2014-05-05T15:21:55-05:00 2013-06-30 ERNST & YOUNG US LLP 401 CONGRESS AVE SUITE 1800 AUSTIN TX 78701 990 2012-07-01 203870176 Leon Higher Education Authority Inc % RICKY TURMAN CFO EVP LEON 2547530915 PO BOX 1308 Suite WACO TX 76703 Ricky Turman 2014-05-02 5124789881 2012 2015-11-30 17:44:51Z RICKY TURMAN 2600 WASHINGTON AVENUE WACO TX 76710 3398280 false X www.brazos.us.com X 2005 TX LEON HIGHER EDUCATION AUTHORITY, INC.'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. 7 7 0 0 0 0 0 735691 3397933 95 347 0 0 735786 3398280 0 0 0 0 0 0 0 0 0 968542 2788447 968542 2788447 -232756 609833 165520257 147491378 172655618 148978135 -7135361 -1486757 Leon Higher Education Authority, Inc. is a secondary market of college student loans under the Federal Family Education Loan Program (FFELP). LEON's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities. false false 2788447 0 3397933 Leon Higher Education Authority, Inc. serviced over 15,100 loans totaling over $142 million. This included over $150 million under the Title IV Federal Family Education Loan Program (FFELP) of which included $55 million of consolidation loans. These loans were funded through temporary financings. 2788447 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 true false false true 1 0 true 0 false false false false false false false false false false X 7 7 true true false false false false false true true false false true true true true true true false false false X RICKY TURMAN CFO EVP 2547530915 2600 WASHINGTON AVENUE WACO TX 76710 Mrs Jane Allen 1.0 2.0 X 0 0 0 Bob Chambers 1.0 8.0 X 0 0 0 Wilton Lanning 1.0 8.0 X 0 0 0 Dr Terry Maness 1.0 4.0 X 0 0 0 Dr Dennis Michaelis 1.0 5.0 X 0 0 0 Clement Milam 1.0 2.0 X 0 0 0 Mrs Joyce Packard 1.0 10.0 X 0 0 0 Scott Felton 1.0 1.0 X 0 0 0 Murray Watson 1.0 49.0 X 0 1099551 33270 Ricky Turman 1.0 49.0 X 0 451302 45418 Ellis Tredway 1.0 49.0 X 0 309850 38925 Tammy Harralson 1.0 49.0 X 0 191285 28505 James McInnis 1.0 48.0 X 0 100445 19370 Susan Davis 1.0 49.0 X 0 71168 16233 Ray Rushing 1.0 48.0 X 0 0 0 David Horner 1.0 47.0 X 0 506110 41505 Kelli Villarrial 1.0 47.0 X 0 264781 31265 0 2994492 254491 0 false true false 0 0 Yield on student loan notes receivable 522294 3397933 3397933 3397933 347 347 0 0 0 0 0 0 0 0 0 0 3398280 3397933 347 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 1689705 1689705 0 0 0 DEPT OF EDUCATION FEES 598303 598303 Servicing expense 256349 256349 Operating expense 153312 153312 Bad debt expense 70436 70436 20342 20342 2788447 2788447 0 0 0 0 5813837 1953575 0 0 3182247 2931436 0 0 0 0 156524173 142606367 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 165520257 147491378 226618 195135 0 0 0 0 0 0 0 0 0 0 172429000 148783000 0 0 0 0 172655618 148978135 X 0 0 0 0 -7135361 -1486757 -7135361 -1486757 165520257 147491378 X 609833 5038771 X false true X true true true X 0 0 0 0 0 0 0 0 0 735691 3397933 4133624 0 0 0 0 0 0 735691 3397933 4133624 0 0 0 4133624 0 0 0 95 347 442 0 0 0 0 95 347 442 0 0 0 0 0 735786 3398280 4134066 0.99989 0.99990 0.00011 0.00010 X 0 0 X 2799977 2799977 598303 598303 3398280 -2848627 -2848627 5637074 5637074 2788447 Supplemental Information RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XI, LINE 4B Dept of Education Fees - $598,303 RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XII, Line 4B Dept of Education Fees - $598,303 VALUATION ALLOWANCE ON SLNR - $5,038,711 TOTAL - $5,637,074 FIN 48 FOOTNOTE 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 UNCERTAIN TAX POSITIONS. false false false false false false false false false Murray Watson 0 603194 0 420756 0 75601 0 25000 0 8270 0 1132821 0 0 Ricky Turman 0 294207 0 150684 0 6411 0 25000 0 20418 0 496720 0 0 Ellis Tredway 0 185324 0 101266 0 23260 0 25000 0 13925 0 348775 0 0 Tammy Harralson 0 126382 0 50267 0 14636 0 19341 0 9164 0 219790 0 0 David Horner 0 256525 0 205287 0 44298 0 24606 0 16899 0 547615 0 0 Kelli Villarrial 0 173411 0 65055 0 26315 0 24547 0 6718 0 296046 0 0 Supplemental Information FORM 990, PART VI, QUESTION 2 RAY RUSHING AND MURRAY WATSON JR. HAVE A BUSINESS RELATIONSHIP. FORM 990, PART VI, QUESTION 3 DESCRIPTION OF MANAGEMENT ARRANGEMENT LEON HIGHER EDUCATION AUTHORITY HAS A CONTRACT WITH BRAZOS HIGHER EDUCATION SERVICE CORPORATION TO PERFORM MANAGEMENT AND ADMINISTRATION SERVICES ON LEON HIGHER EDUCATION AUTHORITY'S BEHALF. THIS INCLUDES MASTER SERVICING ADMINISTRATION FOR THE OUTSTANDING STUDENT LOANS HELD BY LEON HIGHER EDUCATION AUTHORITY. THE SERVICES INCLUDE, BUT ARE NOT LIMITED TO: ACCOUNTING, REPORTING, SERVICING, ORIGINATING, MARKETING, TREASURY, AND COMPLIANCE MONITORING OF THE STUDENT LOANS HELD BY LEON HIGHER EDUCATION AUTHORITY. FORM 990, PART VI, QUESTION 11B DESCRIBE THE PROCESS USED BY MANAGEMENT &/OR GOVERNING BODY TO REVIEW 990 THE 990 TAX RETURN IS PROVIDED TO SENIOR MANAGEMENT FOR THEIR REVIEW. AFTER THEIR 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, QUESTION 12C DESCRIPTION OF PROCESS TO MONITOR TRANSACTIONS FOR CONFLICTS OF INTEREST 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 COMPANY. 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, QUESTION 15A & 15B COMPENSATION DETERMINATION PROCESS THE COMPENSATION OF THE CEO (OR EXECUTIVE DIRECTOR, AS APPLICABLE), OFFICERS, AND KEY EMPLOYEES OF LEON HIGHER EDUCATION AUTHORITY IS PAID BY A RELATED ORGANIZATION, AND IS DETERMINED UNDER THE POLICIES OF THE RESPECTIVE RELATED ORGANIZATION. FORM 990, PART VI, QUESTION 19 AVAIL OF GOV DOCS, CONFLICT OF INTEREST POLICY, & FIN STMTS TO GEN PUBLIC THE GOVERNING DOCUMENTS, CONFLICT OF INTEREST POLICY, AND FINANCIAL STATEMENTS ARE AVAILABLE TO THE PUBLIC UPON REQUEST. Form 990, Part XI, Question 9 Other Changes In Net Assets or Fund Balances Valuation Allowance - $5,038,771 ADDITIONAL INFORMATION RECENT LEGISLATIVE DEVELOPMENTS ON MARCH 30, 2010, PRESIDENT OBAMA SIGNED INTO LAW THE RECONCILIATION ACT OF 2010. EFFECTIVE JULY 1, 2010, THIS LAW PROHIBITS NEW LOAN ORIGINATIONS UNDER THE FFELP AND REQUIRES THAT ALL NEW FEDERAL LOAN ORIGINATIONS bE MADE THROUGH THE DIRECT LOAN PROGRAM. IN THE EVENT THAT A FIRST DISBURSEMENT HAS BEEN MADE ON A FFELP LOAN PRIOR TO JULY 1, 2010, SUBSEQUENT DISBURSEMENTS OF THAT LOAN MAY STILL