Civic Intelligence

Brazos Higher Education Authority Inc

EIN 74-2099402 • 501(c)3 • Waco, TX

Profile

Brazos higher education authority, inc. Is a secondary market of college student loans under the federal family education loan program (ffelp). Brazos higher education authority, inc.'s mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

5609 Crosslake PkwyWaco, TX 76712

www.brazos.us.com

Siviq Scores

Precomputed percentiles relative to similar nonprofits. These scores are descriptive rather than judgmental.

Liabilities / Assets

88th percentile

0.95x

Higher debt load relative to assets than 88% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Liabilities / Revenue

98th percentile

11.06x

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

501(c)3 • $250M-$1B nonprofits • Source year 2025

Net Margin

9th percentile

-18%

Higher net margin than 9% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Source year 2025

Top Officer Pay

Score unavailable

No value available

No filing with officer rows is available for this organization yet.

Asset Growth

3rd percentile

-20%

Faster asset growth than 3% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2025

Revenue Growth

9th percentile

-18%

Faster revenue growth than 9% of similar nonprofits.

501(c)3 • $250M-$1B nonprofits • Annualized from 2023 to 2025

Assets

Down

$510,450,178

Down $287,909,203 (-36%) from 2023

Liabilities

Down

$482,578,202

Down $275,851,713 (-36%) from 2023

Net Assets

Down

$27,871,976

Down $12,057,490 (-30%) from 2023

Revenue

Down

$43,649,233

Down $21,947,145 (-33%) from 2023

Expenses

Down

$51,537,202

Down $2,516,875 (-4.7%) from 2023

Net Income

Down

-$7,887,969

Down $19,430,270 (-168%) from 2023

Trend Graphs

Balance Sheet Trend

Grouped bars show assets, liabilities, and net assets across loaded filings.

$10B$5.0B$0-$5.0BAssets 2010: $7,909,001,784Liabilities 2010: $7,834,952,049Net Assets 2010: $74,049,7352010Assets 2011: $8,495,044,457Liabilities 2011: $8,418,102,563Net Assets 2011: $76,941,8942011Assets 2012: $7,688,178,809Liabilities 2012: $7,574,216,280Net Assets 2012: $113,962,5292012Assets 2013: $6,749,156,697Liabilities 2013: $6,589,420,087Net Assets 2013: $159,736,6102013Assets 2014: $6,043,119,524Liabilities 2014: $5,836,467,377Net Assets 2014: $206,652,1472014Assets 2015: $2,336,948,535Liabilities 2015: $2,344,519,589Net Assets 2015: -$7,571,0542015Assets 2016: $2,011,061,961Liabilities 2016: $2,009,602,528Net Assets 2016: $1,459,4332016Assets 2017: $1,736,357,071Liabilities 2017: $1,730,207,057Net Assets 2017: $6,150,0142017Assets 2018: $1,518,790,256Liabilities 2018: $1,506,757,932Net Assets 2018: $12,032,3242018Assets 2019: $1,326,813,826Liabilities 2019: $1,311,486,076Net Assets 2019: $15,327,7502019Assets 2020: $1,274,013,869Liabilities 2020: $1,253,422,873Net Assets 2020: $20,590,9962020Assets 2021: $1,180,982,939Liabilities 2021: $1,153,485,755Net Assets 2021: $27,497,1842021Assets 2022: $991,731,055Liabilities 2022: $963,343,890Net Assets 2022: $28,387,1652022Assets 2023: $798,359,381Liabilities 2023: $758,429,915Net Assets 2023: $39,929,4662023Assets 2025: $510,450,178Liabilities 2025: $482,578,202Net Assets 2025: $27,871,9762025

Highlighted filing

2025

Assets$510,450,178
Liabilities$482,578,202
Net Assets$27,871,976

Operations Trend

Revenue, expenses, and net income by year, with the latest filing highlighted.

