2015-03-10T18:41:23-05:00 2014-06-30 741130599 PATTILLO BROWN & HILL LLP P O BOX 20725 WACO TX 767020725 990 2013-07-01 203868073 BRAZOS EDUCATION LOAN AUTHORITY INC BRAZ 2547530915 P O BOX 1308 WACO TX 76703 RICKY TURMAN CFO 2547530915 2015-02-12 1 MIKE LUCAS CPA P00581536 2547724901 2013 2016-02-25 16:41:14Z RICKY TURMAN P O BOX 1308 WACO TX 76703 4386211 0 X WWW.BRAZOS.US.COM X 2005 TX BRAZOS EDUCATION LOAN AUTHORITY'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 3664814 4386093 302 118 0 0 3665116 4386211 0 0 0 0 0 0 0 0 0 2383400 2805698 2383400 2805698 1281716 1580513 97593110 87230417 99356965 87413759 -1763855 -183342 BRAZOS EDUCATION LOAN AUTHORITY (BELA) IS A SECONDARY MARKET OF COLLEGE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). BELA'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. 0 0 2805698 4386093 BRAZOS EDUCATION LOAN AUTHORITY SERVICED OVER 8,750 LOANS TOTALING OVER $91 MILLION UNDER THE TITLE IV FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). THESE LOANS WERE FUNDED THROUGH PERMANENT FINANCINGS. 2805698 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 0 0 0 0 0 0 0 0 0 0 0 X 8 8 1 1 1 0 0 0 0 1 1 0 0 1 1 1 0 1 1 0 0 0 X RICKY TURMAN CFO 2547530915 P O BOX 1308 WACO TX 76703 MRS JOYCE PACKARD CHAIRMAN 1.00 10.00 X 0 0 0 PETER KULTGEN VICE-CHAIRMAN 1.00 3.00 X 0 0 0 BOB CHAMBERS DIRECTOR 1.00 8.00 X 0 0 0 TOM CHASE DIRECTOR 1.00 3.00 X 0 0 0 CLAUDE ERVIN DIRECTOR 1.00 3.00 X 0 0 0 WILTON LANNING DIRECTOR 1.00 8.00 X 0 0 0 DR TERRY MANESS DIRECTOR 1.00 4.00 X 0 0 0 DENNIS MICHAELIS DIRECTOR 1.00 5.00 X 0 0 0 CLEMENT MILAM DIRECTOR 1.00 2.00 X 0 0 0 MURRY WATSON PRESIDENT 1.00 49.00 X 0 1307110 40939 RICKY TURMAN EVP/CFO & TREASURER 1.00 49.00 X 0 570079 55391 ELLIS TREDWDAY EVP/COO 1.00 49.00 X 0 572862 48331 THOMAS LITLE BOND COUNSEL 1.00 47.00 X 0 331492 45836 TAMMY HARRALSON CONTROLLER 1.00 49.00 X 0 219448 35550 DANIEL REYNA INTERNAL AUDIT DIRECTOR 1.00 47.00 X 0 153601 26630 JAMES MCINNIS ASST TREASURER 1.00 48.00 X 0 112269 23321 SUSAN DAVIS SECRETARY 1.00 49.00 X 0 103935 21930 RAY RUSHING ASST SECRETARY 1.00 48.00 X 0 0 0 0 3370796 297928 0 0 1 0 0 INTEREST INCOME ON STU 522294 4344319 4344319 LATE FEES 522294 41774 41774 4386093 118 118 4386211 4386093 0 118 1258382 1258382 128497 128497 DEPARTMENT OF EDUCATION 925889 925889 OPERATING EXPENSES 246934 246934 SERVICING EXPENSE 210649 210649 MISCELLANEOUS 18755 18755 16592 16592 2805698 2805698 0 0 1076959 926796 94594301 84578248 1036480 907983 885370 817390 97593110 87230417 114892 103261 99242073 87310498 99356965 87413759 X -1763855 -183342 0 0 0 0 -1763855 -183342 97593110 87230417 1580513 0 X X 0 0 1 1 1 X 3664814 3460204 7125018 3664814 3460204 7125018 0 0 0 7125018 302 118 420 302 118 420 3665116 3460322 7125438 0.99990 0.99990 0.00010 0.00010 X 0 X 3460322 0 3460322 925889 925889 4386211 1879809 0 1879809 925889 925889 2805698 PART X, LINE 2: THE AUTHORITY FOLLOWS THE ACCOUNTING STANDARD RELATED TO THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE AUTHORITYS 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. PART XI, LINE 4B - OTHER ADJUSTMENTS: DEPARTMENT OF EDUCATION REBATE FEES OFFSET AGAINST REVENUE ON AUDIT 925,889. PART XII, LINE 4B - OTHER ADJUSTMENTS: DEPARTMENT OF EDUCATION REBATE FEES OFFSET AGAINST REVENUE ON AUDIT 925,889. 0 0 0 0 0 0 0 0 0 MURRY WATSON PRESIDENT 0 609325 0 627504 0 70281 0 33500 0 7439 0 1348049 0 0 RICKY TURMAN EVP/CFO & TREASURER 0 292065 0 223245 0 54769 0 33500 0 21891 0 625470 0 0 ELLIS TREDWDAY EVP/COO 0 299569 0 230200 0 43093 0 33500 0 14831 0 621193 0 0 THOMAS LITLE BOND COUNSEL 0 207396 0 113345 0 10751 0 32287 0 13549 0 377328 0 0 TAMMY HARRALSON CONTROLLER 0 127936 0 73964 0 17548 0 27548 0 8002 0 254998 0 0 DANIEL REYNA INTERNAL AUDIT DIRECTOR 0 100684 0 51847 0 1070 0 19293 0 7337 0 180231 0 0 FORM 990, PART VI, SECTION A, LINE 2 RAY RUSHING, AN OFFICER OF THE COMPANY, IS AN EMPLOYEE OF A LAW FIRM OWNED BY MURRAY WATSON, JR., ALSO AN OFFICER OF THE COMPANY. FORM 990, PART VI, SECTION A, LINE 3 BRAZOS EDUCATION LOAN AUTHORITY, INC. HAS A CONTRACT WITH BRAZOS HIGHER EDUCATION SERVICE CORPORATION TO PERFORM MANAGEMENT AND ADMINSTRATION SERVICES ON BELA'S BEHALF. THIS INCLUDES MASTER SERVICING ADMINSTRATION FOR THE OUTSTANDING STUDENT LOANS HELD BY BRAZOS EDUCATION LOAN AUTHORITY. 