Civic Intelligence

Brazos Higher Education Authority Inc.

990 • Fiscal year 2023 • EIN 74-2099402

Jul 01, 2022 to Jun 30, 2023 • Filed on Nov 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

0.95x

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

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Liabilities / Revenue

97th percentile

11.56x

Higher debt load relative to revenue than 97% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Net Margin

82nd percentile

18%

Higher net margin than 82% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Top Officer Pay

47th percentile

$764,770

Higher top officer pay than 47% of similar nonprofits.

Top officer pay equals 1.2% of source-year revenue.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Source year 2023

Asset Growth

3rd percentile

-19%

Faster asset growth than 3% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Revenue Growth

96th percentile

108%

Faster revenue growth than 96% of similar nonprofits.

2023 filings • 501(c)3 • $250M-$1B nonprofits • Annualized from 2022 to 2023

Balance Sheet
Liabilities / Assets89th percentile

Assets

Flat

$798,359,381

Flat from 2023

Net Assets

Flat

$39,929,466

Flat from 2023

Liabilities

Flat

$758,429,915

Flat from 2023

Revenue And Expenses
Liabilities / Revenue97th percentileNet Margin82nd percentile

Revenue

Flat

$65,596,378

Flat from 2023

Expenses

Flat

$54,054,077

Flat from 2023

Net Income

Flat

$11,542,301

Flat from 2023

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 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 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

2023

Assets$798,359,381
Liabilities$758,429,915
Net Assets$39,929,466
Open 2023 Filing

Operations Trend

Revenue Growth96th 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 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

2023

Revenue$65,596,378
Expenses$54,054,077
Net Income$11,542,301
Open 2023 Filing
Jump To
Filing Snapshot
Filing Period
Jul 1, 2022 to Jun 30, 2023
Signed
Nov 15, 2023
Return Version
2022v5.0
Gross Receipts
$65,596,378
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$890,420,635$721,790,809▼ $168,629,826
Savings and Temporary Cash Investments$67,923,959$40,011,011▼ $27,912,948
Cap Stk Tr Prin Current Funds$28,387,165$39,929,466▲ $11,542,301
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
Intangible Assets$0$0→ $0
Inventories for Sale or Use$0$0→ $0
Loans From Officers Directors$0$0→ $0
Total Assets$991,731,055$798,359,381▼ $193,371,674
Other Assets Total$33,323,961$36,495,061▲ $3,171,100
Liabilities
Mortgage Notes Payable Secured by Investment Property$895,646,111$718,956,504▼ $176,689,607
Tax Exempt Bond Liabilities$48,300,000$28,315,000▼ $19,985,000
Accounts Payable and Accrued Expenses$19,397,779$11,158,411▼ $8,239,368
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$963,343,890$758,429,915▼ $204,913,975
Net Assets / Fund Balance
Total Net Assets Fund Balance$28,387,165$39,929,466▲ $11,542,301
Total Liabilities and Net Assets / Fund Balance$991,731,055$798,359,381▼ $193,371,674
Compensation and Service Providers
Top Officer Pay47th percentile

Employees

NameTitleOtherTotal
Tiffany JonesSecretary$109,123$109,123
Vicky SmithAssistant Secretary$104,381$104,381

Board Members and Trustees

NameTitle
Robert B ChambersPresident
Paul McClintonVice President
Claude ErvinDirector
Dr Andy PopejoyDirector
Harry HarelikDirector
John HatchelDirector
Larry SmithDirector
Peter KultgenDirector
Thomas Ben LitleEVP/COO/Executive Director
Ricky TurmanEvp/CFO
Kelli UttechEVP/General Counsel
Darrell BrooksTreasurer
Tammy HarralsonVP/Controller
Revenue and Support

Revenue Composition

Contributions and Grants
$0
Program Service Revenue
$63,312,360
Investment Income
$2,284,018
Other Revenue
$0
Change in Net Assets
$11,542,301

Audited Revenue Reconciliation

Revenue per Audited Statements
$65,596,378
Revenue Not Reported on Form 990
$-5,552,707
Total Revenue per Audited Statements
$60,043,671
Total Revenue per Form 990
$65,596,378
Expenses and Functional Allocation

Major Expense Lines

Line ItemAmount
Other Expenses$54,054,077
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$45,108,427--$45,108,427
Fees for Services Management$1,594,015--$1,594,015
Other Expenses$139,500--$139,500
All Other Expenses$121,809--$121,809
Total Functional Expenses$54,054,077$0$0$54,054,077

Audited Expense Reconciliation

Line ItemAmount
Total Expenses per Form 990$54,054,077
Expenses per Audited Statements$48,501,370
Total Expenses per Audited Statements$48,501,370
Expenses Not Reported on Financial Statements$5,552,707
Other Expense Adjustments$5,552,707
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$2,490,000$416,293
A$19,885,910$0$1,560,000$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
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 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, 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 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, 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 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.”

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
2023-11-15
Discuss with paid preparer
Yes

Organization Details

Principal Officer
Ricky Turman
Formed
1975
Legal Domicile
TX
Voting Board Members
10
Independent Board Members
8
Employees
0
Volunteers
8

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 $17,037 Estate Distribution ($17,037) ------------------- Total $0”

Form 990, Part XII, Line 2C

“CHANGE TO OVERSIGHT PROCESS: BRAZOS HIGHER EDUCATION AUTHORITY, INC. no longer utilizes an Audit Committee. The functions of the Audit Committee, including selection and review of the auditor, is now performed by the entire board.”

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, 2023 and 2022. 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, 2020 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 $(5,552,707)”

Schedule D, Part XII, Line 4B

“Reconciliation of expenses per audited financials with return: Department of Education Rebate Fees $5,552,707”

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IRS990/OtherExpensesGrp/Desc2BAD DEBT EXPENSE
IRS990/OtherExpensesGrp/Desc3RATING FEES EXPENSE
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IRS990/OtherExpensesGrp/ProgramServicesAmt11360486
IRS990/OtherExpensesGrp/ProgramServicesAmt2177133
IRS990/OtherExpensesGrp/ProgramServicesAmt3139500
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IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt1205836
IRS990/ProgramServiceRevenueGrp/RelatedOrExemptFuncIncomeAmt212879979
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IRS990/ProgramServiceRevenueGrp/TotalRevenueColumnAmt1205836
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Filings

Displayed year

2023 • Form 990Detailed filing. Detailed filing data is available for this year.

Open filing
Assets
$798,359,381
Liabilities
$758,429,915
Net assets
$39,929,466
Revenue
$65,596,378
Expenses
$54,054,077
Net income
$11,542,301
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
2023Detailed filing. Detailed filing data is available for this year.$798$758$39.9$65.6$54.1$11.5
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