2011-05-12T15:08:46-04:00 2010-06-30 ERNST & YOUNG US LLP 111 MONUMENT CIRCLE SUITE 2600 INDIANAPOLIS IN 46204 990 2009-07-01 742534099 BOSQUE HIGHER EDUCATION AUTHORITY INC BOSQ 2547530915 PO BOX 1308 WACO TX 76703 Ricky Turman 2011-05-11 3176817000 2009 2016-02-24 21:20:13Z RICKY TURMAN 2600 WASHINGTON AVENUE WACO TX 76710 2064141 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. 8 8 0 0 0 0 0 3414069 2063665 64519 476 0 0 3478588 2064141 0 0 0 0 0 0 0 0 0 2897295 1467576 2897295 1467576 581293 596565 81521553 79682539 88332499 78846059 -6810946 836480 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 1467576 2063665 BOSQUE serviced over 9,500 loans totaling over $75,000,000 under the Title IV Federal Family Education Loan Progam (FFELP) and other alternative student loan programs. This included over $9,000,000 of Subsidized loans, $9,000,000 of Unsubsidized loans and $20,000,000 consolidation loans under the FFELP program. These loans were funded through temporary financings. 1467576 true 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 false false true 1 0 true 0 false false false false false false false false false 8 8 true true false false false false false true true false false true true true true true true false X RICKY TURMAN CFO EVP 2547530915 2600 Washington Avenue Waco TX 76710 X John Perry 1.0 X 0 0 0 Lindley Elliott 1.0 X 0 0 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 0 851 0 David Smith Jr 1.0 X 0 779 0 Mrs Dorothy Talbot 1.0 X 0 0 0 Dr Joseph Velez 1.0 X 0 0 0 Dr Terry Maness 1.0 X 0 0 0 Dr Dennis Michaelis 1.0 X 0 0 0 Susan Davis 1.0 X 0 59759 12094 Tammy Harralson 1.0 X 0 171043 29598 David Horner 1.0 X 0 350219 47427 Daniel Reyna 1.0 X 0 126421 19773 Ricky Turman 1.0 X 0 465169 29441 Kelli Villarrial 1.0 X 0 200568 18960 Murray Watson 1.0 X 0 1022410 29934 James McInnis 1.0 X 0 93098 18945 Ray Rushing 1.0 X 0 0 0 Suzanne Young 1.0 X 0 135864 18593 0 2626181 224765 0 false true false 0 0 Yield on student loan notes receivable 522294 2063665 2063665 2063665 476 476 0 0 0 0 0 0 0 2064141 2063665 476 0 0 0 0 0 0 0 0 0 0 0 6130 6130 0 0 0 0 0 0 0 0 0 0 0 0 0 758008 758008 0 0 0 DEPT OF EDUC FEES 215608 215608 Servicing expense 187524 187524 AMORTIZATION-DEBT ISSUE 163678 163678 Operating expense 122643 122643 All other expenses 13985 13985 1467576 1467576 0 0 2166771 2074932 2038279 2051271 800809 894055 74285171 72714821 2230523 1947460 81521553 79682539 881284 960729 85968997 76740000 1482218 1145330 88332499 78846059 X -6810946 836480 -6810946 836480 81521553 79682539 X false true true X true true X 2669978 251916 4570840 3414069 2063665 12970468 2669978 251916 4570840 3414069 2063665 12970468 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 0 12970468 309256 23086 250982 64519 476 648319 309256 23086 250982 64519 476 648319 2979234 275002 4821822 3478588 2064141 13618787 0.95239 0.92880 0.04761 0.07120 X DUE TO A CHANGE IN YEAR-END, A SHORT PERIOD RETURN WAS FILED FOR THE TIME PERIOD JUNE 1, 2007 THROUGH JUNE 30, 2007. THEREFORE, THE YEARS LISTED ON SCHEDULE A, PART III CORRESPOND TO THE TIME FRAMES AS LISTED BELOW: 2009 = JULY 1, 2009 THROUGH JUNE 30, 2010 2008 = JULY 1, 2008 THROUGH JUNE 30, 2009 2007 = JULY 1, 2007 THROUGH JUNE 30, 2008 2006 = JUNE 1, 2007 THROUGH JUNE 30, 2007 2005 = JUNE 1, 2006 THROUGH MAY 31, 2007 0 Payable to affiliated entity 1145330 1145330 2064141 1467576 596565 7050860 7050860 7647425 7885244 6036711 6036711 1848533 215608 215608 2064141 1251968 1251968 215608 215608 1467576 Supplemental Information RECONCILIATION OF CHANGE IN NET ASSETS SCHEDULE D, PART XI, LINE 8 Transfer from affiliate - $1,014,149 VALUATION ALLOWANCE ON SLNR - $6,036,711 Total - $7,050,860 RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XII, LINE 2D VALUATION ALLOWANCE ON SLNR - $6,036,711 RECONCILIATION OF REVENUE PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XII, LINE 4B DEPT OF EDUCATION FEES - $215,608 RECONCILIATION OF EXPENSES PER AUDITED FINANCIAL STATEMENTS SCHEDULE D, PART XIII, LINE 4B DEPT OF EDUCATION FEES - $215,608 Fin 48 THE AUTHORITY ADOPTED THE ACCOUNTING STANDARD RELATED TO UNCERTAIN TAX POSITIONS ON JULY 1, 2007, WHICH CLARIFIES THE ACCOUNTING FOR UNCERTAINTY IN INCOME TAXES RECOGNIZED IN THE AUTHORITY'S FINANCIAL STATEMENTS AND 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 ADOPTION OF THIS STANDARD HAD NO EFFECT ON THE AUTHORITY'S FINANCIAL