$300M$200M$100M$0-$100MExpenses 2010: $241,240,6922010Expenses 2011: $242,835,2912011Expenses 2012: $221,911,4012012Expenses 2013: $171,769,6442013Revenue 2014: $179,269,029Expenses 2014: $132,353,491Net Income 2014: $46,915,5382014Revenue 2015: $120,637,832Expenses 2015: $92,100,053Net Income 2015: $28,537,7792015Revenue 2016: $59,577,435Expenses 2016: $50,546,949Net Income 2016: $9,030,4862016Revenue 2017: $57,143,585Expenses 2017: $52,453,004Net Income 2017: $4,690,5812017Revenue 2018: $61,980,302Expenses 2018: $56,097,992Net Income 2018: $5,882,3102018Revenue 2019: $65,270,655Expenses 2019: $61,975,229Net Income 2019: $3,295,4262019Revenue 2020: $53,170,548Expenses 2020: $47,907,302Net Income 2020: $5,263,2462020Revenue 2021: $33,986,760Expenses 2021: $27,080,572Net Income 2021: $6,906,1882021Revenue 2022: $31,545,196Expenses 2022: $30,560,842Net Income 2022: $984,3542022Revenue 2023: $65,596,378Expenses 2023: $54,054,077Net Income 2023: $11,542,3012023Revenue 2025: $43,649,233Expenses 2025: $51,537,202Net Income 2025: -$7,887,9692025

Highlighted filing

2025

Revenue$43,649,233
Expenses$51,537,202
Net Income-$7,887,969

Filings

Balance SheetOperations
YearAssetsLiabilitiesNet AssetsRevenueExpensesNet Income
2025Facts available. Structured filing facts are available, but richer extracted sections are limited.$510$483$27.9$43.6$51.5$7.89
2023Summary only. Only limited summary data is available for this year.$798$758$39.9$65.6$54.1$11.5
2022Facts available. Structured filing facts are available, but richer extracted sections are limited.$992$963$28.4$31.5$30.6$0.98
2021Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,181$1,153$27.5$34.0$27.1$6.91
2020XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,274$1,253$20.6$53.2$47.9$5.26
2019Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,327$1,311$15.3$65.3$62.0$3.30
2018XML pending. An XML filing is linked for this year, but detailed extraction is still pending.$1,519$1,507$12.0$62.0$56.1$5.88
2017Facts available. Structured filing facts are available, but richer extracted sections are limited.$1,736$1,730$6.15$57.1$52.5$4.69
2016Summary only. Only limited summary data is available for this year.$2,011$2,010$1.46$59.6$50.5$9.03
2015Detailed filing. Detailed filing data is available for this year.$2,337$2,345$7.57$121$92.1$28.5
2014Summary only. Only limited summary data is available for this year.$6,043$5,836$207$179$132$46.9
2013Facts available. Structured filing facts are available, but richer extracted sections are limited.$6,749$6,589$160$172
2012Facts available. Structured filing facts are available, but richer extracted sections are limited.$7,688$7,574$114$222
2011Facts available. Structured filing facts are available, but richer extracted sections are limited.$8,495$8,418$76.9$243
2010Facts available. Structured filing facts are available, but richer extracted sections are limited.$7,909$7,835$74.0$241
Latest Filing Detail
Jump To
Filing Snapshot
Filing Period
Jul 1, 2024 to Jun 30, 2025
Signed
Feb 7, 2026
Return Version
2024v5.1
Gross Receipts
$234,094,078
Mission and Program Overview

Mission

Brazos higher education authority, inc. (bhea) is a secondary market of college student loans under the federal family education loan program (ffelp). Bhea's mission is to make education a reality by supporting programs and initiatives to finance educational opportunities.

