Civic Intelligence

Brazos Education Loan Authority Inc.

990 • Fiscal year 2019 • EIN 20-3868073

Jul 01, 2018 to Jun 30, 2019 • Filed on Nov 15, 2019

Organization Profilewww.studentloans.com
2600 Washington AveWaco, TX 76710

(254) 753-0915

Siviq Scores

Precomputed percentiles for this filing year versus similar nonprofits in the same peer cohort.

Liabilities / Assets

92nd percentile

0.86x

Higher debt load relative to assets than 92% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Source year 2019

Liabilities / Revenue

98th percentile

19.11x

Higher debt load relative to revenue than 98% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Source year 2019

Net Margin

33rd percentile

3.7%

Higher net margin than 33% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Source year 2019

Top Officer Pay

65th percentile

$2,633,340

Higher top officer pay than 65% of similar nonprofits.

Top officer pay equals 2.9% of source-year revenue.

2019 filings • 501(c)3 • $1B+ nonprofits • Source year 2019

Asset Growth

5th percentile

-8.2%

Faster asset growth than 5% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2018 to 2019

Revenue Growth

54th percentile

6.5%

Faster revenue growth than 54% of similar nonprofits.

2019 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2018 to 2019

Balance Sheet
Liabilities / Assets92nd percentile

Assets

Down

$2,046,820,449

Down $181,704,261 (-8.2%) from 2018

Net Assets

Up

$295,732,431

Up $3,360,631 (+1.1%) from 2018

Liabilities

Down

$1,751,088,018

Down $185,064,892 (-9.6%) from 2018

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin33rd percentile

Revenue

Up

$91,653,461

Up $5,603,045 (+6.5%) from 2018

Expenses

Up

$88,304,830

Up $10,533,552 (+14%) from 2018

Net Income

Down

$3,348,631

Down $4,930,507 (-60%) from 2018

Historical Trend

Balance Sheet Trend

Asset Growth5th percentile

The highlighted filing sits inside the broader history for assets, liabilities, and net assets.

$4.0B$3.0B$2.0B$1.0B$0-$1.0BAssets 2013: $97,593,110Liabilities 2013: $99,356,965Net Assets 2013: -$1,763,8552013Assets 2014: $87,230,417Liabilities 2014: $87,413,759Net Assets 2014: -$183,3422014Assets 2015: $3,086,968,371Liabilities 2015: $2,833,777,120Net Assets 2015: $253,191,2512015Assets 2016: $2,770,528,521Liabilities 2016: $2,497,929,666Net Assets 2016: $272,598,8552016Assets 2017: $2,482,136,677Liabilities 2017: $2,198,044,015Net Assets 2017: $284,092,6622017Assets 2018: $2,228,524,710Liabilities 2018: $1,936,152,910Net Assets 2018: $292,371,8002018Assets 2019: $2,046,820,449Liabilities 2019: $1,751,088,018Net Assets 2019: $295,732,4312019Assets 2020: $1,824,870,580Liabilities 2020: $1,528,596,338Net Assets 2020: $296,274,2422020Assets 2021: $1,635,844,964Liabilities 2021: $1,336,214,882Net Assets 2021: $299,630,0822021Assets 2022: $1,464,923,579Liabilities 2022: $1,192,665,537Net Assets 2022: $272,258,0422022Assets 2023: $1,149,527,962Liabilities 2023: $918,851,091Net Assets 2023: $230,676,8712023Assets 2024: $983,165,176Liabilities 2024: $749,962,943Net Assets 2024: $233,202,2332024Assets 2025: $815,478,066Liabilities 2025: $578,418,227Net Assets 2025: $237,059,8392025

Highlighted filing

2019

Assets$2,046,820,449
Liabilities$1,751,088,018
Net Assets$295,732,431
Open 2019 Filing

Operations Trend

Revenue Growth54th percentile

Revenue, expenses, and net income across loaded years, with this filing highlighted.

