2013-05-09T18:14:28-05:00 2012-06-30 ERNST & YOUNG US LLP 401 CONGRESS AVE SUITE 1800 AUSTIN TX 78701 990 2011-07-01 742542435 Acapita Education Finance Corporation % RICKY TURMAN CFO EVP ACAP 2547530915 PO BOX 1308 WACO TX 76703 RICKY TURMAN 2013-05-09 5124789881 2011 2016-02-25 16:41:14Z RICKY TURMAN 2600 WASHINGTON AVENUE WACO TX 76710 60541613 false X www.brazos.us.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 0 0 0 0 66777686 60263503 3576 3048 275443 275062 67056705 60541613 0 0 0 0 0 0 0 0 0 172147895 158907166 172147895 158907166 -105091190 -98365553 2563893928 2297667484 3024548928 2880732765 -460655000 -583065281 X Acapita Education Finance Corporation is a secondary market of COLLEGE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). Acapita Education Finance Corporation's MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. false false 158907166 0 60538565 Acapita Education Finance Corporation serviced over 226,300 loans totaling over $2.3 billion. This included over $2.0 billion under the Title IV Federal Family Education Loan Program (FFELP) of which included $1.39 billion of consolidation loans. These loans were funded through temporary financings. 158907166 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 24 0 true 0 false false false false false false false false false false X 9 9 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 X Paul Marable Jr 1.0 X 0 0 0 Mrs Joyce Packard 1.0 X 0 0 0 Calvin Curtis Jones 1.0 X 0 0 0 David Smith Jr 1.0 X 0 0 0 Tony Wayland 1.0 X 0 0 0 Wilton Lanning 1.0 X 0 861 0 Larry Smith 1.0 X 0 814 0 Dr Terry Maness 1.0 X 0 703 0 Dr Dennis Michaelis 1.0 X 0 814 0 Murray Watson 1.0 X 0 1183043 32770 David Horner 1.0 X 0 454978 40649 Ricky Turman 1.0 X 0 493810 43883 Ray Rushing 1.0 X 0 0 0 James McInnis 1.0 X 0 101285 17820 Susan Davis 1.0 X 0 73656 14026 Tammy Harralson 1.0 X 0 202037 31284 Daniel Reyna 1.0 X 0 142909 17620 Kelli Villarrial 1.0 X 0 270736 30872 Thomas Litle 1.0 X 0 239578 28098 0 3165224 257022 0 false true false 0 0 YIELD ON STUDENT LOAN NOTES RECEIVABLE 522294 60263503 60263503 60263503 3048 3048 0 0 0 0 0 0 Other revenues 522294 62 62 Issuer Income 522294 275000 275000 275062 60541613 60538565 3048 0 0 0 0 0 0 0 0 0 0 0 34262 34262 122550 122550 0 0 0 0 0 0 0 0 0 0 0 0 133258762 133258762 0 0 0 DEPT OF EDUCATION FEES 15366539 15366539 Servicing expense 4706393 4706393 Commitment fees 3354257 3354257 Operating expense 1452034 1452034 612369 612369 158907166 158907166 0 0 90612 12415 40370024 46565163 0 0 72968 34954 0 0 0 0 2473319797 2217617517 0 0 0 0 0 0 0 0 0 0 0 0 0 50040527 33437435 2563893928 2297667484 340448928 460132765 0 0 0 0 0 0 0 0 0 0 2684100000 2420600000 0 0 0 0 3024548928 2880732765 X -460655000 -583065281 0 0 0 0 -460655000 -583065281 2563893928 2297667484 X -98365553 -24044728 X false true true X true true X 3284627 2289010 74750828 67053129 60538565 207916159 3284627 2289010 74750828 67053129 60538565 207916159 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 207916159 30413 5232 8361 3576 3048 50630 30413 5232 8361 3576 3048 50630 3315040 2294242 74759189 67056705 60541613 207966789 0.99976 0.99966 0.00024 0.00034 X 0 0 60541613 158907166 -98365553 -24044728 -24044728 -122410281 45175074 45175074 15366539 15366539 60541613 167585355 24044728 24044728 143540627 15366539 15366539 158907166 Supplemental Information RECONCILIATION OF CHANGE IN NET ASSETS SCHEDULE D, PART XI, LINE 8 VALUATION ALLOWANCE ON SLNR - $(24,044,728) RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XII, LINE 4B DEPT OF EDUCATION FEES - $15,366,539 RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XIII, LINE 2D VALUATION ALLOWANCE ON SLNR - $24,044,728 RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XIII, LINE 4B DEPT OF EDUCATION FEES - $15,366,539 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 POSITIONS RESERVED. false false false false false false false false false Murray Watson 0 554135 0 561918 0 66990 0 24500 0 8270 0 1215813 0 0 David Horner 0 242206 0 179124 0 33648 0 24500 0 16149 0 495627 0 0 Ricky Turman 0 276657 0 200653 0 16500 0 24500 0 19383 0 537693 0 0 Tammy Harralson 0 119209 0 66328 0 16500 0 20753 0 10531 0 233321 0 0 Daniel Reyna 0 89496 0 44919 0 8494 0 14157 0 3463 0 160529 0 0 Kelli Villarrial 0 168376 0 86036 0 16324 0 24500 0 6372 0 301608 0 0 Thomas Litle 0 199793 0 23285 0 16500 0 23898 0 4200 0 267676 0 0 Supplemental Information Form 990, Part VI, Question 2 Business Relationships Ray Rushing and Murray Watson Jr. have a business relationship. Form 990, Part VI, Question 3 Description of Management Arrangement Acapita Education Finance Corporation has a contract with Brazos Higher Education Service Corporation to perform management and administration services on Acapita Education Finance Corporation's behalf. This includes master servicing administration for the outstanding student loans held by Acapita Education Finance Corporation. 