Civic Intelligence

Brazos Education Loan Authority Inc.

990 • Fiscal year 2022 • EIN 20-3868073

Jul 01, 2021 to Jun 30, 2022 • Filed on May 15, 2023

Organization ProfileWWW.STUDENTLOANS.COM
5609 Crosslake PkwyWaco, TX 76712

(254) 753-0915

Siviq Scores

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

Liabilities / Assets

89th percentile

0.81x

Higher debt load relative to assets than 89% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Liabilities / Revenue

98th percentile

24.63x

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

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Net Margin

75th percentile

20%

Higher net margin than 75% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Top Officer Pay

22nd percentile

$775,096

Higher top officer pay than 22% of similar nonprofits.

Top officer pay equals 1.6% of source-year revenue.

2022 filings • 501(c)3 • $1B+ nonprofits • Source year 2022

Asset Growth

17th percentile

-10%

Faster asset growth than 17% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2021 to 2022

Revenue Growth

32nd percentile

0.0%

Faster revenue growth than 32% of similar nonprofits.

2022 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets89th percentile

Assets

Down

$1,464,923,579

Down $170,921,385 (-10%) from 2021

Net Assets

Down

$272,258,042

Down $27,372,040 (-9.1%) from 2021

Liabilities

Down

$1,192,665,537

Down $143,549,345 (-11%) from 2021

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin75th percentile

Revenue

Up

$48,416,543

Up $11,644 (+0.0%) from 2021

Expenses

Down

$38,501,714

Down $6,547,345 (-15%) from 2021

Net Income

Up

$9,914,829

Up $6,558,989 (+195%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth17th 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

2022

Assets$1,464,923,579
Liabilities$1,192,665,537
Net Assets$272,258,042
Open 2022 Filing

Operations Trend

Revenue Growth32nd 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

2022

Revenue$48,416,543
Expenses$38,501,714
Net Income$9,914,829
Open 2022 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2021 to Jun 30, 2022
Signed
May 15, 2023
Return Version
2021v4.2
Gross Receipts
$48,416,543
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$1,553,274,291$1,336,707,888▼ $216,566,403
Cap Stk Tr Prin Current Funds$299,630,082$272,258,042▼ $27,372,040
Savings and Temporary Cash Investments$30,685,976$66,584,532▲ $35,898,556
Intangible Assets$2,906,364$8,111,953▲ $5,205,589
Cash and Non-Interest-Bearing Accounts$0$0→ $0
Accounts Receivable$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$1,635,844,964$1,464,923,579▼ $170,921,385
Other Assets Total$48,978,333$53,519,206▲ $4,540,873
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,334,417,654$1,191,032,395▼ $143,385,259
Accounts Payable and Accrued Expenses$1,797,228$1,633,142▼ $164,086
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$1,336,214,882$1,192,665,537▼ $143,549,345
Net Assets / Fund Balance
Total Net Assets Fund Balance$299,630,082$272,258,042▼ $27,372,040
Total Liabilities and Net Assets / Fund Balance$1,635,844,964$1,464,923,579▼ $170,921,385
Compensation and Service Providers
Top Officer Pay22nd percentile

Employees

NameTitleOtherTotal
Tiffany JonesSecretary$102,605$102,605

Board Members and Trustees

NameTitle
Thomas Ben LitlePresident/CEO
Claude ErvinDirector
Clement MilamDirector
Dr Terry ManessDirector
Peter KultgenDirector
Robert B ChambersDirector
Darrell BrooksAssistant Treasurer
Tammy HarralsonController
Ricky TurmanEVP/COO/CFO/Treasurer
Susan DavisSecretary End: 06/21
Kelli UttechSVP/General Counsel

