MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION Charity Report

Public IRS 990 nonprofit record

MISSISSIPPI HIGHER EDUCATION ASSISTANCE CORPORATION

EIN 64-0642776 · Financial Institutions (W60)

What they do

Secondary 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.

Before you give

Should I give to this charity?

Easy charity check

Look at where the money went

Of every $100 spent, about $97.60 was reported for mission work. Use the spending picture below and ask what results that work produced.

Plain answer: A tax form cannot prove that a charity is doing good. It can show how the charity says it spent its money—and point out questions you should ask.

Basic facts we verified

IRS warning checkNo IRS revocation warning appears in this data.

Money report from 2024The charity has a recent tax report to read.

They explain their jobThe charity tells us what it is trying to do.

They name their leaders17 people are listed in the latest report.

You can reach themThey list contact information, so you can ask questions.

Money made simple

87.86%of revenue went to mission work97.6% of expenses · Program services

$89.98spent for every $100 of revenueRevenue covered expenses this year.

2.12%of revenue went to management and office costs2.4% of expenses

$12.70in assets for every $1 spent this yearSome assets cannot be spent right away.

36.9%of its money came from giftsOther money may come from services or investments.

Ask these three easy questions

Who did you help? Ask for a recent story or report that shows real results.
What will my money do? Ask exactly what your gift will pay for.
Is this really the charity? Give only through its official website or confirmed phone number.

Pay context: The highest compensation shown in this filing is $70,527 for JAMES MCHALE (PRESIDENT/CEO). Compare pay with organizations of similar size and complexity.

Bottom line: Do not decide from a name, mission statement, or tax status alone. Look at where the money went, then ask what changed, who was helped, and what your gift will do. YouCanGiveBack does not endorse or grade organizations.

Money

Financial picture

Tax year 2024

A plain-language look at the latest Form 990 figures available. These numbers help you ask better questions; they do not, by themselves, rate whether a charity is good or bad.

$100revenue

How each $100 of revenue was used

The large number compares each expense with revenue. The smaller number shows its share of total expenses.

Total reported revenue$8,626,790

Mission workProgram services$7,579,90987.86% of revenue97.6% of expenses

ManagementOffice and general costs$182,8372.12% of revenue2.4% of expenses

FundraisingAsking for donations0.00% of revenue0.0% of expenses

Revenue left after expensesReported annual surplus$864,04410.02% of revenueShown in gray on the chart

Total expenses$7,762,74689.98% of revenue

Gray means reported revenue left after expenses for this filing year. It does not necessarily mean cash sitting in a bank account.

Has the pattern changed?

Colored bars = expense mix: how each year’s expenses were divided. Total expenses vs. revenue shows whether the charity spent less or more than it received. The current filing is first.

YearExpense mixDetails

2024CurrentExpense mix: 97.6% mission · 2.4% management · 0.0% fundraisingTotal expenses: 89.98% of revenue

2023Expense mix: 97.4% mission · 2.6% management · 0.0% fundraisingTotal expenses: 92.11% of revenue

2022Expense mix: 95.6% mission · 4.4% management · 0.0% fundraisingTotal expenses: 86.88% of revenue

2021Expense mix: 94.4% mission · 5.6% management · 0.0% fundraisingTotal expenses: 75.61% of revenue

2020Expense mix: 95.3% mission · 4.7% management · 0.0% fundraisingTotal expenses: 87.05% of revenue

2019Expense mix: 96.0% mission · 4.0% management · 0.0% fundraisingTotal expenses: 95.26% of revenue

2018Expense mix: 95.2% mission · 4.8% management · 0.0% fundraisingTotal expenses: 90.23% of revenue

2017Expense mix: 98.3% mission · 1.7% management · 0.0% fundraisingTotal expenses: 1,249.62% of revenue

Money in and money out

Revenue$8,626,790

Expenses$7,762,746

Annual surplus $864,044 Revenue was higher than expenses for this filing year.

Reported spending amounts

Mission work means the Form 990 category called program services. These are reported accounting categories—not an independent measurement of results.

Mission work (program services)$7,579,909 · 97.6% of expenses

Management and office costs$182,837 · 2.4% of expenses

See all reported dollar amounts

Revenue$8,626,790

Expenses$7,762,746

Assets$98,577,498

Income$8,626,790

Contributions$3,185,522

Mission work (program services)$7,579,909

Grants given$3,161,000

Average grant$632,200

Management and general$182,837

People

Leadership and board

Tax year 2024

Names, titles, time, and compensation below are reported by the organization on its Form 990.

People reported as paid

Person and titleCompensation

JAMES MCHALEPRESIDENT/CEO · 1 hrs/week $70,527Base · Other $70,527

WILLIAM ALVISCFO/TREASURER · 1 hrs/week $54,666Base · Other $54,666

MINETTE KETCHINGSCOO/SECRETARY · 1 hrs/week $31,849Base · Other $31,849

Compensation alone does not tell whether pay is reasonable. Consider the charity’s size, work, location, and results.

See everyone listed on the board or leadership roster (17)

JAMES MCHALEPRESIDENT/CEO

WILLIAM ALVISCFO/TREASURER

MINETTE KETCHINGSCOO/SECRETARY

HALEY FISACKERLYBOARD MEMBER

ROBERT LEARDBOARD MEMBER

NATHAN SLATERBOARD MEMBER/BOARD CHAIR

MIKE HIGHFIELDBOARD MEMBER BEG 5/28/24

MICHAEL CORMACKBOARD MEMBER

JOHN HILLBOARD MEMBER

ANDREW MULLINSBOARD MEMBER THROUGH 5/28/24

ERRICK SIMMONSBOARD MEMBER BEG 5/28/24

EDDIE CARLISLEBOARD MEMBER THROUGH 5/28/24

DEBRA MCGEEBOARD MEMBER/BOARD VICE CHAIR

DAVID MARTINBOARD MEMBER

CEDRIC BRADLEYBOARD MEMBER

CARLA KIRKLANDBOARD MEMBER BEG 5/28/24

CAMILLE YOUNGBOARD MEMBER

About this charity

Recognized since: January 1981
Location: PO BOX 5008, JACKSON, MS 39296-5008
County: Hinds
In care of: William F Alvis
Primary officer: William F Alvis, CFO

How to reach them

WebsiteVisit the charity’s website Emailmsaffold@esfweb.com Phone(601) 321-5555 Officer phone(601) 321-5556

Filing and classification

Latest tax year: 2024
Tax period began: January 1, 2024
Return type: 990
Tax preparer: FORVIS MAZARS LLP
NTEE classification: Financial Institutions (W60)
IRS tax category: Financial Institutions
Grant-giving organization: Yes