2023-02-22T14:57:37-06:00 2022-06-30 FORVIS LLP 14241 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 990 2021-07-01 742534099 Bosque Higher Education Authority Inc % RICKY TURMAN EVP/COO/CFO BOSQ 2547530915 5609 Crosslake Pkwy Waco TX 76712 RICKY TURMAN EVP/COO/CFO 2547530915 2022-11-15 true Ricky Turman 999009999 Jeanette Verrelli P00742631 9727028262 3 2021 2023-03-07 01:45:13Z RICKY TURMAN 5609 CROSSLAKE PKWY WACO TX 76712 2490292 false X WWW.STUDENTLOANS.COM X 1989 TX BOSQUE HIGHER EDUCATION AUTHORITY INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. 7 7 0 7 0 0 0 0 3473591 2331303 888 1170 0 157819 3474479 2490292 0 0 0 0 0 0 0 0 0 2492976 1947173 2492976 1947173 981503 543119 69920973 501515 59291090 6418 10629883 495097 X BOSQUE HIGHER EDUCATION AUTHORITY INC. (BOSQUE) IS A SECONDARY MARKET OF COLLEGE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP), HEAL, TERI AND OTHER ALTERNATIVE PRIVATE STUDENT LOAN PROGRAMS. BOSQUE'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. false false 1947173 2489122 BOSQUE HIGHER EDUCATION AUTHORITY INC. HELD STUDENT LOANS UNDER THE TITLE IV FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP), HEAL, TERI AND OTHER ALTERNATIVE STUDENT LOAN PROGRAMS. THESE LOANS WERE FUNDED WITH COMPANY FUNDS. 1947173 true false false false false false false false false false false false false false true 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 false true true true false false true 7 0 true 0 false false false false false false false false false false false false X 7 7 false true false false false false false true true false false true true true true true true false false false X RICKY TURMAN EVPCOOCFO 2547530915 5609 CROSSLAKE PKWY WACO TX 76712 Thomas Ben Litle PRESIDENT/CEO 1.0 39.0 X 0 707065 68031 Ricky Turman EVP/COO/CFO 1.0 39.0 X 0 593678 71273 Kelli Uttech SVP/GENERAL COUNSEL 1.0 39.0 X 0 341729 63567 Tammy Harralson VP/CONTROLLER 1.0 39.0 X 0 234378 57610 Darrell Brooks 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 Claude Ervin Director 1.0 8.0 X 0 0 0 John Hatchel Director 1.0 8.0 X 0 0 0 Paul McClinton DIRECTOR 1.0 8.0 X 0 0 0 dr terry maness DIRECTOR 1.0 8.0 X 0 0 0 John Perry DIRECTOR 1.0 8.0 X 0 0 0 Larry Smith DIRECTOR 1.0 8.0 X 0 0 0 Dr Joseph f Velez DIRECTOR 1.0 8.0 X 0 0 0 0 2279270 345397 0 true true false 0 0 Interest on Student Loans 522294 2315861 2315861 Late Charges 522294 15442 15442 2331303 1170 1170 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Miscellaneous Income 900099 17 17 BAD DEBT RECOVERY 900099 157802 157802 157819 2490292 2489122 1170 0 0 0 0 0 0 0 0 0 0 160000 160000 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1026007 1026007 0 99113 99113 0 DEPT OF EDUCATION REBATE FEE 476366 476366 SERVICING EXPENSE 43973 43973 TRUSTEE FEES 5402 5402 RATING FEES 20000 20000 116312 116312 1947173 1947173 0 0 0 1137 1613003 50940 0 0 11 49 0 0 0 0 65641733 449389 0 0 0 0 0 0 0 0 0 0 0 0 417986 0 2248240 0 69920973 501515 147891 164 0 0 0 0 0 0 0 0 0 0 59143199 0 0 0 0 6254 59291090 6418 X 10629883 495097 0 0 0 0 10629883 495097 69920973 501515 X 543119 -10677905 X false true X true true true X 0 0 0 0 0 0 187662 1009217 4269304 3473591 2489122 11428896 0 0 0 187662 1009217 4269304 3473591 2489122 11428896 0 0 0 11428896 421 8359 29772 888 1170 40610 0 421 8359 29772 888 1170 40610 0 0 188083 1017576 4299076 3474479 2490292 11469506 0.99646 0.99573 0.00354 0.00427 X 0 OTHER LIABILITIES 6254 6254 X 1050366218 1048033729 1048033729 2332489 157803 157803 2490292 18640380 17169573 17169573 1470807 476366 476366 1947173 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, 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 EXAMINATIONS FOR THE TAX YEARS 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 HAS NO UNCERTAIN TAX POSITIONS. SCHEDULE D, PART XI, LINE 2D RECONCILIATION OF