Highest Paid Contractors

ContractorServicesLocationCompensation
Rbc Capital MarketsBond Underwriter30 HUDSON STREET, Jersey City, NJ 07302$6,199,030
Mccall Parkhurst Horton LLPLegal707 N HARWOOD STREET - SUITE 90, Dallas, TX 75201$279,000
Kutak Rock LLPLegal1650 FARNAM STREET, Omaha, NE 68102$195,000
KpmgAccounting Consult.PO BOX 120922 - DEPT 0922, Dallas, TX 75312$124,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$53,040,851
Investment Income
$129,039
Other Revenue
$-4,753,347
Change in Net Assets
$9,914,829

Audited Revenue Reconciliation

Revenue per Audited Statements
$48,416,543
Revenue Not Reported on Form 990
$-15,467,584
Total Revenue per Audited Statements
$32,948,959
Total Revenue per Form 990
$48,416,543
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$38,501,714
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$13,969,541--$13,969,541
Fees for Services Management$5,051,681--$5,051,681
Depreciation Depletion$1,114,726--$1,114,726
Other Expenses$157,226--$157,226
Fees for Services Other$141,862--$141,862
All Other Expenses$78,191--$78,191
Fees for Services Legal$19,599--$19,599
Total Functional Expenses$38,501,714$0$0$38,501,714

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$38,501,714
Expenses per Audited Statements$23,034,130
Total Expenses per Audited Statements$23,034,130
Expenses Not Reported on Financial Statements$15,467,584
Other Expense Adjustments$15,467,584
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
Backup withholding compliance
Yes
Business relationship with 35% controlled entity
No
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 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 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.”

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 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.”

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
5609 Crosslake Pkwy, Waco, TX 76712

Signing Officer

Name
Ricky Turman
Title
Evp/COO/CFO/treasure
Phone
2547530915
Signed
2023-05-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ricky Turman
Formed
2005
Legal Domicile
TX
Voting Board Members
5
Independent Board Members
5
Employees
0
Volunteers
5

Preparer

Firm
Forvis 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 $250,269,115 estate distribution ($287,555,984) -------------- total ( $37,286,869)”

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, 2022 and 2021. 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, 2019 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 $(15,467,584)”

Schedule D, Part XII, Line 4B

“Reconciliation of expenses per audited financials with return: Department of Education Rebate Fees $15,467,584”

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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/PersonNm3Tammy Harralson
IRS990/Form990PartVIISectionAGrp/PersonNm4Darrell Brooks
IRS990/Form990PartVIISectionAGrp/PersonNm5Susan Davis
IRS990/Form990PartVIISectionAGrp/PersonNm6Tiffany Jones
IRS990/Form990PartVIISectionAGrp/PersonNm7Robert B Chambers
IRS990/Form990PartVIISectionAGrp/PersonNm8Claude Ervin
IRS990/Form990PartVIISectionAGrp/PersonNm9Peter Kultgen
IRS990/Form990PartVIISectionAGrp/PersonNm10Dr Terry Maness
IRS990/Form990PartVIISectionAGrp/PersonNm11Clement Milam
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IRS990/Form990PartVIISectionAGrp/TitleTxt1EVP/COO/CFO/Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt2SVP/General Counsel
IRS990/Form990PartVIISectionAGrp/TitleTxt3Controller
IRS990/Form990PartVIISectionAGrp/TitleTxt4Assistant Treasurer
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary End: 06/21
IRS990/Form990PartVIISectionAGrp/TitleTxt6Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt7Director
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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) AND HEAL STUDENT LOAN PROGRAM. BELA'S MISSION IS TO MAKE EDUCATION A REALITY BY SUPPORTING PROGRAMS AND INITIATIVES TO FINANCE EDUCATIONAL OPPORTUNITIES.
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IRS990ScheduleA/GrossInvestmentIncome509Grp/CurrentTaxYearMinus4YearsAmt0995061

Document Assets

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Filings

Displayed year

2022 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$1,464,923,579
Liabilities
$1,192,665,537
Net assets
$272,258,042
Revenue
$48,416,543
Expenses
$38,501,714
Net income
$9,914,829
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
2022Detailed filing. Detailed filing data is available for this year.$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
2019XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$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