2013-05-09T18:14:38-05:00 2012-06-30 ERNST & YOUNG US LLP 401 CONGRESS SUITE 1800 AUSTIN TX 78701 990 2011-07-01 742534099 BOSQUE HIGHER EDUCATION AUTHORITY INC % RICKY TURMAN CFO EVP BOSQ 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 3230408 false X www.brazos.us.com X 1989 TX Bosque's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities. 9 9 0 0 0 0 0 1887132 1225775 165 102 5626 2004531 1892923 3230408 0 0 0 0 0 0 0 0 0 1593608 761055 1593608 761055 299315 2469353 69964908 6841033 70665695 1962391 -700787 4878642 Bosque is a secondary market of college student loans under the FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP). BOSQUE'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES. false false 761055 0 3230306 BOSQUE serviced over 739 loans totaling over $5,200,000 under the Title IV Federal Family Education Loan Program (FFELP) and other alternative student loan programs. This included over $2,700,000 of Title IV loans and over $2,400,000 of alternative loans. These loans were funded with Company funds. 0 0 0 761055 true false false false false false false false false false false false false false true 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 83 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 John Perry 1.0 X 0 814 0 Paul Marable Jr 1.0 X 0 0 0 Mrs Joyce Packard 1.0 X 0 0 0 Norman L Hay Jr 1.0 X 0 0 0 David Smith Jr 1.0 X 0 0 0 Dr Joseph Velez 1.0 X 0 0 0 Dr Terry Maness 1.0 X 0 702 0 Dr Dennis Michaelis 1.0 X 0 814 0 Claude Ervin 1.0 X 0 0 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 3164362 257022 0 false true false Kaye Scholer LLP 425 Park Avenue NEW YORK NY 10022 LEGAL 115611 2 0 Yield on student loan notes receivable 522294 1225775 1225775 1225775 102 102 0 0 0 0 0 0 Gain on extinguishment of debt 522294 2004531 2004531 2004531 3230408 3230306 102 0 0 0 0 0 0 0 0 0 0 0 24154 24154 0 0 0 0 0 0 0 0 0 0 0 0 0 365612 365612 0 0 0 BAD DEBT EXPENSE 136060 136060 DEPT OF EDUCATION FEES 127662 127662 Servicing expense 105938 105938 Operating expense 61423 61423 -59794 -59794 761055 761055 0 0 280440 281381 2186233 37352 0 0 2315197 1817289 0 0 0 0 63727793 4521042 0 0 1650 0 0 0 0 0 0 0 0 0 0 1453595 183969 69964908 6841033 2363547 1819391 0 0 0 0 0 0 0 0 0 0 67340000 0 0 0 962148 143000 70665695 1962391 X -700787 4878642 0 0 0 0 -700787 4878642 69964908 6841033 X 2469353 3110076 X false true true X true true X 4570840 3414069 2063665 1892758 3230306 15171638 4570840 3414069 2063665 1892758 3230306 15171638 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 15171638 250982 64519 476 165 102 316244 250982 64519 476 165 102 316244 4821822 3478588 2064141 1892923 3230408 15487882 0.97958 0.97292 0.02042 0.02708 X 0 PAYABLE TO AFFILIATE 143000 143000 3230408 761055 2469353 2995037 2995037 5464390 2288450 2288450 941958 941958 3230408 155688 -115039 -115039 270727 490328 490328 761055 Supplemental Information RECONCILIATION OF CHANGE IN NET ASSETS SCHEDULE D, PART XI, LINE 8 Transfer to Affiliate - $2,995,037 RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XII, LINE 4B Dept of Education Fees - $127,662 Amort of Loan Purchase Fees - $(66,741) Revenue Reclassed to Leon for Audit - $881,037 Total - $941,958 RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XIII, LINE 2D VALUATION ALLOWANCE ON SLNR - $(115,039) RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XIII, LINE 4B DEPT OF EDUCATION FEES - $127,662 Amort of Loan Purchase Fees - $(66,741) Expenses Reclassed to Leon for Audit - $429,407 Total - $490,328 Fin 48 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. 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 Bosque Higher Education Authority, Inc. (Bosque) has a contract with Brazos Higher Education Service Corporation to perform management and administration services on Bosque's behalf. This includes master servicing administration for the outstanding student loans held by Bosque. The services include, but are not limited to: accounting, reporting, servicing, originating, marketing, treasury, and compliance monitoring of the student loans held by Bosque. Form 990, Part VI, Question 11b Describe the Process Used by MGMT &/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. Form 990, Part VI, Question 12c Description of Process to Monitor Transactions for Conflicts of Interest Bosque'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 Bosque Higher Education Authority, Inc. 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, Line 5 Reconciliation of Net Assets Transfer to Affiliate - $2,995,037 Valuation Allowance on SNLR - $115,039 TOTAL - $3,110,076 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 Authority's existing FFELP loans. HOURS DEVOTED FOR RELATED ORGANIZATION FORM 990 PART VII NAME:John Perry TITLE:Director HOURS:4 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:Norman L Hay, Jr. TITLE:Director HOURS:2 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:Dr. Joseph Velez TITLE:Director HOURS:3 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:Claude Ervin TITLE:Director HOURS:1 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 Acapita Education Finance Corporation PO BOX 1308 WACO TX 76703 742542435 fund std lns TX 501(c)(3) 9 NA true Brazos Education Loan Authority 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 Atlantic Student Finance Corporation 2600 WASHINGTON AVENUE WACO TX 76710 205412189 fund std lns FL 501(c)(3) 7 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 true false false true true false false false false true false false false false false false Brazos Student Finance Corporation c 1197388 fmv Leon Higher Education Authority Inc c 1796553 fmv Brazos Student Finance Corporation f 8532625 fmv Leon Higher Education Authority Inc f 50842335 fmv Brazos Student Finance Corporation g 1255972 fmv Brazos Higher Education Service Corporation l 61423 fmv