2022-02-09T08:18:17-06:00 2021-06-30 BKD LLP 14241 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 990 2020-07-01 742542435 Acapita Education Finance Corporation % RICKY TURMAN EVP COO & CF ACAP 2547530915 5609 Crosslake Pkwy Waco TX 76712 RICKY TURMAN EVP, COO, AND CFO 2547530915 2021-09-22 true Ricky Turman 999009999 Jeanette Verrelli P00742631 9727028262 3 2020 2022-09-23 18:48:47Z X RICKY TURMAN 5609 CROSSLAKE PKWY WACO TX 76712 38212450 false X WWW.STUDENTLOANS.COM X 1989 TX ACAPITA EDUCATION FINANCE CORPORATION'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. 8 8 0 9 0 0 0 0 28452193 37932325 102284 3491 305659 276634 28860136 38212450 0 0 0 0 0 0 0 0 0 68874137 48758124 68874137 48758124 -40014001 -10545674 862372254 191939866 1869293152 1209662438 -1006920898 -1017722572 X ACAPITA EDUCATION FINANCE CORPORATION (AEFC) IS A SECONDARY MARKET OF COLLEGE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). AEFC'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. false false 48758124 38208959 AEFC HELD STUDENT LOANS TOTALING OVER $187 MILLION UNDER THE TITLE IV FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP), HEAL, TERI AND OTHER ALTERNATIVE STUDENT LOAN PROGRAMS. THESE LOANS WERE FUNDED THROUGH TEMPORARY FINANCINGS. 48758124 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 false true true false false false true 160 0 0 false false false false false false false false false false false false X 8 8 false true false false false false false true true false false true true true true true true false false false X RICKY TURMAN EVP COO CF 2547530915 5609 CROSSLAKE PKWY WACO TX 76712 THOMAS BEN LITLE President/CEO 1.0 39.0 X 0 630234 67486 RICKY TURMAN EVP/COO/CFO 1.0 39.0 X 0 576269 70564 KELLi UTTECH SVP/GENERAL COUNSEL 1.0 39.0 X 0 324004 62677 TAMMY HARRALSON CONTROLLER/VP 1.0 39.0 X 0 210638 40453 DARRELL BROOKS TREASURER 1.0 39.0 X 0 172811 43664 SUSAN DAVIS SECRETARY 1.0 39.0 X 0 96534 28681 STEVE BOSTICK Director 1.0 8.0 X 0 0 0 CLAUDE ERVIN Director 1.0 8.0 X 0 0 0 BRENT HELM Director 1.0 8.0 X 0 0 0 DR TERRY MANESS Director 1.0 8.0 X 0 0 0 JOYCE PACKARD DIRECTOR 1.0 8.0 X 0 0 0 SHERRILL POGUE Director 1.0 8.0 X 0 0 0 CHARLES REED Director 1.0 8.0 X 0 0 0 LARRY SMITH Director 1.0 8.0 X 0 0 0 GRETA WATSON Director 1.0 8.0 X 0 0 0 0 2010490 313525 0 false true false 0 0 Interest Received on Student Loans 522294 6617461 6617461 Late Charges 522294 78630 78630 VALUATION ALLOWANCE/BAD DEBT 522294 31236234 31236234 37932325 3491 3491 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Issuer Income 522294 275000 275000 Miscellaneous Income 522294 1634 1634 276634 38212450 38208959 3491 0 0 0 0 0 0 0 0 0 0 476532 476532 55794 55794 64550 64550 0 0 0 500000 500000 0 0 0 0 0 0 0 0 38647638 38647638 0 0 0 Dept of Education Rebate Fee 6340536 6340536 Servicing Expense 1172141 1172141 Commitment Fees 1109419 1109419 Issuer Cost 275000 275000 116514 116514 48758124 48758124 0 0 654 854 11225271 5608280 0 0 0 6442 0 0 0 0 828689029 183431077 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22457300 2893213 862372254 191939866 1014693152 1047662438 0 0 0 0 0 0 0 0 0 0 854600000 162000000 0 0 0 0 1869293152 1209662438 X -1006920898 -1017722572 0 0 0 0 -1006920898 -1017722572 862372254 191939866 X -10545674 -256000 X false true X true true true X 0 0 0 0 0 0 73771781 52717774 28340131 28757852 50301333 233888871 0 0 0 73771781 52717774 28340131 28757852 50301333 233888871 0 0 0 233888871 48278 110435 176967 102284 3491 441455 0 48278 110435 176967 102284 3491 441455 0 0 73820059 52828209 28517098 28860136 50304824 234330326 0.99812 0.99801 0.00188 0.00199 X 0 0 X 12728054 -6340536 -6340536 19068590 19143860 19143860 38212450 23273728 -19143860 -19143860 42417588 6340536 6340536 48758124 SCHEDULE D, PART X, LINE 2 LIABILITY FOR UNCERTAIN TAX POSITIONS: THE COMPANY 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 COMPANY 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 