2023-02-22T14:33:02-06:00 2022-06-30 FORVIS LLP 14241 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 990 2021-07-01 203868073 Brazos Education Loan Authority Inc % RICKY TURMAN EVP/COO/CFO/TR BRAZ 2547530915 5609 Crosslake Pkwy Waco TX 76712 RICKY TURMAN EVP/COO/CFO/TREASURE 2547530915 2023-05-15 true Ricky Turman 999009999 Jeanette Verrelli P00742631 9727028262 3 2021 2023-03-07 01:45:13Z RICKY TURMAN 5609 CROSSLAKE PKWY WACO TX 76712 48416543 false X WWW.STUDENTLOANS.COM X 2005 TX BRAZOS EDUCATION LOAN AUTHORITY'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. 5 5 0 5 0 0 0 0 48366596 53040851 38303 129039 0 -4753347 48404899 48416543 0 0 0 0 0 0 0 0 0 45049059 38501714 45049059 38501714 3355840 9914829 1635844964 1464923579 1336214882 1192665537 299630082 272258042 X BRAZOS EDUCATION LOAN AUTHORITY (BELA) IS A SECONDARY MARKET OF COLLEGE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) AND HEAL STUDENT LOAN PROGRAM. BELA'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. false false 38501714 53040851 BRAZOS EDUCATION LOAN AUTHORITY HELD STUDENT LOANS UNDER THE TITLE IV FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) AND HEAL STUDENT LOAN PROGRAMS. THESE LOANS WERE FUNDED THROUGH PERMANENT FINANCINGS. 38501714 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 false false false false false false false false false false false false true true true true false false true 7 0 true 0 false false false false false false false false false false false false X 5 5 false true false false false false false true true false false true true true true true true false false false X RICKY TURMAN EVPCOOCFOTR 2547530915 5609 CROSSLAKE PKWY WACO TX 76712 X Thomas Ben Litle President/CEO 1.0 39.0 X 0 707065 68031 Ricky Turman EVP/COO/CFO/Treasurer 1.0 39.0 X 0 593678 71273 Kelli Uttech SVP/General Counsel 1.0 39.0 X 0 341729 63567 Tammy Harralson Controller 1.0 39.0 X 0 234378 57610 Darrell Brooks Assistant Treasurer 1.0 39.0 X 0 186941 46110 Susan Davis Secretary End: 06/21 1.0 39.0 X 0 131448 20232 Tiffany Jones Secretary 1.0 39.0 X 0 84031 18574 Robert B Chambers Director 1.0 8.0 X 0 0 0 Claude Ervin Director 1.0 8.0 X 0 0 0 Peter Kultgen Director 1.0 8.0 X 0 0 0 Dr Terry Maness Director 1.0 8.0 X 0 0 0 Clement Milam Director 1.0 8.0 X 0 0 0 0 2279270 345397 0 true true false KUTAK ROCK LLP 1650 FARNAM STREET OMAHA NE 68102 LEGAL 195000 RBC CAPITAL MARKETS 30 HUDSON STREET JERSEY CITY NJ 07302 BOND UNDERWRITER 6199030 KPMG PO BOX 120922 - DEPT 0922 DALLAS TX 75312 ACCOUNTING CONSULT. 124000 MCCALL PARKHURST HORTON LLP 707 N HARWOOD STREET - SUITE 90 DALLAS TX 75201 LEGAL 279000 4 0 Interest on Student Loans 522294 52746726 52746726 Late Fees 522294 294125 294125 53040851 129039 129039 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Provision for Loan Loss 900099 -4753347 -4753347 -4753347 48416543 53040851 -4624308 0 0 0 0 0 0 0 0 0 0 5051681 5051681 19599 19599 0 0 0 0 141862 141862 0 0 0 0 0 0 0 0 13969541 13969541 0 1114726 1114726 0 Dept of Education Rebate