2024-04-02T04:53:25-05:00 2023-06-30 FORVIS LLP 14241 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 990 2022-07-01 742099402 Brazos Higher Education Authority Inc % RICKY TURMAN EVP/CFO BRAZ 2547530915 5609 Crosslake Pkwy Waco TX 76712 RICKY TURMAN EVP/CFO 2547530915 2023-11-15 true Ricky Turman 999009999 Jeanette Verrelli P00742631 9727028262 2 2022 2023-04-26 12:10:37Z RICKY TURMAN 5609 CROSSLAKE PKWY WACO TX 76712 65596378 false X WWW.STUDENTLOANS.COM X 1975 TX BRAZOS HIGHER EDUCATION AUTHORITY, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. 10 8 0 8 0 0 0 0 31396736 63312360 147608 2284018 852 0 31545196 65596378 0 0 0 0 0 0 0 0 0 30560842 54054077 30560842 54054077 984354 11542301 991731055 798359381 963343890 758429915 28387165 39929466 BRAZOS HIGHER EDUCATION AUTHORITY, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. false false 54054077 63312360 BRAZOS HIGHER EDUCATION AUTHORITY, INC. HELD STUDENT LOANS UNDER THe TITLE IV FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) AND OTHER PRIVATE STUDENT LOAN PROGRAMS. THESE LOANS WERE FUNDED THROUGH PERMANENT FINANCINGS AND COMPANY FUNDS. 54054077 true false false false false false false false false false false false false false false true true false false false false false false false false false false false false true true true false true false false false false false false false false false false false false true true true false false true 0 0 0 false false false false false false false false false false false false X 10 8 false true false false false true false true true false false true true true true true true false false false X RICKY TURMAN EVPCFO 2547530915 5609 CROSSLAKE PKWY WACO TX 76712 THOMAS BEN LITLE EVP/COO/Executive Director 1.0 39.0 X X 0 691410 73360 RICKY TURMAN EVP/CFO 1.0 39.0 X X 0 632670 75998 KELLI UTTECH EVP/General Counsel 1.0 39.0 X 0 403310 70102 Tammy Harralson VP/Controller 1.0 39.0 X 0 241428 57555 Darrell Brooks Treasurer 1.0 39.0 X 0 217277 53520 Tiffany Jones Secretary 1.0 39.0 X 0 89013 20110 VICKY SMITH Assistant Secretary 1.0 39.0 X 0 76959 27422 Robert B Chambers President 1.0 7.0 X X 0 0 0 Claude Ervin Director 1.0 7.0 X 0 0 0 Harry Harelik Director 1.0 7.0 X 0 0 0 Peter Kultgen Director 1.0 7.0 X 0 0 0 Paul McClinton Vice President 1.0 7.0 X X 0 0 0 Dr Andy Popejoy Director 1.0 7.0 X 0 0 0 Larry Smith Director 1.0 7.0 X 0 0 0 John Hatchel Director 1.0 7.0 X 0 0 0 0 2352067 378067 0 false true false 0 0 Interest Received on Student Loans 522294 50226545 50226545 Late Charges 522294 205836 205836 Extinguishment of Debt 522294 12879979 12879979 63312360 2284018 2284018 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 65596378 63312360 2284018 0 0 0 0 0 0 0 0 0 0 1594015 1594015 0 0 0 0 0 0 0 0 0 0 0 0 0 0 45108427 45108427 0 0 0 Dept of Education Rebate Fee 5552707 5552707 Servicing Expense 1360486 1360486 BAD DEBT EXPENSE 177133 177133 RATING FEES EXPENSE 139500 139500 121809 121809 54054077 54054077 0 0 0 0 67923959 40011011 0 0 0 0 0 0 0 0 890420635 721790809 0 0 62500 62500 0 0 0 0 0 0 0 0 0 0 33323961 36495061 991731055 798359381 19397779 11158411 0 0 0 0 48300000 28315000 0 0 0 0 895646111 718956504 0 0 0 0 963343890 758429915 X 28387165 39929466 0 0 0 0 28387165 39929466 991731055 798359381 11542301 X X false true X false true true X 0 0 0 0 0 0 64088729 52469589 33939420 31397588 63312360 245207686 0 0 0 64088729 52469589 33939420 31397588 63312360 245207686 0 0 0 245207686 1181926 700959 47340 147608 2284018 4361851 0 1181926 700959 47340 147608 2284018 4361851 0 0 65270655 53170548 