2017-02-09T16:35:29-06:00 2016-06-30 741130599 PATTILLO BROWN & HILL LLP P O BOX 20725 WACO TX 767020725 990 2015-07-01 203870176 BRAZOS EDUCATION FUNDING CORPORATIONINC BRAZ 2547530915 2600 WASHINGTON AVE WACO TX 76710 RICKY TURMAN CFO 2547530915 2017-01-25 1 MIKE LUCAS CPA P00581536 2547724901 2015 2021-01-29 14:40:06Z RICKY TURMAN 2600 WASHINGTON AVE WACO TX 76710 4038972 0 X WWW.STUDENTLOANS.COM X 2005 TX BRAZOS EDUCATION FUNDING CORPORATION, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. 8 8 0 0 0 0 0 0 1130426 4037692 47 1280 1216872 0 2347345 4038972 0 0 0 0 0 0 0 0 0 1016797 2463844 1016797 2463844 1330548 1575128 0 111686336 0 110111208 0 1575128 X BRAZOS EDUCATION FUNDING CORPORATION, INC. IS A SECONDARY MARKET OF COLLEGE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). BRAZOS EDUCATION FUNDING CORPORATION, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. 0 0 2463844 4037692 BRAZOS EDUCATION FUNDING CORPORATION, INC. SERVICED OVER 5,200 LOANS TOTALING OVER $103 MILLION FROM THE TITLE IV PROGRAM. 2463844 1 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1 1 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 1 9 0 1 0 0 0 0 0 0 0 0 0 0 0 X 8 8 0 1 0 0 0 0 0 1 1 0 0 1 1 1 1 1 1 0 0 0 X RICKY TURMAN CFO 2547530915 2600 WASHINGTON AVE WACO TX 76710 BOB CHAMBERS CHAIRMAN 1.00 8.00 X 0 0 0 WILTON LANNING VICE CHAIRMAN 1.00 8.00 X 0 0 0 MRS JANE ALLEN DIRECTOR 1.00 2.00 X 0 0 0 DR TERRY MANESS DIRECTOR 1.00 4.00 X 0 0 0 DR CHARLES STAN MADDEN DIRECTOR 1.00 5.00 X 0 0 0 CLEMENT MILAM DIRECTOR 1.00 2.00 X 0 0 0 MRS JOYCE PACKARD DIRECTOR 1.00 10.00 X 0 0 0 LARRY SMITH DIRECTOR 1.00 1.00 X 0 0 0 MURRAY WATSON JR PRESIDENT 1.00 49.00 X 0 849956 38278 RICKY TURMAN CFO/TREASURER 1.00 49.00 X 0 378696 56482 THOMAS BEN LITLE COO 1.00 49.00 X 0 351440 53062 TAMMY HARRALSON CONTROLLER 1.00 49.00 X 0 183130 29696 DARRELL BROOKS ASST TREASURER 1.00 48.00 X 0 135882 33849 SUSAN DAVIS SECRETARY 1.00 49.00 X 0 89959 19832 ELLIS TREADWAY FORMER EVP/COO 1.00 49.00 X 0 488506 33131 JAMES MCINNIS FORMER TREASURER 1.00 48.00 X 0 101327 17795 DAVID HORNER FORMER EVP 1.00 47.00 X 0 87125 28430 KELLI VILLARRIAL FORMER VP, ASSOC GEN COUNS 1.00 47.00 X 0 267785 41588 0 2933806 352143 0 1 1 0 0 YIELD ON STUDENT LOANS 522294 4015106 4015106 LATE CHARGES 522294 22586 22586 4037692 1280 1280 4038972 4037692 0 1280 1220672 1220672 99203 99203 DEPT OF EDUCATION FEES 842690 842690 OPERATING EXPENSE 158310 158310 SERVICING EXPENSE 60484 60484 VALUATION ALLOWANCE/BAD 56261 56261 26224 26224 2463844 2463844 0 0 1000 1692789 107952631 845383 0 1194533 0 111686336 114371 109996837 0 110111208 X 0 1575128 0 0 0 0 0 1575128 0 111686336 1575128 0 X X 0 1 X 1 1 1 X 735691 3397933 2359711 1130426 4037692 11661453 735691 3397933 2359711 1130426 4037692 11661453 0 0 0 11661453 95 347 162 47 1280 1931 95 347 162 47 1280 1931 735786 3398280 2359873 1130473 4038972 11663384 0.99980 0.99990 0.00020 0.00010 X 0 X 3196282 0 3196282 842690 842690 4038972 1621154 0 1621154 842690 842690 2463844 PART X, LINE 2: 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, 2016 AND 2015. 