Fee 15467584 15467584 Servicing Expense 1642119 1642119 BOND CLOSING EXPENSE 859185 859185 TRUSTEE FEE EXPENSE 157226 157226 78191 78191 38501714 38501714 0 0 0 0 30685976 66584532 0 0 0 0 0 0 0 0 1553274291 1336707888 0 0 0 0 0 0 0 0 0 0 0 0 2906364 8111953 48978333 53519206 1635844964 1464923579 1797228 1633142 0 0 0 0 0 0 0 0 0 0 1334417654 1191032395 0 0 0 0 1336214882 1192665537 X 299630082 272258042 0 0 0 0 299630082 272258042 1635844964 1464923579 X 9914829 -37286869 X false true X true true true X 0 0 0 0 0 0 85055355 90112367 69259112 48366596 53040851 345834281 0 0 0 85055355 90112367 69259112 48366596 53040851 345834281 0 0 0 345834281 995061 1541094 801692 38303 129039 3505189 0 995061 1541094 801692 38303 129039 3505189 0 0 86050416 91653461 70060804 48404899 53169890 349339470 0.98997 0.99008 0.01003 0.00992 X 0 0 X 32948959 -15467584 -15467584 48416543 48416543 23034130 23034130 15467584 15467584 38501714 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 WHICH 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, 2022 AND 2021. 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 EXAMINATION FOR THE TAX YEAR ENDED JUNE 30, 2019 AND LATER BY THE INTERNAL REVENUE SERVICE. 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 UNCERTAIN TAX POSITIONS. SCHEDULE D, PART XI, LINE 2D Reconciliation of Revenue per audited financials with return: Department of Education Rebate Fees $(15,467,584) Schedule D, Part XII, Line 4b Reconciliation of expenses per audited financials with return: Department of Education Rebate Fees $15,467,584 true false false false false false false false false Thomas Ben Litle President/CEO 591764 56759 58542 64143 3888 775096 Ricky Turman EVP/COO/CFO/Treasurer 511102 49918 32658 64587 6686 664951 Kelli Uttech SVP/General Counsel 308473 32684 572 60468 3099 405296 Tammy Harralson Controller 199480 21115 13783 51302 6308 291988 Darrell Brooks Assistant Treasurer 163227 17092 6622 41194 4916 233051 Susan Davis Secretary End: 06/21 48217 2500 80731 20076 156 151680 Schedule J, Part I, Line 3 COMPENSATION OF President: THE President IS COMPENSATED BY BRAZOS HIGHER EDUCATION SERVICE CORPORATION, A RELATED ORGANIZATION. THE FOLLOWING METHODS ARE USED TO ESTABLISH THE President'S COMPENSATION BY THE RELATED ORGANIZATION: - INDEPENDENT COMPENSATION CONSULTANT - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE Schedule J, Part I, Line 4a Severance Payment: SEVERANCE IS A VOLUNTARY AGREEMENT THAT SET FORTH AGREED UPON TERMS. THESE TERMS INCLUDE BEING AN EMPLOYEE OF BRAZOS THROUGH A SPECIFIED TERMINATION DATE, CONTINUING TO PERFORM DUTIES OF EMPLOYMENT DURING THE PERIOD BETWEEN APPLICATION AND SPECIFIED TERMINATION DATE, COOPERATING WITH USUAL AND CUSTOMARY SEPARATION/TERMINATION PROCESS OF BRAZOS, EXECUTING A VALID "RELEASE OF WAIVER" TO DELIVER TO THE CEO, AND NOT REVOKING THE RELEASE AND WAIVER WITHIN THE ALLOWABLE TIME. SEVERANCE PAY IS BASED ON POSITION OF EMPLOYMENT, BASE PAY, AND YEARS OF SERVICE. THE PAYMENT WILL BE PAID IN A LUMP SUM WITHIN 