF REGENTS CAN APPOINT A VOTING MEMBER.
FORM 990, PART VI, SECTION B, LINE 11B THE RETURN IS MADE AVAILABLE TO THE FULL BOARD AND REVIEWED BY THE AUDIT COMMITTEE PRIOR TO FILING. THE AUDIT COMMITTEE PRESENTS THE RETURN TO THE FULL BOARD AT THE NEXT SCHEDULED MEETING.
FORM 990, PART VI, SECTION B, LINE 12C BOARD MEMBERS ARE REQUIRED TO DISCLOSE CONFLICTS OF INTEREST PRIOR TO PARTICIPATING IN THE DISCUSSION OF THE TOPIC. THE DISCLOSURE IS NOTED IN THE MINUTES. ALL VOTES HAVE TO BE CARRIED BY A MAJORITY OF DISINTERESTED PARTIES.
FORM 990, PART VI, SECTION B, LINE 15 THE ORGANIZATION DOES NOT INCUR COMPENSATION OR PAYROLL RELATED EXPENSES. BOARD MEMBERS ARE PAID HONORARIUMS ONLY AND REIMBURSED FOR TRAVEL EXPENDITURES. THE PROCESS FOR DETERMINING EXECUTIVE COMPENSATION BY THE STUDENT ASSISTANCE FOUNDATION, MHESAC'S MANAGEMENT COMPANY, IS AS FOLLOWS: WHEN EXECUTIVE AND OFFICER EMPLOYMENT CONTRACTS ARE RENEWED, THE SAF BOARD APPOINTS A COMPENSATION COMMITTEE TO REVIEW AND RECOMMEND COMPENSATION OF THE CEO FOR BOARD APPROVAL. THE SAF BOARD APPROVES ANY ANNUAL COST OF LIVING ADJUSTMENTS.
FORM 990, PART VI, SECTION C, LINE 19 FINANCIAL STATEMENTS ARE AVAILABLE FROM THE COMPANY'S WEBSITE AND OTHER DOCUMENTS ARE AVAILABLE UPON REQUEST.
FORM 990, PART IX, LINE 24E PROGRAM COSTS: PROGRAM SERVICE EXPENSES 46,024. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 46,024. OTHER GRANTS: PROGRAM SERVICE EXPENSES 30,650. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 30,650. DUES & SUBSCRIPTIONS: PROGRAM SERVICE EXPENSES 12,260. MANAGEMENT AND GENERAL EXPENSES 9,843. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 22,103. LISTING FEES: PROGRAM SERVICE EXPENSES 5,228. MANAGEMENT AND GENERAL EXPENSES 0. FUNDRAISING EXPENSES 0. TOTAL EXPENSES 5,228.
FORM 990, PART XII, LINE 2C - OVERSITE OF AUDIT THE PROCESS FOR THE OVERSIGHT RESPONSIBILITY OF THE AUDIT HAS NOT CHANGED AND IS CONSISTENT WITH PRIOR YEARS.
For Paperwork Reduction Act Notice, see the Instructions for Form 990 or 990-EZ.
Cat. No. 51056K
Schedule O (Form 990 or 990-EZ) 2018


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