Civic Intelligence

Brazos Higher Education Authority Inc.

990 • Fiscal year 2022 • EIN 74-2099402

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

90th percentile

0.97x

Higher debt load relative to assets than 90% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Liabilities / Revenue

99th percentile

30.54x

Higher debt load relative to revenue than 99% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Net Margin

46th percentile

3.1%

Higher net margin than 46% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Top Officer Pay

47th percentile

$775,096

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 2.5% of source-year revenue.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2022

Asset Growth

8th percentile

-16%

Faster asset growth than 8% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Revenue Growth

22nd percentile

-7.2%

Faster revenue growth than 22% of similar nonprofits.

2022 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2021 to 2022

Balance Sheet
Liabilities / Assets90th percentile

Assets

Down

$991,731,055

Down $189,251,884 (-16%) from 2021

Net Assets

Up

$28,387,165

Up $889,981 (+3.2%) from 2021

Liabilities

Down

$963,343,890

Down $190,141,865 (-16%) from 2021

Revenue And Expenses
Liabilities / Revenue99th percentileNet Margin46th percentile

Revenue

Down

$31,545,196

Down $2,441,564 (-7.2%) from 2021

Expenses

Up

$30,560,842

Up $3,480,270 (+13%) from 2021

Net Income

Down

$984,354

Down $5,921,834 (-86%) from 2021

Historical Trend

Balance Sheet Trend

Asset Growth8th 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 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

2022

Assets$991,731,055
Liabilities$963,343,890
Net Assets$28,387,165
Open 2022 Filing

Operations Trend

Revenue Growth22nd 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 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

2022

Revenue$31,545,196
Expenses$30,560,842
Net Income$984,354
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
$31,545,196
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$1,044,529,372$890,420,635▼ $154,108,737
Savings and Temporary Cash Investments$103,910,742$67,923,959▼ $35,986,783
Cap Stk Tr Prin Current Funds$27,497,184$28,387,165▲ $889,981
Intangible Assets$1,787,720$0▼ $1,787,720
Prepaid Expenses and Deferred Charges$62,500$62,500→ $0
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
Total Assets$1,180,982,939$991,731,055▼ $189,251,884
Other Assets Total$30,692,605$33,323,961▲ $2,631,356
Liabilities
Mortgage Notes Payable Secured by Investment Property$1,086,566,155$895,646,111▼ $190,920,044
Tax Exempt Bond Liabilities$48,300,000$48,300,000→ $0
Accounts Payable and Accrued Expenses$18,619,600$19,397,779▲ $778,179
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
Total Liabilities$1,153,485,755$963,343,890▼ $190,141,865
Net Assets / Fund Balance
Total Net Assets Fund Balance$27,497,184$28,387,165▲ $889,981
Total Liabilities and Net Assets / Fund Balance$1,180,982,939$991,731,055▼ $189,251,884
Compensation and Service Providers
Top Officer Pay47th percentile

Employees

NameTitleOtherTotal
Tiffany JonesSecretary$102,605$102,605
Vicky SmithAssistant Secretary$99,379$99,379

Board Members and Trustees

NameTitle
John HatchelPresident
Paul McClintonVice President
Claude ErvinDirector
Harry HarelikDirector
Larry SmithDirector
Peter KultgenDirector
Robert B ChambersDirector
Ricky TurmanEvp/CFO
Thomas Ben LitleEvp/COO
Susan DavisSecretary End: 06/21
Kelli UttechSVP/general Counsel
Darrell BrooksTreasurer
Tammy HarralsonVP/controller

Highest Paid Contractors

ContractorServicesLocationCompensation
Kutak Rock LLPLegal1650 FARNAM STREET, Omaha, NE 68102$120,000
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$31,396,736
Investment Income
$147,608
Other Revenue
$852
Change in Net Assets
$984,354

Audited Revenue Reconciliation

Revenue per Audited Statements
$31,545,196
Revenue Not Reported on Form 990
$-6,963,432
Total Revenue per Audited Statements
$24,581,764
Total Revenue per Form 990
$31,545,196
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$30,560,842
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$19,349,366--$19,349,366
Fees for Services Management$1,763,885--$1,763,885
Other Expenses$454,126--$454,126
All Other Expenses$136,692--$136,692
Fees for Services Legal$120,000--$120,000
Total Functional Expenses$30,560,842$0$0$30,560,842

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$30,560,842
Expenses per Audited Statements$23,597,410
Total Expenses per Audited Statements$23,597,410
Expenses Not Reported on Financial Statements$6,963,432
Other Expense Adjustments$6,963,432
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
Debt and Bond Financing

Bond Issues

BondIssuerIssuedIssue PricePurpose
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
B$33,499,500$0$0$416,293
A$19,885,910$0$0$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
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 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 master servicing administration 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, inc.”

Form 990, Part VI, Section A, Line 7A

“Power to appoint board members: the city council of the city of waco has the power to appoint the board.”

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 B, Line 15

“Process for determining compensation: the compensation of the ceo (or executive director, as applicable), 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.”

Filing and Contact Details

Filer

Filer Name
Brazos Higher Education Authority Inc
EIN
74-2099402
In Care Of
% RICKY TURMAN EVP/CFO
Phone
2547530915
Address
5609 Crosslake Pkwy, Waco, TX 76712

Signing Officer

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

Organization Details

Principal Officer
Ricky Turman
Formed
1975
Legal Domicile
TX
Voting Board Members
7
Independent Board Members
7
Employees
0
Volunteers
7

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: trust estate contribution $1,693,343”

Form 990, Part XI, Line 8

“Prior Period Adjustments: During the year ended June 30, 2022, it was determined that the Authority's financial statements are governed by GASB. In previous years, the Authority's financials were presented under the Financial Accounting Standards Board model. The major difference in the standards is GASB requires the expense of debt issue costs in the year of occurrence. This also caused a change in financial presentation. This change resulted in a restatement of the beginning restricted net position for year ended June 30, 2022. The total adjustment to the net position was ($1,787,716).”

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 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, 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 examinations for the tax years ended june 30, 2019 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 2D

“Reconciliation of Revenue per audited financials with return: Department of Education Rebate Fees $(6,963,432)”

Schedule D, Part XII, Line 4B

“Reconciliation of expenses per audited financials with return: Department of Education Rebate Fees $6,963,432”

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IRS990/Form990PartVIISectionAGrp/PersonNm3Tammy Harralson
IRS990/Form990PartVIISectionAGrp/PersonNm4Darrell Brooks
IRS990/Form990PartVIISectionAGrp/PersonNm5Susan Davis
IRS990/Form990PartVIISectionAGrp/PersonNm6Tiffany Jones
IRS990/Form990PartVIISectionAGrp/PersonNm7Vicky Smith
IRS990/Form990PartVIISectionAGrp/PersonNm8Robert B Chambers
IRS990/Form990PartVIISectionAGrp/PersonNm9Claude Ervin
IRS990/Form990PartVIISectionAGrp/PersonNm10Harry Harelik
IRS990/Form990PartVIISectionAGrp/PersonNm11John Hatchel
IRS990/Form990PartVIISectionAGrp/PersonNm12Peter Kultgen
IRS990/Form990PartVIISectionAGrp/PersonNm13Paul McClinton
IRS990/Form990PartVIISectionAGrp/PersonNm14Larry Smith
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IRS990/Form990PartVIISectionAGrp/TitleTxt3VP/CONTROLLER
IRS990/Form990PartVIISectionAGrp/TitleTxt4TREASURER
IRS990/Form990PartVIISectionAGrp/TitleTxt5Secretary End: 06/21
IRS990/Form990PartVIISectionAGrp/TitleTxt6Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt7Assistant Secretary
IRS990/Form990PartVIISectionAGrp/TitleTxt8DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt9DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt10DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt11PRESIDENT
IRS990/Form990PartVIISectionAGrp/TitleTxt12DIRECTOR
IRS990/Form990PartVIISectionAGrp/TitleTxt13Vice President
IRS990/Form990PartVIISectionAGrp/TitleTxt14DIRECTOR
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IRS990/MissionDesc0BRAZOS HIGHER EDUCATION AUTHORITY, INC. (BHEA) IS A SECONDARY MARKET OF COLLEGE STUDENT LOANS UNDER THE FEDERAL FAMILY EDUCATION LOAN PROGRAM (FFELP) AND OTHER PRIVATE STUDENT LOAN PROGRAMS. BHEA'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/EOYAmt0895646111
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IRS990/OtherExpensesGrp/Desc1Servicing Expense
IRS990/OtherExpensesGrp/Desc2RATING FEES EXPENSE
IRS990/OtherExpensesGrp/Desc3Bad Debt Expense
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IRS990/OtherExpensesGrp/ProgramServicesAmt11633841
IRS990/OtherExpensesGrp/ProgramServicesAmt2139500
IRS990/OtherExpensesGrp/ProgramServicesAmt3454126
IRS990/OtherExpensesGrp/TotalAmt06963432
IRS990/OtherExpensesGrp/TotalAmt11633841
IRS990/OtherExpensesGrp/TotalAmt2139500
IRS990/OtherExpensesGrp/TotalAmt3454126
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IRS990/OtherRevenueTotalAmt0852
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IRS990/OthNotesLoansReceivableNetGrp/EOYAmt0890420635
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IRS990/PrepaidExpensesDefrdChargesGrp/BOYAmt062500
IRS990/PrepaidExpensesDefrdChargesGrp/EOYAmt062500
IRS990/PrincipalOfficerNm0RICKY TURMAN
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IRS990/ProfessionalFundraisingInd0false
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IRS990/ProgramServiceRevenueGrp/BusinessCd1522294
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1207741
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Document Assets

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Filings

Displayed year

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

Open filing
Assets
$991,731,055
Liabilities
$963,343,890
Net assets
$28,387,165
Revenue
$31,545,196
Expenses
$30,560,842
Net income
$984,354
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
2022Detailed filing. Detailed filing data is available for this year.$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
Peer Organizations

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