60 DAYS OF THE DATE THAT THE EMPLOYEE FILES THEIR RELEASE AND WAIVER. SUSAN DAVIS STEPPED DOWN AS SECRETARY DURING THE FISCAL YEAR 2021 AND RECEIVED A SEVERANCE PAYMENT OF $74,075. FORM 990, PART VI, SECTION A, LINE 3 DELEGATION OF DUTIES: BRAZOS EDUCATION LOAN AUTHORITY, INC. (BELA) HAS A CONTRACT WITH BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC. TO PERFORM MANAGEMENT AND ADMINISTRATION SERVICES ON BELA'S BEHALF. THIS INCLUDES MASTER SERVICING ADMINISTRATION FOR THE OUTSTANDING STUDENT LOANS HELD BY BRAZOS EDUCATION LOAN AUTHORITY, INC. THE SERVICES INCLUDE, BUT ARE NOT LIMITED TO: ACCOUNTING, REPORTING, SERVICING, ORIGINATING, MARKETING, TREASURY, AND COMPLIANCE MONITORING OF THE STUDENT LOANS HELD BY BRAZOS EDUCATION LOAN AUTHORITY, INC. 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 COMPLIANCE DEPARTMENT PREPARES AND DISTRIBUTES A CONFLICT OF INTEREST QUESTIONNAIRE TO ALL BOARD MEMBERS AND EMPLOYEES ANNUALLY. THE COMPLIANCE DEPARTMENT REVIEWS THE QUESTIONNAIRES AND COMPILES A LIST OF POTENTIAL CONFLICTS FOR REVIEW BY THE AUDIT COMMITTEE, SENIOR MANAGEMENT, AND THE BOARD OF DIRECTORS. POTENTIAL CONFLICTS ARE ASSESSED AND RESOLVED IF DETERMINED TO BE AT RISK. IF A 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 A, LINE 1A DELEGATION OF AUTHORITY: THE EXECUTIVE COMMITTEE SHALL CONSIST OF THREE MEMBERS OF THE BOARD OF DIRECTORS. THE EXECUTIVE COMMITTEE SHALL, BETWEEN MEETINGS OF THE BOARD, HAVE ADMINISTRATIVE CONTROL OVER ALL MATTERS OF THE CORPORATION. FORM 990, PART VI, SECTION B, LINE 15 PROCESS FOR DETERMINING COMPENSATION: THE COMPENSATION OF THE CEO (OR EXECUTIVE DIRECTOR, AS APPLICABLE), OFFICERS, AND KEY EMPLOYEES OF THE BRAZOS EDUCATION LOAN 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 $250,269,115 ESTATE DISTRIBUTION ($287,555,984) -------------- TOTAL ( $37,286,869) BRAZOS EDUCATION FUNDING 2015-1 LLC 5609 CROSSLAKE PARKWAY WACO TX 76712 371790060 STUDENT LOANS DE 373263 48550097 BELA ACAPITA EDUCATION FINANCE CORPORATION 5609 CROSSLAKE PKWY WACO TX 76712 742542435 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 EDUCATION LENDING CORPORATION 5609 CROSSLAKE PKWY WACO TX 76712 203870081 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS EDUCATION FOUNDATION INC 5609 CROSSLAKE PKWY WACO TX 76712 264562436 GRANT MAKING TX 501(C)(3) 7 BHESC true BOSQUE HIGHER EDUCATION AUTHORITY INC 5609 CROSSLAKE PKWY WACO TX 76712 742534099 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS HIGHER EDUCATION AUTHORITY INC 5609 CROSSLAKE PKWY WACO TX 76712 742099402 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS HIGHER EDUCATION SERVICE CORP 5609 CROSSLAKE PKWY WACO TX 76712 742129255 STUD LOANS TX 501(C)(3) 10 NA false BRAZOS ACADEMIC LENDING CORPORATION 5609 CROSSLAKE PKWY WACO TX 76712 742540458 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 false false false false false false false false true false false false false false true BOSQUE HIGHER EDUCATION AUTHORITY S 13116480 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