2025-05-01T17:38:52+00:00 2024-06-30 440160260 Forvis Mazars LLP 14221 Dallas Parkway Suite 400 Dallas TX 75254 990 2023-07-01 203868073 Brazos Education Loan Authority Inc BRAZ 2547530915 5609 Crosslake Pkwy Waco TX 76712 RICKY TURMAN EVP/COO/CFO/Treasurer 2025-05-01 true Jeanette Verrelli P00742631 9727028262 2025-05-15 2023 2025-03-06 01:10:19Z RICKY TURMAN 5609 Crosslake Pkwy Waco TX 76712 88224410 false X WWW.STUDENTLOANS.COM X 2005 TX BRAZOS EDUCATION LOAN AUTHORITY, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. 11 11 0 12 0 0 0 0 77449858 84429369 2572885 2917816 0 877225 80022743 88224410 0 0 0 0 0 0 0 0 0 68132128 73869660 68132128 73869660 11890615 14354750 1149527962 983165176 918851091 749962943 230676871 233202233 X BRAZOS EDUCATION LOAN AUTHORITY, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. false true 73869660 85306594 BRAZOS EDUCATION LOAN AUTHORITY HELD STUDENT LOANS UNDER THE TITLE IV FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP), TERI, other alternative student loan programs AND HEAL STUDENT LOAN PROGRAMS. THESE LOANS WERE FUNDED THROUGH PERMANENT FINANCINGS AND COMPANY FUNDS. 73869660 true false false false false false false false false false false false true 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 1 0 true 0 false false false false false false false false false false false false X 11 11 false true false false false false false true true false false true true true true true true false false false X RICKY TURMAN EVPCOOCFOTRE 2547530915 5609 CROSSLAKE PKWY WACO TX 76712 Brent Helm Director 1.0 7.0 X 0 0 0 Charles Madden Director 1.0 7.0 X 0 0 0 Charles Reed Director 1.0 7.0 X 0 0 0 CLAUDE ERVIN DIRECTOR 1.0 7.0 X 0 0 0 CLEMENT MILAM DIRECTOR 1.0 7.0 X 0 0 0 Davis Myers Director 1.0 7.0 X 0 0 0 Donald Schmeltekopf Director 1.0 7.0 X 0 0 0 DR TERRY MANESS DIRECTOR 1.0 7.0 X 0 0 0 Jane Allen Director 1.0 7.0 X 0 0 0 Joe Nesbitt Director 1.0 7.0 X 0 0 0 Justin Wiethorn Director 1.0 7.0 X 0 0 0 PETER KULTGEN DIRECTOR End: 04/24 1.0 7.0 X 0 0 0 DARRELL BROOKS ASSISTANT TREASURER 1.0 39.0 X 0 219241 62199 KELLI UTTECH EVP, GENERAL COUNSEL 1.0 39.0 X 0 398669 78893 RICKY TURMAN EVP/COO/CFO/TREASURER 1.0 39.0 X 0 620836 94644 TAMMY HARRALSON CONTROLLER 1.0 39.0 X 0 246347 67073 THOMAS BEN LITLE PRESIDENT/CEO 1.0 39.0 X 0 749347 79508 TIFFANY JONES SECRETARY 1.0 39.0 X 0 102795 29339 0 2337235 411656 0 false true false 0 0 Interest on Student Loans 522294 84103924 84103924 Late Fees 522294 325445 325445 0 0 0 0 84429369 2917816 2917816 0 0 0 0 Bad Debt Recovery 522294 877225 877225 0 0 0 0 877225 88224410 85306594 0 2917816 0 0 6236155 6236155 33706 33706 0 0 0 0 53420726 53420726 1610804 1610804 DEPT OF EDUCATION REBATE FEE 10932894 10932894 SERVICING EXPENSE 1362614 1362614 RATINGS FEES 150186 150186 TRUSTEE FEE EXPENSE 117326 117326 5249 5249 0 0 73869660 73869660 0 0 0 2975 34314059 35484569 548 0 0 1049241825 891815290 15500 15500 0 0 0 0 0 6206745 4682322 59749833 51163972 1149527962 983165176 1755697 5603370 0 917095394 744359573 0 0 918851091 749962943 X 230676871 233202233 230676871 233202233 1149527962 983165176 X 14354750 -11829388 X false true X false true true X 0 69259112 48366596 53040851 77449858 85306594 333423011 0 0 0 69259112 48366596 53040851 77449858 85306594 333423011 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 333423011 801692 38303 129039 3540222 2917816 7427072 0 801692 38303 129039 3540222 2917816 7427072 0 0 0 0 0 0 0 70060804 48404899 53169890 80990080 88224410 340850083 0.9782 0.9824 0.02 0.0176 X INTEREST RECEIVABLE 51163972 51163972 0 X 76414291 -10932894 -10932894 87347185 877225 877225 88224410 62059541 -877225 -877225 62936766 10932894 10932894 73869660 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 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, 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 EXAMINATION FOR THE TAX YEAR ENDED JUNE 30, 2021 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 2(d) Other revenues in audited financial statements not in form 990 DEPARTMENT OF EDUCATION REBATE FEES - -10932894 Schedule D, Part XI, Line 4(b) Other revenues in form 990 not in audited financial statements Bad Debt Recovery - 877225 Schedule D, Part XII, Line 2(d) Other expenses in audited financial statements not in form 990 Bad Debt Recovery - -877225 Schedule D, Part XII, Line 4(b) Other expenses in form 990 not in audited financial statements DEPARTMENT OF EDUCATION REBATE FEES - 10932894 false false false false false false false false false THOMAS BEN LITLE PRESIDENT/CEO 0 684179 0 64393 0 775 0 74379 0 5129 0 828855 0 0 RICKY TURMAN EVP/COO/CFO/TREASURER 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 CONTROLLER 0 222782 0 23565 0 0 0 54937 0 12136 0 313420 0 0 DARRELL BROOKS ASSISTANT 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 PRESIDENT IS COMPENSATED BY BRAZOS HIGHER EDUCATION SERVICE CORPORATION, A RELATED ORGANIZATION. THE FOLLOWING METHODS ARE USED TO ESTABLISH THE PRESIDENT COMPENSATION BY THE RELATED ORGANIZATION: - INDEPENDENT COMPENSATION CONSULTANT - COMPENSATION SURVEY OR STUDY - APPROVAL BY THE BOARD OR COMPENSATION COMMITTEE Form 990, Part III, Line 3 Significant changes in program services On May 31, 2024, the Authority merged with affiliated entities, Bosque Higher Education Authority (Bosque), Brazos Student Finance Corporation (BSFC) and Federated Student Finance Corporation (FSFC) with the Authority being the surviving entity. 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. There was no exchange of consideration for this combination and no intercompany transactions that required elimination. Form 990, Part VI, Line 3 Delegation of management 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 PROGRAM ADMINISTRATION FOR THE OUTSTANDING STUDENT LOANS HELD BY BELA. 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 BELA. 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 Distributions - -56515771; Merger - 46474519; Accumulative Effect of change due to adoption of CECL - -1788136; 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. BRAZOS EDUCATION FUNDING 2015-1 LLC 5609 CROSSLAKE PARKWAY WACO TX 76712 371790060 STUDENT LOANS DE 2443760 29776079 BELA 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) Type II NA false 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 true false false true false false false false false false false true false false false false true true BOSQUE HIGHER EDUCATION AUTHORITY INC S 1679301 Book Value BRAZOS STUDENT FINANCE CORPORATION S 65357312 Book Value FEDERATED STUDENT FINANCE CORPORATION R 3298775 Book Value