BE MADE UNDER THE FFELP. ADDITIONALLY, THE NEW LAW DOES NOT ALTER OR AFFECT THE TERMS AND CONDITIONS OF THE COMPANY'S EXISTING FFELP LOANS. ACAPITA EDUCATION FINANCE CORPORATION PO BOX 1308 WACO TX 76703 742542435 FUND STD LNS TX 501(C)(3) 9 NA true BRAZOS EDUCATION FINANCE CORPORATION INC 2600 WASHINGTON AVENUE WACO TX 76710 742539632 FUND STD LNS TX 501(c)(3) 11 TYPE 1 NA true BRAZOS HIGHER EDUCATION AUTHORITY INC PO BOX 1308 WACO TX 76703 742099402 FUND STD LNS TX 501(c)(3) 11 TYPE 1 NA true ATLANTIC STUDENT FINANCE CORPORATION 2600 WASHINGTON AVENUE WACO TX 76710 205412189 FUND STD LNS FL 501(c)(3) 7 NA true BOSQUE HIGHER EDUCATION AUTHORITY INC PO BOX 1308 WACO TX 76703 742534099 FUND STD LNS TX 501(c)(3) 9 NA true BRAZOS STUDENT FINANCE CORPORATION PO BOX 1308 WACO TX 76703 742356109 FUND STD LNS TX 501(c)(3) 9 NA true EDINVEST COMPANY 2600 WASHINGTON AVENUE WACO TX 76710 742537669 FUND STD LNS TX 501(c)(3) 9 NA true EDUCATIONAL FUNDING SERVICES INC PO BOX 1308 WACO TX 76703 330947525 FUND STD LNS CA 501(c)(3) 9 NA true BRAZOS HIGHER EDUCATION SERVICE CORP PO BOX 1308 WACO TX 76703 742129255 FUND STD LNS TX 501(c)(3) 9 NA true TRINITY HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 742534486 FUND STD LNS TX 501(c)(3) 9 NA true ANGELINA HIGHER EDUCATION AUTHORITY 2600 WASHINGTON AVENUE WACO TX 76710 200115078 FUND STD LNS TX 501(c)(3) 9 NA true BRAZOS EDUCATION LOAN AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 203868073 FUND STD LNS TX 501(c)(3) 9 NA true CONCHO HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 203870081 FUND STD LNS TX 501(c)(3) 9 NA true FRIO HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 203870120 FUND STD LNS TX 501(c)(3) 9 NA true LAVACA HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 203870153 FUND STD LNS TX 501(c)(3) 9 NA true FEDERATED STUDENT FINANCE CORPORATION 2600 WASHINGTON AVENUE WACO TX 76710 742536239 FUND STD LNS TX 501(c)(3) 9 NA true LLANO HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 203870219 FUND STD LNS TX 501(c)(3) 9 NA true PALUXY HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 203868139 FUND STD LNS TX 501(c)(3) 9 NA true ROZELL HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 203867891 FUND STD LNS TX 501(c)(3) 9 NA true SABINE HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 203868185 FUND STD LNS TX 501(c)(3) 9 NA true TEXOMA HIGHER EDUCATION AUTHORITY INC 2600 WASHINGTON AVENUE WACO TX 76710 203868230 FUND STD LNS TX 501(c)(3) 9 NA true BRAZOS EDUCATION FOUNDATION INC 2612 WASHINGTON AVENUE WACO TX 76710 264562436 GRANT MAKING TX 501(c)(3) 7 NA true ACADEMIC FINANCE CORPORATION PO BOX 1308 WACO TX 76703 742540458 FUND STD LNS TX 501(c)(3) 9 NA true EDUCATION SERVICING MGMT CORPORATION 2600 WASHINGTON AVENUE WACO TX 76710 203870046 FUND STD LNS TX 501(c)(3) 9 NA true INTERVIEW STREAM INC 7901 WOODWAY DRIVE SUITE 200 WACO TX 767123898 461208841 JOB INTERVIEW SVC TX BHESC C CORP false false false false false false false false false false false false true false false false false false false Brazos Higher Education Service Corporation M 153312 fmv