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

Balance Sheet Detail
LineBeginningEndChange
Assets
Investments Program Related$600,563,330$411,394,839▼ $189,168,491
Savings and Temporary Cash Investments$67,719,752$79,601,389▲ $11,881,637
Cap Stk Tr Prin Current Funds$35,759,942$27,871,976▼ $7,887,966
Accounts Receivable-$37,500-
Prepaid Expenses and Deferred Charges$62,500$27,500▼ $35,000
Receivable From Disqualified Prsn$0$0→ $0
Receivables From Officers Etc$0$0→ $0
Investments Other Securities$0--
Land, Buildings, and Equipment, Net$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$697,868,797$510,450,178▼ $187,418,619
Other Assets Total$29,523,215$19,388,950▼ $10,134,265
Liabilities
Mortgage Notes Payable Secured by Investment Property$581,114,623$317,178,123▼ $263,936,500
Tax Exempt Bond Liabilities$68,740,000$156,055,000▲ $87,315,000
Accounts Payable and Accrued Expenses$12,254,232$9,345,079▼ $2,909,153
Other Liabilities$0$0→ $0
Total Liabilities$662,108,855$482,578,202▼ $179,530,653
Net Assets / Fund Balance
Total Net Assets Fund Balance$35,759,942$27,871,976▼ $7,887,966
Total Liabilities and Net Assets / Fund Balance$697,868,797$510,450,178▼ $187,418,619

Asset Categories

AssetBook ValueDepreciationBasis
Investment Program Related Org$411,394,839--
Compensation and Service Providers

Board Members and Trustees

NameTitle
Robert D ChambersPresident
Paul McClintonVice President
Claude ErvinDirector
Dr Andy PopejoyDirector
Harry HarelikDirector
Joe NesbittDirector
Justin WiethornDirector
Larry SmithDirector
Peter KultgenDirector
Steven BostickDirector
Thomas LitleExecutive Director
Tammy HarralsonController/VP
Ricky TurmanEvp & CFO
Kelli UttechEVP, General Counsel
Tiffany JonesExec. Corp. Secretary
Darrell BrooksTreasurer

Highest Paid Contractors

ContractorServicesLocationCompensation
Kutak Rock LLPLegalPO Box 30057, Omaha, NE 68103-1157$160,000
McCall Parkhurst & Horton LLPLegal717 North Harwood Suite 900, Dallas, TX 75201$131,475
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$37,051,905
Investment Income
$6,597,328
Other Revenue
$0
Change in Net Assets
$-7,887,969

Audited Revenue Reconciliation

Revenue per Audited Statements
$43,649,233
Revenue Not Reported on Financial Statements
$0
Revenue Not Reported on Form 990
$-3,206,186
Other Revenue Adjustments
$0
Total Revenue per Audited Statements
$40,443,047
Total Revenue per Form 990
$43,649,233
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$51,537,202
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$44,176,546--$44,176,546
Fees for Services Management$1,396,561--$1,396,561
Fees for Services Legal$298,475--$298,475
Other Expenses$247,000--$247,000
All Other Expenses$100,195$0$0$100,195
Total Functional Expenses$51,537,202$0$0$51,537,202

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$51,537,202
Expenses per Audited Statements$48,331,016
Total Expenses per Audited Statements$48,331,016
Expenses Not Reported on Financial Statements$3,206,186
Other Expense Adjustments$3,206,186
Expenses Not Reported on Form 990$0
Fundraising, Events, and Gaming
Fundraising activities
No
Gaming activities
No
Professional fundraiser used
No

Fundraising and Gaming Totals

Line ItemAmount
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
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
DBrazos Higher Education Authority Inc2024-08-28$99,242,684Acquire Qualifying Student Loans
CBrazos Higher Education Authority2023-11-07$42,895,645Acquire Qualifying Student Loans
BBrazos Higher Education Authority Inc2020-03-06$33,499,500Acquire Qualifying Student Loans
ABrazos Higher Education Authority Inc2019-10-31$19,885,910Acquire Qualifying Student Loans

