2021-02-19T06:39:28-06:00 2020-06-30 BKD LLP 14241 DALLAS PARKWAY SUITE 1100 DALLAS TX 75254 990 2019-07-01 742542435 Acapita Education Finance Corporation % RICKY TURMAN EVP COO & CF ACAP 2547530915 2600 Washington Ave Waco TX 76710 RICKY TURMAN EVP, COO, AND CFO 2547530915 2020-01-30 true Jeanette Verrelli P00742631 9727028262 2019 2022-09-23 18:48:47Z RICKY TURMAN 2600 WASHINGTON AVENUE WACO TX 76710 28860136 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. 9 9 0 9 0 0 0 0 28022060 28452193 176967 102284 318071 305659 28517098 28860136 0 0 0 0 0 0 0 0 0 88135044 68874137 88135044 68874137 -59617946 -40014001 987993221 862372254 1954643118 1869293152 -966649897 -1006920898 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 68874137 28757852 AEFC SERVICED OVER 69,000 LOANS TOTALING OVER $865 MILLION. THIS INCLUDED OVER $779 MILLION UNDER THE TITLE IV FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) OF WHICH INCLUDED $629 MILLION OF CONSOLIDATION LOANS. THESE LOANS WERE FUNDED THROUGH TEMPORARY FINANCING. 68874137 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 216 0 0 false false false false false false false false false false false false X 9 9 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 2600 WASHINGTON AVE WACO TX 76710 Thomas Ben Litle President/CEO 1.0 39.0 X 0 663422 66167 Ricky Turman EVP/COO/CFO 1.0 39.0 X 0 558431 70150 Kelli Uttech VP/General Counsel 1.0 39.0 X 0 308236 61514 Tammy Harralson Controller/VP 1.0 39.0 X 0 212939 54326 Darrell Brooks Treasurer 1.0 39.0 X 0 161313 41293 Susan Davis Secretary 1.0 39.0 X 0 93561 29386 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 Chairman 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 1997902 322836 0 false true false 0 0 Interest Received on Student Loans 522294 34228383 34228383 Late Charges 522294 149270 149270 VALUATION ALLOWANCE/BAD DEBT 522294 -5925460 -5925460 28452193 102284 102284 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 Issuer Income 522294 275000 275000 Miscellaneous Income 522294 30659 30659 305659 28860136 28757852 102284 0 0 0 0 0 0 0 0 0 0 544387 544387 0 66380 66380 0 0 0 0 0 0 0 0 0 0 0 0 58191591 58191591 0 0 0 Dept of Education Rebate Fee 7117217 7117217 Servicing Expense 1371568 1371568 Commitment Fees 1190771 1190771 Issuer Cost 275000 275000 117223 117223 68874137 68874137 0 0 784 654 8512913 11225271 0 0 16299 0 0 0 0 0 957187584 828689029 0 0 0 0 0 0 0 0 0 0 0 0 0 0 22275641 22457300 987993221 862372254 977543118 1014693152 0 0 0 0 0 0 0 0 0 0 977100000 854600000 0 0 0 0 1954643118 1869293152 X -966649897 -1006920898 0 0 0 0 -966649897 -1006920898 987993221 862372254 X -40014001 -257000 X false true X true true true X 0 0 0 0 0 0 39149182 73771781 52717774 28340131 28757852 222736720 0 0 0 39149182 73771781 52717774 28340131 28757852 222736720 0 0 0 222736720 7218 48278 110435 176967 102284 445182 0 7218 48278 110435 176967 102284 445182 0 0 39156400 73820059 52828209 28517098 28860136 223181902 0.99801 0.99854 0.00199 0.00146 X 0 0 X 27668379 -7117217 -7117217 34785596 -5925460 -5925460 28860136 67682380 5925460 5925460 61756920 7117217 7117217 68874137 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, 2020 or 2019. 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, 2017 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 Companys 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 $(7,117,217) Schedule D, Part XI, Line 4b Reconciliation of Revenue per audited financials with return: Valuation Allowance/Bad Debt $(5,925,460) SCHEDULE D, PART XII, LINE 2D Reconciliation of Expenses per audited financials with return: Valuation Allowance/Bad Debt $5,925,460 Schedule D, Part XII, Line 4b Reconciliation of Expenses per audited financials with return: Department of Education Rebate Fees $7,117,217 false false false false false false false false false Thomas Ben Litle President/CEO 0 557723 0 53265 0 52434 0 62254 0 3913 0 729589 0 0 Ricky Turman EVP/COO/CFO 0 481591 0 47212 0 29628 0 62693 0 7457 0 628581 0 0 Darrell Brooks Treasurer 0 144138 0 15812 0 1363 0 36446 0 4847 0 202606 0 0 Tammy Harralson Controller/VP 0 186322 0 19605 0 7012 0 47145 0 7181 0 267265 0 0 Kelli Uttech VP/General Counsel 0 278938 0 28470 0 828 0 58762 0 2752 0 369750 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 $(257,000) BRAZOS ACADEMIC LENDING CORPORATION PO BOX 1308 WACO TX 76703 742540458 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS EDUCATION FOUNDATION INC 2612 WASHINGTON AVE WACO TX 76710 264562436 GRANT MAKING TX 501(C)(3) 7 BHESC true BOSQUE HIGHER EDUCATION AUTHORITY INC PO BOX 1308 WACO TX 76703 742534099 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS STUDENT FINANCE CORPORATION PO BOX 1308 WACO TX 76703 742356109 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS EDUCATION LOAN AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203868073 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS EDUCATION LENDING CORPORATION 2600 WASHINGTON AVE WACO TX 76710 203870081 STUD LOANS TX 501(C)(3) 10 NA true FEDERATED STUDENT FINANCE CORPORATION 2600 WASHINGTON AVE WACO TX 76710 742536239 STUD LOANS TX 501(C)(3) 10 NA true LLANO HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203870219 STUD LOANS TX 501(C)(3) 10 NA true TEXOMA HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203868230 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS HIGHER EDUCATION SERVICE CORP PO BOX 1308 WACO TX 76703 742129255 STUD LOANS TX 501(C)(3) 10 NA false BRAZOS HIGHER EDUCATION AUTHORITY INC PO BOX 1308 WACO TX 76703 742099402 STUD LOANS TX 501(C)(3) 10 NA true BRAZOS ASSET CORPORATION (BAC) 2600 WASHINGTON AVE WACO TX 76710 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