POSITION OR RESULTS OF OPERATIONS. THE AUTHORITY FILES FEDERAL INCOME TAX RETURNS IN THE UNITED STATES. THE AUTHORITY MAY BE SUBJECT TO U.S. FEDERAL INCOME TAX EXAMINATIONS FOR THE TAX YEARS ENDING JUNE 30, 2007 AND LATER BY THE INTERNAL REVENUE SERVICE. THE AUTHORITY IS NOT CURRENTLY UNDER EXAMINATION FOR ANY OPEN TAX YEAR. false false false false false false false false false Tammy Harralson 0 110802 0 49633 0 10608 0 17680 0 11918 0 200641 0 0 David Horner 0 203333 0 124886 0 22000 0 24500 0 22927 0 397646 0 0 Ricky Turman 0 283500 0 163950 0 17719 0 24500 0 4941 0 494610 0 0 Kelli Villarrial 0 145720 0 50381 0 4467 0 12406 0 6554 0 219528 0 0 Murray Watson 0 534875 0 446138 0 41397 0 24500 0 5434 0 1052344 0 0 Suzanne Young 0 78523 0 38491 0 18850 0 13481 0 5112 0 154457 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 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 11 Describe the Process used by Management &/or Governing Body to Review 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 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 VII, SECTION A AVERAGE HOURS DEVOTED TO RELATED ORGANIZATION *WATSON, MURRAY - 40 HOURS WITH BHESC *TURMAN, RICKY - 40 HOURS WITH BHESC *HORNER, DAVID - 40 HOURS WITH BHESC *VILLARRIAL, KELLI - 40 HOURS WITH BHESC *HARRALSON, TAMMY - 40 HOURS WITH BHESC *YOUNG, SUZANNE - 40 HOURS WITH BHESC *REYNA, DANIEL - 40 HOURS WITH BHESC *DAVIS, SUSAN - 40 HOURS WITH BHESC *MCINNIS, JAMES - 40 HOURS WITH BHESC 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. Acapita Education Finance Corporation PO BOX 1308 WACO TX 76703 742542435 fund std lns TX 501(c)(3) 9 Brazos Loan Servicing Inc 2600 WASHINGTON AVENUE WACO TX 76710 742541542 fund std lns TX 501(c)(3) 9 Brazos Higher Education Authority Inc PO BOX 1308 WACO TX 76703 742099402 fund std lns TX 501(c)(3) 11 type 1 Brazos Higher Education Service Corp PO BOX 1308 WACO TX 76703 742129255 fund std lns TX 501(c)(3) 9 Brazos Student Finance Corporation PO BOX 1308 WACO TX 76703 742356109 fund std lns TX 501(c)(3) 9 EdInvest Company 2600 WASHINGTON AVENUE WACO TX 76710 742537669 fund std lns TX 501(c)(3) 9 Educational Funding Services Inc PO BOX 1308 WACO TX 76703 330947525 fund std lns CA 501(c)(3) 9 Federated Student Finance Corporation 2600 WASHINGTON AVENUE WACO TX 76710 742536239 fund std lns TX 501(c)(3) 9 Atlantic Student Finance Corporation 2600 WASHINGTON AVENUE WACO TX 76710 205412189 fund std lns FL 501(c)(3) 7 Trinity Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 742534486 fund std lns TX 501(c)(3) 9 Angelina Higher Education Authority 2600 WASHINGTON AVENUE WACO TX 76710 200115078 fund std lns TX 501(c)(3) 9 Concho Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870081 fund std lns TX 501(c)(3) 9 Frio Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870120 fund std lns TX 501(c)(3) 9 Lavaca Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870153 fund std lns TX 501(c)(3) 9 Leon Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870176 fund std lns TX 501(c)(3) 9 Llano Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203870219 fund std lns TX 501(c)(3) 9 Neches Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203868073 fund std lns TX 501(c)(3) 9 Paluxy Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203868139 fund std lns TX 501(c)(3) 9 Rozell Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203867891 fund std lns TX 501(c)(3) 9 Sabine Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203868185 fund std lns TX 501(c)(3) 9 Texoma Higher Education Authority Inc 2600 WASHINGTON AVENUE WACO TX 76710 203868230 fund std lns TX 501(c)(3) 9 Brazos Education Foundation Inc 2612 WASHINGTON AVENUE WACO TX 76710 264562436 grant making TX 501(c)(3) 7 Academic Finance Corporation PO BOX 1308 WACO TX 76703 742540458 fund std lns TX 501(c)(3) 9 Education Servicing Mgmt Corporation 2600 WASHINGTON AVENUE WACO TX 76710 203870046 fund std lns TX 501(c)(3) 9 Brazos Education Finance Corporation In 2600 WASHINGTON AVENUE WACO TX 76710 742539632 fund std lns TX 501(c)(3) 11 type 1 false false true false false true true false false false false true false false false false true true Brazos Student Finance Corporation c 1014149 Trinity Higher Education Authority f 113543 Trinity Higher Education Authority g 113276 Brazos Higher Education Service Corporation l 122643 Brazos Higher Education Service Corporation q 336888