Bond Proceeds

BondTotal ProceedsSpentRetiredIssuance Costs
D$99,242,684$57,089,524$2,517,684$432,975
C$42,895,645$41,689,176$5,910,645$338,969
B$33,499,500$32,471,907$18,134,500$416,293
A$19,885,910$19,361,972$12,905,910$146,938

Bond Financing Compliance

No rebate due
No
Rebate not yet due
Yes
Form 8038-T filed
No
Gross proceeds invested
No
Gross proceeds invested in GIC
No
Exception to rebate
No
Corrective action procedures
Yes
Governance and Compliance

Governance Checklist

Compiled or reviewed by an accountant
No
Annual disclosure for covered persons
Yes
Audit committee
No
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
Yes
Management duties delegated
Yes

Governance Explanations

Form 990, Part VI, Line 15 PROCESS FOR DETERMINING COMPENSATION

The compensation of the executive director, officers, and key employees of the brazos 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, Line 3 Delegation of management duties

Brazos higher education authority, inc. (bhea) has a contract with brazos higher education service corporation, inc. To perform management and administration services on bhea's behalf. This includes program administration for the outstanding student loans held by bhea. The services include, but are not limited to: accounting, reporting, originating, marketing, treasury, and bond indenture administration and compliance monitoring of the student loans held by bhea.

Form 990, Part VI, Line 7A Members or stockholders electing members of governing body

The City Council of Waco has the authority to appoint members to the board, and any vacancies will be filled through appointments made by the City Council.

Form 990, Part VI, Line 7B Decisions requiring approval by members or stockholders

The City Council of Waco has the authority to appoint members to the board, and any vacancies will be filled through appointments made by the City Council. Any qualified private activity bonds issued by the Corporation shall be in accordance with the Code and shall not be issued until approved by the City Council. The Corporation may issue other bonds that are not qualified private activity bonds and are not issued on behalf of the City without the approval of the City Council.

Form 990, Part VI, Line 11B Review of form 990 by governing body

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, Line 12C Conflict of interest policy

The legal department prepares and distributes a conflict of interest questionnaire to all board members and employees annually. The legal department reviews the questionnaires and compiles a list of potential conflicts for review by senior management and the board of directors. Potential conflicts are assessed and resolved if determined to be at risk. If a board member conflict is found to exist, the conflicted board member abstains from voting.

Form 990, Part VI, Line 19 Required documents available to the public

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 Higher Education Authority Inc
EIN
74-2099402
Phone
2547530915
Address
5609 Crosslake Pkwy, Waco, TX 76712

Signing Officer

Name
Ricky Turman
Title
Evp/CFO
Phone
2547530915
Signed
2026-02-07
Discuss with paid preparer
Yes

Organization Details

Formed
1975
Legal Domicile
TX
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
10

Preparer

Firm
Forvis Mazars LLP
Address
14221 Dallas Parkway Suite 400, Dallas, TX 75254
Preparer
Andrew Gray
Phone
9727028262
Supplemental Narrative

Financial Statement Notes

Schedule D, Part X, Line 2 FIN 48 (ASC 740) footnote

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 that 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, 2025 and 2024. 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 examinations for the tax years ended june 30, 2022 and later by the internal revenue service (irs). 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 positions reserved.

Schedule D, Part XI, Line 2(D) Other revenues in audited financial statements not in form 990

Department of Education Rebate Fees - -3206186

Schedule D, Part XII, Line 4(B) Other expenses in form 990 not in audited financial statements

Department of Education Rebate Fees - 3206186

Raw XML AppendixShowing 400 of 997 raw XML fields

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/Desc0BRAZOS HIGHER EDUCATION AUTHORITY, INC. HELD STUDENT LOANS UNDER THE TITLE IV FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) AND OTHER PRIVATE STUDENT LOAN PROGRAMS. THESE LOANS WERE FUNDED THROUGH PERMANENT FINANCINGS AND COMPANY FUNDS.
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IRS990/Form990PartVIISectionAGrp/PersonNm4Harry Harelik
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