33986760 31545196 65596378 249569537 0.98252 0.98869 0.01748 0.01131 X 0 0 X 60043671 -5552707 -5552707 65596378 65596378 48501370 48501370 5552707 5552707 54054077 SCHEDULE D, PART X, LINE 2 LIABILITY FOR UNCERTAIN TAX POSITIONS: THE AUTHORITY IS A NOT-FOR-PROFIT PUBLIC BENEFIT CORPORATION, WHICH IS EXEMPT FROM FEDERAL INCOME TAXES UNDER SECTION 501(A) OF THE INTERNAL REVENUE CODE AS AN ORGANIZATION DESCRIBED IN SECTION 501(C)(3). THE AUTHORITY IS ALSO EXEMPT FROM STATE INCOME TAX. INCOME THAT IS NOT RELATED TO ITS EXEMPT PURPOSES, LESS APPLICABLE DEDUCTIONS, IS SUBJECT TO FEDERAL INCOME TAXES. THE AUTHORITY HAD NO NET UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2023 AND 2022. AS SUCH, NO PROVISION FOR FEDERAL OR STATE INCOME TAXES HAS BEEN PROVIDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE AUTHORITY FILES FEDERAL INFORMATION RETURNS IN THE UNITED STATES. THE AUTHORITY MAY BE SUBJECT TO EXAMINATIONS FOR THE TAX YEARS ENDED JUNE 30, 2020 AND LATER BY THE INTERNAL REVENUE SERVICE (IRS). THE AUTHORITY IS NOT CURRENTLY UNDER EXAMINATION FOR ANY OPEN TAX YEAR. THE AUTHORITY FOLLOWS THE ACCOUNTING STANDARD RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE AUTHORITY'S FINANCIAL STATEMENTS. THE STANDARD PRESCRIBES A RECOGNITION THRESHOLD AND MEASUREMENT ATTRIBUTE FOR THE FINANCIAL STATEMENT RECOGNITION AND MEASUREMENT OF A TAX POSITION TAKEN OR EXPECTED TO BE TAKEN IN A TAX RETURN. THE AUTHORITY CURRENTLY DOES NOT HAVE ANY POSITIONS RESERVED. SCHEDULE D, PART XI, LINE 2D Reconciliation of Revenue per audited financials with return: Department of Education Rebate Fees $(5,552,707) Schedule D, Part XII, Line 4b Reconciliation of expenses per audited financials with return: Department of Education Rebate Fees $5,552,707 false false false false false false false false false THOMAS BEN LITLE EVP/COO/Executive Director 624514 66091 805 69379 3981 764770 RICKY TURMAN EVP/CFO 539367 57823 35480 69856 6142 708668 KELLI UTTECH EVP/General Counsel 332567 36684 34059 65601 4501 473412 Darrell Brooks Treasurer 187112 21816 8349 48538 4982 270797 Tammy Harralson VP/Controller 210415 24198 6815 53823 3732 298983 Schedule J, Part I, Line 3 COMPENSATION OF EXECUTIVE DIRECTOR: THE EXECUTIVE DIRECTOR IS COMPENSATED BY BRAZOS HIGHER EDUCATION SERVICE CORPORATION, A RELATED ORGANIZATION. THE FOLLOWING METHODS ARE USED TO ESTABLISH THE EXECUTIVE DIRECTOR'S COMPENSATION BY THE RELATED ORGANIZATION: - INDEPENDENT COMPENSATION CONSULTANT - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE A BRAZOS HIGHER EDUCATION AUTHORITY INC 742099402 10623AAW3 2019-10-31 19885910 ACQUIRE QUALIFYING STUDENT LOANS false true false B BRAZOS HIGHER EDUCATION AUTHORITY INC 742099402 10623ABU6 2020-03-06 33499500 ACQUIRE QUALIFYING STUDENT LOANS false true false A 1560000 0 19885910 377000 0 0 146938 0 0 19361972 0 0 2020 false false true true B 2490000 0 33499500 611300 0 0 416293 0 0 32471907 0 0 2021 false false true true A false false false false 0 false false false true B false false false false 0 false false false true A false true false false false false 0 false 0 false true B false true false false false false 0 false 0 true true A true B true SCH. K, PART II, LINE 10: AMOUNTS SHOWN WERE USED TO ACQUIRE QUALIFYING STUDENT LOANS. FORM 990, PART VI, SECTION A, LINE 3 DELEGATION OF DUTIES: BRAZOS HIGHER EDUCATION AUTHORITY, INC. (BHEA) HAS A CONTRACT WITH BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC. TO PERFORM MANAGEMENT AND ADMINISTRATION SERVICES ON BHEA'S BEHALF. THIS INCLUDES PROGRAM ADMINISTRATION FOR THE OUTSTANDING STUDENT LOANS HELD BY BHEA. THE SERVICES INCLUDE, BUT ARE NOT LIMITED TO: ACCOUNTING, REPORTING, ORIGINATING, MARKETING, TREASURY, AND BOND INDENTURE ADMINISTRATION AND COMPLIANCE MONITORING OF THE STUDENT LOANS HELD BY BHEA. FORM 990, PART VI, SECTION A, LINE 7A POWER TO APPOINT BOARD MEMBERS: THE CITY COUNCIL OF THE CITY OF WACO HAS THE POWER TO APPOINT THE BOARD. FORM 990, PART VI, SECTION B, LINE 11B PROCESS TO REVIEW FORM 990: THE FORM 990 IS PROVIDED TO SENIOR MANAGEMENT FOR REVIEW. AFTER THIS REVIEW, THE RETURN IS POSTED ON A SECURE WEBSITE FOR REVIEW BY THE BOARD OF DIRECTORS. THE BOARD IS NOTIFIED OF THE POSTING AND ASKED TO PROVIDE COMMENTS OR QUESTIONS. COMMENTS OR QUESTIONS ARE INVESTIGATED AND RESOLVED OR DISCLOSED TO THE BOARD. UPON COMPLETION OF THE PROCESS, THE RETURN IS FILED. FORM 990, PART VI, SECTION B, LINE 12C PROCESS FOR MONITORING CONFLICT OF INTEREST POLICY: THE LEGAL DEPARTMENT PREPARES AND DISTRIBUTES A CONFLICT OF INTEREST QUESTIONNAIRE TO ALL BOARD MEMBERS AND EMPLOYEES ANNUALLY. THE LEGAL DEPARTMENT REVIEWS THE QUESTIONNAIRES AND COMPILES A LIST OF POTENTIAL CONFLICTS FOR REVIEW BY SENIOR MANAGEMENT AND THE BOARD OF DIRECTORS. POTENTIAL CONFLICTS ARE ASSESSED AND RESOLVED IF DETERMINED TO BE AT RISK. IF A BOARD MEMBER CONFLICT IS FOUND TO EXIST, THE CONFLICTED BOARD MEMBER ABSTAINS FROM VOTING. FORM 990, PART VI, SECTION C, LINE 19 PROCESS FOR MAKING DOCUMENTS AVAILABLE: THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION: THE COMPENSATION OF THE EXECUTIVE DIRECTOR, OFFICERS, AND KEY EMPLOYEES OF THE BRAZOS HIGHER EDUCATION AUTHORITY INC. IS PAID BY A RELATED ORGANIZATION, AND IS DETERMINED UNDER THE POLICIES OF THE RESPECTIVE RELATED ORGANIZATION. Form 990, Part XI, Line 9 Other Changes in Fund Balances: Estate Contribution $17,037 Estate Distribution ($17,037) ------------------- Total $0 Form 990, Part XII, Line 2C CHANGE TO OVERSIGHT PROCESS: BRAZOS HIGHER EDUCATION AUTHORITY, INC. no longer utilizes an Audit Committee. The functions of the Audit Committee, including selection and review of the auditor, is now performed by the entire board. BRAZOS HIGHER EDUCATION SERVICE CORP 5609 CROSSLAKE PKWY WACO TX 76712 742129255 STUD LOANS TX 501(C)(3) 10 NA false BOSQUE HIGHER EDUCATION AUTHORITY INC 5609 Crosslake Pkwy WACO TX 76712 742534099 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS EDUCATION FOUNDATION 5609 Crosslake Pkwy WACO TX 76712 264562436 GRANT MAKING TX 501(C)(3) 7 BHESC true BRAZOS EDUCATION LOAN AUTHORITY INC 5609 CROSSLAKE PKWY WACO TX 76712 203868073 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS EDUCATION LENDING CORPORATION 5609 CROSSLAKE PKWY WACO TX 76712 203870081 STUD LOANS TX 501(C)(3) 10 NA true FEDERATED STUDENT FINANCE CORPORATION 5609 CROSSLAKE PKWY WACO TX 76712 742536239 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS STUDENT FINANCE CORPORATION 5609 CROSSLAKE PKWY WACO TX 76712 742356109 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS ASSET CORPORATION (BAC) 5609 CROSSLAKE PKWY WACO TX 76712 300835799 INVESTMENT TX SEE PART VII C-CORPORATION true false false false false true false false true false false false false true false false false false false false BRAZOS EDUCATION LENDING CORPORATION H 19922000 CASH Schedule R, Part IV IDENTIFICATION OF RELATED ORGANIZATIONS TAXABLE AS CORP OR TRUST: NAME OF RELATED ORGANIZATION: BRAZOS ASSET CORP PRIMARY ACTIVITY: FINANCE-TRANS INVOLVING CREATION/LIQUIDATION/OWNERSHIP OF FINANCIAL ASSETS DIRECT CONTROLLING ENTITY: BRAZOS HIGHER EDUCATION SERVICE CORPORATION