REVENUE PER AUDITED FINANCIALS WITH RETURN: DEPARTMENT OF EDUCATION REBATE FEES $(476,366) ADJUSTMENT FOR MERGER $1,048,510,095 SCHEDULE D, PART XI, LINE 4B RECONCILIATION OF REVENUE PER AUDITED FINANCIALS WITH RETURN: BAD DEBT RECOVERY $157,803 SCHEDULE D, PART XII, LINE 2D RECONCILIATION OF EXPENSES PER AUDITED FINANCIALS WITH RETURN: BAD DEBT RECOVERY $(157,803) ADJUSTMENT FROM MERGER $17,327,376 SCHEDULE D, PART XII, LINE 4B RECONCILIATION OF EXPENSES PER AUDITED FINANCIALS WITH RETURN: DEPARTMENT OF EDUCATION REBATE FEES $476,366 On April 30, 2022, the Authority merged with affiliated entity, Acapita Education Finance Corporation (AEFC), with the Authority being the surviving entity. As entities under common control in accordance with the appropriate accounting guidance, the financial statements, for all periods presented, have been accounted for on a retrospective basis as if the merger occurred prior to the beginning date of the financial statements being presented. For tax purposes, we are removing the activity that was reported on the final 04/30/2022 Acapita Education Finance Corporation (AEFC) Form 990. 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 511102 49918 32658 64587 6686 664951 Kelli Uttech SVP/GENERAL COUNSEL 308473 32684 572 60468 3099 405296 Tammy Harralson VP/CONTROLLER 199480 21115 13783 51302 6308 291988 Darrell Brooks 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 1, 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: BOSQUE HIGHER EDUCATION AUTHORITY HAS A CONTRACT WITH BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC. TO PERFORM MANAGEMENT AND ADMINISTRATION SERVICES ON BOSQUE'S BEHALF. THIS INCLUDES MANAGEMENT SERVICING ADMINISTRATION FOR THE OUTSTANDING STUDENT LOANS HELD BY BOSQUE. THE SERVICES INCLUDE, BUT ARE NOT LIMITED TO: ACCOUNTING, REPORTING, SERVICING, ORIGINATING, MARKETING, TREASURY, AND COMPLIANCE MONITORING OF THE STUDENT LOANS HELD BY BOSQUE. 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 B, LINE 15 PROCESS FOR DETERMINING COMPENSATION: THE COMPENSATION OF THE CEO (OR EXECUTIVE DIRECTOR, AS APPLICABLE), OFFICERS, AND KEY EMPLOYEES OF THE BOSQUE HIGHER EDUCATION AUTHORITY INC IS PAID BY A RELATED ORGANIZATION, AND IS DETERMINED UNDER THE POLICIES OF THE RESPECTIVE RELATED ORGANIZATION. 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 XI, LINE 9 OTHER CHANGES IN FUND BALANCES: ESTATE CONTRIBUTION $ 9,037,312 ESTATE DISTRIBUTION ($19,715,217) -------------- TOTAL ($10,677,905) BRAZOS ACADEMIC LENDING CORPORATION 5609 Crosslake Pkwy WACO TX 76712 742540458 STUD LOANS TX 501(C)(3) 10 NA true ACAPITA EDUCATION FINANCE CORPORATION 5609 Crosslake Pkwy WACO TX 76712 742542435 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 BRAZOS HIGHER EDUCATION AUTHORITY INC 5609 Crosslake Pkwy WACO TX 76712 742099402 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS EDUCATION LOAN AUTHORITY INC 5609 CROSSLAKE PKWY WACO TX 76712 203868073 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 HIGHER EDUCATION SERVICE CORP 5609 Crosslake Pkwy WACO TX 76712 742129255 STUD LOANS TX 501(C)(3) 10 NA false 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 ASSET CORPORATION (BAC) 5609 CROSSLAKE PKWY WACO TX 76712 300835799 INVESTMENT TX SEE PART VII C-CORPORATION true false true true false false false false false false false false false true false false false false false false BRAZOS EDUCATION LOAN AUTHORITY INC B 13116480 CASH BRAZOS STUDENT FINANCE CORPORATION B 6474737 CASH BRAZOS STUDENT FINANCE CORPORATION C 9037312 CASH Schedule R, PART IV IDENTIFICATION OF RELATED ORGANIZATIONS TAXABLE AS CORP OR TRUST: NAME OF RELATED ORGANIZATION: BRAZOS ASSET CORP PRIMARY ACTIVTY: FINANCE-TRANS INVOLVING CREATION/LIQUIDATION/OWNERSHIP OF FINANCIAL ASSETS DIRECT CONTROLLING ENTITY: BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC.