Montana · Nonprofit
MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION
MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (Montana) receives grants from 4 organizations whose IRS filings report $1,039,657 to it, the largest being NEW AMERICA FOUNDATION ($519,657). 3 of them have funded it in more than one year.
- Revenue FY2025
- $20M
- Funders on record
- 4
- Grants received
- $1.0M
- Net assets
- $76M
What Montana Higher Education Student Assistance Corporation does
Mission
Mhesac offers borrower benefits in the form of principal and interest rate reductions to existing student loan borrowers. Its reach higher montana (rhm) programs core areas of focus are dual enrollment support, student services, network support and outreach.
As stated on its FY2025 Form 990.
Programs
Acquisition and servicing of guaranteed student loans as a secondary student loan market for the federal family education loan program (ffelp). Benefits provided to borrowers through rebate, incentive, and rate reduction programs totaled $221 thousand for 3,491 borrowers in fiscal year 2025. $55 million in benefits have been provided to borrowers since inception of borrower benefit programs in 1996. Since inception, mhesac has provided more than $3.7 billion in student loans to over 241,000 borrowers.
$19,333,379 spent$17,791,808 earned by the program89% of program spendingRhm serves as the backbone support organization for the montana work-based learning collaborative, convening over 30 statewide partners to improve data collection and program delivery for career-connected learning in montana.
$1,144,664 spentof which $62,500 as grants5% of program spendingRhm outreach staff served over 39,000 montana students through college and career outreach, scholarship workshops, services for youth in foster care, dual enrollment and career fairs.
$789,228 spent4% of program spendingIn fiscal year 2025, rhm delivered scholarships and grants to over 600 montana students.
$352,115 spentof which $359,712 as grants2% of program spending
The 4 programs described on its FY2024 Form 990, listed largest first by expense. Program spending in total: $21,619,386.
The organization over time
Each line starts at 100 in 2017, so what you read is the shape rather than the size: 150 means half as much again as 2017, 50 means half. The number beside each label in the key is where it ended. The shaded band is where the middle 50% of its peers' revenue would sit, given their growth.
Balance sheet
Total assets and total liabilities at each year end, in dollars. The largest one-year move in total assets was 2017 to 2018, from $860M to $756M (−12%).
How it's funded, over time
Each bar is one year's revenue split into where it came from, and every bar is the same height — these are shares, not amounts, so a year that raised twice as much looks the same size. Hover a bar for the split.
Government-grant reliance: 2017 1% · 2018 1% · 2019 1% · 2020 2% · 2021 3% · 2022 6% · 2023 2% · 2024 1% · 2025 2%. Grants only. Government contracts and fees sit inside program revenue.
4% of MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION’s revenue is contributions — more earned-revenue than three-quarters of its peers (23% for the typical peer).
Surplus & reserves
Operating surplus or deficit each year, and months of liquidity in hand. 9 of the last 9 reported years ran a deficit.
reserve
Leadership and staff
The officers, directors, trustees and key employees listed on each return. Joined and no longer listed compare each filing with the year before, matching people by surname and first initial; a year after a gap, or a roster under three people, has no comparison.
Chief executive
Scott Todorovich
CEO mhesac, pres/CEO saf
As listed on its FY2025 Form 990.
Who funds it, year by year
2020 → 2023: the base broadened from 1 funder to 2 funders, grant income fell $245k → $175k.
Left out of every figure on this page: $645k from one payer (the payer shares this organization's board, largest Student Assistance Foundation of Montana). These are real filings, and they are not money MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION raised.
From the IRS filings of MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION’s funders (the co-funder graph). Association, not causation. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
How concentrated its funding is
MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION leans on a few funders — its largest provides 50% of grant income and the top three 95%; half comes from just 2 funders.
the vertical line marks half of all grant income — 2 funders to its left
60% of the income these shares are computed over arrives through pass-through sponsors or from payers whose filings do not say what kind of payment it is. Concentration is still measured over all of it, because the money is real; what it does not support is a claim about how many institutions have chosen to fund MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION.
Largest funder’s share by year: 2020 100% · 2021 71% · 2022 73% · 2023 86% — diversifying over time.
“Effective funders” = inverse Herfindahl index (1 / Σ shareᵢ²) — the number of equal-sized funders that would give the same concentration. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Where its funders are
MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION draws 100% of its grant income from funders outside Montana, across 3 states in all.
In-state vs out-of-state, by year
Funder states come from each funder’s own filing. Trends are read to FY2023, the last fiscal year that has finished arriving. FY2024–FY2026 are still being filed and are shown unshaded; they do not move any figure on this page.
Against its field
MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION holds deeper cash reserves than three-quarters of the 3,758 education nonprofits its size.
this organization peer median middle 50% of peers· 3,758 education nonprofits $10M–$100M, FY2025
Organizations like MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION
Organizations whose mission and program text most resemble this one, by semantic similarity over every organization in the US filings — the closest peers, and often the clearest route to shared or prospective funders.
In Montana
Nationally
Read directly from this organization’s own Form 990, as neutral context.
Where the money goes
98% of spending goes to programs.
Governance
Public support
97%
Share of support from the public (Schedule A) — the basis for its public-charity status.
Footprint & structure
Part of a family of 1 related entity
- Student Assistance Foundation of Montana · exempt
Screen this organization
A dated, signed PDF of the compliance screen for MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION: IRS status (Business Master File, Publication 78, auto-revocation), the OFAC sanctions lists, the Internal Revenue Bulletin, and California registration, with the Rev. Proc. 2018-32 §8.01 reliance elements stated element by element. Generated from the current files at the moment you download it.
Screens are triage, not determinations; a source that cannot be read reports not screened, never clear. Screen this nonprofit · How the screen works · on the API as GET /api/screening/{ein}?format=pdf
Questions and answers
- Who funds MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION?
- MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION (Montana) receives grants from 4 organizations whose IRS filings report $1,039,657 to it, the largest being NEW AMERICA FOUNDATION ($519,657). 3 of them have funded it in more than one year.
- How many funders does MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION have?
- IRS filings report 4 organizations giving $1,039,657 in grants to MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION, 3 of which have funded it in more than one year.
- Who is the largest funder of MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION?
- NEW AMERICA FOUNDATION is the largest funder on record, with $519,657 in grants. The full list of funders is on this page.
- How can an organization like MONTANA HIGHER EDUCATION STUDENT ASSISTANCE CORPORATION find more funders?
- Start with the funders already giving here, then look at the foundations that back similar organizations in Montana. The funding by cause and by state pages list the largest funders for a given area and how to approach them.
These figures are read directly from IRS Form 990 / 990-PF e-file XML: this organization’s own return for FY2025 (financials across 2017–2025), and the filings of 4 funders that report grants to it. “On record” means captured in the filings we have parsed — a funder that does not e-file, or whose grant detail is not itemized, will not appear. Filings run roughly 12–24 months behind. Trends on this page end at FY2023, the last fiscal year that has finished arriving; later years are shown and marked, and move no figure. Data on this page was exported October 14, 2026. What this page cannot tell you · view filing