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 ENDING JUNE 30, 2013 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: DEPT OF ED FEES OFFSET AGAINST INCOME ON AUDIT 842,690. PART XII, LINE 4B - OTHER ADJUSTMENTS: DEPT OF ED FEES OFFSET AGAINST INCOME ON AUDIT 842,690. 1 0 0 0 0 0 0 0 0 MURRAY WATSON JR PRESIDENT 0 655110 0 62205 0 132641 0 35000 0 3278 0 888234 0 0 RICKY TURMAN CFO/TREASURER 0 304979 0 35152 0 38565 0 35000 0 21482 0 435178 0 0 THOMAS BEN LITLE COO 0 296860 0 36477 0 18103 0 35000 0 18062 0 404502 0 0 TAMMY HARRALSON CONTROLLER 0 135580 0 17680 0 29870 0 22337 0 7359 0 212826 0 0 DARRELL BROOKS ASST TREASURER 0 111031 0 14637 0 10214 0 17756 0 16093 0 169731 0 0 ELLIS TREADWAY FORMER EVP/COO 0 71047 0 0 0 417459 0 27911 0 5220 0 521637 0 0 JAMES MCINNIS FORMER TREASURER 0 22843 0 0 0 78484 0 11706 0 6089 0 119122 0 0 KELLI VILLARRIAL FORMER VP, ASSOC GEN COUNS 0 207903 0 24788 0 35094 0 35000 0 6588 0 309373 0 0 PART I, LINE 4A THE FOLLOWING RECEIVED SEVERANCE PAYMENTS FROM BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC.: JAMES MCINNIS - $55,636 ELLIS TREADWAY - $345,050 FORM 990, PART VI, SECTION A, LINE 3 BRAZOS EDUCATION FUNDING CORPORATION, INC. HAS A CONTRACT WITH BRAZOS HIGHER EDUCATION SERVICE CORPORATION, INC. TO PERFORM MANAGEMENT AND ADMINSTRATION SERVICES ON BRAZOS EDUCATION FUNDING CORPORATION INC.'S BEHALF. THIS INCLUDES MASTER SERVICING ADMINSTRATION FOR THE OUTSTANDING STUDENT LOANS HELD BY BRAZOS EDUCATION FUNDING CORPORATION, INC. THE SERVICES INCLUDE, BUT ARE NOT LIMITED TO: ACCOUNTING, REPORTING, SERVICING, ORIGINATING, MARKETING, TREASURY, AND COMPLIANCE MONITORING OF THE STUDENT LOANS HELD BY BRAZOS EDUCATION FUNDING CORPORATION, INC. FORM 990, PART VI, SECTION B, LINE 11 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 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. FORM 990, PART VI, SECTION B, LINE 15 THE COMPENSATION OF THE CEO (OR EXECUTIVE DIRECTOR, AS APPLICABLE), OFFICERS, AND KEY EMPLOYEES OF THE BRAZOS EDUCATION FUNDING COROPRATION 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 THE ORGANIZATION'S GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. FORM 990, PART XII, LINE 2C THE OVERSIGHT AND SELECTION PROCESS HAS NOT CHANGED FROM THE PRIOR YEAR. 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