2025-05-01T19:47:34+00:00 2024-06-30 440160260 Forvis Mazars LLP 14221 Dallas Parkway Suite 400 Dallas TX 75254 990 2023-07-01 742099402 Brazos Higher Education Authority Inc BRAZ 2547530915 5609 Crosslake Pkwy Waco TX 76712 RICKY TURMAN EVP/CFO 2547530915 2025-05-02 true Jeanette Verrelli P00742631 9727028262 2025-05-15 2023 2025-03-06 01:10:19Z RICKY TURMAN 5609 Crosslake Pkwy Waco TX 76712 52767150 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. 9 7 0 7 0 0 0 0 63312360 49420987 2284018 3346163 0 0 65596378 52767150 0 0 0 0 0 0 0 0 0 54054077 56936680 54054077 56936680 11542301 -4169530 798359381 697868797 758429915 662108855 39929466 35759942 BRAZOS HIGHER EDUCATION AUTHORITY, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. false false 56936680 49420987 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. 56936680 true 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 5 0 true 0 false false false false false false false false false false false false X 9 7 false true false false false true true true true false false true true true true true true false false false X RICKY TURMAN EVPCFO 2547530915 5609 CROSSLAKE PKWY WACO TX 76712 PAUL MCCLINTON VICE PRESIDENT 1.0 7.0 X X 0 0 0 RICKY TURMAN EVP/CFO 1.0 39.0 X X 0 620836 94644 ROBERT B CHAMBERS PRESIDENT 1.0 7.0 X X 0 0 0 THOMAS BEN LITLE EVP/COO/EXECUTIVE DIRECTOR 1.0 39.0 X X 0 749347 79508 CLAUDE ERVIN DIRECTOR 1.0 7.0 X 0 0 0 DR ANDY POPEJOY DIRECTOR 1.0 7.0 X 0 0 0 HARRY HARELIK DIRECTOR 1.0 7.0 X 0 0 0 LARRY SMITH DIRECTOR 1.0 7.0 X 0 0 0 PETER KULTGEN DIRECTOR 1.0 7.0 X 0 0 0 DARRELL BROOKS TREASURER 1.0 39.0 X 0 219241 62199 KELLI UTTECH EVP/GENERAL COUNSEL 1.0 39.0 X 0 398669 78893 TAMMY HARRALSON VP/CONTROLLER 1.0 39.0 X 0 246347 67073 TIFFANY JONES SECRETARY 1.0 39.0 X 0 102795 29339 VICKY SMITH ASSISTANT SECRETARY End: 08/23 1.0 39.0 X 0 98799 23691 0 2436034 435347 0 false true false Kutak Rock LLP PO Box 30057 Omaha NE 681031157 Legal 145135 1 0 Interest on Student Loan Payments 522294 49225550 49225550 0 0 Late Charges 522294 195437 195437 0 0 0 0 0 0 49420987 3346163 0 0 3346163 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 52767150 49420987 0 3346163 0 0 1396216 1396216 219610 219610 0 0 0 0 48781034 48781034 Dept of Education Rebate Fees 4470087 4470087 Servicing Expense 1165669 1165669 Bad Debt Expense 569583 569583 Rating Fees Expense 239500 239500 94981 94981 0 0 56936680 56936680 0 0 40011011 67719752 0 0 721790809 600563330 62500 62500 0 0 0 0 0 36495061 29523215 798359381 697868797 11158411 12254232 28315000 68740000 0 718956504 581114623 0 0 758429915 662108855 X 39929466 35759942 39929466 35759942 798359381 697868797 X -4169530 6 0 X false true X false true true X 0 52469589 33939420 31397588 63312360 49420987 230539944 0 0 0 52469589 33939420 31397588 63312360 49420987 230539944 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 230539944 700959 47340 147608 2284018 3346163 6526088 0 700959 47340 147608 2284018 3346163 6526088 0 0 0 0 0 0 0 53170548 33986760 31545196 65596378 52767150 237066032 0.9725 0.9825 0.03 0.0175 X 0 X 48297063 -4470087 -4470087 52767150 0 0 52767150 52466593 0 0 52466593 4470087 4470087 56936680 Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote 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, 2024 AND 2023. 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, 2021 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 2(d) Other revenues in audited financial statements not in form 990 DEPARTMENT OF EDUCATION REBATE FEES - -4470087 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements Department of Education Rebate Fees - 4470087 true false false false false false false false false THOMAS BEN LITLE EVP/COO/EXECUTIVE DIRECTOR 0 684179 0 64393 0 775 0 74379 0 5129 0 828855 0 0 RICKY TURMAN EVP/CFO 0 564635 0 56201 0 0 0 74928 0 19716 0 715480 0 0 KELLI UTTECH EVP/GENERAL COUNSEL 0 362985 0 35684 0 0 0 72665 0 6228 0 477562 0 0 TAMMY HARRALSON VP/CONTROLLER 0 222782 0 23565 0 0 0 54937 0 12136 0 313420 0 0 DARRELL BROOKS TREASURER 0 197987 0 21254 0 0 0 48922 0 13277 0 281440 0 0 Schedule J, Part I, Line 3 Arrangement used to establish the top management official's compensation 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 Schedule J, Part I, Line 4a Severance or change-of-control payment Brazos Higher Education Service Corporation (BHESC), a related organization, HOLDS A SEVERANCE PAY PLAN TRUST FOR SEVERANCE PAYMENTS. THIS IS SET ASIDE FOR ANY POTENTIAL REDUCTION IN FORCE. IN ADDITION, ANY EMPLOYEE WHO PROVIDES A MINIMUM OF SIX MONTHS NOTICE OF RETIREMENT OR RESIGNATION IS ELIGIBLE FOR A SEVERANCE PAYMENT UPON COMPLETION OF THE SIX MONTH PERIOD OR LESS IF DETERMINED BY MANAGEMENT. VICKY SMITH RECEIVED A SEVERANCE PAYMENT OF $37,785 DUE TO FULFILLING the retirement requirements IN ACCORDANCE WITH THE SEVERANCE PAY PLAN. 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 C Brazos Higher Education Authority 742099402 10623ACG6 2023-11-07 42895645 Acquire Qualifying Student Loans false true false A 11920910 0 19885910 377000 0 0 146938 0 0 19361972 0 0 2020 false false true true B 16099500 0 33499500 611300 0 0 416293 0 0 32471907 0 0 2021 false false true true C 0 0 42895645 867500 0 0 338969 0 0 41249398 0 439778 2024 false false false true A false false false false 0.0 0.0 0.0 false false true B false false false false 0.0 0.0 0.0 false false true C false false false false 0.0 0.0 0.0 false false true A false true false false false false false false true B false true false false false false false true true C false true false false false false false true true A true B true C true Schedule K, Part II, Line 10 Proceeds AMOUNTS SHOWN WERE USED TO ACQUIRE QUALIFYING STUDENT LOANS. Schedule K, Part II, Line 4 Total proceeds of issue The proceeds of the sale of the Series 2023-1 Bonds in the amount of $42,895,645.34 (equal to the par amount of the Series 2023-1 Bonds less net original issue discount of $135,302.10 and less an Underwriter's discount of $344,052.56). Form 990, Part VI, 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 VI, Line 3 Delegation of management 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, Line 7a Members or stockholders electing members of governing body The City Council of Waco has the authority to appoint members to the board, and any vacancies will be filled through appointments made by the City Council. Form 990, Part VI, Line 7b Decisions requiring approval by members or stockholders The City Council of Waco has the authority to appoint members to the board, and any vacancies will be filled through appointments made by the City Council. Any qualified private activity bonds issued by the Corporation shall be in accordance with the Code and shall not be issued until approved by the City Council. The Corporation may issue other bonds that are not qualified private activity bonds and are not issued on behalf of the City without the approval of the City Council. Form 990, Part VI, Line 11b Review of form 990 by governing body 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, Line 12c 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, Line 19 Required documents available to the public THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, Line 9 Other changes in net assets or fund balances ESTATE CONTRIBUTION - 7536007; ESTATE DISTRIBUTION - -7536007; BRAZOS HIGHER EDUCATION SERVICE CORP 5609 CROSSLAKE PKWY WACO TX 76712 742129255 STUD LOANS TX 501(c)(3) Type II 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 City of Waco Texas PO Box 2570 WACO TX 76702 746002468 Community Improv. TX 501(c)(1) 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 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 FINANCE-TRANS INVOLVING CREATION/LIQUIDATION/OWNERSHIP OF FINANCIAL ASSETS TX Na 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 19922433 cash