Civic Intelligence

Brazos Higher Education Authority Inc.

990 • Fiscal year 2016 • EIN 74-2099402

Jul 01, 2015 to Jun 30, 2016 • Filed on Jan 25, 2017

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

95th percentile

1.00x

Higher debt load relative to assets than 95% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Liabilities / Revenue

98th percentile

33.73x

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

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Net Margin

81st percentile

15%

Higher net margin than 81% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Top Officer Pay

23rd percentile

$888,234

Higher top officer pay than 23% of similar nonprofits.

Top officer pay equals 1.5% of source-year revenue.

2016 filings • 501(c)3 • $1B+ nonprofits • Source year 2016

Asset Growth

3rd percentile

-14%

Faster asset growth than 3% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2015 to 2016

Revenue Growth

3rd percentile

-51%

Faster revenue growth than 3% of similar nonprofits.

2016 filings • 501(c)3 • $1B+ nonprofits • Annualized from 2015 to 2016

Balance Sheet
Liabilities / Assets95th percentile

Assets

Flat

$2,011,061,961

Flat from 2016

Net Assets

Flat

$1,459,433

Flat from 2016

Liabilities

Flat

$2,009,602,528

Flat from 2016

Revenue And Expenses
Liabilities / Revenue98th percentileNet Margin81st percentile

Revenue

Flat

$59,577,435

Flat from 2016

Expenses

Flat

$50,546,949

Flat from 2016

Net Income

Flat

$9,030,486

Flat from 2016

Historical Trend

Balance Sheet Trend

Asset Growth3rd percentile

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

$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 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

2016

Assets$2,011,061,961
Liabilities$2,009,602,528
Net Assets$1,459,433
Open 2016 Filing

Operations Trend

Revenue Growth3rd percentile

Revenue, expenses, and net income across loaded years, with this 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 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

2016

Revenue$59,577,435
Expenses$50,546,949
Net Income$9,030,486
Open 2016 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2015 to Jun 30, 2016
Signed
Jan 25, 2017
Return Version
2015v3.0
Gross Receipts
$59,577,435
Mission and Program Overview

Mission

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
Other Notes and Loans Receivable, Net$2,225,515,945$1,913,726,172▼ $311,789,773
Savings and Temporary Cash Investments$79,828,563$69,603,868▼ $10,224,695
Intangible Assets$4,723,631$3,795,337▼ $928,294
Cap Stk Tr Prin Current Funds$-7,571,054$1,459,433▲ $9,030,487
Prepaid Expenses and Deferred Charges$60,000$60,000→ $0
Cash and Non-Interest-Bearing Accounts$30,263$0▼ $30,263
Accounts Receivable$11,900$0▼ $11,900
Pd in Cap Srpls Land Bldg Eqp Fund$0$0→ $0
Rtn Earn Endowment Incm Other Fnds$0$0→ $0
Total Assets$2,336,948,535$2,011,061,961▼ $325,886,574
Other Assets Total$26,778,233$23,876,584▼ $2,901,649
Liabilities
Mortgage Notes Payable Secured by Investment Property$2,335,523,672$1,999,189,924▼ $336,333,748
Accounts Payable and Accrued Expenses$8,995,917$10,412,604▲ $1,416,687
Total Liabilities$2,344,519,589$2,009,602,528▼ $334,917,061
Net Assets / Fund Balance
Total Net Assets Fund Balance$-7,571,054$1,459,433▲ $9,030,487
Total Liabilities and Net Assets / Fund Balance$2,336,948,535$2,011,061,961▼ $325,886,574
Compensation and Service Providers
Top Officer Pay23rd percentile

Employees

NameTitleOtherTotal
Susan DavisSecretary$109,791$109,791

Board Members and Trustees

NameTitle
Mrs Joyce PackardChairman/president
Wilton LanningVice Chairman/vice Preside
Bob ChambersDirector
Claude ErvinDirector
Dr Joseph VelezDirector
John HatchelDirector
John PerryDirector
Larry SmithDirector
Peter KultgenDirector
Tom ChaseDirector
Daniel ReynaFormer Internal Audit Director
Janice WhiteAsst Secretary
Tammy HarralsonController/VP
Ricky TurmanEvp/CFO
Thomas Ben LitleEvp/COO
David HornerFormer Evp
Ellis TredwayFormer Evp/COO
James McinnisFormer Treasurer
Kelli VillarrialFormer VP,assoc Gen Counsel
Murray Watson JrGeneral Counsel
Darrell BrooksTreasurer
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$59,530,587
Investment Income
$41,123
Other Revenue
$5,725
Change in Net Assets
$9,030,486

Audited Revenue Reconciliation

Revenue per Audited Statements
$45,141,423
Revenue Not Reported on Financial Statements
$14,436,012
Revenue Not Reported on Form 990
$0
Other Revenue Adjustments
$14,436,012
Total Revenue per Audited Statements
$45,141,423
Total Revenue per Form 990
$59,577,435
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$50,546,949
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$26,199,007--$26,199,007
Depreciation Depletion$928,295--$928,295
All Other Expenses$398,042--$398,042
Other Expenses$303,355--$303,355
Fees for Services Legal$8,246--$8,246
Total Functional Expenses$50,546,949$0$0$50,546,949

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$50,546,949
Expenses per Audited Statements$36,110,937
Total Expenses per Audited Statements$36,110,937
Expenses Not Reported on Financial Statements$14,436,012
Other Expense Adjustments$14,436,012
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
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 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

“Brazos higher education authority, inc. Has a contract with brazos higher education service corporation, inc. To perform management and adminstration services on bhea's behalf. This includes master servicing adminstration for the outstanding student loans held by brazos higher education authority. The services include, but are not limited to: accounting, reporting, servicing, originating, marketing, treasury, and compliance monitoring of the student loans held by brazos higher education authority.”

Form 990, Part VI, Section B, Line 11

“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

“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.”

Form 990, Part VI, Section B, Line 15

“The compensation of the ceo (or executive director, as applicable), officers, and key employees of the brazos higher education authority 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

“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
2600 WASHINGTON AVE, WACO, TX 76710

Signing Officer

Name
Ricky Turman
Title
CFO
Phone
2547530915
Signed
2017-01-25
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ricky Turman
Formed
1975
Legal Domicile
TX
Voting Board Members
10
Independent Board Members
10
Employees
0
Volunteers
0

Preparer

Firm
Pattillo Brown & Hill Llp
Address
P O BOX 20725, WACO, TX 76702-0725
Preparer
Mike Lucas CPA
Phone
2547724901
Supplemental Narrative

Additional Explanations

FORM 990, PART XI, LINE 9:

“ROUNDING 1.”

FORM 990, PART XII, LINE 2C:

“The process has not changed from the prior year.”

Financial Statement Notes

PART X, LINE 2:

“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, 2016 and 2015. 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 ending june 30, 2013 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.”

PART XI, LINE 4B - OTHER ADJUSTMENTS:

“Department of education rebate fees offset against revenue on audit 14,436,012.”

PART XII, LINE 4B - OTHER ADJUSTMENTS:

“Department of education rebate fees offset against revenue on audit 14,436,012.”

Raw XML AppendixShowing 400 of 1,021 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/Form990PartVIISectionAGrp/PersonNm12THOMAS BEN LITLE
IRS990/Form990PartVIISectionAGrp/PersonNm13TAMMY HARRALSON
IRS990/Form990PartVIISectionAGrp/PersonNm14JANICE WHITE
IRS990/Form990PartVIISectionAGrp/PersonNm15DARRELL BROOKS
IRS990/Form990PartVIISectionAGrp/PersonNm16SUSAN DAVIS
IRS990/Form990PartVIISectionAGrp/PersonNm17ELLIS TREDWAY
IRS990/Form990PartVIISectionAGrp/PersonNm18DANIEL REYNA
IRS990/Form990PartVIISectionAGrp/PersonNm19JAMES MCINNIS
IRS990/Form990PartVIISectionAGrp/PersonNm20DAVID HORNER
IRS990/Form990PartVIISectionAGrp/PersonNm21KELLI VILLARRIAL
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IRS990/Form990PartVIISectionAGrp/TitleTxt0CHAIRMAN/PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt1VICE CHAIRMAN/VICE PRESIDE
IRS990/Form990PartVIISectionAGrp/TitleTxt2DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt3DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt4DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt5DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt6DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt7DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10GENERAL COUNSEL
IRS990/Form990PartVIISectionAGrp/TitleTxt11EVP/CFO
IRS990/Form990PartVIISectionAGrp/TitleTxt12EVP/COO
IRS990/Form990PartVIISectionAGrp/TitleTxt13CONTROLLER/VP
IRS990/Form990PartVIISectionAGrp/TitleTxt14ASST SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt15TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt16SECRETARY
IRS990/Form990PartVIISectionAGrp/TitleTxt17FORMER EVP/COO
IRS990/Form990PartVIISectionAGrp/TitleTxt18FORMER INTERNAL AUDIT DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt19FORMER TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt20FORMER EVP
IRS990/Form990PartVIISectionAGrp/TitleTxt21FORMER VP,ASSOC GEN COUNSEL
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IRS990/MinutesOfCommitteesInd01
IRS990/MinutesOfGoverningBodyInd01
IRS990/MissionDesc0BRAZOS 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.
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IRS990/OfficerMailingAddressInd00
IRS990/OperateHospitalInd00
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IRS990/OtherExpensesGrp/Desc2OPERATING EXPENSES
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Filings

Displayed year

2016 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$2,011,061,961
Liabilities
$2,009,602,528
Net assets
$1,459,433
Revenue
$59,577,435
Expenses
$50,546,949
Net income
$9,030,486
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
2016Detailed filing. Detailed filing data is available for this year.$2,011$2,010$1.46$59.6$50.5$9.03
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