COMPANY HAD NO NET UNRELATED BUSINESS INCOME FOR THE YEARS ENDED JUNE 30, 2021 OR 2020. AS SUCH, NO PROVISION FOR FEDERAL OR STATE INCOME TAXES HAS BEEN PROVIDED IN THE ACCOMPANYING FINANCIAL STATEMENTS. THE COMPANY FILES FEDERAL INFORMATION RETURNS IN THE UNITED STATES. THE COMPANY MAY BE SUBJECT TO EXAMINATION FOR THE TAX YEARS ENDED JUNE 30, 2018 AND LATER BY THE INTERNAL REVENUE SERVICE. THE COMPANY IS NOT CURRENTLY UNDER EXAMINATION FOR ANY OPEN TAX YEAR. THE COMPANY FOLLOWS THE ACCOUNTING STANDARD RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE COMPANY'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 COMPANY 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 $(6,340,536) Schedule D, Part XI, Line 4b Reconciliation of Revenue per audited financials with return: Valuation Allowance/Bad Debt $31,236,234 Loss on Student loan notes receivable available for sale $(12,092,374) --------------- TOTAL $19,143,860 SCHEDULE D, PART XII, LINE 2D Reconciliation of Expenses per audited financials with return: Valuation Allowance/Bad Debt $(31,236,234) Loss on Student loan notes receivable available for sale $12,092,374 --------------- TOTAL $(19,143,860) Schedule D, Part XII, Line 4b Reconciliation of Expenses per audited financials with return: Department of Education Rebate Fees $6,340,536 false false false false false false false false false THOMAS BEN LITLE President/CEO 0 574560 0 54986 0 688 0 63405 0 4081 0 697720 0 0 RICKY TURMAN EVP/COO/CFO 0 496248 0 48543 0 31478 0 63845 0 6719 0 646833 0 0 KELLi UTTECH SVP/GENERAL COUNSEL 0 287415 0 29241 0 7348 0 59840 0 2837 0 386681 0 0 TAMMY HARRALSON CONTROLLER/VP 0 190059 0 20579 0 0 0 32940 0 7513 0 251091 0 0 DARRELL BROOKS TREASURER 0 151351 0 16673 0 4787 0 38745 0 4919 0 216475 0 0 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 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 A, LINE 3 DELEGATION OF DUTIES: ACAPITA EDUCATION FINANCE CORPORATION (AEFC) HAS A CONTRACT WITH BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC. TO PERFORM MANAGEMENT AND ADMINISTRATION SERVICES ON AEFC'S BEHALF. THIS INCLUDES MASTER SERVICING ADMINISTRATION FOR THE OUTSTANDING STUDENT LOANS HELD BY AEFC. THE SERVICES INCLUDE, BUT ARE NOT LIMITED TO: ACCOUNTING, REPORTING, SERVICING, ORIGINATING, MARKETING, TREASURY, AND COMPLIANCE MONITORING OF THE STUDENT LOANS HELD BY ACAPITA EDUCATION FINANCE CORPORATION. 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 B, LINE 15 PROCESS FOR DETERMINING COMPENSATION: THE COMPENSATION OF THE CEO (OR EXECUTIVE DIRECTOR, AS APPLICABLE), OFFICERS, AND KEY EMPLOYEES OF THE ACAPITA EDUCATION FINANCE CORPORATION IS PAID BY A RELATED ORGANIZATION, AND IS DETERMINED UNDER THE POLICIES OF THE RESPECTIVE RELATED ORGANIZATION. 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 XI, LINE 9 Other Changes in Fund Balances: Estate Distribution $(256,000) BRAZOS ACADEMIC LENDING CORPORATION 5609 Crosslake Pkwy WACO TX 76712 742540458 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 FOUNDATION INC 5609 Crosslake Pkwy WACO TX 76712 264562436 GRANT MAKING TX 501(C)(3) 7 BHESC 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 LLANO HIGHER EDUCATION AUTHORITY INC 5609 Crosslake Pkwy WACO TX 76712 203870219 STUD LOANS TX 501(C)(3) 10 NA true TEXOMA HIGHER EDUCATION AUTHORITY INC 5609 Crosslake Pkwy WACO TX 76712 203868230 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 HIGHER EDUCATION SERVICE CORP 5609 Crosslake Pkwy WACO TX 76712 742129255 STUD LOANS TX 501(C)(3) 10 NA false BRAZOS HIGHER EDUCATION AUTHORITY INC 5609 Crosslake Pkwy WACO TX 76712 742099402 STUD LOANS TX 501(C)(3) 10 NA true BOSQUE HIGHER EDUCATION ATUHORITY INC 5609 Crosslake Pkwy WACO TX 76712 742534099 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 false false false false false false false false false false true false false false false false false FORM 990, 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