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, 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 Acapita Education Finance Corporation's internal audit department prepares and distributes a conflict of interest questionnaire to all board members and employees annually. 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 Acapita Education Finance Corporation is paid by a related organization, and is determined under the policies of the respective related organization. Form 990, Part Vo, Question 19 Avail of Gov Docs, Conflict of Interest Policy, & Fin Stmts to Gen Public Governing documents, conflict of interest policy, and financial statements are available to the public upon request. Form 990, Part XI, Line 5 Other Changes in Net Assets or Fund Balances Valuation Allowance on SLNR - $(24,044,728) 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 Companys existing FFELP loans. HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Paul Marable, Jr. TITLE:Director HOURS:7 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Mrs. Joyce Packard TITLE:Vice Chairman HOURS:8 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Calvin Curtis Jones TITLE:Director HOURS:1 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:David Smith, Jr. TITLE:Chairman HOURS:7 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Tony Wayland TITLE:Director HOURS:2 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Wilton Lanning TITLE:Director HOURS:6 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Larry Smith TITLE:Director HOURS:2 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Dr. Terry Maness TITLE:Director HOURS:2 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Dr. Dennis Michaelis TITLE:Director HOURS:3 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Murray Watson TITLE:President HOURS:39 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:David Horner TITLE:EVP/Special Asst to President HOURS:39 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Ricky Turman TITLE:EVP / CFO HOURS:39 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Ray Rushing TITLE:Secretary HOURS:39 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:James McInnis TITLE:Treasurer HOURS:39 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Susan Davis TITLE:Assistant Secretary HOURS:39 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Tammy Harralson TITLE:Controller/VP HOURS:39 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Daniel Reyna TITLE:Internal Audit Director HOURS:39 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Kelli Villarrial TITLE:Associate General Counsel HOURS:39 HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:Thomas Litle TITLE:VP Legal Affairs/Inden Ovrsght HOURS:39 Atlantic Student Finance Corporation 2600 WASHINGTON AVENUE WACO TX 76710 205412189 fund std lns FL 501(c)(3) 7 NA true Brazos Education Loan Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203868073 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 Brazos Education Finance Corporation In 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 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 Federated Student Finance Corporation 2600 WASHINGTON AVENUE WACO TX 76710 742536239 fund std lns TX 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 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 Leon Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870176 fund std lns TX 501(c)(3) 9 NA true Llano Higher Education Authority Inc 203870219 fund std lns TX 501(c)(3) 9 NA true false false false false false false false false false false false true false false false false false false Brazos Higher Education Service Corporation l 1452034 FMV