$100M$50M$0Expenses 2013: $2,383,4002013Revenue 2014: $4,386,211Expenses 2014: $2,805,698Net Income 2014: $1,580,5132014Revenue 2015: $40,950,985Expenses 2015: $30,337,368Net Income 2015: $10,613,6172015Revenue 2016: $87,465,746Expenses 2016: $68,058,143Net Income 2016: $19,407,6032016Revenue 2017: $83,129,641Expenses 2017: $71,635,834Net Income 2017: $11,493,8072017Revenue 2018: $86,050,416Expenses 2018: $77,771,278Net Income 2018: $8,279,1382018Revenue 2019: $91,653,461Expenses 2019: $88,304,830Net Income 2019: $3,348,6312019Revenue 2020: $70,060,804Expenses 2020: $69,520,585Net Income 2020: $540,2192020Revenue 2021: $48,404,899Expenses 2021: $45,049,059Net Income 2021: $3,355,8402021Revenue 2022: $48,416,543Expenses 2022: $38,501,714Net Income 2022: $9,914,8292022Revenue 2023: $80,022,743Expenses 2023: $68,132,128Net Income 2023: $11,890,6152023Revenue 2024: $88,224,410Expenses 2024: $73,869,660Net Income 2024: $14,354,7502024Revenue 2025: $62,053,242Expenses 2025: $51,195,636Net Income 2025: $10,857,6062025

Highlighted filing

2019

Revenue$91,653,461
Expenses$88,304,830
Net Income$3,348,631
Open 2019 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2018 to Jun 30, 2019
Signed
Nov 15, 2019
Return Version
2018v3.1
Gross Receipts
$91,653,461
Mission and Program Overview

Mission

Brazos education loan authority, inc.'s mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

Brazos education loan authority's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

Balance Sheet Detail
LineBeginningEndChange
Assets
Other Notes and Loans Receivable, Net$2,145,576,592$1,962,223,286▼ $183,353,306
Cap Stk Tr Prin Current Funds$292,371,800$295,732,431▲ $3,360,631
Savings and Temporary Cash Investments$38,133,208$32,446,158▼ $5,687,050
Intangible Assets$3,842,784$3,834,024▼ $8,760
Accounts Receivable$2,892$0▼ $2,892
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Pledges and Grants Receivable$0$0→ $0
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0$0→ $0
Investments Program Related$0$0→ $0
Investments in Publicly Traded Securities$0$0→ $0
Land, Buildings, and Equipment, Net$0$0→ $0
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Prepaid Expenses and Deferred Charges$0$0→ $0
Total Assets$2,228,524,710$2,046,820,449▼ $181,704,261
Other Assets Total$40,969,234$48,316,981▲ $7,347,747
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,932,721,324$1,747,461,775▼ $185,259,549
Accounts Payable and Accrued Expenses$3,431,586$3,626,243▲ $194,657
Grants Payable$0$0→ $0
Unsecured Notes Loans Payable$0$0→ $0
Other Liabilities$0$0→ $0
Deferred Revenue$0$0→ $0
Escrow Account Liability$0$0→ $0
Tax Exempt Bond Liabilities$0$0→ $0
Total Liabilities$1,936,152,910$1,751,088,018▼ $185,064,892
Net Assets / Fund Balance
Total Net Assets Fund Balance$292,371,800$295,732,431▲ $3,360,631
Total Liabilities and Net Assets / Fund Balance$2,228,524,710$2,046,820,449▼ $181,704,261
Compensation and Service Providers
Top Officer Pay65th percentile

Employees

NameTitleOtherTotal
Susan DavisSecretary$120,609$120,609

Board Members and Trustees

NameTitle
Clement MilamChairman
Murray WatsonPresident (End: 07/24/18)
Thomas Ben LitlePresident/CEO
Bob ChambersDirector
Claude ErvinDirector
Dr Terry ManessDirector
Mrs Joyce PackardDirector
Peter KultgenDirector
Tom ChaseDirector
Darrell BrooksAssistant Treasurer
Tammy HarralsonController
Ricky TurmanEVP/COO/CFO/Treasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Mayer Brown LLPLegal230 SOUTH LASALLE STREET, Chicago, IL 60604$143,375
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$90,112,367
Investment Income
$1,541,094
Other Revenue
$0
Change in Net Assets
$3,348,631