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 LOAN AUTHORITY. FORM 990, PART VI, SECTION A, LINE 4 BRAZOS EDUCATION LOAN AUTHORITY INC. AMENDED AND RESTATED ITS BYLAWS IN MARCH OF 2014 AND AMENDED AND RESTATED ITS CERTIFICATE OF FORMATION (ARTICLES OF INCORPORATION) IN MAY OF 2014 TO REDUCE THE NUMBER OF BOARD OF DIRECTORS TO 7-10. THE CERTIFICATE OF FORMATION WAS AMENDED AGAIN IN JUNE OF 2014 TO INCLUDE AN INADVERTENTLY OMITTED PARAGRAPH FROM THE ORIGINAL RESTATED MAY FILING. 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 12 THE INTERNAL AUDIT DEPARTMENT PREPARES AND DISTRIBUTES A CONFLICT OF INTEREST QUESTIONNAIRE TO ALL BOARD MEMBERS AND EMPLOYEES ANNUALLY. INCLUDED WITH THE QUESTIONNAIRE IS A LISTING OF VENDORS UTILIZED BY THE ORGANIZATION. THE INTERNAL AUDIT 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 LOAN AUTHORITY, INC. 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. ACADEMIC FINANCE CORPORATION P O BOX 1308 WACO TX 76703 742540458 FUND STUDENT LOANS TX 501(C)(3) LINE 11A, I 1 ACAPITA EDUCATION FINANCE CORPORATION P O BOX 1308 WACO TX 76703 742542435 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 ANGELINA HIGHER EDUCATION AUTHORITY 2600 WASHINGTON AVE WACO TX 76710 200115078 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 ATLANTIC STUDENT FINANCE CORPORATION 2600 WASHINGTON AVE WACO TX 76710 205412189 FUND STUDENT LOANS FL 501(C)(3) LINE 7 1 BOSQUE HIGHER EDUCATION AUTHORITY INC P O BOX 1308 WACO TX 76703 742534099 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 BRAZOS EDUCATION FINANCE CORPORATION 2600 WASHINGTON AVE WACO TX 76710 742539632 FUND STUDENT LOANS TX 501(C)(3) LINE 11A, I 1 BRAZOS HIGHER EDUCATION AUTHORITY INC P O BOX 1308 WACO TX 76703 742099402 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 BRAZOS HIGHER EDUCATION SERVICE CORPORATION P O BOX 1308 WACO TX 76703 742129255 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 BRAZOS EDUCATION FOUNDATION INC 2612 WASHINGTON AVE WACO TX 76703 264562436 GRANT MAKING TX 501(C)(3) LINE 7 1 BRAZOS STUDENT FINANCE CORPORATION P O BOX 1308 WACO TX 76703 742356109 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 CONCHO HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203870081 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 EDINVEST COMPANY 2600 WASHINGTON AVE WACO TX 76710 742537669 FUND STUDENT LOANS TX 501(C)(3) LINE 11A, I 1 EDUCATION SERVICING MANAGEMENT CORPORATION 2600 WASHINGTON AVE WACO TX 76710 203870046 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 EDUCATIONAL FUNDING SERVICES INC P O BOX 1308 WACO TX 76703 330947525 FUND STUDENT LOANS CA 501(C)(3) LINE 9 1 FEDERATED STUDENT FINANCE CORPORATION 2600 WASHINGTON AVE WACO TX 76710 742536239 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 FRIO HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203870120 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 LAVACA HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203870153 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 LEON HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203870176 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 LLANO HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203870219 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 PALUXY HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203868139 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 ROZELL HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203867891 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 SABINE HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203868185 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 TEXOMA HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 203868230 FUND STUDENT LOANS TX 501(C)(3) LINE 9 1 TRINITY HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVE WACO TX 76710 742534486 FUND STUDENT LOANS TX 501(C)(3) LINE 11A, I 1 INTERVIEW STREAM INC 7901 WOODWAY DRIVE SUITE 200 WACO TX 767123898 461208841 JOB INTERVIEW SERVICE TX BRAZOS HIGHER EDUCATION SERVICE CORPORATION C 0 0 0 0 0 0 0 0 0 0 0 0 1 0 0 0 0 0 0 0 BRAZOS HIGHER EDUCATION SERVICE CORPORATION L 246934