Massachusetts Higher Education Assistance Corporation

Analysis

Massachusetts Higher Education Assistance Corporation is a registered charity in United States, based in Boston, MA. It received its IRS tax-exemption ruling in December 1958, 68 years ago. The IRS classifies it as a publicly supported organisation (gross receipts test) under section 501(c)(3), and contributions to it are listed as tax-deductible.

In the financial year ending December 2023, Massachusetts Higher Education Assistance Corporation reported income of $113.1m and spending of $95.1m, spending 84% of its income. Across the 5 years on record, from December 2019 to December 2023, income fell from $127.2m to $113.1m (-11%), an average of -2.9% a year. The sharpest change came in the year to December 2021, when income rose by 49%. Over the whole period it spent 76% of the income it received.

Among 72,936 United States charities whose main cause is other charitable purposes and that reported income, Massachusetts Higher Education Assistance Corporation sits at the 100th percentile: it is one of the largest 1% in its cause. Against every charity in United States with reported income it ranks in the 99th percentile, and in the 99th percentile within MA. Charities of a similar size with the same main cause include Concordia University St Paul ($112.8m), Association of Public Health Laboratories Inc ($113.2m) and Archcare ($112.3m).

On its Form 990 for the period ending December 2023, revenue came from contributions and grants 0.4% and program service revenue 75% of the total. Compensation of current officers, directors and key employees was $5.5m (5.8% of expenses). Other salaries and wages came to $7.8m. At year end it held assets of $1.05bn against liabilities of $131.2m, net assets of $914.0m. It reported 99 employees.