Audited Revenue Reconciliation

Revenue per Audited Statements
$91,653,461
Revenue Not Reported on Form 990
$-21,567,362
Total Revenue per Audited Statements
$70,086,099
Total Revenue per Form 990
$91,653,461
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$88,304,830
Grants and Similar Amounts Paid$0
Professional Fundraising Fees$0
Salaries, Compensation, and Employee Benefits$0
Total Fundraising Expense$0

Functional Expense Allocation

Line ItemProgramManagementFundraisingTotal
Interest$60,957,564--$60,957,564
Fees for Services Management$1,997,577--$1,997,577
Depreciation Depletion$555,502--$555,502
Other Expenses$435,939--$435,939
Fees for Services Legal$143,375--$143,375
Fees for Services Other$53,999--$53,999
All Other Expenses$8,590--$8,590
Total Functional Expenses$88,304,830$0$0$88,304,830

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$88,304,830
Expenses per Audited Statements$66,737,468
Total Expenses per Audited Statements$66,737,468
Expenses Not Reported on Financial Statements$21,567,362
Other Expense Adjustments$21,567,362
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
Fundraising Direct Expenses$0
Fundraising Gross Income$0
Gaming Direct Expenses$0
Gaming Gross Income$0
Professional Fundraising Fees$0
Political and Lobbying Activity
Political campaign activity
No
Lobbying activity
No
Subject to proxy tax
No
Insider Transactions and Loans

Loans and Receivables

Line ItemBeginningEndChange
Loans from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Receivables from Disqualified Persons$0$0→ $0
Receivables from Officers, Directors, Trustees, and Key Employees$0$0→ $0
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
Yes
Business relationship with family members
No
Business relationship with organization members
No
Material changes to governing documents
No
Compensation from other sources disclosed
No
CEO compensation reviewed
No
Other officer compensation reviewed
No
Conflict-of-interest policy
Yes
Audited financial statements prepared
No
Key decisions subject to board approval
No
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Section A, Line 1A

“Delegation of authority: the executive committee shall consist of three members of the board of directors. The executive committee shall, between meetings of the board, have administrative control over all matters of the corporation. Form 990, part vi, section a, line 3 delegation of duties: brazos education loan authority, inc. (bela) has a contract with brazos higher education service corporation, inc. To perform management and administration services on bela's behalf. This includes master servicing administration for the outstanding student loans held by brazos education loan authority, inc. 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, inc.”

Form 990, Part VI, Section B, Line 11B

“Process to review form 990: 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 12C

“Process for monitoring conflict of interest policy: the compliance department prepares and distributes a conflict of interest questionnaire to all board members and employees annually. The compliance 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. If a conflict is found to exist, the conflicted board member abstains from voting. Form 990, part vi, section b, line 15 process for determining compensation: 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

“Process for making documents available: the organization's governing documents, conflict of interest policy and financial statements are available to the public upon request.”

Filing and Contact Details

Filer

Filer Name
Brazos Education Loan Authority Inc
EIN
20-3868073
In Care Of
% RICKY TURMAN EVP/COO/CFO/TR
Phone
2547530915
Address
2600 Washington Ave, Waco, TX 76710

Signing Officer

Name
Ricky Turman
Title
Evp/COO/CFO/treasure
Phone
2547530915
Signed
2019-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ricky Turman
Formed
2005
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

Preparer

Firm
Bkd Llp
Address
14241 DALLAS PARKWAY SUITE 1100, DALLAS, TX 75254
Preparer
Jeanette Verrelli
Phone
9727028262
Supplemental Narrative

Additional Explanations

Form 990, Part XI, Line 9

“Other changes in fund balances: Estate Contribution $12,000”

Financial Statement Notes

Schedule D, Part X, Line 2

“Liability for uncertain tax positions: the authority is a not-for-profit public benefit corporation which is exempt from federal income taxes under section 501(a) of the internal revenue code as an organization described in section 501(c)(3). The authority is also exempt from state income tax. Income which is not related to its exempt purposes, less applicable deductions, is subject to federal income taxes. The authority had no net unrelated business income for the years ended june 30, 2019 and 2018. As such, no provision for federal or state income taxes has been provided in the accompanying financial statements. The authority files federal information returns in the united states. The authority may be subject to examination for the tax year ended june 30, 2016 and later by the internal revenue service. The authority is not currently under examination for any open tax year. The authority follows the accounting standard related to the accounting for uncertainty in income taxes recognized in the authority'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 authority currently does not have any uncertain tax positions.”

Schedule D, Part XI, Line 2D

“Reconciliation of Revenue per audited financials with return: Department of Education Rebate Fees $(21,567,362)”

Schedule D, Part XII, Line 4B

“Reconciliation of expenses per audited financials with return: Department of Education Rebate Fees $21,567,362”

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This appendix keeps the raw XML leaves available for debugging and edge-case review. The human report above is the primary experience.

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IRS990/Form990PartVIISectionAGrp/TitleTxt4Director
IRS990/Form990PartVIISectionAGrp/TitleTxt5Director
IRS990/Form990PartVIISectionAGrp/TitleTxt6Chairman
IRS990/Form990PartVIISectionAGrp/TitleTxt7Controller
IRS990/Form990PartVIISectionAGrp/TitleTxt8President (End: 07/24/18)
IRS990/Form990PartVIISectionAGrp/TitleTxt9PRESIDENT/CEO
IRS990/Form990PartVIISectionAGrp/TitleTxt10EVP/COO/CFO/Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt11Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt12Assistant Treasurer
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IRS990/MinutesOfCommitteesInd0true
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IRS990/MissionDesc0BRAZOS 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.
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IRS990/MoreThan5000KToOrgInd0false
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IRS990/MortgNotesPyblScrdInvstPropGrp/EOYAmt01747461775
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IRS990/OtherExpensesGrp/Desc1Servicing Expense
IRS990/OtherExpensesGrp/Desc2Trustee Fee Expense
IRS990/OtherExpensesGrp/Desc3Bad Debt Expense
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IRS990/OtherExpensesGrp/ProgramServicesAmt12354283
IRS990/OtherExpensesGrp/ProgramServicesAmt2230639
IRS990/OtherExpensesGrp/ProgramServicesAmt3435939
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IRS990/OtherExpensesGrp/TotalAmt2230639
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IRS990/PrincipalOfficerNm0RICKY TURMAN
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IRS990/PYOtherRevenueAmt00
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IRS990/RelatedOrganizationCtrlEntInd0true
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IRS990/ReportLandBuildingEquipmentInd0false
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Document Assets

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Filings

Displayed year

2019 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,046,820,449
Liabilities
$1,751,088,018
Net assets
$295,732,431
Revenue
$91,653,461
Expenses
$88,304,830
Net income
$3,348,631
Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Detailed filing. Detailed filing data is available for this year.$815$578$237$62.1$51.2$10.9
2024XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$983$750$233$88.2$73.9$14.4
2023XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,150$919$231$80.0$68.1$11.9
2022XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,465$1,193$272$48.4$38.5$9.91
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,636$1,336$300$48.4$45.0$3.36
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,825$1,529$296$70.1$69.5$0.54
2019Detailed filing. Detailed filing data is available for this year.$2,047$1,751$296$91.7$88.3$3.35
2018Facts available. Structured filing facts are available, but richer extracted sections are limited.$2,229$1,936$292$86.1$77.8$8.28
2017XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$2,482$2,198$284$83.1$71.6$11.5
2016Detailed filing. Detailed filing data is available for this year.$2,771$2,498$273$87.5$68.1$19.4
2015Detailed filing. Detailed filing data is available for this year.$3,087$2,834$253$41.0$30.3$10.6
2014Detailed filing. Detailed filing data is available for this year.$87.2$87.4$0.18$4.39$2.81$1.58
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$97.6$99.4$1.76$2.38